- Okta, Inc OKTA reported third-quarter revenue growth of 37% year-on-year to $481 million, beating the consensus of $465.3 million.
- Non-GAAP EPS of $0.00 beat the consensus loss of $(0.24).
- Subscription revenue was $466 million, an increase of 38% Y/Y.
- RPO, or subscription backlog, was $2.85 billion, up 21% Y/Y.
- cRPO, contracted subscription revenue likely to be recognized over the next 12 months, was $1.58 billion, up 34% Y/Y.
- Total calculated billings were $532 million, up 37% Y/Y. Free cash flow was $6 million.
- Okta held $2.47 billion in cash and equivalents.
- Okta sees Q4 revenue of $488 million - $490 million (vs. consensus $487.9 million). It sees Non-GAAP EPS of $0.09 - $0.10 (vs. consensus loss $(0.11)).
- Okta raised FY23 revenue guidance to $1.836 billion - $1.838 billion, up from the prior $1.812 billion - $1.820 billion (vs. consensus $1.82 billion). It sees Non-GAAP EPS loss of $(0.27) - $(0.26), up from prior $(0.73) - $(0.70) (vs. consensus loss of $(0.72)).
- Susan St. Ledger, President, Worldwide Field Operations, will retire at the end of the fiscal year on January 31, 2023.
- Todd McKinnon will act as interim leader of Worldwide Field Operations. St. Ledger will remain with the company in an advisory role to allow for a smooth transition.
- Price Action: OKTA shares traded higher by 14.03% at $60.80 in the premarket on the last check Thursday.
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