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Today Designer “Cloud Wardrobe” Rental Platform, Style Theory, launches with New-Comer offer of HK$399/month for 6 outfits!

HONG KONG SAR – Media OutReach – 2 December 2021 – Fashion rental platform, Style Theory, celebrates its official apparel rental launch in the holiday season by gifting new-comers in Hong Kong with an exclusive ONE-TIME offer: From 1 December 2021 to 31 December 2021, new members can get the most out of the first month apparel renting experience at HK$399 ONLY by using promotion code HKAPPAREL (Average retail price is over HK$1,000 per piece).

 

Style Theory’s Christmas collection includes brands like Vesper (Left), Leux (Centre-left), Lavish Alice (Centre-right), and Romance (Right).

 

Whether your style is artsy, classy, sophisticated, or chic yet comfy, Style Theory is the infinite “Cloud Wardrobe” that has it all. Curated and quality-checked by an in-house fashion team, the Hong Kong Cloud Wardrobe has over 100 designer brands to ensure that you’ll find a perfect outfit for every occasion and never feel like you have nothing to wear.

Access to Designer Wear Just Got Easier

Imagine walking into a closet filled with 4000+ and 2000+ designer bags that you can freely choose from, Style Theory brings that experience right to your doorstep! With a simple monthly subscription plan, you can have that ultimate dream wardrobe through their app for a fraction of the retail price. For all your parties lined-up in this festive season whether it is Christmas or New Year’s Eve parties, you’ll never run out of options with Style Theory.

Every month, you can rent up to 2 boxes of 3 apparel items in each box from their inventory that is curated for the Hong Kong fashion lovers. As they expand their services in Hong Kong, the points earned on the platform will allow you to redeem exciting gifts from Style Theory’s lifestyle partners and get exclusive membership fee discounts.

The subscription also comes with FREE-OF-CHARGE dry cleaning, maintenance and delivery services to your doorstep! With everything professionally taken care of by Style Theory, you’ll never have to worry about what to wear for this holiday season.

Fresh Fashion Finds Now Available in Hong Kong

If you are a fan of Sandro and Maje, Style Theory’s wardrobe selection will carry many similar brands that you should watch out for!

 

Partnering with established and up-and-coming designers from all across the world like BCBGeneration, Bec + Bridge, Wish the Label, Bardot, Lost + Wander, these brands will add new spice to your wardrobe selection this holiday season.

 

By year end, the cloud wardrobe will also include big names, such as 3.1 Phillip Lim, Alexander Wang, Club Monaco, Diane von Furstenberg, Kate Spade, Max Mara, Self-Portrait, Ted Baker, Theory and Tory Burch.

 

You can easily access all these brands from their mobile application and use their size-fit algorithm to help you find the right fit for every outfit. When you are ready for your next box of items, simply order it on the app and you can swap the items with door to door delivery services.

 

To make sure you have a seamless experience, Style Theory also has a Happiness Guarantee policy that will offer you a second box at zero cost if your first box is unsatisfactory.

Supporting Up-and-Coming Designers

Style Theory carries established designer brands as well as up-and-coming fashion designers’ labels across the board. Standing at the forefront of fashion trends, they understand all talents need the right platform for growth and further expansion beyond their hometowns. That is why Style Theory has brought on many designers that you wouldn’t have access to from all across the world to add to the exciting list of fashion outfits you can choose from. Based on data and consumer insights, you can expect to see more local Hong Kong and regional designers on their platform in the near future.

“It’s a great pleasure working with Style Theory. Their circular business concept and excellent team makes the partnership an enjoyable experience. We look forward to continuing this journey with them and sharing Belle & Bloom’s latest collections”, says Sherry Wu, CEO of Australian brand, Belle and Bloom.

“Our close partnership with Style Theory has provided us with data points from end-users that has greatly helped our design process and working speed”, says Dawn Bey, Founder of Singaporean brand, Minor Miracles.

*Terms and conditions apply

 

Note to Media:

 

Launch Event Official Photos:

https://drive.google.com/drive/folders/1mGYLsG4z_cIgDBFOnOV0fwS5tMFLHbRS?usp=sharing

 

Google trend and analytics on brand popularity in Hong Kong:

https://trends.google.com/trends/explore?cat=185&q=Bardot,maje,Wish,Bec%20%2B%20Bridge,sandro

 

Blog post on the top 3 Australian brands that are exclusively carried by Style Theory for Hong Kong shoppers:

ttps://infinite.styletheory.co/designer-spotlight-hong-kong-australian-brands-maje-sandro/?geot_debug=Hong+Kong&geot_debug_iso=HK

 

Style Theory images: https://drive.google.com/drive/folders/1ti8AHAGBthY0QE8C4P2Aur4IlfEzE7ZA?usp=sharing

About Style Theory

Style Theory is Southeast Asia’s largest circular fashion platform offering women the opportunity to build their Infinite Wardrobe in an affordable, convenient and sustainable manner. Founded in Singapore in 2016 by Raena Lim and Chris Halim, Style Theory operates in the sharing economy as a solution to fashion consumption that is making significant strides towards ending today’s buy-and-throw-away culture. In late 2017, the company launched into the Indonesia market and has recently entered Hong Kong with a designer bag rental subscription service in 2020.

Carrying more than 50,000 high-quality designer apparel and more than 2,000 designer bags for its growing base of over 200,000 users, Style Theory is all set to be the future of fashion where renting is equivalent with – if not better than – buying. In its initial rollout in Hong Kong, Style Theory members will have access to over 2,000 designer bags.

Follow Style Theory socials for latest news and updates:

Facebook: styletheoryhk

Instagram: styletheoryhk

YouTube: Style Theory

#StyleTheory

HEYTEA launches new K11 Art Mall store in Hong Kong

To celebrate, fans can enjoy a “1-for-1” promotion for all drinks available in-store from 1- 3 December, 2021

HONG KONG SAR – EQS Newswire – 2 December 2021 – HEYTEA 喜茶 , the original creator of Cheezo Tea and leading new-style tea drinks brand, announced the launch of their newest store at the K11 Art Mall. Fans of the brand will get their Cheezo tea and experience the strong cultural and artistic atmosphere of Hong Kong’s core business district in Tsim Sha Tsui. Meanwhile, consumers who order at the new outlet can enjoy a “buy-one-get-one-free” opening promotion on drinks from 1 December 2021 to 3 December 2021. Free limited-edition merchandise will also be given to customers for the first 6 days of store opening. On this weekend, customers can also take part in a special offer to buy Christmas limited drinks “Snowy Very Strawberry Twist” at half the price from 4 December to 5 December. With a cup of good tea, customers will stay inspired in Tsim Sha Tsui’s many nearby artistic and diverse cultural experiences.

Located in Tsim Sha Tsui, the new store is adjacent to the Hong Kong Museum of Art, Hong Kong Cultural Centre and Hong Kong Museum of History. The store is also within a ten-minute walk to the Avenue of Stars and other shopping areas. HEYTEA stores are known for their modern interior design, as each store provides a visually appealing environment that exceeds many consumers’ expectations. The new store at K11 Art Mall invites shoppers to a bright space crafted from gleaming stainless steel and terrazzo. The logo light box on the store’s exterior also shows HEYTEA’s aspiration to be a shining light in visitors’ hearts and a place where people are inspired and enjoy their leisure time.

 

The store’s opening reflects HEYTEA’s commitment to rejuvenating and internationalising traditional tea culture and its vision to encourage local consumers to “Stay Inspired”.

 

Founded in 2012, HEYTEA has taken the tea beverage industry by storm as the original creator of cheese tea. It is also the pioneer of using fresh tea leaves instead of tea powder. Since the first day HEYTEA started, the company has been committed to using high-quality ingredients such as premium tea leaves, fresh fruit, low-calorie natural rock sugar and natural cheese. In its pursuit of excellence, HEYTEA has builtHeytaeir concoction instrspired, organic tea plantations and strictly controls every step of tea growing, picking, and blending to ensure high standards. HEYTEA also applies this level of quality to our customers through an ongoing process of product innovation that introduces interesting new flavours and blends.



HEYTEA’s K11 Art Mall store brings its classic creations to consumers, including Very Grape Cheezo, King Fone Cheezo, Natural Coconut with Pudding, Dark Lemon Splash and more. In addition, limited seasonal products to come include Lemon Splash, the Squeezed Emblic and Natural coconut series, which will bring the latest and premium offerings to even more consumers. Among them, “Dark Lemon Splash” is made with an exquisite Cantonese black tea base, blending the intensive flavour of black tea with the sour taste of perfumed lemon, making the whole drink delicate, smooth and fruity in a sip.

 

To celebrate HEYTEA’s launch at K11 Art Mall, this store will provide customers with a one-for-one deal on drinks in the menu between 1 December to 3 December 2021. Besides, there is 50% discount of buying Christmas limited drinks “Snowy Very Strawberry Twist” from 4 December to 5 December 2021. Customers will enjoy hand made strawberry jelly, which is introduced for the first time, mixed with fresh fruit, and experience multiple layers of richness at once.

 

The store will also offer free merchandise to customers under the theme of “Stay Inspired” during this time, so be sure to visit the new store to get your HEYTEA fix!

About HEYTEA

Since 2012, the original creator of cheezo tea, HEYTEA is driven by the aim of showcasing excellent tea offerings sourced from all over the world, giving the ancient culture of tea a new vitality. HEYTEA is committed to rejuvenating traditional tea culture and making high-quality tea products accessible to the public. Today, the brand has over 800 stores across Asia, and its offerings have won both critical and public acclaim.

Follow HEYTEA on Social Media

Weibo 微博@喜茶

Facebook: @HEYTEAHKMACAU

Instagram: @HEYTEAHKMACAU

#HEYTEA

Cryptology Invests in New Crypto Launchpad VLaunch

MALTA – EQS Newswire – 2 December 2021 – Cryptology Advisory Ltd., a wholly-owned subsidiary of Cryptology Asset Group, a leading European holding company for crypto assets and blockchain-related business models, announced its most recent investment in VLaunch – a new token launchpad.

VLaunch is a highly intriguing investment in a relatively crowded space for launchpads, however, Cryptology is particularly interested in it due to the high pedigree of the team and their influencer network within the digital asset and crypto space. This is evidenced by VLaunch being both the fastest growing and most active community in crypto today. 

Cryptology CEO, Patrick Lowry, said “Influencer marketing is one of the most powerful tools today for sales today. The VLaunch team consists of well known influencers and expert investors who are able to effectively source dealflow and make a genuine impact when it comes to true adoption of crypto products. We are excited to be investors and strategic partners in such an innovative platform.”

Cryptology has become more active in the crypto and token ecosystem over the past few months, investing in numerous projects and coins. The firm will continue actively investing in the space, and as such, sees the investment in VLaunch as highly strategic as Cryptology intends to leverage VLaunch as a partner for launching the firm’s future investments.

Cryptology is a proud member of the #VARRIOR community!

About Cryptology Advisory Ltd.

Cryptology Advisory Ltd. is a wholly owned subsidiary of Cryptology Asset Group plc. (ISIN: MT0001770107; Ticker: CAP:GR), a leading European holding company for crypto assets and blockchain-related business models. Founded by Christian Angermayer’s family office, Apeiron Investment Group, and crypto-legend Mike Novogratz, Cryptology is the largest publicly traded holding company for blockchain- and crypto-based business models in Europe. Noteworthy portfolio companies include crypto-giant and EOSIO software publisher Block.one, leading HPC provider Northern Data, commission-free online neobroker nextmarkets, and crypto asset management group Iconic Holding.


#CryptologyAdvisoryLtd.

Mira Place「Jingle All The Rail」- Embark on a Christmas Journey of Beauty & Gourmet at a European Christmas Train Station

  • Partnering No.1 French Champagne to present the first 4m tall G. H. Mumm champagne Christmas tree in Hong Kong
  • Check-in to win a Staycation and Spend HK$100 to drive the Beauty / Gourmet Express to win prizes
  • Support Food Angel to spread love during Christmas

HONG KONG SAR – Media OutReach – 2 December 2021 – Embark on a Christmas journey at the romantic European Christmas train station – “Jingle All The Rail” at Mira Place from November 12, 2021 to January 2, 2022! The magical check-in spots will definitely let you fully indulge in the European Christmas atmosphere, including the Christmas steam train, the 7-meter tall ticket office with a dreamy mirror room, and the exclusive collaboration with No. 1 French champagne brand G. H. Mumm for the first 4-meter tall Champagne Christmas Tree in Hong Kong. During the Christmas campaign period, spend HK$100 to drive the Beauty / Gourmet Express to win more than 4,000 beauty and gourmet rewards, and enjoy Christmas offers up to 50% off across the mall, to embark on a “Christmas Journey of Beauty & Gourmet” with your family and loved ones. Meanwhile, you can also dine at Mira Place to support Food Angel on meal boxes donation!

 

3 Instagrammable Check-in Spots and Music Light Show to Check-in and Win a Staycation

“Jingle All The Rail” creates three mesmerizing check-in spots for you to take selfies under the elegant lightings and experience the magical Christmas journey at the interactive train. The classic European Christmas train station and the nostalgic steam train at atrium will definitely take you to a romantic trip in Europe. Every 15 minutes, the “Jingle All The Rail” music light show will present a symphony of lights and Christmas rhythms together with the decorations, Jingle Bells and LED screens at atrium, allow you to indulge in every glittering moments with your beloved ones.

 

From November 12, 2021 to January 2, 2022, stand a chance to win a Staycation by taking pictures at the train station, share it on Instagram and complete specified steps! Photos with the strongest festive vibes will stand a chance to win exciting prizes! The Check-in Master Award will come with a “Beauty & Gourmet staycation” at The Mira Hong Kong (Valued at HK$6,800; inclusive of One-night stay at The Mira Hong Kong, Tasting Set Dinner at Cuisines Cuisine, Buffet Breakfast at Yamm and Spa Package at MiraSpa), other wonderful prizes including INGRID MILLET’s Hyalurone B5 Moisturizing Treatment and Micellar Cleansing Water set with a G. H. Mumm GRAND CORDON champagne. Stay tuned for further announcement on Mira Place website.

 

1st Stop: 7m Tall Ticket Office & Dreamy Mirror Room

Begin your Christmas journey at the 7-meter-tall shimmering ticket office that combined European architectural features and romantic light projection, and enjoy the bliss and happiness brought by the giant Jingle bell on the top of the ticket office. Remember to get in the ticket office to experience the brilliant and glittering mirror room! The glamourous light projection and reflections created a colorful kaleidoscope filled with sparkling Christmas vibes, and provide a perfect backdrop for selfies!

 

2nd Stop: Classic “Dream Express”

Get on the nostalgic “Mira Place Dream Express” to explore the beautiful scenery in the European Christmas Market! You can also become a Train Captain by honking the horn at Captain’s control room, or become a Train Attendant to ring the bell at the back of the control room, to experience the real “Jingle All The Rail”!

 

3rd Stop: 4m tall G. H. Mumm Champagne Christmas Tree from France

This Christmas, Mira Place has exclusively teamed up with G. H. Mumm, No.1 French champagne brand with a history of nearly two centuries, to present the first 4-meter tall 10-layer champagne Christmas tree made with more than 350 bottles of G. H. Mumm GRAND CORDON champagne in Hong Kong! Complete the “Jingle All The Rail” journey and get a G. H. Mumm Champagne for Christmas parties at a limited discount at Ponti Wine Cellars next to the atrium, will definitely make your Christmas even merrier.

Spend HK$100 to drive the Beauty / Gourmet Express and Stand 100% chance to win rewards
The”Beauty/ Gourmet Express” will depart at different hours, giving away more than 4,000 wonderful beauty or gourmet rewards! Mira Place members who spend e-money for a single purchase of HK$100 or more can drive the “Searching for Beauty” / “Seeking for Savory” train in the atrium with the receipts, and receive instant rewards according to the driving distance. Everyone stands 100% chance to get a prize! The one with the longest distance may even win the hotel stay at The Mira Hong Kong with a bottle of G. H. Mumm GRAND CORDON champagne!

Beauty Express – Departing at 12/2/4/6/8PM every day

Limited Prizes

DermaElements Dermatology Aftercare Neck Mask

Loshi Moisturizing mask & Facial cleanser set

Tokyo Lifestyle HK$50 cash voucher

Gourmet Express – Departing at 1/3/5/7PM every day

Limited Prizes

Sun Tong Lok XO Sauce

NICHIGYU HK$50 cash voucher

Mike’s Chicken Portugal Portuguese Special Galao Coffee Voucher (Paper Cup)


“A Journey of Sharing” – Spread love during the festive season

Mira Place has been dedicated to engage on community support and contribute towards sustainable development in all aspects. Spend HK$400 or above at any restaurants at the mall during the Christmas campaign period, Mira Place will donate to support Food Angel on giving out meal boxes, to contributes to the well-being of the community and help those in need.

 

“A Journey of Surprises” – Christmas offers up 50% off & Members-exclusive Christmas Rewards

During the Christmas campaign period, tenants across the mall will provide Christmas offers up to 50% off, including COACH selected products up to 50% off, FUTAGO Japan limited Christmas gift box up to 20% off, ghd desire limited edition series and desire festival set up to 22% off and other wonderful offers, for you and your loved ones to have a joyous and rewarding Christmas! Mira Place members can also enjoy an array of Christmas exclusive privileges, and redeem a series of exclusive Christmas gifts with bonus points.

(Please refer to Appendix 1 for the Christmas offers of selected merchants)

 

Rewards 1Mira Pine exclusive – Complimentary G. H. Mumm GRAND CORDON Champagne upon any purchase

Mira Pine members will be entitled to receive one complimentary bottle of G. H. Mumm GRAND CORDON Champagne upon any purchase during the Christmas campaign period. Each member can enjoy the reward once, limited quantities while stocks last.

Redemption location: Mira Place 1 Concierge

 

Rewards 2Mira Pine and Mira Green members – Selected Christmas Gifts for Redemption*

G. H. Mumm Champagne tasting experience

Loshi Christmas wreath workshop

ghd 20-minute free professional hair styling service

*For details of the full list of gifts available for redemption, please click here to visit the Mira Place website. All gifts are in limited quantities, while stocks last.

 

Mira PlaceJingle All The RailChristmas Campaign Details

Date: From November 12, 2021 to January 2, 2022

Time: 10AM to 9PM

Venue: Atrium, Mira Place 1

 

Appendix IMira Place’s Christmas offers of selected merchants

For more merchant offers, please refer to Mira Place website.

MerchantCOACH

Selected items as low as half price

Merchantghd

ghd desire limited edition series and desire festival set

Up to 22% off

MerchantCarte Blanche
Utowa OV series products buy one get one free

MerchantKesalan Patharan

Beauty Collection

Original price: HK$1,540

Special price: HK$820

(Limited to 30 pieces)

MerchantFUTAGO

Limited Japan Christmas Gift Set 20% off

Original price: HK$4,550

Special price: HK$3,640

MerchantARTE Madrid

1 exquisite ARTE Christmas bracelet for an expenditure of HK$3,800 or above;

2 exquisite ARTE Christmas bracelets for an expenditure of HK$6,800 or above

MerchantDermaElements

Free Designated Extract Set (6 pcs) upon purchase of any Extract Set (12 pcs)  Original price: HK$5,440

Special price: HK$2,880

(must register as DermaElements member)

Merchant6IXTY 8IGHT

Half price for selected designated bras

Original price: HK$79-$299

Special price: HK$39.9-$99.9

(Limited to 40 pieces each)

MerchantOUT OF COLOURS

Any 4 lip glosses

Special price: HK$258

(Only applicable to the WETSHINE and SHIMMERLUST series, until December 31st)

MerchantNail Nail

2-color manicure discount

Original price: HK$470

Special price: HK$350

MerchantTokyo Lifestyle

HK$50 discount upon purchase of 2 iskinclock items

 (December 1st to 31st)

MerchantLoshi

Loshi Christmas Limited Set

Original price: HK$199

Special price: HK$88

(Limited to 50 pieces)

 

MerchantPonti Wine Cellars

Eisch Selected Wine Sets from Germany

and selected items as low as half price

MerchantBlanc des Vosges

1 free towel with embroidered letters upon a purchase of HK$1,000 or above

(Up to 2 embroidered letters)

MerchantFnH Keto Diet

Ketogenic Christmas Gift Box

Original price: HK$580

Special price: HK$338

(Limited to 100 pieces)

MerchantBairro à Portuguesa

Buy one get one free “Portuguese canned sardines” exclusively for Mira Place members  

Average: HK$65 per one

(Limited to 50 pieces)

About G. H. Mumm

Mumm is part of Martell Mumm Perrier-Jouët, the prestigious cognac and champagne business of Pernod Ricard, the world’s number 2 in wines and spirits. With its distinguished heritage dating back to 1827, Mumm is the leading international champagne House in France and third worldwide*. Mumm Grand Cordon pays tribute to the iconic red sash – indented in the glass as part of a whole series of innovations. The revolutionary bottle is the perfect embodiment of the spirit of the House associated with audacious challenges and ground-breaking endeavors.

*According to IWSR volumes 2016

About Mira Place

As a shopping, dining and business hub, Mira Place is owned and operated under the listed company, Miramar Group. It enlivens the prime frontage on Nathan Road. Complete with 500,000 sq ft of retail space, 700,000 sq ft of Grade-A office space and 5-star hotel The Mira Hong Kong, Mira Place covers about 2,000,000 square feet and boasts shopping, dining, working and entertainment all under one roof. Home to more than 150 upscale lifestyle stores, from renowned international brands to fashion-forward Asian labels, Mira Place is also a foodie paradise with 40 restaurants and cafes, including Michelin starred and recommended eateries.

Mira Place Official Website (https://www.miraplace.com.hk)

Mira Place Facebook (https://www.facebook.com/miraplacehk/)

Mira Place Instagram (https://www.instagram.com/miraplacehk/)

#MiraPlace

Accel Group Was Awarded “Listed Enterprises of the Year 2021” by Bloomberg Businessweek/Chinese Edition

HONG KONG SAR – Media OutReach – 2 December 2021 – Accel Group Holdings Limited (Stock code: 1283.HK, “Accel Group” or the “Group”) is pleased to announce that, the Group has performed well in the E & M engineering industry and has awarded “Listed Enterprises of the Year 2021” by Bloomberg Businessweek/Chinese Edition, an internationally renowned financial magazine. This is the first time for the Group to receive the award from Bloomberg Businessweek/Chinese Edition, which fully recognizes the Group’s steady operating performance and development potential.

Bloomberg Businessweek/Chinese Edition is a renowned business news magazine in the Greater China region and its publication is authorized by Bloomberg L.P. based in the United States. It is highly influential and internationally renowned in Asia. The “Listed Enterprises of the Year 2021” award is the first listed enterprises award applying Bloomberg Terminal data in the judging process in Hong Kong. Through the terminal analysis and a panel of professional judges formed by authoritative and well-known individuals from the government officials, professionals, and academics, the assessment results are comprehensively analyzed and screened in eight aspects, namely business/financial performance, corporate governance, investor relations, development strategy, corporate social responsibility, sustainability, innovation and risk management. Therefore, the “Listed Enterprises of the Year 2021” award is widely recognized and representative, and is one of the most authoritative selection activities of financial community.

Being awarded the “Listed Enterprises of the Year 2021” is a significant encouragement to the Group from the capital market, which is inseparable from the continuous and stable operation of Accel Group. After nearly 30 years of hard work, Accel Group has participated in a number of large-scale landmark projects in Hong Kong and Macau, giving full play to its solid E & M engineering advantages, and cooperated with powerful developers to jointly promote projects. The business has gradually expanded and become a leading high-quality E & M engineering service provider in the industry. With a proven track record, the Group continued to be awarded with a number of large-scale projects to sustain its foundation. At present, the Group is also moving towards diversification in an orderly manner, including planning to enter into the fields of green building and smart innovation and technology, and the achievements of the enterprises are widely recognized in the market, which is a strong testament to its honor.

 

Since its listing in Hong Kong in 2019, Accel Group has been awarded by the market for several times, including being awarded the “Outstanding Newly-listed Enterprises Award of the Year” and “Forbes Asia’s 200 Best under a Million”and being included in the MSCI Hong Kong Micro Cap Index by a leading US-based index compilation company; Also, the Group was awarded a number of E & M engineering industry awards, which fully reflected that the capital market and the industry highly recognized the Group’s operating results and development prospects.

 

Dr. Ko Laihung, Chairman and Chief Executive Officer of the Group, said, “We are very honored that Accel Group was once again awarded a significant award in the capital market, thanks to the efforts of the Group’s outstanding management talents and highly skilled technical personnel over the years, as well as our achievements in project operation and service level. The Group will continue to give full play to the ‘craftsmanship’ spirit, constantly strive for excellence, strengthen high-quality service capabilities, maintain sound business growth, demonstrate the market value of the Group, and strive to create higher value for investors.”

About Accel Group Holdings Limited (Stock code: 1283.HK)

Accel Group Holdings Limited (the “Group”) listed on the Main Board of the Stock Exchange of Hong Kong Limited in 2019. It is an electrical and mechanical engineering services provider with good track record. Its key customers are famous developers and architectural firms in Hong Kong. The Group has established experience in several significant construction projects for famous developers and architectural firms in Hong Kong. The Group is mainly engaged in installing electrical and mechanical facilities for various developers, including the installation of air-conditioning system, drainage system, water supply, swimming pool and fountain system, electrical and control system as well as smart electrical control system in buildings. The Group is committed to providing quality electrical and mechanical engineering services. At the same time, Accel Group continues to expand its business, and its wholly-owned subsidiaries, Accel Green Building Limited and Accel Innovations Limited, are committed to creating business opportunities for the Group in terms of low-carbon, energy-saving, green and intelligent construction.

#AccelGroupHoldingsLimited

Okta Announces Strong Third Quarter Results

  • Q3 revenue grew 61% year-over-year; subscription revenue grew 63% year-over-year
  • Remaining performance obligations (RPO) grew 49% year-over-year to $2.35 billion
  • Increases revenue and operating profit outlook for fiscal 2022
  • Okta and Okta (Auth0) Both Named as Leaders in 2021 Gartner® Magic Quadrant™ for Access Management; Okta positioned highest in Ability to Execute

SINGAPORE – Media OutReach – 2 December 2021 – Okta, Inc. (Nasdaq: OKTA), the leading independent identity provider, today announced financial results for its third quarter ended October 31, 2021.

“Our strong third quarter results reflect the continued shift to Identity-First architectures and the critical adoption of Zero Trust security environments, which are both propelling our market leading position,” said Todd McKinnon, Chief Executive Officer and co-founder of Okta. “We’re maintaining the momentum of both Okta and Auth0 and are making great progress on the integration. We’re already seeing early success cross-selling into each other’s customer bases and are on our way to capturing more of the massive identity market faster together.”

Third Quarter Fiscal 2022 Financial Highlights:


  • Revenue: Total revenue was $351 million, an increase of 61% year-over-year. Subscription revenue was $337 million, an increase of 63% year-over-year. On an Okta standalone basis (excluding $46 million attributable to Auth0), total revenue grew 40%.
  • Remaining Performance Obligations (RPO): RPO, or subscription backlog, was $2.35 billion, an increase of 49% year-over-year. Current RPO, which is contracted subscription revenue expected to be recognized over the next 12 months, was $1.18 billion, up 57% compared to the third quarter of fiscal 2021.
  • Calculated Billings: Total calculated billings, net of acquired deferred revenue, was $389 million, an increase of 54% year-over-year. Calculated billings includes the effect of billings process improvements that were enacted at the end of the first quarter of fiscal 2022. Excluding these changes, calculated billings would have been $387 million, an increase of 53% year-over-year.
  • GAAP Operating Loss: GAAP operating loss was $199 million, or 57% of total revenue, compared to a GAAP operating loss of $52 million, or 24% of total revenue, in the third quarter of fiscal 2021.
  • Non-GAAP Operating Income/Loss: Non-GAAP operating loss was $10 million, or (3)% of total revenue, compared to non-GAAP operating income of $6 million, or 3% of total revenue, in the third quarter of fiscal 2021.
  • GAAP Net Loss: GAAP net loss was $221 million, compared to a GAAP net loss of $73 million in the third quarter of fiscal 2021. GAAP net loss per share was $1.44, compared to a GAAP net loss per share of $0.56 in the third quarter of fiscal 2021. GAAP net loss and GAAP net loss per share include $120 million and $0.78, respectively, attributable to Auth0 in the third quarter of fiscal 2022.
  • Non-GAAP Net Income/Loss: Non-GAAP net loss was $11 million, compared to non-GAAP net income of $6 million in the third quarter of fiscal 2021. Non-GAAP basic and diluted net loss per share was $0.07, compared to non-GAAP basic and diluted net income per share of $0.04 in the third quarter of fiscal 2021.
  • Cash Flow: Net cash provided by operations was $37 million, or 11% of total revenue, compared to net cash provided by operations of $43 million, or 20% of total revenue, in the third quarter of fiscal 2021. Free cash flow was $33 million, or 10% of total revenue, compared to $42 million, or 19% of total revenue, in the third quarter of fiscal 2021.
  • Cash, cash equivalents, and short-term investments were $2.48 billion at October 31, 2021.
  • The section titled “Non-GAAP Financial Measures” below contains a description of the non-GAAP financial measures, and reconciliations between GAAP and non-GAAP information are contained in the tables below.

Financial Outlook:

Okta’s financial outlook for the fourth quarter and full year fiscal 2022 includes the expected contribution from the acquisition of Auth0, net of purchase accounting adjustments.

For the fourth quarter of fiscal 2022, the Company expects:

  • Total revenue of $358 million to $360 million, representing a growth rate of 53% year-over-year;
  • Non-GAAP operating loss of $35 million to $34 million; and
  • Non-GAAP net loss per share of $0.25 to $0.24, assuming weighted-average shares outstanding of approximately 154 million.

For the full year fiscal 2022, the Company now expects:

  • Total revenue of $1.275 billion to $1.277 billion, representing a growth rate of 53% year-over-year;
  • Non-GAAP operating loss of $85 million to $84 million; and
  • Non-GAAP net loss per share of $0.53 to $0.52, assuming weighted-average shares outstanding of approximately 147 million.

These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Okta has not reconciled its expectations as to non-GAAP operating loss and non-GAAP net loss per share to their most directly comparable GAAP measures because certain items are out of Okta’s control or cannot be reasonably predicted. Accordingly, reconciliations for forward-looking non-GAAP operating loss and non-GAAP net loss per share are not available without unreasonable effort.


Gartner Magic Quadrant:

Finally, Okta is pleased to highlight its recognition as a Leader in the 2021 Gartner Magic Quadrant for Access Management. The report evaluated 12 vendors on 15 criteria and placed both Okta and Okta (Auth0) in the Leaders Quadrant. This marks the fifth consecutive year in which Okta has been named a Leader, and the first for Okta (Auth0). A complimentary version of the full report can be found here.


Conference Call Information:

Okta will host a live video webcast at 2:00 p.m. Pacific Time on December 1, 2021 to discuss the results and outlook. The news release with the financial results will be accessible from the Company’s website at investor.okta.com prior to the conference call. The live video webcast of the conference call will be accessible from the Okta investor relations website at investor.okta.com.


Gartner Disclaimers:

GARTNER and MAGIC QUADRANT are registered trademarks and service marks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s Research & Advisory organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.


Supplemental Financial and Other Information:

Supplemental financial and other information can be accessed through the Company’s investor relations website at investor.okta.com.


Non-GAAP Financial Measures:

This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) per share, basic and diluted, free cash flow, free cash flow margin, current calculated billings and calculated billings. Certain of these non-GAAP financial measures exclude stock-based compensation, non-cash charitable contributions, amortization of acquired intangibles, acquisition and integration-related expenses, amortization of debt discount and debt issuance costs and loss on early extinguishment and conversion of debt.

Okta believes that non-GAAP financial information, when taken collectively with GAAP financial measures, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.

The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by the Company’s management about which expenses are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP.

Okta encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.

Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook, business strategy and plans, market trends and market size, opportunities and positioning and expected benefits that will be derived from the Auth0 transaction. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. For example, the market for our products may develop more slowly than expected or than it has in the past; our results of operations may fluctuate more than expected; there may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise; the impact of COVID-19, related public health measures and any associated economic downturn on our business and results of operations may be more than we expect; a network or data security incident that allows unauthorized access to our network or data or our customers’ data could damage our reputation; we could experience interruptions or performance problems associated with our technology, including a service outage; we may not be able to pay off our convertible senior notes when due; global economic conditions could deteriorate; we may not achieve expected synergies and efficiencies of operations between Okta and Auth0, and we may not be able to successfully integrate the companies. Further information on potential factors that could affect our financial results is included in our most recent Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission. The forward-looking statements included in this press release represent our views only as of the date of this press release and we assume no obligation and do not intend to update these forward-looking statements.


OKTA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(unaudited)

 

 

Three Months Ended
October 31,

 

Nine Months Ended
October 31,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

Subscription

$

336,702

 

 

 

$

206,743

 

 

 

$

879,881

 

 

 

$

571,213

 

 

Professional services and other

13,978

 

 

 

10,636

 

 

 

37,305

 

 

 

29,471

 

 

Total revenue

350,680

 

 

 

217,379

 

 

 

917,186

 

 

 

600,684

 

 

Cost of revenue:

 

 

 

 

 

 

 

Subscription(1)

91,048

 

 

 

44,762

 

 

 

227,903

 

 

 

121,420

 

 

Professional services and other(1)

18,626

 

 

 

12,146

 

 

 

49,000

 

 

 

35,121

 

 

Total cost of revenue

109,674

 

 

 

56,908

 

 

 

276,903

 

 

 

156,541

 

 

Gross profit

241,006

 

 

 

160,471

 

 

 

640,283

 

 

 

444,143

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development(1)

130,535

 

 

 

58,150

 

 

 

321,805

 

 

 

160,510

 

 

Sales and marketing(1)

203,878

 

 

 

109,812

 

 

 

548,749

 

 

 

312,177

 

 

General and administrative(1)

105,149

 

 

 

44,485

 

 

 

322,406

 

 

 

121,019

 

 

Total operating expenses

439,562

 

 

 

212,447

 

 

 

1,192,960

 

 

 

593,706

 

 

Operating loss

(198,556

)

 

 

(51,976

)

 

 

(552,677

)

 

 

(149,563

)

 

Interest expense

(23,144

)

 

 

(22,368

)

 

 

(68,776

)

 

 

(50,063

)

 

Interest income and other, net

1,056

 

 

 

1,878

 

 

 

7,622

 

 

 

10,737

 

 

Loss on early extinguishment and conversion of debt

 

 

 

(89

)

 

 

(179

)

 

 

(2,263

)

 

Interest and other, net

(22,088

)

 

 

(20,579

)

 

 

(61,333

)

 

 

(41,589

)

 

Loss before provision for (benefit from) income taxes

(220,644

)

 

 

(72,555

)

 

 

(614,010

)

 

 

(191,152

)

 

Provision for (benefit from) income taxes

667

 

 

 

209

 

 

 

(6,785

)

 

 

(626

)

 

Net loss

$

(221,311

)

 

 

$

(72,764

)

 

 

$

(607,225

)

 

 

$

(190,526

)

 

 

 

 

 

 

 

 

 

Net loss per share, basic and diluted

$

(1.44

)

 

 

$

(0.56

)

 

 

$

(4.17

)

 

 

$

(1.51

)

 

 

 

 

 

 

 

 

 

Weighted-average shares used to compute net loss per share, basic and diluted

153,756

 

 

 

128,813

 

 

 

145,782

 

 

 

126,222

 

 

(1) Amounts include stock-based compensation expense as follows (in thousands):

 

Three Months Ended
October 31,

 

Nine Months Ended
October 31,

 

2021

 

2020

 

2021

 

2020

Cost of subscription revenue

$

13,455

 

 

$

6,090

 

 

$

33,843

 

 

$

15,229

 

Cost of professional services and other

3,376

 

 

2,113

 

 

8,879

 

 

5,924

 

Research and development

56,573

 

 

17,546

 

 

129,998

 

 

44,434

 

Sales and marketing

39,248

 

 

14,368

 

 

101,602

 

 

38,693

 

General and administrative

43,133

 

 

13,535

 

 

133,289

 

 

35,494

 

Total stock-based compensation expense

$

155,785

 

 

$

53,652

 

 

$

407,611

 

 

$

139,774

 

 

 


OKTA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

 

 

 

October 31,

 

January 31,

 

 

2021

 

 

2021

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

372,372

 

 

 

$

434,607

 

 

Short-term investments

 

2,109,687

 

 

 

2,121,584

 

 

Accounts receivable, net of allowances

 

253,568

 

 

 

194,818

 

 

Deferred commissions

 

60,465

 

 

 

45,949

 

 

Prepaid expenses and other current assets

 

56,776

 

 

 

81,609

 

 

Total current assets

 

2,852,868

 

 

 

2,878,567

 

 

Property and equipment, net

 

60,751

 

 

 

62,783

 

 

Operating lease right-of-use assets

 

154,522

 

 

 

149,604

 

 

Deferred commissions, noncurrent

 

145,655

 

 

 

108,555

 

 

Intangible assets, net

 

336,354

 

 

 

27,009

 

 

Goodwill

 

5,401,343

 

 

 

48,023

 

 

Other assets

 

45,480

 

 

 

24,256

 

 

Total assets

 

$

8,996,973

 

 

 

$

3,298,797

 

 

Liabilities and stockholders’ equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

11,547

 

 

 

$

8,557

 

 

Accrued expenses and other current liabilities

 

91,516

 

 

 

53,729

 

 

Accrued compensation

 

109,233

 

 

 

71,906

 

 

Convertible senior notes, net

 

15,956

 

 

 

908,684

 

 

Deferred revenue

 

759,914

 

 

 

502,738

 

 

Total current liabilities

 

988,166

 

 

 

1,545,614

 

 

Convertible senior notes, net, noncurrent

 

1,793,970

 

 

 

857,387

 

 

Operating lease liabilities, noncurrent

 

179,205

 

 

 

179,518

 

 

Deferred revenue, noncurrent

 

17,958

 

 

 

10,860

 

 

Other liabilities, noncurrent

 

33,119

 

 

 

11,375

 

 

Total liabilities

 

3,012,418

 

 

 

2,604,754

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

Preferred stock

 

 

 

 

 

 

Class A common stock

 

15

 

 

 

12

 

 

Class B common stock

 

1

 

 

 

1

 

 

Additional paid-in capital

 

7,558,816

 

 

 

1,656,096

 

 

Accumulated other comprehensive income

 

404

 

 

 

5,390

 

 

Accumulated deficit

 

(1,574,681

)

 

 

(967,456

)

 

Total stockholders’ equity

 

5,984,555

 

 

 

694,043

 

 

Total liabilities and stockholders’ equity

 

$

8,996,973

 

 

 

$

3,298,797

 

 

 


OKTA, INC.

SUMMARY OF CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

 

 

Nine Months Ended October 31,

 

2021

 

 

2020(1)

 

Cash flows from operating activities:

 

 

 

Net loss

$

(607,225

)

 

 

$

(190,526

)

 

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Stock-based compensation

407,611

 

 

 

139,774

 

 

Depreciation, amortization and accretion

76,631

 

 

 

23,694

 

 

Amortization of debt discount and issuance costs

64,478

 

 

 

47,261

 

 

Amortization of deferred commissions

40,041

 

 

 

28,428

 

 

Deferred income taxes

(13,606

)

 

 

(2,414

)

 

Non-cash charitable contributions

5,649

 

 

 

4,662

 

 

Loss on early extinguishment and conversion of debt

179

 

 

 

2,263

 

 

(Gain) loss on strategic investments

(5,665

)

 

 

628

 

 

Other, net

(267

)

 

 

3,887

 

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

(29,561

)

 

 

(10,547

)

 

Deferred commissions

(92,183

)

 

 

(51,837

)

 

Prepaid expenses and other assets

5,356

 

 

 

(6,794

)

 

Operating lease right-of-use assets

16,564

 

 

 

13,979

 

 

Accounts payable

(195

)

 

 

1,377

 

 

Accrued compensation

19,488

 

 

 

37,863

 

 

Accrued expenses and other liabilities

22,537

 

 

 

2,442

 

 

Operating lease liabilities

(17,280

)

 

 

(11,750

)

 

Deferred revenue

198,035

 

 

 

60,663

 

 

Net cash provided by operating activities

90,587

 

 

 

93,053

 

 

Cash flows from investing activities:

 

 

 

Capitalization of internal-use software costs

(2,348

)

 

 

(3,530

)

 

Purchases of property and equipment

(5,800

)

 

 

(11,297

)

 

Purchases of securities available for sale and other

(1,333,617

)

 

 

(1,845,958

)

 

Proceeds from maturities and redemption of securities available for sale

1,118,448

 

 

 

386,774

 

 

Proceeds from sales of securities available for sale and other

228,344

 

 

 

206,129

 

 

Payments for business acquisitions, net of cash acquired

(215,129

)

 

 

 

 

Net cash used in investing activities

(210,102

)

 

 

(1,267,882

)

 

Cash flows from financing activities:

 

 

 

Proceeds from issuance of convertible senior notes, net of issuance costs

 

 

 

1,134,841

 

 

Payments for repurchases and conversions of convertible senior notes

(26

)

 

 

(447

)

 

Proceeds from hedges related to convertible senior notes

2

 

 

 

195,046

 

 

Payments for warrants related to convertible senior notes

 

 

 

(175,399

)

 

Purchases of capped calls related to convertible senior notes

 

 

 

(133,975

)

 

Proceeds from stock option exercises

41,054

 

 

 

33,570

 

 

Proceeds from shares issued in connection with employee stock purchase plan

17,417

 

 

 

12,821

 

 

Net cash provided by financing activities

58,447

 

 

 

1,066,457

 

 

Effects of changes in foreign currency exchange rates on cash, cash equivalents and restricted cash

(494

)

 

 

121

 

 

Net decrease in cash, cash equivalents and restricted cash

(61,562

)

 

 

(108,251

)

 

Cash, cash equivalents and restricted cash at beginning of period

448,630

 

 

 

531,953

 

 

Cash, cash equivalents and restricted cash at end of period

$

387,068

 

 

 

$

423,702

 

 

 

(1) The condensed consolidated statement of cash flows for the prior period has been adjusted to conform to current period presentation.


OKTA, INC.
Reconciliation of GAAP to Non-GAAP Data
(In thousands, except percentages and per share data)
(unaudited)


Non-GAAP Gross Profit and Non-GAAP Gross Margin


We define Non-GAAP gross profit and Non-GAAP gross margin as GAAP gross profit and GAAP gross margin, adjusted for stock-based compensation expense included in cost of revenue, amortization of acquired intangibles and acquisition and integration-related expenses.

 

Three Months Ended
October 31,

 

Nine Months Ended
October 31,

 

2021

 

2020

 

2021

 

2020

Gross profit

$

241,006

 

 

$

160,471

 

 

$

640,283

 

 

$

444,143

 

Add:

 

 

 

 

 

 

 

Stock-based compensation expense included in cost of revenue(1)

16,831

 

 

8,203

 

 

42,722

 

 

21,153

 

Amortization of acquired intangibles

11,335

 

 

1,593

 

 

23,056

 

 

4,780

 

Acquisition and integration-related expenses(2)

658

 

 

 

 

1,316

 

 

 

Non-GAAP gross profit

$

269,830

 

 

$

170,267

 

 

$

707,377

 

 

$

470,076

 

Gross margin

69

%

 

74

%

 

70

%

 

74

%

Non-GAAP gross margin

77

%

 

78

%

 

77

%

 

78

%

(1)

See table in footnote (1) to the condensed consolidated statements of operations above for breakdown of stock-based compensation expense by line item.

(2)

Acquisition and integration-related expenses include transaction costs and other non-recurring incremental costs incurred through the one-year anniversary of transaction close.


Non-GAAP Operating Income (Loss) and Non-GAAP Operating Margin


We define Non-GAAP operating income (loss) and Non-GAAP operating margin as GAAP operating loss and GAAP operating margin, adjusted for stock-based compensation expense, non-cash charitable contributions, amortization of acquired intangibles and acquisition and integration-related expenses.

 

Three Months Ended
October 31,

 

Nine Months Ended
October 31,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating loss

$

(198,556

)

 

 

$

(51,976

)

 

 

$

(552,677

)

 

 

$

(149,563

)

 

Add:

 

 

 

 

 

 

 

Stock-based compensation expense(1)

155,785

 

 

 

53,652

 

 

 

407,611

 

 

 

139,774

 

 

Non-cash charitable contributions

1,986

 

 

 

2,245

 

 

 

5,649

 

 

 

4,662

 

 

Amortization of acquired intangibles

21,204

 

 

 

1,593

 

 

 

42,795

 

 

 

4,780

 

 

Acquisition and integration-related expenses(2)

10,060

 

 

 

 

 

 

46,664

 

 

 

 

 

Non-GAAP operating income (loss)

$

(9,521

)

 

 

$

5,514

 

 

 

$

(49,958

)

 

 

$

(347

)

 

Operating margin

(57

)

%

 

(24

)

%

 

(60

)

%

 

(25

)

%

Non-GAAP operating margin

(3

)

%

 

3

 

%

 

(5

)

%

 

 

%

(1)

See table in footnote (1) to the condensed consolidated statements of operations above for breakdown of stock-based compensation expense by line item.

(2)

Acquisition and integration-related expenses include transaction costs and other non-recurring incremental costs incurred through the one-year anniversary of transaction close.


Non-GAAP Net Income (Loss), Non-GAAP Net Margin and Non-GAAP Net Income (Loss) Per Share, Basic and Diluted


We define Non-GAAP net income (loss) and Non-GAAP net margin as GAAP net loss and GAAP net margin, adjusted for stock-based compensation expense, non-cash charitable contributions, amortization of acquired intangibles, acquisition and integration-related expenses, amortization of debt discount and debt issuance costs and loss on early extinguishment and conversion of debt.

We define Non-GAAP net income (loss) per share, basic, as Non-GAAP net income (loss) divided by GAAP weighted-average shares used to compute net loss per share, basic and diluted.

We define Non-GAAP net income (loss) per share, diluted, as Non-GAAP net income (loss) divided by GAAP weighted-average shares used to compute net loss per share, basic and diluted adjusted for the potentially dilutive effect of (i) employee equity incentive plans, excluding the impact of unrecognized stock-based compensation expense, and (ii) convertible senior notes outstanding and related warrants. In addition, Non-GAAP net income (loss) per share, diluted, includes the anti-dilutive impact of our note hedge and capped call agreements on convertible senior notes outstanding. Accordingly, we did not record any adjustments to Non-GAAP net income (loss) for the potential impact of the convertible senior notes outstanding under the if-converted method.

 

 

Three Months Ended
October 31,

 

Nine Months Ended
October 31,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(221,311

)

 

 

$

(72,764

)

 

 

$

(607,225

)

 

 

$

(190,526

)

 

Add:

 

 

 

 

 

 

 

 

Stock-based compensation expense(1)

 

155,785

 

 

 

53,652

 

 

 

407,611

 

 

 

139,774

 

 

Non-cash charitable contributions

 

1,986

 

 

 

2,245

 

 

 

5,649

 

 

 

4,662

 

 

Amortization of acquired intangibles

 

21,204

 

 

 

1,593

 

 

 

42,795

 

 

 

4,780

 

 

Acquisition and integration-related expenses(2)

 

10,060

 

 

 

 

 

 

46,664

 

 

 

 

 

Amortization of debt discount and debt issuance costs

 

21,698

 

 

 

20,931

 

 

 

64,478

 

 

 

47,261

 

 

Loss on early extinguishment and conversion of debt

 

 

 

 

89

 

 

 

179

 

 

 

2,263

 

 

Non-GAAP net income (loss)

 

$

(10,578

)

 

 

$

5,746

 

 

 

$

(39,849

)

 

 

$

8,214

 

 

 

 

 

 

 

 

 

 

 

Net margin

 

(63

)

%

 

(33

)

%

 

(66

)

%

 

(32

)

%

Non-GAAP net margin

 

(3

)

%

 

3

 

%

 

(4

)

%

 

1

 

%

 

 

 

 

 

 

 

 

 

Weighted-average shares used to compute net loss per share, basic and diluted

 

153,756

 

 

 

128,813

 

 

 

145,782

 

 

 

126,222

 

 

Non-GAAP weighted-average effect of potentially dilutive securities

 

 

 

 

14,579

 

 

 

 

 

 

15,714

 

 

Non-GAAP weighted-average shares used to compute non-GAAP net income (loss) per share, diluted

 

153,756

 

 

 

143,392

 

 

 

145,782

 

 

 

141,936

 

 

 

 

 

 

 

 

 

 

 

Net loss per share, basic and diluted

 

$

(1.44

)

 

 

$

(0.56

)

 

 

$

(4.17

)

 

 

$

(1.51

)

 

Non-GAAP net income (loss) per share, basic

 

$

(0.07

)

 

 

$

0.04

 

 

 

$

(0.27

)

 

 

$

0.07

 

 

Non-GAAP net income (loss) per share, diluted

 

$

(0.07

)

 

 

$

0.04

 

 

 

$

(0.27

)

 

 

$

0.06

 

 

(1)

See table in footnote (1) to the condensed consolidated statements of operations above for breakdown of stock-based compensation expense by line item.

(2)

Acquisition and integration-related expenses include transaction costs and other non-recurring incremental costs incurred through the one-year anniversary of transaction close.


OKTA, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except percentages)
(unaudited)


Free Cash Flow and Free Cash Flow Margin


We define Free cash flow as net cash provided by operating activities, less cash used for purchases of property and equipment, net of sales proceeds, and capitalized internal-use software costs. Free cash flow margin is calculated as Free cash flow divided by total revenue.

 

 

Three Months Ended
October 31,

 

Nine Months Ended
October 31,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net cash provided by operating activities

 

$

37,120

 

 

 

$

43,426

 

 

 

$

90,587

 

 

 

$

93,053

 

 

Less:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

(1,766

)

 

 

(628

)

 

 

(5,800

)

 

 

(11,297

)

 

Capitalization of internal-use software costs

 

(1,970

)

 

 

(1,204

)

 

 

(2,348

)

 

 

(3,530

)

 

Free cash flow

 

$

33,384

 

 

 

$

41,594

 

 

 

$

82,439

 

 

 

$

78,226

 

 

Net cash provided by (used in) investing activities

 

$

101,459

 

 

 

$

(595,621

)

 

 

$

(210,102

)

 

 

$

(1,267,882

)

 

Net cash provided by financing activities

 

$

9,214

 

 

 

$

5,210

 

 

 

$

58,447

 

 

 

$

1,066,457

 

 

Free cash flow margin

 

10

 

%

 

19

 

%

 

9

 

%

 

13

 

%


Calculated Billings

We define Calculated billings as total revenue plus the change in deferred revenue, net of acquired deferred revenue, and less the change in unbilled receivables, net of acquired unbilled receivables, in the period.

 

 

Three Months Ended
October 31,

 

Nine Months Ended
October 31,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Total revenue

 

$

350,680

 

 

 

$

217,379

 

 

 

$

917,186

 

 

 

$

600,684

 

 

Add:

 

 

 

 

 

 

 

 

Deferred revenue, current (end of period)

 

759,914

 

 

 

424,765

 

 

 

759,914

 

 

 

424,765

 

 

Unbilled receivables, current (beginning of period)

 

3,409

 

 

 

2,113

 

 

 

2,604

 

 

 

1,026

 

 

Acquired unbilled receivables, current

 

 

 

 

 

 

 

2,327

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

Deferred revenue, current (beginning of period)

 

(721,808

)

 

 

(391,246

)

 

 

(502,738

)

 

 

(365,236

)

 

Unbilled receivables, current (end of period)

 

(5,085

)

 

 

(2,427

)

 

 

(5,085

)

 

 

(2,427

)

 

Acquired deferred revenue, current

 

(900

)

 

 

 

 

 

(61,422

)

 

 

 

 

Current calculated billings

 

386,210

 

 

 

250,584

 

 

 

1,112,786

 

 

 

658,812

 

 

Add:

 

 

 

 

 

 

 

 

Deferred revenue, noncurrent (end of period)

 

17,958

 

 

 

7,349

 

 

 

17,958

 

 

 

7,349

 

 

Less:

 

 

 

 

 

 

 

 

Deferred revenue, noncurrent (beginning of period)

 

(15,489

)

 

 

(5,574

)

 

 

(10,860

)

 

 

(6,214

)

 

Acquired deferred revenue, noncurrent

 

 

 

 

 

 

 

(4,817

)

 

 

 

 

Calculated billings

 

$

388,679

 

 

 

$

252,359

 

 

 

$

1,115,067

 

 

 

$

659,947

 

 

About Okta

Okta is the leading independent identity provider. The Okta Identity Cloud enables organizations to securely connect the right people to the right technologies at the right time. With more than 7,000 pre-built integrations to applications and infrastructure providers, Okta provides simple and secure access to people and organizations everywhere, giving them the confidence to reach their full potential. More than 14,000 organizations, including JetBlue, Nordstrom, Siemens, Slack, Takeda, Teach for America, and Twilio, trust Okta to help protect the identities of their workforces and customers.

Okta uses its investor.okta.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

#Okta

MIPIM Asia celebrates its 15th anniversary & makes a grand return in 2021 to initiate a new era with Asia Pacific’s property leaders

Paving the way for Asian property markets, this year’s summit will inspire further innovation and prosperity across the industry

HONG KONG SAR – Media OutReach – 2 December 2021 – The long anticipated MIPIM Asia Summit 2021, revives its in-person conference and sought-after MIPIM Asia Awards Ceremony at the Grand Hyatt, Hong Kong for two days from 7th to 8th December 2021.

 

Over the past few years, Asia has shown unbreakable resilience despite disputes across the trade and from uncertainties caused by the pandemic. Thus, with the theme “Initiating a New Era”, MIPIM is proud to be hosting a safe event to shine light on increasingly important topics, from sustainable development to regional investment prospects, as well as to proudly showcase award-deserving projects that continued to thrive amidst the global lockdown.

 

The Hon Mrs Carrie Lam Cheng Yuet-ngor, GBM, GBS, The Chief Executive of the Hong Kong Special Administrative Region, will deliver a Welcome Keynote at the long-awaited celebratory luncheon for the MIPIM Asia Awards 2020 winners, on 7th December to show her unconditional support towards industry professionals. Day one of MIPIM Asia Summit will feature two conference discussions on the ongoing pursuit of Environmental, Social, and Governance (ESG) and technological innovations in the region, as well as, insights on the hospitality & retail industries during the pandemic era.

 

The opening day topics will be led by panelists, including Mr Gene Soo, Head of Ecosystem at MTR, who will discuss ESG and technology innovation, Dr Aron Harilela, Chairman and CEO of Harilela Hotels Limited, Mr Stephen Ho, President-Growth & Operations, Asia Pacific of Hyatt Hotels Corporation, and Mr Girish Jhunjhnuwala, Founder and CEO of Ovolo Hotels who will delve into the hospitality industry. And Mr Christopher John Wu, Chief Financial Officer of Chongbang Development Ltd., Mr Yu Yang, Chief Investment Officer of Chelsfield, Mr Dennis Au, Managing Director of Real Estate of Chinachem Group, and Mr Gerald Li, Co-founder of Leading Nation Hospitality, who will speak on how F&B is transforming retail, alongside many other distinguished speakers.

 

Additionally, attendees will engage in insightful discussions about managing investment portfolios during the pandemic, with a panel of experienced investors including: Mr Laurent Fischler, Vice President of Ivanhoe Cambridge, Mr Kenny Lam, Senior Managing Director and Head of Asia Real Estate Investments at Manulife, Mr Myung Joo, Managing Director & Head of Investments and Investment Banking at KIS, Mr Chew Fook Aun, Vice Chairman of Lai Sun Group, Mr Raymond Kwok, Senior Investment Director of International Properties at Nan Fung Group, Ms Christina Gaw, Managing Principal and Global Head of Capital Markets at Gaw Capital, and Mr Qiqi Zhang, Managing Director at Warburg Pincus.

The final day of the summit, invites keynote speeches from two of Hong Kong’s property leaders, Mr Adriel Chan, Vice Chair of Hang Lung Properties Limited and Ms Winnie Chiu, J.P., President and Executive Director of Dorsett Hospitality International. They will be providing their insights on how sustainability and innovation in the built environment have evolved and accelerated since the pandemic. The conference will also explore in detail, real estate investment strategies across the Asia Pacific region, such as the latest competitive market trends through inbound, outbound, and alternative investments respectively.

 

Panelists on the final day feature notable guests like Mr Nigel Smith, Managing Director of Colliers, Ms Zoe Zuo, Managing Director and Co-head of China Real Estate Angelo Gordon and more.

 

Also, an unmissable event of the MIPIM Asia Summit, the “Meet the Chairmen” panel will feature the leading lights of the Asian property industry Mr Justin Chiu, Executive Director of CK Asset Holdings, Mr Kenneth Gaw, President and Managing Principal Gaw Capital, and Mr George Hongchoy, Executive Director & Chief Executive Officer Link Asset Management Limited, who will elaborate on ‘initiating a new era’ in a post pandemic environment and paving the way for long-term economic growth.

 

To conclude the whole summit, MIPIM Asia will host a grand dinner that will have everyone paying close attention to the announcement the 33 winners of the highly sought-after, MIPIM Asia Awards 2021, whose highest achieving teams will be joining to celebrate their successes.

 

We look forward to welcoming everyone to The MIPIM Asia Summit where we will take all the necessary precautions to provide you with the safest possible networking and conference environment. For more information about the precautionary measures please visit our website.

 

The MIPIM Asia Summit programme is available on our website.

For more details, please follow MIPIM: Facebook Twitter LinkedIn

About MIPIM Asia Summit

MIPIM Asia Summit is the annual property leaders’ summit in Asia Pacific organised by Reed MIDEM. It is the major gathering where top-level decision makers gather to explore new business partnerships and investment opportunities. It features expert-led conference sessions, premium networking accelerators and an exclusive awards gala dinner over a two-day period. Distinguished speakers, senior executives, high-level business professionals and industry experts from around the world will discuss the latest developments and prevailing trends in the property and retail industry. MIPIM – the world’s property market – is the leading and largest global property event. The four-day event takes place annually in Cannes every March. 26,800 delegates attended in 2019 with 6,380 investors, and 100 different countries being represented.

About RX France:

RX France manages a portfolio of world-class, French and international face-to-face, virtual and hybrid events covering 20 industry sectors including MIPIM, MAPIC, Batimat, Pollutec, EquipHotel, SITL, IFTM Top Resa, MIPCOM, MIPTV, FIAC, Paris Photo… and many more. RX France’s events take place in France, China, India, Italy, Mexico, Russia and the United States. We serve our clients as we accompany their strategic business development and roll out the best of physical and digital events. RX France is part of RX (previously Reed Exhibitions). www.rxglobal.com

About RX Global:

RX is in the business of building businesses for individuals, communities and organisations. We elevate the power of face-to-face events by combining data and digital products to help customers learn about markets, source products and complete transactions at over 400 events in 22 countries across 43 industry sectors. RX is passionate about making a positive impact on society and is fully committed to creating an inclusive work environment for all our people. RX is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers. www.rxglobal.com

#MIPIMAsiaSummit

NetApp Delivers Award-Winning Innovation to Enable Digital Transformation on AWS

At AWS re:Invent, NetApp Named 2021 AWS ISV Design Partner of the Year – US; Spot by NetApp Simplifies CloudOps with new portfolio updates

SINGAPORE – Media OutReach – 2 December 2021 – NetApp® (NASDAQ: NTAP), a global, cloud-led, data-centric software company, today announced new innovations in its product portfolio as well as award recognition from Amazon Web Services (AWS) for its achievements as an AWS Partner. Together, these announcements demonstrate how NetApp’s investments and vision are enabling any organization using AWS to access world-class cloud operations (CloudOps) and maximize the value of their investment.

At AWS re:Invent this week, NetApp was named the 2021 AWS Independent Software Vendor (ISV) Design Partner of the Year – US, for the jointly engineered and natively integrated Amazon FSx for NetApp ONTAP service. This fully-managed, multi-protocol storage service from AWS allows organizations to extend on-premises data onto AWS for enhanced data protection, migrate enterprise workloads without refactoring, and set the stage to run stateful Kubernetes applications. The award recognizes NetApp’s work in helping customers enable innovation and build solutions that drive digital and cloud transformation on the AWS Cloud.

“AWS Partners are critical to our customers’ success, and we are pleased to recognize NetApp as a 2021 AWS Partner of the Year US winner,” said Rachel Mushahwar, Head of Channel and Partner Sales – Americas, AWS. “I continue to be impressed by the commitment and innovation that NetApp offers our customers and how they are uniquely positioned to help accelerate our customers’ digital transformation journey. I look forward to working together and a great 2022.”

 

“We are proud to be named the AWS ISV Design Partner of the Year in the US,” said Anthony Lye, Executive Vice President and General Manager of Public Cloud Services at NetApp. “For nearly a decade, NetApp and AWS engineers have worked together to create industry-leading cloud services, so it’s incredibly exciting to see our joint innovation be recognized onstage at this year’s re:Invent. Together, NetApp and AWS are delivering the best of cloud to our customers and partners to deliver immediate business value, whether in the form of cost efficiency, compliance, data protection, or performance.”

 

NetApp also announced important milestones in the growth of its Spot by NetApp product portfolio for CloudOps, including:

 

Spot Ocean for Apache Spark

Part of the Spot Ocean suite of products, Spot Ocean for Apache Spark combines the infrastructure automation and optimization of Spot Wave together with Data Mechanics, recently acquired by NetApp, to give data infrastructure teams the power and flexibility of Apache Spark on Kubernetes without the complexity of managing and tuning infrastructure and workloads. Ocean for Apache Spark is now available in preview for AWS customers.

 

Spot Ocean Continuous Delivery (CD)

Also, part of the Spot Ocean suite, Spot Ocean CD extends Spot by NetApp’s core technologies with a solution for easy, reliable delivery of cloud-native applications on Kubernetes. Available for private preview with AWS customers in mid-December, Spot Ocean CD makes it easy to quickly and reliably execute deployments with integrated and automated continuous verification to give developers full confidence in their deployments.

 

Together with Spot Ocean serverless infrastructure, these products make up the expanded Spot Ocean suite, bringing intelligent automation and optimization to cloud-native infrastructure and workloads on Kubernetes.

 

CloudCheckr Well-Architected Readiness Advisor

CloudCheckr, recently acquired by NetApp, complements the Spot product portfolio to expand Spot by NetApp’s financial operations (FinOps) capabilities. Spot by NetApp today announced the release of CloudCheckr Well-Architected Readiness Advisor, which helps managed service providers (MSPs) streamline the process of delivering AWS Well-Architected Reviews and helps to ensure that AWS customers are in compliance with the AWS Well-Architected Framework for optimization of cloud cost, security, operations, performance and reliability.

 

The Well-Architected Readiness Advisor is available on the CloudCheckr CMx platform.

 

Spot Security

Spot Security enables customers to quickly detect, prioritize and help mitigate the most serious security threats and risks within cloud infrastructure. Spot Security is now available in private preview, starting with AWS customers.

 

“Getting applications to the cloud is only the first step in the cloud journey,” said Amiram Shachar, Vice President and General Manager of Spot by NetApp. “Realizing the promise of cloud requires a holistic approach to operating within the cloud, an approach that addresses cost, resource management, optimization and security. Our growing portfolio delivers a compelling suite of solutions for cloud operations that let organizations focus on their applications rather than on infrastructure.”

 

Additional Resources:

About NetApp

NetApp is a global, cloud-led, data-centric software company that empowers organizations to lead with data in the age of accelerated digital transformation. The company provides systems, software and cloud services that enable them to run their applications optimally from data center to cloud, whether they are developing in the cloud, moving to the cloud, or creating their own cloudlike experiences on premises. With solutions that perform across diverse environments, NetApp helps organizations build their own data fabric and securely deliver the right data, services and applications to the right people—anytime, anywhere. Learn more at www.netapp.com or follow us on Twitter, LinkedIn, Facebook, and Instagram.

NETAPP, the NETAPP logo, and the marks listed at www.netapp.com/TM are trademarks of NetApp, Inc. Other company and product names may be trademarks of their respective owners.

#NetApp