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    Arvind Ramnani • Piper Sandler

    Arvind Ramnani's questions to Globant SA (GLOB) leadership

    Arvind Ramnani's questions to Globant SA (GLOB) leadership • Q1 2025

    Question

    Arvind Ramnani asked about the potential drivers for upside or downside to the revised guidance and questioned the implied sequential growth improvement from Q1 to Q2 given the volatile macro environment.

    Answer

    CFO Juan Urthiague reiterated that the new guidance is conservative and assumes current uncertainty persists. Upside could come from a clearing macro environment that accelerates pipeline conversion, while downside would stem from further deterioration. He explained that the Q2 guidance reflects a stabilization that the company is currently observing, and the number was set to be achievable in the current volatile scenario.

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    Arvind Ramnani's questions to Globant SA (GLOB) leadership • Q4 2024

    Question

    Arvind Ramnani highlighted a perceived disconnect between management's highly positive commentary and a guided growth rate that isn't significantly accelerating from the previous year.

    Answer

    CFO Juan Urthiague addressed this by stating that the guided organic constant currency growth is consistent with 2024's strong performance. He explained that the excitement stems from the transformative potential of AI, an expanding U.S. pipeline, and major wins in new markets, but acknowledged that deal conversion must accelerate for this to translate into higher revenue. CEO Martín Migoya added that achieving this level of growth at their scale is a top-tier industry performance and demonstrates their readiness for the future.

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    Arvind Ramnani's questions to Duolingo Inc (DUOL) leadership

    Arvind Ramnani's questions to Duolingo Inc (DUOL) leadership • Q1 2025

    Question

    Arvind Ramnani from Piper Sandler sought to understand the broader business strategy behind expanding into subjects like math, music, and chess, and asked about the common thread among these learners.

    Answer

    CEO Luis von Ahn clarified that all new subjects are monetized through the same subscription model. The strategy is to evolve Duolingo into a broad educational app for subjects that require long-term learning. The common user characteristic is a desire for self-improvement, with users shifting time from mobile games and social media to productive learning.

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    Arvind Ramnani's questions to Duolingo Inc (DUOL) leadership • Q3 2024

    Question

    Arvind Ramnani asked about the long-term relationship between DAU and revenue growth, the performance of this year's Duocon versus last year's, and the strategic distinction between features in the Super and Max tiers.

    Answer

    CEO Luis von Ahn Arellano and CFO Matt Skaruppa explained that while DAU growth is strong, the company has many levers to drive revenue, so a fixed ratio is not the focus. Von Ahn noted Duocon's live viewership tripled year-over-year. He clarified that currently, Super is for 'convenience' features, while Max is for 'efficacy,' centered on the Video Call with Lily for conversation practice.

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    Arvind Ramnani's questions to Clearwater Analytics Holdings, Inc. (CWAN) leadership

    Arvind Ramnani's questions to Clearwater Analytics Holdings, Inc. (CWAN) leadership • Q4 2024

    Question

    Arvind Ramnani asked if the combined Clearwater-Enfusion entity could accelerate the industry's decision-making pace and whether the new solution could create a cascading effect, compelling clients and competitors to adopt it.

    Answer

    CEO Sandeep Sahai affirmed that the combination enhances the growth rates of both companies by providing a significant new reason for clients to switch. He agreed that the long-term vision of a single platform with a shared data plane could be a 'complete game changer' and create a cascading effect. He emphasized that eliminating the vast industry-wide expense of reconciling data between front, middle, and back-office systems is the core promise, and the two companies' modern, cloud-native architectures uniquely position them to achieve this.

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    Arvind Ramnani's questions to Paylocity Holding Corp (PCTY) leadership

    Arvind Ramnani's questions to Paylocity Holding Corp (PCTY) leadership • Q2 2025

    Question

    Arvind Ramnani of Piper Sandler asked where the benefits of GenAI are appearing in financial results and if recent industry AI developments alter their strategy. He also questioned why industry growth has moderated and if a return to 20%+ growth is possible.

    Answer

    Executive Chairman Steven Beauchamp responded that AI's value is embedded throughout the business via improved client experience, higher margins, and product differentiation, rather than as a single monetized feature. President and CEO Toby Williams attributed growth moderation to the law of large numbers but stressed their strategy is to remain the highest-growth player by delivering the most modern platform, balanced with a focus on profitability.

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    Arvind Ramnani's questions to Paylocity Holding Corp (PCTY) leadership • Q1 2025

    Question

    Arvind Ramnani sought clarification on the components of the full-year guidance raise, asked about the potential for further upside, and questioned if AI development would require a step-up in investment.

    Answer

    CFO Ryan Glenn broke down the recurring revenue raise into two-thirds from Airbase and one-third from organic performance and momentum. He noted a return to a beat-and-raise cadence is the goal. Executive Chairman Steven Beauchamp stated that AI investment is not new and he does not foresee a need for an outsized step-up in R&D spending to fund the AI roadmap.

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    Arvind Ramnani's questions to Upstart Holdings Inc (UPST) leadership

    Arvind Ramnani's questions to Upstart Holdings Inc (UPST) leadership • Q3 2024

    Question

    Arvind Ramnani from Piper Sandler sought clarification on the extent to which recent performance was driven by internal model improvements versus macro tailwinds, and asked about the future balance between committed and opportunistic capital.

    Answer

    CEO Dave Girouard attributed the strong Q3 growth primarily to significant upgrades from their 'Model 18' AI, rather than macroeconomic factors like rate cuts. Regarding funding, he stated that while committed capital is currently over half of the supply and highly valued, the ideal long-term structure includes a healthy mix with opportunistic, 'spot market' capital.

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    Arvind Ramnani's questions to Intapp Inc (INTA) leadership

    Arvind Ramnani's questions to Intapp Inc (INTA) leadership • Q1 2025

    Question

    Arvind Ramnani questioned if Intapp is maintaining flexibility with its AI technology beyond Microsoft and asked about the potential risk of Microsoft increasing costs for its AI services.

    Answer

    CEO John Hall affirmed that Intapp has its own long-standing AI capabilities and is not technologically exclusive to Microsoft, though the partnership is highly strategic given the Microsoft-centric nature of its end markets. Regarding costs, he acknowledged Microsoft's strong position but believes the broader AI landscape, including open-source options, creates a competitive balance that Intapp is well-positioned to leverage.

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    Arvind Ramnani's questions to Paycom Software Inc (PAYC) leadership

    Arvind Ramnani's questions to Paycom Software Inc (PAYC) leadership • Q3 2024

    Question

    Arvind Ramnani requested an update on BETI adoption among the slower-to-adopt legacy customer cohort and asked about progress in the company's international markets.

    Answer

    CEO Chad Richison stated that while all new clients adopt BETI, the company continues to work with legacy clients to help them see its value and drive adoption. CFO Craig Boelte provided an international update, mentioning a recent win with a manufacturing company with global locations and noting increased adoption from U.S. companies with multinational operations.

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    Arvind Ramnani's questions to Intuit Inc (INTU) leadership

    Arvind Ramnani's questions to Intuit Inc (INTU) leadership • Q4 2024

    Question

    Arvind Ramnani requested quantification of AI's revenue and cost benefits and asked how Intuit balances lower-ARPU AI answers with higher-ARPU human expert interactions in TurboTax Live.

    Answer

    CEO Sasan Goodarzi and CFO Sandeep Aujla addressed the questions. They stated that AI's revenue impact is currently immaterial and not factored into FY25 guidance, though it will be a future growth driver. On the cost side, AI investments are already in the run-rate and are asset-light (via AWS), while also driving internal productivity. Goodarzi corrected the premise of the second question, explaining that AI actually leads to higher ARPU over time by building customer confidence and driving greater attachment of both paid services and human expert help.

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