Business
Okta Announces First Quarter Fiscal Year 2024 Financial Results
Q1 revenue grew 25% year-over-year; subscription revenue grew 26% year-over-year Current remaining performance obligations (cRPO) grew 20% year-over-year to
About this update from Okta, Inc.
[{"type":"text","content":"\n\nQ1 revenue grew 25% year-over-year; subscription revenue grew 26% year-over-year\n\n\n\nCurrent remaining performance obligations (cRPO) grew 20% year-over-year to $1.70 billion\n\n\n\nRecord operating cash flow of $129 million and free cash flow of $124 million\n\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nOkta, Inc. (Nasdaq: OKTA), the leading independent identity provider, today announced financial results for its first quarter ended April 30, 2023.\n\n\n“We started the new fiscal year with strong non-GAAP operating profit and record cash flow, which is a testament to the actions we’ve taken to increase efficiency and profitability,” said Todd McKinnon, Chief Executive Officer and co-founder of Okta. “Identity is a key building block for projects around the long-term trends of zero trust security, digital transformation, and cloud adoption. As the leading independent and neutral identity partner, Okta is the choice for over 18,000 organizations’ most critical initiatives. While macroeconomic pressures are increasing, we are well positioned to advance our leadership position by delivering valuable product innovation to our customers while delivering non-GAAP profitable growth to our shareholders.”\n\n\nFirst Quarter Fiscal 2024 Financial Highlights:\n\n\n\nRevenue: Total revenue was $518 million, an increase of 25% year-over-year. Subscription revenue was $503 million, an increase of 26% year-over-year.\n\n\n\nRPO: RPO, or subscription backlog, was $2.94 billion, an increase of 9% year-over-year. cRPO, which is subscription backlog expected to be recognized over the next 12 months, was $1.70 billion, up 20% compared to the first quarter of fiscal 2023.\n\n\n\nGAAP Operating Loss: GAAP operating loss was $160 million, or (31)% of total revenue, compared to a GAAP operating loss of $240 million, or (58)% of total revenue, in the first quarter of fiscal 2023.\n\n\n\nNon-GAAP Operating Income/Loss: Non-GAAP operating income was $37 million, or 7% of total revenue, compared to non-GAAP operating loss of $41 million, or (10)% of total revenue, in the first quarter of fiscal 2023.\n\n\n\nGAAP Net Loss: GAAP net loss was $119 million, compared to a GAAP net loss of $243 million in the first quarter of fiscal 2023. GAAP net loss per share was $0.74, compared to a GAAP net loss per share of $1.56 in the first quarter of fiscal 2023.\n\n...