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Nima Ghamsari, Co-Founder, Chairman & Head of Blend, argued that vertical software is better positioned for the AI era as it can deliver faster, purpose-built ROI for specific industry challenges without requiring extensive customization. Amir Jafari, CFO and Head of Finance & Operations, explained that consumer banking growth is driven by both home equity seasonality, market share gains from the Rapid Home Equity product, and strength in other core banking products.

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CEO Nima Ghamsari described the $50 million deal as a multi-year partnership that expanded from mortgage to home equity, Blend Close, and consumer products. He also explained that the business deposit product was customer-driven, offering a consumer-like feel with complex business-specific logic on the backend, all unified on a single platform. Head of Finance and Operations Amir Jafari confirmed RPO disclosures remain consistent.

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Nima Ghamsari, Co-Founder and Head of Blend, emphasized that the Blend Builder platform provides essential flexibility and scalability for large institutions, allowing for faster and more efficient innovation. He explained that the new IMB unit creates focus to serve that market's unique, loan-officer-driven needs, which differ from those of banks and credit unions.

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Founder, Chairman & CEO Eric Remer stated that stablecoins are not on the current product roadmap as there has been zero customer demand, but they will remain responsive to the market. CFO Ryan Siurek explained that removing Martech reduces seasonality, improving visibility. He noted that ongoing optimization efforts will fund investments needed for future revenue expansion and acceleration.

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EverHealth CEO Evan Berlin explained that while the payments opportunity is smaller in EverHealth than EverPro, it is a growing area, particularly with the rise of high-deductible health plans. He stated they are in the early stages of building out payment workflows in core platforms and are focused on driving adoption. Executive Bradley Korch provided the pro forma adjustment, stating that the marketing technology divestiture impacts the customer count by approximately 15,000.

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CEO Eric Remer explained that transformation and optimization are happening in parallel, with cost savings intended to fuel reinvestment for growth. President Matt Feierstein and COO Evan Berlin added that there is a strong inventory of opportunities on both fronts. CFO Ryan Siurek declined to name a single metric, instead pointing to the importance of pro forma growth, subscription and transaction revenue performance, and the metric of customers enabled for more than one solution, which CEO Eric Remer highlighted as a key leading indicator.

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CEO Mike Rosenbaum detailed that Industry Intelligence is valuable for both smaller insurers lacking data and larger carriers entering new markets. President John Mullen added that it facilitates C-suite conversations and that Guidewire is well-positioned to benefit from increased investment by Japanese insurers.

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CEO Mike Rosenbaum explained that Industry Intelligence is valuable for both smaller insurers lacking data and larger carriers entering new markets. President & CRO John Mullen added that it elevates conversations to the C-suite. Regarding Japan, Mullen stated Guidewire is well-positioned to partner with insurers as they invest and expand, regardless of specific regulatory shifts.

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CEO Mike Rosenbaum stated that state-backed insurers operate similarly to other insurance companies and Guidewire is excited to serve them, but he wouldn't project if their share of the business would grow. Regarding market share, he expressed a long-term goal of capturing over 50% of the DWP market, driven by the scale benefits and network effects of Guidewire's platform, ecosystem, and shared data assets.

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CEO Mike Rosenbaum stated it is premature to define a GenAI pricing model, as the technology will be embedded within solutions rather than priced separately. Regarding Workers' Comp, he highlighted a growing opportunity for modernization, product enhancements, and network-based solutions, noting the segment is receiving increased focus due to its critical mass of customers.

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CEO Mike Rosenbaum emphasized the P&C industry's durability, stating Guidewire's goal is to provide agility regardless of market cycles. On M&A, he reiterated that while the company is in a position to be more opportunistic, it will be 'very careful' and 'picky,' as acquisitions are not necessary to achieve its long-term goals. He expressed high confidence in Guidewire's ability to build products organically.

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CEO Sean Desmond emphasized the competitive advantage of nCino's process-centric data, arguing that understanding workflow is key to delivering valuable AI insights, a differentiator from vendors with only transactional data. Regarding the mortgage demo, he stated that while the feedback was positive, sales cycles at such large banks are typically long.

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CEO Sean Desmond reaffirmed the platform's value proposition and noted that AI innovations are being deployed first in their core commercial base. CFO Greg Orenstein added there is still plenty of global runway for commercial lending. Regarding Rocket, management stated they are well-entrenched in their target markets and do not see the acquisitions as a direct competitive impediment.

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Chief Executive Officer Pierre Naude clarified that the deposit account opening solution is sold across the entire market spectrum, typically as an integrated part of a larger platform sale. He stressed its strategic importance, as an efficient, multi-channel deposit-gathering capability is a core competitive advantage for banks, and nCino's solution provides a seamless experience.

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CEO Pierre Naude stated that market studies show customers prefer the new volume-based pricing model, making internal execution discipline the main risk, not customer backlash. Regarding FY26, he deferred specific guidance but CFO Greg Orenstein noted that multiple growth levers, including new products like DocFox and Banking Advisor, consumer lending, and international expansion, provide a broad basis for future growth.

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CFO Balaji Gandhi described the repurchase plan as 'good housekeeping' that allows the company to be opportunistic during periods of significant share price volatility. He clarified that it does not represent a fundamental shift in capital allocation strategy but provides flexibility to act if a market dislocation occurs.

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Executive Balaji Gandhi stated that it is still early days since the announcement was just made and that while the company is happy to have formalized the relationship, there is nothing specific to report on its impact yet.

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Executive Ryan Schaffer noted it's difficult to quantify tariff impacts as customers are in a 'wait-and-see' mode. David Barrett added that customers are 'holding their breath.' Schaffer confirmed April's paid members were 'essentially flat,' down less than 0.5% from Q1. Regarding the F1 movie, Schaffer explained that while cash payments were made previously, the full expense will be recognized on the income statement upon the movie's release, causing a significant S&M expense increase without a parallel cash flow impact in that quarter.

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CEO David Barrett defined the 'new normal' as the point when the new Expensify product becomes the company's primary brand identity, driven by customer migration and word-of-mouth, timed to capitalize on the summer F1 movie release. Executive Ryan Schaffer and CEO David Barrett both stated that while they are building significant pricing power, they plan to keep prices low in the near term to focus on acquiring new customers in a largely uncontested market, rather than squeezing existing ones.

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CEO David Barrett explained that while Expensify Travel has significant potential, the company is not ready to share specific revenue figures. Regarding capital allocation, Barrett noted the company remains opportunistic with its cash reserves. Executive Anuradha Muralidharan added that strong fundamentals could lead to more bullish buybacks in the future, but no concrete plans are currently in place.

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