Jim Fish

Jim Fish asked about the size and opportunity of the school bus vertical, especially after securing two major providers. He also inquired about the current sizing of Asset Tags ARR, given its 400%+ year-over-year growth, and how it compares to other emerging products like commercial navigation.

Answer

Sanjit Biswas, CEO and Co-founder, Samsara, did not provide an exact number for the school bus vertical's size but noted that once industry verticals open up, they tend to grow rapidly, driven by safety and competitiveness. Dominic Phillips, CFO, Samsara, stated that Asset Tags ARR will be disclosed at important milestones, but its strong growth is fueled by expanding capabilities like tank-level monitoring, leading to its largest deal ever in Q3.

Jim Fish inquired about the strong quarter for $1M+ ARR deals, asking about the mix between mid-market expansions and upper-end Global 2000 customers, and the reasons for this cohort's recent growth. He also asked how Samsara navigates the timing uncertainty of larger deals in its projections.

Answer

Dominic Phillips (CFO) clarified that the majority of $1M+ ARR customers are large enterprises with complex operations, often starting with core products but increasingly landing with multiple products due to accelerated innovation. He previously noted that Q1 deals that slipped into Q2 contributed to the strong Q2 performance, indicating that larger deals inherently have longer and less predictable sales cycles.

Jim Fish questioned the Remaining Performance Obligations (RPO) bookings growth, asking why it was only 6% despite overall bookings being better than expected, and sought clarification on the apparent shift of revenue into fiscal Q4. Fish also asked for a comparison of current revenue push-outs to past supply chain-related delays, seeking to understand similarities and differences in drivers.

Answer

Rukmini Sivaraman, Nutanix's CFO, explained that RPO captures future revenue, including deferred revenue and non-cancelable backlog, and noted that the Q1 backlog decline is consistent with historic seasonality, with overall RPO growing 26% year-over-year. She attributed revenue shifts primarily to increased customer demand for flexible license start dates due to Broadcom migrations, a growing proportion of business through OEM partners, and potential future supply chain tightness. Rajiv Ramaswami, Nutanix's CEO, added that Q1 results were not meaningfully impacted by supply chain, but acknowledged anecdotal reports of component shortages and lead times, which are factored into future outlook.

Jim Fish inquired why Remaining Performance Obligations (RPO) bookings only grew 6% despite overall bookings being better than expected, asking for clarification on the actual bookings growth rate and the implied seasonality with a large ramp into fiscal Q4. He also asked for a comparison of the current revenue push-out situation to past supply chain issues.

Answer

CFO Rukmini Sivaraman clarified that RPO, a TCV-based metric, grew 26% year-over-year in Q1, and the small decline in backlog was consistent with historical seasonality. She noted the full-year revenue mix is only slightly more weighted to the second half than FY25. CEO Rajiv Ramaswami and Ms. Sivaraman explained that current push-outs are primarily due to increased customer demand for flexible license start dates for Broadcom migrations and a growing proportion of business through OEM partners, where revenue is recognized upon appliance shipment. They stated supply chain was not a meaningful factor in Q1 but is being monitored for future impact.

Jim Fish asked about the competitive landscape for body cameras, specifically regarding Motorola's new SVX, and whether the Carbyne acquisition and broader 911 strategy are intended to counter Motorola's LMR angle. He also questioned CFO Brittany Bagley about the confidence in the Q4 revenue acceleration guidance and the role of backlog in this outlook.

Answer

President Josh Isner stated Axon's focus is on its own innovation and customers, seeing no headwinds from competitors in the body camera market. He emphasized Axon's commitment to delivering world-class technology and competing in the 911 space. CFO Brittany Bagley expressed high confidence in the Q4 guidance, citing strong bookings momentum, a robust recurring software business, and excellent visibility into deals, with variability primarily due to mix and recognition timing. Josh Isner added that Axon is playing the long game, making strategic investments for decades of growth while balancing revenue growth and profitability.

Jim Fish asked about the competitive landscape for body cameras, specifically regarding Motorola's new SVX, and whether the Carbine acquisition and broader 911 strategy are intended to counter Motorola's LMR angle. He also questioned CFO Brittany Bagley about the confidence in Q4's implied revenue acceleration and the outlook for backlog growth.

Answer

President Josh Isner stated that Axon sees no competitive headwinds in body cameras and remains focused on innovation, viewing the 911 space as another opportunity for competition. CFO Brittany Bagley and President Josh Isner expressed high confidence in Q4 revenue acceleration due to strong bookings momentum, a robust recurring software business, and clear visibility, with Josh emphasizing long-term strategic investments for sustained growth.

On behalf of Jim Fish, Quinton asked how the order book for the upcoming 150-terabyte flash module compares to previous upgrade cycles and if budget scrutiny poses a risk to its adoption.

Answer

CEO Charles Giancarlo positioned the 150TB module as a net positive, not a risk, as it opens up new, lower-cost markets and improves margins on existing sales. CTO Rob Lee added that each density improvement allows Pure to compete more aggressively against disk-based systems on both acquisition and operating costs, making it a key part of their roadmap.