SMWB lift in revs, margins, and NRR reflect larger data contract sales to enterprises using AI

RPO up 26% to $345mm as they signed multiple large long term data contracts, over 2/3 of contracts are now multi year, operating margins Tripled to 8% showing the enterprise sales motion is efficient, and they point out that the new AI deals are for enterprises using their data for analytics that models and apps can process far faster than humans. This is very positive as it’s not just training models. Enterprise analytics using AI are very early. IMO it’s realistic to see a double digit top line cagr with EBIT margins rising to 20% in a five year horizon - high 20s following. This delivers over $1 per share of Cash EPS by 2030 perhaps much more if agentic use cases really take off. 20 multiple seems to be a minimum