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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My simplistic view on Adobe deal: they can’t innovate organically so plugging the lack of innovation with capital. Not good looking for their culture and leadership which are core LT value drivers 🤷♂️
What a good company does: Microsoft organically built Teams and annihilated competition
Btw if they can’t innovate organically what makes you think they will be a good owner for Figma?