Ella Smith

Ella Smith asked about EnergyHub's growth using incremental operating KPIs (DER assets, gigawatts, opt-in/retention, mix shift) and the next leg of adoption for thermostat penetration among large utilities, including sales cycles and integration backlogs.

Answer

CEO Steve Trundle outlined EnergyHub's growth drivers: market penetration (50 million of 130 million North American meters), enrollment rate (5% of homes passed, aiming for 10%), and diversity of devices managed. He confirmed 30-40% penetration is accurate, driven by increased utility needs from electrification and data centers. Sales cycles are long but shortening due to current supply shortages, creating optimism for future growth.

Ella Smith from JPMorgan Chase & Co. asked for an update on cross-sell metrics, specifically for FraudTech, and the remaining expansion potential within Q2's existing customer base for auxiliary products, as well as the capital allocation strategy given strong Free Cash Flow.

Answer

CFO Jonathan Price highlighted that only 10% of Tier One customers utilize all three core solutions (retail, commercial, relationship pricing, and fraud), indicating significant cross-sell opportunity, especially for fraud products within the digital banking customer base. Regarding capital allocation, he stated that strong free cash flow provides flexibility for share repurchases (which began in Q4 2025 and continued into early 2026), active M&A exploration, and prudent reinvestment into R&D for long-term growth.

Ella Smith asked for an update on Q2's cross-sell traction, specifically for FraudTech, and the remaining expansion opportunities within the existing customer base for auxiliary products. She also questioned the company's capital allocation strategy, weighing share repurchases against M&A, given strong free cash flow conversion.

Answer

CFO Jonathan Price highlighted significant cross-sell potential, noting that only 10% of Tier 1 customers use all three core solutions (retail, commercial, relationship pricing, fraud) and that fraud penetration in the digital banking base is around 25-30%. He explained that strong free cash flow provides flexibility for both share repurchases (which began in Q4) and M&A, while also allowing for prudent reinvestment in R&D to drive long-term growth.

Ella Smith of JPMorgan Chase & Co. asked which core offerings help Q2 win large Tier 1 and enterprise deals, and what the company views as the most attractive uses of capital beyond retiring its convertible debt.

Answer

CEO Matt Flake highlighted the PrecisionLender pricing tool and the single platform for retail, small business, and corporate banking as key differentiators for upmarket wins. CFO Jonathan Price outlined capital allocation priorities as disciplined M&A, reinvestment in the business for growth, and potential future return of capital.

Ella Smith asked about the consistent organic growth guidance for Q1 and full-year 2026, seeking insights into the cadence, and how SS&C Technologies maintains its competitive advantage against emerging AI fintechs.

Answer

Rahul Kanwar, President and COO, explained that the consistent guidance reflects a stronger business with increased predictability and recurring revenue, expecting strong performance throughout the year. Bill Stone, Chairman and CEO, emphasized SS&C's scale, regulatory compliance concerns with AI 'hallucinations,' its control-conscious approach, and financial capacity to invest wisely, differentiating it from smaller fintechs.

Ella Smith asked to parse out nCino's various growth vectors, such as serving credit unions, mortgage products, onboarding solutions, AI offerings, or continued traction in EMEA, to identify which areas are particularly driving ACV growth. She also inquired if nCino expects its path to achieving the Rule of 40 to be linear throughout the next fiscal year.

Answer

Sean Desmond, nCino's Chief Executive Officer, stated that momentum is strong across all core areas, with international opportunities (EMEA and Japan) expected to outpace overall company growth. He noted that all five core growth initiatives are exceeding the company's overall growth rates in pipeline or ACV. He affirmed commitment to achieving the Rule of 40 around the end of next year, citing leaner operations and re-accelerated bookings growth.

Ella Smith from JPMorgan Chase & Co. asked to parse out nCino's various growth vectors—including credit unions, mortgage, onboarding products, AI offerings, and EMEA traction—to identify which areas are particularly driving ACV growth. She also inquired about the linearity of nCino's path to achieving the Rule of 40 target throughout the next fiscal year.

Answer

CEO Sean Desmond stated that momentum is strong across all core areas, with international opportunities (EMEA and Japan) expected to outpace overall company growth due to retooling and focused efforts. He also noted that all five core growth initiatives are exceeding overall company growth rates in pipeline or ACV. Regarding the Rule of 40, Desmond affirmed commitment to reaching it around the end of next year, driven by re-accelerated bookings growth and leaner cost management initiatives.

Ella Smith asked if new customers are primarily landed through telematics and video-based safety, or if it's becoming more common to land them via non-fleet solutions. She also inquired about Samsara's continued strength in the construction segment despite weak macro data, and the nature of conversations with construction customers.

Answer

Dominic Phillips (CFO) confirmed it's increasingly common for new logos to land with multiple products (two, three, or more), including equipment monitoring and other emerging products, alongside traditional fleet solutions. Sanjit Biswas (CEO) explained that the construction industry is asset and labor-intensive, relatively early in its digitization journey, and customers are recognizing the value of technology for deep visibility, safety, and labor efficiencies, presenting a significant greenfield opportunity.