I can't hang progress on a single GAAP rev number ...
If Dell stayed the same ($1.5m) and total was e.g. 4.3, that would be bad.
If Dell went to zero and total was e.g. 4.3, that would be good.
It would still show QtoQ and QtoyoQ decline, but it would mean that WYY, Samsung, SanDisk, MU came in at $1.5 (rather sudden and clear sign of improvement/growth in new OEMs) or a whole gaggle of SMBs added up to a doubling of non-Dell revs (a clear sign of broad demand).
Either of those would show clear signs of progress and rapid growth in their respective segments, all in the face of a declining rev number.
last Q was particularly bad as Dell decline was 0.5m AND non-dell suffered as well with no observable new-OEM business. The only thing that held its own was Safend. Billings were down too.
somehow there is still over 6m in defrevs on the books, I don't get that. Given that SMBs are realized immediately and presumably a 1/4 of defrev is realized per Q, what keeps backfilling defrev? there hasn't been a large enterprise in a long time (the contributors to the defrev liabilities column). It seems the only explanation is there are customers buying 5000 seats of an inexpensive product (total sale under 8-k, total seats over large customer threshold for accounting).
The above content is my opinion.
