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    Bhavin Shah • Deutsche Bank

    Bhavin Shah's questions to Cellebrite DI Ltd (CLBT) leadership

    Bhavin Shah's questions to Cellebrite DI Ltd (CLBT) leadership • Q2 2025

    Question

    Bhavin Shah from Deutsche Bank sought clarification on the revised full-year guidance, asking what factors contributed to the reduction beyond the stated four-point impact from delayed U.S. Federal spending.

    Answer

    CEO Thomas Hogan acknowledged a modest quarter in the private sector but noted future growth potential from Keryllium. CFO David Barter clarified that the U.S. Federal timing issue was the primary driver for the guidance change, and that the company had also conservatively tightened its forecast across all sales regions based on a detailed assessment.

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    Bhavin Shah's questions to Cellebrite DI Ltd (CLBT) leadership • Q4 2024

    Question

    Bhavin Shah asked about the key customer pain points identified at the new Executive Advisory Board and their impact on the product roadmap. He also requested quantification of the Q1 impact from exiting certain countries and inquired about strategies to increase the unlock capability's attach rate.

    Answer

    Chief Revenue Officer Marcus Jewell outlined customer priorities as managing the explosion of digital evidence, speeding up prosecution times, and needing lightweight field tools. CFO Dana Gerner stated that exiting countries had a sub-2% impact in 2024 and will improve gross retention by 0.5-1% in 2025. She added that the varied packaging of the Inseyets suite is successfully driving higher adoption of unlock capabilities across agencies of all sizes.

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    Bhavin Shah's questions to EverCommerce Inc (EVCM) leadership

    Bhavin Shah's questions to EverCommerce Inc (EVCM) leadership • Q2 2025

    Question

    Bhavin Shah of Deutsche Bank inquired about the progress of EverCommerce's transformation initiatives and questioned why the full-year revenue guidance was not raised despite a strong Q2 performance that exceeded expectations.

    Answer

    Founder, Chairman & CEO Eric Remer explained that transformation is ongoing, with a focus on empowering the EverHealth and EverPro verticals, which is already showing positive results. CFO Ryan Siurek added that while they have confidence in the back half of the year, they are being prudent with revenue guidance and reallocating some Q2 expense favorability to future growth investments, leading to the raised EBITDA guidance.

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    Bhavin Shah's questions to Paycom Software Inc (PAYC) leadership

    Bhavin Shah's questions to Paycom Software Inc (PAYC) leadership • Q2 2025

    Question

    Bhavin Shah of Deutsche Bank followed up on the 'transitory' CapEx comment, asking why spending wouldn't remain high with increasing usage of iWant. He also questioned the decision not to monetize iWant directly on a usage or per-seat basis.

    Answer

    CEO Chad Richison clarified that there is a large, front-loaded spend required to reach the 'starting line' for a massive rollout, with future spending becoming more incremental. He stated the company believes every client should have this new access method to unlock the system's full value. This indirect approach is expected to create more valuable opportunities through full-suite adoption and new prospect wins than direct monetization would.

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    Bhavin Shah's questions to Paycom Software Inc (PAYC) leadership • Q1 2025

    Question

    Bhavin Shah asked for the next steps in Paycom's European expansion following the Ireland authorization and inquired about the international go-to-market strategy. He also asked for the number of rate cuts assumed in the interest on funds held for clients guidance.

    Answer

    CEO Chad Richison stated that the current international strategy focuses on serving U.S.-based companies with overseas employees, and the Ireland license is crucial for managing the "last yard" of payroll by moving money within Europe. CFO Robert Foster confirmed that the guidance embeds assumptions for two rate cuts, one in June and one in December.

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    Bhavin Shah's questions to Paycom Software Inc (PAYC) leadership • Q4 2024

    Question

    Bhavin Shah attempted to clarify the implied Q1 recurring revenue growth rate based on the full-year guidance and asked about the key drivers of the strong adjusted EBITDA guidance for 2025, questioning where the main efficiencies are being realized.

    Answer

    An executive declined to comment on quarterly specifics but noted Q1 faces headwinds from slower-growing year-end forms filings and a significant decline in interest income growth. CEO Chad Richison attributed the strong EBITDA outlook to benefits from product automation, successful sales of high-value deals, and back-end operational efficiencies, underscoring a focus on profitable, organic growth.

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    Bhavin Shah's questions to Paycom Software Inc (PAYC) leadership • Q3 2024

    Question

    Bhavin Shah asked about the progress of the Client Relations Representative (CRR) team in optimizing client value and sought reasons for the recent gross margin compression, such as pricing dynamics or support hiring.

    Answer

    CEO Chad Richison explained that CRRs must ensure clients are utilizing current products effectively before upselling, a process supported by other service teams as well. CFO Craig Boelte attributed the gross margin pressure to costs from a new building brought online and increased headcount in client service to maintain appropriate staffing levels.

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    Bhavin Shah's questions to Dayforce Inc (DAY) leadership

    Bhavin Shah's questions to Dayforce Inc (DAY) leadership • Q2 2025

    Question

    Bhavin Shah of Deutsche Bank inquired about Dayforce's sales strategy in light of the sustained 40% bookings growth, asking if the company is leaning into hiring more sales personnel to capitalize on the momentum.

    Answer

    Chairman & CEO David Ossip confirmed that the company is 'leaning in' and actively hiring additional sellers. He specified that the hiring focus is particularly on the major markets and client-base sales teams, where the company is seeing 'tremendous growth' and opportunity to both build the top of the funnel and penetrate its existing 7,000 customers.

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    Bhavin Shah's questions to Dayforce Inc (DAY) leadership • Q1 2025

    Question

    Bhavin Shah asked about the progress of migrating customers from the legacy APJ business to the modern Dayforce platform and the typical revenue uplift seen from these migrations.

    Answer

    CFO Jeremy Johnson stated the migration is progressing well and is the primary reason for the decline in the 'other recurring' revenue line. He noted the company is aggressively moving these customers to drive efficiency, and the decline in that revenue line could accelerate. When customers migrate, Dayforce sees a 'pretty decent uplift' in revenue, averaging around 50%.

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    Bhavin Shah's questions to Dayforce Inc (DAY) leadership • Q3 2024

    Question

    Bhavin Shah asked about the drivers for the 37% add-on bookings rate and sought high-level thoughts on the 2025 float revenue outlook, considering potential interest rate changes.

    Answer

    CEO David Ossip stated the 37% add-on rate was a positive result, aligning with the 35-40% annual target, noting the prior quarter was elevated by a large government deal. CFO Jeremy Johnson projected that for 2025, float balances will grow but yields will likely decline with rate cuts, though the company's laddering strategy provides some durability.

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    Bhavin Shah's questions to Autodesk Inc (ADSK) leadership

    Bhavin Shah's questions to Autodesk Inc (ADSK) leadership • Q1 2026

    Question

    Bhavin Shah sought clarification on whether the increased prudence in guidance was due to observed business changes or external factors, and asked about the persistence of labor constraints in the industry.

    Answer

    CFO Janesh Moorjani confirmed the guidance reflects prudence based on external macroeconomic uncertainty, not any observed slowdown in business momentum. CEO Andrew Anagnost added that persistent labor constraints are a positive tailwind for Autodesk, as they drive customers to adopt technology for digital efficiency.

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    Bhavin Shah's questions to Autodesk Inc (ADSK) leadership • Q4 2025

    Question

    Bhavin Shah asked about the timeline for realizing benefits from the sales and marketing adjustments and how the company's focus on efficiency and shareholder returns might change its M&A strategy.

    Answer

    CFO Janesh Moorjani stated that significant margin benefits are already factored into the FY26 guidance. He noted that investments are being made this year to build capabilities for future efficiencies, with more details on the long-term plan to be shared at the Investor Day. CEO Andrew Anagnost added that the company's view on M&A is unchanged; they remain an acquisitive company and will act on opportunities that accelerate their strategy.

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    Bhavin Shah's questions to Autodesk Inc (ADSK) leadership • Q3 2025

    Question

    Bhavin Shah inquired about the growing focus on owners and operators at Autodesk University and asked for clarity on the future impact of FX and the new transaction model on operating margins.

    Answer

    CEO Andrew Anagnost attributed the increased interest from owners to the company's Tandem digital twin product and confirmed a continued strategic focus on this segment. Interim CFO Betsy Rafael deferred the question on future margin impacts, stating it would be addressed by the new CFO in February.

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    Bhavin Shah's questions to Shopify Inc (SHOP) leadership

    Bhavin Shah's questions to Shopify Inc (SHOP) leadership • Q1 2025

    Question

    Bhavin Shah from Deutsche Bank asked how the internal use of AI is affecting expense outlooks and free cash flow margins, and about the company's willingness to adjust marketing spend in response to market changes.

    Answer

    President Harley Finkelstein noted AI is becoming part of Shopify's DNA, driving efficiency. CFO Jeff Hoffmeister stated that their view on free cash flow margins remains unchanged, balancing profitability with investment. He emphasized their discipline allows them to flexibly increase or decrease marketing spend based on real-time return metrics, with Harley adding that they can assess changes to customer acquisition costs within a week.

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