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    Andrew Sherman • Cowen

    Andrew Sherman's questions to Jfrog Ltd (FROG) leadership

    Andrew Sherman's questions to Jfrog Ltd (FROG) leadership • Q2 2025

    Question

    Andrew Sherman inquired about the pipeline for large enterprise deals, citing the 7-figure telco win for JFrog Curation, and asked about the momentum and renewal dynamics of the security business.

    Answer

    CEO Shlomi Ben Haim stated the pipeline is strong with deals combining cloud migration, security, and MLOps. He highlighted the telco deal was driven by a need for a software supply chain firewall during tool consolidation. Regarding security, he noted that high retention rates reflect successful renewals and that the business is benefiting from the market trend of consolidating security tools onto a single platform.

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    Andrew Sherman's questions to Jfrog Ltd (FROG) leadership • Q1 2025

    Question

    Andrew Sherman asked for an update on the pipeline for large enterprise deals and their expected timing. He also inquired about sales cycles for security products, renewal performance, and success in displacing point solutions.

    Answer

    CEO Shlomi Haim confirmed several large deals are projected for the second half of the year but are derisked from guidance. He stated security sales cycles are stable as it's often sold as part of the platform. He noted that while early security renewals are aligned with projections, more data will be available in the second half, as many large deals closed in late 2024.

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    Andrew Sherman's questions to Jfrog Ltd (FROG) leadership • Q4 2024

    Question

    Andrew Sherman sought confirmation on whether there were any material true-ups or overages in the Q4 cloud revenue number. He also asked about the pipeline for large deals, similar to the strong ones closed in the second half of 2024, and for commentary on enterprise traction.

    Answer

    CFO Ed Grabscheid confirmed there were no significant true-ups, as most cloud customers are on a monthly 'use it or lose it' model, unlike in 2023. CEO Shlomi Ben Haim acknowledged the strong H2 2024 and stated that while there are large opportunities in the current pipeline that couple cloud and security, the company is being very conservative in how it derisks that pipeline for guidance purposes.

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    Andrew Sherman's questions to Jfrog Ltd (FROG) leadership • Q3 2024

    Question

    Andrew Sherman asked about the pipeline of large deals for Q4 and the company's visibility into them, and also inquired about the timeline for when AI-related offerings might begin to contribute to revenue.

    Answer

    CEO Shlomi Haim confirmed a strong pipeline of large deals for future quarters but reiterated that they are de-risking the forecast due to both macro factors and strategic decisions to wait for larger platform deals. On AI, he stated that while AI models are binaries (a core strength), customers are still in experimental phases, and material revenue contribution will likely take more than a few quarters.

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    Andrew Sherman's questions to Dynatrace Inc (DT) leadership

    Andrew Sherman's questions to Dynatrace Inc (DT) leadership • Q1 2026

    Question

    Andrew Sherman asked if the Net Retention Rate (NRR) of 111% should be expected to continue increasing throughout the year, given that over 65% of ARR is now on the higher-consumption DPS model.

    Answer

    CFO Jim Benson stated that while it's uncertain if NRR will expand further during the year, he expects expansions to be a heavier mix of net new ARR than historically. This is due to the health and expansion-focus of the current sales pipeline.

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    Andrew Sherman's questions to Dynatrace Inc (DT) leadership • Q2 2025

    Question

    Andrew Sherman inquired if the increase in less-tenured sales reps was due to higher attrition or recent hiring initiatives, and asked for the reason behind the sequential decline in sales and marketing expenses. He also asked about expectations for a year-end budget flush.

    Answer

    CFO Jim Benson clarified that the higher mix of new reps is a result of strategic hiring to match new skill profiles for the IT 500 segment, not due to increased attrition. He explained that the Q2 decline in sales and marketing spend is seasonal, primarily because the company's major sales kickoff event occurs in Q1. Benson also stated that the company is not assuming any material budget flush in its guidance, consistent with the prior year.

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    Andrew Sherman's questions to Axon Enterprise Inc (AXON) leadership

    Andrew Sherman's questions to Axon Enterprise Inc (AXON) leadership • Q2 2025

    Question

    Andrew Sherman of TD Cowen asked about the demand mix for the AI era plan, particularly for Draft1, and whether momentum for the entire AI product bundle is accelerating.

    Answer

    President Josh Isner confirmed that demand for the AI era plan is accelerating, with a 'loaded' pipeline for the second half of the year. He attributed the success to tangible time savings for customers and an expanding suite of valuable AI products, crediting Founder, CEO & Director Rick Smith for the strategic early investment in AI.

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    Andrew Sherman's questions to Axon Enterprise Inc (AXON) leadership • Q1 2025

    Question

    Andrew Sherman asked about the primary drivers of the strong Q1 cloud and Annual Recurring Revenue (ARR) growth, sought an update on the sales pipeline for Draft One, and inquired about the factors causing the recent inflection in international market performance.

    Answer

    President Joshua Isner attributed the strong Q1 bookings to improved execution and proactive pipeline development, noting that Draft One adoption is expected to accelerate significantly in the second half of 2025. CFO Brittany Bagley added that the strong Q1 ARR result was a direct reflection of the record bookings in Q4 2024. Regarding international success, Isner credited increased company-wide focus, strong leadership, and a successful 'land-and-expand' strategy with core products.

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    Andrew Sherman's questions to Axon Enterprise Inc (AXON) leadership • Q4 2024

    Question

    Andrew Sherman requested details on the assumptions behind the 25% revenue growth guidance for 2025, specifically regarding Net Revenue Retention (NRR) and the AI Era plan's contribution. He also asked for an update on the supply/demand imbalance for the TASER 10.

    Answer

    CFO Brittany Bagley confirmed no change in guidance philosophy and noted that NRR remains stable with low churn. She stated that TASER 10 demand continues to outpace supply and that CapEx is being invested to increase capacity, with a goal of reaching equilibrium within the next year. President Joshua Isner added that T10 demand remains robust due to its field effectiveness.

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    Andrew Sherman's questions to Axon Enterprise Inc (AXON) leadership • Q4 2024

    Question

    Andrew Sherman asked about the assumptions behind the 25% revenue growth guidance for 2025, focusing on Net Revenue Retention (NRR) and the AI Era Plan's contribution. He also inquired about the current supply/demand balance for the TASER 10.

    Answer

    Brittany Bagley, CFO, confirmed no change in guidance philosophy and expects NRR to remain stable. She noted that TASER 10 demand continues to outpace supply, and the company is investing in capacity to close the gap by next year. Joshua Isner, President, reiterated that T10 demand remains exceptionally strong.

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    Andrew Sherman's questions to ServiceTitan Inc (TTAN) leadership

    Andrew Sherman's questions to ServiceTitan Inc (TTAN) leadership • Q1 2026

    Question

    Andrew Sherman of Cowen asked if the recent 17-year high in home equity loan (HELOC) applications could be a tailwind for larger home improvement projects among ServiceTitan's customers.

    Answer

    President Vahe Kuzoyan responded that the company hears from customers that turnover in the housing market is a driver of work. He said he would anticipate any meaningful change in that direction, like increased HELOC usage, to be a positive factor, but noted it is hard to predict the magnitude of the impact.

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    Andrew Sherman's questions to ServiceTitan Inc (TTAN) leadership • Q1 2026

    Question

    Andrew Sherman from Cowen asked if the recent spike in home equity loan (HELOC) applications could drive larger projects for ServiceTitan's customers.

    Answer

    President Vahe Kuzoyan acknowledged that increased housing market activity is generally a positive driver for their customers' work. However, he stated that it is difficult to predict the specific magnitude of the impact from the rise in HELOC applications at this time.

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    Andrew Sherman's questions to PagerDuty Inc (PD) leadership

    Andrew Sherman's questions to PagerDuty Inc (PD) leadership • Q1 2026

    Question

    Andrew Sherman of TD Cowen requested more color on the significant six-figure win with an AI research company, asking about the use case and potential for expansion. He also inquired about the performance of non-incident management products during the quarter.

    Answer

    CEO Jennifer Tejada explained that the AI company win validates PagerDuty's platform for the new frontier of managing complex AI operations, where reliability and security are paramount. Regarding other products, she highlighted that AIOps continues to perform well, with maturing use cases such as helping customers optimize observability spend and prioritize technical debt.

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    Andrew Sherman's questions to PagerDuty Inc (PD) leadership • Q4 2025

    Question

    Andrew Sherman of TD Cowen inquired about the current macroeconomic environment's impact on PagerDuty's business and sought an update on the go-to-market strategy, specifically regarding the productivity ramp of new sales representatives and any further planned adjustments.

    Answer

    CEO Jennifer Tejada stated that customers continue to prioritize platforms with high ROI and efficiency, a trend PagerDuty is accustomed to. She detailed the ongoing sales transformation, which involves a talent rotation towards experienced enterprise platform reps who are ramping faster. Tejada emphasized her focus on increasing sales effectiveness, productivity, and standardizing the go-to-market motion to ensure strong account engagement, which is a key driver of growth.

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    Andrew Sherman's questions to PagerDuty Inc (PD) leadership • Q3 2025

    Question

    Andrew Sherman asked for a rank order of the new products contributing to 40% of net new ARR and whether attach rates could drive larger deals. He also asked if the higher Enterprise NRR includes mid-market and when the SMB drag on overall NRR might subside.

    Answer

    CEO Jennifer Tejada explained that AIOps, Automation, and Customer Service Ops are key drivers, often sold as solutions to funded CIO initiatives like op center modernization, which helps deals get bigger. CFO Howard Wilson clarified that the Enterprise DBNR figure now includes companies with revenues above $500 million, incorporating the upper mid-market. He noted the SMB segment's negative growth has been flattening, reducing its headwind on overall growth.

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    Andrew Sherman's questions to PagerDuty Inc (PD) leadership • Q2 2025

    Question

    Andrew Sherman asked for an update on the performance of flexible enterprise pricing and its impact on expansions. He also questioned how Q4 guidance accounts for longer deal cycles and how renewals have tracked.

    Answer

    CEO Jennifer Tejada reported positive feedback on flexible pricing, noting it enabled significant deals and that the consumption-based AIOps offering grew about 20%. CFO Howard Wilson stated the guidance accounts for deal timing. He also explained that a strategic push for multi-year renewals has reduced the renewal base for Q4, de-risking retention and allowing the sales team to focus more on growth.

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    Andrew Sherman's questions to Datadog Inc (DDOG) leadership

    Andrew Sherman's questions to Datadog Inc (DDOG) leadership • Q1 2025

    Question

    Andrew Sherman noted that the net new additions of customers with ARR over $100,000 was the strongest since Q4 2022 and asked about the drivers behind this expansion, including new use cases, new products, and share gains.

    Answer

    CEO Olivier Pomel confirmed it was driven by 'all of the above,' stating that it's a consistent trend of customers expanding on the platform as they consolidate tools and add workloads. He also highlighted the return of 'boomerang' customers who had previously left for other solutions, viewing their return as validation of Datadog's long-term value proposition.

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    Andrew Sherman's questions to Elastic NV (ESTC) leadership

    Andrew Sherman's questions to Elastic NV (ESTC) leadership • Q3 2025

    Question

    Andrew Sherman noted that sales and marketing growth was below revenue growth and asked about the company's sales capacity position as it heads into the next fiscal year.

    Answer

    Interim CFO Eric Prengel responded that the strong performance in Q2 and Q3 gives them confidence to continue investing. He stated that they plan to invest in the field, marketing, and product in FY26, with investments being front-end loaded in Q1. He affirmed they actively monitor field capacity and feel comfortable with the current headcount needed to drive FY26 growth.

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    Andrew Sherman's questions to Appian Corp (APPN) leadership

    Andrew Sherman's questions to Appian Corp (APPN) leadership • Q3 2024

    Question

    Andrew Sherman, filling in for Derrick Wood, asked about Appian's key differentiators in agentic AI, the customer adoption of new pricing tiers, the impact of AI consumption pricing, and the reason for the high cloud bookings mix.

    Answer

    CEO Matt Calkins identified Appian's unique Data Fabric as the primary differentiator, enabling a more private, auditable, and effective approach to agentic AI. He noted strong adoption of the higher-priced 'advanced' tier, particularly among new customers. CFO Mark Matheos commented that while the high cloud bookings mix is positive, it can fluctuate quarterly and should not be seen as a definitive new trend.

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