2026-04-21concernTwo revenue-policy expansions in two years
Both 2024 and 2025 saw revenue-recognition policy changes that expanded the upfront-recognizable portion of multi-year subscriptions. DSO has gone from 64 to 118 days; deferred revenue growth has decoupled from billings growth.
accounting
2026-04-01watchAuditor change in FY25
Clean transition disclosure but no qualitative discussion in the prior audit-committee minutes about the recognition expansion.
governance
··Ledger
1 evidence entries
2026-03-04filingForm 10-K · FY25
Annual report; revenue-recognition policy update detailed in note 2.