Okta Q4 2023 Earnings Report
Key Takeaways
Okta reported a 33% year-over-year increase in Q4 revenue, reaching $510 million. Subscription revenue grew by 34% year-over-year. The company's operating cash flow was $76 million, and free cash flow was $72 million.
Total revenue was $510 million, up 33% year-over-year.
Subscription revenue reached $495 million, a 34% increase year-over-year.
Current remaining performance obligations (cRPO) grew 25% year-over-year to $1.68 billion.
The company had a record operating cash flow of $76 million and free cash flow of $72 million.
Okta
Okta
Okta Revenue by Segment
Forward Guidance
For Q1 2024, Okta expects revenue between $509 million and $511 million, cRPO between $1.675 billion and $1.685 billion, non-GAAP operating income between $18 million and $20 million, and non-GAAP diluted net income per share between $0.11 and $0.12. For FY 2024, Okta expects revenue between $2.155 billion and $2.170 billion, non-GAAP operating income between $136 million and $145 million, and non-GAAP diluted net income per share between $0.74 and $0.79.
Positive Outlook
- Total revenue of $509 million to $511 million, representing a growth rate of 23% year-over-year
- Current RPO of $1.675 billion to $1.685 billion, representing a growth rate of 19% year-over-year
- Non-GAAP operating income of $18 million to $20 million
- Non-GAAP diluted net income per share of $0.11 to $0.12
- Total revenue of $2.155 billion to $2.170 billion, representing a growth rate of 16% to 17% year-over-year
Challenges Ahead
- Non-GAAP operating income of $136 million to $145 million
- Non-GAAP diluted net income per share of $0.74 to $0.79
- These statements are forward-looking and actual results may differ materially.
- Okta has not reconciled its expectations as to non-GAAP operating income and non-GAAP net income per share to their most directly comparable GAAP measures because certain items are out of Okta’s control or cannot be reasonably predicted.
- Accordingly, reconciliations for forward-looking non-GAAP operating income and non-GAAP net income per share are not available without unreasonable effort.
Revenue & Expenses
Visualization of income flow from segment revenue to net income