TMTB: GTLB ZS First Takes

GTLB +9%: Looks good with rev beat and FY guide raise more than magnitude of beat

RPO +51% and cRPO +42% both look better

GTLB 2025 F/Y GUIDANCE
- Guides revenue $742.0M to $744.0M, saw $733.0M to $737.0M, EST $735.7M
GUIDANCE: Q3
- Guides revenue $187.0M to $188.0M, EST $187.7M
RESULTS: Q2
- Revenue $182.6M, EST $177.2M
- ADJ EPS $0.15, EST $0.10
- ADJ gross margin 91%

ZS -6%: Looks ok as rev beat + full year billings beat / guide in line with expects

Some pointing to lack of billings/rev beat raise given Q4 beat for stock being down…

ZS 2025 F/Y GUIDANCE
- Guides ADJ EPS $2.81 to $2.87, EST $3.36
- Guides calculated billings $3.11B to $3.14B, EST $3.12B
GUIDANCE: Q1
- Guides revenue $604M to $606M, EST $604.8M
RESULTS: Q4
- ADJ EPS $0.88 vs. $0.64 y/y, EST $0.70
- Revenue $592.9M, +30% y/y, EST $568.5M
- Deferred revenue $1.89B, +32% y/y, EST $1.9B
- Deferred revenue +32%
- Calculated billings $910.8M, +27% y/y, EST $892.7M