What changed in this filing

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Item 1. Business

2022-03-07 compared with 2021-03-04 · 95 added, 59 removed, 233 unchanged (40% of the section changed)

Okta is the leading independent identity management platform for the enterprise.

Our vision is to enable everyone to safely use any technology, and we believe identity is the key to making that happen.

Okta is the leading independent identity provider.

Our vision is to free anyone to safely use any technology, and we believe identity is the key to making that happen.

Our mission is to bring simple and secure digital access to people and organizations everywhere.

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Employees and contractors sign into the Okta Identity Cloud to seamlessly and securely access the applications they need to do their most important work.

Organizations use our platform to collaborate with their partners, and to provide their customers with more modern and secure experiences online and via mobile devices.

Organizations use our platform to collaborate with their partners, and to provide their customers with more modern and secure experiences in the cloud and via mobile devices.

As we add new customers, users, developers and integrations to our platform, our business, customers, partners and users benefit from powerful network effects that increase the value and security of the Okta Identity Cloud.

The acceleration of digital transformations, cloud modernization and changing consumer expectations to simple, secure digital experiences are driving a shift in how organizations manage consumer identities on the internet.

The acceleration of digital transformations, cloud modernization and evolving security threat landscape and changing consumer expectations to simple, secure digital experiences are driving a shift in how organizations manage consumer identities on the internet.

Organizations are building secure consumer-facing applications and are turning to identity to optimize seamless and private user experiences.

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We had over 7,000 integrations with cloud, mobile and web applications and IT infrastructure providers as of January 31, 2022, which while not directly correlated to revenue, shows the breadth and acceptance of our platform.

On May 3, 2021, we acquired Auth0, Inc.

Auth0's cloud-native identity and access management solution provides application builders with the building blocks they need to add authentication and authorization to their applications, in a scalable and easy-to-integrate way.

We employ a Software-as-a-Service ("SaaS") business model, and generate revenue primarily by selling multi-year subscriptions to our cloud-based offerings.

We focus on acquiring and retaining our customers and increasing their spending with us through expanding the number of users who access the Okta Identity Cloud and up-selling additional products.

We sell our products directly through our field and inside sales teams, as well as indirectly through our network of channel partners, including resellers, system integrators and other distribution partners.

On March 3, 2021, we entered into a definitive agreement to acquire Auth0, Inc.

(Auth0) pursuant to an Agreement and Plan of Merger (the Merger Agreement).

Upon consummation of the transaction contemplated by the Merger Agreement, all outstanding shares of Auth0 capital stock, options, warrants, convertible securities, phantom equity and other outstanding equity interests will be cancelled in exchange for aggregate consideration of $6.5 billion in the form of shares of Class A common stock of the Company and assumed awards of corresponding Company equity interests, subject to customary purchase price adjustments and certain customary cash payouts in lieu of shares of Company Class A common stock, as provided by the Merger Agreement.

The purchase price payable in shares of Class A common stock will be valued at $276.2147 per share (which price was calculated based on the daily volume-weighted average sales price per share of Company Class A common stock for the 20 trading days ending on February 26, 2021).

The per share price of these shares has been fixed as of the Merger Agreement signing date, and the aggregate value of these shares will fluctuate based on changes in our share price between the signing and closing dates.

Auth0 is an identity management platform for application developers that provides solutions to add authorization and authentication services to developer applications.

The proposed transaction is expected to close during the Company’s second quarter of fiscal 2022, the quarter ending July 31, 2021.

The closing of this transaction is subject to certain customary closing conditions and approvals.

We focus on acquiring and retaining our customers and increasing their spending with us through expanding the number of users who access the Okta Identity Cloud and up-selling additional products, including Auth0.

We sell our products directly through our field and inside sales

teams, as well as indirectly through our network of channel partners, including resellers, system integrators and other distribution partners.

The Okta Identity Cloud

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The Okta Identity Cloud is underpinned by Okta Platform Services which are the foundational platform components that power our product features.

The Okta Identity Cloud for Workforce Identity

Workforce Identity Cloud

In workforce identity use cases, the Okta Identity Cloud simplifies the way an organization’s employees, contractors and partners connect to its applications and data from any device, while increasing efficiency and keeping IT environments secure.

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The Okta Identity Cloud enables our customers to automate access across their growing ecosystem of employees, contractors and partners, increasing collaboration across their workforces.

The Okta Identity Cloud for Customer Identity

Customer Identity Cloud

In customer identity use cases, the Okta Identity Cloud enables organizations to transform their own customers’ experiences by empowering development teams to rapidly and securely build customer-facing cloud, mobile or web applications.

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Organizations are able to centrally manage policy and API-level access across all their applications, leading to more seamless customer experiences that are personalized, engaging and secure.

Okta Platform Services

Through our acquisition of Auth0, we are able to support a broader spectrum of customer identity use cases.

Auth0 offers a more customizable approach to customer identity for developers, which is complementary to Okta’s customer identity solutions that focus on developers who prefer an out-of-the-box, low-code approach.

Auth0 empowers application builders to innovate faster by removing the complexity from identity and making it simple, extensible and customizable.

Platform Services

In order to enable customers and partners to address a wide range of identity use cases, we have built a set of modular components, called Okta Platform Services, which can be combined to build new features and tailored experiences faster.

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Okta Platform Services include Okta’s Identity Engine, Workflows, Devices, Integrations and Insights.

Through Auth0, we offer an additional extensible and easy-to-integrate solution for developer-centric use cases.

Growth Strategy

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We also believe we can expand our footprint by focusing on current customers that have deployed the Okta Identity Cloud for workforce identity, and expanding those customers’ use of our platform for customer identity, or vice versa.

• Expand Our Channel Partner Ecosystem .

We also plan to expand our indirect sales network to leverage the sales efforts of resellers, system integrators and other distribution partners, and to increase the contribution we receive from these channel partners.

• Leverage Partner Ecosystem .

We also plan to further leverage the sales efforts of resellers, system integrators and other distribution partners, and to increase the contribution we receive from these channel partners.

• Expand Our International Footprint .

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In addition, we intend to selectively pursue acquisitions and strategic investments in businesses and technologies to extend our platform.

By continuing to innovate, introduce new products and extend our platform to additional use cases, we believe that we can offer increasing value to our existing and potential customers.

By continuing to innovate, introduce new products and extend our platform, we believe that we can offer increasing value to our existing and potential customers.

• Extend Our Accessible Market with New Use Cases .

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• Leverage Our Integrations .

The Okta Integration Network is an extensive partner ecosystem, which includes over 7,000 integrations with cloud, mobile and web applications and IT infrastructure

The Okta Integration Network is an extensive partner ecosystem, which includes over 7,000 integrations with cloud, mobile and web applications and IT infrastructure providers.

We plan to continue these partnerships as well as add new integration partners to enrich our user experience and expand our customer base.

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• Expand our Developer Ecosystem .

We want to empower every application developer to use the Okta Identity Platform to securely build authentication into any application.

We believe that our secure and seamless access solutions enable developers to focus their time and attention on building their core application capabilities while relying on the Okta Identity Platform for their identity related requirements.

We currently offer a free developer license, and we plan to create additional SDKs and APIs to make our platform more extensible and allow developers to build applications and services that extend its functionality.

We want to empower every application developer to use our platform to securely build authentication into any application.

We believe that our secure and seamless access solutions enable developers to focus their time and attention on building their core application capabilities while relying on our platform for their identity related requirements.

• Leverage Our Unique Data Assets with Powerful Analytics .

Our position at the intersection of people, devices, applications and infrastructure gives us unique access to powerful data, and the opportunity to provide differentiated insights based on that data, as well as predictive capabilities based on that data to help keep customers more secure.

Our position at the intersection of people, devices, applications and infrastructure gives us unique access to powerful data, and the opportunity to

provide differentiated insights based on that data, as well as predictive capabilities based on that data to help keep customers more secure.

We expect the value of our analytics to our customer base will increase as customers continue to connect more devices, applications and users to their networks and as we add more customers.

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We continuously improve the Okta Identity Cloud through the release and development of additional products, features and services.

Okta Products

• Universal Directory .

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We offer an intelligent approach to security, built on contextual data.

Adaptive Multi-Factor Authentication includes a policy framework that is integrated with a broad set of cloud

and on-premises applications and network infrastructures.

Adaptive Multi-Factor Authentication includes a policy framework that is integrated with a broad set of cloud and on-premises applications and network infrastructures.

It offers adaptive, risk-based authentication that leverages data intelligence from across the Okta network of thousands of organizations.

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Access to these APIs is managed based on the user, which enables organizations to centrally maintain one set of permissions for any employee, partner or customer across every point of access.

API Access Management reduces development time, boosts security, helps in achieving compliance and enables seamless end-user experiences by providing a unified portable service for authorizing secure and always available access to any API.

API Access Management reduces development time, boosts security, helps in achieving

compliance and enables seamless end user experiences by providing a unified portable service for authorizing secure and always available access to any API.

• Access Gateway .

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Advanced Server Access enables our customers to centralize access controls in a seamless manner to better mitigate the risk of credential theft, reuse, sprawl and abandoned administrative accounts.

By focusing on identity, the one constant in an ever-changing technology and threat landscape, the Okta Identity Cloud provides our customers with a solution to solve their IT and security challenges, facilitate their adoption of a Zero Trust security model and enable their digital transformation.

Auth0 Products

• Universal Login .

Universal Login is a standards-based login infrastructure with centralized feature management and configuration for websites and applications that can be integrated with a wide range of social providers, enterprise login services and customer-provided databases.

Universal Login enables Auth0 customers to provide a consistent login experience across many different applications and devices.

• Attack Protection .

Attack Protection is a suite of security capabilities that protect Auth0 customers from different types of malicious traffic, including bots, breached passwords, suspicious IP addresses and brute force attacks.

Attack Protection enables Auth0 customers to minimize risks associated with the ever-growing volume of identity-targeted attacks.

• Adaptive Multi-Factor Authentication .

Simple-to-use and adaptable Multi-Factor Authentication that minimizes friction to end users.

When using Adaptive Multi-Factor Authentication, Auth0 customers leverage risk-assessment algorithms that present Multi-Factor Authentication challenges only to select authentication attempts that require additional validation.

• Passwordless .

Passwordless authentication enables users to login without a password and supports a variety of different login methods, including advanced device biometrics.

• Machine to Machine .

Machine to Machine provides standards-based authentication and authorization with non-interactive devices and applications.

• Private Cloud .

Private Cloud is a deployment option that allows Auth0 customers to run a dedicated cloud instance of Auth0.

Private Cloud capability supports multiple cloud providers.

• Organizations .

Organizations enable Auth0 customers to support a large number of partners or customers of their own with independent configurations, login experiences and security options.

By focusing on identity, the one constant in an ever-changing technology and threat landscape, we provide our customers with a solution to solve their IT and security challenges, facilitate their adoption of a Zero Trust security model and enable their digital transformation.

Our Technology

We focus on engineering an intuitive, but comprehensive, platform to solve complex problems.

Our pure cloud architecture is multi-tenant, encrypted and third-party validated.

Our cloud architecture is multi-tenant, encrypted and third-party validated.

Our service also allows us to integrate into our customers’ on-premises components and hybrid configurations.

One Platform with Differentiated Administration, User and Developer Experience

Okta Identity Cloud Platform with Differentiated Administration, User and Developer Experience

The Okta Identity Cloud is built on one common platform and user interface framework, offering administrators and users a consistent, easy-to-use, consumer-like experience across our products.

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Security is a mission-critical issue for Okta and for our customers.

Our approach to security spans day-to-day operational practices to the design and development of our software to how customer data is segmented and secured within our multi-tenant platform.

Our approach to security spans day-to-day operational practices from the design and development of our software to how customer data is segmented and secured within our multi-tenant platform.

We ensure that access to our platform is securely delegated across an organization.

Our source code is updated weekly, and there are audited and verifiable security checkpoints to ensure source code fidelity and continuous security review.

Okta's source code is updated weekly, and there are audited and verifiable security checkpoints to ensure source code fidelity and continuous security review.

We have attained multiple SOC 2 Type II Attestations, CSA Star Level 2 Attestation, ISO/IEC 27001:2013, ISO/IEC 27018:2019 and Health Insurance Portability and Accountability Act ("HIPAA") certifications and multiple agency Federal Risk and Authorization Management Program ("FedRAMP") Moderate Authorities to Operate.

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Our maintenance windows do not require any downtime.

Our proprietary cell architecture includes redundant, active-active availability zones with cross-continental disaster recovery centers, real-time database replication and geo-distributed storage.

Okta's proprietary cell architecture includes redundant, active-active availability zones with cross-continental disaster recovery centers, real-time database replication and geo-distributed storage.

If one of our systems goes down, another is quickly promoted.

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Synthetic transaction monitoring allows our technical operations team to detect and resolve issues proactively.

Okta Integration Network

Okta Integration Network and Auth0 Marketplace

The Okta Integration Network contains over 7,000 integrations with cloud, mobile and web applications, IoT devices and IT infrastructure providers, including Amazon Web Services, Atlassian, Cisco, F5 Networks, Google Cloud Platform, Microsoft Office 365, NetSuite, Oracle, Palo Alto Networks, Proofpoint, Salesforce, SAP, ServiceNow, Slack, Splunk, VMware, Workday and Zoom.

At the core of the Okta Integration Network is a patented technology that allows our customers to seamlessly connect to any application or type of device that is already integrated into our network.

In addition, customers can extend the Okta Integration Network by creating their own integrations to both cloud and on-premises proprietary applications.

Our patented technology allows our customers to seamlessly connect to any application or type of device that is already integrated into our network.

In addition, customers can extend the benefits of the Okta Integration Network by creating their own integrations to both cloud and on-premises proprietary applications.

Similarly, the Auth0 Marketplace is a trusted catalog of integrations that enables application teams to easily assemble complete identity solutions.

The Auth0 Marketplace connects customers with service providers and builders who solve integration use cases and implement integrations with the Auth0 platform.

Our Customers

As of January 31, 2021, we had more than 10,000 customers on our platform, including more than 1,950 customers with an annual contract value greater than $100,000.

Our customers span nearly all industry verticals and range from small organizations with fewer than 100 employees to companies in the Fortune 50, with up to hundreds of thousands of employees, some of which use the Okta Identity Cloud to manage millions of their customers' identities.

As of January 31, 2022, we had more than 15,000 customers, including more than 3,100 customers with an annual contract value greater than $100,000.

Our customers span nearly all industry verticals and range from small organizations with fewer than 100 employees to companies in the Fortune 50, with up to hundreds of thousands of employees, some of which use our platform to manage millions of their customers' identities.

Sales and Marketing

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Our most valuable marketing features our customers and their successes, and is informed by a deeply data-driven approach, giving us insights into the efficacy of our efforts.

Our marketing efforts focus on promoting our

industry-leading identity platform, establishing our brand, generating awareness, creating sales leads and cultivating the Okta Community.

Our marketing efforts focus on promoting our industry-leading identity platform, establishing our brand, generating awareness, creating sales leads and cultivating the Okta Community.

A centerpiece of our marketing strategy is our annual customer conference, Oktane, that features customers sharing their success stories, new product and feature announcements and hands-on product labs.

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Research and Development

Our research and development organization is responsible for the design, architecture, creation and the quality of the Okta Identity Cloud.

Our research and development organization is responsible for the design, architecture, creation and the quality of our platform.

The research and development organization also works closely with our technical operations team to ensure the successful deployment and monitoring of our platform.

We use test automation and application monitoring to ensure the Okta Identity Cloud is always-on.

We use test automation and application monitoring to ensure our services are always-on.

Customer Support and Professional Services

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As part of our customer first strategy, we are focused on customer success and offer several programs to help our customers maximize their success with our products.

These programs leverage the expertise and best practices that we have built while helping thousands of Okta customers to adopt and deploy our products.

These programs leverage the expertise and best practices that we have built while helping thousands of customers to adopt and deploy our products.

Customer Support and Training Services

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We protect our intellectual property through a combination of trademarks, domain names, copyrights, trade secrets and patents, as well as contractual provisions and restrictions on access to our proprietary technology.

As of January 31, 2021, we had twenty issued patents in the United States, which expire between 2030 and 2037 and cover various aspects of our products.

In addition, as of such date, we also had five issued patents in Australia which expire between 2033 and 2037, five issued patents in New Zealand which expire between 2034 and 2037, and five issued European patents which have each been validated in Germany, France and Great Britain and expire between 2033 and 2036.

We have registered “Okta” as a trademark in the United States, Australia, Canada, China, the European Union, Japan and the United Kingdom.

We also have filed other trademark applications pending in the United States and China.

We also have registered in the United States the trademarks "Okta Your Cloud, Covered," "Enterprise Identity, Delivered," "Work Outside the Perimeter," "Oktane," "Never Build Auth Again" and "Zero Trusts Given."

We are the registered holder of a variety of domestic and international domain names that include “Okta” and similar variations.

As of January 31, 2022, we had twenty-eight issued patents in the United States, which expire between 2030 and 2039 and cover various aspects of our products.

In addition, as of such date, we also had nine issued patents in Australia which expire between 2033 and 2037, six issued patents in New Zealand which expire between 2034 and 2037, and nine issued European patents which have each been validated in Germany, France and Great Britain, with some also validated in Switzerland, Denmark, Spain, the Netherlands, Norway and Sweden, and expire between 2033 and 2037.

We have registered “Okta” and "Auth0" as trademarks in many jurisdictions throughout the world to protect our brands.

We also have filed other trademark applications pending in various jurisdictions throughout the world.

We also have registered other trademarks in the United States including "Okta Your Cloud, Covered," "Enterprise Identity, Delivered," "Work Outside the Perimeter," "Oktane" and "Never Build Auth Again."

We are the registered holder of a variety of domestic and international domain names that include “Okta,” "Auth0" and similar variations.

In addition to the protection provided by our intellectual property rights, we enter into confidentiality and proprietary rights or similar agreements with our employees, consultants and contractors.

Our employees,

consultants and contractors are also subject to invention assignment agreements.

Our employees, consultants and contractors are also subject to invention assignment agreements.

We further control the use of our proprietary technology and intellectual property through provisions in both general and product-specific terms of use.

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Our competitors vary in size and in the breadth and scope of the products and services offered.

However, many of our competitors have substantial competitive advantages such as significantly greater financial, technical, sales and marketing, distribution, customer support or other resources, longer operating histories, greater resources to make strategic acquisitions and greater name recognition than we do.

However, certain of our competitors have substantial competitive advantages such as significantly greater financial, technical, sales and marketing, distribution, customer support or other resources, longer operating histories, greater resources to make strategic acquisitions and greater name recognition than we do.

Our principal competitor is Microsoft.

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Principal competitive factors in our markets include flexibility, independence, product capabilities, total cost of ownership, time to value, scalability, user experience, number of pre-built integrations, customer satisfaction, global reach and ease of integration, management and use.

We believe our product strategy, platform architecture, technology and independence as well as our company culture allow us to compete favorably on each of these factors.

We believe our product strategy, platform architecture,

technology and independence as well as our company culture allow us to compete favorably on each of these factors.

We expect competition to increase as other established and emerging companies enter our markets, as customer requirements evolve, and as new products and technologies are introduced.

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We have not experienced any work stoppages, and we consider our relations with our employees to be good.

Our employee engagement program helps us understand employee sentiment on a wide range of topics throughout the employee lifecycle, providing insights that inform our decisions about company initiatives, employee programs, talent risks, management opportunities and more.

In fiscal 2022, 83% of our eligible employees participated in our annual employee engagement survey.

We encourage you to review the “Diversity, Inclusion and Belonging,” “Responsibility,” “Careers” and “Okta for Good” pages of our website at www.okta.com for more detailed information regarding our human capital programs and initiatives.

Additional information on our diversity, inclusion and belonging strategy, diversity metrics and programs can be found in our State of Inclusion at Okta Annual Report located on our website at www.okta.com/state-of-inclusion-at-okta.

Additional information on our diversity, inclusion and belonging strategy, diversity metrics and programs can be found in our most recent State of Inclusion at Okta annual report located on our website at www.okta.com/state-of-inclusion-at-okta, and additional information on our compensation, benefits and wellness programs is available on our Total Rewards website at rewards.okta.com.

The information contained on, or that can be accessed through, our website is not incorporated by reference into this Annual Report on Form 10-K.

People First Philosophy

“Empower our people” is one of our core values and in fiscal 2022, we introduced our “People First” philosophy in which culture, career growth, competitive rewards, flexible work and purpose come together to create a shared sense of ownership in achieving our company vision.

As we enter our next phase of growth, bolstered by the addition of Auth0 and its employees, we want every employee to feel ownership of Okta.

Diversity, Inclusion and Belonging

We are committed to fostering a culture of inclusion and belonging, and to building a diverse workforce to drive innovation and collective growth, which we believe is critical to our success.

Over the past few years, we have prioritized our diversity, inclusion and belonging (DIB) program at Okta.

Over the past few years, we have made deeper investments in our diversity, inclusion and belonging ("DIB") program at Okta.

Our DIB initiatives – spearheaded by our DIB department, Inclusion Council and employee resource groups ("ERGs"), in partnership with various other teams – focus on DIB in our workforce, in our workplace and in the community.

We employ inclusive recruitment and hiring practices to source diverse talent and mitigate potential bias throughout the hiring process.

We also continue to recruit from a broad range of colleges and engage with organizations that support diverse students and jobseekers through our social impact arm, Okta for Good.

Our engagement with diversity sourcing programs and partnerships allows us to both source top talent from underrepresented groups for current open roles, and further strengthen our ability to build and nurture diverse talent communities for future roles.

We also continue to recruit from a range of colleges, including those that support women in computer science and Historically Black Colleges and Universities, and engage with organizations that support diverse students and jobseekers through our social impact arm, Okta for Good.

Nurturing a culture of inclusion and belonging in our workplace is a key priority.

We empower our employees to be authentic and grow through open conversations and engagement resources, including regular safe space DIB discussion forums and facilitated workshops, personalized DIB learning tools, mentoring and workplace development programs focused on supporting talent from underrepresented communities, and sponsorship of ERGs that strengthen our DIB culture.

We currently have ERGs supporting women, people of color, veterans, the LGBTQIA+ community and parents and caregivers, and plan to launch affinity groups supporting neurodiversity and persons with disabilities in fiscal 2023.

Growth and Development

We invest significant resources to develop talent and actively foster a learning culture where employees are empowered to drive their personal and professional growth.

We provide our employees with a wide range of learning and development opportunities, including in-person, virtual, social and self-directed learning, mentoring, coaching and external development.

We offer extensive onboarding and training programs to prepare our employees at all levels for career progression and individual development.

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We provide robust compensation, benefits and wellness programs that help support the varying needs of our employees.

In addition to market-competitive base pay, short-term bonus incentives and long-term equity incentives, our total rewards program includes comprehensive employee benefits and a variety of other health and wellness resources.

In addition to market-competitive base pay, short-term bonus incentives and long-term equity incentives, our total rewards program offers comprehensive employee benefits that may vary by country/region, including an employee stock purchase plan, a 401(k) plan with company matching contribution, comprehensive medical, dental and vision insurance, life and disability insurance, health savings accounts, flexible time off, volunteer time off, gender-neutral paid parental leave, fertility and adoption support, family care resources, mobile and internet reimbursement, mental health and lifestyle support programs and a variety of other health and wellness resources.

We are committed to fair compensation and opportunity in our workplace.

We conduct regular equal pay assessments and adjust as needed to ensure our employees are paid equitably without regard to gender or ethnicity.

We help our employees succeed by providing flexibility in where and how they work.

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In response to the COVID-19 pandemic, we accelerated our move to Dynamic Work to protect the health, safety and wellness of our employees.

Looking forward, we continue to focus on technologies and programs that create equity and build community across our dynamic workforce, including:

• Flexible benefit offerings that allow employee customization;

• Workplace solutions, such as coworking spaces, outside of our primary office locations that support our distributed teams;

• A Dynamic Work Sustainability Guide to empower our employees to reduce their carbon footprints wherever they are working from;

• Curated experience programs that foster a sense of community both in-person and virtually.

Community and Social Impact

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Our employee volunteer program enables global team members to donate time to support charitable organizations worldwide.

In addition, prior to our initial public offering (IPO) in April 2017, we reserved 300,000 shares of our common stock to fund and support the operations of Okta for Good, of which 195,000 shares of Class A common stock remain reserved for future issuances.

In addition, prior to our initial public offering ("IPO") in April 2017, we reserved 300,000 shares of our common stock to fund and support the operations of Okta for Good, of which 172,500 shares of Class A common stock remained reserved for future issuances as of January 31, 2022.

Financial Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business