Record ARR momentum supports the growth outlook, with durability still to prove

Coverage cites $332.8 million quarterly net-new ARR, $5.8 billion ARR, 101% growth in Flex accounts, raised FY27 growth guidance, and roughly 26% revenue growth. Other net-new ARR figures and a Q3 ARR-growth guide are difficult to reconcile; monitor adoption, guidance, profitability, and cash-flow quality alongside SBC.