|Okta, Inc. (OKTA) CEO Todd McKinnon on Q3 2019 Results - Earnings Call Transcript|
Dec. 5, 2018
Our third fiscal quarter was another outstanding quarter for Okta with total revenue and calculated billings both up 58% year-over-year. We continued to invest across our business, while improving our bottom line. Operating margin improved over 22 points and free cash flow margin improved more than 18 points year-over-year, making us free cash flow positive for the first time. We also had a record quarter in terms of customer growth. We added over 450 new customers in Q3, bringing our total to over 5,600 customers. Even more exciting is the momentum with our largest customers.
We saw 55% growth in customers with over $100,000 in annual recurring revenue, which represents a record 100 net new adds in a quarter. This momentum is an indicator that identity is an increasingly strategic imperative for organizations in every industry and validates Okta’s approach to helping organizations manage all their identities through our independent cloud platform. As a reminder, we address two markets, workforce identity, the identities of employees, contractors and partners; and customer identity, the identities of our customers’ customers.