Koji Ikeda • Bank of America

Answer

CFO David Morton clarified that the RPO growth was not influenced by any material changes in contract duration or seasonality. Regarding the license revenue line, Morton acknowledged there could be some quarterly fluctuations, particularly between Q2 and Q3, as the company manages the timing of client migrations to the cloud, and he committed to maintaining transparency on this front.

Ask Fintool Equity Research AI

Answer

CFO David Morton explained that SaaS revenue performance within the narrow guided range is subject to the timing of deal execution during the quarter. Chairman and CEO John Hall added that demand remains steady, with private capital clients providing stable revenue from management fees and advisory firms consistently moving to digitalize, often replacing horizontal CRMs with Intapp's purpose-built platform.

Ask Fintool Equity Research AI

Answer

CEO John Hall noted that all new business is cloud-based and that larger, albeit lumpier, enterprise deals present a significant opportunity for growth acceleration. CFO David Morton clarified that the company will provide updates on AI's contribution to ACV on an annual basis, rather than quarterly, but confirmed the monetization strategy is proceeding as planned.

Ask Fintool Equity Research AI

Answer

CFO Bill Koefoed confirmed that the guidance prudently contemplates the possibility of federal government contracts migrating from license to SaaS. He clarified that CPM Express is the same core product, with its main differentiator being implementation speed through pre-configured best practices, not a different pricing structure for the software itself.

Ask Fintool Equity Research AI

Answer

CFO Bill Koefoed responded by attributing the cautious guidance to macroeconomic announcements that have occurred since the previous quarter. He did not detail specific changes in deployment assumptions but reiterated that the company's leading indicators, such as the sales pipeline, remain quite positive.

Ask Fintool Equity Research AI

Answer

Co-Founder and CEO Tom Shea acknowledged the strong performance but reiterated that the company only provides quantitative guidance for total revenue and operating margin. He confirmed that subscription revenue is expected to grow faster than total revenue, partly driven by ongoing conversions to SaaS, but did not provide a specific growth target for ARR or subscription revenue.

Ask Fintool Equity Research AI

Answer

CEO Tom Shea emphasized that OneStream's primary competitive advantage is its single, unified platform, a foundational architectural choice that is difficult for competitors with siloed cloud products to replicate. He stated that while competition makes them better, this platform approach, combined with continuous innovation, fortifies their market position.

Ask Fintool Equity Research AI

Answer

CEO Olivier Pomel stated that while he cannot speak for specific customers, Datadog has strong product engagement and a high-retention model, though contract renegotiations can cause short-term revenue fluctuations. He also confirmed that Datadog will continue to pursue M&A in security to cover more product areas and address future AI-driven disruptions.

Ask Fintool Equity Research AI

Answer

CEO Olivier Pomel identified potential growth triggers for Infrastructure Monitoring, including emerging needs like GPU management, covering large on-prem and IoT fleets, and expanding network monitoring. CFO David Obstler stated that Datadog is a largely US dollar-based company with minimal FX exposure, and while they occasionally consider local billing, it is not a significant factor in their results or planning.

Ask Fintool Equity Research AI

Answer

CEO Eric Friedrichsen described the company's progress as a multi-phase transformation journey, stating that the current phase is focused on execution ('it's go time'). He acknowledged that while more transformation is ahead, the team is now substantially aligned and in place to execute and deliver results, viewing the remaining transformation as further opportunity for improvement.

Ask Fintool Equity Research AI

Answer

CEO Eric Friedrichsen responded that the selling environment for AI tools has actually become easier, as Disco's generative AI products like Cecilia Q&A and Cecilia Auto Review offer very specific, defensible solutions to customer problems. Regarding the profitability target, Friedrichsen expressed confidence in the company's strategy to grow revenue efficiently by focusing on larger customers, which he believes will enable them to achieve the Q4 2026 breakeven goal.

Ask Fintool Equity Research AI

Answer

CEO Eric Friedrichsen expressed confidence in new Chief Sales Officer Lauren Caruso, citing her enterprise mindset and deep company knowledge, while clarifying he retains ultimate revenue responsibility. He explained the restructuring was a strategic refocusing, not a cost-cutting measure, affecting 31 roles and opening 22 new ones to target enterprise customers. Friedrichsen also provided the customer count (1,439) but stated the company's focus has shifted from total count to the growth of high-value customers, citing positive trends in the >$100k cohort and software dollar net retention.

Ask Fintool Equity Research AI

Answer

CFO Jim Benson explained that while the company is pleased with the exceptional Q1 start, it's still early in the fiscal year. He noted that the growing pipeline is heavily weighted towards large deals, which have more uncertainty around closing times. Therefore, management is maintaining a prudent approach and will reassess after Q2.

Ask Fintool Equity Research AI

Answer

CFO Jim Benson affirmed that ARR and NRR remain important metrics but should no longer be viewed in isolation. He advised that to understand the company's health accurately, investors must now look at ARR, NRR, and on-demand consumption (ODC) collectively. The DPS model is successfully driving consumption, but the financial benefit is now captured across these different metrics, with a potential lag in ARR recognition.

Ask Fintool Equity Research AI

Answer

Co-CEO Therese Tucker clarified her transition allows her to step back from operational duties to focus on her strengths in customer and technology strategy. On AI, she stressed the importance of separating hype from reality, highlighting that for the finance market, AI must be auditable, verifiable, and built on well-structured data to ensure consistency—a key BlackLine focus. Co-CEO Owen Ryan added that an upcoming conference session will address these regulatory and practical barriers.

Ask Fintool Equity Research AI

Answer

CFO Patrick Villanova explained that the user count declines as customers adopt the new model, as they are no longer user-based. He noted that Q1 adoption exceeded expectations, with the phased rollout targeting upper mid-market and enterprise customers in North America first, as the unlimited model resonates most with clients who have large user bases.

Ask Fintool Equity Research AI

Answer

Co-CEO Owen Ryan attributed the confidence to a rapidly growing and higher-quality pipeline with larger deals, strong revenue renewals, and progress in industry verticals. He acknowledged that the volume of innovation has been a challenge for customers and partners to absorb, suggesting it's a lesson learned and that future major announcements will be timed earlier in the year.

Ask Fintool Equity Research AI

Answer

Co-CEO Therese Tucker stated that Studio is generating a "very good reaction" from customers and represents a "completely new area of growth" for BlackLine. Co-CEO Owen Ryan added that while Studio is a key focus, the SAP partnership also offers significant growth potential. He emphasized that SAP's own strategic focus on the Office of the CFO aligns perfectly with BlackLine's, which should bode well for the relationship moving forward.

Ask Fintool Equity Research AI

Answer

CEO David Steinberg stated that growth is occurring across all use cases and that the OneZeta strategy creates a 'flywheel' effect, where success in one area drives higher ROI and wallet share across all three. CFO Chris Greiner noted that the Net Promoter Score (NPS) is higher for multi-use case clients. Regarding margins, he reiterated the Zeta 2028 plan's goal for 100-300 bps of cost of revenue improvement, noting the current 200 bps improvement puts them on a strong trajectory.

Ask Fintool Equity Research AI

Answer

CFO Chris Greiner reconciled the figures, explaining that after normalizing the 2024 revenue base for acquisitions and political revenue, the 2025 guidance implies 21% organic growth, which is higher than the previous discussion. Both he and CEO David Steinberg affirmed their consistent approach of issuing conservative guidance that can be met with the low end of their KPI targets, with Steinberg noting their goal is to continue the 14-quarter streak of beating and raising.

Ask Fintool Equity Research AI

Answer

CEO David Steinberg and CFO Christopher Greiner clarified that the 2025 commentary reflects their standard conservative approach to initial guidance and that they see no problematic business trends. Greiner added that LiveIntent's growth rate is around 20%, and specific financial details will be provided in February.

Ask Fintool Equity Research AI

Answer

CFO Graham O'Brien explained that his guidance philosophy remains consistent and is based on business performance, suggesting the implied Q4 figure reflects this approach. He noted that performance in the second half of 2025 will be crucial for 2026 and deferred specific commentary until closer to that time.

Ask Fintool Equity Research AI

Answer

CFO Graham O'Brien explained that the guidance raise was driven by current business performance and his philosophy on guidance remains consistent. He noted that it is too early to discuss 2026 specifics, as performance in the second half of 2025 will be a critical factor for the following year.

Ask Fintool Equity Research AI

Answer

Founder and CEO Dax Dasilva responded that the current strategy is designed to be aggressive, citing significant investments in ramping the outbound sales team and enhancing product competitiveness, funded by efficiency markets. He characterized the current plan as 'year one' of a three-year transformation, indicating that early successes are building confidence for future aggressive growth initiatives.

Ask Fintool Equity Research AI

Answer

CFO Asha Bakshani confirmed that the guidance includes more conservatism around the macroeconomic outlook, as it is less within the company's control. In contrast, management is highly confident in executing the outbound sales hiring plan. She explained that gross profit is expected to outpace revenue growth because future growth will be driven primarily by high-margin software (over 80% margin), a trend she expects to continue in line with the company's long-term targets.

Ask Fintool Equity Research AI

Answer

President, CEO & Vice Chairman Mike Gianoni explained that while some AI is already embedded in products, new AgenTeq solutions like a 'virtual fundraiser' will be separately monetized products with additive revenue potential. EVP & CFO Chad Anderson confirmed the most material tax change is the repeal of Section 174, which removes the requirement to capitalize and amortize domestic R&D expenses for tax purposes, providing a significant cash tax benefit.

Ask Fintool Equity Research AI

Answer

CEO Michael Gianoni cited healthy end markets and strong customer reception to recent product innovations, including AI, as drivers of confidence. He confirmed renewals are proceeding as normal with high retention. CFO Tony Boor noted renewal seasonality peaks in Q2/Q3 and stated that while the company is on track with its buyback plan, any changes to the program will be evaluated quarterly based on market conditions.

Ask Fintool Equity Research AI

Answer

CFO Brian Robbins stated that the quarter had no surprises and attributed the results to two main factors: a revenue mix that favored SaaS, which has ratable recognition, and back-end weighted deal linearity in the quarter. He also noted the quarter had fewer business days but confirmed there was no change to the company's guidance philosophy.

Ask Fintool Equity Research AI

Answer

CEO William Staples described a comprehensive approach involving the entire team and partners. This includes creating customer success plans, offering dedicated success resources, and providing professional services. He also highlighted the role of technical partners in assisting with migration and process changes. Furthermore, he noted that GitLab's deployment flexibility (on-premise, cloud, air-gapped) facilitates a smoother adoption journey for customers.

Ask Fintool Equity Research AI

Answer

CFO Brian Robbins attributed the outperformance to broad-based execution, including a record public sector quarter, strong Ultimate tier adoption, and the lowest churn in 12 quarters. He noted that new growth drivers like Duo and Dedicated take time to materially impact revenue at scale.

Ask Fintool Equity Research AI

Answer

CEO Sean Desmond explained the office space reduction was about eliminating underutilized facilities and that the workforce reduction was driven by a need for organizational alignment and new efficiencies gained from AI, which he expects will increase software development velocity. CFO Greg Orenstein noted that billings can be lumpy due to the timing of large deals and that there was nothing unusual to call out in the quarter's billings performance.

Ask Fintool Equity Research AI

Answer

CEO Sean Desmond cited confidence from the full integration of the DocFox acquisition, leadership changes in EMEA, and the maturation of the enterprise mortgage solution. CFO Greg Orenstein addressed the growth-profitability balance by reiterating the company's focus on achieving the 'Rule of 40' around Q4 of the next fiscal year, noting it is not solely contingent on growth.

Ask Fintool Equity Research AI

Answer

Chief Financial Officer Greg Orenstein stated it's difficult to specify a single volume threshold for mortgage minimums, as they vary by customer. Chief Executive Officer Pierre Naude identified a combination of factors driving future spending, including an optimistic economic outlook, potential for M&A, continuous platform innovation, the new pricing model, and the adoption of AI.

Ask Fintool Equity Research AI

Answer

CEO Amir Schlachet explained that 3 B2C allows merchants to establish a local legal entity to import goods at lower commercial tariffs, while Global-e manages the complex in-market operations. President Nir Debbi added that for U.S. exporters, tariffs on their imported inventory can be reclaimed upon export, potentially creating a sales advantage for cross-border over domestic channels.

Ask Fintool Equity Research AI

Answer

CFO Ofer Koren described the 2025 guidance as 'thoughtful' and based on past experience. He reiterated that the primary driver for the expected decrease is a higher share of multi-local business. He identified faster adoption of value-added services as a potential positive driver for the take rate, while a higher-than-expected shift to multi-local could be a negative factor.

Ask Fintool Equity Research AI

Answer

CFO Ofer Koren described the 2025 guidance as a thoughtful estimate based on the expected increase in lower-take-rate multi-local business. He noted that faster adoption of value-added services could positively impact the take rate, while a higher-than-anticipated shift to multi-local strategies could negatively affect it.

Ask Fintool Equity Research AI

Answer

CFO Ofer Koren attributed the confident Q4 outlook to two main factors: the successful launch of new large merchants like Harrods and Victoria's Secret, which are trading above expectations, and a notable improvement in consumer sentiment that began in September and continued through October and early November.

Ask Fintool Equity Research AI

Answer

President Larry Katz confirmed that retention has improved but stated it was too early to call it a definitive trend. He emphasized that customer churn is concentrated among very small clients with low ARR, which contributes to the overall growth in average ARR per customer. He expressed confidence in the current direction of the business and churn trends.

Ask Fintool Equity Research AI

Answer

CEO Nicolaas Vlok characterized the recent large customer down-sell as a 'unique situation' and a one-off event that is not expected to be repeated. President and CFO Larry Katz explained that while he couldn't provide a specific sensitivity, mortgage rates in the 5% and 4% range would create significant opportunity by pushing more customers above their minimums and unlocking pent-up purchase and refinance demand.

Ask Fintool Equity Research AI

Answer

CFO Ed Grabscheid stated that while JFrog remains on track with its long-term model, it will be re-evaluated with a potential update in the second half of 2025 due to market uncertainty. He attributed the strong Q1 free cash flow to seasonal collections and noted that the conservative top-line guidance also makes the FCF forecast conservative.

Ask Fintool Equity Research AI

Answer

CFO Ed Grabscheid explained that 2024's strong free cash flow benefited from large, multi-year deals where some customers chose to pay upfront, which is not always predictable. He stated the 2025 guidance is based on a fundamental practice of a 4-5% difference from operating margin. CEO Shlomi Ben Haim added that disciplined efficiency is part of JFrog's DNA and the strong performance is consistent with their long-term strategy.

Ask Fintool Equity Research AI

Answer

CEO Shlomi Haim countered the premise, highlighting that JFrog just closed three of its largest deals ever. He explained that the perceived reservation is not a lack of interest but a function of deal size; these large, strategic platform deals now require C-level and board-level approval, which naturally extends the sales cycle, especially in the current macro environment.

Ask Fintool Equity Research AI

Answer

CEO Amit Walia dismissed the acquisition as a competitive threat, noting the target was a very small company and that platforms like ServiceNow often acquire tools for their own internal use cases, which is distinct from Informatica's enterprise-wide data management offering. CFO Mike McLaughlin explained the accelerated on-prem churn is due to a 'double overlap' of maintenance roll-offs from two different modernization programs, which creates a temporary distortion not directly tied to the current quarter's new cloud ARR.

Ask Fintool Equity Research AI

Answer

CEO Amit Walia clarified that the renewal issues were not due to increased competition but rather internal operational missteps and some partial churn where customers reduced scope rather than leaving entirely. CFO Mike McLaughlin added that cloud renewal rates remain healthy in the low 90s despite the miss. Regarding GAAP revenue guidance, McLaughlin explained its high sensitivity to ASC 606 accounting for on-premise self-managed renewals, where small changes in renewal rates or contract term lengths have an outsized, immediate impact on recognized revenue.

Ask Fintool Equity Research AI

Answer

CFO Mike McLaughlin stated that the company is tracking in line with its medium-term guidance and that current performance provides confidence. CEO Amit Walia attributed the dip in >$1M customers to quarterly fluctuations from specific events, such as the conclusion of COVID-related use cases for state and local clients and the roll-off of maintenance post-migration. Walia highlighted stronger underlying trends, including a 15% YoY increase in average ARR per subscription customer.

Ask Fintool Equity Research AI

Answer

CFO Mike McLaughlin explained that while migration credits temporarily lower the recognized cloud ARR, it's complex to model externally, noting the primary variable is a six-month maintenance credit. CEO Amit Walia confirmed CLAIRE GPT is consumed via IPUs but stated there are no current plans to break out its specific consumption metrics.

Ask Fintool Equity Research AI

Answer

CFO Andrew Casey explained that the share repurchase program is a new tool for the company to manage dilution and to capitalize on potential stock price dislocations. He emphasized that it is a broad program with nothing specifically earmarked, viewing it as one of several tools for effective capital management as the company scales.

Ask Fintool Equity Research AI

Answer

CEO Spenser Skates explained that some seller attrition is a natural part of maturing and moving upmarket, and it's not beyond normal expectations. CFO Andrew Casey added that they analyze sales efficiency metrics before making additional investments. Regarding AI, Spenser Skates confirmed plans to launch an "Amplitude agent" in the second half of the year to drive automated insights and actions, leveraging their proprietary user behavior data.

Ask Fintool Equity Research AI

Answer

CFO David Rudow responded that maintaining guidance is a prudent measure given the uncertain macro environment. Regarding foreign exchange, he explained that while Jamf's new system allows for billing in local currencies, the transition is gradual. Therefore, the immediate impact of a weaker dollar is a negative headwind on its international cost base rather than a significant benefit to top-line revenue.

Ask Fintool Equity Research AI

Answer

CFO David Rudow stated the goal to exit 2026 at a Rule of 40 run rate will be achieved through a combination of revenue growth and continued margin expansion, highlighting the 1,100 basis point improvement over the last two years. CEO John Strosahl expressed high confidence in the security portfolio, noting that its capabilities are a significant differentiator and have been instrumental in winning management deals, such as with Taiwan's Ministry of Education.

Ask Fintool Equity Research AI

Answer

CEO Jennifer Tejada expressed confidence in PagerDuty's differentiated platform for large enterprises, highlighting its ability to scale reliably and securely as a key advantage. CFO Howard Wilson confirmed the guidance implies a back-half growth acceleration. He attributed this confidence to improved pipeline velocity and quality, and the strong 12% year-over-year ARR growth from customers spending over $100,000, which validates the company's enterprise focus.

Ask Fintool Equity Research AI

Answer

CEO Jennifer Tejada noted some deferred deals have already closed and pointed to consistent performance in closing deals over $100k. She emphasized a focus on multiyear, multiproduct deals and improved sales execution. CFO Howard Wilson added that the Q1 pipeline for the next fiscal year is almost 50% higher year-over-year. Regarding the operating model, Tejada stated the focus is on reaccelerating growth, and Wilson confirmed they will balance growth with profitability, aiming to expand margins without sacrificing growth investments.

Ask Fintool Equity Research AI

Answer

CEO Jennifer Tejada highlighted that a record number of multi-year deals reduces future renewal pressure. CFO Howard Wilson added that while specific FY26 guidance isn't available, they expect ARR growth to exit the year above 10%. He anticipates trailing 12-month billings growth will rise to approximately 10% in Q3 and that the enterprise-driven seasonality, with a heavier Q4, is likely to persist.

Ask Fintool Equity Research AI

Answer

CEO Ash Kulkarni clarified that the revenue strength was broad-based and not specifically correlated to AI-driven ACV bursts, as the AI area is still young. He emphasized that Elastic's strategy is to continuously add features, like binary quantization, that improve efficiency and lower costs over time. This approach, he argued, wins more workloads and is key to long-term success in the AI ecosystem.

Ask Fintool Equity Research AI

Answer

CEO Ashutosh Kulkarni declined to give a rating but expressed confidence, citing that pipeline creation and progression have returned to normal levels. Incoming Interim CFO Eric Prengel noted the Q4 growth rate reflects the ongoing headwind from the Q1 commitment shortfall. Regarding GenAI deals, Ash Kulkarni confirmed they are for specific projects and represent growing customer commitments, which is a positive long-term indicator, though they are sold as part of the overall platform.

Ask Fintool Equity Research AI

Answer

CEO Ashutosh Kulkarni explained that the significant segmentation changes were specific to the Americas (excluding public sector) due to the scale and structure of the business there. He stated that international teams are organized by country and their existing structure was deemed effective, so no similar changes were made or planned. CFO and COO Janesh Moorjani added that while EMEA saw some deal pushouts from budget constraints, it was a lesser factor than the Americas execution issues.

Ask Fintool Equity Research AI