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Apr 30, 2022
Okta Q1 2023 Earnings Report
Delivered solid first quarter results with strength in new customer additions, dollar-based net retention rate.
Key Takeaways
Okta's first quarter revenue grew 65% year-over-year, driven by a 66% increase in subscription revenue. Remaining performance obligations grew 43% year-over-year. The company reported a GAAP operating loss of $240 million and a GAAP net loss of $243 million.
Q1 revenue grew 65% year-over-year; subscription revenue grew 66% year-over-year
Remaining performance obligations (RPO) grew 43% year-over-year to $2.71 billion
Current remaining performance obligations (cRPO) grew 57% year-over-year to $1.41 billion
Delivered solid first quarter results highlighted by strength in new customer additions, dollar-based net retention rate, and the success we’re having with large customers as they continue their journey to the cloud
Revenue by Segment
Forward Guidance
For the second quarter of fiscal 2023, the Company expects: •Total revenue of $428 million to $430 million, representing a growth rate of 36% year-over-year; •Current RPO of $1.48 billion to $1.49 billion, representing a growth rate of 35% to 36% year-over-year; •Non-GAAP operating loss of $44 million to $43 million; and •Non-GAAP net loss per share of $0.32 to $0.31, assuming weighted-average shares outstanding of approximately 156 million.
Positive Outlook
- Total revenue of $428 million to $430 million, representing a growth rate of 36% year-over-year
- Current RPO of $1.48 billion to $1.49 billion, representing a growth rate of 35% to 36% year-over-year
Challenges Ahead
- Non-GAAP operating loss of $44 million to $43 million
- Non-GAAP net loss per share of $0.32 to $0.31, assuming weighted-average shares outstanding of approximately 156 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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