Stephanie Condon
for Between the Lines
| September 1, 2021 — 20:24 GMT (21:24 BST)
| Topic: Cloud
Okta on Wednesday raised its outlook for fiscal year 2022, following solid second quarter financial results.
The cloud-based identity management firm reported a non-GAAP net loss of $16 million, or 11 cents per share. Total revenue was $316 million, an increase of 57% year-over-year.
Analysts were expecting a net loss of 35 cents on revenue of $296.52 million.
The quarter marked Okta’s first as a combined company with Auth0, the identity platform for developers that Okta acquired for $6.5 billion.
The newly-combined company was off to a “fantastic start,” CEO and co-founder Todd McKinnon said in a statement. “Execution remained sharp with strong demand for Okta’s workforce and customer identity solutions, as well as Auth0’s developer-centric identity solutions. As organizations advance on their journey of improving their customers’ digital experience, adopting zero-trust security environments, and deploying more cloud applications, they continue to turn to Okta to deliver an unmatched array of modern identity solutions to meet these challenges.”
Okta
Subscription revenue was $303 million, an increase of 59% year-over-year. On an Okta standalone basis (excluding $38 million attributable to Auth0), total revenue grew 39%.
Total calculated billings in Q2 was $362 million, an increase of 83% year-over-year.
RPO, or subscription backlog, was $2.24 billion, an increase of 57% year-over-year. Current RPO, which is contracted subscription revenue expected to be recognized over the next 12 months, was $1.10 billion, up 60% compared to a year prior. On an Okta standalone basis (excluding Auth0), RPO and current RPO increased 42% and 43% year-over-year, respectively.
The company expects a Q3 non-GAAP net loss per share of 25 cents to 24 cents. Revenue is expected to be between $325 million and $327 million
For the full-year fiscal 2022, Okta now expects a non-GAAP net loss per share between 77 cents and 74 cents. It expects revenue between $1.243 billion and $1.250 billion, representing a growth rate of 49% to 50% year-over-year.
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Stephanie Condon
for Between the Lines
| September 1, 2021 — 20:24 GMT (21:24 BST)
| Topic: Cloud