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    Eric Heath • KeyBanc Capital Markets

    Eric Heath's questions to Rapid7 Inc (RPD) leadership

    Eric Heath's questions to Rapid7 Inc (RPD) leadership • Q2 2025

    Question

    Eric Heath inquired about the near-term priorities for accelerating growth and the key metrics for tracking progress. He also asked for details on what is incrementally new with the Incident Command platform and if a customer migration is required.

    Answer

    CEO Corey Thomas identified two key priorities: operationalizing the customer expansion motion and better educating the market on Rapid7's D&R capabilities. He explained that Incident Command is a significant upgrade that simplifies data ingestion, includes a built-in threat intelligence platform, and embeds expert-trained AI to automate SOC workflows. He assured that the upgrade path for existing customers is straightforward.

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    Eric Heath's questions to Rapid7 Inc (RPD) leadership • Q1 2025

    Question

    Eric Heath asked if the success of the Detection and Response (D&R) business is dependent on the VM installed base and if D&R can maintain double-digit growth as VM declines. He also requested guidance for Q2 ARR.

    Answer

    CEO Corey Thomas asserted that D&R's growth is not solely dependent on the VM base, as it has a strong new customer land motion, with nearly half its business coming from new logos. He also highlighted a massive untapped upgrade opportunity within the entire installed base. CFO Tim Adams added that for Q2, they anticipate a modest ARR increase from Q1, with the full-year performance expected to be more second-half weighted.

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    Eric Heath's questions to Rapid7 Inc (RPD) leadership • Q3 2024

    Question

    Eric Heath from KeyBanc Capital Markets asked about the SIEM market, noting recent M&A activity, and questioned if Rapid7 is successfully capitalizing on displacement opportunities and if this is a factor in longer deal cycles.

    Answer

    CEO Corey Thomas stated they are performing 'great' in capitalizing on SIEM market disruption and are 'scoring a lot of points.' CFO Tim Adams added that the Detection & Response (D&R) business, which includes their SIEM, is very healthy, constitutes half of the company's ARR, and has an exciting growth rate, indicating their competitive position remains strong.

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    Eric Heath's questions to Fortinet Inc (FTNT) leadership

    Eric Heath's questions to Fortinet Inc (FTNT) leadership • Q2 2025

    Question

    Eric Heath of KeyBanc Capital Markets asked why underlying firewall demand appears soft, suggesting that excluding the refresh benefit, product revenue might be flat to negative.

    Answer

    CEO Ken Xie refuted the idea of negative underlying growth, emphasizing that the refresh cycle represents a very small percentage of the overall business. He stated that the company raised its billings guidance based on broad market and solution strength, not a reliance on the refresh. The refresh is primarily a tool to incentivize customer upgrades to the new SASE firewall platform.

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    Eric Heath's questions to Fortinet Inc (FTNT) leadership • Q1 2025

    Question

    An associate for Eric Heath asked for quantification of the potential margin impact from U.S. tariffs on hardware sales and inquired about the steps Fortinet is taking to mitigate these impacts through its supply chain.

    Answer

    CAO and incoming CFO Christiane Ohlgart stated that Fortinet does not expect a meaningful impact from tariffs in Q1 or Q2, as very few products are subject to them and only a small portion is imported into the U.S. Founder, Chairman, and CEO Ken Xie added that the company's in-house design of ASICs and systems allows for manufacturing flexibility, and healthy inventory levels provide an additional buffer.

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    Eric Heath's questions to Fortinet Inc (FTNT) leadership • Q4 2024

    Question

    Eric Heath asked about the company's strategy for inventory levels in anticipation of the hardware refresh cycle and what portion of the refresh opportunity is embedded in the 2025 product guidance.

    Answer

    CFO Keith Jensen stated that a healthy inventory turn target is around 2x, and the company would aim to manage its inventory balances to that level quarterly. CAO Christiane Ohlgart added that while there's a compelling reason for customers to refresh in the second half of the year, the company has already seen refresh activity from large customers and will try to accelerate the cycle. Therefore, the guidance assumes a more gradual upgrade path rather than a sudden spike.

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    Eric Heath's questions to Dynatrace Inc (DT) leadership

    Eric Heath's questions to Dynatrace Inc (DT) leadership • Q1 2026

    Question

    Eric Heath asked if the strong quarter for large expansion deals was above the typical trend and how much was driven by go-to-market changes versus customers consuming beyond their commitments.

    Answer

    CFO Jim Benson attributed the performance more to the go-to-market changes made last year, which focused resources on high-propensity-to-spend customers, rather than a change in sales compensation. CEO Rick McConnell added that a concerted effort across sales, marketing, and customer success is driving consumption and building the strategic pipeline.

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    Eric Heath's questions to Commvault Systems Inc (CVLT) leadership

    Eric Heath's questions to Commvault Systems Inc (CVLT) leadership • Q1 2026

    Question

    Eric Heath inquired about the assumptions for the Federal business embedded in the Q2 guidance and asked for more detail on operating margins, specifically why more profit wasn't dropping to the bottom line.

    Answer

    CFO Jen DiRico stated the Federal business is performing well and expects similar seasonality with a strong first half, aided by its FedRAMP High certification. Regarding margins, she and CEO Sanjay Mirchandani noted that OpEx was impacted by higher bonuses on record sales and planned investments. They highlighted the strong Rule of 40 performance (47) and the different margin profile of the fast-growing SaaS business as key factors.

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    Eric Heath's questions to Commvault Systems Inc (CVLT) leadership • Q4 2025

    Question

    Eric Heath inquired about the current macroeconomic environment, customer sentiment on cyber resilience, and any changes to sales cycles or close rates, asking how these factors influenced the fiscal '26 guidance. He also sought clarity on the flat year-over-year operating margin guidance and the company's investment philosophy.

    Answer

    CEO Sanjay Mirchandani stated that cyber resilience remains a top customer priority with no significant changes observed heading into Q1, though the company remains watchful. CFO Jennifer DiRico explained that the guidance balances prudence with the strong demand for their products and confidence in their execution. Regarding margins, DiRico noted the company is investing to capture a large market opportunity, building on its 'Rule of 41' performance in FY25, while Mirchandani added that the growing mix of SaaS revenue has a different margin profile.

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    Eric Heath's questions to Commvault Systems Inc (CVLT) leadership • Q3 2025

    Question

    Eric Heath inquired about the primary drivers of the business's acceleration, asking to distinguish between external market factors and internal execution. He also questioned the seasonality of net new ARR, noting that Q3's organic growth and Q4's implied guidance appeared similar to previous quarters, contrary to typical second-half strength.

    Answer

    CEO Sanjay Mirchandani attributed the growth to a combination of strong market demand for cyber resilience and improved internal go-to-market execution. CFO Jennifer DiRico addressed seasonality by explaining that while the second half is typically stronger and Q3 had a high renewal base, the Q4 guidance reflects a strong pipeline and momentum in security offerings. She suggested that looking at ARR growth helps neutralize revenue seasonality.

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    Eric Heath's questions to Rubrik Inc (RBRK) leadership

    Eric Heath's questions to Rubrik Inc (RBRK) leadership • Q1 2026

    Question

    Eric Heath from KeyBanc Capital Markets asked for help contextualizing the size of the identity resilience opportunity relative to other workloads like Microsoft 365, and inquired about its current contribution to results.

    Answer

    Co-Founder, CEO & Chairman Bipul Sinha described identity as being at the heart of every business's cyber strategy and a top attack vector. He positioned Rubrik's opportunity in bringing modern cyber attack principles to identity resilience, combining it with data context. Chief Financial Officer Kiran Choudary added that while there is strong initial interest and demand for the identity solution, it is still very early days and its contribution is not yet material.

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    Eric Heath's questions to Rubrik Inc (RBRK) leadership • Q4 2025

    Question

    Eric Heath asked about the expected benefits of integrating Data Security Posture Management (DSPM) natively into the Rubrik Security Cloud (RSC) console and how this might accelerate customer adoption.

    Answer

    CEO Bipul Sinha stated that this integration is central to Rubrik's single-platform strategy, allowing customers to easily enable DSPM on their existing RSC instance. He emphasized that the combination of DSPM and cyber recovery creates a unique and complete cyber resilience offering. Sinha highlighted that this is particularly critical for enterprises adopting GenAI, as it helps secure data before it's used in AI models, citing a financial services customer who used DSPM to securely adopt Microsoft Copilot.

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    Eric Heath's questions to Rubrik Inc (RBRK) leadership • Q2 2025

    Question

    Eric Heath inquired about how the Data Security Posture Management (DSPM) offering is changing customer engagement, particularly with CISOs, and asked about the financial uplift from the enterprise tier.

    Answer

    CEO Bipul Sinha shared anecdotes of CISO conversations where Rubrik's ability to combine data risk understanding (DSPM) with recovery is seen as a key differentiator. He confirmed that DSPM is driving more engagement with security leaders and that there is strong traction in attaching DSPM with the Enterprise Edition, which now has over 50 customers.

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    Eric Heath's questions to Okta Inc (OKTA) leadership

    Eric Heath's questions to Okta Inc (OKTA) leadership • Q1 2026

    Question

    Eric Heath of KeyBanc Capital Markets inquired about potential business softness during the quarter, particularly in April, noting that other security companies had reported challenges and that Okta's international segment had decelerated.

    Answer

    CEO Todd McKinnon stated definitively that there was "no softness in April" and that the quarter's performance was predictable and solid, especially following a very strong Q4. He reiterated that any conservatism added to the guidance is a forward-looking measure and not a reflection of Q1 performance.

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    Eric Heath's questions to Okta Inc (OKTA) leadership • Q4 2025

    Question

    Eric Heath inquired about the sequential decline in the Q1 cRPO growth guidance and asked for more detail on the data points supporting the new specialized sales model.

    Answer

    CFO Brett Tighe explained that the Q1 cRPO guidance reflects typical seasonality, as Q1 is historically their lowest quarter. CEO Todd McKinnon elaborated on sales specialization, citing positive results from the hunter-farmer model implemented in FY25. He emphasized that the expanding, complex product portfolio (including Governance, PAM, and Auth for GenAI) necessitates specialized sellers who can deeply understand customer needs in distinct IT/security and developer markets, which ultimately improves win rates.

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    Eric Heath's questions to Okta Inc (OKTA) leadership • Q3 2025

    Question

    Eric Heath asked if Okta is observing an increase in RFPs for consolidated identity platforms, a trend he has heard about from GSI partners.

    Answer

    CEO Todd McKinnon confirmed significant progress with partners, noting all top 10 deals in Q3 involved them. He highlighted a nearly $5 million ARR deal with a major tech company, driven by a Zero Trust initiative, as an example of a multi-phase, GSI-involved project. CFO Brett Tighe added that partner engagement in top deals was diverse, including GSIs, ISVs, marketplaces, and traditional VARs.

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    Eric Heath's questions to Datadog Inc (DDOG) leadership

    Eric Heath's questions to Datadog Inc (DDOG) leadership • Q4 2024

    Question

    Eric Heath asked about the displacement activity Datadog is seeing with log management and SIEM vendors following recent M&A in the space, and whether customers typically adopt both logs and security use cases together.

    Answer

    CEO Olivier Pomel confirmed seeing significant success and migration opportunities, particularly for FlexLogs in operational use cases. He explained that log and SIEM use cases are typically adopted separately because they are purchased by different teams at different times. The common pattern is for a customer to start with ops logs and then expand the relationship to include SIEM conversations later, a process Datadog is working to accelerate.

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    Eric Heath's questions to MongoDB Inc (MDB) leadership

    Eric Heath's questions to MongoDB Inc (MDB) leadership • Q3 2025

    Question

    Eric Heath asked if the increased focus on the EA business suggests it should be viewed as a sustainable double-digit growth segment and inquired if the fiscal '25 new workload cohort appears to be of higher quality than the '24 cohort.

    Answer

    CEO Dev Ittycheria reaffirmed commitment to the EA business as part of the 'run anywhere' strategy but emphasized that Atlas remains the primary growth engine where new features launch first. CFO Michael Gordon stated it is still too early to judge the quality of the fiscal '25 workload cohort but noted the company has been pleased with its new business wins.

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    Eric Heath's questions to MongoDB Inc (MDB) leadership • Q2 2025

    Question

    Eric Heath asked for the reasoning behind expecting a slower-than-typical seasonal rebound in Q3 and inquired about expectations for the federal vertical, given the government's fiscal year-end.

    Answer

    CFO Michael Gordon explained that the Q3 assumption is based on the recent experience of a slower seasonal rebound in Q1. CEO Dev Ittycheria stated that the company is well-positioned for the federal vertical with its FedRAMP Moderate certification and that the opportunity is factored into the guidance, while work on FedRAMP High continues.

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