the guidance is pretty disappointing. I was expecting something around 45%, we got 40% instead. Amazing growth still in total figures but the trend isn’t looking good. NRR still above 150 as guided about year ago. Buyback doesn’t really make sense, the stock isn't cheap. I’d much rather see continued M&A to strengthen the product than buyback at this valuation. On the bright side, $10B rev guide by calendar year 2028 reiterated suggesting they might be sandbagging with next year's guide and the growth is set to pick up again.
As a reminder, the company scaled from $265M revenue in 2019 to over $2B in 2022 and is guiding for $10B in 2028 with 30% growth. The premium it gets therefore if it manages to achieve their guide is fair, and I believe they'll get there as Frank Slootman and Mike Scarpelli were at this together for 20 years or so, back at ServiceNow, one of the largest software companies today.
Investor day in June where we should be provided with further info on the company's long-term margin profile so I'm excited to see that!