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1 2026 © Netskope Public. All rights reserved. Fiscal Q2 2027 Investor Presentation September 2, 2026
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2 2026 © Netskope Public. All rights reserved. Safe Harbor This presentation contains forward-looking statements that involve risks and uncertainties. Forward-looking statements contained in this presentation include, but are not limited to, statements regarding our future financial and operating performance, including our GAAP and non-GAAP guidance and financial outlook for the third quarter of fiscal 2027 and full year fiscal 2027, our estimates of market size and opportunity, product introduction and adoption, strategic objectives, sales ramping, impact of AI, demand for AI security, and growth prospects. By their nature, these statements are subject to numerous risks and uncertainties, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements. Such risks and uncertainties include but are not limited to: macroeconomic influences and instability, geopolitical events, operations and financial results and the economy in general; risks associated with scaling our business and managing our rapid growth; our ability to expand our partner relationships; our ability to identify and effectively implement the necessary changes to address execution challenges; our limited experience with new products and the risks associated with new product offerings, including adoption by customers and the discovery of software bugs; our ability to attract and retain new customers; the failure to timely develop and achieve market acceptance of new products as well as existing products including artificial intelligence and machine learning capabilities; rapidly evolving technological developments in the market for AI, security, networking and analytics products and our ability to innovate and remain competitive particularly as a result of artificial intelligence technologies; length of sales cycles; risks related to the use of AI in our platform; and general market, political, economic and business conditions, as well as those risks and uncertainties included in filings we make with the Securities and Exchange Commission from time to time. Recipients are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation and should not be construed as statements of fact. We undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events. This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other industry data. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Netskope has not independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, it cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of its future performance and the future performance of the industries in which it operates are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by Netskope. This presentation includes certain non-GAAP financial measures. Non-GAAP financial measures are presented in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP. The Company believes these Non-GAAP measures can be useful measures for period-to-period comparisons of our core business and provide useful information to investors and others in understanding and evaluating our operating results. In addition, the non-GAAP measures we use, as presented, may not be comparable to similar measures used by other companies. See the Appendix for a reconciliation of non-GAAP financial measures to the most comparable measure, calculated in accordance with GAAP. All financial information and other metrics used in this presentation are as of July 31, 2026, unless otherwise noted.
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3 2026 © Netskope Public. All rights reserved. 114% Net Retention Rate Netskope Q2’27 Financial Highlights $899M ARR 27% ARR Growth Y/Y 36% RPO Growth Y/Y 1. See Appendix for definitions and reconciliation to the most comparable GAAP measure. $221M Revenue 29% Revenue Growth Y/Y (9%) Non-GAAP Operating Margin +11% Point Improvement Y/Y 1 77% Non-GAAP Gross Margin +2% Point Improvement Y/Y 1
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4 2026 © Netskope Public. All rights reserved. We’ve ReAImagined Security and Networking for the Cloud & AI Era
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5 2026 © Netskope Public. All rights reserved. Our Customers Include Large and Complex Global Organizations >33% of the Fortune 100 ~19% of the Forbes Global 2000 4,700+ Customers 5 of the 7 Largest Financial Services 4 of the 9 Largest Healthcare 3 of the 4 Largest Telcos 3 of the 4 Largest Retailers Notes: 1. Largest companies across healthcare, telco, financial services, and retailers based on those listed in the Fortune 100. 2. All figures as of January 31, 2026.
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6 2026 © Netskope Public. All rights reserved. The Expanding AI Attack Surface Increases Risk Exposure YoY increase in GenAI usage 3x YoY increase in prompt volume 6x of users leverage personal accounts (Shadow AI) 47% of insider threat incidents involve personal cloud accounts 60% YoY growth in Agentic AI 3-6x Source: Netskope Cloud and Threat Report, 2026 Data Leakage Business Disruption Compliance Violations Security Breaches
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7 2026 © Netskope Public. All rights reserved. Our Market Opportunity is Large and Growing $75Bn Industry Analyst Categories ~17% CAGR 20292024 $336Bn+ Firewall / UTM Datacenter and Cloud Interconnection 5G and 4G / LTE Enterprise WAN Voice / Video Optimization Secure SD-WAN Infrastructure Multi-Cloud Networking Network Security - Segmentation Cloud WAN Network Network modernization and replacement of legacy appliance- based technologies Security Zero Trust Edge VPN / ZTNA Messaging Security Software Sensitive Data Management and Data Privacy Virtual Client Computing New innovation and modernization of first-gen cloud and legacy solutions Analytics Enterprise Network Observability Tier 2 SOC Analytics and Cloud-Native XDR New risk intelligence and performance / resilience insights All data sourced from IDC and Gartner (except as otherwise noted) and represents relevant categories that map to Netskope's c urrent capabilities. Company estimate. Refer to the Appendix for additional information. $170Bn+ AI Security AI Security Securing AI AI-Amplified Security Rapid innovation for a market that is in early innings
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8 2026 © Netskope Public. All rights reserved. Netskope One Platform for Security, Networking, Analytics, and AI Security PLATFORM CAPABILITIES NewEdge Global Private Cloud & Network Software Infrastructure | Traffic Management | Route Control | Egress IP Management Analytics Data Lineage Digital Experience Management User Entity Behavior Analytics Advanced Analytics Networking DNSaaS Cloud TAP (Packet Streaming) IoT/OT Intelligence China for Multinationals Dedicated Egress IP SD-WAN Firewall-as-a-Service Security Data Security Command Center* Data Loss Prevention (Inline, Endpoint, Email) DLP on Demand Data Security Posture Management Quantum Encryption Enterprise Browser SaaS Security Posture Management Remote Browser Isolation Private Access (ZTNA) Threat Protection Next-Gen Secure Web Gateway Cloud Access Security Broker Cloud Inline Security AI Security AI Command Center (Incl. Endpoint & Server Discovery) AI Guardrails AI Gateway Agentic Broker AI Red Teaming Zero Trust Engine & SkopeAI Models Context Awareness | Policy Definition | Policy Enforcement AgentSkope AI Agents DLP Agent | Insider Threat Agent | Private Access Agent | DEM Intelligence Agent | DEM Insights Agent | CCI Insights Agent Modern Network Proxy & Common Data Fabric Proxies AI, Cloud, and Data Traffic at Enterprise Scale *New Products
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9 2026 © Netskope Public. All rights reserved. Netskope Redefines Enterprise Security and Networking for the Cloud and AI One Engine One Client One Network One Gateway One Console Netskope One Netskope One NewEdge Network NewEdge Network Zero Trust Engine UNMANAGED MANAGED IOT/OT BRANCH HQ FACTORY ROBOTS AI AGENTS WEB DATA CENTER UNMANAGED SaaS PRIVATE CLOUD MANAGED SaaS PUBLIC CLOUD AI MODELS/ FACTORIES ECOSYSTEM APPS
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10 2026 © Netskope Public. All rights reserved. Data Protection Threat Protection Generative AI and SaaS User & Entity Behavior SD-WAN Optimization Device Access Intelligence Automatically protect unstructured data with high reliability and speed with pre-trained ML classifiers. Protect novel data with Train Your Own Classifiers (TYOC). Prevent evasive attacks, polymorphic malware, new phishing, zero-day. Faster detection and categorization of malware, web domains, URLs, and web content. Discover and govern the use of generative AI and novel SaaS apps. Protect sensitive data across apps like ChatGPT and coach employees in real-time. Detect users’ unpredictable risky behavior. Identify insiders’ anomalous behavior, compromised accounts, data exfiltration. Optimal network access through enterprise-wide predictive insights. WAN access anomaly detection, app performance flow analytics. Discover newly connected devices and gain deeper device context, activities & behavior. Real-time detection of behavioral anomalies, threats and vulnerabilities. AI-Native Architecture Powers Everything We Do 190+ Proprietary Models from Netskope AI Labs
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11 2026 © Netskope Public. All rights reserved. Our AI Strategy is Built on Four Key Pillars AI Native Platform Deep Learning & GenAI Facets AI Labs for 8 Years 190+ Domain Specific Models 50+ Patents Killer AI Innovations to Come Netskope One Core Used Throughout Our Products Enabling and Securing AI Securing AIEnabling AI NewEdge AI Infrastructure Best Path for AI Transactions AI Agents AI Agents AI-Native R&D Thinking
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12 2026 © Netskope Public. All rights reserved. Netskope One AI Security Agentic Broker AI Gateway AI Guardrails AI Red Teaming Secure MCP-based agentic communications, giving organizations oversight of non-human AI interactions Delivers visibility, access control, and runtime inspection for private AI traffic, deployed on-prem or in your VPC Extends Netskope's data and threat protection to AI-specific risks Stress-tests your privately hosted AI models with automated adversarial scenarios AI Command Center: Receive a holistic view of AI usage and risk with centralized AI discovery, risk understanding, and remediation
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13 2026 © Netskope Public. All rights reserved. 13 DataSec Command Center Data Security Posture DSPM, CASB API, Data Lineage Identity IdP integrations, Identity Service AI Security AI Command Center Real-time Data Security NGSWG, Endpoint DLP, Email DLP ● Signal correlation & normalization ● Data inventory & topology ● Security posture and risk insights ● Recommended actions ● Workflows and integrations Intel & Response 3rd party security logs, SOAR integrations, AISecOps for AI risk Data discovery & classification Data store posture Policy enforcement NHI discovery Privilege & access analysis Behavioral anomaly detection Threat feeds & risk insights Security playbook execution Auto triage, investigation, remediation AI access to data Training data and RAG governance Prompt and Response Analysis App Discovery Real-time policy enforcement User Behavior Risk Data Security Command Center: Unified Data Security Control Plane
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14 2026 © Netskope Public. All rights reserved. We Enable Enterprises to Securely Unleash AI Potential Discover 14 Secure The AI Pipeline Protect The Runtime Interactions AI Coding Assistants Personal AI Usage AI Embedded in Apps AI Productivity Apps Sanctioned Enterprise AI/MCP AI/MCP on Endpoints AI in IoT Devices Assess Risk Agentic & MCP Interactions User Interactions Attacker Interactions Enforce Real- Time Actions Secure AI Environments Protect AI Data Inputs
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15 2026 © Netskope Public. All rights reserved. NewEdge Network: High-Performance Infrastructure for the AI Era Visibility Resilience Performance Control 200+ Localization Zones ~80 Regions 10K+ Network Adjacencies 120+ Data Centers (full compute) 99.999% Uptime SLA
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16 2026 © Netskope Public. All rights reserved. ● Innovation drives our opportunity ● 25+ products; >6 new products introduced YTD ● Early in AI security opportunity ● Unified common platform drives innovation velocity, with lower incremental investment to add new products Innovate Land & Expand Monetize ● Land & Expand model drives our growth ● More products, users, and use cases drives expansion ● Upsell and cross-sell drives NRR ● Platform monetization drives our margin expansion ● Lower marginal cost to add more users and products ● High GRR Innovation Drives Our Business Model
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17 2026 © Netskope Public. All rights reserved. Netskope One Platform Driving Expansion Product Adoption Rates Significant Whitespace Cross-sell and upsell opportunities with 25+ platform products High-Velocity Innovation Common platform capabilities drive product velocity and efficiency Well-Positioned For AI Supercycle AI Command Center, Agentic Broker, AI Guardrails, AI Gateway, AI Red Teaming EXPAND INNOVATE MONETIZE
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18 2026 © Netskope Public. All rights reserved. S A S E P L A T F O R M S Netskope is a Leader in the 2026 Gartner Magic Quadrant for SASE Platforms Highest Ability to Execute of any vendor evaluated Top product score in three of the five SASE use cases Rated excellent in four of the five use cases
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19 2026 © Netskope Public. All rights reserved. S E C U R I T Y S E R V I C E E D G E Netskope is a Leader in the 2026 Gartner Magic Quadrant for Security Service Edge Named a Leader again in 2026 Customer experience rated above the SSE market average High market visibility, and named often on client shortlists AgentSkope called out for its role in agentic operations
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20 2026 © Netskope Public. All rights reserved. I D C M A R K E T S C A P E · W O R L D W I D E S A S E A Leader in the 2026 IDC MarketScape for worldwide SASE Unified architecture: one policy engine, one client, one console NewEdge called a foundational component, with full compute in every location Depth in data and AI security, and application visibility down to user actions
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21 2026 © Netskope Public. All rights reserved. Financial Highlights
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22 2026 © Netskope Public. All rights reserved. Q2’27 Guidance Q2’27 Results Q2’27 Results vs. Guidance Revenue Y/Y Growth % $213M – $215M 25-26% $221M 29% Operating Margin (14%) – (15%) (9%) EPS ($0.06) – ($0.07) ($0.03) Free Cash Flow ($30M) – ($40M) ($29.8M) Note: All metrics represent non-GAAP (except revenue). See Appendix for definition and reconciliation to the most comparable GAA P measure. Q2’27 Financial Results Exceeded Exceeded Exceeded Exceeded
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23 2026 © Netskope Public. All rights reserved. Sustained High Growth at Scale Globally balanced with all geos growing 25%+ High Visibility RPO grew 36% Y/Y to $1.35B+ illustrates customer commitment and provides future revenue visibility Enterprise Adoption $100K+ ARR customers grew 23% Y/Y to 1,686 Durable Growth At Scale ARR ($M) Revenue ($M)
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24 2026 © Netskope Public. All rights reserved. Continued Gross Margin Expansion See Appendix for definitions and reconciliation to the most comparable GAAP measure. Built To Scale Better unit economics at scale, lowering the marginal cost to serve each incremental customer Gaining Leverage NewEdge upfront prior investments driving margin expansion NewEdge AI Fast Path Eliminates “Security vs. Speed” dilemma by efficiently optimizing network paths to AI apps Non-GAAP Gross Margin
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25 2026 © Netskope Public. All rights reserved. Driving Operating Leverage Investing In Future Growth Continued path towards profitability, with ongoing innovation and GTM investments Strong Margin Expansion Realizing the benefit of Netskope being built to scale See Appendix for definitions and reconciliation to the most comparable GAAP measure. Non-GAAP Operating Margin +11 % Points
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26 2026 © Netskope Public. All rights reserved. Q3’27 Guidance FY’27 Guidance Revenue Y/Y Growth % at Midpoint $227M – $229M ~24% $888M – $892M ~26% Gross Margin ~77% Operating Margin (8.0%) (9.0%) EPS 1 ($0.03) – ($0.04) ($0.15) Free Cash Flow Margin 2% Note: All metrics represent non-GAAP (except revenue). A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, reconciling items that may be incurred in the future, such as st ock-based compensation and related employer payroll taxes, the effect of which may be significant. 1. Assumes weighted-average shares outstanding of approximately 415M for Q3’27 and 415M for FY’27. Q3’27 Financial Guidance
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27 2026 © Netskope Public. All rights reserved. 1. Projection based on our analysis of IDC estimates of $166 billion of security, networking, and analytics spending in 2029, plus company estimate based on Gartner estimates for AI Security, which we project to grow to $170+ billion by 2029. See Appendix for definitions and reconciliation to the most comparable GAAP measure. Netskope Key Takeaways Expanding Netskope One platform with 25+ products driving expansion in large and growing installed base Driving leverage in our model, delivering gross margin and operating margin expansion and attractive unit economics Uniquely positioned for the AI Supercycle with a unified, AI-native platform that eliminates trade-off between performance and security Broadly recognized Market Leader in SSE, SASE and AI Security with large $336B+ TAM 1 opportunity across security and networking for the cloud and AI era Durable growth at scale, with 27% Y/Y ARR growth to $899M as of July 31, 2026; Net Retention Rate (NRR) of 114% with record-high Gross Retention Rate (GRR) Platform momentum demonstrated by 23% growth in $100K+ ARR customers; 59% of our customers using 4 or more Netskope One products
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28 2026 © Netskope Public. All rights reserved. APPENDIX
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29 2026 © Netskope Public. All rights reserved. Additional FY’27 Modeling Points Net New ARR • Expected to grow YoY in H2’27 compared to prior year period • Expected to follow typical quarterly seasonality with a seasonally strong Q4 Gross Margin • Q3’27 Gross Margin of approximately 77% • FY’27 Gross Margin of approximately 77% Capital Expenditures • FY’27 Capex expected to be approximately 4 - 5% of revenue Free Cash Flow • Q3’27 FCF expected to be $10M to $20M • FY’27 FCF expected to be approximately 2% of revenue See Appendix for definitions and reconciliation to the most comparable GAAP measure.
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30 2026 © Netskope Public. All rights reserved. Shares (M) (+) Class A Common 265.4 (+) Class B Common 142.6 Basic Shares Outstanding 408.0 (+) Options Outstanding 47.0 (-) TSM Options Repurchased (21.8) (+) RSUs Outstanding 53.0 (+) Convertible Notes 24.6 Fully Diluted Shares Outstanding 510.8 1. Basic shares outstanding as of July 31, 2026. See 10-Q for details. 2. Treasury Stock Method assumes NTSK price as of July 31, 2026. 3. Based on maximum potential PIK value of Convertible Notes at maturity. Assuming PIK value as of July 31, 2026, represents 22.5M potential dilution. Totals may not sum due to rounding 1 2 3 Fully Diluted Share Count Calculation
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31 2026 © Netskope Public. All rights reserved. GAAP to Non-GAAP Reconciliations FY’25 FY’26 Q2’26 Q2’27 January 31, 2025 January 31, 2026 July 31, 2025 July 31, 2026 Revenue $538,268 $708,997 $170,758 $220,541 GAAP gross profit 347,899 482,669 123,244 163,018 Add: Stock-based compensation expense and related taxes 2,478 34,037 421 3,581 Add: Amortization of acquired intangible assets 20,965 14,358 3,593 2,534 Non-GAAP gross profit $371,342 $531,064 $127,258 $169,133 GAAP gross margin 65% 68% 72% 74% Non-GAAP gross margin 69% 75% 75% 77% GAAP loss from operations (255,741) (652,579) (45,965) (89,799) Add: Stock-based compensation expense and related taxes 51,139 525,601 7,869 64,295 Add: Acquisition-related expense 459 - - - Add: Amortization of acquired intangible assets 22,747 15,839 4,127 2,685 Add: Restructuring costs - - - 3,500 Non-GAAP loss from operations ($181,396) ($111,139) ($33,969) ($19,319) GAAP operating margin (48%) (92%) (27%) (41%) Non-GAAP operating margin (34%) (16%) (20%) (9%) Note: $ figures in thousands (other than %s). Certain figures may not sum due to rounding.
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32 2026 © Netskope Public. All rights reserved. FY’25 FY’26 Q2’26 Q2’27 January 31, 2025 January 31, 2026 July 31, 2025 July 31, 2026 GAAP S&M expense 280,828 393,742 78,050 105,916 Less: Stock-based compensation expense and related taxes (18,597) (97,567) (3,378) (11,348) Less: Amortization of acquired intangible assets (1,712) (1,481) (534) (151) Less: Restructuring costs - - - (382) Non-GAAP S&M expense $260,519 $294,694 $74,138 $94,035 GAAP S&M expense % of revenue 52% 56% 46% 48% Non-GAAP S&M expense % of revenue 48% 42% 43% 43% GAAP R&D expense 254,189 509,029 72,856 101,787 Less: Stock-based compensation expense and related taxes (24,746) (236,498) (3,517) (25,587) Less: Amortization of acquired intangible assets (70) - - - Less: Restructuring costs - - - (2,334) Non-GAAP R&D expense $229,373 $272,531 $69,339 $73,866 GAAP R&D expense % of revenue 47% 72% 43% 46% Non-GAAP R&D expense % of revenue 43% 38% 41% 33% GAAP G&A expense 68,623 232,477 18,303 45,114 Less: Stock-based compensation expense and related taxes (5,318) (157,499) (553) (23,779) Less: Acquisition-related expenses (459) - - - Less: Restructuring costs - - - (784) Non-GAAP G&A expense $62,846 $74,978 $17,750 $20,551 GAAP G&A expense % of revenue 13% 33% 11% 20% Non-GAAP G&A expense % of revenue 12% 11% 10% 9% GAAP to Non-GAAP Reconciliations Note: $ figures in thousands (other than %s). Certain figures may not sum due to rounding.
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33 2026 © Netskope Public. All rights reserved. GAAP to Non-GAAP Reconciliations FY’25 FY’26 Q2’26 Q2’27 January 31, 2025 January 31, 2026 July 31, 2025 July 31, 2026 GAAP net loss (354,510) (679,388) (90,301) (110,817) Add: Stock-based compensation expense and related taxes 51,139 525,601 7,869 64,295 Add: Acquisition-related expense 459 - - - Add: Amortization of acquired intangible assets 22,747 15,839 4,127 2,685 Add: Restructuring costs - - - 3,500 Add: Loss on fair value change in convertible notes 98,627 34,256 43,973 26,528 Add: Provision for (benefit from) income taxes (2,587) 638 - 150 Non-GAAP net loss ($184,125) ($103,054) ($34,332) ($13,659) GAAP net loss per share, basic and diluted ($3.64) ($3.18) ($0.84) ($0.27) Add: Stock-based compensation expense and related taxes 0.52 2.46 0.07 0.16 Add: Acquisition-related expense - - - - Add: Amortization of acquired intangible assets 0.23 0.07 0.04 0.01 Add: Restructuring costs - - - 0.01 Add: Loss on fair value change in convertible notes 1.01 0.16 0.41 0.07 Add: Provision for (benefit from) income taxes (0.03) - - - Non-GAAP net loss per share, basic and diluted ($1.89) ($0.48) ($0.32) ($0.03) Weighted-average shares used in net loss per share 97.5M 213.9M 108.1M 405.0M Note: $ figures in thousands (other than %s and per share amounts), except number of shares in millions. Certain figures may not sum due to rounding.
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34 2026 © Netskope Public. All rights reserved. GAAP to Non-GAAP Reconciliations FY’25 FY’26 Q2’26 Q2’27 January 31, 2025 January 31, 2026 July 31, 2025 July 31, 2026 Net cash (used in) provided by operating activities (110,678) 38,073 (16,878) (16,539) Less: Purchase of property and equipment (37,032) (22,920) (1,628) (13,003) Less: Capitalized internal-use software (3,390) (2,780) (1,147) (255) Free cash flow ($151,100) $12,373 ($19,653) ($29,797) Operating cash flow margin (21%) 5% (10%) (7%) Free cash flow margin (28%) 2% (12%) (14%) Annual Recurring Revenue (ARR in $Ms) $618M $811M $707M $899M Y/Y Growth % 30% 31% 33% 27% Net Retention Rate (NRR) 113% 116% 118% 114% Remaining Performance Obligations (RPO) $885M $1,202M $995M $1,352M Current RPO (cRPO) $503M $651M $552M $719M Contracted Future Billings $295M $526M $388M $681M Note: $ figures in thousands (other than %s), except ARR, RPO, cRPO, and Contracted Future Billings in millions. Contracted Future Billings equals RPO minus Deferred Revenue and represents the amount of contractually obligated backlog in RPO yet to be invoiced in future periods.
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35 2026 © Netskope Public. All rights reserved. Definitions Total Addressable Market (“TAM”): Total Addressable Market figures are estimates based on IDC and Gartner market forecasts from 2024-2029. Figures reflect the markets addressed by Netskope’s current offerings which include the following: Zero Trust Edge, VPN (Virtual Private Network)/ZTNA (Zero Trust Network Access), Public Cloud Portion of Firewall/UTM (Unified Threat Management), Messaging Security Software, Sensitive Data Management and Data Privacy, Physical and Virtual Computing Software, SSPM, IoT Spend, Internet Video, SD-WAN (Software-Defined Wide Area Network), Datacenter Interconnection Services, 5G and 4G/LTE Enterprise Wireless WAN, Multi-Cloud Networking, Segmentation, Cloud WAN, Endpoint SD-WAN, Enterprise Network Observability, Tier 2 SOC Analytics, Cloud-Native XDR and AI Security. The IDC forecasts used are the following: (1) Forecast: IDC Semiannual Security Products Tracker, Worldwide, 2019-2028, 2024H1 Forecast, Rasmus Andsbjerg, et al., 11/19/2024; (2) Forecast: IDC Semiannual Software Tracker, Worldwide, 2019-2028, 2024H1 Forecast Release, Julie Ross, et al., 11/14/2024; (3) IDC Quarterly Network Infrastructure Tracker, Worldwide, 2019-2028, 2024Q3 Release, Petr Jirovsky, et al., 12/20/2024; (4) IDC Worldwide Datacenter Interconnection Services Forecast, 2024-2028, Courtney Monroe, Avinash Naga, 05/2024; (5) IDC Worldwide SD-WAN Infrastructure Forecast, 2024-2028, Brandon Butler, et al., 07/2024; (6) IDC Worldwide Multicloud Networking Forecast, 2024-2028, Vijay Bhagavath, et al., 05/2024; (7) IDC Worldwide 5G and 4G/LTE Enterprise Wireless WAN Forecast, 2024-2028: 5G FWA Reignites Branch Opportunities, Patrick Filkins, et al., 07/2024; (8) IDC Worldwide IaaS Networking Forecast, 2024-2028, Taranvir Singh, et al., 09/2024; (9) IDC Worldwide Network Observability Forecast, 2024-2028, Mark Leary, 12/2024; (10) IDC Worldwide Black Book: Live Edition, 2023-2028, Stephen Minton et al., 03/2025; (11) IDC’s Worldwide AI and Generative AI Spending Guide, 2023-2028, Karen Massey et. al, 02/2025. The Gartner forecasts used are the following: Forecast: AI Spending, Worldwide, 2024-2029, 4Q25, Kay Arnott et al. Annual Recurring Revenue (“ARR”): We define Annual Recurring Revenue as the annualized value of our cloud subscription contracts that are active as of the measurement date, assuming any contract that expires during the next 12 months is renewed on its existing terms. Provided that we are actively negotiating a renewal or new agreement with a customer after the expiration of a contract, we continue to include that contract’s annualized value in ARR until the customer notifies us of their decision not to renew. ARR excludes non-recurring components of revenue such as professional services, training, sales of hardware, and other non-recurring revenue. Net Retention Rate (“NRR”): Our dollar-based Net Retention Rate reflects the percentage of our ARR from existing customers, inclusive of the effects of upsell, cross-sell, contraction, and churn. We calculate this by first determining the ARR of the cohort of customers established on the same date of the prior fiscal year (the "Prior Period ARR"). We then calculate the ARR from these same subscription customers as of the current period end (the "Current Period ARR"). Current Period ARR includes any expansion and is net of contraction and churn over the trailing 12 months but excludes ARR from new customers. We then divide the Current Period ARR by the Prior Period ARR to arrive at our NRR. Free Cash Flow (“FCF”) and Free Cash Flow Margin: Free cash flow is defined as net cash used in operating activities less purchases of property and equipment and capitalized internal-use software. Free cash flow margin is determined by dividing free cash flow by revenue.