Alex Sklar

Alex Sklar inquired about the capabilities of the MANTL Loan Origination System (LOS), including the types of loans it can originate and the roadmap for commercial loans. He also asked for an update on cross-activity between MANTL and the digital banking client base, and Alkami's capital allocation priorities for 2026.

Answer

CEO Alex Shootman clarified that MANTL LOS currently targets retail and HELOC loans, with commercial loans as a potential future offering. He noted that 45 clients now have all three DSSP products (digital banking, data marketing, origination), up from 11 at the time of the MANTL acquisition, indicating strong cross-activity. CFO Cassandra Hudson stated that capital allocation priorities include paying down the revolving credit facility, opportunistic M&A (longer-term), and assessing share buybacks, with no immediate changes.

Alex Sklar asked about the usage of Workiva's initial AI features by customers and the incremental AI roadmap plans for 2026, specifically regarding monetizable opportunities. He also sought to disaggregate the drivers of strong bookings exiting the year, asking about the contributions from go-to-market changes, new packaging efforts, partners, or broader multi-solution sales.

Answer

CEO Julie Iskow reported that almost 30% of Workiva's customers have enabled AI on their platform, with increasing adoption and positive feedback. She confirmed plans to monetize AI capabilities by integrating them into upper tiers. Regarding bookings, Julie stated that growth is broad-based across solutions, driven by Workiva's own execution, a strengthening partner ecosystem, and the platform play, rather than a single factor.

Alex Sklar asked about customer usage of Workiva's initial AI features, the incremental AI roadmap plans for 2026, and the monetizable opportunity. He also inquired about the drivers behind strong bookings exiting the year, specifically asking to disaggregate contributions from go-to-market changes, new packaging, partners, and multi-solution sales.

Answer

CEO Julie Iskow reported increasing AI adoption, with almost 30% of customers having enabled AI, and positive feedback on rolled-out features. She confirmed plans to monetize AI capabilities in upper tiers. For bookings, Julie attributed growth to broad-based solutions, focus on new logos and expansions, ongoing operational leverage, a strengthening partner ecosystem, and the platform play, emphasizing it's a combination of factors.

John Messina, on for Alex Sklar, asked if the macro environment was leading to more single-solution deals instead of platform sales and inquired about the expected cadence of margin improvement to reach medium-term targets.

Answer

CEO Julie Iskow asserted that the platform is a key differentiator in the current environment, as customers prioritize efficiency and solution consolidation. CFO Jill Klindt noted that the guidance implies significant margin improvement in the second half of 2025 and that while the ramp to 2027 targets may not be linear, they are operating to execute on that path.

Alex Sklar of Raymond James asked about the growth differences observed in Weave Payments across various end markets, and how to project payments growth and attach rates for 2026 and the medium term. Alex Sklar also followed up on net revenue retention (NRR) improvements, asking about the expected additive impact of newer products like TrueLark and organic product expansion on NRR growth in 2026 and the medium term, and what is factored into the current guidance.

Answer

CEO Brett White highlighted the success of new features like surcharging, which is driving significant volume growth. CFO Jason Christiansen explained that payments opportunity varies by sector based on insurance coverage rates; for example, primary care has higher insurance coverage, making the payments opportunity less than in aesthetics or veterinary. He noted that Weave aligns go-to-market efforts with industry needs and considers overall economics when expanding into new verticals. Regarding NRR, CFO Jason Christiansen stated that the impact of the AI Receptionist on NRR growth is biased towards the second half of 2026 due to product rollout timelines. He noted a significant upsell opportunity but cautioned that customers often adopt new capabilities heavily upfront, which could lead to average revenue per location expansion without necessarily significant NRR expansion, preferring to let dynamics play out before providing more specific color.

Alex Sklar inquired about the growth differences in payments across various end markets and Weave's expectations for payments growth and attach rates in 2026 and the medium term. He also asked about the expected additive impact of newer products like TrueLark and organic product expansion on Net Revenue Retention (NRR) growth in 2026 and what is embedded in the current guidance.

Answer

CEO Brett White highlighted new features like surcharging as a well-received upsell product driving significant volume growth. CFO Jason Christiansen explained that payments performance varies by sector based on the economics of a practice and the insurance component, noting that the opportunity is greater in areas like aesthetics or veterinary compared to primary care due to higher insurance coverage in the latter. Regarding NRR, Jason Christiansen stated that the growth from the AI Receptionist is biased towards the second half of 2026, aligning with the product roadmap. He noted a significant upsell opportunity but cautioned that customers often adopt new capabilities heavily upfront, which could lead to average revenue per location expansion without necessarily leading to significant NRR expansion, preferring to observe dynamics as sales experience grows. Brett White added that Weave's scale, public company status, and focus on data security, HIPAA, PHI, PCI compliance, reliability, and scalability are key differentiators, especially for larger groups.

Alex Sklar of Raymond James Financial, Inc. inquired about the demand for Q2 solutions when financial institutions undertake core modernization or switch core vendors, and the visibility into the 2027 subscription growth outlook.

Answer

CEO Matt Flake noted that core technology changes create opportunities for Q2, considering it 'found money' not yet quantified for the current year but positioning Q2 well. CFO Jonathan Price expressed confidence in the early 2027 subscription growth outlook, attributing it to strong 2025 bookings, particularly larger deals in the second half, with potential upside from first-half 2026 bookings.

Alex Sklar inquired about the demand for Q2's solutions during financial institutions' core modernization efforts, including cloud migrations or vendor switches, and sought clarity on the visibility and potential upside for the 2027 subscription growth outlook, particularly in relation to 2026 bookings.

Answer

CEO Matt Flake stated that core technology changes present opportunities for Q2, though timing is uncertain. CFO Jonathan Price expressed confidence in the 2027 subscription growth outlook, attributing visibility to strong 2025 bookings, especially larger deals in the second half, and noted that first-half 2026 bookings could drive further upside.

Alex Sklar asked about the presence of defined AI budgets within BlackLine's enterprise customer base, the incremental opportunity this represents for BlackLine, and how the company is positioning its solutions, including Verity, to capture these budgets. He also sought clarity on the 2026 outlook for platform pricing adoption, specifically the expected percentage of the customer base, and any changes in the sales force's approach to renewals with platform pricing compared to the previous year.

Answer

Owen Ryan, CEO, and Jeremy Ung, CTO, indicated that while there aren't necessarily defined AI budgets, CFOs are willing to allocate funds if BlackLine can demonstrate strong ROI, reliability, trust, accuracy, and security. Jeremy Ung highlighted that WiseLayer and Verity Accruals are expanding upstream use cases. Patrick Villanova, CFO, projected that 25-35% of customers would be on platform pricing by the end of 2026, noting that adoption won't be linear due to renewal cohorts in Q2 and Q4. He confirmed that the sales motion for platform pricing has been embedded over the past year.

Alex Sklar inquired about the presence of defined AI budgets within BlackLine's enterprise customer base, the incremental opportunity this presents, and how BlackLine is positioning its solutions, including Verity, to capture these budgets. He also asked for details on the 2026 outlook for platform pricing adoption, specifically the expected percentage of the eligible base, and any changes in the sales force's approach to renewals this year.

Answer

CEO Owen Ryan and CTO Jeremy Ung indicated that while defined AI budgets are not always explicit, demonstrating strong ROI enables CFOs to find the necessary funds, emphasizing reliability, trust, accuracy, and security. Jeremy Ung added that the WiseLayer acquisition allows BlackLine to expand into upstream use cases like Accruals. CFO Patrick Villanova projected 25-35% of customers to be on platform pricing by the end of 2026, with the sales motion having been embedded over the past year, noting that Q2 and Q4 are key renewal periods.

Alex Sklar asked about the trends in broader IT and AI budgets within Intapp's named accounts for 2026, specifically if distinct spend is dedicated to AI, and how Intapp's increased investment in AI offerings aligns with its strategy. He also asked about the drivers behind the notable step-up in net revenue retention (NRR) this quarter.

Answer

CEO John Hall noted that some firms have specific AI budgets, while others integrate AI into general IT procurement, both benefiting Intapp. He highlighted Intapp's significant R&D investment in AI, leading to its largest and most consequential product release at the upcoming Amplify event, driven by extensive client collaboration. CFO David Morton attributed the NRR increase to the effective enterprise motion, successful partner ecosystem engagement, and larger lands and expands through both upsell and cross-sell.

Alex Sklar inquired about broader IT and AI budgets within named accounts for 2026, and the drivers behind the notable step-up in Net Revenue Retention (NRR) this quarter.

Answer

Chairman and CEO John Hall noted that some firms have dedicated AI budgets, while others integrate AI into traditional IT procurement. CFO David Morton attributed the NRR increase to the effectiveness of Intapp's enterprise motion and successful partner ecosystem talk tracks, leading to larger lands and expands through upsell and cross-sell.

Alex Sklar asked about the international opportunity compared to the strong US performance, including necessary product and go-to-market investments. He also inquired about the magnitude, timing, and focus of direct sales hiring plans for fiscal year 2026.

Answer

CEO John Hall noted that international business historically accounts for 30-33% of revenue, with a growing footprint in regions like the UK, Australia, New Zealand, Canada, Continental Europe, Nordics, and Singapore, further expanded by partners in Spanish and Portuguese-speaking countries. CFO David Morton indicated that incremental investment for international expansion has been nominal, primarily involving pacing and planning. CEO John Hall stated that direct sales hiring in fiscal year 2026, leading into 2027, will focus on growing the enterprise group to target large, scaling enterprise-class firms.

Alex Sklar asked about the international opportunity, specifically comparing its potential to the strong US performance, and for David Morton to comment on the investment needed for this expansion given existing partners. He also inquired about the magnitude and timing of direct sales hiring plans for fiscal 2026, particularly for the enterprise group, compared to the previous year.

Answer

John Hall (Chairman and CEO, Intapp) noted that international business historically accounts for 30-33% of revenue, with strong growth in the UK, Australia, New Zealand, Canada, continental Europe, Nordics, and new markets like Singapore and Spanish/Portuguese-speaking countries via partners. David Morton (CFO, Intapp) stated that incremental investment for international expansion has been nominal, primarily a matter of pacing and planning due to minimal localization needs. John Hall added that direct sales hiring is focused on growing the enterprise group, adding capacity in fiscal 2026 leading into fiscal 2027, to serve scaling enterprise-class firms.

Alex Sklar inquired about the specific factors contributing to South Africa's accelerated subscriber growth, sales hiring progress in Southeast Asia and Europe, and whether significant hiring in Southeast Asia will drive subscriber growth beyond 20-21%. He also asked if South African ARPU growth was solely from camera/Tag or price hikes, and for Southeast Asia's ARPU and expected dilution.

Answer

Zak Calisto, Founder and Group CEO, clarified that both subscriber growth and cross-selling are progressing as planned, attributing performance to increased market footprint and execution. He confirmed sales hiring is on track across all regions and stated the ambition is to exceed and compound on the 20-21% subscriber growth rate in Southeast Asia for a strong FY2027. He confirmed South African ARPU growth was driven by camera and Tag adoption. For Southeast Asia, he reiterated that ARPU is expected to eventually mirror South Africa's, anticipating a decrease as the business expands into lower ARPU countries, a known trend from the outset.

Alex Sklar of Raymond James inquired about the progress of hiring plans in Southeast Asia, future sales productivity, the margin impact of cross-selling, and the potential to increase ownership in Karoo Logistics.

Answer

CEO Isaias Jose Calisto confirmed that Southeast Asia hiring is on target and that they expect to deliver increased productivity. He clarified that ARPU growth from cross-selling is aimed at increasing absolute profit, not profit margins, due to associated costs. He also confirmed the company has an option to increase its stake in Karoo Logistics starting February 2026, which will be evaluated then.

Alex Sklar asked Sanjit Biswas if the success in verticalizing the public sector sales force has influenced Samsara's go-to-market strategy for other end markets. He also asked Dominic Phillips about any changes to the expansion motion within the 115% NRR framework, considering the traction of newer products and potential for NRR to step up.

Answer

Sanjit Biswas, CEO and Co-founder, Samsara, stated that while the public sector team has been successful due to its unique buyer persona, Samsara continuously evaluates its go-to-market strategy for different segments. Dominic Phillips, CFO, Samsara, noted that the business remains balanced, with roughly half of new bookings from new logos and half from expansions, and while there's significant expansion opportunity with new products, he expects this balance to continue.

Alex Sklar asked for more details on the two top 50 bank commercial expansions, specifically what these banks were using nCino for previously and what new functionalities they are adopting. He also questioned the remaining white space within the core enterprise commercial lending segment of nCino's U.S. installed base, and how recent bank M&A activity is expected to impact nCino over the next one to two years.

Answer

Sean Desmond, nCino's Chief Executive Officer, explained that the expansions reflect opportunities within existing business lines where customers had more need for nCino's solutions. Greg Orenstein, nCino's Chief Financial Officer, reiterated that bank M&A has historically been a tailwind, citing an internal study showing nCino as the go-forward platform in 95% of over 270 M&A events involving nCino customers over the past decade.

Alex Sklar from Raymond James asked for more details on the two top 50 bank commercial expansions, specifically what nCino solutions these banks were using previously and what new capabilities they adopted. He also inquired about the remaining white space within nCino's U.S. installed base for core enterprise commercial lending. Additionally, Sklar questioned the anticipated impact of increased bank M&A activity over the next one to two years on nCino's business.

Answer

CEO Sean Desmond noted that the expansions reflected opportunities within existing business lines where customers had more needs for nCino's solutions. CFO Greg Orenstein explained that bank M&A has historically been a tailwind, citing an internal study showing nCino as the go-forward platform in 95% of over 270 M&A events involving nCino bank customers over the past decade, reinforcing the platform's scalability and choice for growing institutions.

Alex Klar asked about trends in new logo win rates and the mix between competitive takeaways versus conversions from manual processes. He also inquired about the decline in implied license revenue.

Answer

CEO David DeStefano stated that win rates are consistent, with takeaways often driven by a competitor's poor support or a customer's growing complexity. He also credited investments in the Microsoft ecosystem for driving new wins. CFO John Schwab noted there was no change in the on-premise to cloud migration activity, which remains at 2-4% of the customer base annually.