Challenging Upsell EnvironmentManagement noted a 'challenging' upsell environment, with net dollar expansion rate holding at 104% and new logo growth described as lumpy, which affects confidence in double-digit billings growth for CY25.
Competitive PressureNew players like CRWD and PANW stepping into the VM domain elevate the risk for operating margins to peak.
Net Dollar RetentionNet Dollar Retention remained stubbornly at 104%, viewed as the linchpin in determining growth trajectory.