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    Elizabeth Porter

    Research Analyst at Morgan Stanley

    Elizabeth Porter is a Senior Vice President, Wealth Management and Financial Advisor at Morgan Stanley, providing consultative financial planning and investment advice. She is known for her personalized approach to retirement planning and has covered key companies such as Freshworks, where her ratings have been cited in investment media. With a wealth management career centered at Morgan Stanley and decades of industry experience, she holds securities registrations across numerous states and is a General Securities Representative and Investment Advisor Representative, additionally registered with NMLS. Porter's professionalism is underpinned by her FINRA registration and her focus on long-term client success.

    Elizabeth Porter's questions to Autodesk (ADSK) leadership

    Elizabeth Porter's questions to Autodesk (ADSK) leadership • Q2 2026

    Question

    Elizabeth Porter of Morgan Stanley inquired about how customer conversations regarding tariffs have evolved and asked about channel partner productivity on new business following the transaction model rollout.

    Answer

    President and CEO Andrew Anagnost stated that while customers are coping with pricing pressures, they are not raising new tariff-related red flags, and that the company has seen a steady increase in new business from partners. EVP & CFO Janesh Moorjani confirmed that cautious macro assumptions remain in the guidance and noted tougher comps in the second half from last year's acquisitions and new transaction model ramp.

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    Elizabeth Porter's questions to GoDaddy (GDDY) leadership

    Elizabeth Porter's questions to GoDaddy (GDDY) leadership • Q2 2025

    Question

    Elizabeth Porter asked how GoDaddy is managing the impact of AI on its own SEO, how it plans to help customers navigate this shift, and what the near-term focus areas are for the 'Ask Arrow' product.

    Answer

    CEO Aman Bhutani stated that GoDaddy is managing SEO changes by diversifying acquisition channels and improving conversion. To help customers, he envisions an agentic tool that performs continuous SEO optimizations for them. The near-term focus for 'Ask Arrow' is on core customer jobs-to-be-done and rapidly integrating partner solutions through AI-driven coding, which he believes will be a key differentiator.

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    Elizabeth Porter's questions to LEGALZOOM.COM (LZ) leadership

    Elizabeth Porter's questions to LEGALZOOM.COM (LZ) leadership • Q2 2025

    Question

    Elizabeth Porter of Morgan Stanley inquired about the early signs of success in attaching subscriptions to Formation Nation's customer base, particularly with the redeployed sales team. She also asked about which areas of incremental investment were preventing the strong revenue upside from translating into a higher full-year margin outlook.

    Answer

    CEO Jeff Stibel explained that redeploying a Formation Nation sales center to sell LegalZoom's subscription-heavy products is driving immediate subscription attachment, with significant cross-sell opportunities in compliance and 'Do It For Me' (DIFM) products. CFO Noel Watson identified the new 'Concierge' or DIFM offering as a key investment area requiring upfront spending to scale. Stibel added that investments in technology to automate processes like annual report filings also improve retention, justifying the investment.

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    Elizabeth Porter's questions to Amplitude (AMPL) leadership

    Elizabeth Porter's questions to Amplitude (AMPL) leadership • Q2 2025

    Question

    Elizabeth Porter asked about the evolution of customer awareness regarding Amplitude's broader product portfolio and the potential for capturing more wallet share. She also inquired about where the Net Retention Rate (NRR) might stabilize in the near term.

    Answer

    Founder, CEO & Director Spenser Skates acknowledged that many existing customers are still learning about the full platform, which is why 2025 was designated "the year of the platform." He noted that while 67% of ARR is from multi-product deals, less than 50% of the customer base is, indicating significant room for growth. He estimated a 2-3x increase in total spend when a customer adopts the full platform. CFO Andrew Casey stated the company's long-term aspiration for NRR is above 115%.

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    Elizabeth Porter's questions to Amplitude (AMPL) leadership • Q1 2025

    Question

    Elizabeth Porter asked how the current macro environment might affect the replacement cycle for Martech stacks and Amplitude's opportunity. She also inquired about the timeline for cross-sell and consolidation benefits to materially impact the NRR metric.

    Answer

    CEO Spenser Skates observed that, contrary to slowing down, customers are often more willing to make big platform moves now to consolidate spend and vendors, citing Atlassian as an example. CFO Andrew Casey responded that NRR should see progressive quarter-to-quarter improvement, with the biggest year-over-year gain coming from reduced contraction. However, he noted that the most dramatic upward movements in NRR will occur when they land large, multimillion-dollar enterprise expansion deals.

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    Elizabeth Porter's questions to Amplitude (AMPL) leadership • Q4 2024

    Question

    Speaking for Elizabeth Porter, an analyst asked about the biggest hurdles to multi-product adoption among the 75% of customers using only one product and the go-to-market strategy to unlock that base. She also asked about the mid-term margin outlook and whether top-line outperformance would be reinvested.

    Answer

    CEO Spenser Skates admitted that while they are successful at landing new customers on multiple products, they have been less effective at cross-selling to the existing renewal base. He said they have now implemented specific incentives and training to drive multi-product adoption at renewal. CFO Andrew Casey stated that they are not yet at the desired efficiency level for sales and marketing to warrant reinvesting all upside, and the focus for 2025 remains on achieving growth with leverage.

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    Elizabeth Porter's questions to HUBSPOT (HUBS) leadership

    Elizabeth Porter's questions to HUBSPOT (HUBS) leadership • Q2 2025

    Question

    Elizabeth Porter from Morgan Stanley inquired about the types of user personas purchasing additional Core Seats and the long-term strategy for building solutions for these new users.

    Answer

    CEO Yamini Rangan described the Core Seat as a major future growth lever, providing access to the Smart CRM's full capabilities. She noted that 25% of Pro Plus customers have already added more Core Seats to gain advanced editing and automation features. Rangan confirmed this expands HubSpot's user base beyond traditional sales and service roles to include admins, operations, and finance personnel. She stated that HubSpot will continue adding significant value, including AI capabilities, to the core platform layer to drive sustained growth.

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    Elizabeth Porter's questions to HUBSPOT (HUBS) leadership • Q2 2025

    Question

    Elizabeth Porter from Morgan Stanley asked for more detail on the 25% of Pro Plus customers adding more 'core seats,' inquiring about the new user personas gaining access and HubSpot's long-term strategy to build solutions for them.

    Answer

    CEO Yamini Rangan described the core seat as a major future growth lever, providing access to the Smart CRM for personas beyond sales and service, such as admins, operations, and finance. She explained that customers are upgrading for advanced edit capabilities and automation. Rangan affirmed that HubSpot will continue adding significant value, including AI capabilities, to the core platform layer to drive sustained growth and expand its user base.

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    Elizabeth Porter's questions to Wix.com (WIX) leadership

    Elizabeth Porter's questions to Wix.com (WIX) leadership • Q2 2025

    Question

    Elizabeth Porter asked how the investment and return profile for building the Base44 brand might compare to the previous expansion into the Partners market. She also requested an update on the new self-creator product and its potential impact on conversion rates.

    Answer

    Co-Founder & CEO Avishai Abrahami and CFO Lior Shemesh explained that the return on investment for Base44 should be much faster than for Studio, as it was an acquisition of a 'best of its class' product, not a ground-up build, and thus won't be a burden on the P&L. President & COO Nir Zohar confirmed the new self-creator product is still planned for launch but noted it will take time to roll out and measure any potential uplift in conversion.

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    Elizabeth Porter's questions to Wix.com (WIX) leadership • Q3 2024

    Question

    Elizabeth Porter of Morgan Stanley requested insights into upcoming AI innovations for the Self-Creator segment and its potential future growth rate. She also asked about the drivers for the improved top-of-funnel performance, questioning if it was macro-related or due to specific company initiatives.

    Answer

    CEO Avishai Abrahami explained that upcoming AI innovation will improve both user acquisition and the final website quality for self-creators. He also noted that new monetized AI products will create additional revenue streams from this segment. He attributed the top-of-funnel improvement to both "small changes in the macro" and significant internal efforts to boost conversion, highlighting a 13% uplift for the new cohort.

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    Elizabeth Porter's questions to Zeta Global Holdings (ZETA) leadership

    Elizabeth Porter's questions to Zeta Global Holdings (ZETA) leadership • Q2 2025

    Question

    Elizabeth Porter inquired if Zeta's AI products require significant customer support to implement and asked whether the Cannes Lions festival has historically been a business driver.

    Answer

    CEO David Steinberg explained that due to early investments in a Learning and Development group and automated training tools like ZOE, customer handholding is 'substantially less' than for competitors. He noted that Cannes Lions is a 'new thing' for them but proved to be 'very impactful,' generating a meaningful pipeline increase and is now considered one of their two most important annual events.

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    Elizabeth Porter's questions to Zeta Global Holdings (ZETA) leadership • Q3 2024

    Question

    Elizabeth Porter of Morgan Stanley asked about the capabilities of Zeta's new mobile product versus LiveIntent's offering and the go-to-market strategy. She also inquired about the Q3 revenue mix between political and advocacy spend and the cyclicality of advocacy.

    Answer

    CEO David Steinberg highlighted that Zeta's AI-powered mobile product is scaling faster than expected, and LiveIntent's mobile identifiers will accelerate this growth. CFO Christopher Greiner explained that political candidate revenue was a much larger contributor than advocacy in Q3, and the company is building its advocacy practice to be sustainable in non-election years.

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    Elizabeth Porter's questions to Klaviyo (KVYO) leadership

    Elizabeth Porter's questions to Klaviyo (KVYO) leadership • Q2 2025

    Question

    Elizabeth Porter of Morgan Stanley inquired about the necessary evolution of Klaviyo's go-to-market motion as its product portfolio expands, and whether this requires targeting more senior decision-makers.

    Answer

    Co-Founder and CEO Andrew Bialecki confirmed the expanded portfolio is up-leveling conversations from CMOs to Chief Digital Officers and CIOs who value the shared data platform. He noted that while marketing is a common entry point, they see a trend of customers wanting the entire stack at once. The new conversational agent product also provides a new vector to initiate conversations with different parts of an organization.

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    Elizabeth Porter's questions to Klaviyo (KVYO) leadership • Q1 2025

    Question

    Elizabeth Porter from Morgan Stanley asked for color on new customer top-of-funnel demand, the contribution of the WooCommerce partnership, and how these trends have continued into Q2.

    Answer

    CEO Andrew Bialecki noted strength across all segments, from entrepreneurs to enterprise, driven by word-of-mouth, international expansion, and growing interest in the B2C CRM vision. CFO Amanda Whalen added that while not disclosing specific Q2 metrics, key operational indicators remained consistent through April and were factored into the confident Q2 guidance.

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    Elizabeth Porter's questions to Klaviyo (KVYO) leadership • Q4 2024

    Question

    Elizabeth Porter asked for details on the stabilization of the Net Revenue Retention (NRR) rate, seeking clarity on whether improvements were driven by cross-sell or expansion, and the timing for lapping easier comparisons.

    Answer

    CFO Amanda Whalen confirmed that in-period NRR stabilized from Q3 to Q4, driven by consistent gross retention, stabilizing expansion trends, and good progress on cross-sell efforts like SMS. She noted that while encouraging, it's too early to call a floor. She also highlighted that this was the first full quarter without the impact of 2022 pricing changes, which contributed to the stabilization.

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    Elizabeth Porter's questions to SEMrush Holdings (SEMR) leadership

    Elizabeth Porter's questions to SEMrush Holdings (SEMR) leadership • Q2 2025

    Question

    Elizabeth Porter questioned why the down-market segment is deteriorating more than expected, contrasting with a stable macro environment, and asked about the risk of secular competitive pressures. She also sought clarity on the drivers behind the modest revenue growth improvement implied for Q4 2025.

    Answer

    CEO Bill Wagner attributed the low-end weakness to a post-pandemic decline in the number of freelancers, rather than broader macro issues or competition, noting strong SEO demand in the enterprise segment. CFO Brian Mulroy explained that the expected Q4 acceleration is driven by strong momentum in their Enterprise and AI product suites, which are projected to grow from $25M ARR at the end of Q2 to nearly $50M ARR by year-end.

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    Elizabeth Porter's questions to ZI leadership

    Elizabeth Porter's questions to ZI leadership • Q2 2025

    Question

    Elizabeth Porter of Morgan Stanley referenced a CIO survey indicating AI adoption is improving cost bases in sales and asked about the efficiency conversations ZoomInfo is having with customers.

    Answer

    CEO Henry Schuck explained that while customers are eager to leverage AI for efficiency, they often lack the necessary unified data foundation. He positioned ZoomInfo's platform, particularly the Operations suite which grew over 20% YoY, as the critical infrastructure that centralizes data and enables these AI-driven initiatives.

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    Elizabeth Porter's questions to ZI leadership • Q4 2024

    Question

    Inquired about the strategy for migrating existing customers to Copilot in 2025-2026 and the key drivers behind the recent improvement in Net Revenue Retention (NRR).

    Answer

    The company is actively migrating customers to Copilot both at renewal and off-cycle, maintaining pricing discipline and using pilots to prove value. The NRR improvement from 85% to 87% was driven by stable gross retention, significantly better upsell opportunities in the upmarket segment, and stabilization in the downmarket segment after earlier declines.

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    Elizabeth Porter's questions to ZI leadership • Q3 2024

    Question

    Asked about the potential for operational margin improvements in 2025 from cost reductions and whether Copilot adoption is driving deal size expansion or just helping maintain renewals.

    Answer

    The company views margin expansion as a key lever for growing levered free cash flow per share in 2025. They confirmed that migrating customers to Copilot is driving double-digit growth in average selling price (ASP), indicating it is an expansion driver.

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    Elizabeth Porter's questions to ZoomInfo Technologies (GTM) leadership

    Elizabeth Porter's questions to ZoomInfo Technologies (GTM) leadership • Q2 2025

    Question

    Elizabeth Porter of Morgan Stanley referenced a CIO survey and asked about conversations regarding AI-driven cost efficiencies for customers and how ZoomInfo can capture a portion of those savings.

    Answer

    CEO Henry Schuck responded that customers often lack the foundational data infrastructure to implement AI effectively. He highlighted that ZoomInfo's Operations solutions, which grew over 20% YoY, and the new Go-to-Market Studio are critical for providing this unified data foundation, enabling customers to pursue their AI initiatives.

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    Elizabeth Porter's questions to Freshworks (FRSH) leadership

    Elizabeth Porter's questions to Freshworks (FRSH) leadership • Q2 2025

    Question

    Elizabeth Porter highlighted the impressive $20 million ARR from AI products and asked about the expected evolution of this revenue stream and whether it should be considered truly incremental to the core business.

    Answer

    CEO Dennis Woodside confirmed the ARR is incremental and noted there is significant runway for growth, with only 5,000 of 73,000 customers paying for AI SKUs. He explained that monetization occurs through direct SKUs and inclusion in higher-tier plans. He also signaled that new agentic AI capabilities will be a future growth catalyst with a new, resolution-based pricing model.

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    Elizabeth Porter's questions to Sprinklr (CXM) leadership

    Elizabeth Porter's questions to Sprinklr (CXM) leadership • Q1 2026

    Question

    Elizabeth Porter inquired about the sales team's receptiveness to the new pod structure, the incentives being used, and the metrics for measuring its success, as well as the outlook for year-end headcount.

    Answer

    President, CEO & Director, Rory Read, detailed that the pod structure fosters collaboration between sales, technical, and service teams to create customer ownership. He emphasized that changing the culture to one of accountability and teamwork takes time but is aided by new enablement programs and recent hiring. Regarding headcount, Read expects it to be "plus or minus where we are today," with prudent hiring focused on upgrading technical capabilities in areas like AI and customer success, rather than significant expansion.

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    Elizabeth Porter's questions to LiveRamp Holdings (RAMP) leadership

    Elizabeth Porter's questions to LiveRamp Holdings (RAMP) leadership • Q4 2025

    Question

    Elizabeth Porter asked for an update on new customer acquisition, particularly in the mid-market, and sought commentary on the industry impact of Google's delayed third-party cookie deprecation.

    Answer

    CFO Lauren Dillard clarified that the recent decline in customer count was mainly from smaller international customers being moved to a reseller model, a process that is now nearly complete. She anticipates improvement driven by new Clean Room use cases and a new pricing model aimed at the mid-market. CEO Scott Howe described Google's cookie delay as a "nonevent" for customers, stating the industry has already been methodically moving to non-cookie solutions like direct authentication, which now provides greater reach.

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    Elizabeth Porter's questions to Sprout Social (SPT) leadership

    Elizabeth Porter's questions to Sprout Social (SPT) leadership • Q1 2025

    Question

    Elizabeth Porter (identified as Elizabeth Elliott in the transcript) requested more context on pipeline coverage ratios for 2025 and how they provide confidence in navigating a potentially difficult macro environment.

    Answer

    CEO Ryan Barretto stated that the company feels good about its current pipeline coverage. He noted that the go-to-market team is performing well in terms of pipeline hygiene and top-of-funnel creation, and while they are monitoring the macro environment closely, they are not currently seeing any material changes.

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    Elizabeth Porter's questions to Sprout Social (SPT) leadership • Q4 2024

    Question

    Elizabeth Porter asked about the specifics of the Influencer Marketing rebrand and its potential to unlock demand, and also questioned the forward trend for ACV growth after its recent slowdown.

    Answer

    CEO Ryan Barretto explained the rebrand leverages Sprout Social's significant brand equity and clarifies the product's origin, with more product updates coming soon. On ACV, he expressed satisfaction with the growth, highlighting the 35% growth in the enterprise segment and expecting multi-product opportunities to continue driving ACV as a key part of the growth story.

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    Elizabeth Porter's questions to Sprout Social (SPT) leadership • Q3 2024

    Question

    Elizabeth Porter followed up on the Tagger opportunity, asking about the current adoption rate within Sprout's customer base and its potential over the next year. She also revisited the topic of RPO-based bookings, seeking to understand what will drive the convergence of metrics toward the mid-30s growth rate, whether it's an unlock of new deals or improving comps.

    Answer

    CEO Ryan Barretto noted that it is still early days for Tagger adoption but sees significant opportunity across the existing customer base. CFO Joe Del Preto explained that the convergence between CRPO and revenue growth is a function of customer mix; as Sprout moves upmarket and secures more annual and multi-year contracts, the metrics will naturally align.

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