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CEO Steve Towe attributed the momentum to both a market shift toward these solutions becoming a necessity and significantly improved execution, including better sales talent and the credibility of the unified platform. Regarding the second-half acceleration, Towe stated the company is not demand-constrained and that growth will be driven by maturing indirect channels, a sales focus on camera-led propositions, increased capacity for large-scale data ingestion projects, and the ramp-up of new sales hires.

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CEO Steve Towe stated that while a larger $4 million investment remains on hold, the company is releasing some funds to support key indirect channel opportunities due to strong performance, and conviction to invest more is growing. Chief Innovation Officer Mike Powell added that the AI module is a breakthrough that solves the customer pain point of 'drowning in video data,' providing tangible ROI and differentiation. He noted it is the first of many value-driven innovations to come.

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Nima Ghamsari, Co-Founder, Chairman & Head of Blend, explained that while rate movements are impactful, Blend focuses on controllable factors like its growing home equity business and stabilizing its customer base, noting zero churn notices this year. Amir Jafari, CFO and Head of Finance & Operations, added that while a large new deal creates a near-term headwind for EVPFL, future expansion will be driven by the adoption of Blend Close and the value uplift from Rapid Refi.

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CEO Nima Ghamsari explained that products like Rapid Refi drive higher conversion and are being adopted by lenders to prepare for a market recovery. Head of Finance and Operations Amir Jafari added that the company's simplification, including the title business divestiture, is designed to accelerate profitable growth by focusing on high-margin software and strategic partnerships, which enhances contribution profit.

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Nima Ghamsari, Co-Founder and Head of Blend, explained that customers have stabilized and are now focused on building scalable businesses, leading them to lean into Blend for automation and AI solutions. Amir Jafari, Head of Finance and Administration, added that new 'Rapid' products for refinance and home equity are designed to increase customer ROI and will be accretive to Blend's economic value per funded loan, contributing to take-rate expansion.

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Nima Ghamsari, Co-Founder and Head of Blend, attributed the sentiment shift to customers regaining profitability, allowing them to adopt new ROI-driving tech like Blend Close, which boosts per-loan economics. He identified Blend's key differentiator as its unified platform across multiple financial products (mortgage, deposits), which enables a frictionless customer journey and is enhanced by a growing partner ecosystem built on the Blend Builder platform.

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CEO Sandeep Sahai reiterated the strategy to first enhance client service and platform performance before implementing a well-designed commercial model, a successful approach used previously. He highlighted the VKB win in Germany's massive insurance market as a key proof point that the combined Clearwater, Infusion, and Beacon platforms can deliver a next-generation, front-to-back solution that standalone entities could not.

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CEO Sandeep Sahai expressed 'super high confidence,' stating that while the playbook is the same, the company now has the advantage of pre-existing technologies like Helios. He confirmed that operations have already been integrated under a new COO and that they are well-positioned to execute on gross margin improvements and synergies based on their proven track record.

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CEO Sandeep Sahai highlighted the company's ability to onboard large, significant insurers in 12-15 months, a fraction of the typical timeframe. He noted that this market has real pain points, especially around alternative assets, and that Clearwater's platform and ongoing R&D investments are well-positioned to continue winning in this target area.

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CEO Matthew Bromberg positioned Unity as the orchestration layer for AI-led content creation, leveraging project context to improve efficiency and innovation. CFO Jarrod Yahes noted the company's high adjusted gross margins (83%) and lean cost structure should lead to meaningful operating leverage and margin expansion as the Grow business returns to growth.

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CEO Matthew Bromberg affirmed this view, stating he joined Unity because of its crucial ecosystem role. He believes the only missing elements were execution and discipline. He asserted that connecting pricing to value, delivering a quality platform, and building strong customer relationships are fundamentally linked and represent the largest opportunity for value creation.

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CEO Nicholas Cumins explained that while customer confidence leads to higher floors and ceilings in E365 contracts, new AI-powered products may require different pricing. For its OpenSite+ application, he suggested a term-based subscription with additional charges for extensive AI usage might be more appropriate than traditional usage-based metrics. He emphasized this will be an evolution developed in partnership with customers.

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CEO Nicholas Cumins explained that automating asset inspections with imaging and data is highly efficient compared to sending people onsite. He described using Google Street View for asset inventory and crowdsourced dashcam data for current condition analysis. Executive Chair Greg Bentley added that this approach allows for the continuous updating of the 'as-operated' record, creating an evergreen digital twin that bypasses traditional, less efficient workflows.

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CEO Nicholas Cumins expressed his excitement for AI as a generational paradigm shift, which was the primary driver for simplifying the product organization to enhance agility and speed. He highlighted new COO James Lee's AI expertise from Google. Executive Gregory Bentley added that the flatter hierarchy encourages risk-taking and innovation, harkening back to the company's roots.

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Executive Chair Greg Bentley highlighted the Google partnership as a prime example of leveraging a partner's data and AI capabilities. Executive Julien Moutte added that the rich developer ecosystem around the newly acquired Cesium will open many new partnership opportunities with ISVs, who can build new capabilities on the combined platform.

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CEO Craig Courtemanche highlighted strong customer demand for AI agents, which reinforces Procore's position as the essential system of record. CFO Howard Fu added that the GTM transition is proceeding as planned, with internal metrics like conversion and pipeline improving, and noted that the company is past the peak of the disruption.

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CEO Craig Courtemanche stated that Procore's platform is built to drive efficiency, which is critical in uncertain times, positioning the company as a strategic partner helping customers manage risk. Regarding AI, he emphasized Procore's unique advantage due to its vast, integrated dataset from a single, cloud-native platform, which allows it to build valuable agents that solve real-world problems, such as automating daily log compliance.

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CFO Howard Fu asserted that margin expansion will continue in both 2025 and 2026 while the company optimizes for free cash flow per share. CEO Tooey Courtemanche acknowledged the massive investment in data centers as a positive driver but emphasized it is just one component of a large, diverse, and resilient construction market that Procore serves.

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Executive Craig Courtemanche described the owner opportunity as vast, including Fortune 1000 companies, hospitality, universities, and the public sector, noting 'every project has an owner.' On hiring, he emphasized a process rooted in company values, attracting high-caliber talent from both industry and other sales organizations. Executive Howard Fu added that post-hire enablement is also critical to cultural integration.

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CEO Githesh Ramamurthy attributed the move to production to customers gaining comfort with the AI's reliability and, most importantly, seeing tangible, significant ROI. He also noted secondary benefits like faster onboarding of new employees. Ramamurthy confirmed the parallel to the APD business, stating that casualty claims inflation is running even higher than general healthcare costs, which is creating a significant tailwind for adoption of CCC's casualty solutions.

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CEO Githesh Ramamurthy explained that claim volume fluctuations are cyclical and that CCCS's growth is driven by addressing more components within each claim, making the business resilient. CFO Brian Herb added that selling based on ROI is a core, consistent strategy for all solutions, which resonates well in the current macroeconomic environment, driving sustained momentum.

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CEO Githesh Ramamurthy confirmed that a significant increase in consumer self-pay (to ~22%) has impacted reported claims, but this trend is normalizing. He stressed that rising repair complexity is a persistent driver of demand for CCCS solutions. Ramamurthy also explained that new AI solutions require more dedicated change management, and learnings from early adopters who are transforming their operations are being used to accelerate adoption for other clients.

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CEO Githesh Ramamurthy explained that the IX Cloud enables customers to efficiently pilot multiple solutions at once, enhancing the aggregate ROI. Regarding total losses, he noted a slight increase due to lower used car values, which makes AI-driven tools like First Look more critical for quickly identifying total loss vehicles to reduce cycle time and storage costs.

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CEO Chad Collins confirmed that improving onboarding efficiency and time-to-value is a key focus, aided by technology investments and future AI implementation. CFO Kim Nelson stated that medium-term growth will come from both new customers and ARPU expansion, but noted it's challenging to provide a precise mix, as customer adds are highly correlated with community enablement activity.

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Executive Chad Collins noted that the community enablement pipeline is steady and consistent with expectations, and the company has sufficient capacity to handle a potential uptick in demand. Executive Kimberly Nelson explained that SPS continuously uses technology like AI to improve internal efficiency, which is reflected in EBITDA margin expansion. For customers, she emphasized the cost-effectiveness and scalability of their solutions.

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Executive Chad Collins detailed that small and medium customers are often acquired through community programs and represent greenfield opportunities. In contrast, large customers are typically on a replacement cycle, making them ideal targets for the channel go-to-market strategy. He also confirmed that government-mandated traceability requirements, particularly in food safety, have driven incremental interest in supplier-retailer collaboration solutions.

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Executive Chad Collins clarified that retailer enablement is a continuous process, not a one-time event, as retailers constantly change suppliers and merchandise, creating a steady flow of leads. Regarding M&A, he stated that product expansion starts with customer needs, and the network's data provides significant value in integrating acquisitions like Traverse and SupplyPike, making them more powerful.

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President & CEO Eric Clark confirmed that using AI and automation to reduce implementation timelines and costs is expanding the company's Total Addressable Market (TAM). Drawing parallels to his time at ServiceNow, Clark explained that the company is proactively building the global structure and processes in H2 2025 to maximize the upcoming renewal cycle, focusing on both retention and growth through cross-selling.

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Executive Vice Chairman Eddie Capel stated that because consumer expectations for delivery do not change, precise execution remains a top priority for customers, supporting continued investment. He also noted that the company has 'ultimate visibility' into future revenue from contracted ramps. Dennis Story added that they have great multiyear projection capabilities, which gives them confidence in their outlook.

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CEO Eddie Capel explained that customers are slowing down large-scale rollouts—for example, implementing in 7 distribution centers instead of a planned 10—due to budget clips, but no projects have been canceled. On data readiness for planning, he stated the necessary data is available, as it's the same data used in legacy batch systems. The primary adoption hurdle is not data availability but rather the change management required to move to a real-time process.

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CEO Eddie Capel described the company's 'land and expand' strategy, where innovating in adjacent products increases the total addressable market and drives cross-sell opportunities over time. Regarding services, he detailed a multi-faceted shift: the internal team is more experienced and efficient, the richness of new solutions requires less customization, and the system integrator (SI) community is more engaged, giving customers the choice to use them for implementations.

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President and CEO Neil Hunn highlighted that strength comes from serving less macro-sensitive end markets and the significant productivity opportunities driven by AI, citing Aderant's success as an example. He clarified that recent acquisitions with payment components, like Subsplash and Outgo, are primarily software-led opportunities and do not represent a thematic shift toward payments, but rather a coincidental alignment where payments are a natural feature of the software.

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President Vahe Kuzoyan confirmed that Cobalt is a new customer and that such partnerships provide key validation for their commercial strategy. He noted that the playbook with private equity consolidators is maturing and that this customer cohort is their fastest-growing and serves as the 'tip of the spear' for entering new markets.

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President Vahe Kuzoyan highlighted the Cobalt partnership as a key validation of their technology for commercial consolidators. He explained that this private equity-backed customer cohort is the 'tip of the spear' for entering new markets, and the company is banking on this consolidation trend continuing.

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CEO Ara Mahdessian explained that partnerships are a key growth driver, with the GAF endorsement validating their progress in roofing as they aim to become the ecosystem's central hub. CFO Dave Sherry noted that the company remains prudent in its forecasting throughout the year, especially regarding GTV, and that conservatism does not necessarily lessen over time.

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CEO Ara Mahdessian described the company's AI strategy as a reality, not hype, citing three existing AI products (Dispatch Pro, Ads Optimizer, Sales Pro) that convert data into direct ROI for customers. President Vahe Kuzoyan added that because ServiceTitan acts as the 'scorekeeper' with end-to-end visibility, it can prove the value of its products, creating a virtuous cycle that drives adoption of new SKUs and deepens customer partnerships.

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Co-Founder and CEO Sanjit Biswas agreed that customers are increasingly focused on extending asset lifespans and maximizing utilization, which aligns directly with Samsara's technology offerings. Chief Financial Officer Dominic Phillips noted that while non-vehicle products represent a mid-teens percentage of ARR, their usage is much higher, with over two-thirds of large customers using a non-vehicle application, signaling a significant future growth opportunity.

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Chief Executive Officer Sanjit Biswas explained that the company is pursuing both strategies, using network density to enhance products like asset tags and AI-driven maintenance while still being in the early stages of market penetration with significant room to grow. He also noted that AI is being used extensively internally across all departments, including for modern coding tools, sales research, and customer support, to drive efficiency.

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CEO Sanjit Biswas responded that while international growth is accelerating, market share is still in the low single digits, with brand awareness and reference customers being key growth drivers. CFO Dominic Phillips added that the biggest opportunity for leverage is in go-to-market, as the cost to renew is lower, and he expects more natural leverage as a large portion of the customer base hits its first renewal cycle.

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CFO Dominic Phillips explained that many physical operations customers are in the early stages of digital transformation, which involves internal change management and often leads to phased rollouts. He noted that the consistent growth of the large customer cohort, which is now 54% of ARR, is a key part of the growth strategy as these enterprises can adopt more products and drive more impact, fueling confidence.

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President John Mullen confirmed that successful cloud deployments are leading to broader strategic conversations about consolidation. CEO Mike Rosenbaum explained that the platform's agility enables insurers to innovate on products and pricing faster, helping them address market needs like the coverage gap by removing underlying technology risk.

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President & CRO John Mullen confirmed that successful cloud deployments are leading to broader strategic conversations about platform consolidation. CEO Mike Rosenbaum explained that the "agility" provided by Guidewire's platform enables insurers to innovate and deploy products faster, which is key to addressing coverage gaps and modernizing their operations.

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CEO Mike Rosenbaum explained that carriers need modern platforms for agility to manage indemnity, reduce cycle times, and price risk effectively, which is accelerating the move to the cloud. He noted that Guidewire is taking a mature, careful approach to end-of-life discussions, which has been received positively. CFO Jeff Cooper added that while the company focuses on margin expansion, it can also invest in growth areas like R&D, with hiring expected to accelerate in the second half of the year.

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CEO Mike Rosenbaum explained that the strong track record of successful cloud deployments reduces perceived risk for on-premise customers. He highlighted that the ability to keep cloud customers on current software versions enhances the value proposition and solidifies the company's belief that it will eventually migrate 100% of its customer base to the cloud.

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CFO Jeff Cooper attributed larger deals to a continued progression in selling and customers' increased comfort with the platform's maturity, not a specific Tier 1 trend. President & CRO John Mullen added that peer-to-peer customer conversations are key. CEO Mike Rosenbaum confirmed that labor constraints and attracting talent with modern systems are contributing factors to the push for modernization.

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Chief Strategy Officer Alex Zukerman confirmed the AdvantageGo acquisition aligns with market acceleration in the underwriting space, providing entry into the London market and significant cross-sell opportunities. CFO Roni Giladi added that AdvantageGo is expected to grow double-digits with gross margins around 60% and an ARR mix over 50%, though it will be loss-making until 2027. Regarding the L&A business, Alex Zukerman cited strong demand in North America and Europe driven by Sapiens' platform proposition. Roni Giladi noted that the Life business grew to 26% of total revenue in Q1, an increase of 300 basis points year-over-year.

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CEO Roni Al-Dor and CSO Alex Zukerman expressed high confidence in cloud migration and platform cross-selling, citing that new clients are standardizing on these solutions and a large opportunity exists within the current customer base. Mr. Zukerman attributed the strength in the Life segment to a modernization wave similar to what P&C experienced, driven by digitalization and macroeconomic factors. CFO Roni Giladi clarified that constant currency ARR growth was 7.4% and the company aims to accelerate this to over 10% through cloud transitions and new subscription deals.

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CFO Roni Giladi affirmed that the deal delays, particularly in Europe, are a "prolongation of time" due to customers' extended due diligence on new SaaS models, not lost deals. He emphasized that underlying demand remains strong. Regarding the 2025 outlook, he highlighted that recurring and re-occurring revenues, which now comprise over 70% of total revenue, are growing at a much faster rate (15% in Q3) than the overall company and have higher margins, a trend expected to continue.

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Chief Strategy Officer Alex Zuckerman highlighted a strategic partnership with Microsoft, strong market interest in the new GenAI-powered platform, and an active customer proof-of-concept. CFO Roni Giladi added that the partnership will help win new logos and accelerate the transition of existing customers to the cloud, boosting recurring revenue. CEO Roni Al-Dor attributed North American growth to strong performance in the Life and Workers Comp business lines, noting significant potential from the recently re-emphasized Life core suite.

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CEO Ed Ryan explained that while uncertainty exists, complexity has historically been a net positive for Descartes, particularly for its Global Trade Intelligence business. He detailed numerous AI applications being developed for both internal efficiencies and external product enhancements, such as improved denied party screening and ETA calculations, viewing AI as a significant long-term growth driver.

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CEO Ed Ryan explained that while complexity is historically a net positive, the current high level of uncertainty makes short-term impacts difficult to predict, though the Global Trade Intelligence business is a clear beneficiary. Regarding AI, he detailed numerous opportunities for both internal efficiencies and new product features, such as improved denied party screening and enhanced ETA calculations, stating he believes AI will be a very large part of Descartes' business in the long term.

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CEO Ed Ryan expressed excitement about the potential volume recovery, noting that the company's growth has been driven by strong subscription sales even in a lackluster environment. He highlighted that the OCR acquisition brings new capabilities, including in hazardous goods and, most significantly, AI processes for data collection and commodity harmonization. Ryan sees a great opportunity to expand these AI capabilities across Descartes' broader customer base in the coming years.

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EVP, Strategy Paul Shawah confirmed the innovation roadmap and new products are key drivers of momentum, offering a clear vision for customer-centricity. CEO Peter Gassner noted good uptake for the now-free Direct Data API, which enables customers to leverage data for AI. CFO Brian Van Wagener added that internal AI use is not yet a major contributor to margin expansion.

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CEO Peter Gassner highlighted Site Connect as a key, innovative product creating a network effect that benefits both sites and sponsors. He described RTSM as a 'world-leading solution' with game-changing potential, while noting that other products like ePRO are earlier in their lifecycle and will require more time to mature.

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