Okta, Inc. (NASDAQ: OKTA), the leading independent provider of
identity for the enterprise, today announced preliminary financial
results for its fourth quarter and fiscal year ended January 31,
2018.
Preliminary Financial Results for the
Three Months Ended January 31, 2018:
Fourth Quarter Preliminary Results
Year-over-Year Growth Rate Total revenue $77.0 - $77.5
million 58% - 59% GAAP operating loss ($27.3) - ($26.1) million
Non-GAAP operating loss ($12.3) - ($11.3)
million
Preliminary Financial Results for the
Fiscal Year Ended January 31, 2018:
Fiscal Year 2018 Preliminary Results
Year-over-Year Growth Rate Total revenue $259.2 - $259.7
million 62% GAAP operating loss ($118.4) - ($117.2) million
Non-GAAP operating loss ($67.3) - ($66.3)
million
Preliminary Key Business Metrics as of and
for the Three Months and Year Ended January 31, 2018:
Preliminary Results Year-over-Year Growth Rate
Calculated Billings (Q4) $103.3 - $104.3 million 65% - 66%
Calculated Billings (FY18) $313.4 - $314.4 million 61% - 62% Total
customers(1) 4,350+ 40%
Customers with Annual Contract Value (ACV)
above $100,000(1)
691
56%
Dollar-Based Retention Rate for the
trailing twelve months
121%
(1) As of January 31, 2018
For definitions of our Key Business Metrics, see “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations–Key Business Metrics” in our Quarterly Report on Form
10-Q for the quarter ended October 31, 2017 filed with the
Securities and Exchange Commission on December 7, 2017.
The section titled “Non-GAAP Financial Measures” below contains
a description of the non-GAAP financial measures. A reconciliation
between historical GAAP and non-GAAP information is contained in
the tables below.
GAAP to Non-GAAP
Reconciliations
For three months ended
For year ended
January 31, 2018
January 31, 2018
Range Range Low High Low High (in millions)
Operating loss $ (27.3 ) $ (26.1 ) $ (118.4 ) $ (117.2 )
Stock-based compensation 15.0 14.8 50.3 50.1 Charitable
contributions — — 0.8
0.8 Non-GAAP operating loss $ (12.3 )
$ (11.3 ) $ (67.3 ) $ (66.3 )
Calculated Billings
For three months ended
For year ended
January 31, 2018
January 31, 2018
Range Range Low High Low High (in millions)
Total revenue $ 77.0 $ 77.5 $ 259.2 $ 259.7 Add: Deferred revenue,
current (end of period) 162.1 162.5 162.1 162.5 Deferred revenue,
noncurrent (end of period)(2) 5.8 5.9 5.8 5.9 Less: Deferred
revenue, current (beginning of period) (138.4 ) (138.4 ) (108.0 )
(108.0 ) Deferred revenue, noncurrent (beginning of period)
(3.2 ) (3.2 ) (5.7 ) (5.7 )
Calculated Billings $ 103.3 $ 104.3 $ 313.4
$ 314.4
(2)
The increase in deferred revenue,
noncurrent is primarily attributable to a few customers with
multi-year upfront billings.
The preliminary financial results and key business metrics above
for the three months and fiscal year ended January 31, 2018 are
based upon our estimates and subject to completion of our financial
closing procedures. Moreover, this data has been prepared solely on
the basis of currently available information by, and is the
responsibility of, Okta. This summary is not a comprehensive
statement of our financial results for this period, and our actual
results may differ materially from these estimates due to the
completion of our financial closing procedures, final adjustments,
and other developments that may arise between now and the time our
financial statements are filed with the SEC. Okta expects to
release its final results for the fourth quarter and fiscal year
2018, as well as provide its outlook for the first quarter and
fiscal year 2019, after market close on March 7th, 2018 and will
host a conference call in conjunction with that release.
Non-GAAP Financial Measures:
This press release contains the following non-GAAP financial
measures: non-GAAP operating loss and calculated billings. Non-GAAP
operating loss excludes stock-based compensation, amortization of
intangible assets and charitable contributions.
Okta believes that these non-GAAP measures of financial results
provide useful information to investors regarding certain financial
and business trends relating to Okta’s financial condition and
results of operations. The Company’s management uses these non-GAAP
measures to compare the Company’s performance to that of prior
periods for trend analysis, for purposes of determining executive
and senior management incentive compensation and for budgeting and
planning purposes. The Company believes that the use of these
non-GAAP financial measures provides an additional tool for
investors to use in evaluating ongoing operating results and trends
and in comparing the Company’s financial measures with other
software companies, many of which present similar non-GAAP
financial measures to investors.
Management of the Company does not consider these non-GAAP
measures in isolation or as an alternative to financial measures
determined in accordance with GAAP. The principal limitation of
these non-GAAP financial measures is that they exclude significant
expenses and income 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
management about which expenses and income are excluded or included
in determining these non-GAAP financial measures. Okta urges
investors to review the reconciliation of its non-GAAP financial
measures to the 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.
Reconciliation tables of the most comparable GAAP financial
measures to the non-GAAP financial measures used in this press
release are included with the financial tables in this release.
About Okta
Okta is the leading independent provider of identity for the
enterprise. The Okta Identity Cloud connects and protects employees
of many of the world's largest enterprises. It also securely
connects enterprises to their partners, suppliers and customers.
With deep integrations to over 5,000 applications, the Okta
Identity Cloud enables simple and secure access for any user from
any device. Thousands of customers, including 20th Century Fox,
Adobe, Dish Networks, Experian, Flex, LinkedIn, and News Corp,
trust Okta to help them work faster, boost revenue and stay secure.
Okta helps customers fulfill their missions faster by making it
safe and easy to use the technologies they need to do their most
significant work. Learn more at www.okta.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180221006314/en/
Okta, Inc.Investor Contact:Catherine Buan,
415-604-3346investor@okta.comorMedia Contact:Jenna Kozel,
888-722-7871press@okta.com
Okta (NASDAQ:OKTA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Okta (NASDAQ:OKTA)
Historical Stock Chart
From Sep 2023 to Sep 2024