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CFO Michael Scarpelli explained that newer customers, not yet in the NRR cohort, are contributing significantly to growth, and one very large customer's growth rate moderated after a period of massive expansion. CEO Sridhar Ramaswamy addressed competition by highlighting Snowflake's position as the 'excellent data platform' and its strategy of deep cooperation with hyperscalers like AWS and Microsoft Azure, which often results in a better outcome for customers.

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CEO Sridhar Ramaswamy argued that analytics on structured data remains critical and is amplified by AI, which can transform unstructured data into structured insights. He cited over 1,000 deployed AI use cases with customers like Siemens and Bayer as evidence. CFO Mike Scarpelli confirmed the core business is stable, pointing to a consistent Net Revenue Retention rate of 127% and a strong backlog for next year, while also noting Q4 seasonality.

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CEO Sasan Goodarzi outlined three factors for resilience: over 90% of company revenue is recurring and mission-critical; Intuit acts as a low-cost disruptor in the assisted tax and mid-market segments, saving customers money by consolidating apps; and this value proposition provides significant ARPC tailwinds. He asserted that the company is more resilient than in the past due to its diversified customer base and subscription model.

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CEO Sasan Goodarzi emphasized Intuit's resilience, noting that over 90% of its revenue is recurring and its platform is mission-critical. He positioned Intuit as a 'low-cost disruptor' in the assisted tax and mid-market segments, where it saves customers money by consolidating numerous apps. This value proposition provides strong ARPC tailwinds and pricing power, making the business resilient even in a challenging economic environment.

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CEO Sasan Goodarzi projected the overall business group to grow 15-20%, driven primarily by the online segment. He stated that the mid-market, a $100 billion TAM, is expected to one day become larger than the entire current business group. He expressed high confidence in this trajectory, citing strong customer wins for IES based on experience, total cost of ownership, and price, with significant room for further platform expansion.

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CEO Sasan Goodarzi agreed, highlighting the guidance for the newly named Global Business Solutions Group to surpass $11 billion in the coming year. He stated that 'the best is yet to come,' as this scale was achieved without a massive contribution from the mid-market segment. He expressed excitement about the future, emphasizing the goal to win major brand names on Intuit's mid-market platform and noting that the competitive space for mid-market financial management is not crowded, giving Intuit a strong right to win.

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CEO Michael Intrator acknowledged that large-scale labs will naturally be outsized clients but emphasized a strong focus on bringing on additional enterprise customers. He highlighted the acquisition of Weights & Biases as a key strategy to establish relationships with the entire universe of enterprise clients, expecting this to drive future diversification.

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CFO James Benson stated that customer success and the new 'strike teams' are now exclusively incentivized based on driving consumption and adoption. This focus is expected to lead to either higher ODC revenue or earlier contract renewals. CEO Rick McConnell added that driving consumption is the key precursor to future subscription growth.

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Co-CEO Eran Zinman stated that the company will preserve its successful combination of product-led growth and top-down selling, as well as its multi-product strategy. He explained that the new CRO, Casey George, brings extensive experience to accelerate the upmarket motion, enhance enterprise sales, and improve overall efficiency.

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CEO Vlad Shmunis stated that AI products offer significant pricing potential because they replace human labor, not just IT spend, delivering substantial customer savings. He confirmed new AI products are paid add-ons. CFO Abhey Lamba affirmed that the 7% ARR growth is a positive leading indicator for future revenue, supporting the full-year guidance.

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Founder, Chairman and CEO Vlad Shmunis asserted that third-party data confirms RingCentral is maintaining its ~20% market share, refuting narratives of losses to competitors. He highlighted the unique opportunity in combining UCaaS and CCaaS and leveraging AI with new products like RingCentral AIR. CFO Abhey Lamba discussed leveraging his experience from high-growth companies to drive profitable growth and improve the balance sheet. President and COO Kira Makagon added that the company's pace of innovation will build upon its market-leading position.

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Founder, Chairman and CEO Vlad Shmunis described AI as a transformative megatrend with real, growing demand, though it is still early. He confirmed that RingCentral is monetizing AI through products like RingSense and RingCentral Agent Assist, which are increasing ARPU. Shmunis emphasized that AI augments, rather than replaces, communication and will be a major long-term growth driver, enhanced by the new Verint partnership. However, he noted that given the company's $2.5 billion revenue scale, it will take time for these new initiatives to materially impact overall growth, making it too early to guide on a specific inflection point.

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CEO Amit Walia responded that it is prudent to execute on the new plan for more than one quarter before revising long-term targets, especially given the macro environment. He differentiated between 'data platforms' like Snowflake and Informatica's comprehensive 'data management platform,' arguing that platform fragmentation actually increases demand for Informatica's neutral solution. He also highlighted that 50% of Informatica's cloud ARR comes from MDM and governance, areas not addressed by these other platforms.

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CFO Mike McLaughlin responded that while the company is well-positioned for accelerating revenue growth, achieving double-digit growth in 2025 is likely not realistic. He reaffirmed the medium-term guidance from the December 2023 Investor Day, which targets double-digit revenue growth by late 2026 or into 2027.

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CEO Olivier Pomel stated that as customers move to inference, Datadog is building more capabilities, particularly with its LLM Observability product. CFO David Obstler explained that the ROI on R&D is visible in the rapid growth of new products like Database Monitoring and Flex Logs. The returns on sales and marketing investments are seen in quota capacity expansion and will pay back over a year as new reps ramp.

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CEO Olivier Pomel clarified that guidance is based on recent usage trends, which are only loosely connected in time to bookings. CFO David Obstler added that the guidance methodology remains unchanged, applying a conservative discount to recent trends. He also noted that in Q4, forward-looking indicators and revenue growth were actually quite convergent, and the operational focus on driving usage through customer success and product management is ongoing.

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CFO David Obstler stated that post-quarter trends remain consistent, with strength in enterprise and stability in SMBs. CEO Olivier Pomel explained that while some GPU monitoring is similar to CPU, there is new value in GPU profiling. He noted that Datadog currently does not charge a premium for GPU instances but could in the future as they deliver more specific value.

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CEO Mike Cannon-Brookes stated the business remains healthy and that the company is experienced in navigating economic cycles. He noted the business is more balanced, with enterprise now over 40% of sales, and that they see opportunities for customer consolidation onto the Atlassian platform. He expressed confidence in the new CRO, stating the transition was smooth and not a factor in deal timing.

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CEO Mike Cannon-Brookes stated that price increases are justified by heavy, continuous R&D investment that delivers significant product improvements, ensuring value always outpaces price. Regarding consumption models, he noted Atlassian already uses them for products like Bitbucket Pipelines and AI, and expects this model to become a larger part of the mix over time as the company learns and adapts with customers.

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CEO Mike Cannon-Brookes outlined a two-pronged AI strategy: Atlassian Intelligence embedded in existing products and the new AI-native product, Rovo. He noted that AI feature usage has increased over 10x since the start of the year and is a key driver for cloud migrations, citing a large investment management firm's recent move. He asserted that AI enhances human creativity and business velocity, leading to customer excitement and adoption rather than job cannibalization.

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CFO Amy Hood explained that capital efficiency improves as data centers are filled, with software and hardware efficiencies building over time. She noted that while the pace of the AI build-out is faster this time, efficiency gains are also happening more quickly, and AI margins are already better than they were at the same point in the server-to-cloud transition. CEO Satya Nadella added that capital efficiency in a hyperscale business is fundamentally driven by system-wide software optimization.

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CEO Satya Nadella stated that Microsoft is not waiting for inference revenue to show up, as its projected $10 billion AI business is "all inference." He highlighted that this revenue comes from real enterprise demand for products like GitHub Copilot and M365 Copilot. CFO Amy Hood added that the revenue from this current inference momentum is what funds the next cycle of model training, creating a virtuous circle.

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President, Chief Product Officer and COO Amit Zavery explained that Moveworks accelerates their AI roadmap by adding expertise and technology for a unified user experience and enterprise search. Chairman and CEO William McDermott added that the sales playbook remains focused on innovation and speed, as customers increasingly rely on technology to navigate uncertainty and drive value.

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CEO Bill McDermott described the new structure as a 'Goldilocks model,' combining predictable subscription revenue with a 'hockey stick' growth opportunity from metered AI agent usage. Executive Amit Zavery clarified that customers buy 'assist packs,' which scale quickly with agentic AI. CFO Gina Mastantuono stated the guidance prudently accounts for this shift and a more back-weighted federal business, and that the growth outlook would have been 'higher' without these factors.

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CEO Bill McDermott explained the new data platform's monetization, highlighting the Raptor DB Pro version as a direct upsell for performance gains and the Workflow Data Fabric's ability to unify disparate data for automation. CFO Gina Mastantuono attributed the strong RPO growth to customers engaging more strategically, leading to larger deal sizes with more products and longer contract terms, reflecting ServiceNow's increased strategic relevance.

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CFO Dave Sherry attributed the Q4 linearity to momentum from the Pantheon conference and the IPO, but cautioned it should not be considered a new norm. President Vahe Kuzoyan added that while Pro Products are seeing strong adoption, newly launched products are more likely to be significant growth drivers in fiscal 2027 and beyond.

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Co-Founder and President Vahe Kuzoyan outlined a four-part strategy for the commercial segment: customer acquisition, cash collection, construction workflows, and Pro products. He stated that the primary focus for the upcoming fiscal year is on enhancing construction workflow capabilities, which will position the company to become the market standard, followed by a focus on maturing the Pro product suite for commercial customers.

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CEO Bipul Sinha explained that the core focus remains on cyber resilience, with an emphasis on data security, identity security (Active Directory, Entra ID), and cyber recovery. He identified the next strategic opportunity as leveraging the 'Annapurna' platform to power customer AI applications. Regarding the macro environment, Sinha stated that demand for cyber resilience remains strong and is not tied to economic cycles, as businesses prioritize operational continuity, especially during downturns.

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CEO Bipul Sinha stated that Rubrik has transformed the market from backup to a cyber resilience platform, inherently tapping into security budgets. He cited that about half of new customers adopt the full Enterprise Edition and a third of NRR comes from data security product attachments. CFO Kiran Choudary affirmed that efficiency drivers, including sales productivity, partner leverage, and global hiring in R&D, are sustainable, though the rate of improvement will naturally moderate over time.

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CEO Ash Kulkarni explained that Elastic's role is in the inference and deployment phase, where its retrieval augmented generation (RAG) model is critical for grounding applications in an organization's data, thus expanding its TAM. He stated that Elastic's differentiation comes from being a complete, efficient, and scalable platform with its own vector database, embedding models, and reranking models, putting it 'way ahead' of competitors who are now trying to catch up.

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CEO Ashutosh Kulkarni explained that they track GenAI success by monitoring cloud telemetry for vector index creation and by analyzing customer commitments reported by the sales team at the time of a deal, which in turn guides the go-to-market motion. CFO & COO Janesh Moorjani added that due to Q2's outperformance, the company is already increasing investments in the second half, including in selling capacity, to prepare for fiscal 2026 growth.

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Chair and CEO Marc Benioff refuted this idea, stressing his 'holy trinity' concept where apps, data, and agents are interdependent. He contrasted Salesforce's real-world deployments with competitors who he termed 'false agents,' arguing that the agentic layer requires deep integration with data and human-facing apps, which is Salesforce's core strength.

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CEO Marc Benioff focused on the transformative potential of AI, providing examples of Agentforce resolving over 90% of patient inquiries for a large healthcare organization and helping a hardware company become an 'agent first' margin machine. He emphasized that this represents a new market where Salesforce is building from zero market share, with the integrated platform (apps, data, agents) serving as a key differentiator, enabling a seamless handoff between AI agents and human employees.

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CEO Carl Eschenbach stated that Workday proactively upsells AI SKUs outside of the renewal cycle, noting that for the second consecutive quarter, 30% of customer expansions involved an AI product. CFO Zane Rowe added that the renewal opportunity in FY26 is similar in growth to the prior year and contributed to the strong CRPO performance. Mr. Eschenbach also highlighted the strongest 'create and close' momentum of the year.

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CEO Carl Eschenbach attributed the confidence to solid quarterly performance and significant AI momentum, noting that over 30% of customer expansions included an AI solution. He also cited growth from the partner ecosystem, federal opportunities, and strong full-suite sales. CFO Zane Rowe added that they have line of sight to the FY26 target, partly due to strategic deals already closed.

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CEO Carl Eschenbach stated that the current macro environment is considered the 'new norm' and the company's value proposition remains strong regardless of external factors. CFO Zane Rowe affirmed that Workday maintains the agility to increase investment in growth opportunities as they arise, ensuring a balance between top-line and bottom-line performance.

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CEO Jay Kreps expressed that the go-to-market transformation was a success, aligning the company with customer buying patterns and positioning it to drive adoption of the full DSP. He explained that the benefits of AI would manifest broadly in overall growth and customer success stories rather than in a single, distinct line item on financial reports.

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Founder and CEO Eric Yuan explained that AI budget sources vary, with some customers creating new funds and others consolidating vendors, noting Zoom is well-positioned due to its high-quality, no-cost AI offering. He stated it was too early to assess post-election macro sentiment but observed general optimism for AI. CFO Michelle Chang added that the company's forecast assumes a continuation of the current macroeconomic environment.

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CEO Eric Yuan explained that AI is already driving value by increasing stickiness for SMB customers and is a key differentiator in winning deals for monetized services like Contact Center. He noted that a monetizable 'Custom AI Companion' add-on is launching in April, which will directly contribute to revenue.

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CEO and Co-Founder Sanjit Biswas responded that the strong platform adoption is a continued pattern, driven by customers seeing clear and fast ROI. He emphasized that the impact of new products strengthens the platform story. Regarding pricing, Biswas stated the focus is on delivering great value to ensure strong renewal rates, rather than explicit pricing power.

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CEO Dev Ittycheria attributed the better-than-expected EA performance to strong execution and the customer appeal of the 'run anywhere' strategy, which provides optionality. Regarding AI, he acknowledged some on-prem experimentation but emphasized it's very early days and that MongoDB is investing in bringing capabilities like vector search to its community and EA products to support its strategy.

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