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FireEye (FEYE) reported in-line results as it continues to navigate away from the dwindling appliance-based business. Billings came in soft with a growth of 3% in the quarter and a growth of over 8% for the year. Cloud revenue and ARR came in strong. The services segment also pulled its full weight with a substantial contribution from Mandiant (+29% billings growth). The only concern was overall billings, which has been impacted by the hesitance of some customers to sign long, multi-year deals. Going forward, management is guiding for single-digit growth in