Business
Okta Announces Strong Third Quarter Results
Q3 revenue grew 61% year-over-year; subscription revenue grew 63% year-over-year Remaining performance obligations (RPO) grew 49% year-over-year to $2.35
About this update from Okta, Inc.
[{"type":"text","content":"\n\nQ3 revenue grew 61% year-over-year; subscription revenue grew 63% year-over-year\n\n\nRemaining performance obligations (RPO) grew 49% year-over-year to $2.35 billion\n\n\nIncreases revenue and operating profit outlook for fiscal 2022\n\n\nOkta and Okta (Auth0) Both Named as Leaders in 2021 Gartner® Magic Quadrant™ for Access Management; Okta positioned highest in Ability to Execute\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nOkta, Inc. (Nasdaq: OKTA), the leading independent identity provider, today announced financial results for its third quarter ended October 31, 2021.\n\n\"Our strong third quarter results reflect the continued shift to Identity-First architectures and the critical adoption of Zero Trust security environments, which are both propelling our market leading position,\" said Todd McKinnon, Chief Executive Officer and co-founder of Okta. \"We’re maintaining the momentum of both Okta and Auth0 and are making great progress on the integration. We’re already seeing early success cross-selling into each other’s customer bases and are on our way to capturing more of the massive identity market faster together.\"\n\nThird Quarter Fiscal 2022 Financial Highlights:\n\n\nRevenue: Total revenue was $351 million, an increase of 61% year-over-year. Subscription revenue was $337 million, an increase of 63% year-over-year. On an Okta standalone basis (excluding $46 million attributable to Auth0), total revenue grew 40%.\n\n\nRemaining Performance Obligations (RPO): RPO, or subscription backlog, was $2.35 billion, an increase of 49% year-over-year. Current RPO, which is contracted subscription revenue expected to be recognized over the next 12 months, was $1.18 billion, up 57% compared to the third quarter of fiscal 2021.\n\n\nCalculated Billings: Total calculated billings, net of acquired deferred revenue, was $389 million, an increase of 54% year-over-year. Calculated billings includes the effect of billings process improvements that were enacted at the end of the first quarter of fiscal 2022. Excluding these changes, calculated billings would have been $387 million, an increase of 53% year-over-year.\n\n\nGAAP Operating Loss: GAAP operating loss was $199 million, or 57% of total revenue, compared to a GAAP operating loss of $52 million, or 24% of total revenue, in the third quarter of fiscal 2021.\n\n\nNon-GAAP Operating Inc...