Nikesh Arora

Collectively, we're going to spend slightly under $30 billion.

But that gave us the confidence to increase our targets for ARR in the $530 or $5 billion.

If I can go spend $30 billion and buy $5 billion of AR five years from now, I do that every day.

You know, when I started 7.5 years ago, we were a $2 billion company.

Well, our peer right now is $15.5 billion.

We set a target of $20 billion in ARR.

Those are big numbers.

So I think part of what people fail to understand is absolute numbers get bigger and bigger.

On the margin, growth rates change, but I think from a capability perspective, if we start doing $20 billion in ARR,

we'll be generating $10 or $15 billion of free cash flow a year.

That's a far cry from where we started at a few hundred million dollars seven years ago.

I think you have to look at it from a slightly multi-year perspective.

From that perspective, we think we're well-positioned.

We think this is going to be the largest cybersecurity company in the world.

We have aspirations to take it and double or triple it from where we are.

Yes, of course, it is working.

We call that platformization at Palo Alto.

We continue to add 50 to 75 customers every quarter and sometimes more in about the fourth quarter.

But I think more importantly, if you look at the evolution of technology, almost every industry vertical in technology has started that way from the application perspective.

People had 15 or 20 different vendors.