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    Jeff Van Rhee • Craig-Hallum Capital Group

    Jeff Van Rhee's questions to Cellebrite DI Ltd (CLBT) leadership

    Jeff Van Rhee's questions to Cellebrite DI Ltd (CLBT) leadership • Q2 2025

    Question

    Jeff Van Rhee from Craig-Hallum Capital Group asked CEO Tom Hogan to elaborate on his evolving vision for leveraging AI, both for internal efficiencies and external product differentiation.

    Answer

    CEO Thomas Hogan described a dual AI strategy. Internally, AI is being used across all functions like R&D and sales to drive productivity. Externally, he outlined an ambitious vision to use GenAI to analyze diverse evidentiary data sources, creating significant new value for investigators and expanding the company's total addressable market. CRO Marcus Jewell added that the focus is on delivering better outcomes, not just adding an LLM to the product.

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    Jeff Van Rhee's questions to Cellebrite DI Ltd (CLBT) leadership • Q1 2025

    Question

    Jeff Van Rhee asked for an update on the timing for FedRAMP certification and inquired about the strategic purpose and outcomes of the recent executive team trips to the U.K. and Germany.

    Answer

    Interim CEO Thomas Hogan stated that the company is still targeting a Q3 Authorization to Operate (ATO) for FedRAMP. He explained they have achieved Level 4 readiness but are awaiting an agency sponsor, a process delayed by federal budget activities. Regarding the EMEA trips, Hogan explained they were designed to demonstrate Cellebrite's commitment as a global company, allowing leadership to meet directly with key customers, prospects, and employees in London and Munich to reinforce their presence and gather feedback.

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    Jeff Van Rhee's questions to Cellebrite DI Ltd (CLBT) leadership • Q4 2024

    Question

    Jeff Van Rhee requested more detail on the FedRAMP opportunity, asking what it adds to Cellebrite's existing federal presence. He also asked for an assessment of how developed the company's sales methodology is for penetrating the 'investigative unit' TAM.

    Answer

    Interim CEO Thomas Hogan stated that achieving FedRAMP 'High' certification, which is in its final stages, is expected to roughly double the company's Total Addressable Market (TAM) in the federal sector. Chief Revenue Officer Marcus Jewell described the investigative unit penetration strategy as being in the 'mid-innings,' with a proven thesis but ongoing tuning required before it becomes a fully repeatable sales motion, which he expects in 2026.

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    Jeff Van Rhee's questions to Cellebrite DI Ltd (CLBT) leadership • Q3 2024

    Question

    Jeff Van Rhee of Craig-Hallum Capital Group inquired about 2025 adoption expectations for the Insights platform, trends in 'unlock' capabilities, and the adoption profile for the Pathfinder solution, including the impact of its AWS deployment.

    Answer

    CEO Yossi Carmil and CFO Dana Gerner described the C2C platform adoption as being in its 'very early days' with a three-year conversion goal for Insights. They noted that advanced unlock solutions have penetrated about 30% of the installed base, leaving significant room for growth. For Pathfinder, they expect 35-50% YoY growth, with the AWS deployment aimed at making the solution accessible to a broader customer base beyond large agencies.

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    Jeff Van Rhee's questions to Rocket Lab USA Inc (RKLB) leadership

    Jeff Van Rhee's questions to Rocket Lab USA Inc (RKLB) leadership • Q2 2025

    Question

    Jeff Van Rhee asked about the progress of the Space Systems segment towards its ultimate vision, the status of its 40% gross margin target, and the current production scale for the Neutron rocket.

    Answer

    CEO Sir Peter Beck explained that the Space Systems component 'toolbox' is nearly complete, with the focus now shifting to adding payload capabilities like those from GEOST. CFO Adam Spice suggested the 40% gross margin target was perhaps modest, with 40-45% being a realistic goal. Regarding production, Beck stated they are building multiple Neutron vehicles now and are targeting the capacity to build three Stage 1 structures next year.

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    Jeff Van Rhee's questions to Backblaze Inc (BLZE) leadership

    Jeff Van Rhee's questions to Backblaze Inc (BLZE) leadership • Q2 2025

    Question

    Jeff Van Rhee inquired about the new seven-figure AI customer, the pipeline development for the B2 OverDrive product, and the progress of channel partnership efforts.

    Answer

    Co-Founder and CEO Gleb Budman clarified that the seven-figure customer was an existing AI company whose data needs grew significantly. He noted the B2 OverDrive customer was a displacement from a hyperscaler, driven by egress fees and performance needs, and that the OverDrive pipeline includes about a dozen multi-petabyte opportunities. Budman also stated that while AI deals are often direct, the channel is seeing increasing lead value and closed business.

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    Jeff Van Rhee's questions to Backblaze Inc (BLZE) leadership • Q1 2025

    Question

    Jeff Van Rhee inquired about the specific impact of AI on revenue and the pipeline, the progress of the B2 enterprise sales motion, and the outlook for equity dilution and capitalized software.

    Answer

    CEO Gleb Budman highlighted that AI is the fastest-growing business segment, with its largest customer being an AI company. He noted the go-to-market transformation is showing progress with doubled sales bookings but requires more work on partnerships and demand generation. CFO Marc Suidan added that while specific dilution targets are not yet set, it is a key focus. He also explained that total R&D investment is steady in absolute dollars, leading to improved efficiency as a percentage of revenue.

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    Jeff Van Rhee's questions to Backblaze Inc (BLZE) leadership • Q4 2024

    Question

    Jeff Van Rhee inquired about the key metrics for the partner program in 2025, the long-term growth outlook for the B2 and Computer Backup segments, and the expected progression of gross margins.

    Answer

    CEO Gleb Budman explained that partner metrics focus on pipeline and sales productivity for the channel, and co-build/co-sell solutions for alliances. CFO Marc Suidan projected B2 growth to exceed 30% post-2025, while Computer Backup would be flattish for the year, exiting at -2%. Suidan also stated that gross margins should remain stable around 78%.

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    Jeff Van Rhee's questions to Backblaze Inc (BLZE) leadership • Q3 2024

    Question

    Jeff Van Rhee inquired about the specifics of B2 Cloud Storage churn, the potential for moving further upmarket, and sought clarification on whether the projected revenue acceleration after Q2 2025 applies to the total business or just the B2 segment.

    Answer

    CEO Gleb Budman explained that the churn occurred early in the quarter from a few expected customers but that overall retention metrics remained strong. He sees no specific limit to moving upmarket, citing recent multi-year, million-dollar deals. CFO Marc Suidan clarified that while B2 is the primary growth driver, the revenue acceleration reflects the time it will take for leading indicators from the go-to-market transformation, like the record sales pipeline, to translate into reported revenue.

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    Jeff Van Rhee's questions to Cerence Inc (CRNC) leadership

    Jeff Van Rhee's questions to Cerence Inc (CRNC) leadership • Q3 2025

    Question

    Jeff Van Rhee of Craig-Hallum Capital Group LLC inquired about trends in connected product usage, Cerence's AI differentiation against big tech, current market share trends, and the expected consumption of prepaid licenses for fiscal 2026.

    Answer

    CEO Brian Krzanich highlighted Cerence's key differentiators as its leading multimodal technology and its open, agnostic architecture, which prevents OEM lock-in. He stated that market share is currently holding flat. CFO Tony Rodriguez noted that prepaid license consumption was about $9 million in Q3 and is expected to decline year-over-year as the company moves away from large fixed contracts, making $20 million in new fixed deals the new annual expectation.

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    Jeff Van Rhee's questions to Cerence Inc (CRNC) leadership • Q4 2024

    Question

    Jeff Van Rhee inquired about the economics of Cerence's new generative AI solutions, specifically the margin profile and the magnitude of the pricing uplift. He also questioned the company's competitive position in connected services and asked for the new CEO's assessment of why the company has struggled with growth over the past five years.

    Answer

    CEO Brian Krzanich stated that generative AI solutions command a price uplift and improved margins, as development costs are similar to current models. He highlighted Cerence's competitive advantage in its automotive specialization, neutrality, and ability to customize OEM experiences. Interim CFO Antonio Rodriquez added that margin benefits from new connected bookings will be more visible in FY26. Krzanich attributed future growth to LLMs speeding up product development from 8-12 months down to 4 months.

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    Jeff Van Rhee's questions to Asure Software Inc (ASUR) leadership

    Jeff Van Rhee's questions to Asure Software Inc (ASUR) leadership • Q2 2025

    Question

    Jeff Van Rhee of Craig-Hallum Capital Group LLC inquired about the payroll tax management business, specifically its current revenue, the status of large enterprise deals, and any potential slippage. He also asked about the newly acquired Latham Time Corporation, focusing on its historical growth rate and expected revenue contribution for the second half of the year.

    Answer

    CEO Pat Goepel explained that while some large payroll tax deals have experienced phased installations, causing minor delays, no deals have been lost from the backlog. He noted that the Latham acquisition, which has historically grown around 10%, is expected to contribute approximately $7 million in revenue in the second half of 2025. Goepel also highlighted the significant cross-sell opportunities Latham presents for Asure's broader product suite.

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    Jeff Van Rhee's questions to Asure Software Inc (ASUR) leadership • Q3 2024

    Question

    Jeff Van Rhee followed up on the delayed tax deals, asking for the number of deals involved. He also asked about expected 2025 free cash flow conversion, the status of the elevated accounts receivable balance, the company's acceptable debt leverage level, and the target for sales rep headcount.

    Answer

    CEO Patrick Goepel explained that one large integrated partnership could represent over 50 individual deals, making the timing variable. CFO John Pence guided for 2025 free cash flow in the '$20s' of millions, with software capitalization and commissions being the main differences from adjusted EBITDA. He noted the high AR balance is tied to the IRS's ERTC payment pause but that funds are beginning to flow again. Management stated a debt leverage of ~2x EBITDA is a comfortable maximum, and the year-end sales rep target of 130 remains on track.

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    Jeff Van Rhee's questions to Alkami Technology Inc (ALKT) leadership

    Jeff Van Rhee's questions to Alkami Technology Inc (ALKT) leadership • Q2 2025

    Question

    Jeff Van Rhee from Craig-Hallum Capital Group LLC asked about the nature of Mantle's standalone wins, sought more detail on the sales pipeline, and questioned the rationale for consolidating the Alkami and Mantle sales teams under one leader.

    Answer

    CEO Alex Shootman clarified that Mantle's standalone wins are typically with institutions that have an existing digital banking platform, creating a new entry point for Alkami. He described the pipeline as strong and balanced. The sales team consolidation aims to create a powerful, unified go-to-market motion for combined online banking and Mantle pursuits, which he views as a key strategic differentiator.

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    Jeff Van Rhee's questions to Alkami Technology Inc (ALKT) leadership • Q1 2025

    Question

    Jeff Van Rhee of Craig-Hallum Capital Group sought details on the attach rate for the Segment analytics product, the company's goals for add-on sales, and clarification on comments about market share gains.

    Answer

    CFO Bryan Hill reported a Segment attach rate of about 70% on new logo wins. CEO Alex Shootman reiterated the long-term goal for new ARR is a 50/50 split between add-on sales and new logos. Both executives clarified that market share gain comments are based on third-party FI Navigator data, which shows Alkami outperforming top competitors in digital user growth.

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    Jeff Van Rhee's questions to Planet Labs PBC (PL) leadership

    Jeff Van Rhee's questions to Planet Labs PBC (PL) leadership • Q1 2026

    Question

    Jeff Van Rhee of Craig-Hallum asked about the recent success with European Maritime deals, their repeatability, and the pipeline outlook across the Defense & Intelligence, Civil, and Commercial sectors.

    Answer

    CEO Will Marshall stated that the robust Maritime Domain Awareness (MDA) solution is meeting urgent geopolitical security needs in Europe, accelerating deal closures. President & CFO Ashley Fieglein Johnson added that D&I demand is strong, the Civil team is gaining traction with policy-focused solutions, and the Commercial team's refocus is leading to stabilization.

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    Jeff Van Rhee's questions to Planet Labs PBC (PL) leadership • Q4 2025

    Question

    Jeff Van Rhee sought clarification on the Space Services offering, asking if it is limited to existing satellite configurations or if it includes a vision for customization.

    Answer

    CEO William Marshall confirmed that the Space Services strategy is focused on Planet's existing technology roadmap, including its Pelican, Tanager, and Dove satellites. He emphasized this approach makes the partnerships synergistic, as they help fund the build-out of these fleets faster while creating upside from monetizing the remaining capacity.

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    Jeff Van Rhee's questions to Planet Labs PBC (PL) leadership • Q3 2025

    Question

    Jeff Van Rhee from Craig-Hallum asked if management could provide a floor for the growth rate in fiscal 2026 given strong bookings visibility. He also questioned the lower CapEx guidance for Q4 compared to prior expectations and inquired about the expected time-to-revenue for the new Pelican satellite capability.

    Answer

    CFO Ashley Johnson declined to give specific FY26 guidance but expressed cautious optimism for revenue reacceleration, particularly in the second half of the year, driven by strong bookings. She clarified that the lower CapEx guidance was due to timing, not supply chain issues. CEO Will Marshall explained that Pelican will initially serve the existing SkySat business, and its enhanced capabilities are expected to drive greater customer value and revenue growth as it ramps up over the next year.

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    Jeff Van Rhee's questions to Spire Global Inc (SPIR) leadership

    Jeff Van Rhee's questions to Spire Global Inc (SPIR) leadership • Q1 2025

    Question

    Jeff Van Rhee asked about CEO Theresa Condor's top priorities for the year, the key variables determining where full-year revenue lands within the guidance range, and the current state of the Space Services pipeline, including an update on the EURIALO project.

    Answer

    CEO Theresa Condor listed her priorities as stabilizing the company post-Maritime sale, solidifying her executive team, investing in sales to capture demand, and maintaining the satellite network, all with a focus on profitability. She cited global uncertainty, new revenue recognition policies, RFGL demand, and the size of NOAA's procurement as key variables for the guidance range. She confirmed the EURIALO project is progressing through its design phases.

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    Jeff Van Rhee's questions to Spire Global Inc (SPIR) leadership • Q3 2024

    Question

    Jeff Van Rhee sought visibility on revenue recovery from the Q4 baseline, asking if any large, signed contracts could drive a step-up in coming quarters, and requested a breakdown of Q3's record ACV between new and renewal business.

    Answer

    Chairman Peter Platzer declined to pre-announce any future contract activations. CFO Leo Basola elaborated on the Q3 bookings, highlighting a very strong performance from U.S. Federal customers and significant new activity in radio frequency geolocation. He reiterated that a major Canadian deal, which slipped into Q1, would have made Q4 an even larger bookings quarter than the record-setting Q3, indicating strong underlying demand.

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    Jeff Van Rhee's questions to Spire Global Inc (SPIR) leadership • Q4 2024

    Question

    Jeff Van Rhee asked for quantification of unusual Q1 expenses, the status of major contracts like Thales, details on the new Space Reconnaissance unit, and how increased defense spending is manifesting in the sales pipeline.

    Answer

    Interim CFO Thomas Krywe noted that unusual expenses in Q1 were similar to Q4, with funding fees replacing restatement costs. CEO Theresa Condor confirmed that large contracts like Thales have not gone away, citing continued regular meetings and progress on related projects. She explained the Space Reconnaissance unit was formalized to scale its radio frequency geolocation offering to meet urgent geopolitical demand. Condor also observed that while defense funds take time to flow, there is a much greater urgency from global customers to sign contracts and evaluate Spire's capabilities.

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    Jeff Van Rhee's questions to Akamai Technologies Inc (AKAM) leadership

    Jeff Van Rhee's questions to Akamai Technologies Inc (AKAM) leadership • Q1 2025

    Question

    Jeff Van Rhee asked for clarification on the organic growth trends in the Security business, the impact of headwinds from exiting legacy revenue in the Compute segment, and how the results of the sales force changes will become visible in reported metrics.

    Answer

    CFO Ed McGowan explained the security growth mix shift, with the mature WAF business naturally slowing while newer products like API Security and Guardicore accelerate. He confirmed the legacy compute headwind was playing out as expected. Regarding sales metrics, McGowan stated the impact will ultimately show in stronger revenue growth and that the company will consider providing helpful metrics in the future.

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    Jeff Van Rhee's questions to SPS Commerce Inc (SPSC) leadership

    Jeff Van Rhee's questions to SPS Commerce Inc (SPSC) leadership • Q1 2025

    Question

    Jeff Van Rhee of Craig-Hallum asked for more clarity on why recent enablement campaigns have been biased towards retailers with existing suppliers on the network. He also asked about the discovery process that led to a higher-than-expected customer count from the Carbon6 acquisition and inquired about the outlook for organic customer count for the rest of the year.

    Answer

    Executive Chad Collins explained that the customer mix in campaigns depends on prior work with a retailer; Q1 included new retailers, leading to more net new customers. Executive Kimberly Nelson clarified the higher Carbon6 customer count was confirmed after gaining full access to their systems post-acquisition. She also guided that Q2 net organic customer adds are expected to be similar to Q1.

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    Jeff Van Rhee's questions to SPS Commerce Inc (SPSC) leadership • Q4 2024

    Question

    Jeff Van Rhee sought more detail on the new TAM, asking if the incremental potential customers were found in new retail subsegments, and requested an update on revenue and EBITDA expectations for the recently closed Carbon6 acquisition.

    Answer

    Executive Chad Collins explained that the TAM was built from the bottom up using NAICS codes for all applicable industries where SPS already has a presence, though penetration levels vary. Executive Kimberly Nelson confirmed that expectations for Carbon6 remain unchanged from the initial announcement: approximately $40 million in revenue and $5.5 million in adjusted EBITDA for the year, with no significant seasonality to report.

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    Jeff Van Rhee's questions to SPS Commerce Inc (SPSC) leadership • Q3 2024

    Question

    Jeff Van Rhee asked about potential go-to-market changes to target the remaining 150,000 customers in the TAM and inquired about the fulfillment solutions used by SupplyPike customers who are not already SPSC clients.

    Answer

    Executive Chad Collins stated that while they haven't had to be discriminating with enablement campaigns historically, they may need to tactically target retailers with lower supplier penetration in the future. He noted that SupplyPike customers not using SPSC for fulfillment tend to be larger companies with legacy on-premise systems, which they expect to convert to SPSC's managed network over time as they move to the cloud.

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    Jeff Van Rhee's questions to PagerDuty Inc (PD) leadership

    Jeff Van Rhee's questions to PagerDuty Inc (PD) leadership • Q4 2025

    Question

    Jeff Van Rhee of Craig-Hallum requested an update on pipeline status, referencing a prior comment about 50% year-over-year growth. He also asked if the intensified focus on sales changes stemmed from dissatisfaction with close rates and sought clarification on the growth outlook for the SMB/commercial segment.

    Answer

    CFO Howard Wilson stated that PagerDuty entered the year with a strong pipeline, with the Q1 pipeline being higher than the prior year, and a focus on improving quality and velocity. CEO Jennifer Tejada responded that she is 'never satisfied' and the goal is to scale the success seen in large accounts across the entire installed base. Howard Wilson confirmed the assumption for the fiscal year is that the SMB/commercial segment will return to growth after several quarters of declines and recent modest recovery.

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    Jeff Van Rhee's questions to PagerDuty Inc (PD) leadership • Q3 2025

    Question

    Jeff Van Rhee asked about the drivers behind the improvement in EMEA, sought an updated outlook for fiscal '26, and inquired about the key drivers for accelerating growth in the Commercial segment.

    Answer

    CEO Jennifer Tejada attributed the EMEA strength to a new leader who brought rigor to pipeline generation and go-to-market, combined with an easing macro environment. CFO Howard Wilson reiterated the goal for FY'26 is to grow ARR above 10% while expanding operating margins. For the Commercial segment, CEO Jennifer Tejada pointed to better retention and stabilization, driven by product value and strength in verticals like crypto and online travel. CFO Howard Wilson added that consumption-based products are reducing the direct link to user-based employment growth.

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    Jeff Van Rhee's questions to PagerDuty Inc (PD) leadership • Q2 2025

    Question

    Jeff Van Rhee sought clarification on the $9 million revenue guidance reduction, competitive win rates for incident management, and more detail on the SMB versus enterprise customer count trends.

    Answer

    CFO Howard Wilson confirmed the guidance change is primarily a timing issue, aside from a ~$2 million delay in professional services revenue, with ARR targets unchanged. CEO Jennifer Tejada stated that competition is mainly in the mid-market/SMB and that PagerDuty's resilience and AI platform are key differentiators. Howard Wilson added that SMB has faced elevated churn for four straight quarters and accounts for the bulk of the total paid customer decline.

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    Jeff Van Rhee's questions to Fastly Inc (FSLY) leadership

    Jeff Van Rhee's questions to Fastly Inc (FSLY) leadership • Q4 2024

    Question

    Jeff Van Rhee asked about the gross margin impact from the push into international markets and how long this might be a drag. He also inquired about the current posture of large media customers, who were previously noted as being unusually focused on profitability over growth.

    Answer

    CFO Ron Kisling explained that international traffic growth is a headwind that should largely work its way through in 2025 as traffic scales and cost efficiencies improve. CEO Todd Nightingale commented that the media customer posture has found a 'new normal,' and Fastly is now focused on expanding use cases and workloads with these accounts across the entire product portfolio, not just delivery.

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    Jeff Van Rhee's questions to Fastly Inc (FSLY) leadership • Q3 2024

    Question

    Jeff Van Rhee sought clarification on the sequential drop in enterprise customer count despite non-top 10 strength, the reasons for the lowered free cash flow guidance, and the evidence supporting a non-seasonal Q4.

    Answer

    CEO Todd Nightingale explained the enterprise customer count dip was due to customers falling just below the $100k run-rate threshold, not increased churn. CFO Ron Kisling attributed the free cash flow guidance change to the cash impact of the restructuring. He also clarified the cautious Q4 outlook is due to expected lower revenue from some large customers and the absence of onetime revenue true-ups seen in prior years.

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    Jeff Van Rhee's questions to Pros Holdings Inc (PRO) leadership

    Jeff Van Rhee's questions to Pros Holdings Inc (PRO) leadership • Q4 2024

    Question

    Jeff Van Rhee inquired about the turnaround in PROS's travel business, asking for conceivable growth rates in 2025 and insights gained on the airline industry's health. He also asked about the sales leadership's approach to driving outcomes while avoiding disruption in the new year.

    Answer

    CFO Stefan Schulz stated that the travel business is capable of achieving below-teens growth, with subscription growth expected to accelerate throughout 2025. CEO Andres Reiner added that offer optimization is a key driver for airlines. Regarding sales, Reiner explained that major changes were made last year, and the focus for 2025 is on surgical acceleration, such as expanding the Customer Success Manager role to include expansion quotas and deepening key partner relationships.

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    Jeff Van Rhee's questions to Pros Holdings Inc (PRO) leadership • Q3 2024

    Question

    Jeff Van Rhee asked about the outlook for Professional Services growth relative to subscription growth in 2025, the drivers for 2025 ARR growth, and whether there were demand differences between the B2B CPQ and price optimization products.

    Answer

    CFO Stefan Schulz explained that lower Professional Services growth is intentional, reflecting a strategy for faster time-to-value, and expects this trend to continue. He deferred specific 2025 ARR guidance but noted the focus remains on profitable growth and margin expansion. President and CEO Andres Reiner stated that demand is strong for both CPQ and price optimization products, both individually and as a combined, differentiated solution that embeds AI guidance into the quoting process.

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