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    George Kurosawa • Citigroup Inc.

    George Kurosawa's questions to Vertex Inc (VERX) leadership

    George Kurosawa's questions to Vertex Inc (VERX) leadership • Q2 2025

    Question

    George Kurosawa of Citi, on behalf of Steve Enders, asked if the revised 2025 guidance impacts the long-term growth targets from the Investor Day and requested details on announced changes to hiring plans.

    Answer

    President and CEO David DeStefano affirmed that the long-term growth targets remain intact, citing strong, persistent tailwinds from e-invoicing and the inevitable ERP cloud migration cycle. He explained that reduced headcount growth is enabled by internal efficiencies and is focused on non-strategic areas, preserving investments in key priorities.

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    George Kurosawa's questions to Paylocity Holding Corp (PCTY) leadership

    George Kurosawa's questions to Paylocity Holding Corp (PCTY) leadership • Q4 2025

    Question

    George Kurosawa of Citi inquired about the drivers of go-to-market productivity in fiscal 2025 and plans for improvement in fiscal 2026. He also asked about the typical trigger points for a customer to adopt 'Paylocity for Finance'.

    Answer

    President, CEO & Director Toby Williams stated that the company successfully drove productivity from its ~8% sales headcount growth in FY25 and aims to do the same with a similar headcount increase in FY26. Executive Chairman Steve Beauchamp explained that the primary trigger for adopting the finance solution is the compelling value proposition of a fully integrated platform that simplifies spend management and reporting.

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    George Kurosawa's questions to Paylocity Holding Corp (PCTY) leadership • Q3 2025

    Question

    George Kurosawa, on for Steve Enders, asked if the cautious tone from customers was appearing in forward-looking indicators like top-of-funnel metrics and requested details on investments in the strong broker channel.

    Answer

    Executive Chairman Steven Beauchamp affirmed that the cautious tone is purely qualitative and not reflected in pipeline metrics. President and CEO Toby Williams described the broker channel strategy as one of consistency, focusing on being a steady, non-competing technology partner rather than launching new, specific initiatives.

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    George Kurosawa's questions to SPS Commerce Inc (SPSC) leadership

    George Kurosawa's questions to SPS Commerce Inc (SPSC) leadership • Q2 2025

    Question

    George Kurosawa from Citi inquired if the observed macro pressure was concentrated in specific customer segments, like the mid-market, and asked if the company could quantify what a medium-term growth outlook might look like in a normalized environment.

    Answer

    CEO Chad Collins clarified that the spending pressure is most pronounced in the mid-market ERP segment ($10M-$300M revenue companies), where ERP purchasing decisions are being delayed. He explained that it is difficult to parse out the exact impact of the current macro environment on the long-term forecast but noted optimism for improvement as conditions stabilize.

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    George Kurosawa's questions to Manhattan Associates Inc (MANH) leadership

    George Kurosawa's questions to Manhattan Associates Inc (MANH) leadership • Q2 2025

    Question

    George Kurosawa of Citi inquired about business linearity during the quarter and into July, and asked for more detail on the timing and preparation for the 2026-2027 renewal cycle.

    Answer

    President & CEO Eric Clark noted there was no material change in business trends or the macro backdrop during the quarter or into July. Regarding the renewal cycle, Clark clarified that it will be a gradual wave, not a single event. He stated that the company is already preparing by building the necessary team and structure, and is actively tracking renewals 18 months out to prepare for cross-sell conversations and ensure customers are budget-ready.

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    George Kurosawa's questions to Manhattan Associates Inc (MANH) leadership • Q1 2025

    Question

    George Kurosawa requested qualitative insights from customer conversations that led to the decision to reiterate guidance. He also asked for an update on the foreign exchange impact baked into the full-year revenue guide.

    Answer

    Executive Vice Chairman Eddie Capel clarified that reiterating guidance was based on constant communication with customers and prospects, not a formal research project. President and CEO Eric Clark added that active monitoring of services demand also informed their view. Regarding FX, Dennis Story and Eddie Capel stated the impact is now a tailwind of less than 1% for the full year.

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    George Kurosawa's questions to Manhattan Associates Inc (MANH) leadership • Q4 2024

    Question

    George Kurosawa from Citigroup inquired about the company's view on the potential impact of tariffs on its business. He also asked for the reasoning behind the slight downward revision to the 2025 operating margin guidance, given the stronger relative mix of software revenue.

    Answer

    CEO Eddie Capel stated that the company expects little direct impact from tariffs, as its systems primarily manage finished goods after they arrive at ports. He explained the margin guide adjustment was due to several factors, including continued investment increases in R&D and Sales & Marketing, FX headwinds, and the impact from the lower total revenue outlook.

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    George Kurosawa's questions to Box Inc (BOX) leadership

    George Kurosawa's questions to Box Inc (BOX) leadership • Q1 2026

    Question

    George Kurosawa of Citi inquired about the current demand environment, the impact of the macroeconomic climate, and the level of prudence baked into the full-year guidance. He also asked for clarification on the disparity between strong Q1 billings and RPO growth versus the constant currency revenue growth forecast.

    Answer

    CEO Aaron Levie described customer conversations as 'healthy and robust,' driven by the company's AI-first strategy, but noted the guidance reflects prudence due to the dynamic macro environment. CFO Dylan Smith explained that the strong Q1 billings were influenced by timing and approximately $7 million in early renewals, which pulled some revenue forward from Q2, and that the full-year outlook includes incremental conservatism.

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