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Rubrik CEO Bipul Sinha reiterated the vision of combining identity and data for a holistic DSPM approach. For the Fed market, he noted it's an investment phase with high priority, highlighting recent FedRAMP moderate status and continued wins due to Rubrik's faster recovery times for mission-critical databases.

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CEO Bipul Sinha reiterated Rubrik's vision for the data security market: combining data and identity for a holistic view, moving beyond just data classification to understand posture, access, and runtime events for recovery/remediation. For the Federal market, Bipul Sinha stated it's still in an investment phase but a high priority due to nation-state threats. He mentioned recent FedRAMP moderate certification and a Q2 win, indicating continued investment and belief in its significant opportunity.

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CEO Bipul Sinha reiterated Rubrik's DSPM strategy of combining data and identity for a holistic view, focusing on posture, access, runtime events, and recovery/remediation, rather than just data classification. For the Fed market, he noted it's still in an investment phase but a high priority due to nation-state threats. Rubrik recently received FedRAMP moderate authorization and continues to win deals, citing an example of a Fed agency replacing a new-generation vendor for faster database recovery, seeing it as a significant growth opportunity.

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CEO Bipul Sinha described the DSPM market as still being in its early stages. He positioned Rubrik's strategy as distinct from competitors by combining DSPM with cyber recovery to offer a complete cyber resilience platform. He argued this integrated approach is a key differentiator and a primary driver of competitive displacements against both legacy and new-gen vendors. He did not provide a specific metric for DSPM penetration.

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CEO Bipul Sinha positioned Salesforce as one of over 20 applications supported by the Rubrik platform. He explained that customers consolidate 7-8 product categories onto Rubrik, leading to TCO savings of over 25%. He also noted that customers can realize immediate hard cost savings by starting with a single component, such as cloud-native protection, before expanding across the platform.

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Founder & CEO Eric Yuan stated that the priority for WorkVivo is the smooth transition of Meta Workplace customers, with future growth driven by innovation and expansion into the mid-market. CFO Michelle Chang explained the guidance reflects consistent progress and a partial abatement of deal scrutiny seen in Q1, adding that the forecast methodology remains prudent in a dynamic economic environment.

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CFO Michelle Chang outlined the channel transformation, which includes expanding the partner ecosystem, adjusting incentives, and streamlining the quote-to-cash process to be faster. While she did not disclose a specific penetration metric for Contact Center, she emphasized that the integrated platform is a key differentiator that drives wins bidirectionally.

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Founder and CEO Eric Yuan explained that AI investments are directed towards talent, GPUs, and cloud infrastructure for both the core Workplace platform and monetizable products like Contact Center. CFO Michelle Chang clarified that the increase in current RPO is a positive sign, resulting from coterminous contracts where new sales temporarily increase the current portion before shifting to long-term as contracts align.

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CFO Kelly Steckelberg confirmed that future growth is being driven by the upmarket, pointing to the 7% YoY growth in customers contributing over $100k in revenue. She clarified that while the externally reported trailing 12-month expansion rate will reaccelerate around the middle of next year, the company is already seeing stabilization in in-quarter calculations. This is driven by strong performance from Zoom Phone, Contact Center, and Workvivo, as well as stabilizing seat retention in the enterprise.

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CFO Michelle Chang explained that they expect to offset AI costs with ongoing efficiencies and leverage their federated AI approach to manage costs. She clarified that strong FY25 cash flow was aided by the timing of billings and favorable interest/tax conditions, which are expected to differ in FY26.

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CEO Scott Russell explained that while AI adoption is proceeding as planned, human agents are handling a growing volume of interactions and taking on more revenue-generating tasks. CFO Beth Gaspich noted the healthy 111% NRR is driven by strong cross-sell and upsell momentum. She highlighted that AI is a key driver, now accounting for 11% of cloud revenue and being a significant component of sales to both new and existing customers.

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CEO Scott Russell noted that while AI adoption is proceeding as planned, human agents are handling higher interaction volumes and more revenue-focused tasks, preventing a dramatic shift in agent counts. CFO Beth Gaspich stated that the healthy 111% NRR is driven by broad cross-sell and upsell momentum, with AI being a key growth driver that now constitutes 11% of cloud revenue.

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CEO Scott Russell explained that while AI agent deployment is proceeding as expected, the total volume of customer interactions is growing, meaning human agents are handling more complex tasks and even revenue-generating activities. CFO Beth Gaspich noted that the healthy 111% NRR is driven by cross-sell and upsell efforts, with AI being a key growth driver, now representing 11% of cloud revenue. She added that a large portion of growth comes from the existing installed base.

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CEO Scott Russell explained that while AI agent deployment is on track, the total volume of customer interactions is growing, leading human agents to handle more complex tasks and revenue-generating activities. CFO Beth Gaspich noted the healthy 111% NRR is driven by a combination of factors, with AI being a key driver (now 11% of cloud revenue), but the largest portion of growth still comes from cross-selling and upselling to the existing customer base.

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CFO Mark Patterson noted that correlating attach rates is complex but reiterated capital priorities: business growth, dividends, offsetting dilution, and opportunistic returns. CEO Chuck Robbins emphasized that identity is a core pillar of Cisco's platform, citing strong growth in Duo and internal development of 'agentic identity' as key advantages.

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CFO Scott Herren and CEO Chuck Robbins clarified that the significant AI infrastructure orders have not yet materially converted to revenue, with that conversion expected to accelerate in the second half of the year. Robbins added that while data center ports have a higher price, campus has higher volume, causing the overall impact to normalize over time.

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CFO Scott Herren clarified that the strong AI orders have not yet significantly converted into revenue. CEO Chuck Robbins added that while data center ports have a higher price, the much higher volume in the campus market helps to normalize the overall financial impact over time.

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CFO Scott Herren declined to break out Splunk-specific RPO, stating that the deep integration of products and teams makes such a distinction increasingly difficult, but confirmed organic RPO growth remains positive. CEO Chuck Robbins described the campus refresh opportunity as "real," driven by the need for modernized networks to handle AI. He highlighted the new WiFi 7 platform's hardware portability between on-prem and cloud management as a key innovation.

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CFO Aidan Viggiano clarified the price increase was distinct from Verizon's A2P fee increase. CRO Thomas Wyatt added that the price hike reflects pricing power in the fast-growing self-service business and attributed strong customer acquisition to reduced onboarding friction and a new email trial model.

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CEO Khozema Shipchandler stated that coopetition has always existed and he expects the impact from the ISV's new solution to be 'de minimis.' CFO Aidan Viggiano noted the company has been active in its buyback program and will continue to be opportunistic. On M&A, she said the focus remains on smaller tech or talent tuck-ins to accelerate the roadmap, with no specific plans to announce.

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CFO Aidan Viggiano stated that while crypto customer volume is stronger, it remains immaterial to overall results. Regarding Segment, she attributed the growth in Remaining Performance Obligations (RPO) to improved bookings and a higher mix of multi-year deals. CEO Khozema Shipchandler added that operational improvements in Segment are beginning to reflect on the balance sheet and will eventually translate into revenue growth.

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CEO Khozema Shipchandler stated that while the specific size of the ISV channel is not disclosed, it grows faster and carries higher gross margins than the consolidated business. He added that RCS is not expected to materially alter overall business dynamics, revenue, or margins in the near term, viewing it as a complementary technology for specific use cases rather than a replacement for existing messaging.

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CEO Kip Compton explained that the platform strategy is resonating with customers, leading them to adopt more products to enhance their use cases. CFO Ron Kisling added that the industry's shift toward platforms and Fastly's expanded security portfolio are key drivers. Regarding RPO, Kisling confirmed that Edgeio's exit was a factor, but also highlighted performance differentiation and a disciplined strategy of trading larger discounts for higher revenue commitments. Compton emphasized that the focus on securing commitments is a durable strategic shift.

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CEO Todd Nightingale stated the Edgio transition is ongoing, with more business gained from traffic increases at existing customers than from new logos, though both have been healthy. He asserted Fastly's right to win in AI due to its performance leadership for low-latency experiences and highlighted AI's integration into its security products.

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CEO Todd Nightingale expressed bullishness on compute, highlighting the AI Accelerator launch as a key driver for AI workloads. He conceded that the focus in 2025 is more on security growth but affirmed that compute demand is increasing. CFO Ron Kisling addressed the Edgio question, stating that Fastly has seen no indication that customers are looking to add another provider to replace Edgio, as most are already multi-CDN, creating an opportunity for Fastly to capture that share.

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President & COO Todd Nightingale indicated a preference for partnering with leading cloud security vendors for a full SASE solution. CEO Jayshree Ullal added that while Arista can handle basic branch security, it will partner for advanced SASE overlays. On "Blue Box," she called it an important future strategy that will complement white box offerings, but noted it's not an immediate focus due to the current priority on AI.

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CEO Jayshree Ullal detailed the hardware's defensibility, citing superior signal integrity, advanced diagnostics, and meticulous engineering in power and cooling. CFO Chantelle Breithaupt stated she was pleased with inventory turns reaching 1.4 and aims for further improvement, with the only caveat being potential buffer builds for tariff uncertainty.

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CFO Matt Steinfort explained the guidance raise reflects a full quarter of macro visibility, passing through beats from Q1 and Q2, and confidence in durable improvements from new customer acquisition and the new migration motion. He noted the guide does not fully reflect large deal potential. CEO Paddy Srinivasan addressed GPU dynamics, stating utilization is robust and that for inferencing customers, price-performance is more critical than the specific GPU generation, giving DigitalOcean flexibility in allocating its fleet.

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CFO Matt Steinfort clarified that the front-loaded Q1 CapEx for the new Atlanta data center supports the current 2025 growth outlook. He explained that exploring alternative financing like leasing is a forward-looking strategy to potentially accelerate growth *beyond* the current plan by funding larger, lumpier deals without compromising the company's strong free cash flow generation.

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CEO Paddy Srinivasan noted GPU adoption is broad, with contracts used for production workloads and on-demand for experimentation. CFO Matt Steinfort clarified that AI revenue is not included in the NDR calculation due to its project-based, lumpy nature. He stated the core cloud NDR is improving, but the reported figure is weighed down by a headwind from the managed hosting business lapping a price increase.

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Co-Founder & CEO Matthew Prince explained that the strategy for Workers often involves landing a single, critical function of an application to demonstrate significant cost and performance benefits, which then leads to larger workload migrations from hyperscalers. He reiterated that Act Three (Workers) is a key driver for potential nine-figure deals. On the federal front, Prince confirmed that Cloudflare is on track to meet its FedRAMP requirements by the end of the year, which will unlock further business opportunities.

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CFO Jen DiRico acknowledged that M365 and AirGap Protect are the most mature products and represent the lion's share of SaaS ARR. However, she added that the portfolio of security offerings grew double-digits quarter-over-quarter and constituted 20% of net new ARR. Both she and CEO Sanjay Mirchandani emphasized that growth is now driven by new customer 'land' deals, particularly in SaaS, rather than perpetual license conversions.

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CFO Jennifer DiRico noted that growth was balanced across regions, with EMEA having a particularly strong quarter. CEO Sanjay Mirchandani added that regulatory drivers like DORA are not 'one-and-done' events but are part of an ongoing process for institutions. On packaging, he explained that while individual workload protection remains, the strategy is shifting to selling 'resilience' as a complete outcome, which naturally bundles capabilities like Cleanroom and AD recovery into a unified, hybrid solution.

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CEO Sanjay Mirchandani noted that new technology areas like AI will require different protection solutions, making strategic acquisitions like Clumio valuable. He also stated that Europe had a strong quarter and the business is prepared for regulations like DORA. CFO Jennifer DiRico suggested that a 15% organic ARR growth rate is a reasonable baseline for thinking about future performance, acknowledging the current rate is around 17-18%.

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CEO Sanjay Mirchandani confirmed that the DORA regulation is a contributing factor to their European business, driven by platform capabilities and partnerships with firms like Pure Storage. CFO Jen DiRico clarified that the guidance raise is overwhelmingly organic, stating the Clumio acquisition is not material to the outlook, contributing only a few million dollars per quarter.

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CFO Daryl Raiford responded that Bandwidth's pricing improved year-over-year, supported by the high-value services it provides, which is reflected in its strong customer retention. CEO David Morken added that pricing moves by competitors are actively creating new competitive opportunities for Bandwidth as customers re-evaluate their options.

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CEO David Morken and CPO John Bell explained that the partner channel is growing nicely, offering benefits like compressed deal cycles and larger, more complex opportunities via MSPs and integrators. Regarding messaging, John Bell acknowledged the 9% commercial growth and outlined a strategy focused on winning large senders from other platforms, expanding usage with existing customers through new channels like RCS, and leveraging Bandwidth's premium support as a key differentiator.

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Chief Product Officer John Bell stated that it is still early for Rich Communication Services (RCS) and its economic impact remains uncertain. CEO David Morken attributed the strong voice performance to broad-based usage across enterprise verticals, with the contact center segment being a particular area of strength both domestically and internationally.

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Co-Founder and CEO Sanjit Biswas explained that most OEM partnerships are not exclusive, as the strategy is to provide a 'single pane of glass' for customers with mixed fleets. Chief Financial Officer Dominic Phillips noted that while OEM integrations could be gross margin accretive long-term, they are not a significant part of the business today. Sanjit Biswas attributed the strong transportation growth to the industry's focus on efficiency and safety, coupled with Samsara gaining market share.

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Chief Executive Officer Sanjit Biswas stated that Samsara's customers are always seeking efficiency in their large-scale operations, and the platform's ROI is valuable in any economic climate. Chief Financial Officer Dominic Phillips added that the customer base has operated through many economic cycles and that the balanced 50/50 mix of new logos and expansions, along with new product rollouts, provides confidence in the NRR target of approximately 115% for fiscal 2026.

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CEO Sanjit Biswas detailed three core use cases for Asset Tags across industries: finding lost/stolen items, saving worker time, and improving asset utilization. CFO Dominic Phillips stated that while the absolute number of new sales hires will be higher in the U.S., the growth rate of hiring may be higher internationally, with final plans to be set after Q4.

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CFO Dominic Phillips clarified that the quarter was balanced, tilting slightly towards expansion, but was also a very strong new logo quarter, consistent with recent trends. He stated that customer demand remains robust with no current macro impact, but the company embeds a potential for worsening macro conditions into its guidance to ensure confidence in its targets.

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President and CEO Rajiv Ramaswami described the macro environment as dynamic, noting longer deal cycles in the federal business but long-term optimism. He stated that the Kubernetes platform is in its early days but showing good product-market fit. CFO Rukmini Sivaraman added that the company has not seen a direct impact from tariffs and that there were no systematic changes in deal pull-ins or push-outs, though macro uncertainty is factored into the outlook.

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CEO Rajiv Ramaswami noted that Global 2000 wins are often 'second vendor' opportunities and that the Dell PowerFlex solution, expected in the second calendar quarter, will be a market expansion opportunity. CFO Rukmini Sivaraman explained that the 110% NRR has stabilized, but its growth is challenged by the expanding ARR base and elongated sales cycles. She affirmed the company's focus on all three expansion vectors: selling more of the same workload, new workloads, and more of the portfolio.

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CFO Rukmini Sivaraman declined to quantify the federal business or its specific impact on NRR but reiterated that Q1 is seasonally the strongest quarter for federal and that its underperformance was a challenge. CEO Rajiv Ramaswami noted that while they plan to selectively expand to other storage arrays over time, there are no new announcements. He explained that the goal isn't 100% AHV penetration, as supporting VMware's ESX is key to winning in those accounts.

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President and CEO Rajiv Ramaswami observed that customers are realizing it is more cost-effective to run steady-state workloads on-prem and sees the enterprise GenAI opportunity as primarily on-prem due to data sensitivity. CFO Rukmini Sivaraman added that the FY25 guidance accounts for expected growth from the Cisco partnership and a small initial contribution from the new Dell offering, but declined to provide a specific exit ARR forecast.

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Executive Michael Burkland mentioned that sales compensation plans are always being fine-tuned with potential new KPIs to drive desired behaviors. President Bryan Lee explained that the dip in the dollar-based retention rate to 107% was anticipated due to tough comparisons. While expecting fluctuations, he noted positive offsets from AI momentum and the higher retention of large customers should provide stability.

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President and CEO François Locoh-Donou ranked the hardware drivers as: 1) Tech refresh, 2) Data center modernization and hybrid architecture builds, 3) Competitive displacement, and 4) Direct AI use cases. EVP and CFO Cooper Werner confirmed that confidence in the software forecast comes from high visibility into the large renewal base and its expected expansion rate, not from an assumption of strong growth in new business.

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CEO François Locoh-Donou ranked the hardware drivers as: 1) Tech refresh, 2) Data center modernization/expansion (which includes AI prep), 3) Competitive displacement, and 4) Direct AI use cases. CFO Cooper Werner clarified that the software forecast does not assume strong growth from new business; rather, confidence comes from high visibility into the large renewal base and expected expansion rates within those existing contracts, which have been tracking as very healthy.

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The sustainable driver is the company's unique ability to solve hybrid multi-cloud complexity. The hardware refresh confidence comes from upcoming end-of-support dates for over half the installed base, pulling the replacement cycle forward and providing visibility through at least FY26.

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President and CEO François Locoh-Donou confirmed that modest, single-digit price increases for hardware are planned for the beginning of the calendar year. Regarding AI, he stated the most immediate opportunity is using BIG-IP hardware for data ingestion, with deployments happening now. The second opportunity, software for GPU clusters via the NVIDIA partnership, is a fiscal 2026 and beyond story as the go-to-market model is developed.

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CFO Ed McGowan reiterated that products like video/image management and visitor prioritization are moving to partners, which will cause a temporary flattening before reacceleration. On security, he expressed confidence, noting the business just grew 16%, is adding hundreds of millions in revenue annually, and the 10% goal reasonably reflects the maturation of large products like WAF while newer areas like Guardicore and API Security scale rapidly.

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CEO Tom Leighton responded that the investment is happening now due to proven traction and momentum in new product areas, specifically citing the targeted $50 million ARR for API Security and $100 million ARR for enterprise compute. He noted these new offerings attract a broader enterprise market and are more channel-friendly than traditional services, justifying the immediate need for more 'hunting' sales roles, specialists, and partner ecosystem support.

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President and CEO Ronald Konezny addressed the questions, stating that Digi is leveraging its geographically diverse manufacturing partners and is not creating customer urgency around potential tariffs due to fluid policy. Konezny also noted a favorable backdrop from infrastructure investment and a potential uplift in the industrial economy, with Western companies increasingly choosing Western technology providers.

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CTO Rob Lee stated that discussions with multiple other hyperscalers are progressing, driven by Pure's value proposition on reliability, power savings, and TCO, and that the day's announcements should accelerate these talks. CEO Charles Giancarlo commented on the enterprise market, stating his belief that some pent-up demand is building due to the muted IT environment, but that it remains to be seen how it will materialize next year.

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The security pipeline is robust, helped by a more complete portfolio offering (Vault, Radar, Boundary). Key features for Boundary (Windows/RDP support) are a focus for the year and are expected in the second half. The FY25 guide relies more on customer expansion and extension rather than a major shift in new business, although both are expected to improve. Contract durations have not changed meaningfully.

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