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CFO Bob Foster clarified the comment was about free cash flow margin and confirmed it incorporates benefits from the new tax bill. CEO Chad Richison stated that the company had been preparing for increased marketing spend in Q3 and Q4 to support the iWant launch and intends to maximize the budget due to the significant opportunity, while continuing to measure its return on investment.

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CEO Chad Richison clarified that pre-employment screening has been part of Paycom's business for a while and the accreditation serves as a proof point of its quality for both existing and prospective clients. He confirmed that Paycom has a dedicated strategy to win back former clients, stating that they are often the "best prospects" because they have experienced the pain of leaving and understand the value of Paycom's solution.

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CEO Chad Richison confirmed that there will be product announcements in 2025, highlighting his renewed focus on product development and automation. Retiring CFO Craig Boelte stated the interest income forecast incorporates a couple of potential Fed funds rate cuts mid-year and one toward the end of 2025.

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Executive VP & CFO Jeremy Johnson clarified that while the guidance increase from 12% to 13.5-14% was largely driven by the OBBA tax benefit, the initial expansion to 12% already reflected significant underlying productivity gains. Regarding the Q3 guidance, he explained the $10 million range simply translates to a wider percentage spread (13% to 16% constant currency) for a single quarter, whereas the full-year's $20 million range is a tighter 2-point spread.

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CFO Jeremy Johnson confirmed that typical free cash flow seasonality will continue, with Q1 being the lowest quarter due to items like bonus payouts, but the overall level of cash flow is higher. The company remains on track for its 12% full-year margin target. Regarding the contract, CEO David Ossip clarified that the extension was assumed in their guidance, and the signing de-risks that revenue stream.

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CEO David Ossip highlighted strong Wallet revenue growth, projecting over $30 million for the year, and detailed new features like cashless tips and upcoming 'Bring Your Own Card' capabilities to drive monetization. CFO Jeremy Johnson confirmed a $20-$25 million pension termination payment is included in the 2025 cash flow guidance and is expected in the second half of the year.

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Executive Chairman Steve Beauchamp confirmed the first major phase of the Airbase integration is complete, with ongoing enhancements planned. He explained that the field sales team is being trained to refer opportunities to a specialized inside sales team. CFO Ryan Glenn expressed confidence in continued free cash flow margin expansion for fiscal 2026, highlighting a potential tailwind from new tax legislation.

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Executive Chairman Steven Beauchamp described growing adoption of embedded AI tools, like chatbots for policy questions, which aim to seamlessly improve efficiency. He explained that the focus on average revenue per client reflects a dual strategy of deepening HCM penetration and expanding horizontally into new areas like finance, which will utilize different pricing models.

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CFO Ryan Glenn confirmed a roughly 100 basis point headwind to free cash flow from Airbase but stated the full-year margin should still be north of 20%, with no other major concerns. President and CEO Toby Williams explained that while they have increasingly invested in a team to sell back to the base, the primary go-to-market focus remains on acquiring new clients.

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Executive Chairman Steven Beauchamp affirmed that achieving 10-20% penetration with Airbase over time is a feasible goal, representing a significant opportunity. CFO Ryan Glenn and Mr. Beauchamp clarified that Airbase's revenue is largely software fee-based, making it manageable to forecast and integrate into their financial models.

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CEO Craig Courtemanche described the macro environment as 'surprisingly the same as last quarter.' CFO Howard Fu noted that the Financials suite represents the most immediate cross-sell opportunity since only about half of customers have it. Courtemanche added that success was not limited to Financials but occurred across all product lines, validating the platform's strength.

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CEO Tooey Courtemanche shared that customers view Copilot as an "answer machine" and expressed excitement about the future of AI Agents that will proactively monitor projects to manage risk and improve margins. CFO Howard Fu stated that the impact from foreign exchange in Q4 was minimal and not notable.

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CFO Peter Hadley clarified that while acquisition-related amortization is being lapped, investment in Workforce Software integration continues. He noted the margin story for fiscal 2026 is a balance between strong client funds interest revenue and productivity gains against ongoing, meaningful investments in strategic priorities like Lyric, Workforce Software, and GenAI, which drives the cadence.

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Co-Founder and CEO Sanjit Biswas attributed the international strength, particularly in Europe, to sustained investment and achieving product-market fit over time, rather than a specific new regulatory driver. He also clarified that the preventative maintenance solution has broad, cross-industry appeal because customers in different verticals often use similar types of assets, like trucks.

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Chief Financial Officer Dominic Phillips responded that the company has no concentrated exposure to any single country for device imports and has mitigation strategies in place, with all factors included in guidance. Regarding free cash flow, he clarified the figure was a modeling note, not formal guidance, but represents a confident starting point for the year, with potential for upward revision as the year progresses.

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CFO Dominic Phillips confirmed that the public sector has been an area of continued investment and focus. He explained that these deals have longer sales cycles and that the success seen in Q3, including a record 16 deals over $100,000, was the materialization of those efforts.

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CEO Sasan Goodarzi stated they are still in the 'early days' of the go-to-market motion for mid-market, describing it as not yet a 'finely tuned machine,' which he sees as a massive opportunity. He emphasized that accountants are viewed as critical partners, not just a channel, for both serving the firms themselves and collaborating to serve their end customers. He noted they are in the 'very early innings' of partnering with accountants to serve the mid-market together.

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CEO Sasan Goodarzi described the go-to-market motion as being in the 'early days' and not yet a 'finely tuned machine,' which he believes highlights the massive opportunity ahead. He stressed that accountants are viewed as critical partners, not just a channel, for serving mid-market customers, and that this partnership is in the 'very early innings,' indicating significant room for growth.

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CEO Sasan Goodarzi stated that Intuit has achieved product-market fit with QuickBooks Live for smaller businesses, and recent success comes from 'cracking the nut' on go-to-market strategy. He sees an even larger opportunity in the mid-market, as these larger customers expect services like a 'CFO for hire.' He noted that customers using Live experts show higher attachment rates for other services like payments and payroll, making it a key enabler for the upmarket strategy.

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CEO Tom Shea described the partner ecosystem as healthy and critical to their innovation engine. He noted strong GSI interest in AI and the recent acquisition of partner-generated solutions as a key signal of the ecosystem's health, creating a 'win-win' for OneStream, its partners, and customers.

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CEO Tom Shea explained that customers typically follow a capability maturity journey. They start with core financial planning and, as they become proficient, layer on more granular solutions like people planning, then capital or cash planning. He described the ultimate journey as using AI to predict underlying business trends, stating this defined path is a core part of OneStream's value proposition that drives retention and expansion.

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CEO David DeStefano noted a solid diversity in new logos, with most wins still in the enterprise market. He highlighted that SAP and Oracle wins are typically scaled from the start, while the Microsoft ecosystem provides a mix. CFO John Schwab stated there were no one-time drivers for the strong software gross margin but was cautious about extrapolating the high rate long-term.

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CFO John Schwab clarified that the majority of the e-invoicing investment is focused on product development, specifically expanding country coverage and integration. Both executives attributed the strong new logo growth to the broadening partner ecosystem, highlighting a 20% increase in referrals from SAP alongside growing contributions from Oracle, Shopify, and Microsoft, validating prior channel investments.

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CEO David DeStefano explained that e-invoicing is primarily an expansion opportunity with existing customers, while the ERP cycle and new partnerships are expected to drive more new logos. CFO John Schwab noted that while margin expansion has been strong, the acquisition of ecosio is expected to be dilutive to adjusted EBITDA in 2025, which will impact the margin profile.

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An executive, likely Co-CEO Owen Ryan, responded that they are not reprioritizing and will stick with the five industry verticals they established last year. He noted that a majority of Q1 success came from these verticals, and the focused use cases are proving to be a key differentiator, even in industries facing economic pressure.

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Co-CEO Owen Ryan attributed the invoice-to-cash momentum to product improvements, a higher quality team, and increased partner activity. CFO Mark Partin outlined two key variables for 2025 free cash flow: a new cash tax burden in the low-to-mid-teens on a non-GAAP basis, and lower interest income due to a smaller cash balance and lower rates.

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CFO Mark Partin confirmed that the existing customer base remains a primary growth vector, with innovation aimed at the CFO and CIO to drive cross-sell and upsell. Co-CEO Owen Ryan added that BlackLine is now more aggressively guiding customers on their transformation journey, moving them from core products to solutions like transaction matching and journals. He highlighted that co-innovation with customers and partner involvement are key to this strategy's success.

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CEO Neil Barua explained the 7% floor was derived from both a bottoms-up and a tops-down analysis. The bottoms-up view assessed the pipeline's vulnerability in key end markets like industrial manufacturing and automotive under worsening macro conditions. The tops-down view modeled PTC's performance during past major crises, like in 2009 and the pandemic. Barua emphasized that reaching this low end would require a significant deterioration in the macro environment beyond what is currently being observed.

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CEO Neil Barua highlighted strong, ongoing momentum in PLM (Windchill) due to enterprise penetration. He noted that Codebeamer is gaining significant traction, with two of the top ten auto OEMs expanding usage in Q4. For ServiceMax, he cited a key competitive win with a major crane manufacturer, which chose PTC specifically for the integration between ServiceMax and Windchill.

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CEO Julie Iskow confirmed that ERP upgrades are a strong buying trigger, often sourced through partners. Regarding Europe, she emphasized that demand is broad-based across the entire solution portfolio, not just sustainability. She attributed the strong performance to large greenfield opportunities and improved execution by the regional teams, noting that 17.5% of total revenue now comes from outside the Americas.

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