NaaS Market Opportunity and Strategic Imperatives
3Q23 Total Reported Revenue
Improvement in Enterprise Channel Trends
Revenue ($ in millions)
3Q23
Q/Q%
Change
% Total
Revenue ($ in
millions)
Q/Q%
3Q23
% Total
Change
Direct
Margin (2)
Enterprise Channels
$2,124
1.1%
58.3%
Grow
$1,125
(1.1%)
38.9%
~82%
Large Enterprise
$1,182
0.3%
32.5%
Nurture
Mid-Market Enterprise
$865
$498
(0.5%)
29.9%
-69%
(1.8%)
13.7%
Public Sector
Harvest
$444
7.2%
12.2%
$690
(3.8%)
23.8%
-80%
Wholesale
$770
(3.4%)
21.1%
Subtotal
$2,680
(1.6%)
92.6%
-77%
Total Business
$2,894
(0.1%)
79.5%
Other(1)
$214
23.7%
7.4%
-20%
Total Mass Markets
Total Revenue
$747
(2.2%)
20.5%
Total Business
$2,894
(0.1%)
100%
~73%
$3,641
(0.5%)
100%
(1) Other includes Equipment and IT Solutions.
(2) Direct margin is defined as revenue less variable and fixed costs directly associated with the provision of services and products to customers. Direct costs
would include, but are not limited to: direct labor and materials/goods, direct taxes and fees, incremental third-party costs that can be attributed to a specific
customer, and certain fixed costs.
21 Issued: October 31, 2023
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