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    George Michael Kurosawa • Citigroup

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

    George Michael Kurosawa's questions to SPS Commerce Inc (SPSC) leadership • Q1 2025

    Question

    George Michael Kurosawa from Citi asked about potential positive offsets to tariff risks, such as retailers reorienting supply chains or reshoring activities. He also inquired about the cadence of growth investments and whether economic uncertainty is causing any pauses or shifts in spending priorities.

    Answer

    Executive Chad Collins explained that a dramatic shift in supply sources due to tariffs could be a tailwind for community enablement activity but could also create a headwind if new vendors replace existing SPS customers. Executive Kimberly Nelson stated that investment plans for the year remain on track despite macro uncertainty, as the business model is largely agnostic to the economy, and they will remain mindful not to under- or overinvest.

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    George Michael Kurosawa's questions to SPS Commerce Inc (SPSC) leadership • Q4 2024

    Question

    George Michael Kurosawa asked for details on the updated Total Addressable Market (TAM) analysis, specifically the drivers behind the significant increase in potential wallet share, and inquired about the current pipeline for community enablement campaigns.

    Answer

    Executive Chad Collins explained the new TAM was developed with a third-party firm, analyzing applicable industries and customer sizes (small, medium, large) to determine potential customer count and wallet share. He noted the wallet share increase is validated by existing customers already exceeding the new target. Executive Kimberly Nelson added that the Q1 mix of new customers versus wallet share expansion from the community pipeline is expected to be similar to Q4.

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    George Michael Kurosawa's questions to SPS Commerce Inc (SPSC) leadership • Q3 2024

    Question

    George Kurosawa asked about the integration strategy for the SupplyPike and Traverse acquisitions, how these products will interact to create a multi-product platform, and any updated thoughts on pricing and packaging.

    Answer

    Executive Chad Collins explained that the acquisitions are complementary, with Traverse providing performance visibility and SupplyPike helping suppliers manage invoice deductions, both leveraging SPSC's core digital connections to reduce supply chain friction. He stated that pricing and packaging strategies are still being developed. Executive Kimberly Nelson added that the acquisitions performed slightly better than expected in the quarter, but the company stands by its initial full-year guidance for them.

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    George Michael Kurosawa's questions to Workiva Inc (WK) leadership

    George Michael Kurosawa's questions to Workiva Inc (WK) leadership • Q4 2024

    Question

    George Michael Kurosawa, on for Steve Enders, asked about the 2025 margin framework, questioning if the guidance implies a 'foot on the gas' investment year given the strong revenue growth but lower op margin outlook compared to Q4. He also asked about the impact of foreign exchange.

    Answer

    CFO Jill Klindt explained that Q1 margin guidance reflects typical expense seasonality and the full-year impact of 2024 investments. She confirmed they are investing to capture the large addressable market. On FX, she noted it's a potential risk that has been factored into the balanced full-year guidance but did not call out a specific material impact for the quarter.

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    George Michael Kurosawa's questions to BlackLine Inc (BL) leadership

    George Michael Kurosawa's questions to BlackLine Inc (BL) leadership • Q3 2024

    Question

    George Kurosawa, on for Steve Enders, asked if it's typical for SAP SolEx deals to occur before an S/4HANA migration and questioned the divergence between healthy net new ARR and lower-than-expected billings.

    Answer

    Co-CEO Owen Ryan confirmed a significant strategic shift has occurred where BlackLine is now positioned at the front end of S/4HANA projects to deliver quick wins, a message also supported by SAP. CFO Mark Partin explained that the lower billings number was due to normal quarterly volatility from seasonality and payment timing. He advised focusing on RPO and ARR growth (up 10-11%) and trailing 12-month billings as more reliable indicators of business health.

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

    George Michael Kurosawa's questions to Manhattan Associates Inc (MANH) leadership • Q3 2024

    Question

    George Michael Kurosawa requested an update on the pace of cloud migrations and the percentage of the customer base that has transitioned. He also asked if average contract durations have been increasing and impacting RPO, and inquired about the drivers behind the quarter's strong operating margin performance.

    Answer

    CEO Eddie Capel reported that cloud migrations are tracking as expected, with 15-20% of the base migrated and a consistent 6-year outlook for completing the bulk of the transition. He added that contract durations have been stable at 5-5.5 years for several years and are not a new factor in RPO growth. CFO Dennis Story confirmed that a favorable revenue mix, driven by record cloud and services performance, was a key contributor to the margin upside.

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    George Michael Kurosawa's questions to Open Text Corp (OTEX) leadership

    George Michael Kurosawa's questions to Open Text Corp (OTEX) leadership • Q4 2024

    Question

    George Michael Kurosawa asked for color on the macro environment's impact across the portfolio and sought an update on how strong cloud bookings are translating into recognized revenue, considering the effect of ramping deals.

    Answer

    CEO and CTO Mark J. Barrenechea noted that while the company factors in the global macro outlook, its performance was not primarily driven by it, and he highlighted strength in the Content, Business Network, and ITOM businesses. He confirmed the trend of ramping deals is consistent and expressed confidence that the 33% bookings growth in FY24 supports the FY25 target of up to 5% organic cloud growth. President, Worldwide Sales Todd Cione added that the team has a healthy pipeline and has started the fiscal year fast.

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