Okta raised its outlook for fiscal 2022 on Wednesday after strong second-quarter financial results.
The cloud-based identity management company reported a non-GAAP net loss of $ 16 million, or 11 cents per share. Total revenue was $ 316 million, an increase of 57% year-on-year.
Analysts expected a net loss of 35 cents on revenue of $ 296.52 million.
The quarter marked Okta’s first as a combined company with Auth0, the developer identity platform that Okta acquired for $ 6.5 billion.
The newly combined company has had a “fantastic start,” CEO and co-founder Todd McKinnon said in a statement. “Execution remained strong with strong demand for Okta’s workforce and customer identity solutions, as well as Auth0’s developer-centric identity solutions. As organizations move forward on their journey to improve their customers’ digital experience, embrace zero-trust security environments, and deploy more cloud applications, they continue to look to Okta to deliver an unrivaled range of identity solutions. modern technologies to meet these challenges. ”
Subscription revenue was $ 303 million, an increase of 59% year-over-year. On a stand-alone basis from Okta (excluding $ 38 million attributable to Auth0), total revenue increased by 39%.
Total billings calculated in the second quarter were $ 362 million, an 83% year-over-year increase.
RPO, or subscription backlog, stood at $ 2.24 billion, an increase of 57% year-over-year. The current RPO, whose subscription revenue is expected to be accrued over the next 12 months, was $ 1.10 billion, up 60% from the previous year. On a stand-alone basis from Okta (excluding Auth0), the current RPO and RPO have increased by 42% and 43% year-over-year, respectively.
The company expects a third quarter non-GAAP net loss per share of 25 to 24 cents. Revenue is expected to be between $ 325 million and $ 327 million
For fiscal 2022, Okta now expects a non-GAAP net loss per share of between 77 and 74 cents. It forecasts revenues of between $ 1.243 billion and $ 1.250 billion, which represents a growth rate of 49% to 50% year-on-year.