Okta(OKTA)2024-02-27 16:00Revenue Growth - Q4 revenue grew 19% year-over-year to $605 million, with subscription revenue increasing 20% to $591 million[4][5] - Full year fiscal 2024 total revenue was $2.263 billion, a 22% increase year-over-year, with subscription revenue up 23% to $2.205 billion[8] - For Q1 fiscal 2025, the company expects total revenue of $603 million to $605 million, representing 16% to 17% year-over-year growth[9] - Full year fiscal 2025 revenue guidance is $2.495 billion to $2.505 billion, representing 10% to 11% year-over-year growth[9] - Total revenue for the three months ended January 31, 2024, was $605 million, an increase from $510 million in the same period last year[30] - Subscription revenue for the twelve months ended January 31, 2024, reached $2,205 million, up from $1,794 million in the previous year[30] Financial Performance and Margins - Non-GAAP operating income for fiscal 2024 was $310 million, or 14% of total revenue, compared to a non-GAAP operating loss of $10 million in fiscal 2023[8] - Non-GAAP operating income for fiscal 2025 is expected to be $455 million to $465 million, yielding an operating margin of 18% to 19%[14] - Non-GAAP diluted net income per share for fiscal 2025 is projected to be $2.24 to $2.29[14] - Non-GAAP free cash flow margin for fiscal 2025 is expected to be approximately 21%[14] - Non-GAAP gross margin for the twelve months ended January 31, 2024, was 80%, up from 78% in the prior year[38] - Non-GAAP operating income for the twelve months ended January 31, 2024, was $310 million, compared to a non-GAAP operating loss of $10 million in the previous year[40] - Non-GAAP net income for Q1 2024 was $113 million, compared to $52 million in Q1 2023, showing a significant improvement[44] - Non-GAAP net margin improved to 19% in Q1 2024 from 10% in Q1 2023[44] - Net loss for Q1 2024 was $44 million, a reduction from $153 million in Q1 2023[44] Cash Flow and Liquidity - Record operating cash flow of $174 million and free cash flow of $166 million, representing 29% and 28% of total revenue respectively[4][5] - Cash and cash equivalents increased to $334 million as of January 31, 2024, compared to $264 million the previous year[33] - Net cash provided by operating activities for the twelve months ended January 31, 2024, was $512 million, a significant increase from $86 million in the previous year[36] - Free cash flow for Q1 2024 was $166 million, up from $72 million in Q1 2023[48] - Free cash flow margin increased to 28% in Q1 2024 from 14% in Q1 2023[48] - Net cash provided by operating activities for Q1 2024 was $174 million, compared to $76 million in Q1 2023[48] - The company updated its definition of free cash flow in fiscal 2024 to include on-premise software purchases[47] Remaining Performance Obligations - Current remaining performance obligations (cRPO) grew 16% year-over-year to $1.952 billion[4][5] Stock-Based Compensation and Restructuring Costs - Stock-based compensation expense for the twelve months ended January 31, 2024, was $684 million, slightly up from $677 million in the prior year[36] - Stock-based compensation expense for Q1 2024 was $161 million, slightly down from $164 million in Q1 2023[44] - Restructuring costs for Q1 2024 were $28 million, up from $15 million in Q1 2023[44] Assets and Shares - Total assets as of January 31, 2024, were $8,989 million, down from $9,307 million the previous year[33] - Non-GAAP weighted-average shares used to compute non-GAAP net income per share, diluted, were 179,249 in Q1 2024, up from 174,026 in Q1 2023[44] Net Loss and Non-GAAP Metrics - Net loss for the twelve months ended January 31, 2024, was $355 million, an improvement from a net loss of $815 million in the prior year[30] - Non-GAAP net income (loss) per share, basic, for the twelve months ended January 31, 2024, was not explicitly stated but is calculated based on non-GAAP net income and GAAP weighted-average shares[42]