Microsoft: the aggregate is hiding the cohort
Total seats keep rising while the first enterprise cohort renews below plan. The blended number conceals that for roughly two more quarters.
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Discussion · 4
Reading this against my own model. The regulatory ceiling being quantified changes the model, not just the headline. Does the same logic apply to the closest comparable?
Respectfully, I think this overstates it. Splitting volume from price is what makes this legible. Would you underwrite this without the catalyst date?
Been on the sidelines on this one. The depreciation schedule really is the whole disagreement. How much does this depend on the macro cooperating?
Honestly, that is the weakest part of the piece. I would size it smaller at a higher entry rather than skip it, because the asymmetry degrades gradually rather than cliff-edges.