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Our duration this quarter was on the lower end of duration. It's reduced. It went down because we took more annual billing deals or we took shorter duration contract with our customers.
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2024 Q1
9 Dec 23
In Q1, the cost of money remained a constant discussion and customers' significant focus on topic is becoming the new normal.
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2024 Q1
9 Dec 23
But you're still guiding Q2 billings to about 17% growth.
Your closest competitor is guiding to minus 5%.
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2024 Q1
9 Dec 23
It's cosmetic, it's mathematic
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2024 Q1
9 Dec 23
I still get my CRPO, I still get my annual buildings. I just don't get year 2 and year 3 billing that changes my total billings forecast for the year.
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2024 Q1
9 Dec 23
we know there's business out there
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2024 Q1
9 Dec 23
we have visibility to our pipeline
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2024 Q1
9 Dec 23
It does not change anything in my pipeline
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2024 Q1
9 Dec 23
Now I could do that. But I could say, just pay me on an animal basis. I'm okay. I'll collect my money every year. If I go in that direction, my billings changes.
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2024 Q1
9 Dec 23
The billings change is a consequence of negotiations with the customers
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2024 Q1
9 Dec 23
The billings difference is not a change in demand for us or not a function of our pipeline.
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2024 Q1
9 Dec 23
RPO and CRPO have more of a direct impact on future revenue this quarter
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2024 Q1
9 Dec 23
This can impact our billings trends quarter-to-quarter, and we're reducing our billings guidance to account for this through the fiscal year 2024.
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2024 Q1
9 Dec 23
Some customers are looking for additional discounts for upfront payments as they grapple with the cost of money.
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2024 Q1
9 Dec 23
we see more customers asking for deferred payment terms either with annual billings, financing through PANFS, or pursuing external financing
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2024 Q1
9 Dec 23
In Q1, this had a negative impact on our billings.
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2024 Q1
9 Dec 23
As Nikesh mentioned, we saw the rising cost of money have an important and incremental impact on customer behavior in Q1.
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2024 Q1
9 Dec 23
The billings variability is a pure consequence of the payment conversations that we're having with our customers, and this is validated by the fact that we continue to see strong RPO and low churn suggesting this is a cosmetic impact to our business.
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2024 Q1
9 Dec 23
It was just 6 to 9 months ago that we were talking about the challenges we face in the competition for talent. We're now finding it easier to recruit and hire top talent
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2023 Q1
1 Dec 22
We think customers are less likely to purchase newer security products. Instead, they will continue to consolidate towards like-for-like capabilities from fewer vendors.
(No comment added)
Transcript
2023 Q1
1 Dec 22