Okta Inc (NASDAQ:OKTA) stock fell 9.74% (As on Mar 3, 11:25:01 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 21. Subscription revenue was $369 million, an increase of 64% year-over-year. On an Okta standalone basis (excluding $56 million attributable to Auth0), total revenue grew 39%. RPO, or subscription backlog, was $2.69 billion, an increase of 50% year-over-year. Current RPO, which is contracted subscription revenue expected to be recognized over the next 12 months, was $1.35 billion, up 60% compared to the fourth quarter of fiscal 2021. Total calculated billings, net of acquired deferred revenue, was $603 million, an increase of 91% year-over-year. Non-GAAP operating loss was $24 million, or 6% of total revenue, compared to non-GAAP operating income of $8 million, or 3% of total revenue, in the fourth quarter of fiscal 2021. Non-GAAP net loss was $29 million, compared to non-GAAP net income of $8 million in the fourth quarter of fiscal 2021. Net cash provided by operations was $14 million, or 4% of total revenue, compared to net cash provided by operations of $35 million, or 15% of total revenue, in the fourth quarter of fiscal 2021. Free cash flow was $5 million, or 1% of total revenue, compared to $32 million, or 14% of total revenue, in the fourth quarter of fiscal 2021. Cash, cash equivalents, and short-term investments were $2.50 billion at January 31, 2022.

OKTA in the fourth quarter of FY 21 has reported the adjusted loss per share of 18 cents, beating the analysts’ estimates for the adjusted loss per share of 24 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 63 percent to $383 million in the fourth quarter of FY 21, beating the analysts’ estimates for revenue of $359.5 billion.

For the first quarter ending in May, Okta expects its results to range from a loss of 35 cents per share to a loss of 34 cents per share. The company expects revenue to be in the range of $388 million to $390 million for the fiscal first quarter. For the first quarter of fiscal 2023, the Company expects Non-GAAP operating loss of $51 million to $50 million.

Okta expects full-year results to range from a loss of $1.27 per share to a loss of $1.24 per share, with revenue ranging from $1.78 billion to $1.79 billion.