Core Insights - Okta reported a 12% year-over-year total revenue growth for fiscal Q1 2026, achieving record profitability and strong cash flow [1] - The company introduced suite-based pricing and emphasized accelerating product innovation in both human and nonhuman identity [1][8] - Full-year fiscal 2026 guidance includes 9%-10% revenue growth, a 25% adjusted operating margin, and a 27% free cash flow margin [1][10] Revenue and Profitability - The company achieved record profitability alongside a 12% year-over-year revenue growth [1] - Guidance for Q2 fiscal 2026 anticipates 10% revenue growth and a 26% adjusted operating margin [10] Strategic Initiatives - Okta restructured its salesforce to specialize teams into dedicated Okta and Auth0 sellers, leading to strong new business performance and public sector wins [3] - The company launched suite-based pricing to meet customer demand for consolidation, enhancing cross-sell opportunities [8][9] Product Innovation - Workflow executions increased nearly 400% over the past three years, reaching nearly 40 billion in March [5] - Okta's identity governance suite and tools for managing nonhuman identities gained traction, with partners reporting readiness for mainstream adoption [5][6] Market Position and Outlook - The company emphasized its unique status as an independent identity provider with over 8,000 integrations, allowing flexibility without vendor lock-in [8][9] - Management has incorporated economic prudence into its forward outlook, anticipating seat headwinds in the first half of FY2026 [10]

Group 1: Ackman's Investment Strategy - Bill Ackman, through Pershing Square Capital Management, holds a concentrated portfolio of only 12 stocks, with nearly one-third of his $11.9 billion portfolio invested in three major growth stocks [1][3] - Ackman has recently made Uber Technologies (UBER) his top stock, acquiring 30.3 million shares worth approximately $2.21 billion, which constitutes 18.5% of his hedge fund's portfolio [2][3] Group 2: Reasons for Investing in Uber - Ackman cites his long-term admiration for Uber and its status as a "highly profitable and cash-generative growth machine" as key reasons for his investment [5] - He believes Uber is trading at a steep discount to its intrinsic value, although the stock has seen a significant increase since his initial investment announcement [5] Group 3: Other Significant Holdings - An additional 14% of Pershing Square's portfolio is invested in Alphabet Inc., split between Class A and Class C shares [6] - Ackman began investing in Alphabet in early 2023, capitalizing on a sell-off despite skepticism regarding Google's future due to the rise of generative AI technologies [7][8] Group 4: Market Perspectives on Uber and Alphabet - There are differing opinions on Uber's valuation, with some analysts suggesting it is overvalued based on its forward earnings and PEG ratio, while others estimate it is undervalued by nearly 47% [9][10] - Alphabet faces uncertainties, particularly with antitrust issues, but its growth prospects in Google Cloud and self-driving technology (Waymo) are viewed positively [10][11]