- Reaffirms financial outlook for first quarter and full year
fiscal 2022
Okta, Inc. (Nasdaq: OKTA), the leading independent identity
provider, is hosting its virtual Investor Day today in conjunction
with Oktane21. Attendees will hear from Todd McKinnon, Chief
Executive Officer and co-founder of Okta. McKinnon will be joined
by several members of Okta’s leadership team for the Investor Day
event. They will discuss the Company's core markets, business
drivers, new product introductions, go-to-market strategy, and
provide a financial update.
The program will commence at 9:00 a.m. PDT with the Keynote
address from Oktane21. Investor Day presentations will begin at
11:00 a.m. PDT and will be followed immediately by a live question
and answer session with Okta’s executive team.
Financial Outlook:
Additionally, the Company reiterated its first quarter and full
year fiscal 2022 financial outlook. This financial outlook does not
include any potential impact from the proposed acquisition of
Auth0.
For the first quarter of fiscal 2022, the Company continues to
expect:
- Total revenue of $237 million to $239 million, representing a
growth rate of 30% to 31% year-over-year
- Non-GAAP operating loss of $28.0 million to $27.0 million
- Non-GAAP net loss per share of $0.21 to $0.20, assuming
weighted-average shares outstanding of approximately 133
million
For the full year fiscal 2022, the Company continues to
expect:
- Total revenue of $1.08 billion to $1.09 billion, representing a
growth rate of 29% to 30% year-over-year
- Non-GAAP operating loss of $61.0 million to $55.0 million
- Non-GAAP net loss per share of $0.49 to $0.44, assuming
weighted-average shares outstanding of approximately 135
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 loss and non-GAAP net 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 loss and
non-GAAP net loss per share are not available without unreasonable
effort.
Oktane21 Keynote and Investor Day Webcast:
A webcast of the Oktane21 Keynote and Investor Day will be
accessible from the Okta investor relations website at
investor.okta.com beginning today at 9:00 a.m. PDT. A replay of the
presentation will be available following the completion of the
event at investor.okta.com.
Non-GAAP Financial Measures:
This press release contains the following non-GAAP financial
measures: non-GAAP operating loss and non-GAAP net loss per share.
These non-GAAP financial measures exclude stock-based compensation,
amortization of debt discount and debt issuance costs, non-cash
charitable contributions, amortization of acquired intangibles,
acquisition-related expenses and loss on early extinguishment and
conversion of debt.
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.
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, 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 and expected benefits
that will be derived from the Auth0 transaction. 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; our results of
operations may fluctuate more than expected; there may be
significant fluctuations in our results of operations and cash
flows related to our revenue recognition or otherwise; 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; a network or data security incident that
allows unauthorized access to our network or data or our customers’
data could damage our reputation; we could experience interruptions
or performance problems associated with our technology, including a
service outage; we may not be able to pay off our convertible
senior notes when due; and global economic conditions could
deteriorate; the parties may not be able to satisfy the Auth0
transaction closing conditions in a timely fashion or at all, and
we may not be able to successfully integrate the companies. Further
information on potential factors that could affect our financial
results is included in our most recent Annual Report on Form 10-K
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 leading independent identity provider. The Okta
Identity Cloud enables organizations to securely connect the right
people to the right technologies at the right time. With more than
7,000 pre-built integrations to applications and infrastructure
providers, Okta provides simple and secure access to people and
organizations everywhere, giving them the confidence to reach their
full potential. More than 10,000 organizations, including JetBlue,
Nordstrom, Siemens, Slack, T-Mobile, Takeda, Teach for America, and
Twilio, trust Okta to help protect the identities of their
workforces and customers.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210407005366/en/
Investor Contact:
Dave Gennarelli investor@okta.com 415-851-4744
Media Contact:
Jenna Kozel press@okta.com 415-418-9600
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