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Apr 30, 2021
Okta Q1 2022 Earnings Report
Okta's Q1 2022 earnings showcased strong growth, with revenue increasing and significant advancements in remaining performance obligations and cash flows.
Key Takeaways
Okta reported a strong first quarter in fiscal year 2022, marked by a 37% year-over-year increase in total revenue, reaching $251 million. Subscription revenue grew by 38% year-over-year, and the company achieved record quarterly operating and free cash flows. The acquisition of Auth0 was completed, further enhancing Okta's identity platform.
Total revenue increased by 37% year-over-year to $251 million.
Subscription revenue grew by 38% year-over-year to $240 million.
Remaining performance obligations (RPO) increased by 52% year-over-year to $1.89 billion.
The company reported record quarterly operating and free cash flows.
Okta
Okta
Okta Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comProf. Services & Other Revenue
CapyFin.com Forward Guidance
Okta's financial outlook for the second quarter and full year fiscal 2022 includes the expected contribution from the acquisition of Auth0, net of purchase accounting adjustments.
Positive Outlook
- Total revenue of $295 million to $297 million, representing a growth rate of 47% to 48% year-over-year for Q2 2022.
- Total revenue of $1.215 billion to $1.225 billion, representing a growth rate of 45% to 47% year-over-year for full year 2022.
- The financial outlook includes the expected contribution from the acquisition of Auth0.
- The acquisition of Auth0 will enable to provide even more choice and unprecedented innovation to customers and developers.
- Together, we’ll capture more of the massive $80 billion identity market opportunity even faster.
Challenges Ahead
- Non-GAAP operating loss of $55 million to $53 million for Q2 2022.
- Non-GAAP net loss per share of $0.36 to $0.35, assuming weighted-average shares outstanding of approximately 154 million for Q2 2022.
- Non-GAAP operating loss of $172 million to $167 million for full year 2022.
- Non-GAAP net loss per share of $1.16 to $1.13, assuming weighted-average shares outstanding of approximately 150 million for full year 2022.
- 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income