2020Q4 - slides

2021 Outlook Assumptions
Full Year 2021
Total revenue
Total billings
Product and related subscriptions and
support revenue
Platform, cloud subscription and
managed services revenue
Comments
Services revenue Growth rate of 15-20%
Non-GAAP operating margin
Operating cash flow margin
Revenue growth rate increases by 1% each quarter from Q1’21 implied
growth rate at the midpoint of the guidance range of 5%
Approximately $1 billion, consistent with historical linearity; consistent
growth rate through the year. Contract length is expected to be ~24 months,
consistent with levels in the past 2 years.
Declines by 10-11% YoY, consistent with our long-term model
Year-over-year growth 20-25%, higher in 2H as deferred revenue balances
increase (consistent with a subscription model)
Gradual improvement through the year with revenue growth. Assumes
resumption of T&E and facilities expenses, although at less than prepandemic
levels
Almost all operating cash flow expected to be generated in the second half of
the year (weighted to Q4), due to historically low DSOs at the end of Q4’20
and seasonality of Q1 billings.
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