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    Josh Baer • Morgan Stanley

    Josh Baer's questions to DocuSign Inc (DOCU) leadership

    Josh Baer's questions to DocuSign Inc (DOCU) leadership • Q1 2026

    Question

    Josh Baer from Morgan Stanley asked for context on how much of the IAM book of business is from upsells versus net new customers, seeking to understand its accretive impact. He also requested details on the smaller non-recurring items that benefited Q1 revenue.

    Answer

    CFO Blake Grayson explained that while IAM is attracting new customers, the biggest opportunity is upselling the existing install base, and the vast majority of IAM deals are expansions of customer spend. He clarified that the non-recurring revenue items were a collection of smaller positive factors like short-term add-on deals, lower sales returns, and lower bad debt, which are not assumed to be recurring.

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    Josh Baer's questions to DocuSign Inc (DOCU) leadership • Q3 2025

    Question

    Josh Baer asked about the penetration of eSignature globally, the drivers of new customer growth, and the rationale behind the seemingly bullish Q4 billings guidance given the tough year-over-year comparison.

    Answer

    CEO Allan Thygesen stated that while there is still headroom for new customer growth, especially internationally and in the SMB space, the company's primary focus is on expanding within its massive existing customer base with the new IAM platform. CFO Blake Grayson explained that the Q4 billings guide includes an estimate for early renewals based on the current renewal book, but does not contain a single standout onetime component.

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    Josh Baer's questions to DocuSign Inc (DOCU) leadership • Q2 2025

    Question

    Josh Baer from Morgan Stanley inquired if higher consumption and envelope volumes could lead to customers expanding contracts. He also asked about the proportion of the business under 'all-you-can-eat' agreements and whether lower interest rates could be a tailwind for the company.

    Answer

    CFO Blake Grayson confirmed that rising consumption is a positive indicator for future expansion but noted that 'all-you-can-eat' deals are a small part of the business, with most customers on fixed-envelope plans. CEO Allan Thygesen added that while lower interest rates would be a positive tailwind, particularly for real estate, the company is now highly diversified across industries, making it less sensitive to that single vertical than it was several years ago.

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    Josh Baer's questions to Lightspeed Commerce Inc (LSPD) leadership

    Josh Baer's questions to Lightspeed Commerce Inc (LSPD) leadership • Q4 2025

    Question

    Josh Baer asked about the strategic advantages of being a pan-European provider in the hospitality sector and the size of this market segment. He also requested an outlook on free cash flow for fiscal 2026 and an explanation for the gap between adjusted EBITDA and free cash flow.

    Answer

    Founder and CEO Dax Dasilva highlighted diversification as a key strength, referencing a total addressable market of $5 billion in Europe for hospitality. CFO Asha Bakshani projected that free cash flow would improve from near-breakeven in fiscal 2025 and approach breakeven or better in fiscal 2026, driven by higher adjusted EBITDA. She explained the gap is due to normal working capital fluctuations and items like taxes on share buybacks.

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    Josh Baer's questions to Lightspeed Commerce Inc (LSPD) leadership • Q3 2025

    Question

    Josh Baer sought clarification on whether the new regional strategy alters the focus on high-GTV merchants and asked for the revenue contribution and growth rate of the core focus segments (North American retail and European hospitality).

    Answer

    President JD Saint-Martin confirmed the strategy remains focused on high-GTV (over $500k) customers, as flagship products are designed for these more complex SMBs. CFO Asha Bakshani revealed that these core growth verticals already represent approximately 70% of total revenue and the majority of the company's growth, making the strategic pivot a natural evolution.

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    Josh Baer's questions to Lightspeed Commerce Inc (LSPD) leadership • Q1 2025

    Question

    Josh Baer asked if stabilizing churn and ramping sales efforts would lead to accelerated growth in key customer cohorts and how that growth breaks down.

    Answer

    President JD Saint-Martin confirmed that leading indicators point to an acceleration in ICP location growth. He broke down new location sources as typically 65% from new business and 35% from existing customer expansion. He also highlighted that while overall key cohort growth was 4% YoY, the growth for ICP locations on flagship products is in the +20% range.

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    Josh Baer's questions to Docebo Inc (DCBO) leadership

    Josh Baer's questions to Docebo Inc (DCBO) leadership • Q1 2025

    Question

    Josh Baer asked for the rationale behind maintaining retention assumptions in the guidance, given that past periods of budget scrutiny have impacted retention. He also requested clarification on the timing of the financial impact from the AWS non-renewal.

    Answer

    CFO Brandon Farber explained that Q1 retention performed as expected despite a record volume of renewals, and the company sees a clear path to gross retention improvements in the coming quarters. On AWS, he clarified the contract ends December 31, 2025, resulting in no revenue impact for 2025. He quantified the contract at approximately 1.8% of total ARR.

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    Josh Baer's questions to Docebo Inc (DCBO) leadership • Q4 2024

    Question

    Josh Baer of Morgan Stanley asked about Docebo's strategy for landing larger ACV deals, specifically whether the focus is on wall-to-wall wins or departmental expansion. He also questioned if there is more room for operating leverage in sales, marketing, and R&D.

    Answer

    CEO Alessio Artuffo clarified that the strategy is to land within an organization and expand, citing lululemon as a key example, while noting that large wall-to-wall deals are increasing in the pipeline but are difficult to forecast precisely. Interim CFO Brandon Farber confirmed there is potential for more operating leverage across all departments, driven by the internal adoption of AI to increase efficiency and "do more with less."

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    Josh Baer's questions to Docebo Inc (DCBO) leadership • Q2 2024

    Question

    Josh Baer from Morgan Stanley questioned Docebo's focus on wall-to-wall LMS deployments versus a land-and-expand strategy and requested an update on the SMB market segment, including any signs of stabilization.

    Answer

    Interim CEO Alessio Artuffo clarified that Docebo's focus is on being a platform for multiple use cases, noting that 8 of every 10 new customers adopt two or more. CFO Sukaran Mehta added that while the SMB segment remains cautious, the company's primary investment focus is on the mid-market, large enterprise, and government sectors, where it sees superior unit economics and growth.

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    Josh Baer's questions to Toast Inc (TOST) leadership

    Josh Baer's questions to Toast Inc (TOST) leadership • Q1 2025

    Question

    Josh Baer pressed for more details on the pricing philosophy for the new Toast IQ platform and asked if Toast is observing any reaction from legacy competitors in response to its recent enterprise wins.

    Answer

    CEO Aman Narang stated that it is too early to discuss specific pricing for Toast IQ, as the team's primary focus is on proving customer value first, after which monetization will be explored. He added that they have not seen a notable reaction from legacy vendors and remain focused on executing their own product roadmap.

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    Josh Baer's questions to Toast Inc (TOST) leadership • Q4 2024

    Question

    Josh Baer asked for details on the unit economics and payback periods across different growth segments like enterprise, international, and retail, and also inquired about Toast's current AI product capabilities and customer reception.

    Answer

    CEO Aman Narang explained that payback is managed on a portfolio basis, but each new segment shows healthy signals, such as strong GPV in retail and high rep productivity internationally. He also detailed AI initiatives, including the 'benchmarking tool' for menu insights and 'Sous Chef' for operational data, with a medium-term focus on using AI to improve service at the point-of-sale.

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    Josh Baer's questions to Toast Inc (TOST) leadership • Q3 2024

    Question

    Josh Baer of Morgan Stanley inquired about the outlook for location growth in 2025, asking if the company expects to add more, fewer, or a similar number of locations compared to 2024, given the expanding TAM and strong execution.

    Answer

    CEO Aman Narang highlighted the strong 7,000 net adds in the quarter, driven by flywheel markets. While not providing a specific number for 2025, he expressed confidence in continued location growth, citing early momentum in retail and international markets, a strong enterprise win, and the strategic importance of scaling the core U.S. business while expanding the TAM.

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    Josh Baer's questions to Udemy Inc (UDMY) leadership

    Josh Baer's questions to Udemy Inc (UDMY) leadership • Q1 2025

    Question

    Josh Baer from Morgan Stanley requested more details on the strategic push into consumer subscriptions, asking about specific changes planned for pricing, packaging, and marketing.

    Answer

    CEO Hugo Sarrazin confirmed that changes are planned across all facets of the consumer business. The strategy involves repositioning the website, merchandising differently, creating new subscription tiers, and launching distinct marketing campaigns. He emphasized that while Udemy has advantages, such as a larger content library, the company will be methodical, using A/B testing to thoughtfully transition customers from the established transactional model.

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    Josh Baer's questions to Udemy Inc (UDMY) leadership • Q4 2024

    Question

    Josh Baer asked about the difference in interest between AI and non-AI courses from both instructor and learner perspectives, and also inquired about the company's plans for share buybacks following the completion of the $150 million program.

    Answer

    CEO Greg Brown noted a significant uptick in demand for non-AI soft skills like leadership and communication, citing a large healthcare client win as an example. On capital allocation, CFO Sarah Blanchard reiterated a disciplined approach, prioritizing reinvestment, M&A, and returning cash to shareholders when appropriate, without committing to a new buyback program.

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    Josh Baer's questions to Udemy Inc (UDMY) leadership • Q3 2024

    Question

    Josh Baer of Morgan Stanley asked for details on the Workday integration, including its unique advantages, and questioned how customers decide between using a platform's native skills tools versus those from a content provider like Udemy.

    Answer

    CEO Greg Brown explained the Workday integration maps Udemy Business content to the Workday Skills Cloud, promoting internal mobility by allowing learners and admins to view developed skills. He confirmed a customer must use both platforms to get the benefit and stated that Udemy's strategy is to integrate with all major systems, with the choice of tools made on a case-by-case basis with the customer.

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    Josh Baer's questions to Sabre Corp (SABR) leadership

    Josh Baer's questions to Sabre Corp (SABR) leadership • Q1 2025

    Question

    Josh Baer of Morgan Stanley asked about the implied quarterly ramp in air bookings growth needed to meet the full-year target, questioning if it meant growth could reach 20-30% in the second half. He also asked if this market share gain could carry over into 2026.

    Answer

    CEO Kurt Ekert confirmed the directional math, stating they expect mid-to-high teens growth in Q3 and at or above 20% growth in Q4. CFO Michael Randolfi added that while not providing 2026 guidance, the strong second-half 2025 acceleration provides a 'very strong carryover' into the next year. They clarified the incremental $30 million in bookings is the realized number for 2025, not an annualized figure.

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    Josh Baer's questions to Sabre Corp (SABR) leadership • Q4 2024

    Question

    Josh Baer inquired about the implementation process for new agency wins, including the ramp-up timeline and associated risks, and also asked for more detail on the incremental $100 million in cost efficiencies.

    Answer

    CEO Kurt Ekert explained that Sabre has extensive experience with implementations, which vary by client type (OTA vs. TMC), and expressed high confidence in the 2025 ramp-up projections. CFO Michael Randolfi clarified that the $100 million in savings is the final portion of the tech transformation initiative, with all necessary actions completed by the end of 2024.

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    Josh Baer's questions to Sabre Corp (SABR) leadership • Q3 2024

    Question

    Josh Baer asked for more detail on the Q3 revenue miss versus guidance, specifically questioning the dynamics in the IT Solutions segment. He also inquired about the moving pieces in working capital affecting free cash flow and the company's confidence in achieving a strong Q4 to meet its full-year positive free cash flow target.

    Answer

    CFO Michael Randolfi explained that the revenue variance was an aggregation of minor differences across several streams, not a single discernible trend. He clarified that IT Solutions performance was in line with internal expectations and that the year-over-year decline was due to non-repeating revenue from prior demigrations. Regarding free cash flow, Randolfi expressed high confidence in the Q4 forecast, citing strong seasonality and noting that year-over-year comparisons are impacted by a large one-time working capital benefit from 2023 that is now being lapped.

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    Josh Baer's questions to DigitalOcean Holdings Inc (DOCN) leadership

    Josh Baer's questions to DigitalOcean Holdings Inc (DOCN) leadership • Q1 2025

    Question

    Josh Baer inquired about the supply side of the alternative financing discussion, asking about potential constraints for GPUs and the tightness of the equipment leasing market.

    Answer

    CEO Padmanabhan Srinivasan stated that DigitalOcean is in a healthy supply position, as its orders are not large enough to face major delays, and the GPU market is less constrained than last year. Regarding financing, he noted 'tremendous interest' from capital providers to fund AI infrastructure. He reiterated that this financing is not needed for the current plan but is an option to accelerate growth faster than forecasted without impacting near-term free cash flow.

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    Josh Baer's questions to DigitalOcean Holdings Inc (DOCN) leadership • Q4 2024

    Question

    Josh Baer of Morgan Stanley inquired about the types of customers and workloads migrating from hyperscalers to DigitalOcean, and also asked for an explanation of the 2024 EBITDA outperformance versus initial guidance and the conservatism in the 2025 forecast.

    Answer

    CEO Padmanabhan Srinivasan explained that customers migrate from hyperscalers due to complexity and high costs, with DigitalOcean targeting tech-native companies with globally distributed, network-intensive applications. Executive Matt Steinfort added that 2024 EBITDA outperformance stemmed from efficient resource reallocation, avoiding a planned spending surge. He noted the wide 2025 EBITDA guide allows investment flexibility while committing to strong free cash flow.

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    Josh Baer's questions to DigitalOcean Holdings Inc (DOCN) leadership • Q3 2024

    Question

    Josh Baer inquired if the focus on advanced features and attracting hyperscaler workloads signifies a strategic shift upmarket, and asked for the reason behind the sequential drop in net new ARR.

    Answer

    CEO Paddy Srinivasan clarified the strategy is not a shift away from their core but is about 'following our customers' fleet' by enabling their fast-growing scaler customers to expand their footprint on the platform. CFO Matt Steinfort explained the sequential drop in net new ARR was due to Q2 being an anomaly, where a large amount of new AI capacity came online and met significant pent-up demand, causing a one-time surge.

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    Josh Baer's questions to Coursera Inc (COUR) leadership

    Josh Baer's questions to Coursera Inc (COUR) leadership • Q1 2025

    Question

    Josh Baer asked for perspective on the timing of when corporate skilling trends will inflect and questioned the rationale for targeting only 100 basis points of margin expansion given the lower growth outlook.

    Answer

    CEO Gregory Hart suggested the corporate skilling inflection will vary by sector, balanced by near-term macro uncertainty, but believes forward-leaning companies will continue to invest. CFO Ken Hahn explained the 100 bps margin expansion target is a deliberate choice to provide investment capacity to reignite higher growth, noting the costs are budgeted but the potential revenue benefits are not yet included in the forecast.

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    Josh Baer's questions to Coursera Inc (COUR) leadership • Q3 2024

    Question

    Josh Baer requested a breakdown of the Q4 guidance reduction across business segments and asked if the decline in Enterprise Net Retention Rate was due to new, incremental churn or the persistence of previously discussed issues.

    Answer

    CFO Ken Hahn clarified that the vast majority of the guidance weakness was concentrated in the Consumer segment, as Enterprise revenue is more predictable. He noted Enterprise renewals were only slightly weaker. CEO Jeff Maggioncalda confirmed the NRR drop was primarily due to the persistence of previously discussed factors, such as government budget dynamics, rather than significant new customer losses.

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    Josh Baer's questions to ServiceTitan Inc (TTAN) leadership

    Josh Baer's questions to ServiceTitan Inc (TTAN) leadership • Q4 2025

    Question

    Josh Baer inquired about the drivers behind the GTV growth acceleration, seeking details on average ticket sizes, the mix of customer growth, and the impact of private equity roll-outs.

    Answer

    CFO Dave Sherry explained that beyond a 150 basis point weather benefit, the outperformance was driven by existing residential customers growing faster than in prior periods, but he was not ready to call it a trend. CEO Ara Mahdessian noted that private equity sponsors want to standardize on ServiceTitan and that higher product utilization (TitanScore) correlates with faster customer revenue growth.

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    Josh Baer's questions to ServiceTitan Inc (TTAN) leadership • Q3 2025

    Question

    Josh Baer inquired about the ongoing trend of private equity-led consolidation in the trades and its impact on ServiceTitan, and also asked about the drivers behind Q4 revenue guidance.

    Answer

    CEO Ara Mahdessian described consolidators as ideal partners who accelerate customer acquisition, adopt Pro products at a high rate, and exhibit low churn. CFO Dave Sherry addressed guidance, explaining that while Q4 sees seasonal usage revenue declines, strong subscription momentum is expected to drive a small sequential increase in total revenue. He noted a prior-year headwind from an asset disposal will also cease, and the company's goal is to establish a consistent track record rather than engineer large beats.

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    Josh Baer's questions to Box Inc (BOX) leadership

    Josh Baer's questions to Box Inc (BOX) leadership • Q4 2025

    Question

    Josh Baer asked how Box AI and other recent innovations are impacting new customer wins and whether they are accelerating the replacement of legacy enterprise content management (ECM) platforms.

    Answer

    CEO Aaron Levie confirmed that AI is 'absolutely going to be a catalyst' for replacing legacy systems by providing a compelling modernization trigger. He added that AI also opens a much larger opportunity by addressing use cases in business units that never used traditional ECM, effectively expanding the market. While early Enterprise Advanced demand is from existing customers, the AI story is now central to all new sales conversations.

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    Josh Baer's questions to Box Inc (BOX) leadership • Q3 2025

    Question

    Josh Baer from Morgan Stanley asked CEO Aaron Levie to identify the new capability with the most significant potential business impact and asked CFO Dylan Smith how that specific opportunity translates to the financial model.

    Answer

    CEO Aaron Levie highlighted Box Apps as the most transformational capability, enabling customers to build no-code workflow applications directly on the platform, which he compared to Salesforce's Force.com. CFO Dylan Smith noted that while Box Apps is exciting, the financial impact will come from the entire Enterprise Advanced suite, driving higher growth and improved customer economics over time rather than from a single feature.

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    Josh Baer's questions to CCC Intelligent Solutions Holdings Inc (CCCS) leadership

    Josh Baer's questions to CCC Intelligent Solutions Holdings Inc (CCCS) leadership • Q4 2024

    Question

    Josh Baer asked about CCCS's pricing philosophy, the contribution of price increases to 2025 growth, and whether the moderation in claims volume seen in Q4 2024 is expected to continue into 2025.

    Answer

    CFO Brian Herb stated that while pricing is reviewed continuously and is a component of NDR, it is not being called out as a specific or material driver of 2025 growth. Regarding claims volume, CEO Githesh Ramamurthy noted that January data can be noisy due to weather. Herb clarified that the 2025 guidance assumes a baseline similar to 2024's performance, without factoring in a significant lift or drag from volume changes.

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    Josh Baer's questions to CCC Intelligent Solutions Holdings Inc (CCCS) leadership • Q3 2024

    Question

    Josh Baer requested a typical timeline for an early adopter of an AI product like Estimate-STP to convert to revenue and asked for clarification on the reasons for the Q4 guidance reduction.

    Answer

    CEO Githesh Ramamurthy noted that timelines vary, citing one top-10 carrier that took 3-4 quarters to ramp up Estimate-STP usage. CFO Brian Herb added that while Q4 guidance was adjusted, the full-year guidance range remains consistent. The Q4 adjustment reflects a combination of difficult comps, volume weakness, and deal flow timing.

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    Josh Baer's questions to Asana Inc (ASAN) leadership

    Josh Baer's questions to Asana Inc (ASAN) leadership • Q3 2025

    Question

    Josh Baer asked about the impact of AI Studio's new consumption-based business model on traditional seat-based growth, questioning the potential for both headwinds and tailwinds to seat expansion.

    Answer

    Co-Founder and CEO Dustin Moskovitz explained that he doesn't foresee near-term headwinds to seat growth, as initial AI Studio use cases are often net-new and Asana's customer base remains underpenetrated. He suggested it could be a tailwind by helping to advance sales conversations. COO Anne Raimondi provided an example of an AI Studio pilot customer that also expanded its seat count in a three-year renewal. CFO Sonalee Parekh added that AI Studio is expected to increase customer stickiness and lifetime value.

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    Josh Baer's questions to Asana Inc (ASAN) leadership • Q2 2025

    Question

    Josh Baer inquired about the reasons for pushed deals, their scale, and the confidence in their eventual closure. He also asked for more context regarding the timing of the CFO transition.

    Answer

    COO Anne Raimondi explained that larger enterprise deals naturally have longer decision cycles, but sentiment is stable and a good portion of the pushed deals already closed in August. Regarding the CFO change, CEO Dustin Moskovitz and CFO Tim Wan clarified it was a long-planned, personal decision for Tim to take time off and was not a reaction to current business performance.

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