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Co-CEO Roy Mann responded by emphasizing that high-intent, quality customers are still finding them, and the impact is more on search volume than lead quality. He stated that this volume can be acquired through other channels. The company did not provide a specific percentage for the impact, maintaining that it could be mitigated quickly.

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Co-CEO Eran Zinman responded that business trends were consistent across all segments, including enterprise and SMB, throughout Q1 and into April. He noted that while enterprise remains the fastest-growing segment, there were no major changes or special trends to report, with demand remaining strong and in line with expectations.

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co-CEO Eran Zinman stated that quota-carrying reps grew 26% year-over-year to 395, slightly below the overall headcount growth, with plans to ramp up hiring in H1 2025. Regarding packaging, he noted that while a future with bundled products is likely, especially for Work Management and Service, the current focus remains on driving cross-sell between the products.

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Co-CEO Eran Zinman explained that Yoni Osherov will remain as CRO until year-end and then serve as an adviser until a successor is found, ensuring an orderly transition with strong leadership in place. Co-CEO Roy Mann added that the focus for monday CRM is on scaling up to larger businesses by enhancing infrastructure to support large datasets and integrating AI to make sales processes more robust.

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CEO Jeff Stibel explained that the business is now more predictable and subscription-driven, making it less dependent on new business formation trends. CFO Noel Watson added that confidence stems from multifaceted strength in core compliance subscriptions, strong renewals, and contributions from partnerships and the Formation Nation acquisition. Regarding AI, Stibel positioned the partnerships as a strategic signal of LegalZoom's market leadership and its focus on augmenting human expertise with AI to solve the 'last mile' problem in legal services, rather than detailing immediate financial terms.

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CFO David Obstler stated the company is executing its front-weighted hiring plan for the year and will re-evaluate for next year based on performance metrics. CEO Olivier Pomel affirmed that despite shifts in engineering spend towards AI compute, Datadog remains constrained by its ability to ship products and sees strong ROI in current headcount additions.

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CFO David Obstler clarified that the company is continuing with its hiring plans. He explained that as new hires complete their 6-to-12-month ramp period, the investment in headcount should translate into a higher increase in fully ramped capacity, contingent on successful hiring, training, and retention.

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CFO David Obstler and CEO Olivier Pomel attributed the RPO deceleration primarily to variable contract durations, noting a difficult comparison to the prior year which had a surge in longer-term deals. They emphasized that RPO is a volatile metric influenced by renewal timing and that revenue and customer usage are better indicators of business health, confirming the sales pipeline remains strong.

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CEO Matthew Bromberg explained that the future of Grow involves continued investment in the Vector AI, with a future inflection point coming from integrating unique consumer data starting in 2026. CFO Jarrod Yahes clarified that the Create deal was a small, upfront revenue recognition component of a larger strategic partnership, and that the underlying strategic Create business grew 16% year-over-year.

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CEO Matthew Bromberg characterized the current state as 'Vector 1.0,' emphasizing that future opportunities involve leveraging platform-wide data insights, with initiatives expected in H2 2025 and into 2026. CFO Jarrod Yahes stated that while Q1 saw 19% EBITDA margins, the top priority is resourcing the business for accelerated growth, especially in Ads, while maintaining cost discipline through automation and prudent headcount management.

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CEO Matthew Bromberg stated that the company feels "really good" about its progress, having attracted key external talent like a new CFO and CTO while also elevating strong leaders from within the organization. He emphasized that the new team is aligned on the company's vision and focused on execution.

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CEO Rick McConnell confirmed that AI adoption is accelerating, with more frequent customer discussions about AI in observability. He highlighted Dynatrace's innovations in causal, predictive, and generative AI, and its strategic push towards an Agentic AI ecosystem, which he sees as a critical evolution for the industry.

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CFO James Benson acknowledged the resilient demand environment but cautioned that a more uncertain macro landscape could lengthen sales cycles for large, strategic deals. He stressed the company's focus on driving consumption, which serves as a leading indicator for future revenue, even if there is a lag before it appears in ARR or ODC.

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CEO Satya Nadella noted that while not a total surprise, he was impressed by the rapid maturation of the AI platform beyond simple API calls. He highlighted the emergence of sophisticated, stateful application patterns that require rethinking the entire app stack, enabling the creation of complex applications at a much faster pace than in previous technology shifts.

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CEO Satya Nadella responded that while not a surprise, he is impressed by the rapid evolution of the AI platform beyond simple APIs to sophisticated, stateful application patterns. He highlighted the maturity of tools like Azure Search, Fabric, and Cosmos DB, which are enabling customers to build complex applications at an unprecedented speed.

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CEO Satya Nadella detailed four parallel trends driving cloud growth: classic migrations (SQL/Windows Server), strong data growth (Postgres, Cosmos, Fabric), healthy cloud-native compute consumption, and the halo effect of AI workloads which also consume core compute, storage, and databases. He emphasized that the new AI platform shift builds directly upon their existing, large infrastructure business.

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CEO Satya Nadella explained that AI is experiencing compounding efficiency gains from both hardware (Moore's Law) and software optimizations, similar to past compute cycles. He noted that innovations like DeepSeek and Microsoft's own work on inference are dramatically lowering costs, which in turn drives more consumption and app development, ultimately benefiting Microsoft as a hyperscaler and platform provider.

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CFO Amy Hood clarified that Q1's 34% constant currency growth included a benefit from in-period revenue recognition, making the underlying consumption growth closer to 33%. She attributed the guided Q2 deceleration primarily to AI supply pushouts from third parties, which are now expected in the second half. Hood reiterated that underlying consumption growth remains stable from Q1 to Q2 and expects acceleration in the second half as supply comes online.

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President and CEO Neil Hunn stated that the impact from tariffs is relatively small and being mitigated. He noted that while Deltek's government contracting business remains muted, the recently passed 'Big Beautiful Bill' is viewed as a significant future catalyst for that market, though the timing of its impact is uncertain. EVP & CFO Jason Conley added that the demand and pipeline at Deltek are strong. Overall, Hunn described the sentiment from business units as 'cautiously optimistic.'

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President and CEO Neil Hunn explained that while macro uncertainty suggests a slowdown, Roper's M&A pipeline remains robust and active, noting that uncertainty often creates unique opportunities. He clarified that Deltek's government contractor business, representing 60% of its revenue, is seeing some deals push to the right due to budget uncertainty, slightly lowering its growth outlook for the year. CFO Jason Conley added this primarily impacts perpetual license sales.

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President and CEO Neil Hunn responded that he has not seen AI cause buyer distraction recently, as Roper's products are the essential systems of record for its customers, who look to Roper to apply AI to their specific workflows. On M&A, he confirmed the company will remain 'wildly focused' on its established criteria: acquiring vertical market leaders with enduring competitive advantages, acting as business pickers rather than thematic investors.

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President and CEO Neil Hunn noted cautious optimism based on two consecutive quarters of strong enterprise software bookings and stabilization in the freight market. Executive VP and CFO Jason Conley added that Neptune's mechanical meter production issues, related to plastic molding yields, have been remedied, and production output trends in September give them confidence for Q4 and beyond.

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CEO Shantanu Narayen stated he is 'more bullish' about the company's growth prospects with AI. He pointed to strong performance metrics, including 15% revenue growth in the business and consumer segment and an accelerating 10% growth in creative subscription revenue. He emphasized that the company has been rearchitected to capitalize on AI-driven growth across all its businesses.

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CEO Allan Thygesen characterized the changes as 'medium size' and expressed confidence that they have already settled in, noting stabilization early in Q2. He emphasized they were the right long-term decisions. CFO Blake Grayson confirmed the sequential dip in the $300k+ customer count is mostly seasonal and highlighted the year-over-year growth in that cohort.

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CEO Allan Thygesen characterized the sales changes as significant but manageable, positioning them as a key step in becoming a major enterprise company. CFO Blake Grayson stated that while they are seeing larger deal sizes with IAM, the company is not yet providing a specific range for the uplift, as most deals to date have been in the SMB and mid-market segments.

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CEO Allan Thygesen stated that he has seen a marginal improvement in the enterprise tech environment and that the company is not projecting any material change to the current reasonably positive economic conditions. He added that while the company won't hesitate to invest if incremental opportunities arise, the current sales and marketing investment envelope is considered appropriate, and they plan to maintain operational efficiency without giving up hard-won gains.

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CEO Allan Thygesen expressed confidence in growth, citing the stabilization of the core eSignature business and promising early indicators for the new IAM platform, which shows larger deal sizes and faster closes. He noted that while international and CLM provide short-term growth, IAM is the primary long-term lever. CFO Blake Grayson addressed margins, stating that while he is proud of the record 32% margin (30.5% normalized), the immediate focus is on balancing productivity with investing in the IAM growth engine. He anticipates future efficiency opportunities but emphasized prioritizing investment in the IAM launch.

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CEO Ashutosh Kulkarni stated that he was very happy with the sales productivity seen in fiscal 2025, especially in Q4, as the earlier segmentation changes took full effect. He noted that the company uses AI internally to improve sales productivity and feels good about the current state, with a continued focus on this area.

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CFO & COO Janesh Moorjani clarified that while year-over-year RPO is impacted by the Q1 shortfall, the sequential RPO growth in Q2 was positive, which is an improvement over the sequential decline seen in the same quarter last year. CEO Ashutosh Kulkarni added that while the overall business mix shifts slowly, the Search business has been accelerating faster than other areas, driven by strong GenAI tailwinds.

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CEO Ashutosh Kulkarni clarified that the changes impacted nearly all teams in the Americas region, with the exception of the U.S. public sector. He reiterated his belief that the changes were correct for the long term but acknowledged flaws in the execution of the account transitions. CFO and COO Janesh Moorjani added that while some disruption was factored into the initial guidance, the full impact became apparent too late in the quarter to recover, necessitating the revised outlook.

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President and CFO Robin Washington stated that Salesforce's balanced portfolio across geographies, segments, and industries helps mitigate macro risks. She confirmed that current guidance accounts for these headwinds, and the company remains confident due to momentum in Data and AI, a modest contribution from AgentForce, and planned AE capacity expansion for the second half of the year.

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President and CFO Robin Washington stated that the company's balanced portfolio across geographies and industries helps mitigate risk and that known headwinds are factored into the guidance. She expressed confidence based on momentum in data and AI, a modest contribution from AgentForce, favorable foreign exchange rates, and the planned ramp-up of sales capacity in the second half of the year.

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Chair and CEO Marc Benioff emphasized Salesforce's strong, ongoing partnership with the U.S. government, highlighting work with the Veterans Administration and the use of Slack by agencies. He positioned the company as a partner ready to help the government succeed and improve efficiency, including achieving a balanced budget.

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CEO Marc Benioff responded by highlighting that top customer deals now average five clouds, creating an "agent first cocktail." He emphasized that Salesforce offers a uniquely integrated platform where Sales, Service, Marketing, Data Cloud, and Slack operate as a single piece of code. Benioff asserted this comprehensive suite is a key differentiator and essential for Agentforce's effectiveness, citing a customer win over Adobe in Marketing Cloud as evidence of the platform's strength.

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CFO Amy Weaver explained that after an extraordinary 11 years and achieving key goals like doubling operating margin and establishing capital return programs, it felt like the right time for a smooth transition and new adventures. COO Brian Millham attributed the Americas slowdown to the 'measured buying environment' impacting its large transactional and SMB business, not market saturation or competition. He expressed confidence that new product innovation and multi-cloud deals would drive a return to double-digit growth.

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CFO Zane Rowe confirmed the intention to grow headcount thoughtfully, focusing on key areas like AI, while remaining prudent. CEO Carl Eschenbach added that investments in go-to-market and product are not slowing down. Regarding Europe, Eschenbach reported a solid Q1 in both EMEA and APAC, continuing a rebound from the previous year. He noted they are monitoring the macro environment but are pleased with performance and strong competitive win rates.

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CFO Zane Rowe confirmed the intention to grow headcount back thoughtfully, focusing on key areas like AI and product development. CEO Carl Eschenbach added that investments in go-to-market and product are not slowing down. Regarding Europe, he noted a solid Q1 in EMEA and APAC, continuing the rebound from the previous quarter, but reiterated they are watching for potential macro headwinds.

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CEO Carl Eschenbach expressed confidence in the federal opportunity, arguing that the government's antiquated, on-premise systems create a need for modernization to drive efficiency, regardless of the administration. He cited recent wins at the Department of Energy and the DIA as foundational successes that provide a springboard for future growth in the federal market.

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CFO Zane Rowe characterized the FY26 guidance as an 'early look' based on current line of sight, hence the point estimate. CEO Carl Eschenbach expressed strong confidence that the leadership transition will be smooth and only 'net positive,' citing the new president's experience and a lengthy transition period with the outgoing executive.

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CEO Carl Eschenbach outlined several key drivers for his confidence: the growing partner ecosystem, a significant international market opportunity, momentum in the Financials business as workloads move to the cloud, and a strong pipeline of innovation centered on AI, GenAI, and the Extend platform.

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CEO Sasan Goodarzi responded that it wasn't one single thing but a combination of factors working together, including outsized performance in full-service offerings, better conversion, improved expert productivity, and the contribution from Credit Karma for early access to money. For durability, he emphasized that TurboTax Live is now 40% of the franchise, and the team is already focused on improving the platform for next year by addressing areas that 'didn't work' this season, which gives them confidence.

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CEO Sasan Goodarzi responded that it was not one single thing but a combination of factors, including strong full-service performance, expert adoption, go-to-market changes, and Credit Karma's contribution. For durability, he emphasized that with TurboTax Live now at 40% of the franchise, the growth dynamics are changing. He expressed confidence in the 15-20% long-term growth target for Live, fueled by learnings from this season.

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CEO Sasan Goodarzi confirmed the new campaigns are resonating and building confidence. He highlighted the focus on three key benefits for the assisted segment: a superior virtual experience, immediate access to money, and the best price. He explained that the shift from being a "software provider" to a "service provider" in the assisted segment, where experts do the work for customers, has significantly improved the experience and strengthened the customer funnel.

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CEO Sasan Goodarzi argued the opposite, stating the mid-market is a 'very high margin, very lucrative, high ARPC' business. He explained that the strategy leverages Intuit's existing platform, data, and AI investments, making it highly efficient. The incremental cost is primarily the new sales team. He expects the mid-market to not only accelerate growth but also contribute to higher margins over time, drawing a parallel to the favorable variable margin of TurboTax Live.

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CEO Sasan Goodarzi outlined a three-pronged strategy for Mailchimp's reacceleration. The first is deeper data, technology, and workflow integration with the QuickBooks platform. The second is a heightened focus on the mid-market, supported by a unified go-to-market team for both QuickBooks and Mailchimp. The third key area is continued international expansion. Goodarzi expressed confidence based on solid progress against KPIs in these three areas.

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CEO Michael Intrator explained that CoreWeave's software stack is being purpose-built from the ground up to optimize performance for AI workloads, with the Weights & Biases acquisition adding top-of-stack capabilities. CFO Nitin Agrawal added that they are seeing an encouraging acceleration in AI adoption by enterprise customers and increased use of inference, which is reflected in the pipeline.

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Executive Dave Fildes provided the AWS backlog figure of $189 billion, up 20% year-over-year. CEO Andy Jassy explained that enterprises are re-engaging with core cloud migration plans alongside AI initiatives, describing a 'resurgence' as companies recognize that moving infrastructure to the cloud is fundamental to realizing AI's full potential.

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CEO and President Dennis Woodside described the pipeline as strong and highlighted continued momentum in the mid-market segment (5,000-20,000 employees), with key wins against legacy players. He confirmed the former head of sales left for personal reasons and that interim leader Ian Tickle has ensured a smooth transition with no disruption while a search for a permanent replacement is underway.

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COO & CFO Tyler Sloat stated that the company has not yet broken out the specific dollar uplift from AI attach rates, noting it is still early. He mentioned plans to provide more detail on the monetization strategy for Freddy products at the company's upcoming Investor Day. CEO Dennis Woodside added that the growing portfolio of expansion products, including AI, ESM, and Device42, provides multiple levers to drive growth that didn't exist two years ago.

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CEO and President Dennis Woodside credited internal execution, highlighting success in moving the EX business upmarket and strong AI adoption as key drivers independent of the macro environment. COO and CFO Tyler Sloat added that while the 2025 targets reflect a focus on efficiency and profit, the company remains committed to investing in growth, particularly around its stated strategic imperatives.

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COO Anne Raimondi described the sales changes as a "fine tune," focused on reallocating resources to higher-growth areas like channel, vertical teams, and AI specialists to boost productivity. CFO Sonalee Parekh reiterated that RPO excludes the one-third of the business on monthly contracts and that ARR growth will outpace revenue growth in FY26, setting up for reacceleration. CEO Dustin Moskovitz added that the strong multi-year deal motion is new, causing its contribution to RPO growth to be temporarily outsized.

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Co-Founder and CEO Dustin Moskovitz characterized the environment as stable rather than improving, stating he is not banking on a bullish macro year. He believes Asana's strength will come from controllable factors like its multi-product strategy. Regarding the tech sector, he noted it is mixed, with some segments like AI hiring rapidly while others face budget constraints, and he does not yet see a broad rebound signal.

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CEO Dustin Moskovitz attributed the slowdown to the unwinding of pandemic-era overspending, intense budget scrutiny, and macro uncertainty compounded by the transformative potential of AI. COO Anne Raimondi detailed progress in the sales organization, including establishing a global leadership team, hiring a new channel chief, focusing on key verticals, and tightening the partnership with marketing.

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CFO Lior Shemesh identified operating expense leverage as the other key driver of margin expansion, projecting 1-2 percentage points of improvement even with increased marketing investments for new products. President & COO Nir Zohar confirmed that Wix is seeing 'positive trends' at the top of the funnel and will continue its successful strategy of focusing marketing efforts on attracting high-intent users, a strategy validated by strong cohort value and rising net revenue retention.

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CFO Howard Fu explained that the 19% cRPO growth was significantly boosted by early renewals; without them, growth would have been in the mid-teens. He added that the 12% full-year revenue guidance, while a raise, reflects an additional layer of conservatism due to the ongoing go-to-market transition.

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Interim CEO Tom Conrad explained the layoffs were concentrated in the product organization, as the reorganization into a functional structure revealed significant redundancies. He confirmed leadership changes were made, stating that about half a dozen vice presidents in the product organization were exited and teams were restructured around the "most effective leadership" to drive improvements to the core experience.

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CEO Patrick Spence detailed that key app metrics like setup and connectivity are now better than the old app, and the company has implemented new commitments, including rigorous quality benchmarks and a more gradual rollout of major changes. CFO Saori Casey identified operating efficiency through a company-wide transformation as the primary lever for EBITDA improvement. Casey also explained the share repurchase was paused in Q4 due to uncertainty surrounding the app recovery and its impact on new product launches, but confirmed the program remains a key part of their capital allocation framework.

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CFO Joe Binz explained that second-half operating margins are expected to be slightly lower than the first half due to two factors: the timing of some Q2 expenses pushing into H2, and a planned increase in R&D and S&M investments to capitalize on strong momentum in the enterprise segment. He reiterated the full-year margin target of roughly 23.5% and the long-term goal of over 25% by FY27.

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CFO Joe Binz defended the company's prudent stance, stating that the conservative, risk-adjusted guidance approach adopted last quarter remains appropriate. He cited ongoing macro uncertainty from elections and geopolitical conflicts, as well as internal execution risk related to the company's enterprise go-to-market evolution. He also noted that Q1 is a seasonally low bookings quarter, making it unwise to extrapolate its strength to the full year.

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CEO Arvind Krishna acknowledged ongoing macroeconomic headwinds but described a more optimistic business climate for 2025. He stated that clients view technology and software as essential tools for growth and productivity, making software budgets the last area they would consider cutting. This customer sentiment underpins IBM's confidence in its forecast for software revenue growth approaching double digits.

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CFO Jim Kavanaugh stated that the company is pleased with the software performance, which now accounts for about 45% of revenue and two-thirds of profit. He attributed the margin strength to the strategic portfolio shift to higher-value areas, the high-margin transaction processing business, and productivity initiatives. He expressed confidence that this performance is sustainable and sees 'a lot of headroom' for future margin expansion.

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CEO Sridhar Ramaswamy noted the recent Night Shift acquisition will bolster their federal business, which he views as a large, long-term opportunity. CFO Mike Scarpelli added that federal is currently a very small part of the business but has significant upside. Regarding deal size, Scarpelli stated that Q4 is expected to be a strong bookings quarter with several large deals in the pipeline, primarily renewals with built-in growth from existing customers.

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EVP of Product Christian Kleinerman reported 'strong' adoption and interest across the Cortex product suite. CFO Mike Scarpelli explained the RPO-revenue gap is partly because some top 10 customers have fulfilled their long-term contracts and are now consuming on a monthly basis, which is not fully captured in the RPO metric.

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CEO Matthew Prince clarified that while performance management in North America was a factor, the key takeaway is that the company has passed an inflection point, with ramped sales capacity set to increase in Q1 2025. He described Workers as being in the early stages of its growth S-curve, currently optimized for adoption, and often serving as the catalyst for broader platform deals.

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IAC CEO Joey Levin stated that the eventual outcome of a shrinking cookied audience remains unchanged, which he views as a long-term positive for Dotdash Meredith. He emphasized that DDM's core advantage is its ability to provide advertisers with access to the valuable, non-cookied audience (e.g., iOS users) through its high-intent, performance-driving content.

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