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CFO Greg Orenstein attributed the strong performance to solid execution, a more supportive macro environment, and the highest level of deal activity seen in some time. CEO Sean Desmond added that AI is a meaningful differentiator in deals, and while there is a change management journey for Banking Advisor adoption, the company expects to deliver agentic experiences even earlier than previously anticipated.

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CEO Sean Desmond explained that while the technology solution is similar, the go-to-market strategy for credit unions is different. He emphasized the importance of a dedicated team that understands the unique culture and relationship-driven nature of the credit union market. He noted that nCino's existing footprint with over 800 credit unions using its portfolio analytics solution provides a strong foundation for this focused effort.

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Chief Executive Officer Pierre Naude stated that cross-selling is already proving successful, with over 50% of recent bookings from non-commercial products. He believes the combined onboarding solution will be a major growth driver. Chief Financial Officer Greg Orenstein noted that mortgage churn has shifted from business failures to M&A, which he views as a sign of a healthier, more stable market, though M&A timing is hard to predict.

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CEO Peter Gassner reported an 'overwhelmingly positive' customer reaction to the IQVIA news, as it simplifies integration. He clarified that IQVIA is no longer a CRM competitor, though healthy competition remains in other areas like data. CFO Brian Van Wagener attributed the R&D subscription momentum to broad-based execution in a stable macro environment, with a firming outlook for the second half of the year.

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CFO Brian Van Wagener confirmed the strong commercial growth was driven by broad-based execution, with outperformance from the usage-based part of Crossix, which is growing over 30% YoY. CEO Peter Gassner explained his excitement for horizontal CRM stems from the opportunity for innovation, leveraging Veeva's technology, business model, and focus on large enterprises. He hinted at fundamental technology breakthroughs as a key differentiator.

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CEO Peter Gassner noted rising interest in Data Cloud but stated Compass adoption is still brand-by-brand, with enterprise-level deals likely a year away. CFO Brian Van Wagener explained the margin guidance reflects a focus on efficient execution and economies of scale, optimizing for speed and growth rather than margin itself, with R&D investment remaining a priority.

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CEO Peter Gassner confirmed the observation, particularly in Development Cloud, attributing it to a reinforcing cycle of trust built on consistent product delivery. CFO Brian Van Wagener reiterated that the margin beat was mostly due to revenue upside and that the company's cost philosophy remains unchanged: investing for growth while maintaining discipline.

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CEO Peter Gassner stated the timing of top 20 wins was the primary factor, emphasizing Veeva's structural advantage and high ROI for customers. Interim CFO Tim Cabral explained that the margin improvement was driven by a favorable mix shift towards higher-margin subscription and non-royalty products, as well as strong efficiency from the services team.

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CFO Mike Scarpelli attributed the outperformance to several factors, including migrations of new workloads by very large customers and meaningful contributions from newer workloads. However, he stressed that the 'core of our business is what's driving the significant upside,' indicating that foundational analytics workloads remain the primary growth engine.

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CFO Mike Scarpelli attributed the optimistic forecast to both the strong core business and the expected ramp-up of new products. He also cited strength in new customer acquisition and good visibility into planned migrations from existing customers. CEO Sridhar Ramaswamy explained that Snowflake has long been involved in marketing and advertising through customer data platforms (CDPs) and data cleanrooms. He sees the opportunity expanding from measurement and privacy into generative AI for creating ad copy and multimodal analysis of ad creative using Cortex.

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Co-CEO Roy Mann explained that Monday CRM's success stems from its flexibility, which allows customers to build custom solutions, a key differentiator beyond just cost. Regarding 'Vibe coding,' he described it as a major advancement that leverages monday.com's open, modular platform, enabling users to build and seamlessly integrate enterprise-grade applications into their existing workflows.

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Co-CEO Eran Zinman stated that the vast majority of major expansions are still driven by adding a significant number of seats, with cross-sell not yet a primary driver, although it is becoming more meaningful for the monday service product. CFO Eliran Glazer added that demand was healthy and consistent across all geographic regions in Q1.

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co-CEO Eran Zinman attributed the North American strength primarily to the enterprise segment, which is the company's fastest-growing. CFO Eliran Glazer added that monday.com is also gaining market share from competitors. Regarding monday Service, Eran Zinman explained its high cross-sell rate is due to the strong synergy and buyer overlap with Work Management, as service requests often initiate larger projects.

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Co-CEO Eran Zinman detailed that key milestones for monday Service GA include ensuring product maturity for enterprise scale, finalizing features like the customer portal, and integrating AI functionality. CFO Eliran Glazer described the demand environment as stable and broad-based, with strong momentum in SMB and upmarket segments. He noted that while the business momentum is strong, some market choppiness persists, preventing a forecast of a dramatic change.

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CEO & President Tom Shea explained that while AI is an accelerant in their own development, it is far from being able to replicate a sophisticated, book-of-record system like OneStream. He emphasized that CFOs require a high degree of trust, auditability, and transparency that current general AI models cannot provide, creating a significant moat for specialized financial applications.

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CFO Bill Koefoed acknowledged the deal slippage in Q4 and attributed the strong Q1 performance to the sales team's increased focus and discipline. He characterized it as a 'nice execution quarter' from the sales organization.

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CFO Bill Koefoed did not provide a specific revenue percentage for the public sector. However, he expressed that the company is 'super bullish' on the opportunity, especially with the new FedRAMP High authorization, which unlocks more of the federal government market. Despite general uncertainty, he believes OneStream's efficiency-focused platform is highly effective for government clients and highlighted a recent public sector win in early 2025.

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CEO Tom Shea characterized the government sector as a 'very sizable opportunity' where OneStream is still in the 'early innings.' He stated that the company has successfully proven its value across multiple agencies, establishing the right product-market fit and security posture. He confirmed it is an important and growing segment that the company will continue to focus on.

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CFO Andrew Casey stated that the cRPO growth is driven by both strong platform upsells and an increase in multi-year contracts, with the average contract duration now at 21 months. He acknowledged that as headwinds from volumetric contracts ease, data ingestion will become a more significant growth driver. Founder, CEO & Director Spenser Skates explained that acquired founders are attracted to Amplitude's mission alignment, the opportunity to have a broader impact on a leading platform, and the chance to work with other passionate, high-caliber talent.

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CFO Andrew Casey attributed the strong CRPO growth to a focus on enterprise customers, who sign longer-term contracts, especially for multiproduct deals. He also cited go-to-market changes that incentivize multiyear agreements. CEO Spenser Skates explained that Guides and Surveys had a strong launch because it was a more mature product acquired via Command AI. He said displacements are driven by a compelling consolidated price and the unique value of having analytics and action-taking capabilities connected in a single platform.

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CFO Andrew Casey attributed the strong net new ARR to the company's focused enterprise coverage strategy, noting that the 9-12 month sales cycles are now bearing fruit. He also confirmed an approximate $2 million ARR contribution from the Command AI acquisition. CEO Spenser Skates added that the Guides and Surveys product offers a 20-50% uplift on analytics contracts and that the full platform suite could be 2-3x the value of analytics alone, highlighting a recent $200,000 deal for the new product.

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CEO Spenser Skates projected a potential 20-50% uplift from Command AI's functionality and highlighted its user assistant product as a key growth area. CFO Andrew Casey added that the acquisition was for technology and talent, with minimal revenue overlap. Both executives attributed the large expansions to a strategic shift toward enterprise sales, which is enabling bigger, multi-product deals and vendor consolidation.

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CFO Kate Bueker stated that the Q2 performance was largely as expected and driven by core business strength, not one-time anomalies. She highlighted solid execution, strong upmarket momentum, platform consolidation, and continued downmarket velocity as key drivers. While a favorable FX impact contributed about $5 million to the $21 million revenue beat, the majority was from solid underlying business performance. She confirmed the business is performing well despite a choppy macro environment.

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CFO Kate Bueker confirmed the quarter's performance was largely as expected, reflecting solid core business execution. She noted a modest $5 million benefit from FX on a $21 million revenue beat. Bueker attributed the strength to good business momentum from platform consolidation, upmarket traction, and strong execution, rather than any one-time anomalies. She also mentioned an additional $20 million FX tailwind is now expected in the back half of the year.

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CFO Kathryn Bueker stated it was too early to give 2025 guidance but reiterated the long-term growth levers discussed at the Analyst Day. These include low market share in a large market, continued momentum in larger multi-hub deals, a multiyear tailwind from the new seat-based pricing model, and aggressive innovation in AI, data, and commerce. She expressed confidence in durable long-term growth but noted Q4 execution and market uncertainty remain key factors.

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President and CEO David DeStefano explained that migrating on-premise customers to the cloud is a significant upsell opportunity, not a drag. Regarding e-invoicing, he noted that while there are many local competitors, enterprises seek a single global provider, narrowing the field. He expects deals for France and Germany to begin materializing in late 2025 and accelerate into 2026.

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Co-Founder and CEO Andrew Bialecki described the service opportunity as a 'real expansion' and equivalent in size to marketing, if not larger. While declining to provide specific numbers, he framed the opportunity as businesses buying an entire autonomous CRM stack, with AI creating further potential for revenue-per-customer expansion.

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CEO Andrew Bialecki explained that Marketing Analytics has wide applicability for most customers, while the new service products are also applicable to all segments, with a growing focus on scaling for the enterprise. CFO Amanda Whalen noted that while service pricing is still being determined, Marketing Analytics provides a nice ARPU uplift and has a favorable gross margin profile similar to the core email product.

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CFO Amanda Whalen attributed the Q4 strength to growth across all customer cohorts, from entrepreneurs to the largest customers. For 2025, she noted that Q1 is seasonally lighter for customer adds and that new pricing enforcement is expected to cause a modest increase in churn, potentially impacting the Q1 count. However, adding new customers remains a key long-term growth lever.

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CEO Andrew Bialecki outlined a multi-pronged strategy focused on expanding into all messaging channels, growing the Reviews and CDP products, and potentially entering customer service. He confirmed that while organic development is key, the company remains open to strategic M&A and will continue to leverage its partner ecosystem.

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CEO François Locoh-Donou sized the hardware business as roughly two-thirds tech refresh and one-third non-tech refresh, with direct AI wins still in the single-digit millions quarterly. CFO Cooper Werner added that the refresh cycle is still early, with over half the legacy base remaining, and that customers are currently prioritizing hardware performance over migrating to software form factors.

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COO & CFO Tyler Sloat addressed the 'Rule of 40,' stating that while they are pleased with efficiency, they will make necessary investments in H2 to capture growth. CEO Dennis Woodside tackled the AI question by emphasizing the vast untapped potential within their 73,000-customer base and highlighting new agentic capabilities as a future growth driver.

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CEO and President Dennis Woodside attributed the positive performance to internal execution, specifically the focus on moving upmarket and delivering easy-to-use AI products, rather than a better macro environment. COO and CFO Tyler Sloat added that the company will make targeted, efficient investments in areas like sales and marketing, which will be monitored closely, even if the returns are not immediate.

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CEO Dennis Woodside affirmed the EX business has a huge opportunity in the mid-market (250-20,000 employees) by offering an enterprise-grade alternative to complex solutions like ServiceNow, noting strong pipeline growth for Device42 and AI as accelerants. COO & CFO Tyler Sloat added that Freshworks will maintain its focus on efficiency while remaining open to inorganic opportunities, continuing its share repurchase program, and reinvesting for growth.

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CEO and President Dennis Woodside acknowledged that the EX market offers significant growth opportunities in areas like ESM, MSPs, and ITAM. He stated that while the company is always looking for tuck-in acquisitions to fill roadmap gaps, the immediate priority is executing on its current plan and scaling the recent Device42 acquisition. He emphasized they would be smart about investments to deliver long-term shareholder value.

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President Vahe Kuzoyan and CFO Dave Sherry both emphasized that the company is still in the 'very early days' of its commercial market journey. They conveyed that penetration is still low, which is precisely why it remains a significant area of investment and focus for future growth.

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President Vahe Kuzoyan and CFO Dave Sherry both emphasized that the company is still in the very early stages of the commercial market story. They noted this large, untapped opportunity is what drives the significant investment and focus in the segment.

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CFO Dave Sherry attributed the strong Q4 to a unique combination of factors: customer outperformance, favorable new deal linearity, and momentum from the Pantheon conference and IPO, cautioning against extrapolation. CEO Ara Mahdessian expressed confidence in commercial, stating they have not heard concerns from customers and are pleased with their traction and market position.

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CFO Isabelle Winkels confirmed that business linearity in Q1 was normal and consistent with historical pacing. CEO Bill Magnuson reported that feedback on the OfferFit acquisition has been highly positive from both mutual customers and new prospects. A key learning, he added, is that OfferFit is now in a 'lead rich' environment, shifting the go-to-market priority toward efficiently qualifying the numerous opportunities within the Braze customer base.

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CEO Bill Magnuson attributed resilience to business diversification, as retail is only about one-fifth of revenue, and noted that long-term enterprise replacement cycles are less impacted by short-term noise. He emphasized Braze's strengthening competitive position against legacy clouds. CFO Isabelle Winkles explained that the strong new logo count was due to typical Q4 budget cycles, lower logo churn, and core business performance without any unnatural incentives.

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CFO Isabelle Winkles responded that the company's land sizes continue to be a mix. She clarified that the sales force is incentivized to land new customers without a specific focus on maximizing the initial deal size, allowing buyers to grow naturally with the platform over time. She did not note any sustained, meaningful trend toward larger initial lands.

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CEO Dev Ittycheria expressed pride in the 26% growth at Atlas's scale and pointed to AI and app modernization as future drivers but maintained the official guidance. CFO Mike Berry stated that while the company has flexibility for tuck-in acquisitions, the primary focus remains on organic growth, and the new $1 billion share repurchase program reflects confidence in the current strategy.

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CFO Serge Tanjga clarified that the FY26 Atlas growth outlook is based on the stable consumption growth seen at the exit rate of FY25, not the full-year average. CEO Dev Ittycheria stated that the customer journey to production AI will be gradual due to skills gaps and trust concerns, but MongoDB is well-positioned for this shift, though it will take time to materialize in revenue.

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CEO Dev Ittycheria attributed Atlas's momentum to its wide availability across clouds, its general-purpose nature, a large developer community, and strong execution. CFO Michael Gordon affirmed the company's ability to balance investment and profitability, pointing to 500 basis points of margin improvement over two years while pursuing a large market opportunity.

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CEO Amir Schlachet responded that while there are no single new launches of the same magnitude as last year, the company has a very robust, albeit less concentrated, project schedule with many significant merchants expected to go live. President Nir Debbi noted high interest in the 3 B2C solution, with launches imminent, but mentioned that recent tariff changes could alter the economic attractiveness for some merchants.

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Executive Nir Debbi stated that while suspending the de minimis rule would increase costs for consumers and could affect short-term demand, the resulting complexity would drive significant long-term demand for Global-e's services, particularly for duty reclaim and 3P B2C models. Executive Amir Schlachet added that the high velocity of regulatory changes further solidifies Global-e's value proposition for merchants seeking agility.

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President Nir Debbi stated that suspending the de minimis rule would increase costs for consumers and drive merchant demand for solutions like 3P B2C models and duty reclaim services. He believes the resulting complexity, while potentially impacting short-term demand, would ultimately increase demand for Global-e's services, similar to the effect of Brexit. CEO Amir Schlachet added that the high velocity of regulatory changes further underscores Global-e's value proposition.

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The company expects the downmarket business to contract at a faster pace in 2025 than in 2024, with the goal of reaching an 80/20 upmarket/downmarket mix where it would likely stabilize. Regarding capital allocation, they will be opportunistic with tuck-in M&A but are prioritizing aggressive share repurchases, stating that buying their own stock is the best use of cash at current valuations.

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The growth in the $100k cohort is driven by the upmarket segment, where they are ensuring proper package sizing, rather than small companies overspending. Pricing is handled separately for the two segments: downmarket is an efficient acquisition play, while upmarket pricing models have not fundamentally changed.

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Executives stated that SMBs represent about one-third of the business, with enterprise growing to over 40%. The focus is on de-risking SMBs through prepayments rather than abandoning the segment. They asserted that the accounting charge and increased estimates taken in Q2 are intended to put the volatility from write-offs behind them for good.

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CFO Jason Christiansen stated that TrueLark is currently priced on a per-location or per-contract basis and that the acquisition expands Weave's U.S. TAM to $10 billion from $7.1 billion. CEO Brett White added that TrueLark utilizes annual or multi-year subscription contracts and affirmed that Weave's new business pipeline remains resilient, with no degradation in leading indicators like lead flow.

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CFO Alan Taylor confirmed the guidance philosophy remains consistent with prior years, but noted a difficult year-over-year comparison in Q2 2025 due to lapping significant 2024 price adjustments. CEO Brett White added that excluding the pricing impact, core business growth is expected to be faster in 2025 than in 2024. He projected that the acceleration from new initiatives would become most visible in the second half of the year.

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CEO Brett White stated that the impact from the Patterson partnership is already occurring, with higher conversion rates and growing bookings. He explained that Specialty Medical's growth is driven by new integrations meeting pent-up demand. White clarified that Weave's enterprise focus is on multi-location practices, like the 450-location Affordable Care win, rather than a strategic push into large hospitals.

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CEO Craig Courtemanche responded that dollar volume from high-value customers (over $100k ARR) is a more important metric than logo count, highlighting the large untapped volume within the existing base. CFO Howard Fu clarified that longer durations do not impact revenue recognition but do reload Current RPO sooner, and that normalized CRPO growth remains in the mid-teens.

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CEO Tooey Courtemanche confirmed the owner segment is a significant opportunity but emphasized that Q4 strength was broad-based across all stakeholders. CFO Howard Fu attributed the early renewals and strong bookings to excellent sales execution, capitalizing on the large TAM, and experiencing less disruption than anticipated from the go-to-market transition.

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Executive Howard Fu explained that the guidance assumes the challenging external environment persists through next year, with the primary driver for the conservative number being the early nature of the forecast, making it a 'floor'. Executive Craig Courtemanche responded that he couldn't predict the timing of a cyclical turn, noting the construction industry moves slowly and current optimism is 'incremental,' not 'exuberant'.

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David Wadhwani, President of Digital Media, confirmed that the 12.6% Digital Media ARR growth was in line with expectations and driven by broad-based demand. He highlighted a 23% YoY increase in Acrobat monthly active users and strong momentum in Adobe Express. Anil Chakravarthy, President of Digital Experience, added that enterprise demand was strong for integrated solutions like GenStudio, which combines creativity, marketing, and AI.

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CEO Dustin Moskovitz confirmed the search process has begun with an external firm but has no specific deadline, stating he will remain CEO for the duration and aims to build the FY27 plan with his successor. COO Anne Raimondi reported that Q4 demand sentiment was similar to Q3, with tech spending remaining cautious but diversification into other verticals providing stability. She noted the AI Studio pipeline is a bright spot, elevating conversations to the executive level.

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COO Anne Raimondi attributed non-tech traction to focused investments in verticals like manufacturing, retail, and healthcare, which benefits both enterprise and mid-market segments. CFO Sonalee Parekh explained that the Q4 free cash flow target would be met through the timing of hires and rationalization of third-party spend. CEO Dustin Moskovitz added that the primary goal is sustained operational leverage into the next year, not just a single positive quarter.

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CFO Amy Hood acknowledged that a large Azure commitment from OpenAI was a main driver but stressed it's part of an ongoing relationship. She emphasized the strength was also broad-based, citing strong execution in core sales motions (renewals, add-ons), a good quarter for the E5 suite, and large Azure commitments from both new and existing customers beyond OpenAI.

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CEO Marc Benioff described Foundations as a direct result of the "More Core" initiative, aimed at giving all customers a sample of the entire platform's capabilities, including sales, service, marketing, and Data Cloud. The strategy is to demonstrate that customers can get everything they need from Salesforce without buying separate best-of-breed products. He noted that it's a key part of educating the customer base on the full value of the integrated platform and driving cross-sell opportunities.

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CEO Matthew Cain stated that the company is already feeling a Capella inflection point, driven by new logos and migrations. He explained the ARR lag is because customers often start with one application on Capella before migrating more, with the largest migrations being the key driver for ARR growth. CFO Gregory Henry reiterated that while the current guide reflects the environment, the company's long-term aspiration remains to be a 20-plus percent grower, supported by Capella.

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CEO Matthew Cain stated that the strong Capella momentum was balanced across new customer lands, migrations from existing customers, and a record-sized new Capella deal. CFO Gregory Henry declined to disclose a specific gross retention number but characterized it as a 'healthy enterprise level.' He added that the company views the Q2 churn as anomalous and expects retention to normalize in the second half.

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CEO Rick Stollmeyer detailed the consumer monetization model, which includes a 15% fee on promoted inventory like introductory offers and dynamically priced classes, as well as on sales through partners like Google. CFO and COO Brett White added that payments revenue growth is expected to align more closely with payments volume growth, as the take rate has stabilized around 90 basis points.

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