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CEO Gary Nugent stated that the Intelligence and Advisory business is performing as expected with strong customer renewals, though new business remains competitive. He clarified that the second-half guidance is based on existing bookings and revenue pacing momentum, not on assumptions of a market recovery. Nugent also explained that Netline's growth was driven by a new go-to-market strategy targeting the volume-conscious end of the market, rather than material changes to the product itself.

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CEO Gary Nugent stated that confidence in guidance stems from internal operational improvements, not an anticipated market rebound. He highlighted a refined go-to-market strategy focusing on large customers and the successful repositioning of the Netline product as key drivers. Nugent also noted that as the combined organization stabilizes, revenue pacing is improving. Regarding cybersecurity, he emphasized it's a top priority for buyers, and the company's combined assets provide a unique competitive advantage to help vendors in that space.

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CEO Gary Nugent explained that AI is a market opportunity, an internal efficiency tool, and a product enhancement feature, noting that serious B2B buyers still rely on authoritative content. He confirmed confidence in meeting or exceeding the $45 million synergy goal, particularly by accelerating cost savings. The early-year disruption was attributed to the accelerated integration of the two companies, specifically the rapid implementation of a new go-to-market strategy and sales organization.

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CRO Thomas Wyatt explained the strategy involves landing with messaging internationally and then cross-selling higher-margin products. CEO Khozema Shipchandler added that AI R&D investments are a priority to capture a generational opportunity but will be made responsibly within the existing financial framework to support free cash flow.

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CEO Khozema Shipchandler described RCS as being in its 'early days,' with Twilio being cautiously optimistic but noting that broad support from carriers and tech ecosystem partners is not yet in place. CFO Aidan Viggiano projected that Q2 free cash flow would be more in line with Q2 non-GAAP income guidance, after some working capital tailwinds in Q1 are expected to reverse.

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CEO Chad Richison noted that the marketing group has been using AI tools efficiently for some time, while the core sales process remains focused on value-selling and ROI. He confirmed record sales in Q1 and again in Q2, stating these new wins will be reflected in revenue in subsequent quarters. He expressed a high level of excitement across the company, suggesting strong visibility and momentum.

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CEO Chad Richison reiterated that retention is reported annually and was 90% for 2024, consistent with the prior year. While not providing a specific 2025 guide, he expressed optimism that increasing automation benefits would help improve retention over time. He pointed to a record January for new sales as evidence of strong current momentum.

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CEO Chad Richison explained that while automation drives efficiencies, the company remains ambitious given its 5% market share and is focused on building the next generation of software. He noted that client utilization is increasing, emphasizing that optimal usage often involves setting up the system to run automatically, reducing direct user interaction.

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CFO John Schwab stated that after a strong start in April, softness began to appear in May, with deal cycle elongation becoming more pronounced in June. President and CEO David DeStefano attributed the SAP-related slowdown to general macro uncertainty, causing enterprises to delay large, disruptive cloud transformation projects to prioritize other investments.

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CEO David DeStefano explained that the migration from homegrown solutions is driven by the growing complexity of global e-invoicing and increased audit pressure, which makes manual processes unsustainable. CFO John Schwab added that the decline in direct customers was due to the attrition of low-ARPU customers at the lower end of the market, noting that the company's focus remains on its scaled customers, which grew 15% year-over-year.

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CEO David DeStefano stated that the 'smart categorization' AI product will launch in 2025 and begin contributing to ARR, driven by strong customer feedback. CFO John Schwab estimated that R&D capitalization is typically around 50% and acknowledged that while these investments will slow free cash flow conversion for 18-24 months, the company expects to return to its 65-70% conversion target after exiting 2026.

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CEO David DeStefano confirmed that increased activity from Oracle and SAP migrations, along with regulatory pressures, drove the positive outlook and is expected to continue into 2025. Regarding e-invoicing, he stated that Vertex's solution with ecosio is already integrated and being sold, highlighting France and Germany as key countries to watch.

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CEO Caryn Seidman Becker explained that international enrollment will leverage the existing ePassport capability for a one-step process, initially at airport pods and later via mobile, with a focus on U.S. outbound lanes. CFO Jennifer Hsu stated the recent pricing actions were designed to optimize bookings and that retention has been in line with expectations. Caryn Seidman Becker added that investors should expect a more disciplined and consistent pricing strategy moving forward.

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Executive Caryn Seidman-Becker stated that gross adds and conversion rates remain healthy with no current softness from macro sentiment, but the guidance reflects caution around external "noise" like the REAL ID rollout. She noted CLEAR is well-prepared to assist members. CFO Jennifer Hsu added that while no softness is visible, the bookings guidance range was widened slightly to account for potential variability, and she reiterated the full-year free cash flow guidance. Regarding retention, Hsu confirmed that overall trends are consistent, as reflected in the sequential growth of 100,000 net adds in Q1.

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Kenneth Cornick, an executive at CLEAR, attributed the Q1 guidance to seasonal travel slowness, the timing of CLEAR1 deals, and a reduced pricing tailwind. He also noted that the percentage of trial members was down slightly year-over-year. Regarding the Amex partnership, Cornick explained that while valuable for distribution, the significant gap between wholesale and retail pricing currently depresses bookings and EBITDA. CEO Caryn Seidman-Becker added that company data shows strong retention rates for members who transition from promotional to full-priced plans.

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Executive Kenneth Cornick stated the company is pleased with the pricing performance, noting a focus on dollar retention which increased 100 bps YoY. He acknowledged a modest impact on family gross adds and retention but expects Q4 net adds to be up sequentially. Executive Caryn Seidman-Becker described the Uber partnership as foundational for trust and safety, with significant long-term potential to increase member utilization beyond travel, though she did not detail the commercial terms.

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President Josh Isner confirmed that outpost camera trials are live with large customers and are providing valuable learnings. COO & CFO Brittany Bagley explained that drone-related revenue is primarily from D-Drone's hardware and software, while the partnership with Skydio is a referral fee and not a major revenue component at this time.

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President Joshua Isner clarified that there will be no major revenue impact from the new fixed cameras this year, as the immediate focus is on trials and ensuring high product quality, with revenue conversion expected in 2026. He noted that Axon's experience building other cameras accelerates the path to market. Regarding pricing, Isner confirmed the June 30 deadline creates urgency for customers, and the company is focused on converting its existing pipeline in Q2.

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President Joshua Isner stated the Flock Safety situation was 'overblown' and that Axon hopes to resume the partnership under fairer terms for data flow. Both Isner and CEO Patrick Smith expressed confidence in federal program expansion, noting that once agencies adopt body cameras, they become indispensable for officer protection, a value proposition enhanced by new AI tools like Draft One.

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Joshua Isner, President, characterized the Flock partnership situation as 'overblown,' stating that both companies are interested in resuming the partnership with fairer data-sharing terms. On federal contracts, both Isner and CEO Patrick Smith expressed confidence, noting that once agencies adopt body cameras, they become indispensable for officer protection, a value proposition enhanced by new AI tools like Draft One.

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CFO Brittany Bagley explained the Q4 margin guidance reflects timing on expense catch-up and a full quarter of costs from the closed Dedrone acquisition. EVP Joshua Isner added that FedRAMP is a differentiator, but federal wins are more a tribute to product quality and team execution. Bagley confirmed they will continue to bring more TASER capacity online to meet strong demand.

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CEO Pat Goepel and CFO John Pence stated that attach rates for multi-product clients have already increased to 29% from 25% last quarter, and the Latham acquisition is expected to accelerate this. Pence confirmed that core payroll growth is approximately 5% when excluding the HR compliance headwind. Management's confidence stems from the fact that the low-retention ERTC-bundled customer cohort has now largely rolled off, and new HR compliance sales are outpacing churn.

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CEO Patrick Goepel shared a case study of a client's annual value increasing from $4,000 to $120,000 via cross-selling, noting these results are still early. Regarding HR compliance, Goepel and CFO John Pence explained that while retention rates for the ERTC-attached cohort were lower than average, the company has now lapped that comparison period and expects a return to growth in the second half of the year.

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CEO Pat Goepel and President Eyal Goldstein confirmed strong progress in the enterprise tax pipeline, with implementations for major ERP systems underway and a sales team that has been successfully transitioned from ERTC to selling the full product suite. CFO John Pence stated the credit facility is the 'main impetus' to accelerate their customer acquisition strategy and clarified that two recent small acquisitions were already factored into the full-year guidance, replacing a deal that fell through in Q4.

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CEO Patrick Goepel attributed the Q3 miss to the timing of large deal implementations ('book-to-bill timing') rather than lost deals, taking ownership for the forecasting error. He cited a 141% increase in sales bookings and a 250% year-over-year rise in backlog as key reasons for confidence in the 2025 outlook. Goepel and President Eyal Goldstein explained that enterprise tax sales cycles can be 90-120 days and are often dependent on a client's broader ERP implementation schedule. The go-to-market strategy is a mix of direct sales and partnerships with system integrators.

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President & CEO Lynn Moore confirmed the overall pipeline is solid but noted that large court deals tend to be lumpy and timing is uncertain. EVP & CFO Brian Miller added that the mix of large deals in the pipeline is consistent with historical norms, but predicting the exact timing of procurement decisions for major contracts remains difficult.

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CFO Brian Miller explained that driver history records were not a significant driver. The strength came from state-level digital services, e-filing, new contracts, and strong volumes in Florida and Texas. Growth in the local market and third-party rate increases also contributed. He confirmed normal seasonality is expected.

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CFO Brian Miller stated that the company has 'decent visibility' into migrations, which are generally broad-based across product lines. He noted, however, that the public safety segment is experiencing a particularly rapid acceleration in cloud adoption. Miller reiterated the expectation for on-premise to cloud 'flips' to peak in 2027 and 2028.

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CEO Lynn Moore stated she was pleased with the version consolidation progress, noting it is ahead of their internal plan and a key part of their cloud transition. She highlighted that major products like Enterprise Justice and ERP now have the vast majority of clients on one or two versions. This progress is already contributing to margin expansion through cloud efficiencies and lower support costs, a trend expected to continue.

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CEO David Morken confirmed that the AI thesis is proving successful, with Maestro being a critical component in all new enterprise deals. CFO Daryl Raiford clarified that the current guidance implies significant revenue acceleration in the second half of the year, projecting 10% organic growth in Q3 and 13% in Q4. Chief Product Officer John Bell added that Maestro adoption is a key driver of the increasing ARPU.

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CEO Dan Bodner explained that Verint's differentiation stems from delivering proven AI business outcomes and its hybrid cloud model, which allows customers to layer AI onto existing systems without a 'rip-and-replace' approach. He provided examples of customers significantly increasing their ARR with Verint by expanding their use of AI bots. Bodner noted that while some customers are reducing agent seats, the overall agent count under management remains stable, and the company's growth is now driven by its high-growth AI ARR, which is more valuable than seat-based revenue.

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CEO Dan Bodner stated that Verint's ability to deliver strong, fast AI business outcomes is helping customers overcome purchasing hesitation, citing a 20x ROI for brands and a 9x revenue increase for Verint per automated seat. He confirmed the fiscal '26 guidance for 8% ARR growth is ratable and independent of booking mix. Bodner attributed the ARR outperformance to accelerated adoption by large customers, noting that Verint's top 100 customers saw 17% ARR growth and the top 25 saw 24% growth, driven by a top-down education strategy on AI benefits.

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CEO Dan Bodner confirmed that some customers are beginning to reduce agent counts, but noted this is accretive for Verint, as replacing a $200/seat license with a $1,200/bot license represents a significant revenue opportunity. He also acknowledged a customer "AI paralysis" due to market noise but stated that showcasing tangible business outcomes from peers is effectively shortening sales cycles, with the situation improving each quarter.

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Dan Bodner, CEO, clarified that the unbundled SaaS shortfall was due to the timing of a single large deal, unrelated to AI or agent counts, which remain stable overall. He confirmed that strong AI momentum, evidenced by over 40% growth in new AI bookings and 15% growth in bundled SaaS revenue, is indeed driving better customer retention and the strong sequential growth in net new SaaS ARR.

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CFO Kathryn Bueker addressed the question by focusing on Net Revenue Retention (NRR). She stated that NRR is expected to increase by a couple of points in 2025 compared to 2024. This improvement is driven by two factors: consistently strong customer dollar retention in the high 80s and increased expansion from the new seats-based pricing model. This seat expansion comes from both new customers adding seats as they grow and existing customers adopting more paid 'core seats,' which monetizes the core CRM.

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CEO Yamini Rangan agreed that the platform advantage is key, stating that customers want a unified platform with both customer and transaction data, not disparate point solutions. She explained that Cash flow will enable a seamless process from proposal to payment, with all data captured in one place to inform future customer conversations, accelerating the vision for a single platform where it's easy for sellers to sell and buyers to buy.

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CEO John Strosahl and CSO Henry Patel explained that Identity Automation's context-based identity management is a natural fit for commercial deskless workflows in sectors like healthcare and retail. They noted the initial focus is on Jamf's 40,000 existing education customers and international expansion. Strosahl clarified that 'Jamf for Mac' is tailored for enterprise buyers, whereas the Jamf Business Plan serves smaller business customers, simplifying the buying motion for each segment.

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CFO David Rudow credited Jamf's modeling team for the NRR accuracy and projected that the rate should begin to improve in the second half of 2025. He explained the anticipated 75% growth in unlevered free cash flow is supported by catching up on delayed collections from a Q4 systems update, which temporarily increased DSOs. He expressed confidence in the cash flow targets and the company's overall capital position.

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Outgoing CFO Ian Goodkind acknowledged headwinds from education and device expansion but highlighted strong growth in commercial and security, expecting full-year ARR growth to be similar to revenue growth. CEO John Strosahl added that customer sentiment at JNUC was very positive, with excitement around new product enhancements like Blueprint and Self-service Plus.

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