NASDAQ$OKTA
Okta Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Announced first quarter fiscal year 2024 financial results, demonstrating revenue growth and strong cash flow.
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.
Headline financials
Revenue & EPS history
Okta · Revenue · Quarterly
$518M
Revenue by segment
Okta · $518M total across 2 segments · Q1 2024
- Subscription$503M+26.4%97.1%
- Professional services and other$15M-11.8%2.9%
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.
Tailwinds
- 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
Headwinds
- 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
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
+2.3%
Avg return
Earnings day
+1.5%
Avg return
5 days after
+0.4%
Avg return
30 days after
58%
21 / 36 earnings
Positive
+31.6%
Q3 2023
Best reaction
-33.5%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2027 | — | — | — | |
| Q4 2026 | +11.0% | +11.0% | +11.8% | |
| Q3 2026 | +5.3% | +6.6% | +2.2% | |
| Q2 2026 | +1.4% | +1.3% | -0.4% | |
| Q1 2026 | -16.1% | -16.5% | -21.6% | |
| Q4 2025 | +24.3% | +29.0% | +15.0% | |
| Q3 2025 | +6.5% | +4.9% | -2.5% | |
| Q2 2025 | -18.0% | -18.8% | -23.7% | |
| Q1 2025 | -7.6% | -8.0% | -2.6% | |
| Q4 2024 | +23.5% | +25.7% | +20.4% | |
| Q3 2024 | -7.7% | -0.2% | +24.7% | |
| Q2 2024 | +16.2% | +19.9% | +13.4% | |
| Q1 2024 | -17.1% | -20.1% | -23.0% | |
| Q4 2023 | +13.5% | +18.0% | +21.0% | |
| Q3 2023 | +31.6% | +20.9% | +33.3% | |
| Q2 2023 | -33.5% | -29.1% | -37.6% | |
| Q1 2023 | +16.5% | +18.1% | +13.7% | |
| Q4 2022 | -8.8% | -16.2% | -19.2% | |
| Q3 2022 | +2.8% | +1.2% | +4.2% | |
| Q2 2022 | +3.1% | +2.6% | -9.7% | |
| Q1 2022 | -8.9% | -8.9% | +0.8% | |
| Q4 2021 | -12.7% | -19.5% | -11.3% | |
| Q3 2021 | +2.3% | +3.8% | +7.3% | |
| Q2 2021 | -7.2% | +0.2% | -3.5% | |
| Q1 2021 | +9.0% | +11.3% | +13.4% | |
| Q4 2020 | -4.1% | -9.2% | -9.4% | |
| Q3 2020 | -2.9% | -1.8% | -2.9% | |
| Q2 2020 | -5.8% | -6.3% | -28.1% | |
| Q1 2020 | +7.3% | +8.1% | +17.1% | |
| Q4 2019 | -1.9% | +0.8% | +8.6% | |
| Q3 2019 | +10.4% | +6.4% | +4.1% | |
| Q2 2019 | +20.1% | +21.7% | +8.7% | |
| Q1 2019 | -6.8% | -5.4% | -3.7% | |
| Q4 2018 | +11.5% | +3.8% | +1.1% | |
| Q3 2018 | +2.9% | -6.6% | -6.4% | |
| Q2 2018 | +12.1% | +8.8% | +3.6% | |
| Q1 2018 | +9.3% | -4.2% | -5.8% | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2015 | — | — | — | |
| Q3 2015 | — | — | — |
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