• Reaffirms financial outlook for first quarter and full year fiscal 2022

SAN FRANCISCO--(BUSINESS WIRE)--Apr. 7, 2021-- Okta, Inc. (Nasdaq: OKTA), the leading independent identity provider, is hosting its virtual Investor Day today in conjunction with Oktane21. Attendees will hear from Todd McKinnon, Chief Executive Officer and co-founder of Okta. McKinnon will be joined by several members of Okta’s leadership team for the Investor Day event. They will discuss the Company's core markets, business drivers, new product introductions, go-to-market strategy, and provide a financial update.

The program will commence at 9:00 a.m. PDT with the Keynote address from Oktane21. Investor Day presentations will begin at 11:00 a.m. PDT and will be followed immediately by a live question and answer session with Okta’s executive team.

Financial Outlook:

Additionally, the Company reiterated its first quarter and full year fiscal 2022 financial outlook. This financial outlook does not include any potential impact from the proposed acquisition of Auth0.

For the first quarter of fiscal 2022, the Company continues to expect:

• Total revenue of $237 million to $239 million, representing a growth rate of 30% to 31% year-over-year
• Non-GAAP operating loss of $28.0 million to $27.0 million
• Non-GAAP net loss per share of $0.21 to $0.20, assuming weighted-average shares outstanding of approximately 133 million

For the full year fiscal 2022, the Company continues to expect:

• Total revenue of $1.08 billion to $1.09 billion, representing a growth rate of 29% to 30% year-over-year
• Non-GAAP operating loss of $61.0 million to $55.0 million
• Non-GAAP net loss per share of $0.49 to $0.44, assuming weighted-average shares outstanding of approximately 135 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.

Okta has not reconciled its expectations as to non-GAAP operating loss and non-GAAP net loss 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 loss and non-GAAP net loss per share are not available without unreasonable effort.

Oktane21 Keynote and Investor Day Webcast:

A webcast of the Oktane21 Keynote and Investor Day will be accessible from the Okta investor relations website at investor.okta.com beginning today at 9:00 a.m. PDT. A replay of the presentation will be available following the completion of the event at investor.okta.com.

Non-GAAP Financial Measures:

This press release contains the following non-GAAP financial measures: non-GAAP operating loss and non-GAAP net loss per share. These non-GAAP financial measures exclude stock-based compensation, amortization of debt discount and debt issuance costs, non-cash charitable contributions, amortization of acquired intangibles, acquisition-related expenses and loss on early extinguishment and conversion of debt.

Okta believes that non-GAAP financial information, when taken collectively with GAAP financial measures, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.

The principal limitation of these non-GAAP financial measures is that they exclude significant expenses 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 the Company's management about which expenses are excluded or included in determining these non-GAAP financial measures.

Okta encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, and not to rely on any single financial measure to evaluate the Company’s business.

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, business strategy and plans, market trends and market size, opportunities and positioning and expected benefits that will be derived from the Auth0 transaction. These forward-looking statements are based on current expectations, estimates, forecasts and projections. 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 and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. For example, the market for our products may develop more slowly than expected or than it has in the past; our results of operations may fluctuate more than expected; there may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise; the impact of COVID-19, related public health measures and any associated economic downturn on our business and results of operations may be more than we expect; a network or data security incident that allows unauthorized access to our network or data or our customers’ data could damage our reputation; we could experience interruptions or performance problems associated with our technology, including a service outage; we may not be able to pay off our convertible senior notes when due; and global economic conditions could deteriorate; the parties may not be able to satisfy the Auth0 transaction closing conditions in a timely fashion or at all, and we may not be able to successfully integrate the companies. Further information on potential factors that could affect our financial results is included in our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. The forward-looking statements included in this press release represent our views only as of the date of this press release and we assume no obligation and do not intend to update these forward-looking statements.

About Okta

Okta is the leading independent identity provider. The Okta Identity Cloud enables organizations to securely connect the right people to the right technologies at the right time. With more than 7,000 pre-built integrations to applications and infrastructure providers, Okta provides simple and secure access to people and organizations everywhere, giving them the confidence to reach their full potential. More than 10,000 organizations, including JetBlue, Nordstrom, Siemens, Slack, T-Mobile, Takeda, Teach for America, and Twilio, trust Okta to help protect the identities of their workforces and customers.

Okta uses its investor.okta.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210407005366/en/

Investor Contact:

Dave Gennarelli
investor@okta.com
415-851-4744

Media Contact:

Jenna Kozel
press@okta.com
415-418-9600

Source: Okta, Inc.