CrowdStrike Holdings, Inc. Class A Common Stock

Fortinet, Inc.

Cloudflare, Inc. Class A common stock, par value $0.001 per shar

Okta, Inc. Class A Common Stock

Palo Alto Networks, Inc. Common Stock

Zscaler, Inc. Common Stock

All of the security names ($PANW $OKTA $NET $CRWD $FTNT $ZS) add back stock compensation and amortization of intangibles to non-GAAP results but some are more dependent on this practice than others.

Will employees be as willing to accept option in lieu of cash with stock prices down?

What about the ones that are more dependent on using stock as currency in acquisitions to grow?

All of these companies also capitalize commissions and network equipment- but some are more aggressive than others.

We explore all of these issues in our latest Substack. _**(You can currently see our archive and sign up for free below.)**_

[https://peekbehindthenumbers.substack.com/p/hacking-the-security-companies-earnings?r=wwtxs&s=w&utm_campaign=post&utm_medium=web](https://peekbehindthenumbers.substack.com/p/hacking-the-security-companies-earnings?r=wwtxs&s=w&utm_campaign=post&utm_medium=web)

A comparison of the earnings quality of PANW, OKTA, CRWD, FTNT, ZS, and FTNT

https://peekbehindthenumbers.substack.com/p/hacking-the-security-companies-earnings?r=wwtxs&s=w&utm_campaign=post&utm_medium=web

Hacking the Security Companies' Earnings

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