Business
Okta Announces Fourth Quarter And Fiscal Year 2023 Financial Results
Q4 revenue grew 33% year-over-year; subscription revenue grew 34% year-over-year Current remaining performance obligations (cRPO) grew 25% year-over-year to
About this update from Okta, Inc.
[{"type":"text","content":"\n\nQ4 revenue grew 33% year-over-year; subscription revenue grew 34% year-over-year\n\n\nCurrent remaining performance obligations (cRPO) grew 25% year-over-year to $1.68 billion\n\n\nRecord operating cash flow of $76 million and free cash flow of $72 million\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nOkta, Inc. (Nasdaq: OKTA), the leading independent identity provider, today announced financial results for its fourth quarter and fiscal year ended January 31, 2023.\n\n“We’re pleased with our fourth quarter financial performance and the continued improvement of our go-to-market execution,” said Todd McKinnon, Chief Executive Officer and co-founder of Okta. “Identity remains a top priority for organizations around the world and Okta is the only independent and neutral platform that brings market leading solutions for both workforce and customer identity at scale. Despite an evolving macroeconomic environment, we’re more excited than ever to advance our leadership position in a massive market as Okta delivers on non-GAAP profitable growth.”\n\nFourth Quarter Fiscal 2023 Financial Highlights:\n\n\nRevenue: Total revenue was $510 million, an increase of 33% year-over-year. Subscription revenue was $495 million, an increase of 34% year-over-year.\n\n\nRPO: RPO, or subscription backlog, was $3.01 billion, an increase of 12% year-over-year. cRPO, which is contracted subscription revenue expected to be recognized over the next 12 months, was $1.68 billion, up 25% compared to the fourth quarter of fiscal 2022.\n\n\nCalculated Billings: Total calculated billings was $710 million, an increase of 18% year-over-year.\n\n\nGAAP Operating Loss: GAAP operating loss was $157 million, or (31)% of total revenue, compared to a GAAP operating loss of $214 million, or (56)% of total revenue, in the fourth quarter of fiscal 2022.\n\n\nNon-GAAP Operating Income/Loss: Non-GAAP operating income was $46 million, or 9% of total revenue, compared to non-GAAP operating loss of $24 million, or (6)% of total revenue, in the fourth quarter of fiscal 2022.\n\n\nGAAP Net Loss: GAAP net loss was $153 million, compared to a GAAP net loss of $241 million in the fourth quarter of fiscal 2022. GAAP net loss per share was $0.95, compared to a GAAP net loss per share of $1.56 in the fourth quarter of fiscal 2022.\n\n\nNon-GAAP Net Income/Loss: Non-GAAP net income was $52 m...