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As Of Filer Filing For·On·As Docs:Size 5/30/19 Okta, Inc. 8-K:2,9 5/30/19 2:384K |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 17K 2: EX-99.1 Miscellaneous Exhibit HTML 143K
Exhibit |
• | Q1 revenue totaled $125 million, growing 50% year-over-year; subscription revenue grew 52% year-over-year |
• | Q1
operating cash flow margin improved 12 percentage points year-over-year; free cash flow margin improved 12 percentage points year-over-year |
• | Revenue: Total revenue was $125.2 million, an increase of 50% year-over-year. Subscription revenue was $117.2 million, an increase of 52% year-over-year. |
• | Operating Loss: GAAP operating loss was $51.8 million,
or 41.4% of total revenue, compared to $25.0 million, or 29.9% of total revenue, in the first quarter of fiscal 2019. Non-GAAP operating loss was $24.9 million, or 19.9% of total revenue, compared to $10.8 million, or 13.0% of total revenue, in the first quarter of fiscal 2019. |
• | Net
Loss: GAAP net loss was $52.0 million, compared to $26.0 million in the first quarter of fiscal 2019. GAAP net loss per share was $0.46, compared to $0.25 in the first quarter of fiscal 2019. Non-GAAP net loss was $21.4 million,
compared to $9.4 million in the first quarter of fiscal 2019. Non-GAAP net loss per share was $0.19, compared to $0.09 in the first quarter of fiscal 2019. |
• | Cash Flow: Net cash provided by operations was $21.3 million, or 17.0%
of total revenue, compared to net cash provided by operations of $4.0 million, or 4.8% of total revenue, in the first quarter of fiscal 2019. Free cash flow was positive $13.2 million, or 10.5% of total revenue, compared to negative $1.6 million, or negative 1.9% of total revenue, in the first quarter of fiscal 2019. |
• | Cash,
cash equivalents and short-term investments were $547.5 million as of April 30, 2019. |
• | Total revenue of $130 to $131 million, representing a growth rate of 37% to 38% year-over-year |
• | Non-GAAP operating loss of $14.9
to $13.9 million |
• | Non-GAAP net loss per share of $0.11 to $0.10, assuming shares outstanding of approximately 115 million |
• | Total
revenue of $543 to $548 million, representing a growth rate of 36% to 37% year-over-year |
• | Non-GAAP operating loss of $67.0 to $62.0 million |
• | Non-GAAP net loss per share of $0.49 to $0.45,
assuming shares outstanding of approximately 116 million |
Three
Months Ended April 30, | |||||||
2019 | 2018 | ||||||
Revenue: | |||||||
Subscription | $ | 117,163 | $ | 76,841 | |||
Professional
services and other | 8,060 | 6,780 | |||||
Total revenue | 125,223 | 83,621 | |||||
Cost of revenue: | |||||||
Subscription
(1) | 24,540 | 16,332 | |||||
Professional services and other (1) | 10,555 | 7,775 | |||||
Total
cost of revenue | 35,095 | 24,107 | |||||
Gross profit | 90,128 | 59,514 | |||||
Operating expenses: | |||||||
Research
and development (1) | 34,032 | 19,929 | |||||
Sales and marketing (1) | 82,112 | 49,493 | |||||
General
and administrative (1) | 25,766 | 15,070 | |||||
Total operating expenses | 141,910 | 84,492 | |||||
Operating
loss | (51,782 | ) | (24,978 | ) | |||
Interest expense | (4,241 | ) | (2,717 | ) | |||
Other income (expense), net | 2,900 | 1,502 | |||||
Loss
before provision for (benefit from) income taxes | (53,123 | ) | (26,193 | ) | |||
Provision for (benefit from) income taxes | (1,157 | ) | (231 | ) | |||
Net loss | $ | (51,966 | ) | $ | (25,962 | ) | |
Net
loss per share, basic and diluted | $ | (0.46 | ) | $ | (0.25 | ) | |
Weighted-average
shares used to compute net loss per share, basic and diluted | 112,682 | 104,203 | |||||
(1) | Amounts
include share-based compensation expense as follows (in thousands): |
Three Months Ended April 30, | |||||||
2019 | 2018 | ||||||
Cost
of subscription revenue | $ | 2,422 | $ | 1,529 | |||
Cost of professional services and other revenue | 1,519 | 889 | |||||
Research
and development | 6,346 | 4,213 | |||||
Sales and marketing | 6,786 | 4,153 | |||||
General and administrative | 5,612 | 3,351 | |||||
Total
share-based compensation expense | $ | 22,685 | $ | 14,135 |
As Adjusted (1) | |||||||
Assets | |||||||
Current
assets: | |||||||
Cash and cash equivalents | $ | 208,106 | $ | 298,394 | |||
Short-term investments | 339,377 | 265,374 | |||||
Accounts
receivable, net of allowances of $1,960 and $2,098 | 83,328 | 91,926 | |||||
Deferred commissions | 25,576 | 24,185 | |||||
Prepaid expenses and other
current assets | 20,542 | 28,237 | |||||
Total current assets | 676,929 | 708,116 | |||||
Property and equipment, net | 52,189 | 52,921 | |||||
Operating
lease right-of-use assets | 119,916 | 121,389 | |||||
Deferred commissions, noncurrent | 56,824 | 54,812 | |||||
Intangible assets, net | 28,022 | 13,897 | |||||
Goodwill | 47,964 | 18,089 | |||||
Other
assets | 16,698 | 15,089 | |||||
Total assets | $ | 998,542 | $ | 984,313 | |||
Liabilities
and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 4,352 | $ | 2,431 | |||
Accrued
expenses and other current liabilities | 32,412 | 33,653 | |||||
Accrued compensation | 21,463 | 19,770 | |||||
Convertible senior notes, net | 275,653 | 271,628 | |||||
Deferred
revenue | 268,033 | 245,622 | |||||
Total current liabilities | 601,913 | 573,104 | |||||
Operating lease liabilities, noncurrent | 146,044 | 147,046 | |||||
Deferred
revenue, noncurrent | 7,671 | 8,768 | |||||
Other liabilities, noncurrent | 3,470 | 3,018 | |||||
Total liabilities | 759,098 | 731,936 | |||||
Commitments
and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock | — | — | |||||
Class
A common stock | 10 | 10 | |||||
Class B common stock | 1 | 1 | |||||
Additional paid-in capital | 784,067 | 744,896 | |||||
Accumulated
other comprehensive income (loss) | (457 | ) | (319 | ) | |||
Accumulated deficit | (544,177 | ) | (492,211 | ) | |||
Total stockholders’ equity | 239,444 | 252,377 | |||||
Total
liabilities and stockholders’ equity | $ | 998,542 | $ | 984,313 |
Three Months Ended April 30, | |||||||
2019 | 2018 | ||||||
As
Adjusted (1) | |||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (51,966 | ) | $ | (25,962 | ) | |
Adjustments
to reconcile net loss to net cash provided by operating activities: | |||||||
Stock-based compensation | 22,685 | 14,135 | |||||
Depreciation, amortization and accretion | 3,399 | 2,069 | |||||
Amortization
of debt discount and issuance costs | 4,025 | 2,571 | |||||
Amortization of deferred commissions | 6,328 | 4,572 | |||||
Deferred income taxes | (1,369 | ) | (348 | ) | |||
Other | (100 | ) | 161 | ||||
Changes
in operating assets and liabilities: | |||||||
Accounts receivable | 9,297 | 1,719 | |||||
Deferred commissions | (9,795 | ) | (5,693 | ) | |||
Prepaid
expenses and other assets | 5,975 | (3,889 | ) | ||||
Operating lease right-of-use assets | 3,066 | 4,564 | |||||
Accounts payable | 1,640 | 607 | |||||
Accrued
compensation | 4,143 | 329 | |||||
Accrued expenses and other liabilities | 3,288 | (1,023 | ) | ||||
Operating lease liabilities | (39 | ) | (2,954 | ) | |||
Deferred
revenue | 20,685 | 13,114 | |||||
Net cash provided by operating activities | 21,262 | 3,972 | |||||
Cash flows from investing activities: | |||||||
Capitalization
of internal-use software costs | (369 | ) | (1,051 | ) | |||
Purchases of property and equipment | (7,710 | ) | (4,477 | ) | |||
Purchases of securities available for
sale | (146,545 | ) | (252,914 | ) | |||
Proceeds from maturities of securities available for sale | 61,244 | 19,500 | |||||
Proceeds from sales of securities
available for sale | 11,996 | — | |||||
Payments for business acquisition, net of cash acquired | (44,223 | ) | — | ||||
Net cash used in investing activities | (125,607 | ) | (238,942 | ) | |||
Cash
flows from financing activities: | |||||||
Proceeds from issuance of convertible senior notes, net of issuance costs | — | 335,055 | |||||
Purchase
of convertible senior notes hedge | — | (80,040 | ) | ||||
Proceeds from issuance of warrants related to convertible notes | — | 52,440 | |||||
Proceeds
from stock option exercises, net of repurchases | 13,388 | 12,196 | |||||
Other, net | (126 | ) | (206 | ) | |||
Net cash provided by financing activities | 13,262 | 319,445 | |||||
Effects
of changes in foreign currency exchange rates on cash, cash equivalents and restricted cash | (282 | ) | (387 | ) | |||
Net increase in cash, cash equivalents and restricted cash | (91,365 | ) | 84,088 | ||||
Cash,
cash equivalents and restricted cash at beginning of period | 311,215 | 136,233 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 219,850 | $ | 220,321 |
(1) | The
condensed consolidated statement of cash flows for the prior period has been adjusted to reflect the adoption of ASC 842. |
Three
Months Ended April 30, 2019 | ||||||||||||||||||||||||
GAAP | Stock-based compensation | Amortization of acquired intangibles | Amortization of debt discount | Acquisition- related
expenses | Non-GAAP | |||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||
Cost
of subscription services | $ | 24,540 | $ | (2,422 | ) | $ | (763 | ) | $ | — | $ | — | $ | 21,355 | ||||||||||
Cost
of professional services | 10,555 | (1,519 | ) | — | — | — | 9,036 | |||||||||||||||||
Gross
profit | 90,128 | 3,941 | 763 | — | — | 94,832 | ||||||||||||||||||
Gross
margin | 72.0 | % | 3.1 | % | 0.6 | % | — | % | — | % | 75.7 | % | ||||||||||||
Operating
expenses: | ||||||||||||||||||||||||
Research and development | 34,032 | (6,346 | ) | — | — | — | 27,686 | |||||||||||||||||
Sales
and marketing | 82,112 | (6,786 | ) | — | — | — | 75,326 | |||||||||||||||||
General
and administrative | 25,766 | (5,612 | ) | — | — | (3,449 | ) | 16,705 | ||||||||||||||||
Operating
loss | (51,782 | ) | 22,685 | 763 | — | 3,449 | (24,885 | ) | ||||||||||||||||
Operating
margin | (41.4 | )% | 18.1 | % | 0.6 | % | — | % | 2.8 | % | (19.9 | )% | ||||||||||||
Interest
expense | (4,241 | ) | — | — | 3,706 | — | (535 | ) | ||||||||||||||||
Net
loss | $ | (51,966 | ) | $ | 22,685 | $ | 763 | $ | 3,706 | $ | 3,449 | $ | (21,363 | ) | ||||||||||
Net
loss per share (1) | $ | (0.46 | ) | $ | 0.20 | $ | 0.01 | $ | 0.03 | $ | 0.03 | $ | (0.19 | ) |
(1)
| GAAP and Non-GAAP net loss per common share calculated based upon 112,682 basic and diluted weighted-average shares of common stock. |
Three Months Ended April
30, 2018 | ||||||||||||||||
GAAP | Stock-based compensation | Amortization of debt discount | Non-GAAP | |||||||||||||
Cost of revenue: | ||||||||||||||||
Cost
of subscription services | $ | 16,332 | $ | (1,529 | ) | $ | — | $ | 14,803 | |||||||
Cost
of professional services | 7,775 | (889 | ) | — | 6,886 | |||||||||||
Gross profit | 59,514 | 2,418 | — | 61,932 | ||||||||||||
Gross
margin | 71.2 | % | 2.9 | % | — | 74.1 | % | |||||||||
Operating expenses: | ||||||||||||||||
Research
and development | 19,929 | (4,213 | ) | — | 15,716 | |||||||||||
Sales and marketing | 49,493 | (4,153 | ) | — | 45,340 | |||||||||||
General
and administrative | 15,070 | (3,351 | ) | — | 11,719 | |||||||||||
Operating loss | (24,978 | ) | 14,135 | — | (10,843 | ) | ||||||||||
Operating
margin | (29.9 | )% | 16.9 | % | — | (13.0 | )% | |||||||||
Interest expense | (2,717 | ) | — | 2,381 | (336 | ) | ||||||||||
Net
loss | $ | (25,962 | ) | $ | 14,135 | $ | 2,381 | $ | (9,446 | ) | ||||||
Net
loss per share (1) | $ | (0.25 | ) | $ | 0.14 | $ | 0.02 | $ | (0.09 | ) |
(1) | GAAP and Non-GAAP net loss per common share calculated based upon 104,203 basic and diluted weighted-average shares of common stock. |
Free
Cash Flow | |||||||
Three Months Ended April 30, | |||||||
2019 | 2018 | ||||||
Net cash provided by (used in) operating activities | $ | 21,262 | $ | 3,972 | |||
Less: | |||||||
Purchases
of property and equipment | (7,710 | ) | (4,477 | ) | |||
Capitalization of internal-use software costs | (369 | ) | (1,051 | ) | |||
Proceeds from sales of property and equipment | — | — | |||||
Free
Cash Flow | $ | 13,183 | $ | (1,556 | ) | ||
Net cash provided by (used in) investing activities | (125,607 | ) | (238,942 | ) | |||
Net
cash provided by financing activities | 13,262 | 319,445 | |||||
Free cash flow margin | 10.5% | (1.9)% | |||||
Calculated
Billings | |||||||
Three Months Ended April 30, | |||||||
2019 | 2018 | ||||||
Total revenue | $ | 125,223 | $ | 83,621 | |||
Add: | |||||||
Unbilled
receivables, current (beginning of period) | 1,457 | 809 | |||||
Deferred revenue, current (end of period) | 268,033 | 173,548 | |||||
Less: | |||||||
Unbilled
receivables, current (end of period) | (799 | ) | (1,619 | ) | |||
Deferred revenue, current (beginning of period) | (245,622 | ) | (159,816 | ) | |||
Current calculated billings | 148,292 | 96,543 | |||||
Add: | |||||||
Deferred
revenue, noncurrent (end of period) | 7,671 | 4,346 | |||||
Less: | |||||||
Deferred revenue, noncurrent (beginning of period) | (8,768 | ) | (4,963 | ) | |||
Calculated
billings | $ | 147,195 | $ | 95,926 | |||
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
6/13/19 | DEF 14A | |||
Filed on / For Period End: | 5/30/19 | |||
4/30/19 | ||||
1/31/19 | 10-K | |||
4/30/18 | 10-Q | |||
List all Filings |