LONDON, UK / ACCESSWIRE / April 17, 2018 / Active-Investors.com has just released a free earnings report on Okta, Inc. (NASDAQ: OKTA). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=OKTA. The Company reported its fourth quarter fiscal 2018 and the full fiscal year 2018 operating and financial results on March 07, 2018. The cloud identity management Company reported better than expected revenues and earnings results and also provided guidance for the upcoming quarter and fiscal year. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Okta most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For the fourth quarter ended January 31, 2018, Okta's revenues soared 59% to $77.8 million compared to $48.8 million in Q4 FY17. The Company's subscription revenues were $72.0 million in Q4 FY18, reflecting an increase of 64% compared to $44.0 million in Q4 FY17. Okta's revenue numbers for the reported quarter beat analysts' estimates of $75.8 million.
For Q4 FY18, Okta recorded a GAAP operating loss of $25.3 million, or 32.6% of total revenues, compared to an operating loss of $18.0 million, or 36.8% of total revenues, in Q4 FY17. The Company's non-GAAP operating loss was $10.8 million, or 13.9% of total revenues, in the reported quarter compared to $12.7 million, or 25.9% of total revenues, in the prior year's same quarter.
Okta's GAAP net loss was $24.7 million, or $0.24 loss per share, in Q4 FY18 compared to a net loss of $18.2 million, or $0.93 loss per share, in Q4 FY17. The Company's non-GAAP net loss was $10.1 million, or $0.10 loss per share, in the reported quarter versus a net loss of $12.9 million, or $0.66 loss per share, in the prior year's comparable quarter. Okta's reported quarter results were better than Wall Street's estimates for a loss of $0.15 per share.
For the full fiscal year 2018, Okta's total revenues surged 62% to $260.0 million compared to $160.3 million in FY17. The Company's subscription revenues were $239.2 million in FY18, reflecting an increase of 67% on a y-o-y basis.
For FY18, Okta's GAAP net loss was $114.4 million, or $1.38 loss per share, compared to a net loss of $83.5 million, or $4.39 loss per share, in FY17. The Company's non-GAAP net loss was $63.7 million, or $0.77 loss per share, in FY18 compared to a net loss of $66.2 million, or $3.48 loss per share, in FY17.
Cash Matters
During Q4 FY18, Okta's net cash provided by operations was $0.2 million, or 0.2% of total revenues, compared to $6.7 million, or 13.7% of total revenues, in Q4 FY17. The Company's free cash flow was negative $2.2 million, or 2.8% of total revenues, in Q4 FY18 compared to negative $9.8 million, or 20.1% of total revenues, in the prior year's corresponding quarter. As of January 31, 2018, Okta's cash, cash equivalents, and short-term investments were $229.7 million.
For FY18, Okta's net cash used in operations was $25.2 million compared to $42.1 million in FY17. The Company's free cash flow was negative $37.2 million, or 14.3% of total revenues, in FY18 compared to negative $53.8 million, or 33.6% of total revenues, in FY17.
During the full fiscal year 2018, Okta completed its initial public offering in April 2017, receiving proceeds of $194 million, net of underwriting discounts, commissions, and other offering expenses.
Financial Outlook
For the first quarter of the fiscal year 2019, Okta is forecasting total revenues to be in the range of $78 million to $79 million, representing a growth rate of 49% to 50% on a y-o-y basis. The Company is expecting the non-GAAP operating loss to be in the band of $17.1 million to $16.1 million, and non-GAAP net loss per share to be in the range of $0.16 to $0.15.
For the full fiscal year 2019, Okta is projecting total revenues to be in the band of $343 million to $348 million, representing a growth rate of 33% to 35% on a y-o-y basis. The Company is estimating the non-GAAP operating loss to be in the range of $72.0 million to $67.0 million, and non-GAAP net loss per share to be in the band of $0.67 to $0.62.
Stock Performance Snapshot
April 16, 2018 - At Monday's closing bell, Okta's stock slightly advanced 0.02%, ending the trading session at $40.60.
Volume traded for the day: 1.13 million shares.
Stock performance in the last month – up 4.80%; previous three-month period – up 50.37%; past twelve-month period – up 65.78%; and year-to-date – up 58.53%
After yesterday's close, Okta's market cap was at $4.27 billion.
The stock is part of the Technology sector, categorized under the Technical & System Software industry. This sector was up 0.7% at the end of the session.
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