Okta Inc · Q1 2023 earnings

Briefing

Delivered solid first quarter results with strength in new customer additions, dollar-based net retention rate.

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

Headline financials

Revenue & EPS history

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.