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Co-CEO and CFO Stephen Vintz responded that the Board is conducting a search with no designated timeline, evaluating both internal and external candidates. He noted the Board has expressed complete confidence in him and Mark Thurmond to lead in the interim and that the existing management team was heavily involved in shaping the company's strategy and vision.

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Co-CEO Mark Thurmond reported a strong quarter for OT, with a good Q3 pipeline driven by verticals like data centers, manufacturing, and entertainment. He explained that the key driver is IT/OT convergence, where customers' initial OT security needs often lead to broader platform adoption of Tenable One, a competitive advantage over pure-play OT vendors.

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CEO Amit Yoran explained Tenable One has an initial 20-25% price-per-asset premium, with further uplift coming from expanded asset coverage over time, leading to a 70% higher realized ASP. He also described the VM competitive environment as 'exceptionally stable' with strong win rates.

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CEO Eyal Harari explained that the Verizon MyBiz plan includes Allot's cybersecurity as a default add-on for SMB customers, with Allot receiving a fee for every new subscriber. He anticipates a 2-3 year ramp to peak penetration based on past experiences. Harari clarified that the large European deal is a network intelligence (Smart) contract, not CCaaS, involving the new SG TerraThree platform, with most revenue expected in 2026 and 2027.

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CEO William Ballhaus explained that the outlook does not yet account for potential delivery accelerations or new bookings from positive market tailwinds like Golden Dome, which are still being quantified. He noted that near-term volume opportunities are more likely to come from increased quantities on existing programs rather than entirely new design wins.

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CEO Will Ballhaus advised not to focus on a single quarter's book-to-bill, pointing to the healthier trailing 12-month ratio of 1.1. He noted that booking timing can fluctuate and that some awards slipped from Q3 into a very strong start for Q4. Regarding the macro environment, he sees no major disruptions and expressed a positive bias, citing a growing defense budget and a favorable shift towards acquiring new technologies.

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CEO Bill Ballhaus attributed the revenue pull-forward to the company's relentless focus on customer deliveries. CFO Dave Farnsworth added that the activity was not concentrated in a single contract or customer but was spread across multiple products and customers. He noted that improved operational capacity enabled the company to accelerate deliveries from Q3 into Q2, getting products to customers earlier than initially expected.

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CEO Tom Leighton explained that API security and micro-segmentation are greenfield markets where customers are now recognizing urgent needs, driven by factors like ransomware threats. He noted that while these newer solutions are growing over 30%, the overall security segment's growth is moderated by its large base of more mature products, like WAF and DDoS protection, which are growing at a slower rate.

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CEO Dr. Tom Leighton detailed that the AI firewall protects against attacks that trick AI agents, poison data, or cause leaks, noting it's a new and growing attack surface. Regarding geopolitical concerns, he acknowledged the topic has come up but stated that for critical security services, there are few viable alternatives to Akamai, and the company is working to reassure customers of its long-term commitment.

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CFO Ed McGowan acknowledged the uncertainty around tariffs but noted Akamai is mitigating risk by pulling forward $10-15 million in CapEx and has the ability to move supply chains. He stated that passing on costs to customers is being explored as part of a broader pricing strategy review with their consulting firm, and they would have to bake in any material cost increases into future pricing.

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CEO Kip Compton agreed it is a 'new chapter,' focusing on building on existing momentum, increasing execution speed, and accelerating the path to profitability. Regarding pricing, Compton attributed the positive trend to increased discipline from the go-to-market team in negotiating discounts and commitments. CFO Ron Kisling added that broader macro factors, such as industry consolidation and post-2024 market stability, are also contributing to the favorable pricing environment.

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CEO Todd Nightingale clarified that compute products were the main growth driver, fueled by demand from verticals like travel for dynamic, real-time user experiences and innovative storage use cases. On the macro front, he stated that while no change in buyer behavior has been observed, the company maintains a conservative guidance as a hedge against potential uncertainty.

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CEO Todd Nightingale highlighted success with their WAF product, citing its efficacy and ability to run in full blocking mode as a key advantage. He noted the unification of the security portfolio onto the Fastly platform is driving confidence. The biggest upside is seen outside of media, in verticals like e-commerce, fintech, and travel, as well as the large untapped opportunity to cross-sell into the existing delivery customer base.

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CEO Sumedh Thakar stated the macro environment remains challenging with continued deal scrutiny, and guidance assumes no improvement. CFO Joo Mi Kim added that the net dollar expansion rate improved to 104%, suggesting the selling environment is not worsening. Regarding mROC, Thakar explained that partners are excited to offer a proactive risk management service that differentiates them from the saturated MDR market, enabling significant services revenue.

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CEO Sumedh Thakar explained that while cybersecurity remains a priority, increased spending scrutiny is leading to longer sales cycles, a factor prudently considered in the guidance. Thakar described the ROC journey as a way for customers to consolidate risk signals from multiple tools (including competitors'), quantify business risk in financial terms, and receive prioritized remediation plans, ultimately creating cost savings and justifying the additional budget for the ROC.

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CEO Sumedh Thakar stated that 2025 investment will focus on go-to-market initiatives, particularly supporting the partner ecosystem and the federal business, rather than large increases in engineering. He explained that the Enterprise TruRisk Management (ETM) platform naturally encourages bundling by integrating Qualys modules seamlessly. The company is gathering customer feedback to inform a new packaging strategy later in the year that will simplify adoption and incentivize platform consolidation.

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President and CEO Sumedh Thakar explained that the product marketing focus has shifted to aligning all modules with a message of business risk and quantification, which is resonating well with customers. CFO Joo Mi Kim noted the outperformance in upsells drove the net retention rate to 103%, but guidance for Q4 assumes no material improvement from this level, despite long-term optimism.

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President Josh Isner expressed high confidence in the H2 bookings pipeline, driven by strong sales execution. He explained that customers typically upgrade from basic plans to premium bundles like the Officer Safety Plan (OSP) over time. COO & CFO Brittany Bagley added that continuous product innovation, including the new AI era plan, naturally fuels this upgrade cycle.

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President Joshua Isner stated he does not see a significant risk of this occurring. He explained that TASER 10 is accelerating the upgrade cycle for customers on much older models (like the X2 and X26P), not just those on a predictable 5-year cycle. He also highlighted the extensive greenfield opportunity that remains in international markets and other verticals, which provides a long runway for continued growth.

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CFO Brittany Bagley stated the TAM expansion reflects a wider product portfolio now available internationally. President Joshua Isner credited strong bookings to improved team execution. CEO Patrick Smith and CPO/CTO Jeffrey Kunins explained Axon's approach to agentic AI is to apply it to practical, high-value customer workflows, like report writing, while ensuring human oversight and managing risk.

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Brittany Bagley, CFO, explained the TAM expansion reflects a broader product portfolio, including Fusus and AI, now available to international markets. Joshua Isner, President, credited strong international bookings to improved team execution. Patrick Smith, CEO, envisioned agentic AI solving complex customer problems by leveraging Axon's data and trust, starting with high-value, lower-risk applications.

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CEO Patrick Smith described drones as a "huge opportunity," with the Dedrone acquisition being a key enabler for airspace awareness. He also highlighted a strategic partnership with Skydio. Regarding TASER, both Smith and EVP Joshua Isner expressed strong confidence in sustained growth, citing a massive international opportunity and being only in "year two of five" of the T10 upgrade cycle. CFO Brittany Bagley tempered expectations, noting Q3's growth was exceptionally strong due to increased capacity.

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EVP & CFO Brian Miller attributed the growth to success in bundling payments with software, growth from third-party payment partners, and new contracts like California parks and Florida SunPass. President & CEO Lynn Moore added that improved onboarding speed and client adoption initiatives also contributed. Normalization would be driven by seasonality and eventually reaching peak penetration of the installed base.

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CFO Brian Miller explained that higher-than-expected rate increases from third-party payment partners boosted transaction revenue. Regarding the Texas contract, he noted strong volumes and a service extension as the state transitions to a new provider. CEO Lynn Moore added the extension could add approximately $3-3.5 million in low-margin revenue in 2025.

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CEO H. Moore stated that ARPA funding was never a material driver of business, though it did help accelerate a few deals at the end of the year. He asserted that he does not view the wind-down as a headwind, as the general health of state and local government budgets is the far more significant factor driving demand and his confidence in future sales.

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CEO Lynn Moore described a 'deliberative approach' to AI, focusing on both internal efficiencies and external client solutions. While customer curiosity is increasing, AI is not yet a primary deal driver. She noted that solutions with a clear ROI, like the acquired CSI and ARInspect products, are seeing success, and interest is growing, but clients remain somewhat conservative.

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CEO Nadav Zafrir identified leadership changes as the most critical, having expanded the C-suite with new presidents, a CMO, and a CRO. He also pointed to a focus on attracting marketing-oriented talent and a cultural shift to be more assertive in communicating the company's value proposition.

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CEO Nadav Zafrir explained that the Hybrid Mesh concept addresses the reality of modern hybrid environments (on-prem, cloud, remote). He stated the platform's value proposition is providing prevention-first security, superior user experience, and cost optimization. He acknowledged the concept is resonating but requires continued investment in marketing to educate the market.

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CEO Nadav Zafrir detailed a three-pronged AI strategy: 1) enhancing infrastructure efficiency with autonomous capabilities, 2) defending against AI-powered threats and securing customer AI usage, and 3) researching future threats. The core goal is to leverage AI to simplify security and protect the expanding attack surface.

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CEO Todd McKinnon reported a solid start with strong performance from the Auth0-focused team and a healthy pipeline build. President & COO Eric Kelleher added that key learnings confirm specialization works, citing past successes in Public Sector and US Commercial teams. He noted that while it takes time, the focused approach accelerates sales enablement and improves the customer experience.

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CEO Todd McKinnon described agentic AI as "machine identity on steroids," increasing the number of non-human logins by orders of magnitude. He explained that Okta benefits in three key ways through its 'Auth for GenAI' offering: 1) providing secure authentication for agents to prevent hard-coded credentials, 2) enabling Fine Grained Authorization (FGA) to enforce least-privilege access for agents interacting with APIs, and 3) supporting step-up user authentication for critical agent actions. He noted a waitlist of over 200 companies for the product.

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CEO Todd McKinnon explained that Okta is moving toward greater specialization to accelerate growth, believing the benefits will outweigh the costs. The plan involves creating dedicated sales teams for Auth0 (targeting developers) and the broader Okta suite (Access Management, Governance, etc.). CFO Brett Tighe added that the primary goal is to enhance account executive productivity, building on recent efficiency gains.

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Chief Product Officer Lee Klarich explained that the browser's inflection is driven by its integration into the Palo Alto Networks platform, transforming it from a niche tool into a comprehensive solution for securing all user traffic. Regarding AI, he noted that this integration allows for embedding security controls directly in the browser, which provides customers with better security and an improved user experience when adopting AI applications.

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Chief Product Officer Lee Klarich explained that effective real-time cloud security requires the rich context provided by CNAPP and code security. He stated that maintaining a clean cloud environment through better posture management makes it easier for run-time and SOC tools to detect threats. The company believes connecting all aspects of cloud security delivers the best customer outcomes, which is reflected in the new Cortex Cloud offering.

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Interim CEO Thomas Hogan noted that Pathfinder is growing in line with the core business, unlike the hyper-growth of Guardian, but recent product enhancements are expected to improve its trajectory. CRO Marcus Jewell added that the latest release makes Pathfinder more consumable for mass adoption. Regarding the budget, Jewell explained its passage would provide funding stability and that Cellebrite is positioned for 8-9 key programs related to human trafficking, fentanyl, and border safety.

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CFO Dana Gerner attributed the strong net retention primarily to expansion within the Insights offering, driven by upgrades and selling more capabilities like unlocks to existing users, rather than just adding seats. CEO Yossi Carmil highlighted that customers value AI for enhancing investigative speed and noted future AI opportunities in media, text, and cryptocurrency analysis.

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CEO Corey Thomas identified two primary drivers for ARR reacceleration. The first is continued execution in the strong-performing Detection and Response (D&R) business, bolstered by a newly expanded enterprise offering. The second is successfully activating the upgrade cycle for the large vulnerability management installed base to the Exposure Command platform. He stated that the wide guidance range reflects uncertainty around the timing of these drivers.

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CEO Corey Thomas stated that the opportunity to upgrade the installed base is better than ever due to new product extensions across both D&R and VM. He noted that significant sales campaigns are underway to drive this motion. He expects to see more robust performance from the expansion business and an increase in net ARR over the course of this year and into next year as a result.

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CEO Corey Thomas emphasized that their MDR service is high-quality with strong retention, built upon their own product stack. He stated the goal is to monitor 100% of a customer's environment, not just their own data sources. This product-driven approach benefits their SIEM (InsightIDR) customers directly, as the technology developed to make their own MDR analysts productive is delivered to customers, making it a highly effective solution.

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CEO Matthew Prince explained that Cloudflare is enabling the MCP standard to run on its global network, making it easier for developers to connect AI agents to third-party services. He emphasized that customers trust Cloudflare to solve the massive security challenges involved. The company's strategy is to be a 'universal translator' for all such protocols, positioning itself at the center of AI-to-service interactions, which he believes could be a killer app for Cloudflare Workers.

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CEO Matthew Prince responded that the primary driver of large deals is customers buying into the entire Cloudflare platform through 'pool of funds' contracts, rather than adopting a single standout product. He emphasized that customers are committing to Cloudflare's unified network architecture vision. He also highlighted the developer platform as an area of significant excitement and accelerating growth, having recently surpassed 3 million developers.

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CEO Matthew Prince confirmed that R2 is a significant driver, often acting as a gateway for AI customers who use it to move large training datasets. While D1 is less directly tied to AI, he emphasized that the combination of these data primitives with Workers allows customers to build complete, complex applications on the Cloudflare platform, driving broader adoption.

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Executive Robert Painter explained that Trimble's competitive edge in AI stems from its unique scale of data across the construction and transportation lifecycles. For the "machine control as a service" offering, he highlighted that over 50% of Q1 customers were new logos, demonstrating that the subscription model is successfully expanding the addressable market and aiding in competitive swap-outs.

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CEO Robert Painter explained that Trimble's unique scale of data across industry lifecycles provides a competitive advantage in an AI-driven world. Regarding 'machine control as a service,' he highlighted that over 50% of new contracts in the quarter were with new logos, demonstrating that the subscription model is expanding the addressable market and aiding in competitive swap-outs.

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CEO Robert Painter highlighted that Trimble's unique data advantage stems from connecting the physical and digital worlds across the entire construction lifecycle, creating a rich dataset for developing unique workflows. He also explained that the U.S. federal business, primarily within Field Systems, is lumpy and is projected to be down in 2025, which partially masks underlying growth in the segment.

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Tomer Weingarten (CEO) acknowledged uncertainty in the federal sector but noted that SentinelOne's pipeline there has expanded. He emphasized that their solutions can create cost synergies for agencies, a key advantage. He identified AI SIEM and Purple AI as the two main growth drivers, highlighting a record cloud security deal in Q4 as another area of strength.

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CEO Matt Cohen explained that Zilla provides a modern IGA solution for dynamic SaaS and cloud environments, a gap left by legacy tools focused on static on-premise IT. Zilla uses an AI-driven approach to automate entitlement management for complex applications like Salesforce and Workday. He emphasized that it integrates directly into the CyberArk platform, combining entitlement governance with access controls to create a more secure and comprehensive solution.

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CEO Matt Cohen explained that awareness is being scaled through marketing events, partner enablement, and direct sales conversations, with market factors like Google's 90-day certificate mandate creating urgency. CFO Joshua Siegel attributed the strong margin to the revenue beat, the timing of certain expenses shifting to Q4, and overall operational efficiency.

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CEO Matt Cohen affirmed that the platform vision is foundational to their solution-selling motion, resonating well with customers and future-proofing their security investments, which is why nearly half of new logos purchase multiple solutions. CFO Josh Siegel stated that while the full-year guidance is their official forecast, the strong first-half results demonstrate significant leverage in the model, and they anticipate continued free cash flow margin expansion in future years.

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