- Q3 revenue grew 37% year-over-year; subscription revenue grew
38% year-over-year
- Remaining performance obligations (RPO) grew 21% year-over-year
to $2.85 billion; current remaining performance obligations (cRPO)
grew 34% year-over-year to $1.58 billion
- Announces retirement of Susan St. Ledger, President, Worldwide
Field Operations
Okta, Inc. (Nasdaq: OKTA), the leading independent identity
provider, today announced financial results for its third quarter
ended October 31, 2022.
“We’re pleased with our third quarter results and the early
traction of our refined go-to-market strategy as identity continues
to be a long-term, strategic investment for our customers,” said
Todd McKinnon, Chief Executive Officer and co-founder of Okta.
“With our Workforce Identity and Customer Identity Clouds, the
market’s leading identity cloud platforms, we are delivering the
innovation and simplicity our customers need to solve their complex
identity challenges. We remain focused on go-to-market execution,
spend efficiency measures, and increasing profitability as we
navigate an evolving macro environment.”
Third Quarter Fiscal 2023 Financial Highlights:
- Revenue: Total revenue was $481 million, an increase of
37% year-over-year. Subscription revenue was $466 million, an
increase of 38% year-over-year.
- RPO: RPO, or subscription backlog, was $2.85 billion, an
increase of 21% year-over-year. cRPO, which is contracted
subscription revenue expected to be recognized over the next 12
months, was $1.58 billion, up 34% compared to the third quarter of
fiscal 2022.
- Calculated Billings: Total calculated billings was $532
million, an increase of 37% year-over-year.
- GAAP Operating Loss: GAAP operating loss was $207
million, or (43)% of total revenue, compared to a GAAP operating
loss of $199 million, or (57)% of total revenue, in the third
quarter of fiscal 2022.
- Non-GAAP Operating Income/Loss: Non-GAAP operating
income was $0.3 million, or 0.1% of total revenue, compared to
non-GAAP operating loss of $10 million, or (3)% of total revenue,
in the third quarter of fiscal 2022.
- GAAP Net Loss: GAAP net loss was $209 million, compared
to a GAAP net loss of $221 million in the third quarter of fiscal
2022. GAAP net loss per share was $1.32, compared to a GAAP net
loss per share of $1.44 in the third quarter of fiscal 2022.
- Non-GAAP Net Loss: Non-GAAP net loss was $1 million,
compared to non-GAAP net loss of $11 million in the third quarter
of fiscal 2022. Non-GAAP basic and diluted net loss per share was
$0.00, compared to non-GAAP basic and diluted net loss per share of
$0.07 in the third quarter of fiscal 2022.
- Cash Flow: Net cash provided by operations was $10
million, or 2% of total revenue, compared to net cash provided by
operations of $37 million, or 11% of total revenue, in the third
quarter of fiscal 2022. Free cash flow was $6 million, or 1% of
total revenue, compared to $33 million, or 10% of total revenue, in
the third quarter of fiscal 2022.
- Cash, cash equivalents, and short-term investments were
$2.47 billion at October 31, 2022.
The section titled "Non-GAAP Financial Measures" below contains
a description of the non-GAAP financial measures, and
reconciliations between GAAP and non-GAAP information are contained
in the tables below.
Financial Outlook:
For the fourth quarter of fiscal 2023, the Company expects:
- Total revenue of $488 million to $490 million, representing a
growth rate of 27% to 28% year-over-year;
- Current RPO of $1.63 billion to $1.64 billion, representing a
growth rate of 21% year-over-year;
- Non-GAAP operating income of $15 million to $17 million;
and
- Non-GAAP diluted net income per share of $0.09 to $0.10,
assuming diluted weighted-average shares outstanding of
approximately 175 million.
For the full year fiscal 2023, the Company now expects:
- Total revenue of $1.836 billion to $1.838 billion, representing
a growth rate of 41% year-over-year;
- Non-GAAP operating loss of $41 million to $39 million; and
- Non-GAAP net loss per share of $0.27 to $0.26, assuming
weighted-average shares outstanding of approximately 158
million.
These statements are forward-looking and actual results may
differ materially. Refer to the Forward-Looking Statements safe
harbor below for information on the factors that could cause our
actual results to differ materially from these forward-looking
statements.
Okta has not reconciled its expectations as to non-GAAP
operating income (loss) and non-GAAP net income (loss) per share to
their most directly comparable GAAP measures because certain items
are out of Okta’s control or cannot be reasonably predicted.
Accordingly, reconciliations for forward-looking non-GAAP operating
income (loss) and non-GAAP net income (loss) per share are not
available without unreasonable effort.
Sales Leadership Transition:
Okta also announced today that Susan St. Ledger, President,
Worldwide Field Operations, is retiring at the end of the fiscal
year on January 31, 2023. If a successor is not in place prior to
that date, Todd McKinnon will act as interim leader of Worldwide
Field Operations. St. Ledger will remain with the company in an
advisory role to allow for a smooth transition.
“We sincerely thank Susan for her contributions and dedication
to Okta. She’s a true professional and we wish her well in her
retirement,” said McKinnon. “As we continue on our journey to free
everyone to safely use any technology, we are resolute in our
commitment to our over 17,000 customers. We are still early in a
massive opportunity and we look forward to bringing in a
go-to-market leader to take Okta to the next level.”
Webcast Information:
Okta will host a live video webcast at 2:00 p.m. Pacific Time on
November 30, 2022 to discuss the results and outlook. The news
release with the financial results will be accessible from the
Company’s website at investor.okta.com prior to the webcast. The
live video webcast will be accessible from the Okta investor
relations website at investor.okta.com.
Supplemental Financial and Other Information:
Supplemental financial and other information can be accessed
through the Company’s investor relations website at
investor.okta.com.
Non-GAAP Financial Measures:
This press release and the accompanying tables contain the
following non-GAAP financial measures: non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP
operating margin, non-GAAP net loss, non-GAAP net margin, non-GAAP
net loss per share, basic and diluted, free cash flow, free cash
flow margin, current calculated billings and calculated billings.
Certain of these non-GAAP financial measures exclude stock-based
compensation, non-cash charitable contributions, amortization of
acquired intangibles, acquisition and integration-related expenses,
restructuring costs related to lease impairments in connection with
the closing of certain leased facilities, amortization of debt
discount, amortization of debt issuance costs and loss on early
extinguishment and conversion of debt. Non-GAAP financial measures
reflect the adoption of ASU 2020-06 under the modified
retrospective method as of February 1, 2022, as applicable.
Okta believes that non-GAAP financial information, when taken
collectively with GAAP financial measures, may be helpful to
investors because it provides consistency and comparability with
past financial performance and assists in comparisons with other
companies, some of which use similar non-GAAP financial information
to supplement their GAAP results. The non-GAAP financial
information is presented for supplemental informational purposes
only, and should not be considered a substitute for financial
information presented in accordance with GAAP, and may be different
from similarly-titled non-GAAP measures used by other
companies.
The principal limitation of these non-GAAP financial measures is
that they exclude significant expenses that are required by GAAP to
be recorded in the Company’s financial statements. In addition,
they are subject to inherent limitations as they reflect the
exercise of judgment by the Company's management about which
expenses are excluded or included in determining these non-GAAP
financial measures. A reconciliation is provided below for each
non-GAAP financial measure to the most directly comparable
financial measure stated in accordance with GAAP.
Okta encourages investors to review the related GAAP financial
measures and the reconciliation of these non-GAAP financial
measures to their most directly comparable GAAP financial measures,
which it includes in press releases announcing quarterly financial
results, including this press release, and not to rely on any
single financial measure to evaluate the Company’s business.
Forward-Looking Statements: This press release contains
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995, including but not limited to, statements regarding our
financial outlook, business strategy and plans, market trends and
market size, opportunities and positioning. These forward-looking
statements are based on current expectations, estimates, forecasts
and projections. Words such as "expect," "anticipate," "should,"
"believe," "hope," "target," "project," "goals," "estimate,"
"potential," "predict," "may," "will," "might," "could," "intend,"
"shall" and variations of these terms and similar expressions are
intended to identify these forward-looking statements, although not
all forward-looking statements contain these identifying words.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond our control. For example, the market for our products
may develop more slowly than expected or than it has in the past;
there may be significant fluctuations in our results of operations
and cash flows related to our revenue recognition or otherwise; we
may not achieve expected synergies and efficiencies of operations
between Okta and Auth0, and we may not be able to successfully
integrate the companies; global economic conditions could worsen; a
network or data security incident that allows unauthorized access
to our network or data or our customers’ data could damage our
reputation and cause us to incur significant costs; we could
experience interruptions or performance problems associated with
our technology, including a service outage; the impact of COVID-19,
related public health measures and any associated economic downturn
on our business and results of operations may be more than we
expect; and we may not be able to pay off our convertible senior
notes when due. Further information on potential factors that could
affect our financial results is included in our most recent
Quarterly Report on Form 10-Q and our other filings with the
Securities and Exchange Commission. The forward-looking statements
included in this press release represent our views only as of the
date of this press release and we assume no obligation and do not
intend to update these forward-looking statements.
About Okta
Okta is the World’s Identity Company. As the leading independent
Identity partner, we free everyone to safely use any
technology—anywhere, on any device or app. The most trusted brands
trust Okta to enable secure access, authentication, and automation.
With flexibility and neutrality at the core of our Okta Workforce
Identity and Customer Identity Clouds, business leaders and
developers can focus on innovation and accelerate digital
transformation, thanks to customizable solutions and more than
7,000 pre-built integrations. We’re building a world where Identity
belongs to you. Learn more at okta.com.
Okta uses its investor.okta.com website as a means of disclosing
material non-public information, announcing upcoming investor
conferences and for complying with its disclosure obligations under
Regulation FD. Accordingly, you should monitor our investor
relations website in addition to following our press releases, SEC
filings and public conference calls and webcasts.
OKTA, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per share
data)
(unaudited)
Three Months Ended
October 31,
Nine Months Ended
October 31,
2022
2021
2022
2021
Revenue:
Subscription
$
465,856
$
336,702
$
1,299,181
$
879,881
Professional services and other
15,186
13,978
48,611
37,305
Total revenue
481,042
350,680
1,347,792
917,186
Cost of revenue:
Subscription(1)
117,306
91,048
344,524
227,903
Professional services and other(1)
20,347
18,626
61,988
49,000
Total cost of revenue
137,653
109,674
406,512
276,903
Gross profit
343,389
241,006
941,280
640,283
Operating expenses:
Research and development(1)
148,484
130,535
465,971
321,805
Sales and marketing(1)
289,984
203,878
807,110
548,749
General and administrative(1)
111,520
105,149
322,549
322,406
Total operating expenses
549,988
439,562
1,595,630
1,192,960
Operating loss
(206,599
)
(198,556
)
(654,350
)
(552,677
)
Interest expense
(2,805
)
(23,144
)
(8,588
)
(68,776
)
Interest income and other, net
4,235
1,056
10,660
7,622
Loss on conversion of debt
—
—
—
(179
)
Interest and other, net
1,430
(22,088
)
2,072
(61,333
)
Loss before provision for (benefit from)
income taxes
(205,169
)
(220,644
)
(652,278
)
(614,010
)
Provision for (benefit from) income
taxes
3,728
667
9,804
(6,785
)
Net loss
$
(208,897
)
$
(221,311
)
$
(662,082
)
$
(607,225
)
Net loss per share, basic and diluted
$
(1.32
)
$
(1.44
)
$
(4.21
)
$
(4.17
)
Weighted-average shares used to compute
net loss per share, basic and diluted
158,708
153,756
157,344
145,782
(1)
Amounts include stock-based compensation
expense as follows (in thousands):
Three Months Ended
October 31,
Nine Months Ended
October 31,
2022
2021
2022
2021
Cost of subscription revenue
$
17,106
$
13,455
$
51,509
$
33,843
Cost of professional services and
other
3,563
3,376
11,016
8,879
Research and development
69,208
56,573
208,330
129,998
Sales and marketing
41,515
39,248
120,299
101,602
General and administrative
39,593
43,133
120,533
133,289
Total stock-based compensation expense
$
170,985
$
155,785
$
511,687
$
407,611
OKTA, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
(unaudited)
October 31,
January 31,
2022
2022
Assets
Current assets:
Cash and cash equivalents
$
249,624
$
260,134
Short-term investments
2,223,538
2,241,657
Accounts receivable, net of allowances
380,754
397,509
Deferred commissions
84,454
74,728
Prepaid expenses and other current
assets
68,567
66,605
Total current assets
3,006,937
3,040,633
Property and equipment, net
60,884
65,488
Operating lease right-of-use assets
125,207
147,940
Deferred commissions, noncurrent
195,146
191,029
Intangible assets, net
261,825
316,968
Goodwill
5,400,275
5,401,343
Other assets
43,462
42,294
Total assets
$
9,093,736
$
9,205,695
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
49,122
$
20,203
Accrued expenses and other current
liabilities
100,086
89,315
Accrued compensation
110,399
143,805
Convertible senior notes, net
5,217
16,194
Deferred revenue
1,044,622
973,289
Total current liabilities
1,309,446
1,242,806
Convertible senior notes, net,
noncurrent
2,191,547
1,815,714
Operating lease liabilities,
noncurrent
148,906
170,611
Deferred revenue, noncurrent
17,833
22,933
Other liabilities, noncurrent
18,392
31,775
Total liabilities
3,686,124
3,283,839
Stockholders’ equity:
Preferred stock
—
—
Class A common stock
15
15
Class B common stock
1
1
Additional paid-in capital
7,785,753
7,749,716
Accumulated other comprehensive loss
(56,064
)
(12,009
)
Accumulated deficit
(2,322,093
)
(1,815,867
)
Total stockholders’ equity
5,407,612
5,921,856
Total liabilities and stockholders'
equity
$
9,093,736
$
9,205,695
OKTA, INC.
SUMMARY OF CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Nine Months Ended October
31,
2022
2021(1)
Cash flows from operating
activities:
Net loss
$
(662,082
)
$
(607,225
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Stock-based compensation
511,687
407,611
Depreciation, amortization and
accretion
87,999
76,631
Amortization of debt discount and issuance
costs
4,340
64,478
Amortization of deferred commissions
60,791
40,041
Deferred income taxes
3,383
(13,606
)
Non-cash charitable contributions
2,469
5,649
Lease impairment charges
14,461
—
Loss on conversion of debt
—
179
Net gain on strategic investments
(1,873
)
(5,665
)
Other, net
1,872
(267
)
Changes in operating assets and
liabilities:
Accounts receivable
14,968
(29,561
)
Deferred commissions
(82,589
)
(92,183
)
Prepaid expenses and other assets
(3,989
)
5,356
Operating lease right-of-use assets
20,659
16,564
Accounts payable
29,794
(195
)
Accrued compensation
(30,629
)
19,488
Accrued expenses and other liabilities
(5,950
)
22,537
Operating lease liabilities
(21,782
)
(17,280
)
Deferred revenue
66,233
198,035
Net cash provided by operating
activities
9,762
90,587
Cash flows from investing
activities:
Capitalization of internal-use software
costs
(7,773
)
(2,348
)
Purchases of property and equipment
(9,377
)
(5,800
)
Purchases of securities available for sale
and other
(872,035
)
(1,333,504
)
Proceeds from maturities and redemption of
securities available for sale
848,519
1,118,448
Proceeds from sales of securities
available for sale and other
—
228,344
Purchases of intangible assets
(2,497
)
(113
)
Payments for business acquisitions, net of
cash acquired
(4,060
)
(215,129
)
Net cash used in investing activities
(47,223
)
(210,102
)
Cash flows from financing
activities:
Payments for conversions of convertible
senior notes
(6
)
(26
)
Proceeds from hedges related to
convertible senior notes
1
2
Proceeds from stock option exercises
14,610
41,054
Proceeds from shares issued in connection
with employee stock purchase plan
18,960
17,417
Net cash provided by financing
activities
33,565
58,447
Effects of changes in foreign currency
exchange rates on cash, cash equivalents and restricted cash
(9,747
)
(494
)
Net decrease in cash, cash equivalents and
restricted cash
(13,643
)
(61,562
)
Cash, cash equivalents and restricted cash
at beginning of period
272,656
448,630
Cash, cash equivalents and restricted
cash at end of period
$
259,013
$
387,068
(1)
The condensed consolidated statement of
cash flows for the prior period has been adjusted to conform to
current period presentation. These reclassifications had no impact
on the aggregate cash flow classifications as previously
reported.
OKTA, INC. Reconciliation of GAAP to
Non-GAAP Data (In thousands, except percentages and per share
data) (unaudited)
Non-GAAP Gross Profit and Non-GAAP Gross Margin
We define Non-GAAP gross profit and Non-GAAP gross margin as
GAAP gross profit and GAAP gross margin, adjusted for stock-based
compensation expense included in cost of revenue, amortization of
acquired intangibles and acquisition and integration-related
expenses. Acquisition and integration-related expenses include
transaction costs and other non-recurring incremental costs
incurred through the one-year anniversary of transaction close.
Three Months Ended
October 31,
Nine Months Ended
October 31,
2022
2021
2022
2021
Gross profit
$
343,389
$
241,006
$
941,280
$
640,283
Add:
Stock-based compensation expense included
in cost of revenue
20,669
16,831
62,525
42,722
Amortization of acquired intangibles
11,393
11,335
34,102
23,056
Acquisition and integration-related
expenses
—
658
459
1,316
Non-GAAP gross profit
$
375,451
$
269,830
$
1,038,366
$
707,377
Gross margin
71
%
69
%
70
%
70
%
Non-GAAP gross margin
78
%
77
%
77
%
77
%
Non-GAAP Operating Income (Loss) and Non-GAAP Operating
Margin
We define Non-GAAP operating income (loss) and Non-GAAP
operating margin as GAAP operating loss and GAAP operating margin,
adjusted for stock-based compensation expense, non-cash charitable
contributions, amortization of acquired intangibles, acquisition
and integration-related expenses and restructuring costs related to
lease impairments in connection with the closing of certain leased
facilities. Acquisition and integration-related expenses include
transaction costs and other non-recurring incremental costs
incurred through the one-year anniversary of transaction close.
Beginning in the third quarter of fiscal 2023, we updated our
definition of Non-GAAP operating income (loss) and Non-GAAP
operating margin to include restructuring costs as defined in the
preceding paragraph.
Three Months Ended
October 31,
Nine Months Ended
October 31,
2022
2021
2022
2021
Operating loss
$
(206,599
)
$
(198,556
)
$
(654,350
)
$
(552,677
)
Add:
Stock-based compensation expense
170,985
155,785
511,687
407,611
Non-cash charitable contributions
455
1,986
2,469
5,649
Amortization of acquired intangibles
21,262
21,204
63,711
42,795
Acquisition and integration-related
expenses
—
10,060
6,555
46,664
Restructuring costs
14,161
—
14,161
—
Non-GAAP operating income (loss)
$
264
$
(9,521
)
$
(55,767
)
$
(49,958
)
Operating margin
(43
)%
(57
)%
(49
)%
(60
)%
Non-GAAP operating margin
—
%
(3
)%
(4
)%
(5
)%
Non-GAAP Net Loss, Non-GAAP Net Margin and Non-GAAP Net Loss
Per Share, Basic and Diluted
We define Non-GAAP net loss and Non-GAAP net margin as GAAP net
loss and GAAP net margin, adjusted for stock-based compensation
expense, non-cash charitable contributions, amortization of
acquired intangibles, acquisition and integration-related expenses,
restructuring costs related to lease impairments in connection with
the closing of certain leased facilities, amortization of debt
discount, amortization of debt issuance costs and loss on early
extinguishment and conversion of debt. Acquisition and
integration-related expenses include transaction costs and other
non-recurring incremental costs incurred through the one-year
anniversary of transaction close. Adjustments reflect the adoption
of ASU 2020-06 under the modified retrospective method as of
February 1, 2022, as applicable.
Beginning in the third quarter of fiscal 2023, we updated our
definition of Non-GAAP net loss and Non-GAAP net margin to include
restructuring costs as defined in the preceding paragraph.
We define Non-GAAP net loss per share, basic, as Non-GAAP net
loss divided by GAAP weighted-average shares used to compute net
loss per share, basic and diluted.
We define Non-GAAP net loss per share, diluted, as Non-GAAP net
loss divided by GAAP weighted-average shares used to compute net
loss per share, basic and diluted adjusted for the potentially
dilutive effect of (i) employee equity incentive plans, excluding
the impact of unrecognized stock-based compensation expense, and
(ii) convertible senior notes outstanding and related warrants. In
addition, Non-GAAP net loss per share, diluted, includes the impact
of our note hedge and capped call agreements on convertible senior
notes outstanding, as applicable. The note hedge and capped call
agreements are intended to offset potential dilution to our Class A
common stock upon any conversion or settlement of the convertible
senior notes under certain circumstances. Accordingly, we did not
record any adjustments for the potential impact of the convertible
senior notes outstanding under the if-converted method.
Three Months Ended
October 31,
Nine Months Ended
October 31,
2022
2021
2022
2021
Net loss
$
(208,897
)
$
(221,311
)
$
(662,082
)
$
(607,225
)
Add:
Stock-based compensation expense
170,985
155,785
511,687
407,611
Non-cash charitable contributions
455
1,986
2,469
5,649
Amortization of acquired intangibles
21,262
21,204
63,711
42,795
Acquisition and integration-related
expenses
—
10,060
6,555
46,664
Amortization of debt discount and debt
issuance costs(1)
1,445
21,698
4,340
64,478
Loss on conversion of debt(1)
—
—
—
179
Restructuring costs
14,161
—
14,161
—
Non-GAAP net loss
$
(589
)
$
(10,578
)
$
(59,159
)
$
(39,849
)
Net margin
(43
)%
(63
)%
(49
)%
(66
)%
Non-GAAP net margin
—
%
(3
)%
(4
)%
(4
)%
Weighted-average shares used to compute
net loss per share, basic and diluted
158,708
153,756
157,344
145,782
Non-GAAP weighted-average effect of
potentially dilutive securities
—
—
—
—
Non-GAAP weighted-average shares used to
compute non-GAAP net loss per share, diluted
158,708
153,756
157,344
145,782
Net loss per share, basic and diluted
$
(1.32
)
$
(1.44
)
$
(4.21
)
$
(4.17
)
Non-GAAP net loss per share, basic and
diluted
$
—
$
(0.07
)
$
(0.38
)
$
(0.27
)
(1)
Reflects the adoption of ASU 2020-06 under
the modified retrospective method effective February 1, 2022.
OKTA, INC. Reconciliation of GAAP to
Non-GAAP Financial Measures (In thousands, except percentages)
(unaudited)
Free Cash Flow and Free Cash Flow Margin
We define Free cash flow as net cash provided by operating
activities, less cash used for purchases of property and equipment,
net of sales proceeds, and capitalized internal-use software costs.
Free cash flow margin is calculated as Free cash flow divided by
total revenue.
Three Months Ended
October 31,
Nine Months Ended
October 31,
2022
2021
2022
2021
Net cash provided by operating
activities
$
9,980
$
37,120
$
9,762
$
90,587
Less:
Purchases of property and equipment
(1,884
)
(1,766
)
(9,377
)
(5,800
)
Capitalization of internal-use software
costs
(2,377
)
(1,970
)
(7,773
)
(2,348
)
Free cash flow
$
5,719
$
33,384
$
(7,388
)
$
82,439
Net cash provided by (used in) investing
activities
$
21,489
$
101,459
$
(47,223
)
$
(210,102
)
Net cash provided by financing
activities
$
5,633
$
9,214
$
33,565
$
58,447
Free cash flow margin
1
%
10
%
(1
)%
9
%
Calculated Billings
We define Calculated Billings as total revenue plus the change
in deferred revenue, net of acquired deferred revenue, and less the
change in unbilled receivables, net of acquired unbilled
receivables, in the period.
Three Months Ended
October 31,
Nine Months Ended
October 31,
2022
2021
2022
2021
Total revenue
$
481,042
$
350,680
$
1,347,792
$
917,186
Add:
Deferred revenue, current (end of
period)
1,044,622
759,914
1,044,622
759,914
Unbilled receivables, current (beginning
of period)
4,530
3,409
3,228
2,604
Acquired unbilled receivables, current
—
—
—
2,327
Less:
Deferred revenue, current (beginning of
period)
(994,097
)
(721,808
)
(973,289
)
(502,738
)
Unbilled receivables, current (end of
period)
(5,106
)
(5,085
)
(5,106
)
(5,085
)
Acquired deferred revenue, current
—
(900
)
—
(61,422
)
Current Calculated Billings
530,991
386,210
1,417,247
1,112,786
Add:
Deferred revenue, noncurrent (end of
period)
17,833
17,958
17,833
17,958
Less:
Deferred revenue, noncurrent (beginning of
period)
(17,187
)
(15,489
)
(22,933
)
(10,860
)
Acquired deferred revenue, noncurrent
—
—
—
(4,817
)
Calculated Billings
$
531,637
$
388,679
$
1,412,147
$
1,115,067
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221129006087/en/
Investor Contact: Dave Gennarelli investor@okta.com
Media Contact: Kyrk Storer press@okta.com
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