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Kincaid

Vice President and Equity Research Analyst at Citizens Financial Group Inc/ri

Kincaid is a Vice President and Equity Research Analyst at Citizens Bank, specializing in financial sector analysis with a focus on publicly traded regional banks and diversified financials. He covers companies such as KeyCorp, Huntington Bancshares, and M&T Bank, and is recognized for delivering actionable investment insights that have contributed to above-benchmark returns for his clients. With a career that began in 2012 at a boutique investment advisory firm before joining Citizens Bank in 2017, Kincaid has established himself as a credible voice in the industry. He holds FINRA Series 7, 63, and 86/87 licenses and has been commended for his thoughtful research and commitment to regulatory compliance.

Kincaid's questions to Paylocity Holding (PCTY) leadership

Question · Q1 2026

Kincaid from Citizens asked for specific examples of AI tools that Paylocity's sales representatives are using to automate parts of their go-to-market strategy. He also inquired if the contribution of the brokerage channel, which accounted for over 25% of new business in Q1, is at a desired level or if Paylocity aims for further growth in this area.

Answer

Steve Beauchamp, Executive Chairman, explained that Paylocity's approach to AI tools for sales reps is broad-based, focusing on automating daily processes across all go-to-market technology by leveraging available AI capabilities. Ryan Glenn, Chief Financial Officer, noted that the brokerage channel has consistently contributed over 25% of new business for more than a decade, expressing satisfaction with its Q1 performance and commitment to continued partnership.

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Question · Q4 2025

An analyst from Citizens Bank asked about the incentive structure for Paylocity's sales representatives, specifically what they are compensated most for selling and how incentives might change with the launch of 'Paylocity for Finance'.

Answer

Executive Chairman Steve Beauchamp explained that sales reps are primarily incentivized by new recurring revenue. For 'Paylocity for Finance,' the model involves the general sales rep referring opportunities to a team of experts and receiving a portion of the commission, creating a strong incentive to cross-sell the high-value offering without changing the core compensation structure.

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Kincaid's questions to Braze (BRZE) leadership

Question · Q2 2026

Kincaid asked about the growth of the $500,000+ customer cohort versus the dropping dollar-based net retention rate (DBNR), inquiring if DBNR is expected to reaccelerate at any point.

Answer

CFO Isabelle Winkles referred to the in-quarter DBNR trends, noting stabilization over the last seven months and a slight increase in Q2 compared to Q1, indicating a positive directional signal. She emphasized that while no specific guidance is provided, the moderation of downsell activity and overall business strength are encouraging factors.

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