Reading ZS past the bookings noise

The thesis

Consumption trends stabilised two quarters before the Street will admit it.

Net revenue retention is basing, and that's the variable that re-rates the stock.

What I'm watching

• billings vs revenue spread
• ZS NRR vs last quarter
• A clean move through the level I flag below

Positioning

Short on ZS, 2-8 weeks horizon. Conviction: Medium. Multiples are sentiment-sensitive here — defined risk only.

Opinion, not investment advice. The author may or may not hold positions discussed.