Catharine Trebnick • Rosenblatt Securities

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CEO Scott Russell explained that these partnerships involve deep product and engineering collaborations to build orchestration capabilities, which will be available to the market in H2, particularly Q4. While pipeline is already building, he anticipates a more meaningful revenue impact starting in 2026 as customers integrate these joint roadmaps into their long-term purchasing decisions.

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CEO Scott Russell explained that these partnerships involve deep product and engineering collaboration. The resulting integrated capabilities will be available to the market in the second half of the year, mainly in Q4. While pipeline is already building based on these roadmaps, he anticipates a more significant revenue impact will materialize in 2026.

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CEO Vlad Shmunis clarified the Microsoft Teams integration sees strong double-digit growth and is included in about half of all enterprise deals. CFO Vaibhav Agarwal outlined a flexible capital allocation strategy focused on deleveraging the balance sheet, opportunistic share buybacks under an increased $500M authorization, continued investment in innovation, and potential M&A.

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CEO Vlad Shmunis affirmed the NICE partnership remains strong and continues to generate deals, positioning it as a high-end, feature-rich solution. He described RingCX as a complementary, lighter-weight product. Both he and President Kira Makagon noted that RingCX typically competes against smaller, newer entrants, where RingCentral wins on its reputation, global reach, and security.

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CFO Jorge Martell explained that the Knock Knock acquisition is a strategic, technology-focused move to add FIDO2 software capabilities to their existing hardware offerings. He emphasized the primary goal is the long-term cross-sell opportunity within their large existing banking customer base, with a more significant impact expected in 2026. He also highlighted the value of the experienced team and the FIDO Alliance board seat gained through the deal.

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CEO Victor Limongelli explained that U.S. exposure is minimal and the announced tariff impact would be small. He confirmed Europe is their largest hardware market but has not been affected by similar tariffs, noting some production occurs within the EU. CFO Jorge Martell added that while he didn't have the exact figure, EMEA likely accounts for over 50% of hardware revenue and is not subject to the recent tariff changes discussed.

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CEO Victor Limongelli described the product and ecosystem efforts as ongoing, highlighting the development of channel partners for the Workforce Authentication market. CFO Jorge Martell confirmed that the 2025 guidance assumes a continued decline in hardware revenue, noting that historically the segment has declined around 8% annually on average over the last decade, and a similar trend is factored into the forecast.

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CEO Victor Limongelli explained that while the company is actively signing up partners to address mid-market banks, particularly in Europe, the financial impact is not yet present in reported results. He anticipates a more material contribution beginning in 2025, as it takes several quarters for new partners to be trained and become productive.

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CEO & Chairman Mike Burkland explained the moves were part of a thoughtful executive realignment to enhance efficiency, alignment, and ownership for future growth. He highlighted several internal promotions and the consolidation of sales and marketing under a new CRO as key steps to position the right leaders in the right roles, fulfilling his goal of setting the company up for long-term success.

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President Andy Dignan affirmed that the relationship with BT remains strong, with continued deal wins and good activity. He emphasized that Five9 relies heavily on its international partners like BT to navigate local market dynamics and stated there has been no major change in the business or pipeline related to the partnership.

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Executive Michael Burkland described Verint as a key partner, noting Five9 is their #1 partner. He expressed understanding that Verint must partner broadly across the CCaaS market and sees no issue with the RingCentral deal, viewing it as positive for the industry. Executive Andy Dignan added that Five9 is building a strong pipeline with its Verint cloud-to-cloud integration.

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President, CEO & Director, Rory Read, responded that renewal pressure is roughly equivalent across the core product suites, with no significant variation. He attributed the issue to a lack of focus on the core as the company pivoted to CCaaS. Read detailed an internal initiative, "Project Tiger Shark," focused on accelerating the core through UI/UX improvements, innovation, and potential small acquisitions, particularly in the customer feedback management space.

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President and CEO Rory Read confirmed that a mature enterprise coverage model will be fully implemented for the start of FY'26 in February. This model will feature a dual pod structure, including dedicated Renewal Account Managers (RAMs), to ensure consistent, year-round relationship management. He stressed a move to a more logical "time and patch" territory model to improve sales productivity and align incentives to drive growth in both core and service offerings.

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Founder and Co-CEO Ragy Thomas categorized renewal pressures into two buckets: uncontrollable macro factors and internal execution issues that Sprinklr can fix. He highlighted the need to standardize complex platform implementations to ensure customers realize value. Regarding the marketing suite, he noted that while there is pressure, it's difficult to attribute it specifically to an AI overhang versus other internal execution factors that the company is focused on improving.

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CFO Michelle Chang explained that Zoom's strategy is global and consistent across all regions. She noted that the 'better together' platform message, combining communication and customer experience, is resonating well globally. Specifically in EMEA, she highlighted strong traction for the Workvivo employee experience platform.

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CEO Eric Yuan expressed high confidence that competitors entering the UC space late would struggle to compete against established platforms like Zoom, citing the significant investment required in technology, features, and scalable architecture. CFO Kelly Steckelberg added that the 'better together' strategy is working well, with Contact Center driving demand for Zoom Phone and vice-versa, all unified by the AI Companion across the platform.

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CEO Samuel Wilson attributed CCaaS wins to providing a complete, single-vendor solution that combines best-in-breed technology through its platform and technology partner ecosystem, which is compelling for mid-market customers. He praised the U.K. team for strong execution and high retention rates. He confirmed the CPaaS business continues to be a high-growth area and highlighted the recent launch of integrated RCS messaging as a key innovation.

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CEO Samuel Wilson stated the sales organization continues to evolve towards more consultative solution sellers and praised the marketing team's work on rebranding 8x8 as a CX company. He affirmed the company remains channel-centric. He identified the new leader as Joel, who brings significant AI skills to help transform how the company uses AI internally to drive insights and improve product delivery. He also highlighted Michelle Paitich's recognition as a Channel Chief.

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CFO Keith Jensen stated that virtual firewalls have performed 'very, very well' and are a component of both the Unified SASE and Secure Networking pillars. He emphasized the strong relationship and overlap between enterprise customers who purchase both physical and virtual appliances, a topic he noted would be discussed further at the upcoming Analyst Day.

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