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2018 Press Releases

September 07, 2018

Okta Announces Record Second Quarter Fiscal 2019 Financial Results

Okta, Inc. (NASDAQ: OKTA), the leading independent provider of identity for the enterprise, today announced financial results for its second fiscal quarter ended July 31, 2018.

“We continued to see momentum across our business in the second quarter of the fiscal year, with year-over-year subscription revenue growth of 59%, including particular strength in the enterprise,” said Todd McKinnon, CEO of Okta. “Growth in customers with over $100,000 annual recurring revenue accelerated to 55% year-over-year in Q2, which is a testament to the increasing strategic need for an identity solution as organizations move to the cloud. This need is pervasive and imperative, and I believe we are in the early stages of capitalizing on this high growth opportunity.”

Second Quarter Fiscal 2019 Financial Highlights:

  • Revenue: Total revenue was $94.6 million, an increase of 57% year-over-year. Subscription revenue was $87.9 million, an increase of 59% year-over-year.
  • Operating Loss: GAAP operating loss was $38.4 million, or 40.6% of total revenue, compared to $26.2 million in the second quarter of fiscal 2018, or 43.5% of total revenue. Non-GAAP operating loss was $19.2 million, or 20.3% of total revenue, compared to $14.2 million in the second quarter of fiscal 2018, or 23.6% of total revenue.
  • Net Loss: GAAP net loss was $39.2 million, compared to $26.0 million in the second quarter of fiscal 2018. GAAP net loss per share was $0.37, compared to $0.28 in the second quarter of fiscal 2018. Non-GAAP net loss was $16.4 million, compared to $14.1 million in the second quarter of fiscal 2018. Non-GAAP net loss per share was $0.15, compared to $0.15 in the second quarter of fiscal 2018.
  • Cash Flow: Net cash used in operations was $5.3 million, or 5.6% of total revenue, compared to cash used in operations of $6.2 million, or 10.4% of total revenue, in the second quarter of fiscal 2018. Free cash flow was negative $11.3 million, or 12.0% of total revenue, compared to negative $10.5 million, or 17.4% of total revenue, in the second quarter of fiscal 2018.
  • Cash, cash equivalents and short-term investments were $536.3 million as of July 31, 2018.

The section titled "Non-GAAP Financial Measures" below contains a description of the non-GAAP financial measures and reconciliations between historical GAAP and non-GAAP information are contained in the tables below.