Okta, Inc. (OKTA) Reports Prelim. Q4 Results
Okta, Inc. (NASDAQ: OKTA), the leading independent provider of identity for the enterprise, today announced preliminary financial results for its fourth quarter and fiscal year ended January 31, 2018.
Preliminary Financial Results for the Three Months Ended January 31, 2018: | ||||||||
| Fourth Quarter | Preliminary Results | Year-over-Year Growth Rate | ||||||
| Total revenue | $77.0 - $77.5 million | 58% - 59% | ||||||
| GAAP operating loss | ($27.3) - ($26.1) million | |||||||
| Non-GAAP operating loss | ($12.3) - ($11.3) million | |||||||
Preliminary Financial Results for the Fiscal Year Ended January 31, 2018: | ||||||||
| Fiscal Year 2018 | Preliminary Results | Year-over-Year Growth Rate | ||||||
| Total revenue | $259.2 - $259.7 million | 62% | ||||||
| GAAP operating loss | ($118.4) - ($117.2) million | |||||||
| Non-GAAP operating loss | ($67.3) - ($66.3) million | |||||||
Preliminary Key Business Metrics as of and for the Three Months and Year Ended January 31, 2018: | ||||||||
| Preliminary Results | Year-over-Year Growth Rate | |||||||
| Calculated Billings (Q4) | $103.3 - $104.3 million | 65% - 66% | ||||||
| Calculated Billings (FY18) | $313.4 - $314.4 million | 61% - 62% | ||||||
| Total customers(1) | 4,350+ | 40% | ||||||
Customers with Annual Contract Value (ACV) above $100,000(1) | 691 | 56% | ||||||
Dollar-Based Retention Rate for the trailing twelve months | 121% | |||||||
(1) As of January 31, 2018 | ||||||||
For definitions of our Key Business Metrics, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Key Business Metrics” in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2017 filed with the Securities and Exchange Commission on December 7, 2017.
The section titled “Non-GAAP Financial Measures” below contains a description of the non-GAAP financial measures. A reconciliation between historical GAAP and non-GAAP information is contained in the tables below.
GAAP to Non-GAAP Reconciliations | ||||||||||||||||
| For three months ended |
| For year ended | |||||||||||||
January 31, 2018 | January 31, 2018 | |||||||||||||||
| Range | Range | |||||||||||||||
| Low | High | Low | High | |||||||||||||
| (in millions) | ||||||||||||||||
| Operating loss | $ | (27.3 | ) | $ | (26.1 | ) | $ | (118.4 | ) | $ | (117.2 | ) | ||||
| Stock-based compensation | 15.0 | 14.8 | 50.3 | 50.1 | ||||||||||||
| Charitable contributions | — | — | 0.8 | 0.8 | ||||||||||||
| Non-GAAP operating loss | $ | (12.3 | ) | $ | (11.3 | ) | $ | (67.3 | ) | $ | (66.3 | ) | ||||
Calculated Billings | ||||||||||||||||
For three months ended | For year ended | |||||||||||||||
January 31, 2018 | January 31, 2018 | |||||||||||||||
| Range | Range | |||||||||||||||
| Low | High | Low | High | |||||||||||||
| (in millions) | ||||||||||||||||
| Total revenue | $ | 77.0 | $ | 77.5 | $ | 259.2 | $ | 259.7 | ||||||||
| Add: | ||||||||||||||||
| Deferred revenue, current (end of period) | 162.1 | 162.5 | 162.1 | 162.5 | ||||||||||||
| Deferred revenue, noncurrent (end of period)(2) | 5.8 | 5.9 | 5.8 | 5.9 | ||||||||||||
| Less: | ||||||||||||||||
| Deferred revenue, current (beginning of period) | (138.4 | ) | (138.4 | ) | (108.0 | ) | (108.0 | ) | ||||||||
| Deferred revenue, noncurrent (beginning of period) | (3.2 | ) | (3.2 | ) | (5.7 | ) | (5.7 | ) | ||||||||
| Calculated Billings | $ | 103.3 | $ | 104.3 | $ | 313.4 | $ | 314.4 | ||||||||
(2) | The increase in deferred revenue, noncurrent is primarily attributable to a few customers with multi-year upfront billings. | ||
The preliminary financial results and key business metrics above for the three months and fiscal year ended January 31, 2018 are based upon our estimates and subject to completion of our financial closing procedures. Moreover, this data has been prepared solely on the basis of currently available information by, and is the responsibility of, Okta. This summary is not a comprehensive statement of our financial results for this period, and our actual results may differ materially from these estimates due to the completion of our financial closing procedures, final adjustments, and other developments that may arise between now and the time our financial statements are filed with the SEC. Okta expects to release its final results for the fourth quarter and fiscal year 2018, as well as provide its outlook for the first quarter and fiscal year 2019, after market close on March 7th, 2018 and will host a conference call in conjunction with that release.