Okta Announces Record Fourth Quarter and Fiscal Year 2018 Financial Results
- Fiscal year 2018 total revenue grows 62% year-over-year; subscription revenue grows 67% year-over-year
- Q4 total revenue grows 59% year-over-year; subscription revenue grows 64% year-over-year
- Q4 operating cash flow margin improves 14 percentage points year-over-year; free cash flow margin improves 17 percentage points year-over-year
"We had a record quarter, highlighted by 64 percent subscription revenue
growth, acceleration in new customer growth and a 17 percentage point
year-over-year improvement in our free cash flow margin," said
Fourth Quarter Fiscal 2018 Financial Highlights:
- Revenue: Total revenue was
$77.8 million , an increase of 59% year-over-year. Subscription revenue was$72.0 million , an increase of 64% year-over-year. - Operating Loss: GAAP operating loss was
$25.3 million , or 32.6% of total revenue, compared to$18.0 million in the fourth quarter of fiscal 2017, or 36.8% of total revenue. Non-GAAP operating loss was$10.8 million , or 13.9% of total revenue, compared to$12.7 million in the fourth quarter of fiscal 2017, or 25.9% of total revenue. - Net Loss: GAAP net loss was
$24.7 million , compared to$18.2 million in the fourth quarter of fiscal 2017. GAAP net loss per share was$0.24 , compared to$0.93 in the fourth quarter of fiscal 2017. Non-GAAP net loss was$10.1 million , compared to$12.9 million in the fourth quarter of fiscal 2017. Non-GAAP net loss per share was$0.10 , compared to$0.66 in the fourth quarter of fiscal 2017. - Cash Flow: Net cash provided by operations was
$0.2 million or 0.2% of total revenue, compared to cash used in operations of$6.7 million or 13.7% of total revenue, in the fourth quarter of fiscal 2017. Free cash flow was negative$2.2 million , or 2.8% of total revenue, compared to negative$9.8 million , or 20.1% of total revenue, in the fourth quarter of fiscal 2017. - Cash, cash equivalents and short-term investments were
$229.7 million as of January 31, 2018.
Full Year Fiscal 2018 Financial Highlights:
- Revenue: Total revenue was
$260.0 million , an increase of 62% year-over-year. Subscription revenue was$239.2 million , an increase of 67% year-over-year. - Operating Loss: GAAP operating loss was
$116.4 million , or 44.8% of total revenue, compared to$83.1 million for fiscal year 2017, or 51.8% of total revenue. Non-GAAP operating loss was$65.7 million , or 25.3% of total revenue, compared to$65.8 million for fiscal year 2017, or 41.0% of total revenue. - Net Loss: GAAP net loss was
$114.4 million , compared to$83.5 million for fiscal 2017. GAAP net loss per share was$1.38 , compared to$4.39 for fiscal year 2017. Non-GAAP net loss was$63.7 million , compared to$66.2 million for fiscal year 2017. Non-GAAP net loss per share was$0.77 , compared to$3.48 for fiscal year 2017. - Cash Flow: Net cash used in operations was
$25.2 million , compared to$42.1 million for fiscal year 2017. Free cash flow was negative$37.2 million , or 14.3% of total revenue, compared to negative$53.8 million , or 33.6% of total revenue, for fiscal year 2017.
The section titled "Non-GAAP Financial Measures" below contains a description of the non-GAAP financial measures and a reconciliation between historical GAAP and non-GAAP information is contained in the tables below.
Fiscal Year 2018 and Recent Business Highlights
During fiscal year 2018 and recently,
-
Completed its initial public offering in
April 2017 , receiving proceeds of$194 million , net of underwriting discounts and commissions and other offering expenses. - Had record attendance at Oktane17, the company's annual customer and partner conference. Registration for the conference grew more than 50% over the previous year.
-
Was named a leader by
Gartner in its inaugural Magic Quadrant for Access Management, Worldwide and was positioned highest in "ability to execute." The new report evaluated 15 companies, looking at both on-premises and cloud-delivered solutions. -
Was named a leader by
Forrester Research in The Forrester Wave™: Identity-As-A-Service, Q4 2017 report. The report evaluated seven Identity-as-a-Service (IDaaS) vendors across strategy, market presence and current offering, andOkta was positioned as a Leader, earning the highest ranking in both the "current offering" and "strategy" categories. -
In
February 2018 , completed a private offering of convertible senior notes due 2023, receiving proceeds of$334 million net of underwriter discounts and commissions and other offering costs. The Company used approximately$27.6 million of the net proceeds to pay the cost of bond hedge transactions offset by proceeds from warrant transactions.
Financial Outlook:
The guidance below and corresponding growth rates are presented under
ASC Topic 606, which the Company adopted on
For the first quarter of fiscal 2019, the Company currently expects:
-
Total revenue of
$78 to $79 million , representing a growth rate of 49 to 50% year-over-year -
Non-GAAP operating loss of
$17.1 to $16.1 million -
Non-GAAP net loss per share of
$0.16 to $0.15 , assuming shares outstanding of approximately 103 million
For the full fiscal 2019, the Company expects:
-
Total revenue of
$343 to $348 million , representing a growth rate of 33 to 35% year-over-year -
Non-GAAP operating loss of
$72.0 to $67.0 million -
Non-GAAP net loss per share of
$0.67 to $0.62 , assuming shares outstanding of approximately 106 million
These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Conference Call Information:
A live webcast of the conference call will be accessible from the
Recently Adopted Accounting Pronouncements
In
Under Topic 606, revenue recognition is no longer constrained by the invoicing terms of a contract and will therefore more align with the value delivered by our service over time. Due to the complexity of certain customer contracts, however, the actual revenue recognition treatment required under Topic 606 will depend on contract specific terms and may result in greater variability in revenue from period to period. In addition, under Topic 606, revenue for all professional services will be recognized using proportional performance, which will align the revenue with the related costs as the professional services are delivered. We previously recognized revenue on certain fixed fee professional services upon completion.
Under Topic 606, we will defer all incremental commission costs to obtain customer contracts, including indirect costs that are not tied to a specific contract. These costs will be amortized over a period of benefit that we have determined to be generally five years. Under Topic 605, we deferred only direct and incremental commission costs to obtain a contract and amortized those costs over the contract term, which is generally one to three years.
Non-GAAP Financial Measures:
This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share, free cash flow, free cash flow margin, current calculated billings, and calculated billings. Certain of these non-GAAP financial measures exclude stock-based compensation and amortization of intangible assets and charitable contributions.
Management of the Company does not consider these non-GAAP measures in
isolation or as an alternative to financial measures determined in
accordance with GAAP. The principal limitation of these non-GAAP
financial measures is that they exclude significant expenses and income
that are required by GAAP to be recorded in the Company's financial
statements. In addition, they are subject to inherent limitations as
they reflect the exercise of judgment by management about which expenses
and income are excluded or included in determining these non-GAAP
financial measures.
Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release.
Forward-Looking Statements:
This press release contains "forward-looking statements" within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, including but not limited to, statements
regarding our financial outlook and market positioning. These
forward-looking statements are made as of the date they were first
issued and were based on current expectations, estimates, forecasts and
projections as well as the beliefs and assumptions of management. Words
such as "expect," "anticipate," "should," "believe," "hope," "target,"
"project," "goals," "estimate," "potential," "predict," "may," "will,"
"might," "could," "intend," "shall" and variations of these terms or the
negative of these terms and similar expressions are intended to identify
these forward-looking statements. Forward-looking statements are subject
to a number of risks and uncertainties, many of which involve factors or
circumstances that are beyond
Disclaimer
About
OKTA, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) |
||||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Revenue | ||||||||||||||||
Subscription | $ | 72,035 | $ | 44,011 | $ | 239,177 | $ | 143,136 | ||||||||
Professional services and other | 5,715 | 4,809 | 20,813 | 17,190 | ||||||||||||
Total revenue | 77,750 | 48,820 | 259,990 | 160,326 | ||||||||||||
Cost of revenue | ||||||||||||||||
Subscription (1) | 15,080 | 9,688 | 52,481 | 34,211 | ||||||||||||
Professional services and other (1) | 7,407 | 5,999 | 28,274 | 21,738 | ||||||||||||
Total cost of revenue | 22,487 | 15,687 | 80,755 | 55,949 | ||||||||||||
Gross profit | 55,263 | 33,133 | 179,235 | 104,377 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development (1) | 19,349 | 10,532 | 70,821 | 38,659 | ||||||||||||
Sales and marketing (1) | 46,590 | 31,478 | 172,973 | 118,742 | ||||||||||||
General and administrative (1) | 14,670 | 9,090 | 51,803 | 30,099 | ||||||||||||
Total operating expenses | 80,609 | 51,100 | 295,597 | 187,500 | ||||||||||||
Operating loss | (25,346 | ) | (17,967 | ) | (116,362 | ) | (83,123 | ) | ||||||||
Other income (expense), net | 810 | (99 | ) | 1,682 | 39 | |||||||||||
Loss before income taxes | (24,536 | ) | (18,066 | ) | (114,680 | ) | (83,084 | ) | ||||||||
Provision for (benefit from) income taxes | 142 | 158 | (321 | ) | 425 | |||||||||||
Net loss | $ | (24,678 | ) | $ | (18,224 | ) | $ | (114,359 | ) | $ | (83,509 | ) | ||||
Net loss per share, basic and diluted | $ | (0.24 | ) | $ | (0.93 | ) | $ | (1.38 | ) | $ | (4.39 | ) | ||||
Weighted-average shares outstanding used to compute
net loss per share |
100,969 | 19,596 | 83,004 | 19,038 |
___________________________________
(1) Amounts include share-based compensation expense as follows (in thousands):
Three Months Ended January 31, |
Year Ended January 31, |
||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Cost of subscription revenue | $ | 1,437 | $ | 562 | $ | 4,600 | $ | 1,979 | |||||||
Cost of professional services and other revenue | 951 | 393 | 3,137 | 1,283 | |||||||||||
Research and development | 5,194 | 830 | 18,107 | 2,992 | |||||||||||
Sales and marketing | 3,952 | 1,644 | 13,242 | 6,029 | |||||||||||
General and administrative | 3,034 | 1,829 | 10,774 | 4,844 | |||||||||||
Total share-based compensation expense | $ | 14,568 | $ | 5,258 | $ | 49,860 | $ | 17,127 | |||||||
OKTA, INC. CONSOLIDATED BALANCE SHEETS (In thousands) |
||||||||
January 31, |
January 31, |
|||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 127,949 | $ | 23,282 | ||||
Short-term investments | 101,765 | 14,390 | ||||||
Accounts receivable, net of allowances of $1,472 and $1,306 | 52,248 | 34,544 | ||||||
Deferred commissions | 16,481 | 13,549 | ||||||
Prepaid expenses and other current assets | 16,973 | 7,025 | ||||||
Total current assets | 315,416 | 92,790 | ||||||
Property and equipment, net | 12,540 | 11,026 | ||||||
Deferred commissions, noncurrent | 10,971 | 10,050 | ||||||
Intangible assets, net | 11,761 | 9,155 | ||||||
Goodwill | 6,282 | 2,630 | ||||||
Other assets | 10,427 | 4,984 | ||||||
Total assets | $ | 367,397 | $ | 130,635 | ||||
Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | ||||||||
Current liabilities: | ||||||||
Accounts payable (1) | $ | 9,566 | $ | 9,387 | ||||
Accrued expenses and other current liabilities (1) | 6,187 | 8,363 | ||||||
Accrued compensation (1) | 12,374 | 8,734 | ||||||
Deferred revenue | 162,633 | 108,012 | ||||||
Total current liabilities | 190,760 | 134,496 | ||||||
Deferred revenue, noncurrent | 6,034 | 5,711 | ||||||
Other liabilities, noncurrent (1) | 7,017 | 6,079 | ||||||
Total liabilities | 203,811 | 146,286 | ||||||
Commitments and contingencies | ||||||||
Redeemable convertible preferred stock | — | 227,954 | ||||||
Stockholders’ equity (deficit): | ||||||||
Preferred stock | — | — | ||||||
Class A common stock | 7 | — | ||||||
Class B common stock | 3 | 2 | ||||||
Additional paid-in capital | 565,653 | 44,469 | ||||||
Accumulated other comprehensive loss | 391 | (167 | ) | |||||
Accumulated deficit | (402,468 | ) | (287,909 | ) | ||||
Total stockholders' equity (deficit) |
163,586 | (243,605 | ) | |||||
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ | 367,397 | $ | 130,635 |
(1) Certain reclassifications of prior period amounts have been made in our consolidated balance sheets to conform to the current period presentation. |
OKTA, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
||||||||
Year Ended January 31, | ||||||||
2018 | 2017 | |||||||
(unaudited) | ||||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (114,359 | ) | $ | (83,509 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation, amortization and accretion | 7,001 | 4,568 | ||||||
Stock-based compensation | 49,860 | 17,127 | ||||||
Amortization of deferred commissions | 17,584 | 13,734 | ||||||
Deferred income taxes | (534 | ) | — | |||||
Non-cash charitable contributions | 708 | — | ||||||
Write-off of intangible assets | 1,114 | — | ||||||
Other | 719 | 704 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (18,321 | ) | (11,993 | ) | ||||
Deferred commissions | (21,437 | ) | (19,391 | ) | ||||
Prepaid expenses and other assets | (10,128 | ) | (3,422 | ) | ||||
Accounts payable (1) | 3,505 | 1,529 | ||||||
Accrued compensation | 3,582 | 1,967 | ||||||
Accrued expenses and other liabilities (1) | 521 | 2,387 | ||||||
Deferred revenue | 54,945 | 34,198 | ||||||
Net cash used in operating activities | (25,240 | ) | (42,101 | ) | ||||
Cash flows from investing activities: | ||||||||
Capitalization of internal-use software costs | (5,431 | ) | (5,489 | ) | ||||
Purchases of property and equipment and other | (6,550 | ) | (6,253 | ) | ||||
Purchases of securities available for sale | (129,086 | ) | — | |||||
Proceeds from maturities and redemption of securities available for sale | 39,825 | 12,500 | ||||||
Proceeds from sales of securities available for sale | 1,538 | 6,207 | ||||||
Net cash provided by (used in) investing activities | (99,704 | ) | 6,965 | |||||
Cash flows from financing activities: | ||||||||
Proceeds from initial public offering, net of underwriters' discounts and commissions | 199,948 | — | ||||||
Payments of deferred offering costs | (4,038 | ) | (1,584 | ) | ||||
Proceeds from stock option exercises, net of repurchases, and other | 33,646 | 2,437 | ||||||
Proceeds from shares issued in connection with employee stock purchase plan | 8,369 | — | ||||||
Other | (517 | ) | (396 | ) | ||||
Net cash provided by financing activities | 237,408 | 457 | ||||||
Effects of changes in foreign currency exchange rates on cash and cash equivalents | 487 | (120 | ) | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 112,951 | (34,799 | ) | |||||
Cash, cash equivalents and restricted cash at beginning of period | 23,282 | 58,081 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 136,233 | $ | 23,282 |
(1) Certain reclassifications of prior period amounts have been made in our consolidated statements of cash flows to conform to the current period presentation. |
OKTA, INC. Reconciliation of GAAP to Non-GAAP Data (In thousands, except percentages and per share data) (unaudited) |
||||||||||||||||||||
Year Ended January 31, 2018 | ||||||||||||||||||||
GAAP |
Stock-based |
Charitable |
Amortization |
Non-GAAP | ||||||||||||||||
Cost of revenue: | ||||||||||||||||||||
Cost of subscription services | $ | 52,481 | $ | (4,600 | ) | $ | — | $ | (4 | ) | $ | 47,877 | ||||||||
Cost of professional services | 28,274 | (3,137 | ) | — | — | 25,137 | ||||||||||||||
Gross profit | 179,235 | 7,737 | — | 4 | 186,976 | |||||||||||||||
Gross margin | 69 | % | 3 | % | — | — | 72 | % | ||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development | 70,821 | (18,107 | ) | — | — | 52,714 | ||||||||||||||
Sales and marketing | 172,973 | (13,242 | ) | — | — | 159,731 | ||||||||||||||
General and administrative | 51,803 | (10,774 | ) | (754 | ) | — | 40,275 | |||||||||||||
Operating loss | (116,362 | ) | 49,860 | 754 | 4 | (65,744 | ) | |||||||||||||
Operating margin | (45 | )% | 20 | % | — | % | — | (25 | )% | |||||||||||
Net loss | $ | (114,359 | ) | $ | 49,860 | $ | 754 | $ | 4 | $ | (63,741 | ) | ||||||||
Net loss per share (1) | $ | (1.38 | ) | $ | 0.60 | $ | 0.01 | $ | — | $ | (0.77 | ) |
(1) GAAP and Non-GAAP net loss per common share calculated based upon 83,004 basic and diluted weighted-average shares of common stock. |
Year Ended January 31, 2017 | ||||||||||||||||||||
GAAP |
Stock-based |
Charitable |
Amortization |
Non-GAAP | ||||||||||||||||
Cost of revenue: | ||||||||||||||||||||
Cost of subscription services | $ | 34,211 | $ | (1,979 | ) | $ | — | $ | (190 | ) | $ | 32,042 | ||||||||
Cost of professional services | 21,738 | (1,283 | ) | — | — | 20,455 | ||||||||||||||
Gross profit | 104,377 | 3,262 | — | 190 | 107,829 | |||||||||||||||
Gross margin | 65 | % | 2 | % | — | — | 67 | % | ||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development | 38,659 | (2,992 | ) | — | — | 35,667 | ||||||||||||||
Sales and marketing | 118,742 | (6,029 | ) | — | — | 112,713 | ||||||||||||||
General and administrative | 30,099 | (4,844 | ) | — | — | 25,255 | ||||||||||||||
Operating loss | (83,123 | ) | 17,127 | — | 190 | (65,806 | ) | |||||||||||||
Operating margin | (52 | )% | 11 | % | — | — | % | (41 | )% | |||||||||||
Net loss | $ | (83,509 | ) | $ | 17,127 | $ | — | $ | 190 | $ | (66,192 | ) | ||||||||
Net loss per share (1) | $ | (4.39 | ) | $ | 0.90 | $ | — | $ | 0.01 | $ | (3.48 | ) |
(1) GAAP and Non-GAAP net loss per common share calculated based upon 19,038 basic and diluted weighted-average shares of common stock. |
OKTA, INC. Reconciliation of GAAP to Non-GAAP Data (In thousands, except percentages and per share data) (unaudited) |
||||||||||||||||
Three Months Ended January 31, 2018 | ||||||||||||||||
GAAP |
Stock-based |
Amortization |
Non-GAAP | |||||||||||||
Cost of revenue: | ||||||||||||||||
Cost of subscription services | $ | 15,080 | $ | (1,437 | ) | $ | — | $ | 13,643 | |||||||
Cost of professional services | 7,407 | (951 | ) | — | 6,456 | |||||||||||
Gross profit | 55,263 | 2,388 | — | 57,651 | ||||||||||||
Gross margin | 71 | % | 3 | % | — | 74 | % | |||||||||
Operating expenses: | ||||||||||||||||
Research and development | 19,349 | (5,194 | ) | — | 14,155 | |||||||||||
Sales and marketing | 46,590 | (3,952 | ) | — | 42,638 | |||||||||||
General and administrative | 14,670 | (3,034 | ) | — | 11,636 | |||||||||||
Operating loss | (25,346 | ) | 14,568 | — | (10,778 | ) | ||||||||||
Operating margin | (33 | )% | 19 | % | — | (14 | )% | |||||||||
Net loss | $ | (24,678 | ) | $ | 14,568 | $ | — | $ | (10,110 | ) | ||||||
Net loss per share (1) | $ | (0.24 | ) | $ | 0.14 | $ | — | $ | (0.10 | ) |
(1) GAAP and Non-GAAP net loss per common share calculated based upon 100,969 basic and diluted weighted-average shares of common stock. |
Three Months Ended January 31, 2017 | ||||||||||||||||
GAAP |
Stock-based |
Amortization |
Non-GAAP | |||||||||||||
Cost of revenue: | ||||||||||||||||
Cost of subscription services | $ | 9,688 | $ | (562 | ) | $ | (47 | ) | $ | 9,079 | ||||||
Cost of professional services | 5,999 | (393 | ) | — | 5,606 | |||||||||||
Gross profit | 33,133 | 955 | 47 | 34,135 | ||||||||||||
Gross margin | 68 | % | 2 | % | — | 70 | % | |||||||||
Operating expenses: | ||||||||||||||||
Research and development | 10,532 | (830 | ) | — | 9,702 | |||||||||||
Sales and marketing | 31,478 | (1,644 | ) | — | 29,834 | |||||||||||
General and administrative | 9,090 | (1,829 | ) | — | 7,261 | |||||||||||
Operating loss | (17,967 | ) | 5,258 | 47 | (12,662 | ) | ||||||||||
Operating margin | (37 | )% | 11 | % | — | % | (26 | )% | ||||||||
Net loss | $ | (18,224 | ) | $ | 5,258 | $ | 47 | $ | (12,919 | ) | ||||||
Net loss per share (1) | $ | (0.93 | ) | $ | 0.27 | $ | — | $ | (0.66 | ) |
(1) GAAP and Non-GAAP net loss per common share calculated based upon 19,596 basic and diluted weighted-average shares of common stock. |
OKTA, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except percentages) (unaudited) |
||||||||||||||||
Free Cash Flow | ||||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net cash provided by (used in) operating activities | $ | 155 | $ | (6,702 | ) | $ | (25,240 | ) | $ | (42,101 | ) | |||||
Less: | ||||||||||||||||
Purchases of property and equipment | (980 | ) | (1,606 | ) | (6,550 | ) | (6,253 | ) | ||||||||
Capitalized internal-use software costs | (1,359 | ) | (1,497 | ) | (5,431 | ) | (5,489 | ) | ||||||||
Free Cash Flow | $ | (2,184 | ) | $ | (9,805 | ) | $ | (37,221 | ) | $ | (53,843 | ) | ||||
Net cash provided by (used in) investing activities | $ | (18,241 | ) | $ | 4,397 | $ | (99,704 | ) | $ | 6,965 | ||||||
Net cash provided by (used in) financing activities | 16,041 | (5 | ) | 237,408 | 457 | |||||||||||
Operating Cash Flow Margin | — | % | (14 | )% | (10 | )% | (26 | )% | ||||||||
Free Cash Flow Margin | (3 | )% | (20 | )% | (14 | )% | (34 | )% |
Calculated Billings | ||||||||||||||||
Three Months Ended January 31, |
Year Ended January 31, |
|||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Total revenue | $ | 77,750 | $ | 48,820 | $ | 259,990 | $ | 160,326 | ||||||||
Add: | ||||||||||||||||
Deferred revenue, current (end of period) | 162,633 | 108,012 | 162,633 | 108,012 | ||||||||||||
Less: | ||||||||||||||||
Deferred revenue, current (beginning of period) | (138,460 | ) | (93,103 | ) | (108,012 | ) | (67,818 | ) | ||||||||
Current Calculated Billings | 101,923 | 63,729 | 314,611 | 200,520 | ||||||||||||
Add: | ||||||||||||||||
Deferred revenue, noncurrent (end of period)(1) | 6,034 | 5,711 | 6,034 | 5,711 | ||||||||||||
Less: | ||||||||||||||||
Deferred revenue, noncurrent (beginning of period) | (3,188 | ) | (6,715 | ) | (5,711 | ) | (11,707 | ) | ||||||||
Calculated Billings | $ | 104,769 | $ | 62,725 | $ | 314,934 | $ | 194,524 |
(1) The increase in deferred revenue, noncurrent is primarily attributable to a few customers with multi-year upfront billings. |
View source version on businesswire.com: http://www.businesswire.com/news/home/20180307006193/en/
Source:
Okta, Inc.
Investor Contact:
Catherine Buan,
415-604-3346
investor@okta.com
or
Media
Contact:
Jenna Kozel, 888-722-7871
press@okta.com