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OKTA · Okta

29 filings

10-Q

OKTA 10-Q Quarterly Reports

Okta - 29 quarterly reports

Filing record · 2017–202610-K910-Q298-K83

2027-Q2
Okta Quarterly Report for Q2 Ended Jul 31, 2026
Okta, Inc. reported second-quarter fiscal 2027 results (three months ended July 31, 2026) with total revenue of $805 million, up from $728 million a year earlier, an increase the filing states as 11%. Subscription revenue was $793 million, and net income was $116 million compared with $67 million. Operating income rose to $107 million from $41 million. For the six months, total revenue was $1.57 billion and net income was $190 million. Subscription revenue made up 98% of total revenue for the six months. Gross margin improved to 80% for the quarter from 77% a year earlier, and remaining performance obligations reached $4.86 billion, with $2.59 billion expected to be recognized over the next 12 months. Cash, cash equivalents and short-term investments totaled $2.30 billion as of July 31, 2026. During the six months the company used $366 million to repurchase Class A common stock under its $1 billion authorization, leaving $555 million available. It also settled the remaining $350 million principal of its 2026 convertible notes in cash at maturity on June 15, 2026. Operating cash flow was $511 million for the six months, compared with $408 million a year earlier. The filing also discloses a subsequent event: on August 26, 2026, Okta completed its acquisition of Permiso Security Inc., a cloud-native identity security platform. The company continues to maintain a full valuation allowance on its U.S. deferred tax assets, and management said it may release a significant portion of that allowance in the future, which would reduce income tax expense in the period of release.
Aug 27, 2026
2027-Q1
Okta Quarterly Report for Q1 Ended Apr 30, 2026
Okta, Inc. reported total revenue of $765 million for the three months ended April 30, 2026, up from $688 million in the prior-year period, with subscription revenue at $750 million (98% of total revenue). Gross profit was $595 million versus $533 million, and operating income was $56 million compared with $39 million. Net income rose to $74 million, or $0.42 per diluted share, from $62 million, or $0.35 per diluted share, in the prior-year quarter. Income tax provision was only $4 million on pretax income of $78 million, an effective tax rate of 4.6%, reflecting a full valuation allowance on U.S. deferred tax assets and the favorable impact of the One Big Beautiful Bill Act. The filing states the company may release a significant portion of that valuation allowance in the foreseeable future, though timing and amount remain uncertain. Key business metrics improved: customers with annual contract value above $100,000 rose to 5,180 from 4,870, dollar-based net retention rate was 107% versus 106%, and remaining performance obligations reached $4,719 million versus $4,084 million a year earlier. Cash, cash equivalents and short-term investments totaled $2,589 million at April 30, 2026. Operating cash flow was $277 million, compared with $241 million, while financing outflows of $293 million included $248 million of higher common stock repurchases. The company repurchased 3,026,820 Class A shares for $241 million under its $1 billion Share Repurchase Program, leaving $680 million available. The company's 2026 convertible senior notes, with $350 million principal outstanding, mature June 15, 2026 and are classified as current liabilities. Management stated it has elected to settle the principal in cash and expects lower interest income in fiscal 2027 as cash is deployed for repurchases and note settlement. Total deferred revenue was $1,752 million, and the filing reports no material legal matters as of April 30, 2026.
May 29, 2026
2026-Q3
Okta Quarterly Report for Q3 Ended Oct 31, 2025
Okta, Inc. reported third-quarter fiscal 2026 results for the three and nine months ended October 31, 2025. Total revenue was $742 million for the quarter, up from $665 million, and $2,158 million for the nine months, up from $1,928 million. Subscription revenue made up approximately 98% of total revenue. Operating income was $23 million for the quarter, compared with an operating loss of $16 million a year earlier, and net income was $43 million, or $0.24 per diluted share. For the nine months, net income was $172 million, compared with $5 million in the prior-year period. Gross margin was 77% for both the quarter and the nine months, and subscription gross margin improved to 80% from 78%. The balance sheet and cash flow profile remained strong. As of October 31, 2025, cash, cash equivalents and short-term investments totaled $2,463 million. Net cash provided by operating activities was $626 million for the nine months, up $162 million from the prior year. The company settled the remaining $510 million principal of its 2025 convertible senior notes in cash at their September 1, 2025 maturity. The $350 million of 2026 Notes, due June 15, 2026, are now classified as current liabilities. Deferred revenue was $1,586 million, and remaining performance obligations were $4,292 million, of which approximately $2,328 million (54%) is expected to be recognized over the next 12 months. Investors should note that the dollar-based net retention rate declined to 106% from 108% a year earlier, which the company attributed primarily to the macroeconomic environment. Customers with annual contract value above $100,000 rose to 5,030 from 4,705. The company also completed the acquisition of Axiom Security Ltd for $54 million in cash in September 2025. The filing discloses that a full valuation allowance remains on U.S. deferred tax assets, and that the company may release a significant portion of it in the future, which would reduce income tax expense.
Dec 3, 2025
2026-Q2
Okta Quarterly Report for Q2 Ended Jul 31, 2025
Okta, Inc. reported total revenue of $728 million for the three months ended July 31, 2025, up from $646 million a year earlier, and $1,416 million for the six months, up from $1,263 million. Subscription revenue was $711 million in the quarter versus $632 million. Operating income was $41 million for the quarter, compared with an operating loss of $19 million in the prior-year quarter. Net income was $67 million for the quarter ($0.37 diluted per share) and $129 million for the six months, compared with a net loss of $11 million in the prior-year six-month period. Gross margin was 77% for both the quarter and six months, and the company attributed the subscription gross margin improvement to 80% to improved spend efficiency. The company's cash and cash equivalents and short-term investments totaled $2,858 million at July 31, 2025, and net cash provided by operating activities was $408 million for the six months, versus $305 million a year earlier. Total stockholders' equity rose to $6,754 million. Okta's convertible senior notes are now current liabilities: $510 million of 2025 Notes mature September 1, 2025, and $350 million of 2026 Notes mature June 15, 2026. Management stated it has elected to settle the 2025 Notes principal in cash. Key business metrics showed customers with annual contract value above $100,000 rising to 4,945 from 4,620, while dollar-based net retention fell to 106% from 110%, which management attributed primarily to the macroeconomic environment. Subsequent to the quarter, on August 25, 2025, Okta agreed to acquire Axiom Security Ltd, a privileged access management provider, to be financed with cash on hand, with closing expected in the third quarter of fiscal 2026 and no material expected impact on fiscal 2026 financial results. The One Big Beautiful Bill Act, enacted July 4, 2025, produced a cumulative $5 million decrease in income tax expense in the quarter, and the company continues to maintain a full valuation allowance on its U.S. deferred tax assets. Remaining performance obligations totaled $4,152 million, of which $2,265 million is expected to be recognized over the next 12 months.
Aug 27, 2025
2026-Q1
Okta Quarterly Report for Q1 Ended Apr 30, 2025
Okta, Inc. reported its quarterly results for the three months ended April 30, 2025 in this Form 10-Q. Total revenue rose to $688 million from $617 million, with subscription revenue at $673 million (up from $603 million). The filing states that total revenue grew 12% year over year, and subscription revenue made up approximately 98% of total revenue. Gross profit was $533 million versus $469 million, and operating income was $39 million compared with an operating loss of $47 million a year earlier. Net income was $62 million, or $0.35 per diluted share, compared with a net loss of $40 million in the prior-year period. Cash flow and liquidity were solid. Net cash provided by operating activities was $241 million, up from $219 million. As of April 30, 2025, cash, cash equivalents and short-term investments totaled $2,725 million, and the company stated that these sources are sufficient for its short- and long-term working capital and capital expenditure needs. Remaining performance obligations (RPO) reached $4,084 million, of which approximately $2,227 million, or 55%, is expected to be recognized over the next 12 months. Dollar-based net retention fell to 106% from 111%, which the company attributed primarily to the macroeconomic environment. The balance sheet includes $510 million of 2025 convertible notes, classified as current because they mature on September 1, 2025, and the company stated it currently intends to settle that principal in cash. The filing also discloses a $60 million securities class action settlement covered by D&O insurance and the Company's retention, along with pending derivative action settlement terms, and a 2025 restructuring plan that reduced the workforce by approximately 180 full-time employees.
May 28, 2025
2025-Q3
Okta Quarterly Report for Q3 Ended Oct 31, 2024
Okta, Inc. filed its Form 10-Q for the quarter ended October 31, 2024, reporting third-quarter fiscal 2025 total revenue of $665 million, up from $584 million a year earlier, with subscription revenue of $651 million. Gross profit rose to $508 million from $439 million, and operating loss narrowed to $16 million from $111 million. The company reported net income of $16 million for the quarter, compared with a net loss of $81 million in the prior-year quarter. For the nine months, total revenue was $1,928 million versus $1,658 million, and net income was $5 million versus a net loss of $311 million. Operating expenses declined, with sales and marketing down to $256 million from $270 million, research and development to $158 million from $165 million, and stock-based compensation falling to $135 million from $172 million for the quarter. Operating cash flow for the nine months was $464 million, up from $338 million. Dollar-based net retention was 108% as of October 31, 2024, down from 115% a year earlier, which the filing attributes primarily to the macroeconomic environment. Customers grew to 19,450 from 18,800, and customers with ACV above $100,000 rose to 4,705 from 4,365. Balance sheet liquidity remained substantial, with cash, cash equivalents and short-term investments totaling $2,248 million. The company's $510 million of 2025 convertible notes is classified as current due to a September 1, 2025 maturity, and $350 million of 2026 notes remain outstanding. The filing also discloses a $60 million settlement of the securities class action, covered through D&O insurance and the company's retention, with final court approval granted on November 19, 2024, and continuing derivative lawsuits whose outcome cannot be estimated.
Dec 4, 2024
2025-Q2
Okta Quarterly Report for Q2 Ended Jul 31, 2024
Okta, Inc. reported its 10-Q for the quarter ended July 31, 2024. Total revenue for the three months ended July 31, 2024 was $646 million, up from $556 million, and subscription revenue was $632 million, up from $542 million. Gross profit was $491 million versus $407 million a year earlier, and the operating loss narrowed to $19 million from $162 million. The company reported net income of $29 million for the quarter, compared with a net loss of $111 million in the prior-year period. For the six months ended July 31, 2024, net loss was $11 million, versus $230 million a year earlier, and operating cash flow was $305 million versus $182 million. Subscription revenue made up about 98% of total revenue for the six-month period. Dollar-based net retention was 110% as of July 31, 2024, down from 115% a year earlier, which the filing attributes primarily to the macroeconomic environment and slower expansion from existing customers. The balance sheet showed cash, cash equivalents and short-term investments of $2,358 million, against convertible senior notes with principal of $552 million (2025 Notes) and $565 million (2026 Notes). Customers grew to 19,300 from 18,400, and customers with annual contract value above $100,000 rose to 4,620 from 4,205. Remaining performance obligations were $3,505 million, of which $1,995 million is expected to be recognized over the next 12 months. The filing also discloses a stipulated settlement of the securities class action for $60 million, covered by D&O insurance and the company's $10 million retention on the primary policy, subject to court approval with a final hearing set for November 8, 2024. Derivative lawsuits remain pending and the company cannot estimate their potential losses. The filing also discloses a cybersecurity incident in October 2023 in which a threat actor stole information from a third-party customer support system.
Aug 29, 2024
2025-Q1
Okta Quarterly Report for Q1 Ended Apr 30, 2024
Okta, Inc. reported its first quarter of fiscal 2025 (three months ended April 30, 2024). Total revenue was $617 million, up from $518 million, with subscription revenue at $603 million versus $503 million. Operating loss narrowed to $47 million from $160 million, and net loss narrowed to $40 million from $119 million. Net cash provided by operating activities was $219 million, compared with $129 million a year earlier. Dollar-based net retention was 111% as of April 30, 2024, down from 117% a year earlier, which the filing attributes primarily to the macroeconomic environment. Customers grew to 19,100 from 18,050, and customers with ACV above $100,000 rose to 4,550 from 4,080. The balance sheet shows cash, cash equivalents and short-term investments totaling $2,320 million, against convertible senior notes with principal of $552 million (2025 Notes) and $608 million (2026 Notes). Remaining performance obligations were $3,364 million, of which approximately $1,949 million is expected to be recognized over the next 12 months. Stock-based compensation was $151 million for the quarter. The filing also discloses a securities class action (In re Okta, Inc. Securities Litigation) that the parties agreed in principle to settle, with the Company agreeing to pay or cause insurers to pay a total of $60 million, recorded as a liability. Two related derivative lawsuits remain pending, and the Company states it cannot predict their outcome or estimate potential losses.
May 30, 2024
2024-Q3
Okta Quarterly Report for Q3 Ended Oct 31, 2023
Okta, Inc. filed this Form 10-Q for the quarter ended October 31, 2023. For the three months ended October 31, 2023, total revenue was $584 million, up from $481 million, with subscription revenue at $569 million. Operating loss narrowed to $111 million from $207 million, and net loss was $81 million versus $209 million a year earlier. For the nine months, total revenue was $1,658 million versus $1,348 million, gross profit was $1,222 million versus $941 million, and net loss was $311 million versus $662 million. Net cash provided by operating activities was $338 million for the nine months, compared with $10 million in the prior-year period. Balance sheet activity was driven by convertible note repurchases. During the nine months, the company repurchased $508 million principal of its 2025 Notes for $462 million in cash and $392 million principal of its 2026 Notes for $341 million in cash, producing a $91 million gain on early extinguishment of debt. Convertible senior notes, net, noncurrent fell to $1,302 million from $2,193 million. Cash, cash equivalents and short-term investments totaled $2,130 million at October 31, 2023. Management stated it believes these resources, together with operating cash flows, will be sufficient for projected needs. The filing also discloses an October 2023 cybersecurity incident in which a threat actor gained unauthorized access to and stole information from the company's third-party customer support system. Management said it expects the incident to adversely affect future financial performance, though it cannot predict the extent. Securities class action and derivative lawsuits relating to cybersecurity controls and the Auth0 integration remain pending. Dollar-based net retention rate was 115% as of October 31, 2023, down from 122%.
Dec 1, 2023
2024-Q2
Okta Quarterly Report for Q2 Ended Jul 31, 2023
Okta, Inc. reported its Form 10-Q for the quarter ended July 31, 2023. Total revenue for the three months ended July 31, 2023 was $556 million, up from $452 million, with subscription revenue at $542 million. Net loss narrowed to $111 million from $210 million in the prior-year quarter, and operating loss improved to $162 million from $208 million. For the six months, net loss was $230 million versus $453 million a year earlier. Gross margin for the quarter was 73% versus 70%, and subscription gross margin improved to 77% from 73%. Restructuring and other charges of $17 million in the quarter were primarily non-cash lease impairment charges tied to a real estate optimization plan. The balance sheet and capital structure changed notably. Okta repurchased $142 million of 2025 Notes and $242 million of 2026 Notes during the quarter, paying $130 million and $209 million in cash, which produced a $42 million gain on early extinguishment of debt. For the six months, total repurchases included $508 million of 2025 Notes and $242 million of 2026 Notes, with a $73 million gain. Convertible senior notes, net, noncurrent fell to $1,451 million from $2,193 million at January 31, 2023. Cash, cash equivalents and short-term investments totaled $2,106 million as of July 31, 2023. Net cash provided by operating activities was $182 million for the six months, and total remaining performance obligations were approximately $3,027 million, of which 59% (about $1,772 million) is expected to be recognized over the next 12 months. The filing also details pending securities class action and derivative lawsuits concerning cybersecurity controls, data breach vulnerabilities and the Auth0 integration, which the company is defending vigorously and for which it cannot predict the outcome or estimate potential losses. Dollar-based net retention rate was 115% as of July 31, 2023, down from 122% a year earlier, and customers grew to over 18,400 from over 16,400.
Aug 31, 2023
2024-Q1
Okta Quarterly Report for Q1 Ended Apr 30, 2023
Okta, Inc. reported its quarterly results for the three months ended April 30, 2023 in this Form 10-Q. Total revenue rose to $518 million from $415 million, with subscription revenue at $503 million versus $398 million. Operating loss narrowed to $160 million from $240 million, and net loss narrowed to $119 million from $243 million. Subscription gross margin improved to 76% from 72%. Operating cash flow was $129 million, up from $19 million in the prior-year period. The balance sheet shows cash, cash equivalents and short-term investments totaling $2,370 million as of April 30, 2023. During the quarter the company repurchased $366 million principal amount of its 2025 convertible senior notes for $332 million in cash, producing a $31 million gain on early extinguishment of debt. Principal outstanding on the 2025 Notes fell to $694 million, while the 2026 Notes remained at $1,150 million. Remaining non-cancelable subscription performance obligations were approximately $2,942 million, of which about $1,701 million, or 58%, is expected to be recognized over the next 12 months. The filing also highlights growth in customers to more than 18,050 from over 15,800 a year earlier, and a Dollar-Based Net Retention Rate of 117%, down from 123%. Investors should note that the company continues to report losses, that restructuring and lease impairment charges of $7 million were recorded, and that securities class action and derivative lawsuits relating to cybersecurity controls and the Auth0 integration remain pending.
Jun 1, 2023
2023-Q3
Okta Quarterly Report for Q3 Ended Oct 31, 2022
Okta, Inc. reported total revenue of $481.0 million for the three months ended October 31, 2022, up from $350.7 million a year earlier, with subscription revenue making up 97% of the quarter's total. Gross margin was 71% versus 69% a year earlier, and non-GAAP operating income was $0.3 million, compared with a non-GAAP operating loss of $9.5 million in the prior-year quarter. GAAP net loss narrowed to $208.9 million ($1.32 per share) from $221.3 million ($1.44 per share), though the company still posted losses in every period presented. For the nine months, revenue reached $1,347.8 million and the net loss was $662.1 million. Sales and marketing ($289.98 million in the quarter) was the largest operating expense line. Balance sheet and cash flow metrics were mixed. Cash, cash equivalents and short-term investments totaled $2,473.2 million as of October 31, 2022, while total convertible senior notes, net, carried on the balance sheet were about $2.20 billion ($5.2 million current and $2,191.5 million noncurrent). Net cash provided by operating activities was $9.8 million for the nine months, and free cash flow was negative $7.4 million, compared with $82.4 million in the prior-year period. The 2023 Notes ($5.2 million principal outstanding) are classified as current and mature February 15, 2023. The company adopted ASU 2020-06 on February 1, 2022, which reduced reported net interest expense by approximately $21.2 million in the quarter and $63.0 million for the nine months. Key operating indicators showed continued customer growth. Okta reported more than 17,050 customers, 3,740 customers with annual contract value above $100,000 (versus 2,825 a year earlier), and a Dollar-Based Net Retention Rate of 122%. Remaining performance obligations were $2,852.8 million, of which approximately $1,579.4 million (55%) is expected to be recognized over the next 12 months. The company recorded $14.2 million of lease impairment charges under a real estate optimization plan. The filing also discloses a securities class action filed in May 2022 and a derivative lawsuit filed November 28, 2022, both relating to cybersecurity controls, data breach vulnerability and the integration of Auth0, which the company says it intends to defend vigorously.
Dec 1, 2022
2023-Q2
Okta Quarterly Report for Q2 Ended Jul 31, 2022
Okta, Inc. reported results for the three and six months ended July 31, 2022. Total revenue was $451.81 million for the quarter, up from $315.50 million, and $866.75 million for the six months, up from $566.51 million. Subscription revenue made up the large majority of total revenue, and the filing states that subscription revenue was approximately 96% of total revenue for the six months. Net loss was $210.47 million for the quarter and $453.19 million for the six months, compared with $276.68 million and $385.91 million in the prior-year periods. The company's net loss per share was $1.34 for the quarter and $2.89 for the six months. Cash, cash equivalents and short-term investments totaled $2.48 billion as of July 31, 2022. The quarter showed a narrower GAAP operating loss of $208.06 million, compared with $263.44 million a year earlier, driven largely by lower general and administrative expense that the filing attributes to a decline in Auth0 acquisition-related costs and one-time stock-based compensation recorded in the prior-year quarter. Stock-based compensation remained significant at $171.18 million for the quarter. Operating cash flow was negative $0.2 million for the six months, and the filing reports free cash flow of negative $13.11 million for that period. Remaining performance obligations were $2.79 billion, of which $1.50 billion is expected to be recognized over the next 12 months. Calculated Billings rose 36% in the quarter and 21% in the six months. The balance sheet changed meaningfully after the company adopted ASU 2020-06, which increased net convertible senior notes on the balance sheet to $2.19 billion noncurrent, and the 2023 Notes were classified as current liabilities because holders may convert them during the quarter ending October 31, 2022. The filing also discloses a putative securities class action filed May 20, 2022 relating to a January 2022 third-party subprocessor compromise, which the company intends to defend vigorously.
Sep 1, 2022
2023-Q1
Okta Quarterly Report for Q1 Ended Apr 30, 2022
Okta, Inc. filed this Form 10-Q for the quarter ended April 30, 2022. Total revenue was $414.9 million, up from $251.0 million a year earlier, with subscription revenue of $397.9 million, which the company attributes mainly to new customers, more users and additional products sold to existing customers, and the inclusion of Auth0 revenue. Net loss widened to $242.7 million (or $1.56 per share) from $109.2 million ($0.83 per share). Operating expenses rose sharply, with research and development up to $161.7 million and sales and marketing up to $252.5 million, largely reflecting higher headcount and the Auth0 acquisition completed May 3, 2021. Gross margin declined to 68% from 74%, and subscription gross margin fell to 72% from 78%, which the company attributes mainly to Auth0's lower-margin revenue and higher amortization of acquired developed technology. On the balance sheet, cash, cash equivalents and short-term investments totaled $2,487.1 million at April 30, 2022. Operating cash flow was $18.8 million and free cash flow was $11.0 million, compared with $56.1 million and $52.8 million in the prior-year period. Deferred revenue stood at $971.3 million, and remaining performance obligations were $2,709.7 million, of which $1,412.8 million is expected to be recognized over the next 12 months. The company adopted ASU 2020-06 on February 1, 2022, which removed the equity component of its convertible notes and increased reported debt; convertible senior notes, net, total about $2.19 billion noncurrent. The 2023 Notes are convertible at holders' option during the quarter ending July 31, 2022 and are classified as current. The filing also discloses a putative securities class action filed May 20, 2022, related to a January 2022 compromise of a third-party subprocessor's customer support engineer account, which the company says it intends to defend vigorously. Directors, executive officers and their affiliates held 42.4% of the voting power as of April 30, 2022. Management stated disclosure controls were effective.
Jun 3, 2022
2022-Q3
Okta Quarterly Report for Q3 Ended Oct 31, 2021
Okta, Inc. reported results for the three and nine months ended October 31, 2021. Total revenue for the quarter was $350.7 million, up from $217.4 million, with subscription revenue of $336.7 million. Operating loss widened to $198.6 million from $52.0 million, and net loss was $221.3 million, or $1.44 per share. For the nine months, total revenue was $917.2 million and net loss was $607.2 million, or $4.17 per share. The filing attributes much of the expense growth and the revenue increase to the Auth0 acquisition, completed May 3, 2021 for approximately $5,671.0 million, which generated $goodwill of $5,290.1 million and contributed $46.0 million of revenue in the quarter. Stock-based compensation rose to $155.8 million in the quarter from $53.7 million a year earlier, and includes revesting-agreement expense tied to Auth0. Balance sheet and liquidity: cash, cash equivalents and short-term investments totaled $2,482.1 million as of October 31, 2021. Convertible senior notes, net, total about $1.81 billion in noncurrent and current liabilities combined, and the 2023 Notes were classified as current because their conversion condition was met. Operating cash flow for the nine months was $90.6 million, and free cash flow was $82.4 million. Management states that existing cash and investments and cash from operations are expected to be sufficient for short- and long-term working capital and capital expenditure needs. Calculated billings were $388.7 million for the quarter, up 54%, and the company noted that a billing process change favorably affected billings; excluding that change, growth would have been 53%. The filing also describes customer metrics: more than 14,000 customers, 2,825 customers with ACV above $100,000 (versus 1,780), a dollar-based net retention rate of 122%, and remaining performance obligations of $2,350.2 million, of which $1,180.2 million is expected within 12 months. The company's dual-class structure gives directors, executive officers and their affiliates 42.8% of voting power as of October 31, 2021.
Dec 2, 2021
2022-Q2
Okta Quarterly Report for Q2 Ended Jul 31, 2021
Okta, Inc. reported its quarterly results for the three and six months ended July 31, 2021. Total revenue was $315.5 million for the quarter, up from $200.4 million a year earlier, and $566.5 million for the six months versus $383.3 million. Subscription revenue was $303.1 million for the quarter, and the filing attributes part of the growth to the inclusion of Auth0 revenue of $37.6 million from the May 3, 2021 acquisition date. Net loss widened to $276.7 million for the quarter ($1.83 per share) from $60.1 million a year earlier, driven by higher operating expenses, including $187.7 million of stock-based compensation and $29.6 million of acquisition and integration-related expenses. Calculated billings rose 83% for the quarter, and the company notes that billing process changes had a favorable effect on that figure. The Auth0 acquisition, with total consideration of approximately $5,671.0 million, is the defining event of the period. It added $5,290.1 million of goodwill and $334.3 million of intangible assets, and it moved total assets to $8,932.1 million at July 31, 2021, from $3,298.8 million at January 31, 2021. Stockholders' equity rose to $6,042.2 million. Management expects operating expenses to increase significantly over the next several years as a result of the acquisition. Liquidity remained substantial, with cash, cash equivalents and short-term investments of $2,468.9 million at quarter end. Convertible senior notes carried a net balance of $1,788.2 million across current and noncurrent classifications, and the 2023 Notes were reclassified as current because the conversion condition was met. Operating cash flow for the six months was $53.5 million, and free cash flow was $49.1 million. The company also reported remaining performance obligations of $2,236.4 million, of which $1,098.5 million is expected to be recognized over the next 12 months, and it had over 13,050 customers, including 2,610 with annual contract value above $100,000.
Sep 2, 2021
2022-Q1
Okta Quarterly Report for Q1 Ended Apr 30, 2021
Okta, Inc. reported its first-quarter fiscal 2022 results for the three months ended April 30, 2021, with total revenue of $251.0 million, up 37% from $182.9 million a year earlier. Subscription revenue was $240.1 million, up 38%, and made up over 96% of total revenue. Gross margin was 74%, and the net loss widened to $109.2 million from $57.7 million, with operating loss of $90.7 million. Non-GAAP net loss was $13.0 million, or $0.10 per share. Calculated billings rose 74% to $364.0 million, which the company said was helped by billing process changes; absent those changes, growth would have been 40%. Remaining performance obligations reached $1.89 billion, with $898.5 million expected to be recognized over the next 12 months. The balance sheet shows cash, cash equivalents and short-term investments of $2.69 billion as of April 30, 2021. Convertible senior notes were $1.77 billion net, and $1.15 billion in principal of 2026 notes, $1.06 billion of 2025 notes and $23.1 million of 2023 notes were outstanding. The 2023 notes became convertible during the quarter ending July 31, 2021 and were classified as current liabilities. Operating cash flow was $56.1 million and free cash flow was $52.8 million. After the quarter end, on May 3, 2021, the company completed its acquisition of Auth0, Inc. for total consideration, net of acquired cash and subject to final adjustments, of approximately $6.5 billion. That included about 20.4 million Class A shares, $268.7 million in cash and equity awards valued at $700.2 million. The filing states that the acquisition's effects will be reflected in results beginning in the second quarter of fiscal 2022.
May 27, 2021
2021-Q3
Okta Quarterly Report for Q3 Ended Oct 31, 2020
Okta, Inc. reported its quarterly results for the three and nine months ended October 31, 2020 in this Form 10-Q. Total revenue for the three months was $217.4 million, up from $153.0 million, with subscription revenue of $206.7 million. For the nine months, total revenue was $600.7 million versus $418.7 million a year earlier. Operating loss narrowed to $52.0 million for the quarter from $45.7 million was not the case; it widened from $45.7 million to $52.0 million, while the nine-month operating loss was $149.6 million compared with $141.1 million. Net loss for the quarter was $72.8 million ($0.56 per share), compared with $63.5 million ($0.53 per share) a year earlier. Interest expense rose to $22.4 million for the quarter from $7.8 million, reflecting the 2025 and 2026 convertible senior notes. Liquidity strengthened during the period. Cash, cash equivalents and short-term investments totaled $2,495.1 million as of October 31, 2020, and net cash provided by operating activities for the nine months was $93.1 million. Free cash flow for the nine months was $78.2 million, compared with $18.1 million a year earlier. Convertible senior notes on the balance sheet, net, total roughly $1.75 billion across current and noncurrent portions, following the issuance of $1,150.0 million of 2026 Notes in June 2020. Remaining performance obligations were $1,581.8 million, of which about $753.2 million, or 48%, is expected to be recognized over the next 12 months. The company stated that the COVID-19 pandemic has affected how it and its customers operate, but that it had no material adverse impact on the financial statements for the periods presented. Management expects existing cash and investments to be sufficient for working capital and capital expenditure needs for at least the next 12 months. The 2023 Notes were classified as current liabilities because their conversion condition was met as of October 31, 2020.
Dec 3, 2020
2021-Q2
Okta Quarterly Report for Q2 Ended Jul 31, 2020
Okta, Inc. reported its quarterly results for the three and six months ended July 31, 2020. Total revenue was $200.4 million for the quarter, up from $140.5 million a year earlier, and $383.3 million for the six months, versus $265.7 million. Subscription revenue made up the bulk of the total, at $190.7 million in the quarter. Gross profit was $149.3 million, and operating loss was $45.4 million for the quarter, compared with $43.6 million a year earlier. Net loss widened to $60.1 million for the quarter from $43.0 million, and net loss per share was $0.48 versus $0.37. Non-GAAP operating income for the quarter was $6.5 million, according to the non-GAAP reconciliation in the filing. The balance sheet changed materially during the period. Cash and cash equivalents rose to $957.2 million and short-term investments to $1,557.3 million, from $520.0 million and $883.0 million at January 31, 2020. This was driven mainly by the June 2020 issuance of $1,150.0 million of 0.375% convertible senior notes due 2026. The company also repurchased $69.9 million of its 2023 notes for $260.5 million in aggregate consideration, and the 2023 notes are classified as current liabilities because the conversion trigger was met as of July 31, 2020. Total stockholders' equity increased to $685.2 million from $405.3 million. Operating cash flow was $49.6 million for the six months ended July 31, 2020, versus $20.1 million a year earlier, and free cash flow was $36.6 million, per the filing's non-GAAP reconciliation. The filing states that the company believes its existing cash, short-term investments and cash from sales will be sufficient to meet working capital and capital expenditure needs for at least the next 12 months. It also notes that COVID-19 may create near-term headwinds for cash flow, including customer payment delays and deal delays.
Aug 28, 2020
2021-Q1
Okta Quarterly Report for Q1 Ended Apr 30, 2020
Okta, Inc. reported its first quarter of fiscal 2021 (three months ended April 30, 2020) with total revenue of $182.9 million, up from $125.2 million, and subscription revenue of $173.8 million, which the filing states is over 95% of total revenue. Gross profit was $134.4 million and the GAAP operating loss was $52.2 million, compared with $51.8 million a year earlier. Net loss widened to $57.7 million from $52.0 million, or $0.47 per share. Operating cash flow was $38.7 million and free cash flow was $29.8 million, and the filing reports free cash flow margin of 16%. Calculated billings rose 42% to $209.5 million. The balance sheet shows cash, cash equivalents and short-term investments of $1,446.8 million as of April 30, 2020. Total remaining performance obligations were $1,240.2 million, of which about $619.1 million is expected to be recognized over the next 12 months. Customers with annual contract value above $100,000 increased to 1,580 from 1,142, and the dollar-based net retention rate was 121%. The company states that COVID-19 has lengthened some sales cycles and increased allowances for doubtful accounts, while management believes existing liquidity will be sufficient for at least the next 12 months. The filing also highlights the convertible notes. The 2023 Notes became convertible at holders' option during the quarter ending July 31, 2020, and are classified as a current liability, which the company notes could reduce net working capital. Operating expenses rose across research and development, sales and marketing, and general and administrative, driven mainly by headcount growth.
May 29, 2020
2020-Q3
Okta Quarterly Report for Q3 Ended Oct 31, 2019
Okta, Inc. reported revenue of $153.0 million for the three months ended October 31, 2019, up 45% from $105.6 million a year earlier, with subscription revenue of $144.5 million, up 48%. Nine-month revenue was $418.7 million, up 48%. Growth was driven by new customers, more users, and sales of additional products to existing customers. The company's net loss widened to $63.5 million for the quarter, from $29.5 million, and to $158.4 million for the nine months, from $94.7 million. Gross margin was 73%, and the filing shows a GAAP operating loss of $45.7 million for the quarter. The filing's non-GAAP operating loss was $8.1 million, and its non-GAAP operating margin was (5)%. The balance sheet changed substantially during the period. In September 2019 Okta issued $1,060.0 million of 0.125% convertible senior notes due 2025. It used part of the proceeds to repurchase $224.4 million of its 2023 notes for aggregate consideration of $604.8 million, consisting of about $224.4 million in cash and about 3.0 million Class A shares. Of the 2023 notes, $120.6 million remain outstanding and are classified as current liabilities because the conversion condition was met. The company recorded a $14.6 million loss on early extinguishment of debt. Cash, cash equivalents and short-term investments totaled $1,366.3 million at October 31, 2019. Nine-month operating cash flow was $30.8 million and free cash flow was $18.1 million. Management believes existing resources will be sufficient for at least the next 12 months. Operating indicators showed continued expansion. Customers with annual contract value above $100,000 rose to 1,325 from 937. Dollar-based net retention for the trailing 12 months was 117%, compared with 120% a year earlier. Calculated billings were $175.6 million for the quarter, up 42%, and $478.5 million for the nine months, up 45%. Remaining performance obligations for subscription contracts were $1,031.3 million, of which about $515.9 million, or 50%, is expected to be recognized over the next 12 months. Over 7,400 customers were on the platform. Class B holders, directors, executive officers and their affiliates held 54.2% of voting power.
Dec 6, 2019
2020-Q2
Okta Quarterly Report for Q2 Ended Jul 31, 2019
Okta, Inc. filed this Form 10-Q for the quarter ended July 31, 2019, describing itself as the leading independent identity management platform for the enterprise. For the three months ended July 31, 2019, total revenue was $140.48 million, up from $94.59 million, with subscription revenue of $132.49 million. Gross margin was 72%, and operating loss was $43.6 million, compared with $38.4 million a year earlier. Net loss for the quarter was $42.98 million, or $0.37 per share. For the six months, net loss was $94.95 million and net cash provided by operating activities was $20.13 million. The balance sheet at July 31, 2019 showed cash, cash equivalents and short-term investments of $557.5 million, and deferred revenue of $291.2 million. Total remaining noncancelable subscription performance obligations were approximately $913.6 million, of which about $461.1 million, or 51%, is expected to be recognized over the next 12 months. Dollar-Based Retention Rate for the trailing 12 months was 118%, versus 121% a year earlier, and customers with ACV above $100,000 rose to 1,222 from 837. The company completed the Azuqua acquisition in March 2019 for $44.2 million net of cash acquired. The 2023 convertible senior notes ($345.0 million principal, 0.25% coupon) became convertible at holders' option during the quarter ending October 31, 2019 because the stock price condition was met, so the notes are classified as a current liability of $279.7 million net carrying amount. Management states that its existing cash, investments and cash from sales are sufficient to meet working capital and capital expenditure needs for at least the next 12 months.
Aug 29, 2019
2020-Q1
Okta Quarterly Report for Q1 Ended Apr 30, 2019
Okta, Inc. reported its first-quarter fiscal 2020 results for the three months ended April 30, 2019. Total revenue rose to $125.2 million from $83.6 million, driven by subscription revenue of $117.2 million, up from $76.8 million. Gross profit was $90.1 million, against $59.5 million a year earlier. Operating expenses grew faster, to $141.9 million from $84.5 million, and the operating loss widened to $51.8 million from $25.0 million. Net loss was $52.0 million, or $0.46 per share, compared with a net loss of $26.0 million, or $0.25 per share, in the prior-year quarter. The filing attributes the sales and marketing increase largely to demand generation, advertising, and the annual customer conference, and the G&A increase partly to $3.0 million of acquisition-related costs for Azuqua. Cash flow and liquidity were stronger than the net loss suggests. Operating cash flow was $21.3 million and free cash flow was $13.2 million, compared with $4.0 million and negative $1.6 million a year earlier. Cash, cash equivalents and short-term investments totaled $547.5 million at April 30, 2019. The company acquired Azuqua for $44.2 million net of cash acquired in March 2019. Calculated billings were $147.2 million, up from $95.9 million, and remaining noncancelable subscription performance obligations were approximately $792.0 million, with about 53% expected within the next 12 months. Customers with ACV above $100,000 rose to 1,142 from 747, while the dollar-based retention rate was 119%, down from 121%. The 0.25% convertible senior notes due 2023 ($345.0 million principal) became convertible at holders' option during the quarter ending July 31, 2019, because the stock price condition was met, and they are classified as current liabilities. As of the filing date, no conversion requests had been received. The company states it currently intends to settle the principal in cash.
May 31, 2019
2019-Q3
Okta Quarterly Report for Q3 Ended Oct 31, 2018
Okta, Inc. filed this Form 10-Q for the quarter ended October 31, 2018. Total revenue for the three months ended October 31, 2018 was $105.6 million, up from $66.9 million (as adjusted) a year earlier, a 58% increase, with subscription revenue at $97.7 million. Nine-month revenue was $283.8 million versus $179.5 million (as adjusted). Gross margin improved to 72% for the quarter from 68%, and the operating loss narrowed to $28.5 million from $34.5 million. The net loss for the quarter was $29.5 million, or $0.27 per share, compared with $33.1 million, or $0.35 per share, a year earlier. Results were adjusted for the adoption of ASC 606 on February 1, 2018, which the filing says did not have a material impact on revenue. The balance sheet strengthened over the period. Cash, cash equivalents and short-term investments totaled $546.0 million at October 31, 2018. The company issued $345.0 million of 0.25% convertible senior notes due 2023 in February 2018, and it bought $80.0 million of note hedges and sold $52.4 million of warrants alongside the issuance. Net cash provided by operating activities for the nine months was $5.1 million, and free cash flow was negative $11.5 million, compared with negative $35.0 million a year earlier. Deferred revenue reached $211.1 million, and remaining noncancelable subscription performance obligations were approximately $614.4 million, of which about 55% is expected to be recognized over the next 12 months. Management states that existing cash, investments, and the credit facility are sufficient for at least the next 12 months. Key operating metrics improved as well. Customers with ACV above $100,000 rose to 937 from 603, and the Dollar-Based Retention Rate was 120%, compared with 123% a year earlier. Calculated billings were $124.0 million for the quarter, up from $78.6 million. The company completed the ScaleFT acquisition in July 2018 for a preliminary cash consideration of $15.6 million, net of cash received. The filing also notes that the company expects to remain an emerging growth company until January 31, 2019, and that its dual-class structure gave directors, executive officers and their affiliates 56.7% of voting power as of October 31, 2018.
Dec 6, 2018
2019-Q2
Okta Quarterly Report for Q2 Ended Jul 31, 2018
Okta, Inc. reported a widening net loss for the three and six months ended July 31, 2018. Total revenue for the quarter was $94.6 million, up from $60.3 million a year earlier (as adjusted for ASC 606), and subscription revenue was $87.9 million. Operating loss was $38.4 million and net loss was $39.2 million, or $0.37 per share, compared with a net loss of $26.0 million, or $0.28 per share, in the prior-year quarter. Gross margin rose to 70% from 67%, while operating expenses grew to $104.8 million, led by sales and marketing at $59.0 million and general and administrative at $21.0 million. The balance sheet strengthened during the period. Cash, cash equivalents and short-term investments totaled $536.3 million as of July 31, 2018. In February 2018 the company issued $345.0 million of 0.25% convertible senior notes due 2023, and it paid $80.0 million for note hedges and received $52.4 million from warrant sales. Deferred revenue reached $191.9 million, and remaining noncancelable subscription performance obligations were approximately $543.9 million, with about 56% expected to be recognized over the next 12 months. Net cash used in operating activities for the six months was $1.4 million, and free cash flow was negative $12.9 million. During the quarter the company acquired ScaleFT, Inc. for $15.6 million in cash, net of cash received. The company also reported over 5,150 customers, 837 customers with annual contract value above $100,000, and a Dollar-Based Retention Rate above 120%. Calculated billings grew 53% in the quarter. The filing states that the company expects to continue incurring operating losses and negative operating cash flows for the foreseeable future.
Sep 7, 2018
2019-Q1
Okta Quarterly Report for Q1 Ended Apr 30, 2018
Okta, Inc. reported its first quarter of fiscal 2019 (three months ended April 30, 2018) with total revenue of $83.6 million, up from $52.3 million in the prior-year period as adjusted for ASC 606. Subscription revenue was $76.8 million, and the company reported a net loss of $26.0 million, or $(0.25) per share, compared with a net loss of $27.7 million in the prior-year period. Operating loss narrowed to $25.0 million from $27.4 million, and gross margin was 71%. Stock-based compensation was $14.1 million for the quarter. Subscription revenue growth of 59% and calculated billings growth of 60% were the headline growth figures the filing reports. The balance sheet strengthened materially during the quarter. In February 2018 the company issued $345.0 million of 0.25% convertible senior notes due February 15, 2023, and it paid $80.0 million for note hedges while receiving $52.4 million from warrant sales. Cash, cash equivalents and short-term investments totaled $547.0 million at April 30, 2018, against $477.0 million in convertible senior notes, net, on the balance sheet, of which the liability component was $259.9 million. Operating cash flow was positive at $4.0 million, and free cash flow was $(1.6) million. The company had no borrowings under its $40.0 million Silicon Valley Bank revolving line. The filing reports a dollar-based retention rate of 121% for the trailing twelve months, 747 customers with annual contract value above $100,000, and remaining noncancelable subscription performance obligations of approximately $499.1 million, about 56% of which the company expects to recognize over the next 12 months. The company continues to report operating losses and negative operating cash flows over the long term, and its dual-class structure gives directors, executive officers and affiliates 57.9% of voting power.
Jun 8, 2018
2018-Q3
Okta Quarterly Report for Q3 Ended Oct 31, 2017
Okta, Inc. filed this Form 10-Q for the quarter ended October 31, 2017, reporting total revenue of $68.2 million for the three months ended October 31, 2017, up from $42.3 million, with subscription revenue of $62.7 million. For the nine months, total revenue was $182.2 million versus $111.5 million a year earlier. Operating loss widened to $35.2 million for the quarter from $21.9 million, and net loss was $33.8 million, or $0.35 per share, compared with $21.9 million, or $1.14 per share, in the prior-year quarter. The filing states that Dollar-Based Retention Rate has consistently exceeded 120%, and that customers with ACV above $100,000 rose to 603 from 401. The balance sheet strengthened significantly following the April 2017 initial public offering, which generated aggregate net proceeds of $200.0 million before offering costs of approximately $5.6 million. Cash, cash equivalents and short-term investments totaled $223.6 million at October 31, 2017, and the company had no amounts drawn on its $40.0 million Silicon Valley Bank revolving line, of which $35.6 million was available. Net cash used in operating activities was $25.4 million for the nine months, and free cash flow was negative $35.0 million. Deferred revenue reached $141.6 million. The filing also discloses a subsequent event: on December 2, 2017, Okta entered into a lease for approximately 207,066 rentable square feet in San Francisco to serve as its new headquarters, with lease payments for phases one and two of approximately $170.6 million over a term expiring in October 2028. Investors should also note the dual-class structure, under which directors, executive officers and their affiliates held 76.2% of voting power as of October 31, 2017.
Dec 7, 2017
2018-Q2
Okta Quarterly Report for Q2 Ended Jul 31, 2017
Okta, Inc. reported its quarterly results for the three and six months ended July 31, 2017 in this Form 10-Q. Total revenue for the three months was $60.995 million, up from $37.436 million, and subscription revenue was $56.080 million, up from $33.439 million. Operating loss widened to $27.155 million from $20.562 million, and net loss was $27.002 million, or $(0.29) per share, compared with a net loss of $20.601 million, or $(1.10) per share, a year earlier. For the six months ended July 31, 2017, total revenue was $114.002 million and net loss was $55.903 million. The company completed its initial public offering in April 2017, receiving aggregate net proceeds of $200.0 million before offering costs of approximately $5.6 million. Cash, cash equivalents and short-term investments totaled $213.2 million as of July 31, 2017, and the company had no outstanding balance on its $40.0 million revolving line of credit with Silicon Valley Bank. Net cash used in operating activities for the six months was $15.9 million, compared with $26.9 million a year earlier. Deferred revenue rose to $131.3 million, and the company reported over 3,650 customers, 539 with annual contract value above $100,000. The filing also highlights a dual-class share structure in which Class B holders, directors, officers and affiliates held 63.5% of voting power as of July 31, 2017. Management states it expects operating losses and negative operating cash flows to continue for the foreseeable future, and a subsequent event was an August 2017 lease amendment adding $6.3 million of commitments.
Sep 8, 2017
2018-Q1
Okta Quarterly Report for Q1 Ended Apr 30, 2017
Okta, Inc. reported its first quarter as a public company for the three months ended April 30, 2017, following its IPO in April 2017, in which it sold 12,650,000 Class A shares at $17.00 per share and received net proceeds of $200.0 million before offering costs of approximately $5.6 million. Total revenue rose to $53.0 million from $31.8 million, with subscription revenue of $48.4 million, up 75% year over year, and the filing attributes the growth to new customers with greater ACV, more users, and additional products sold to existing customers. Dollar-Based Retention Rate was 123% for the trailing twelve months, and customers with ACV above $100,000 increased to 493 from 300. Profitability remained negative. Operating loss widened to $28.6 million from $22.7 million, and net loss was $28.9 million, or $(0.73) per share, compared with a net loss of $22.8 million, or $(1.22) per share, a year earlier. Stock-based compensation rose to $8.9 million from $3.4 million, and net cash used in operating activities was $9.7 million versus $15.0 million in the prior-year quarter. Free cash flow was $(13.3) million compared with $(17.2) million. Cash, cash equivalents and short-term investments totaled $224.2 million at quarter end, and deferred revenue reached $120.6 million, with $115.7 million classified as current. The filing also highlights a dual-class structure in which Class B shares carry ten votes each. Directors, executive officers and their affiliates held 60.9% of the voting power as of April 30, 2017, and the Class B control is set to last until April 12, 2027. The company reported no material legal proceedings, and it has a $40.0 million revolving credit line with Silicon Valley Bank that remained undrawn.
Jun 8, 2017