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Bread Crumbs Research Profile picture
Bread Crumbs Research
@breadcrumbsre
People-centric investing. I invest in unrecognized/underappreciated excellence. "Trying to spot a great manager remains a game very much worth playing".

Jan 17, 2020, 6 tweets

This is how various SaaS companies define Billings which is considered to be a better proxy for their revenue #nongaap

The version of and seems more conservative at it accounts for the change in contract assets/unbilled receivables

Definition of also looks conservative as they account for the change only in CURRENT deferred revenue

This is not to say that the defition used by or (revenue plus the change in deferred revenue) is wrong.

But I think the definition used by is superior in helping investors to understand the underlying economics.

UPDATE: this table is based on the latest 10-K reports. As per the latest 10-Qs, and have updated their definitions of billings to include contract assets, while and choose to keep their definition of Billings unchanged

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