OKTA- Disproving Shakespeare’s “What’s in a Name?” Theory Every Quarter

Constant redefining of key metrics is never a good sign

We live in a world where almost all companies report both GAAP earnings and non-GAAP adjusted earnings. In most cases, there is continuity to what makes up the adjusted earnings so there is usually some comparability to what adjusted earnings were in prior periods.

Then there are companies like OKTA where it pays to read the footnotes every quarter as their rose changes scent, color, and definition frequently. We will examine changes in the components of key performance measurements over the last year along with other items that we believe have eroded the quality and sustainability of the company’s reported results.

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