Okta Q2 FY2024 revenue $556M (+23% YoY); co-founder COO not returning from sabbatical

Okta, Inc.

2024-Q2 EPS reported -$1.42 revenue$1,074,000,000

Revenue $556M (+23% YoY); subscription $542M (+24%); cRPO $1.77B (+18%).
GAAP op. loss $162M (29% rev) vs $208M (46%); non-GAAP op. income $59M (11%) vs loss $15M.
GAAP net loss $111M ($0.68/sh) vs $210M ($1.34); non-GAAP net income $56M ($0.31 diluted).
Operating cash flow $53M vs negative $19M; free cash flow $49M vs negative $24M.
Co-founder and COO Kerrest will not return from sabbatical after Oct 31; remains Board Vice Chairman.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Role change

J. Frederic Kerrest

Chief Operating Officer

OKTA · Okta, Inc.

Effective: 2023-10-31
Filed: August 30, 2023, 7:59 PM ET

On August 24, 2023, J. Frederic Kerrest, the Company’s Executive Vice Chairman, Chief Operating Officer and Co-founder, notified the Company that he will not return as an employee from his current sabbatical, which ends on October 31, 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Okta, Inc. reported the second quarter ended July 31, 2023 results: revenue $556 million, net income GAAP net loss was $111 million, EPS GAAP net loss per share was $0.68.

Period: the second quarter ended July 31, 2023
Revenue: $556 million
Net income: GAAP net loss was $111 million
EPS: GAAP net loss per share was $0.68
Result: reported results

Exact text from the filing

innovation for our customers, while delivering non-GAAP profitable growth to our shareholders.” Second Quarter Fiscal 2024 Financial Highlights: • Revenue: Total revenue was $556 million , an increase of 23% year-over-year. Subscription revenue was $542 million, an increase of 24% year-over-year. • RPO: RPO, or subscription backlog, was $3.03 billion, an increase

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

J. Frederic Kerrest changed role as Chief Operating Officer at Okta, Inc..

Action: will not return as an employee
Role: Chief Operating Officer

Exact text from the filing

On August 24, 2023, J. Frederic Kerrest, the Company’s Executive Vice Chairman, Chief Operating Officer and Co-founder, notified the Company that he will not return as an employee from his current sabbatical, which ends on October 31, 2023.

View on SEC.gov

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Okta, Inc. filing history →

Source: SEC EDGAR

accession 0001660134-23-000044

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