[mbreese]

Even if an enterprise customer was prepaying, that would only show up on a cash balance statement, not as revenue for the month it was collected in. Yes, this is based on accrual in accounting terms. But because the revenue isn’t recognized immediately, collecting prepayment in February shouldn’t skew ARR reported in March.

[matwood]

Per GAAP you are correct, but many of these ARRs are qualified as non-GAAP. So yes, a real analysis should do what you're saying but are they is the question. Also, if they are buying tokens with no time limit, that will complicate the accrual forecast. This could be why all of the downstream investor companies like Amazon are pushing their employees to tokenmax.