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    Alex Zukin • Wolfe Research LLC

    Alex Zukin's questions to monday.com Ltd (MNDY) leadership

    Alex Zukin's questions to monday.com Ltd (MNDY) leadership • Q2 2025

    Question

    Alex Zukin inquired about the current demand environment, linearity within the quarter for large deals, the deceleration in billings, and the expected progression of Net Dollar Retention (NDR) for the remainder of the year.

    Answer

    Co-CEO Roy Mann and CFO Eliran Glazer addressed the questions. They noted strong overall demand, particularly upmarket, but acknowledged some softness in the downmarket segment due to Google algorithm changes. Glazer stated that calculated billings are an imperfect metric and the company focuses on ARR. He confirmed the NDR of 111% was expected due to lapping a price increase and is projected to remain stable through fiscal 2025.

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    Alex Zukin's questions to Twilio Inc (TWLO) leadership

    Alex Zukin's questions to Twilio Inc (TWLO) leadership • Q2 2025

    Question

    Alex Zukin asked a two-part question about voice performance relative to expectations and its future growth contribution, and for the sequential gross margin change when adjusted for FX and A2P fees.

    Answer

    CEO Khozema Shipchandler stated that voice is performing very well, driven by AI demand, and is gross margin accretive, though its impact is moderated by the large messaging business. CFO Aidan Viggiano clarified that after adjusting for fees and FX, non-GAAP gross margin was roughly flat quarter-over-quarter.

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    Alex Zukin's questions to Paycom Software Inc (PAYC) leadership

    Alex Zukin's questions to Paycom Software Inc (PAYC) leadership • Q2 2025

    Question

    Alex Zukin from Wolfe Research asked how iWant fits into the overall product strategy with Beti, what defines success for iWant, and for an update on retention trends related to Beti and the potential combined impact with iWant.

    Answer

    CEO Chad Richison explained that both products drive significant retention. He differentiated them by noting iWant is a broad, system-wide interface that touches every module and piece of data, while Beti is more focused on the payroll process. He described iWant as a new, simpler way to access all information, which in turn makes features like Beti 'sweeter' and easier to use, representing a fundamental shift in user interaction.

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    Alex Zukin's questions to HubSpot Inc (HUBS) leadership

    Alex Zukin's questions to HubSpot Inc (HUBS) leadership • Q2 2025

    Question

    Alex Zukin from Wolfe Research LLC asked if marketing disruption is causing customer hesitation or acting as a call to action, and how monetization evolves if LLMs become the primary user interface.

    Answer

    CEO Yamini Rangan stated that marketers are not pausing; they are actively looking to HubSpot for new playbooks to navigate the world beyond search, making it a call to action and a major opportunity. CTO Dharmesh Shah added that HubSpot is seeing an unexpected use case where customers create agents on Agent.ai as lead magnets, a new form of inbound content. These leads flow directly into their HubSpot portal, creating a powerful flywheel effect.

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    Alex Zukin's questions to HubSpot Inc (HUBS) leadership • Q2 2025

    Question

    Alex Zukin from Wolfe Research asked if the disruption in marketing is causing customers to pause or if it's a call to action, and also how HubSpot's monetization strategy adapts if LLMs become the primary user interface.

    Answer

    CEO Yamini Rangan asserted that marketers are not pausing but are actively looking to HubSpot for a new playbook to grow beyond search, making it a significant opportunity. CTO Dharmesh Shah added that HubSpot is creating value by using agents as lead magnets themselves, with leads flowing directly into a customer's HubSpot account, creating a powerful new flywheel for inbound marketing.

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    Alex Zukin's questions to Dayforce Inc (DAY) leadership

    Alex Zukin's questions to Dayforce Inc (DAY) leadership • Q2 2025

    Question

    Alex Zukin from Wolfe Research LLC questioned the dynamic between very strong bookings and a sequential slowdown in recurring revenue growth. He also asked about the wide Q3 guidance and implied Q4 acceleration, probing if go-live predictability is changing.

    Answer

    Executive VP & CFO Jeremy Johnson attributed the current revenue growth rate to a prior 'air pocket' from periods without 40% sales growth. He explained that the benefits of the recent bookings strength are now beginning to flow through, leading to the guided acceleration from ~14% constant currency growth in Q2 to a 16-19% range in Q4. He assured that the company has good visibility and confidence in this back-half ramp.

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    Alex Zukin's questions to Paylocity Holding Corp (PCTY) leadership

    Alex Zukin's questions to Paylocity Holding Corp (PCTY) leadership • Q4 2025

    Question

    Alex Zukin of Wolfe Research LLC asked which Airbase features are driving the most cross-sell interest, about potential gross margin impacts, and for the expected revenue contribution from Airbase in fiscal 2026.

    Answer

    Executive Chairman Steve Beauchamp identified expense management as the module with the highest adoption, often serving as the entry point. CFO Ryan Glenn stated that Airbase's margin profile is not materially different from the core business and that its revenue contribution, while growing, remains a small portion of the total.

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    Alex Zukin's questions to Paylocity Holding Corp (PCTY) leadership • Q3 2025

    Question

    An analyst on for Alex Zukin asked about the pricing strategy for new CFO products and the latest trends in sales hiring and productivity.

    Answer

    Executive Chairman Steven Beauchamp explained that pricing for products like Airbase will align with models common to the CFO suite, separate from the HCM PEPY model, and that this has been received well. President and CEO Toby Williams reiterated the focus on driving productivity from the existing sales force with modest headcount growth, a strategy that has proven effective and will likely inform the FY26 plan.

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    Alex Zukin's questions to Zoominfo Technologies Inc (GTM) leadership

    Alex Zukin's questions to Zoominfo Technologies Inc (GTM) leadership • Q2 2025

    Question

    Alex Zukin from Wolfe Research asked about the company's confidence in sustaining the recent improvement in Net Revenue Retention (NRR) and requested more detail on the trajectory of operating margin leverage.

    Answer

    CFO Graham O'Brien expressed confidence in returning NRR to the 90s, driven by improving upmarket retention, a favorable business mix shift, and expansion opportunities with Copilot and Go-to-Market Studio. He reiterated that margin improvement is a matter of timing and will occur in step functions rather than being linear.

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    Alex Zukin's questions to ZI leadership

    Alex Zukin's questions to ZI leadership • Q2 2025

    Question

    Alex Zukin from Wolfe Research asked about the company's confidence in sustaining the recent improvement in Net Revenue Retention (NRR) and requested more detail on the trajectory of operating margin leverage.

    Answer

    CFO Graham O'Brien expressed confidence in returning NRR to the 90s, driven by strong upmarket retention, favorable mix shift, and expansion opportunities with Copilot and Go-to-Market Studio. He reiterated that margin improvement is expected to materialize over time as a 'step function' rather than being linear, viewing it as a timing progression, not a conflict with growth.

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    Alex Zukin's questions to Tyler Technologies Inc (TYL) leadership

    Alex Zukin's questions to Tyler Technologies Inc (TYL) leadership • Q2 2025

    Question

    Alex Zukin of Wolfe Research LLC asked about the level of conservatism in the outlook regarding macro impacts and questioned why the free cash flow margin was raised by 100 bps when the tax bill provided a 200 bps benefit.

    Answer

    President & CEO Lynn Moore stated there is not significant conservatism in the 2025 outlook related to macro factors. EVP & CFO Brian Miller explained the free cash flow guidance also reflects the positive impact of higher earnings, particularly from strong-performing transaction revenues. He advised against assuming a simple doubling of the tax benefit for next year's modeling.

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    Alex Zukin's questions to Freshworks Inc (FRSH) leadership

    Alex Zukin's questions to Freshworks Inc (FRSH) leadership • Q2 2025

    Question

    Alex Zukin followed up on AI, asking when it might become a significant growth catalyst to inflect the business trajectory. He also asked about Q2 billings performance, specifically regarding any pull-ins, and the confidence in the second-half guide.

    Answer

    CEO Dennis Woodside positioned AI as one of several key growth levers, alongside ESM, Device 42, and market share gains. COO & CFO Tyler Sloat addressed billings, noting a minor, non-significant pull-in and stated that the strong H2 guide reflects confidence from a solid Q2 performance and healthy pipeline.

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    Alex Zukin's questions to ServiceNow Inc (NOW) leadership

    Alex Zukin's questions to ServiceNow Inc (NOW) leadership • Q2 2025

    Question

    Alex Zukin of Wolfe Research LLC inquired about the drivers behind ServiceNow's strong execution amid a tough macro environment and sought clarity on the conservatism baked into the guidance for the U.S. federal sector.

    Answer

    Chairman & CEO Bill McDermott credited the outperformance to the company's culture and the transformative impact of its Agentic AI platform, which is driving customer consolidation. President & CFO Gina Mastantuono added that the federal sector performed as expected and that the forward guidance prudently accounts for ongoing budget tightening in that vertical.

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    Alex Zukin's questions to Adobe Inc (ADBE) leadership

    Alex Zukin's questions to Adobe Inc (ADBE) leadership • Q2 2025

    Question

    Alex Zukin from Wolfe Research LLC posed a two-part question about competition: first, regarding the down-market environment with Adobe Express's growth, and second, on the 'coopetition' with vendors like Meta and how GenStudio partners with their ad tools.

    Answer

    David Wadhwani, President of Digital Media, addressed the first part by highlighting Express's integration into the broader enterprise content supply chain, which drives adoption. On the second part, CEO Shantanu Narayen and Anil Chakravarthy, President of Digital Experience, explained that ad platforms like Meta seek partnerships with Adobe. They stated GenStudio helps advertisers optimize creative and ROI, making Adobe a key partner for creating and deploying content across all major ad channels.

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    Alex Zukin's questions to Samsara Inc (IOT) leadership

    Alex Zukin's questions to Samsara Inc (IOT) leadership • Q1 2026

    Question

    Alex Zukin of Wolfe Research LLC inquired about the nature of elongated sales cycles, asking if deals that closed in May retained their original size and scope, and about the current state of pipeline construction. He also asked about the expanded opportunities and competitive positioning resulting from new OEM partnerships.

    Answer

    Chief Financial Officer Dominic Phillips confirmed that the deals that closed in May did not change in construction, describing the Q1 slip as a multi-million dollar impact. He also noted record pipeline generation in Q1, signaling strong customer demand despite macro uncertainty. Co-Founder and CEO Sanjit Biswas added that the OEM partnership strategy is focused on reducing customer friction by making it easier to connect new assets to Samsara's cloud platform.

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    Alex Zukin's questions to UiPath Inc (PATH) leadership

    Alex Zukin's questions to UiPath Inc (PATH) leadership • Q1 2026

    Question

    Alex Zukin sought to understand the primary drivers of the strong license revenue outperformance in the quarter. He also asked if the Net Retention Rate is expected to trend down further before troughing and about any potential for further go-to-market efficiencies.

    Answer

    CFO & COO Ashim Gupta attributed the license revenue performance to a favorable mix of deals in terms of duration and deployment method, stating there was nothing unusual to report. On NRR, he reiterated that the trend is embedded in the guidance and the company is bullish on agentic activity but expects no material impact this year. He confirmed the go-to-market restructuring is complete but the company will continue to seek efficiencies.

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    Alex Zukin's questions to Zoom Communications Inc (ZM) leadership

    Alex Zukin's questions to Zoom Communications Inc (ZM) leadership • Q1 2026

    Question

    Speaking for Alex Zukin, an analyst asked for more detail on the deal sizes driving Zoom Contact Center's growth to a triple-digit million ARR business and inquired about the competitive landscape, specifically regarding greenfield versus replacement deals.

    Answer

    CEO Eric Yuan reported that Contact Center customer count grew 65% year-over-year and noted that none of the top 10 deals in Q1 were replacements of existing cloud-based vendors, implying a focus on on-premise migrations and greenfield opportunities. He also highlighted that channel partners drove 6-7 of the top 10 deals. CFO Michelle Chang added there was a 10% year-over-year mix shift towards the AI-centric Elite SKU.

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    Alex Zukin's questions to OneStream Inc (OS) leadership

    Alex Zukin's questions to OneStream Inc (OS) leadership • Q4 2024

    Question

    An analyst on behalf of Alex Zukin from Wolfe Research asked for more calibration on the current buying environment and the degree of conservatism embedded in the 2025 guidance.

    Answer

    Co-Founder and CEO Tom Shea described the Q4 environment not as one of abrupt deal halts, but of a 'lack of urgency' from large multinational and government customers, noting that CFOs are sensitive buyers who react early to uncertainty. He characterized the guidance as prudent in light of factors outside their control, while reaffirming confidence in the company's product strategy and ability to execute.

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    Alex Zukin's questions to Intuit Inc (INTU) leadership

    Alex Zukin's questions to Intuit Inc (INTU) leadership • Q2 2025

    Question

    Patrick, on behalf of Alex Zukin, asked for the drivers behind Credit Karma's significant outperformance and why annual guidance was not updated despite strong first-half results.

    Answer

    CEO Sasan Goodarzi attributed Credit Karma's growth to both macro improvement (40%) and strong execution (60%) within the "one consumer platform" strategy, which integrates TurboTax and improves the shopping experience for financial products. CFO Sandeep Aujla added that the company faces more challenging year-over-year comps for Credit Karma in the second half of the year. Both executives confirmed they will re-evaluate full-year guidance after Q3, which is their standard practice.

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    Alex Zukin's questions to Informatica Inc (INFA) leadership

    Alex Zukin's questions to Informatica Inc (INFA) leadership • Q3 2024

    Question

    On behalf of Alex Zukin, Patrick inquired about trends in customer budgets for data initiatives throughout the year and the outlook for spending in Q4 and into the next year.

    Answer

    CEO Amit Walia explained that customer spending has shifted from purely defensive, cost-saving projects to include offensive, transformational initiatives. He emphasized that GenAI is embedded in every conversation, driving pilots and new use cases. Walia identified data, AI, and cybersecurity as the primary areas where customers are consistently allocating their budgets.

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    Alex Zukin's questions to Informatica Inc (INFA) leadership • Q2 2024

    Question

    Patrick from Wolfe Research asked for clarification on the dynamics of self-managed subscription renewals, where rates are high but duration is decreasing, and inquired about plans to further accelerate the on-premise to cloud migration story.

    Answer

    CFO Mike McLaughlin explained that shorter renewal terms are specific to self-managed on-prem subscriptions, not maintenance. This impacts upfront GAAP revenue recognition under ASC 606 but does not affect ARR or cash flow. He views this trend as a positive signal that customers are preparing to migrate, and expects migration growth to outpace overall cloud subscription ARR growth.

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    Alex Zukin's questions to Asana Inc (ASAN) leadership

    Alex Zukin's questions to Asana Inc (ASAN) leadership • Q2 2025

    Question

    Speaking on behalf of Alex Zukin, Rich Magnus asked about the evolution of the competitive landscape over the past year and requested color on billings trends for the next two quarters.

    Answer

    CEO Dustin Moskovitz stated that the competitive landscape has not seen significant changes, noting that customers are often hesitating on large consolidation deals. COO Anne Raimondi expressed confidence in future billings, citing improved revenue operations, better sales rep enablement, and strong performance in international regions like EMEA and Japan, which act as leading indicators.

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