- Reaffirms revenue outlook and improves operating profit outlook
for first quarter and full year fiscal 2021
Okta, Inc. (NASDAQ: OKTA), the leading independent provider of
identity for the enterprise, is hosting its virtual Investor Day
today in conjunction with Oktane20 Live. Investor Day and Oktane20
Live will commence with a keynote address delivered by Todd
McKinnon, Chief Executive Officer and co-founder of Okta, beginning
at 9:00 a.m. Pacific Daylight Time.
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.
"Nothing is more important to us than the health and safety of
the Okta community, which is why we’ve decided to host Investor Day
and Oktane as virtual events this year," said McKinnon. "We'll be
highlighting our ability to meet the growing identity and access
management needs of our global customers and the enthusiasm we have
for our business and our solutions. We recognize there are
uncertainties in today's business environment, however, over the
past 11 years we've built an incredibly strong foundation and we've
entered our new fiscal year with a clear market leading position
and financial strength. Our agility and commitment to our customers
will help us navigate this environment and emerge in an even better
position."
"We continue to closely monitor the business environment and
impacts related to COVID-19," said Bill Losch, Chief Financial
Officer of Okta. "We remain optimistic about the demand for our
solutions. Our highly recurring business model enables a high
degree of predictability and allows us to maintain confidence in
our revenue outlook for the first quarter and fiscal year 2021,
which we are reaffirming. We do, however, expect some near-term
billings headwinds as customers adjust to the current business
environment. Conversely, we expect our operating loss and loss per
share to be better than expected as a result of reduced spend. This
is primarily related to lower sales and marketing costs, driven in
part by temporary travel restrictions, lower employee-related
costs, and moving Oktane and other events to virtual formats. We
have the ability to further adjust spend depending on the market
environment and will be flexible in how and when we invest to
extend our market leadership."
Financial Outlook:
For the first quarter of fiscal 2021, the Company expects:
New
Previous
Total revenue
No change
$171 million to $173 million
Total revenue growth (y/y)
No change
37% to 38%
Non-GAAP operating loss
$(23.2) million to $(22.2) million
$(33.2) million to $(32.2) million
Non-GAAP net loss per share, assuming
weighted shares outstanding of approximately 123 million
$(0.17) to $(0.16)
$(0.24) to $(0.23)
For the full year fiscal 2021, the Company expects:
New
Previous
Total revenue
No change
$770 million to $780 million
Total revenue growth (y/y)
No change
31% to 33%
Non-GAAP operating loss
$(49.0) million to $(42.0) million
$(65.0) million to $(57.0) million
Non-GAAP net loss per share, assuming
weighted shares outstanding of approximately 125 million
$(0.36) to $(0.31)
$(0.42) to $(0.37)
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 its most directly
comparable GAAP measure because certain items are out of Okta’s
control or cannot be reasonably predicted. Accordingly, a
reconciliation for forward-looking non-GAAP operating loss and
non-GAAP net loss per share is not available without unreasonable
effort.
Oktane20 Opening Keynote and Investor Day Webcast:
A live webcast of the Oktane20 Opening 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, charitable contributions,
amortization of acquired intangibles, acquisition-related expenses
and loss on early extinguishment of debt, net of debt issuance
costs.
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. A reconciliation is provided below for each
non-GAAP financial measure to the most directly comparable
financial measure stated in accordance with GAAP.
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, including this press release, 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, opportunities and
positioning. 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, our business could be impacted by the
COVID-19 pandemic and actions taken in response to it; the market
for our products may develop more slowly than expected or than it
has in the past; our operating results 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; 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. 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 provider of identity for the
enterprise. The Okta Identity Cloud enables organizations to
securely connect the right people to the right technologies at the
right time. With over 6,500 pre-built integrations to applications
and infrastructure providers, Okta customers can easily and
securely use the best technologies for their business. Nearly 8,000
organizations, including Engie, JetBlue, Nordstrom, Takeda
Pharmaceutical, Teach for America, T-Mobile 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/20200401005076/en/
Investor Contact: Dave Gennarelli investor@okta.com
415-851-4744
Media Contact: Jenna Kozel press@okta.com
415-418-9600
Okta (NASDAQ:OKTA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Okta (NASDAQ:OKTA)
Historical Stock Chart
From Apr 2023 to Apr 2024
