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Apr 30, 2023
Okta Q1 2024 Earnings Report
Announced first quarter fiscal year 2024 financial results, demonstrating revenue growth and strong cash flow.
Key Takeaways
Okta's Q1 2024 shows a 25% year-over-year revenue increase, reaching $518 million. Subscription revenue also grew by 26% year-over-year. The company's operating cash flow reached a record $129 million, with free cash flow at $124 million.
Total revenue was $518 million, up 25% year-over-year.
Subscription revenue reached $503 million, a 26% year-over-year increase.
Current remaining performance obligations (cRPO) grew 20% year-over-year to $1.70 billion.
Operating cash flow was $129 million and free cash flow was $124 million.
Okta
Okta
Okta Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comProf. Services & Other Revenue
CapyFin.com Forward Guidance
For the second quarter of fiscal 2024, Okta expects total revenue of $533 million to $535 million, representing a growth rate of 18% year-over-year; current RPO of $1.71 billion to $1.72 billion, representing a growth rate of 14% to 15% year-over-year; non-GAAP operating income of $36 million to $38 million; and non-GAAP diluted net income per share of $0.21 to $0.22.
Positive Outlook
- Total revenue of $533 million to $535 million, representing a growth rate of 18% year-over-year
- Current RPO of $1.71 billion to $1.72 billion, representing a growth rate of 14% to 15% year-over-year
- Non-GAAP operating income of $36 million to $38 million
- Non-GAAP diluted net income per share of $0.21 to $0.22, assuming diluted weighted-average shares outstanding of approximately 180 million and a non-GAAP tax rate of 26%
- Full year fiscal 2024, the Company now expects total revenue of $2.175 billion to $2.185 billion, representing a growth rate of 17% to 18% year-over-year
Challenges Ahead
- Okta has not reconciled its forward-looking non-GAAP financial measures to their most directly comparable GAAP measures because certain items are out of Okta’s control or cannot be reasonably predicted.
- The market for our products may develop more slowly than expected or than it has in the past
- There may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise
- Global economic conditions could worsen
- A network or data security incident that allows unauthorized access to our network or data or our customers’ data could damage our reputation and cause us to incur significant costs
Revenue & Expenses
Visualization of income flow from segment revenue to net income