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Oct 31, 2020
Okta Q3 2021 Earnings Report
Reported strong Q3 results with increased revenue and operating profit outlook for fiscal 2021.
Key Takeaways
Okta reported strong Q3 results, with revenue growing 42% year-over-year and subscription revenue growing 43% year-over-year. The company's remaining performance obligations (RPO) grew 53% year-over-year, and it achieved record quarterly operating and free cash flows.
Total revenue was $217.4 million, an increase of 42% year-over-year.
Subscription revenue was $206.7 million, an increase of 43% year-over-year.
Remaining Performance Obligations (RPO) was $1.58 billion, an increase of 53% year-over-year.
Free cash flow was $41.6 million, or 19.1% of total revenue, compared to $9.2 million, or 6.0% of total revenue, in the third quarter of fiscal 2020.
Okta
Okta
Okta Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comProf. Services & Other Revenue
CapyFin.com Forward Guidance
For the fourth quarter of fiscal 2021, Okta expects total revenue of $221 million to $222 million, representing a growth rate of 32% to 33% year-over-year and Non-GAAP net loss per share of $0.02 to $0.01.
Positive Outlook
- Total revenue of $221 million to $222 million, representing a growth rate of 32% to 33% year-over-year
- Non-GAAP operating loss of $2.0 million to $1.0 million
- Non-GAAP net loss per share of $0.02 to $0.01, assuming weighted shares outstanding of approximately 131 million
- Total revenue of $822 million to $823 million, representing a growth rate of 40% year-over-year for the full year fiscal 2021
- Non-GAAP net income per share, diluted of $0.04 to $0.05 for the full year fiscal 2021
Challenges Ahead
- Non-GAAP operating loss of $2.0 million to $1.0 million for Q4 2021
- Non-GAAP net loss per share of $0.02 to $0.01 for Q4 2021
- Non-GAAP operating loss of $2.3 million to $1.3 million for fiscal year 2021
- Okta has not reconciled its expectations as to non-GAAP operating loss and non-GAAP net income (loss) per share, diluted to its most directly comparable GAAP measure because certain items are out of Okta’s control or cannot be reasonably predicted.
- These statements are forward-looking and actual results may differ materially.
Revenue & Expenses
Visualization of income flow from segment revenue to net income