Business
Okta Announces Strong Fourth Quarter and Fiscal 2020 Financial Results
Q4 revenue grew 45% year-over-year; subscription revenue grew 46% year-over-year Remaining performance obligations, or subscription revenue backlog, grew 66%
About this update from Okta, Inc.
[{"type":"text","content":"\n\nQ4 revenue grew 45% year-over-year; subscription revenue grew 46% year-over-year\n\n\nRemaining performance obligations, or subscription revenue backlog, grew 66% year-over-year\n\n\nAchieved positive operating and free cash flows for fiscal 2020\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nOkta, Inc. (NASDAQ: OKTA), the leading independent provider of identity for the enterprise, today announced financial results for its fourth quarter and fiscal year ended January 31, 2020.\n\n\n\"Our strong fourth quarter performance caps another fantastic year of growth and expansion,\" said Todd McKinnon, Chief Executive Officer and co-founder of Okta. \"We continue to post industry leading growth for subscription revenue, remaining performance obligations, and billings, while achieving positive operating and free cash flows for the year. Our unparalleled cloud-based platform and continued execution is allowing us to achieve this exceptional growth at scale. We’re still in the early days of a massive addressable market to modernize identity for the workforce and customers and we are in the leading position to capitalize on the opportunity for many years to come.\"\n\n\nFourth Quarter Fiscal 2020 Financial Highlights:\n\n\n\nRevenue: Total revenue was $167.3 million, an increase of 45% year-over-year. Subscription revenue was $158.5 million, an increase of 46% year-over-year.\n\n\nRemaining Performance Obligations (RPO): RPO was $1.21 billion, an increase of 66% year-over-year. Current RPO, which is subscription revenue expected to be recognized over the next 12 months, was $592.3 million, up 54% compared to the fourth quarter of fiscal 2019.\n\n\nCalculated Billings: Total calculated billings were $225.0 million, an increase of 42% year-over-year.\n\n\nOperating Loss: GAAP operating loss was $44.7 million, or 26.7% of total revenue, compared to $27.7 million, or 24.0% of total revenue, in the fourth quarter of fiscal 2019. Non-GAAP operating loss was $5.6 million, or 3.3% of total revenue, compared to $4.9 million, or 4.3% of total revenue, in the fourth quarter of fiscal 2019.\n\n\nNet Loss: GAAP net loss was $50.5 million, compared to $30.8 million in the fourth quarter of fiscal 2019. GAAP net loss per share was $0.42, compared to $0.28 in the fourth quarter of fiscal 2019. Non-GAAP net loss was $1.7 million, compared to $4.4 million in t...