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    Brian Schwartz • Oppenheimer & Co. Inc.

    Brian Schwartz's questions to Freshworks Inc (FRSH) leadership

    Brian Schwartz's questions to Freshworks Inc (FRSH) leadership • Q2 2025

    Question

    Brian Schwartz asked about Net Dollar Retention (NRR) trends, acknowledging it's a lagging indicator and probing for insights into what the company is seeing with in-period retention dynamics.

    Answer

    COO & CFO Tyler Sloat confirmed that NRR performed as expected, coming in at 104% on a constant currency basis. He noted a small, anticipated headwind from the Device 42 business but highlighted a strong expansion motion in Q2 and continued subtle improvements in churn, indicating no major surprises in retention trends.

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    Brian Schwartz's questions to Agilysys Inc (AGYS) leadership

    Brian Schwartz's questions to Agilysys Inc (AGYS) leadership • Q1 2026

    Question

    Brian Schwartz from Oppenheimer & Co. Inc. asked for a breakdown of the recent bookings success across core verticals like HRC and FSM, specifically regarding new logos versus expansion deals. He also inquired about the drivers behind the slight acceleration in subscription revenue growth during the quarter.

    Answer

    CEO Ramesh Srinivasan highlighted that Q1 saw the broadest-based sales success in the company's history, with a strong comeback in the Food Service Management (FSM) vertical and continued momentum in international, hotel resorts, and gaming. He noted that new customer wins were strong in hotels/resorts, while gaming success was skewed towards expansion with current customers. CFO Dave Wood attributed the subscription revenue acceleration to both exceptionally strong subscription bookings and increased implementation velocity from the professional services team, noting the services backlog remains at record levels.

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    Brian Schwartz's questions to Agilysys Inc (AGYS) leadership • Q4 2025

    Question

    Brian Schwartz from Oppenheimer questioned if Agilysys could accelerate the migration of legacy POS customers, sought a qualitative update on the Marriott PMS project's beta testing, and asked about the long-term growth outlook for the product revenue line.

    Answer

    President & CEO Ramesh Srinivasan responded that while the company encourages migration by limiting enhancements on older platforms, customer timelines ultimately control the pace. On the Marriott project, he confirmed testing is progressing well with positive feedback, though beta property installations have not yet begun. CFO Dave Wood added that the product revenue line has stabilized and is now viewed as a medium-term, single-digit grower.

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    Brian Schwartz's questions to Agilysys Inc (AGYS) leadership • Q3 2025

    Question

    Brian Schwartz asked if the point-of-sale (POS) bookings weakness was primarily contained to the Managed Food Services vertical, questioned the go-to-market strategy for new customer acquisition, and inquired about the methodology behind the revised revenue guidance.

    Answer

    President and CEO Ramesh Srinivasan confirmed the vast majority of POS challenges were in the Managed Food Services vertical due to the complexity of the technology transition for that segment. He added that the go-to-market focus is on achieving full territory coverage, with significant growth potential from the existing sales team. CFO Dave Wood explained the guidance methodology is consistent, but the revision reflects the inability to make up for onetime revenue shortfalls from product and services with only one quarter left in the fiscal year.

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    Brian Schwartz's questions to Agilysys Inc (AGYS) leadership • Q2 2025

    Question

    Brian Schwartz inquired about the go-to-market plan for the combined Agilysys and Book4Time sales teams, asking if they would be unified. He also questioned the company's services capacity to handle a near-record backlog in a timely manner and asked whether the Book4Time acquisition is accretive to EBITDA for the current fiscal year.

    Answer

    CEO Ramesh Srinivasan confirmed the plan is to unify the two sales forces over the next six months, ahead of fiscal 2026. Regarding services, he expressed confidence in their capacity, noting a 20% year-over-year increase in personnel and attributing the growing backlog to business growth and customer readiness. CFO Dave Wood stated that Book4Time is indeed EBITDA accretive, with a profitability profile similar to Agilysys, and affirmed that EBITDA guidance would have been raised even without the acquisition.

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    Brian Schwartz's questions to Sprout Social Inc (SPT) leadership

    Brian Schwartz's questions to Sprout Social Inc (SPT) leadership • Q1 2025

    Question

    Brian Schwartz asked about the state of the sales organization, questioning if increased investment meant adding capacity or replacing performers, and if the upmarket sales transition is complete.

    Answer

    CEO Ryan Barretto clarified that the company is increasing sales capacity, a typical move heading into the second half of the year. He described the sales organization as stable rather than in transition, highlighting that a key Q1 focus was a fast start with early finalization of territories and compensation plans.

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    Brian Schwartz's questions to Sprout Social Inc (SPT) leadership • Q3 2024

    Question

    Brian Schwartz asked if there have been any changes in the duration of deals filling the pipeline. He also inquired if the composition of bookings in the quarter, specifically the mix between new logos and expansion, was consistent with historical trends.

    Answer

    CEO Ryan Barretto confirmed that sales cycles are elongating in the current market, though he noted the quality of pipeline opportunities remains high. CFO Joe Del Preto added that there was no major change to the historical mix of new versus expansion business in the quarter's bookings.

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    Brian Schwartz's questions to Paycom Software Inc (PAYC) leadership

    Brian Schwartz's questions to Paycom Software Inc (PAYC) leadership • Q1 2025

    Question

    Brian Schwartz asked about demand trends in April, given intensifying macroeconomic pressures, and questioned if the internal efficiencies gained from AI have altered the company's hiring plans for the year.

    Answer

    CEO Chad Richison responded that Paycom is not currently seeing any impact from macro pressures on demand, noting the business is not overexposed to any single industry or size segment. Regarding hiring, he explained that the company's AI and automation plans were already in place, so while hiring needs have changed (e.g., fewer administrative roles, more in sales/R&D), it was part of the existing strategy. He emphasized that Paycom remains a high-touch service model, and automation helps employees service clients more effectively.

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    Brian Schwartz's questions to Paycom Software Inc (PAYC) leadership • Q3 2024

    Question

    Brian Schwartz inquired about the potential to productize the internally developed AI agent and asked for clarification on the quarter's significant EBITDA upside, specifically if any expenses shifted into Q4.

    Answer

    CEO Chad Richison stated that while AI is used in several products and offers monetization opportunities, the specific service agent is currently focused on driving internal and client-facing efficiencies. CFO Craig Boelte clarified the EBITDA beat was primarily due to revenue upside, with only minor timing benefits from some marketing and corporate expenses.

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    Brian Schwartz's questions to Intapp Inc (INTA) leadership

    Brian Schwartz's questions to Intapp Inc (INTA) leadership • Q3 2025

    Question

    Brian Schwartz from Oppenheimer & Co. requested an update on the progress of the sales reorganization targeting large accounts. He also asked for the expected Q4 revenue contribution from TermSheet and guidance on how stock-based compensation should trend.

    Answer

    John Hall, Chairman and CEO, reported that the sales reorganization was well-executed and is building a strong pipeline in the enterprise segment, though these larger deals have longer sales cycles. CFO David Morton stated that TermSheet's Q4 revenue contribution would be immaterial and that stock-based compensation is expected to continue trending down as a percentage of revenue.

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    Brian Schwartz's questions to Intapp Inc (INTA) leadership • Q2 2025

    Question

    Brian Schwartz asked about deal linearity for the upcoming quarter, trends in average deal sizes, and management's high-level perspective on the macroeconomic outlook from customers.

    Answer

    CFO David Morton indicated that Q3 is off to a good start and should not be as back-end loaded as Q2. CEO John Hall explained that while lumpy, average deal sizes should trend up over time with increased focus on large enterprise accounts. On the macro front, Hall noted that beyond the strong secular trend of digitalization, there is a more recent increase in optimism flowing from his customers' clients, which is a positive signal for their business.

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    Brian Schwartz's questions to Intapp Inc (INTA) leadership • Q1 2025

    Question

    Brian Schwartz followed up on the less robust large deal activity, asking if it was due to seasonality or macro factors, and inquired about the capital markets assumptions in the growth guidance.

    Answer

    CEO John Hall attributed the large-deal dynamic primarily to the internal sales team realignment at the start of the fiscal year, not macro issues, citing continued strength in the mid-market. CFO David Morton added that end markets remain healthy and the company's guidance is based on its own execution rather than assumptions about external factors like interest rates or election cycles.

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    Brian Schwartz's questions to Clearwater Analytics Holdings, Inc. (CWAN) leadership

    Brian Schwartz's questions to Clearwater Analytics Holdings, Inc. (CWAN) leadership • Q1 2025

    Question

    Brian Schwartz inquired about the current demand environment amid market turmoil, whether macro risks were factored into guidance, and the timing for realizing cost and revenue synergies from the acquisitions.

    Answer

    CEO Sandeep Sahai stated that no significant macro impact was observed in Q1 or April, highlighting the revenue model's downside protection. CFO Jim Cox noted a slight NRR dip was due to a smaller AUM tailwind, not a headwind. Sahai expressed high confidence in achieving stated synergies, including improving Enfusion's gross margin and realizing $20 million in cost savings, noting that actions on G&A synergies have already begun.

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

    Question

    Brian Schwartz inquired whether the NAIC regulation changes will continue to be a tailwind for replacement activity in 2025 or if the demand boost mostly occurred in 2024. He also asked how quickly Clearwater expects to achieve synergies from the Enfusion acquisition.

    Answer

    CEO Sandeep Sahai and CFO James Cox confirmed that regulatory changes, including from the NAIC, remain a persistent tailwind. They explained that while a specific $3 million project was accelerated into Q4 2024, the underlying value proposition is stronger than ever, as non-Clearwater clients struggled with the changes, highlighting the platform's benefits. Regarding Enfusion, Sandeep Sahai expressed high confidence in achieving synergies quickly, noting that the similar cloud-native, single-instance, multi-tenant architectures of both companies should facilitate a smoother integration.

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    Brian Schwartz's questions to Clearwater Analytics Holdings, Inc. (CWAN) leadership • Q3 2024

    Question

    Brian Schwartz inquired about the source of Clearwater's strong quarterly bookings, asking if it was driven by outsized deals or was broad-based, and questioned if the 114% Net Revenue Retention (NRR) rate means the 115% long-term target is a soft ceiling.

    Answer

    CEO Sandeep Sahai confirmed that booking strength was very broad-based across geographies and industries, with new products contributing about a quarter of the total. CFO Jim Cox stated that while they are buoyed by the strong NRR, the 115% goal for 2026 remains the focus, emphasizing the need for durable and consistent performance as new products mature.

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    Brian Schwartz's questions to ServiceNow Inc (NOW) leadership

    Brian Schwartz's questions to ServiceNow Inc (NOW) leadership • Q1 2025

    Question

    Brian Schwartz of Oppenheimer & Co. Inc. asked how executive focus and priorities within different software markets are changing during the current macro disruption compared to past cycles.

    Answer

    Chairman and CEO Bill McDermott observed that the current disruption has elevated conversations to the CEO level, who now focuses on strategic platforms that can drive business transformation. He explained that CEOs are managing a 'two-sided coin': preparing for potential revenue reduction through cost take-out while simultaneously investing in AI and business model innovation for growth. This dynamic favors simple, fast-to-value platforms like ServiceNow that can address both needs.

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    Brian Schwartz's questions to Braze Inc (BRZE) leadership

    Brian Schwartz's questions to Braze Inc (BRZE) leadership • Q4 2025

    Question

    Brian Schwartz from Oppenheimer & Co. Inc. inquired about the architectural integration plan for OfferFit and whether the goal is to maintain a single, unified tech stack.

    Answer

    CEO Bill Magnuson affirmed his commitment to a tight integration, stating that a unified stack is a key competitive advantage. The plan is to incorporate OfferFit's powerful engine into the Braze environment, leveraging Braze's data platform to accelerate OfferFit's roadmap while avoiding the complexity of a fragmented, multi-stack architecture.

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    Brian Schwartz's questions to Braze Inc (BRZE) leadership • Q3 2025

    Question

    Brian Schwartz inquired about the impact of recent AI and data product enhancements on sales cycles and deal sizes, and asked how the company is approaching the crucial Q4 selling season.

    Answer

    CEO Bill Magnuson stated that the primary impact of Braze AI has been improved competitive differentiation, particularly against startups, which has supported higher win rates. He noted it's difficult to isolate the impact on deal sizes from the macro backdrop. For Q4, he confirmed they entered with a solid pipeline and are executing as expected, with AI being a key differentiator.

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    Brian Schwartz's questions to Zeta Global Holdings Corp (ZETA) leadership

    Brian Schwartz's questions to Zeta Global Holdings Corp (ZETA) leadership • Q4 2024

    Question

    Brian Schwartz from Oppenheimer & Co. Inc. asked about the reasons for the guided revenue deceleration in Q1 beyond tougher comps and political headwinds, and inquired about the expected revenue mix percentage from the agency business in the 2028 plan.

    Answer

    CFO Chris Greiner attributed the Q1 guide to the company's standard conservative forecasting approach rather than any specific underlying business weakness. Regarding the 2028 agency mix, both CFO Greiner and CEO David Steinberg clarified that while the agency business will be a larger piece of the pie than its current ~20%, they do not expect it to double as a percentage of total revenue, though the business itself is expected to grow significantly.

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    Brian Schwartz's questions to Zeta Global Holdings Corp (ZETA) leadership • Q3 2024

    Question

    Brian Schwartz of Oppenheimer asked where customer spending for the new AI agent studio product is being sourced from—IT, marketing, or new AI budgets—and how Zeta plans to gain share.

    Answer

    CEO David Steinberg responded that spending comes from multiple buckets, but he sees enterprises increasingly creating standalone AI innovation budgets. He emphasized that Zeta gains share by delivering clear ROI, as the AI agents can replace significant data science salary costs for a fraction of the price, while also making clients stickier and helping them scale faster.

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    Brian Schwartz's questions to Pros Holdings Inc (PRO) leadership

    Brian Schwartz's questions to Pros Holdings Inc (PRO) leadership • Q4 2024

    Question

    Brian Schwartz asked about the monetization path for the company's 'Agentic AI' vision, specifically how embedding AI across the platform will translate into revenue, whether through increased volume, velocity, or direct pricing.

    Answer

    CEO Andres Reiner explained that the strategy is to ensure AI is core to a capability that delivers significant, tangible value. These AI-powered innovations are then sold as individual, sellable SKUs, such as the Dynamic Ancillary Pricing (DAP) solution. This approach creates more products to sell to new logos and expand within existing accounts, aligning with the company's 'land, realize, expand' strategy.

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    Brian Schwartz's questions to Pros Holdings Inc (PRO) leadership • Q3 2024

    Question

    Brian Schwartz inquired about the mix between new customer acquisitions and expansion deals within the B2B business. He also asked for the rationale behind raising subscription revenue guidance while keeping the subscription ARR guidance unchanged.

    Answer

    President and CEO Andres Reiner stated that the B2B bookings mix was 50% new logos and 50% expansions in Q3, a balance they are pleased with. CFO Stefan Schulz explained that subscription revenue guidance was raised due to strong Q3 linearity and B2B performance. However, subscription ARR guidance was maintained because Q4 is the largest bookings quarter, and they chose to remain prudent given macro uncertainties.

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    Brian Schwartz's questions to UiPath Inc (PATH) leadership

    Brian Schwartz's questions to UiPath Inc (PATH) leadership • Q3 2025

    Question

    Brian Schwartz from Oppenheimer asked if it was possible to compare the Average Selling Prices (ASPs) of new Agentic Automation deals with other products, and whether these deals could ultimately be larger in scale.

    Answer

    CEO Daniel Dines confirmed that Agentic deals can drive larger deal sizes, citing the quarter's largest deal as a prime example. He explained that Agentic Automation enables new pricing models, such as per-use-case, which can better align with customer value and positively impact ASPs.

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    Brian Schwartz's questions to Sprinklr Inc (CXM) leadership

    Brian Schwartz's questions to Sprinklr Inc (CXM) leadership • Q3 2025

    Question

    Brian Schwartz asked about the timing of the company's optimization strategy, specifically whether the initial changes to drive profitable growth would focus more on the product or the go-to-market structure.

    Answer

    President and CEO Rory Read explained that while both are critical, changes to the go-to-market structure will have a more immediate impact and are planned for implementation at the start of FY'26. He noted that new product functionality, which is also in the pipeline and key to long-term growth, naturally has a longer delivery cycle. Therefore, the effects of go-to-market changes will be seen first, with product impacts flowing through the year.

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    Brian Schwartz's questions to Perfect Corp (PERF) leadership

    Brian Schwartz's questions to Perfect Corp (PERF) leadership • Q2 2024

    Question

    Brian Schwartz inquired about the business outlook for the second half of the year, the state of the sales pipeline exiting Q2, the impact of AI on brand spending, the nature of key customer churn, and performance trends across different geographies.

    Answer

    EVP & CSO Pin-Jen Chen confirmed that robust renewals support the reiterated annual guidance, with potential upside from macro improvements. CEO Alice Chang noted strong global B2C growth but slower B2B upsells, despite high brand interest in new GenAI/GPT solutions. Mr. Chen added that brands are allocating special AI budgets for pilot projects and that key customer churn is typically a downgrade below the $50k threshold for smaller brands, not a complete loss. Geographically, he highlighted strong B2C growth in Latin America and challenges in China.

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    Brian Schwartz's questions to Perfect Corp (PERF) leadership • Q1 2024

    Question

    Brian Schwartz of Oppenheimer & Co. Inc. inquired about the drivers of strong SKU growth, plans for expanding sales capacity, the reasons behind the decline in key customer count, and the sustainability of lower G&A expenses.

    Answer

    CEO Alice H. Chang explained that SKU growth is spread across makeup, skin, and jewelry, with makeup remaining the largest contributor. She noted that sales capacity is being cautiously expanded in high-growth areas like skin and fashion. Regarding customer churn, both Chang and EVP & Chief Strategy Officer Louis Chen clarified that it's concentrated among smaller, financially distressed clients and is not a material revenue impact. Chen also stated that the lower G&A expense reflects maturing public company processes and reduced costs like D&O insurance, suggesting it's not a one-off reduction.

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