1Q27 Earnings: Maintaining 30% ARR Growth in the Fast Lane

研报英文原文证据摘录

1Q27 Earnings: Maintaining 30% ARR Growth in the Fast Lane

roducts, which FY28E EPS 0.85 0.95

contributed >20% of NNACV in 2Q (consistent w/ 4Q); (4) Int'l strength, with FY27E REV 1,970.46 2,009.84

Canada NNACV growth accelerating for the 2nd consecutive qtr and 18% of NNACV

coming from non-US (tied for quarterly record); (5) Broad-based traction across FY28E REV 2,360.01 2,407.02

verticals, with wholesale & retail contributing its 2nd highest ever NNACV qtr and EPS (Adjusted)

3rd consecutive qtr of growth acceleration. Regarding DRAM & NAND supply chain FY Jan 2026A 2027E 2028E

constraints, IOT noted it has the confidence to meet customer demand on the Q1 0.11 0.17A 0.26

hardware side of the equation, and views the shortage as a potential way to drive Q2 0.12 0.15 0.20

incremental share gains vs. competitors. We found this particularly interesting as

it likely eases investor concerns around component shortages and IOT remains Q3 0.15 0.18 0.23

undeniably a share gainer given its growth rate. IOT also noted it signed its largest- Q4 0.18 0.21 0.26

ever Connected Asset Maintenance deal with Hertz (HTZ, Not Rated) as a software- FY EPS 0.56 0.71 0.95

only deal. On margins, IOT posted 19% OMs (vs. 15% cons) and posted its third FY P/E 63.3x 49.6x 36.9x

consecutive qtr of GAAP profitability. Looking ahead, IOT raised its FY27 CC growth Revenue (M)

outlook by ~2.5% calling for 23-24% CC growth, and raised its FY27 OM framework

by ~100bps. FY Jan 2026A 2027E 2028E

Q1 366.88 478.84A 569.82

■ Not Pumping the Brakes on Innovation: While it remains early, mgmt. noted Q2 391.48 483.00 579.60

interest in its Operational AI agents continues to grow rapidly (which will likely be

monetized via consumption), and during the quarter, IOT introduced several new Q3 415.98 510.00 612.00