George McGreehan

George McGreehan asked about the tone and nature of customer conversations regarding AI adoption, specifically how they differ from a year ago and what 'in-inning' customers are in today on their adoption journey with Elastic.

Answer

CEO Ash Kulkarni noted a 'greater enthusiasm for AI' with more proof points, shifting conversations from evangelism to building sophisticated agentic applications. He acknowledged increased maturity but emphasized that the total number of agents and automated workflows is still in the early days, indicating a significant opportunity ahead due to AI's transformative capabilities.

George McGreehan asked about the shift in tone and conversations with customers regarding AI adoption strategy compared to a year ago, and their current stage in the adoption journey with Elastic.

Answer

Ash Kulkarni, CEO, noted a shift from evangelism to helping customers build sophisticated agentic applications, indicating greater enthusiasm and maturity. He emphasized that while the variety of use cases is growing, the total number of AI agents in organizations is still in early days, suggesting significant future opportunity.

George McGreehan from Bank of America Securities asked for a ranking of growth drivers across Search, Observability, and Security, and also questioned the current predictability of the business model compared to when the CFO joined.

Answer

CEO Ashutosh Kulkarni highlighted broad-based strength, noting strong GenAI tailwinds in Search and significant platform consolidation wins in Security, where one-third of deals involved competitive displacements. CFO Navam Welihinda stated that the sales-led subscription business has shown durable and predictable execution, while the consumption-based portion of the model retains some inherent quarter-to-quarter variability.

George McGreehan asked about the nature of conversations with large enterprise customers, specifically those in the Fortune 100 and Fortune 500, and what aspects of the Zeta platform excite them most.

Answer

David Steinberg, Co-founder, Chairman, and CEO, highlighted that Fortune 500 customers are primarily focused on maximizing return on investment from their marketing spend, which is often their second or third largest global expense. He explained that Zeta's attribution capabilities, proprietary data, and activation tools provide a true ROI analysis previously unavailable to these large enterprises.

George McGreehan, on behalf of Koji Ikeda, asked about the strength in acquiring Fortune 100 and Fortune 500 customers, inquiring about the nature of conversations with these large enterprises and what aspects of the Zeta platform excite them most.

Answer

David Steinberg, Co-founder, Chairman, and CEO, highlighted that Zeta now works with 51% of the Fortune 100 and 24% of the Fortune 500, indicating significant headroom for growth. He explained that these large enterprises are primarily focused on maximizing return on investment (ROI) for their marketing spend, which is often their second or third largest global expense. Zeta's attribution capabilities, proprietary data, and activation tools provide a level of ROI analysis previously unavailable, driving their excitement.

George McGeehan asked for expectations on the growth of agentic queries as a percentage of total queries, from 25% today, over the next 12-24 months.

Answer

CEO Spenser Skates expressed his expectation that the vast majority of queries will eventually be done agentically, comparing the shift to how AI agents now produce most lines of code in software engineering, with humans providing high-level direction and editing.

George McGeehan from Bank of America asked for a big-picture outlook on the growth of agentic queries within Amplitude's platform, projecting their expected percentage mix from the current 25% over the next 12-24 months. He also inquired about the drivers behind Amplitude's better-than-expected profitability and free cash flow, and the expectations for these metrics in the upcoming year, including any potential headwinds.

Answer

Spenser Skates, CEO of Amplitude, anticipates that the vast majority of queries will eventually be agentic, with agents continuously analyzing data and automating insights, similar to the shift seen in software coding. Andrew Casey, CFO of Amplitude, attributed the strong profitability and free cash flow to sustained efforts in driving revenue growth faster than expense growth, including go-to-market efficiencies, process improvements, internal agent adoption, and the strategic benefit of longer contract durations reducing renewal efforts.

George McGreehan, on for Koji Ikeda, asked about the tone of conversations in strategic deals that are driving RPO growth, comparing the nature of these discussions today versus a year ago.

Answer

Founder, CEO & Director Spenser Skates explained that the key change is having conversations at a higher level, consistently engaging with VP and C-level executives. This allows for strategic discussions about how Amplitude fits into a customer's long-term data stack vision, leading to multi-year commitments. He credited the new strategic accounts team for improving engagement with top customers and prospects.

George McGreehan asked about Amplitude's role in a future where AI agents interact with applications and inquired about the drivers for incremental investments given the updated financial guidance.

Answer

CEO Spenser Skates explained that Amplitude is positioned to analyze interactions regardless of whether they are from humans or AI agents, leveraging its vast data repository to optimize those experiences. He also noted that the change in operating income guidance was primarily driven by the Command AI acquisition, with future investments focused on product innovation while maintaining current go-to-market spending levels.

George McGreehan asked about the tone of customer conversations and the adoption of AI products, particularly in light of the acceleration seen in cRPO and net revenue retention (NRR).

Answer

CEO John Hall stated that customer conversations have accelerated from curiosity to experimentation, with firms now clearly articulating the business value derived from AI deployments, including efficiency, increased visibility, and improved client experiences. He highlighted Intapp's focus on delivering 'killer apps' that drive tangible business impact and monetization.

George McGreehan asked about the agentic suite's potential as a tailwind to consumption, inquiring if customers engaging with products like MCP server and shift agent are using the platform differently, and if this is leading to increased usage. He also questioned whether the agentic suite's differentiation is already impacting competitive win rates.

Answer

Jennifer Tejada, Chairperson and CEO of PagerDuty, reported a positive response to the agentic suite, citing its broad context from over 700 integrations and ability to work with other platforms via MCP. She highlighted the 'human in the loop' aspect, which builds trust and drives more usage. From a competitive standpoint, Tejada emphasized the uniqueness and resilience of multiple agent types (scribe, shift agent, analyst, SRE). She expects growth similar to AIOps, with customers trying, using, and then consuming more credits, noting that customer-driven design and intuitive sales are contributing factors.

George McGreehan asked about the tailwinds of the agentic suite to consumption, differences in platform usage among customers engaging with new products (MCP server, Shift Agent), and the impact on competitive win rates.

Answer

Jennifer Tejada (Chairperson and CEO, PagerDuty) highlighted the positive response to the agentic suite due to its broad context leverage (700+ integrations) and human-in-the-loop design, which builds trust and drives usage. She described unique agentic offerings (Scribe, Shift Agent, Analyst) and their potential for growth through credit consumption, similar to AIOps, noting that these products were customer-designed and are intuitive to sell.

George McGreehan from Bank of America asked for a progress update on the Shopify Managed Markets enhancements and whether Global-E anticipates pushing the partnership more aggressively through 2026.

Answer

Co-Founder and President Nir Debbi confirmed that development is progressing according to the agreed-upon milestones with Shopify. He stated they are on track to launch the new, more seamless Managed Markets solution within 2026, with the specific rollout plan to be determined by Shopify.

George McGreehan, on for Koji Akita, asked about the competitive landscape for security, any changes in win rates, and the evolution of customer conversations around security.

Answer

CEO Shlomi Ben Haim explained that customer demand is driven by both a business need for tool consolidation and a technology need to address new threats from AI. He stated that JFrog's ability to provide contextual analysis and address model security specifically is changing conversations and making its platform highly relevant, differentiating it from legacy scanners.