Business
Okta Announces Second Quarter Fiscal Year 2024 Financial Results
Q2 revenue grew 23% year-over-year; subscription revenue grew 24% year-over-year Current remaining performance obligations (cRPO) grew 18% year-over-year to
About this update from Okta, Inc.
[{"type":"text","content":"\n\nQ2 revenue grew 23% year-over-year; subscription revenue grew 24% year-over-year\n\n\n\nCurrent remaining performance obligations (cRPO) grew 18% year-over-year to $1.77 billion\n\n\n\nOperating cash flow of $53 million and free cash flow of $49 million\n\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nOkta, Inc. (Nasdaq: OKTA), the leading independent identity partner, today announced financial results for its second quarter ended July 31, 2023.\n\n\n“Our focus on execution and efficiency has delivered solid top-line results with significant improvements to operating profit and cash flow year-over-year,” said Todd McKinnon, Chief Executive Officer and co-founder of Okta. “We are building on our position as the leading independent identity partner. Both new and existing customers are getting tremendous value from the Okta platform as they seek to simplify their infrastructure while increasing security by integrating identity into their most important projects. We’re confident in our long-term opportunity and driving innovation for our customers, while delivering non-GAAP profitable growth to our shareholders.”\n\n\nSecond Quarter Fiscal 2024 Financial Highlights:\n\n\n\nRevenue: Total revenue was $556 million, an increase of 23% year-over-year. Subscription revenue was $542 million, an increase of 24% year-over-year.\n\n\n\nRPO: RPO, or subscription backlog, was $3.03 billion, an increase of 8% year-over-year. cRPO, which is subscription backlog expected to be recognized over the next 12 months, was $1.77 billion, up 18% compared to the second quarter of fiscal 2023.\n\n\n\nGAAP Operating Loss: GAAP operating loss was $162 million, or (29)% of total revenue, compared to a GAAP operating loss of $208 million, or (46)% of total revenue, in the second quarter of fiscal 2023.\n\n\n\nNon-GAAP Operating Income/Loss: Non-GAAP operating income was $59 million, or 11% of total revenue, compared to a non-GAAP operating loss of $15 million, or (3)% of total revenue, in the second quarter of fiscal 2023.\n\n\n\nGAAP Net Loss: GAAP net loss was $111 million, compared to a GAAP net loss of $210 million in the second quarter of fiscal 2023. GAAP net loss per share was $0.68, compared to a GAAP net loss per share of $1.34 in the second quarter of fiscal 2023.\n\n\n\nNon-GAAP Net Income/Loss: Non-GAAP net income was $56 million, compared to a non-GA...