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CFO Joe Binz confirmed that the primary investment areas for FY26 are R&D and Sales & Marketing, focused on the strategic priorities of enterprise, AI, and system of work. He stated the 24% margin guidance reflects a conservative revenue outlook but reiterated confidence in achieving the FY27 target of over 25%. CEO & Co-Founder Mike Cannon-Brookes added that Atlassian was ahead of its sales hiring targets in Q4, viewing it as a prudent investment to capitalize on current momentum.

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CFO Joe Binz explained that investments will remain focused on the core strategic priorities of enterprise, AI, and system of work. The 24% margin guidance reflects a conservative revenue outlook and these continued investments, while reaffirming the FY27 target of over 25%. CEO Mike Cannon-Brookes added that the company was ahead of its sales hiring forecast in Q4, demonstrating a commitment to investing in the enterprise opportunity while carefully managing profitability.

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CEO Mike Cannon-Brookes explained that for large enterprises, the cloud migration question is 'when,' not 'if.' These migrations are complex, multiyear projects, often involving dozens of instances and workflow consolidation. CFO Joe Binz added that the vast majority of these large data center deals were hybrid ELAs, which provide customers with cloud rights and the flexibility to migrate at their own pace, and were a significant driver of billings outperformance.

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CFO Joe Binz stated that unlike Q4, deal timing was not a factor in Q1's results, with deal flow being healthy throughout the quarter. He explained that as Atlassian pursues larger, more complex enterprise deals, sales cycles naturally lengthen, and the company remains disciplined on pricing rather than being deadline-driven to close deals. CEO Mike Cannon-Brookes added that the focus is on building long-term strategic partnerships, not short-term deal mechanics.

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CEO Chad Richison defended the 'biggest release' statement by emphasizing that iWant removes all barriers to value by making the system command-driven, thus eliminating training needs. He said its value will be recognized in go-to-market impact and improved retention. CFO Bob Foster confirmed there were no one-time revenue beats in Q2, aside from the timing of marketing spend, and noted the back-half guidance reflects their current visibility.

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CFO Robert Foster confirmed that recurring revenue growth for Q2, Q3, and Q4 is expected to be consistent, averaging around 10% with a slight acceleration in Q4. CEO Chad Richison explained that the Ireland authorization is a key step that allows Paycom to process payments and move money throughout Europe, which is critical for ensuring end-to-end quality for its U.S.-based clients with international operations.

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CEO Chad Richison clarified that it has been a couple of years since the last office opening and that the decision is driven by internal leadership bench strength, not macro factors. He noted that they saw stability in client workforce levels in Q4 and are not forecasting any significant macro employment changes for 2025.

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CFO Werner Andre confirmed the $15 million increase for 2025 is a direct result of tax policy changes restoring immediate R&D deductions. He clarified that it is a multi-year benefit, with the normalized annual impact being even higher, though prepayments will cause some of the benefit to roll into 2026. He also stated the company does not plan an accelerated adoption.

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CFO Werner Andre explained that the 2.1% sequential ARR growth in Q1 was in line with expectations. He reiterated that quarterly sequential ARR growth is expected to be back-half loaded, similar to 2024, aligning with contract renewal seasonality. He projected Q2 and Q4 to be higher, with Q3 being the seasonal low for year-over-year growth due to the timing of acquisition impacts and large deals.

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CEO Nicholas Cumins stated that while an executive order has been issued, it is still very early for any tangible impact. Executive Gregory Bentley added that permitting reform is a bipartisan priority and he is hopeful for its passage during the year, cautioning that project flow would not be immediate even after legislation is passed.

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Executive Chair Greg Bentley confirmed that water is a growing, long-term, and non-partisan priority. He acknowledged a recent uptick in orders but clarified that the increased demand has been a global phenomenon, not specifically concentrated in the U.S. due to recent regulations.

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Executive VP & CFO Jeremy Johnson explained that the change to immediately expense domestic R&D costs is the most impactful part of the act, resulting in a $40-50 million cash tax benefit this year and a ~$20 million benefit annually going forward. He confirmed a significant portion of R&D is domestic and noted this benefit was a key factor in raising the full-year free cash flow guidance.

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CFO Jeremy Johnson described the early guidance as 'less focused' rather than 'more conservative' due to its timing but noted it reflects confidence in the business. CEO David Ossip added that the pipeline is better qualified than before, with a healthy mix of opportunities from the existing customer base, driven by a more robust product suite and new packaging.

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CFO Ryan Glenn explained that the Q1 guide reflects strong momentum and the final impact from the Airbase acquisition, while the implied Q2-Q4 guide of ~8.5% recurring growth reflects a prudent approach. He also confirmed that the majority of Paylocity's R&D operations are in the U.S.

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CFO Ryan Glenn confirmed that the Q4 guidance assumes flat client workforce levels, with any growth representing potential upside. He also suggested that while early, the Q4 exit growth rate is a 'reasonable proxy' for initial thoughts on the next fiscal year, though official annual guidance will incorporate additional prudence.

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CFO Ryan Glenn confirmed that after controlling for those two items, the core growth rate was indeed very close to Q1's. He explained that the pull-forward was a result of strong bookings momentum, which allowed the implementation team to onboard some clients earlier than originally scheduled, and was not related to any external factors.

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CFO Ryan Glenn noted that workforce levels were modestly better than expected in Q1, but the company maintains a prudent outlook for the rest of the year. President and CEO Toby Williams stated that the competitive environment remains consistently intense, but he is pleased with his team's execution and the continued strong performance of the channel partner program.

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CFO Howard Fu clarified that Q2 is not typically a strong quarter for large deals and that the reported values were annual contract value (ACV), not inflated by contract duration. He attributed the performance to the progression of the company's long-standing strategy to focus on the upper end of the market, which is being aided by the new GTM model.

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CFO Howard Fu confirmed there are no special sales incentives for longer deals; the trend is customer-driven, stemming from a desire for flexibility with multi-year pooled models. He stated the trend should normalize in Q4 as they lap its inception. He also described the guidance as very conservative, able to withstand a significant demand decline, providing room to beat revenue and potentially deliver incremental margin.

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CEO Tooey Courtemanche noted that customers are in a "wait-and-see" mode regarding tariffs and stressed the industry's overall resilience and diversity. CFO Howard Fu clarified that the Q4 outperformance was driven by strong execution, and the benefits from the go-to-market changes are still expected to materialize in the second half of 2025.

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Executive Howard Fu confirmed that they are seeing the anticipated disruption from the transition, which will continue into Q4 and fiscal 2025, and that the CRPO number may contain some noise. He affirmed that the 11% growth floor for fiscal 2025 is the 'right way to think about' expectations for Q4, as one can re-extrapolate from it.

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Executive VP & CFO Kristian Talvitie confirmed that the BBA benefit will be a tailwind for fiscal 2026. He explained that as a result, PTC's cash taxes will not increase as much as previously anticipated, though specific details on the exact impact will be provided with the fiscal 2026 guidance.

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CEO Neil Barua stated he couldn't comment on the competitor's remarks but affirmed that PTC had a solid Q2 with strong demand and notable competitive wins. He clarified that the revised guidance is not due to a drop in fundamental demand, as the pipeline remains strong. Instead, it is a proactive adjustment to account for potential customer caution and decision delays stemming from the increased macro and trade uncertainty that emerged in early April.

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CEO Neil Barua asserted that PTC is a full participant in the market. He differentiated PTC's strategy as focusing on the integrated value of Windchill (PLM) and Codebeamer (ALM) to manage product data and software development, positioning this as distinct from competitors who are more focused on the manufacturing execution space.

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CFO Kristian Talvitie provided a direct response, stating that the adjustment to the guidance range was primarily driven by conservatism to account for the potential near-term impact of the go-to-market realignment.

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SVP & CFO John Wall responded that it is very difficult to speculate on a 'parallel universe' scenario. He reiterated that the company's focus is on the full-year outlook, which now suggests China's revenue will be slightly up for the year, though the guidance remains prudent.

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CFO John Wall confirmed the acquisition is not yet closed and is not included in the 2025 guidance. CEO Anirudh Devgan explained that Foundation IP has become more critical due to the global foundry build-out and its deep integration with software tools. He noted the acquisition fills a key portfolio gap with a high-quality, established product.

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CFO John Wall explained that the record backlog was driven by an exceptionally strong Q4 for renewals. He noted that for 2025, the renewal schedule is more heavily weighted to the second half, meaning some backlog will be utilized in H1 before being rebuilt. He also stated that the guidance prudently assumes flat year-over-year revenue for China to de-risk the forecast.

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CFO John Wall clarified that the strong Q4 pipeline is broad-based across all businesses, not just hardware, with all segments on track for strong 3-year CAGR growth. Regarding China, he stated that while 2024 revenue will be down from 2023, the business has shown sequential recovery from Q1 through Q3, indicating strong underlying design activity.

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CFO Dave Sherry reported that sales linearity was 'much more normal' in Q1 compared to the previous quarter. He also confirmed that it was a strong quarter for pipeline and new deal volume, with nothing out of the ordinary to report.

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CFO Dave Sherry reported that sales linearity was much more normal in Q1 compared to the prior quarter's exception. He also characterized it as a strong quarter for pipeline and new deal volume, with nothing out of the ordinary to note.

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CEO Ara Mahdessian stated that historically, job volume remains stable during macro cycles while average ticket size can see variance, but no impact has been observed yet. CFO Dave Sherry explained the guidance is prudent, as Q4 benefited from a unique alignment of tailwinds (weather, IPO, product launches) that are not expected to continue at the same level.

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CEO Ara Mahdessian explained that take rate drivers like Pro and FinTech attach are naturally lower in newer segments but increase as product maturity grows. The company's focus is on becoming the market standard in commercial to drive this maturity. He described the competitive set as similar to residential, comprising legacy players, point solutions, horizontal platforms, and down-market vendors, detailing ServiceTitan's specific workflow advantages against each.

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CEO Sassine Ghazi responded that the revenue mix in China is broadly similar to the rest of the world but did not provide a specific breakdown. Regarding the expense base, he explained that it's difficult to conceptualize its variability by region due to the company's global operations and noted that no operational changes are currently planned.

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CEO Sassine Ghazi stated that the revenue mix in China is broadly similar to the rest of the world but did not provide a specific breakdown. Regarding expenses, he explained that it is difficult to conceptualize variability for a specific region as the company operates with a global, integrated team and there are currently no changes to its operations.

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CEO Sassine Ghazi clarified that while the underlying assumptions in the annual plan haven't changed, the company's communication now reflects a belief that China's growth will be below the corporate average. He stated there is no 'air pocket' in hardware demand, as customers are purchasing both prior and new generation systems, and demand exceeds supply. CFO Shelagh Glaser added that hardware availability is weighted toward Q4.

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CFO Shelagh Glaser clarified that the Q1 sequential decline is primarily due to two factors: eight fewer days in the quarter from the fiscal calendar change, impacting revenue by about $80 million, and a difficult year-over-year comparison for the lumpy IP business. She noted IP revenue was up 53% in Q1'24, and Q1'25 is expected to be a lower quarter for IP pull-downs before a stronger second half. Glaser also confirmed the Optical Solutions group revenue is still included in the forecast.

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CFO Shelagh Glaser explained that the guidance was narrowed due to confidence from strong Q3 results and broad-based strength across product lines, not due to underperformance. CEO Sassine Ghazi reiterated the company's pragmatic and balanced approach to China, citing continued impacts from entity list restrictions and the macro environment, while noting the business is still executing and growing well there.

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CFO Janesh Moorjani attributed the Q1 revenue acceleration to strength in AEC, upfront EBA revenue, easing friction on the Autodesk store, and an easier year-over-year comparison. He clarified that the full-year guidance now incorporates additional caution for macroeconomic uncertainty, which was not factored in previously, alongside a benefit from favorable currency movements.

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CFO Janesh Moorjani confirmed that the guidance was built considering a range of outcomes and prudently factors in potential disruption from the restructuring and CRO transition. He also affirmed that the large EBA and multiyear product subscription renewal cohorts remain a significant opportunity for the upcoming year, and nothing has changed regarding that outlook.

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CEO Andrew Anagnost detailed the hiring of Janesh, highlighting his experience at Elastic, VMware, and Cisco, and his focus on driving "optimization at scale." Anagnost noted Janesh's industry knowledge from his time at PTC. Regarding the Investor Day, Anagnost stated it is unlikely to occur in the spring, as the company wants to give the new CFO time to acclimate.

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CEO Andrew Anagnost confirmed no unusual actions were taken. Interim CFO Betsy Rafael clarified that the company intentionally drove underlying margin improvements to offset the known headwinds from business transitions. On free cash flow, she explained the change was largely a timing issue, as more customers than anticipated purchased ahead of the new model's launch in North America, pulling cash flow from the second half of the year into the second quarter.

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CEO Shlomi Haim clarified that Q1 strength was 'across the board,' including consumption, new contracts, and security adoption, reflecting broad momentum. CFO Ed Grabscheid explained the conservative cloud guidance is due to derisking the largest deals from the pipeline, maintaining a conservative overall stance, and not yet factoring in sustained consumption overages.

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CFO Ed Grabscheid attributed the strong free cash flow to excellent collections and the closing of several very large, multi-year deals with upfront payments. CEO Shlomi Haim commented that while the GitHub integration is a strong differentiator that creates momentum, it is typically not the sole reason a customer chooses their security solution.

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CEO Robert Painter noted that while new project starts are slowing, contractor backlogs remain strong, particularly in North America, and customer hiring is driving technology adoption. CFO Phil Sawarynski explained that with software and services now comprising about 75% of the business, direct tariff exposure is significantly reduced, and the company has contingency plans for any minor impacts.

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Executive Robert Painter clarified that Field Systems revenue was in line with expectations, with strength driven by new product introductions and strong ARR growth from as-a-service offerings. Executive Phil Sawarynski explained that the full-year ARR guidance of 11-13%, while biased to the high end, incorporates a known headwind from customer churn in the mobility business expected in Q4.

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Executive Robert Painter clarified that Field Systems revenue was in line with expectations, while its strong ARR growth was driven by new products and as-a-service offerings. Executive Phil Sawarynski explained the full-year ARR guidance is biased toward the high end of the 11-13% range but is tempered by known churn headwinds from the mobility business in Q4.

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CFO Stefan Schulz attributed the Q1 growth deceleration to deferred revenue recognition from some Q4 travel bookings and a one-percentage-point negative impact from currency fluctuations. CEO Andres Reiner stated that market volatility, including potential tariffs, actually increases the strategic need for PROS's AI-powered pricing solutions, which could be a growth driver.

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