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CEO Corey Thomas confirmed that D&R continues to be a core growth driver, now representing over half of ARR and growing in the mid-teens, with strong demand for its enterprise MDR offering. Regarding the forecast, he explained that while deal cycles for larger, strategic consolidations are longer, the company has multiple paths to achieve its narrowed full-year guidance, which is weighted to Q4. CFO Tim Adams added that the Q4 net new ARR expectation is similar to what the company achieved in the prior year.

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CEO Corey Thomas stated that the company expects moderate stabilization in the risk and exposure management business throughout 2025, with a return to growth thereafter. He acknowledged that the upgrade cycle is slower than initially hoped due to macro pressures on the mid-market but emphasized that the company is actively refining packaging and pricing to accelerate migrations while focusing sales efforts on the resilient Detection and Response business in the interim.

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CEO Corey Thomas explained that their strategy is to target the broader market by reducing complexity with an integrated exposure management platform, viewing it as a large greenfield opportunity. CFO Tim Adams expressed high confidence in the $30 million investment plan, stating that about half is for MDR expansion and the rest is for the Exposure Command roadmap and a new innovation center in India, which are expected to yield benefits in 2026 and beyond.

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CEO Corey Thomas explained that the primary strategy is to complement their successful large-deal motion with more 'velocity business.' He stated that while they want to keep the positive dynamics of larger consolidation deals, they are focused on adding more upgrade and upsell motions within the installed base, particularly through the new Exposure Command platform, which is expected to drive smaller, faster deals.

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CEO Nicholas Cumins responded that the business environment remains very consistent, driven by strong infrastructure investment that is unaffected by noise from tariffs. He emphasized that the primary constraint for customers is a lack of engineering capacity, which fuels demand for Bentley's productivity-enhancing software across both large and small accounts.

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CEO Nicholas Cumins acknowledged that commercial facilities and industrial sectors are sensitive to demand and interest rates, which has impacted commercial facilities. However, he noted a more positive sentiment in the industrial sector, particularly in the U.S., due to a push to increase domestic manufacturing capacity. Executive Chair Greg Bentley added that new energy strategies will also help the industrial sector.

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CEO Nicholas Cumins identified potential tailwinds, including accelerated U.S. permitting reform which could boost mining and power grid projects. He also noted that an improvement in the commercial facilities sector would provide an uplift. Cumins reiterated that the overall demand environment remains robust and consistent with recent quarters, with the main headwind being the continued challenges in China.

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Executive Chair Greg Bentley stated that he expects 2025 to be consistent with 2024, driven by the same building blocks of global project momentum and E365. While uncertain about a recovery in China, he highlighted Asset Analytics as a potential 'wildcard' for growth. He reiterated expectations for low double-digit ARR growth and 100 basis points of annual margin expansion.

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President and CEO Steve McMillan outlined three ways to measure AI success: engagement with key partners like ServiceNow and Salesforce, proof-of-concept work with customers on advanced technologies like vector capabilities, and tracking the AI-influenced opportunity pipeline. CFO John Ederer acknowledged that the R&D tax changes could have a positive impact, likely on the cash flow side, but stated it was too early to provide specifics.

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CEO Stephen McMillan reiterated that the guidance is pragmatic and the company is confident in its execution based on go-to-market performance and improving retention. Interim CFO Charles Smotherman clarified that while Teradata has a healthy global government business, its U.S. federal exposure is minimal, with a focus on international, state, and local clients.

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CEO Stephen McMillan explained that a handful of large customers are opting for a more 'staged' migration to the cloud, breaking large deals into smaller ones over time, which leverages Teradata's hybrid capabilities. He noted total customer spend is unchanged. CFO Claire Bramley added that the company's guidance does not assume a year-end budget flush and that the company is still driving towards total ARR and free cash flow growth in 2025.

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CEO Jay Kreps explained that the optimization trend is similar to what other consumption-based companies have experienced, where customers ensure they get maximum value from their spend. He noted this hit Confluent later but has persisted. He categorized the AI-native customer's move to self-management as a separate issue. Kreps expressed confidence that AI is a positive long-term force, highlighting the rapid growth of Flink ARR (approaching $10M, up 3x in six months) as a key indicator of the company's expanding platform strategy.

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CEO Jay Kreps stated that while a specific DSP percentage would not be updated quarterly, the offerings are significantly outgrowing the core cloud business, with strong early success for Flink and Tableflow. CFO Rohan Sivaram explained the guidance is prudent and does not assume a consumption rebound. He noted strong customer adds support the top of the funnel and expects NRR to remain stable around 117%, supported by a consistent GRR above 90%.

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CEO Jay Kreps explained that the rise of AI and open data formats like Delta Lake is driving the need for real-time data in analytics, positioning Confluent's Tableflow as a critical bridge. He highlighted the Databricks partnership's deep integration and go-to-market alignment. Kreps also noted that confidence in the Data Streaming Platform (DSP) comes from strong open-source adoption, direct customer feedback, and quantitative analysis of consumption growth and pipeline.

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CEO Jay Kreps stated that go-to-market changes have successfully broadened their reach into the open-source Kafka user base, with a focus on landing high-potential accounts. Regarding GenAI, he noted two impacts: growth from AI providers using Confluent and new enterprise use cases delivering data to AI applications, which he sees as a durable, long-term trend.

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Chief Financial Officer Dominic Phillips explained that Asset Tags are being used for finding lost assets, improving worker efficiency, and tracking utilization, but noted that full wall-to-wall deployments are not yet common. He affirmed that the company's guidance philosophy has not changed and remains focused on setting targets with high confidence that account for potential downside scenarios.

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Chief Financial Officer Dominic Phillips explained that quantifying the extra week's impact on ARR is difficult but would be roughly $7 million using the same framework as revenue, noting Q4 of the prior year was a tough comparison. Chief Executive Officer Sanjit Biswas added that while asset tag reception is strong across several use cases, it's too early to quantify its impact for fiscal 2026 as customers are still in the experimental and rollout phases.

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CEO Sanjit Biswas explained that Samsara is leveraging its vast data set to expand AI applications beyond safety into areas like maintenance, fuel efficiency, and asset utilization. For international growth, he stated that the company will continue investing in go-to-market teams, customer support, and developing market-specific product features based on direct customer feedback.

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CFO Dominic Phillips characterized the large Asset Tag deal as part of a phased rollout approach, which he expects to be typical for customers. CEO and Co-Founder Sanjit Biswas added that customers are discovering new use cases internally after trying the tags. Regarding AI, Biswas confirmed they are experimenting with a chat environment powered by Samsara's data and are currently rolling it out to customers to gather feedback for enhancement.

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CFO Burt Podbere addressed the Bloomberg article, confirming that the company had received requests for information from the DOJ and the SEC. The inquiries relate to revenue recognition, ARR reporting for certain transactions, the July 19 outage, and related matters. The question regarding the Federal business was not addressed.

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CEO George Kurtz confirmed that CrowdStrike is now executing full replacements of competitive products. He explained that the recent addition of network scanning capabilities, a previously missing feature, has unlocked the potential to fully displace legacy vendors. He noted the solution is fully integrated with CrowdStrike's data and AI infrastructure, and customers had been asking for this capability.

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CEO George Kurtz identified superior efficiency, speed, and scalability as key differentiators from legacy products. He emphasized that because CrowdStrike's first-party data is already resident in the platform, customers see immediate value and significant performance and cost benefits. The platform's open ecosystem and integration with Charlotte AI further enhance its competitive advantage, driving customers to displace older SIEMs.

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CEO George Kurtz confirmed that Falcon Flex customers tend to consume more modules faster than anticipated, creating future opportunities. CFO Burt Podbere added that this strategy is 'seeding for the future,' with the benefits expected to materialize in the second half of next year.

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CEO Matt Cain acknowledged that while macro pressures like longer sales cycles persist, the company's strong pipeline and strategic positioning offset these challenges. He explained that go-to-market enhancements, including a focus on strategic accounts and a significantly enhanced free tier for Capella, are successfully lowering barriers to entry for developers and driving a substantial increase in top-of-funnel demand, with trial volumes tripling year-over-year.

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CFO Gregory Henry explained that while it's early to guide for fiscal 2026, the renewal pool is expected to be larger in totality than in fiscal 2025. He also anticipates it will be more evenly balanced between the first and second halves, similar to the pattern seen in fiscal 2024.

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CFO Gregory Henry explained the churn was concentrated in a few accounts, with one ceasing operations after an acquisition, and described it as more pronounced than usual but not a trend. He noted that gross new ARR was one of the best in company history. CEO Matthew Cain attributed the 62 net new logos to strategic go-to-market initiatives, particularly an increasingly effective partner motion with ISVs and hyperscalers, which he expects to continue yielding benefits.

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CEO Todd McKinnon confirmed the Q1 introduction of 'suite based pricing' for the Okta platform, featuring 'good, better, best' configurations that have seen positive initial results. He noted this strategy aligns with customers' desire to consolidate on an independent identity platform. CFO Brett Tighe added that the largest deal in the prior quarter (Q4) was a workforce suites deal.

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CEO Todd McKinnon unequivocally identified large enterprise success as the biggest catalyst. He described the conversations with large, transformative customers as fundamentally different than a year ago, driven by a readiness from buyers and partners to adopt a modern, cloud-native identity platform. He stressed that Okta is the only independent, neutral choice for large enterprises with complex, multi-cloud environments who need to replace dozens of legacy products and cannot standardize on a single vendor like Microsoft.

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CEO Todd McKinnon explained that OIG typically wins in greenfield opportunities for modern SaaS applications rather than by replacing legacy on-premise governance solutions. He compared the market to early SaaS adoption, noting that legacy tools often contain 'shovelware' (unused features). Okta's success stems from its tight integration with access management, fast time-to-value, and focus on core functionalities, which he sees as a winning formula.

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Chief Product Officer Lee Klarich stated that the company is uniquely positioned due to two key strengths. First, its XSOAR platform provides extensive integration and automation capabilities necessary for AI guardrails. Second, its broad enterprise footprint provides a deep understanding of application permissions, which is critical for managing the security of autonomous AI systems.

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Chief Product Officer Lee Klarich responded that the foundation is more complex than just identity, starting with securing the AI model itself with proper guardrails. CEO Nikesh Arora added that while identity is a component, the ability to monitor, control, and remediate agentic activity requires a comprehensive, AI-enabled SOC like XSIAM, which can see all relevant data and manage permissions in real time.

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Chairman and CEO Nikesh Arora stated that the SIEM market is undergoing a major replacement cycle as legacy technologies are 10-15 years old. He explained that XSIAM's compelling value proposition is its ability to deliver superior security outcomes and cost savings simultaneously. The IBM QRadar deal has created a specific compelling event, and he predicts the entire $20B SIEM market will face upheaval in the next 3-5 years.

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CEO Rick McConnell emphasized the success of GSI and hyperscaler partnerships, which now influence over 70% of ACV. CFO James Benson added that for fiscal 2026, the company is introducing 'strike teams' to drive adoption and consumption specifically for logs, application security, and digital experience monitoring (DEM).

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CFO Jim Benson explained that this trend is a positive, un-forecasted outcome of the DPS model, which drives consumption at twice the rate of legacy contracts. He noted that while it benefits subscription revenue, it's uncommitted and thus modeled cautiously for Q4. Benson emphasized that investors should now consider both ARR growth and on-demand consumption to assess the business's health, as this dynamic is expected to grow with DPS adoption.

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CEO Matt Cohen explained that the pricing model is based on a curve where the per-unit cost for a machine or agent identity decreases with volume, but the total deal size is expected to increase significantly. He anticipates that average deal sizes for machine identity solutions will be 2-3 times larger than those for traditional PAM, with a similar dynamic expected for AI agents.

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CEO Matt Cohen outlined a simple strategy: core CyberArk account executives will lead sales efforts into the 8,000-strong customer base. The Venafi team has been integrated into an overlay role to provide specialized support. He noted the integration is proceeding quickly and that the CISO-level conversation around Venafi is proving more meaningful than initially anticipated, which he believes will drive future upside.

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CEO Matt Cohen stated the Workforce business is growing faster than the company's core business and has a low penetration rate of about 1,000 out of over 9,000 customers, indicating a large expansion opportunity. Deputy CFO Erica Smith noted Venafi's ARR was growing around 10% with a SaaS mix of approximately 10-12%, though CEO Matt Cohen added its new business pipeline is already shifting heavily to SaaS.

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CEO Matthew Prince stated that Cloudflare has not observed any significant changes in global internet traffic patterns, noting a broader shift from a search-driven to an AI-driven internet. CFO Thomas Seifert reiterated that the company's guiding principle is the 'Rule of 40,' and they will continue to reinvest revenue upside into growth opportunities, such as go-to-market activities, while maintaining a balance between growth and profitability.

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CEO Matthew Prince highlighted that his top priority is achieving world-class go-to-market execution in 2025, alongside the maturation of AI applications on the Workers platform. CFO Thomas Seifert added that 'pool of funds' activity was comparable to the prior quarter and that sales compensation is structured to incentivize customer consumption, which supports future ratable revenue recognition.

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CEO Matthew Prince stated that the macro environment is slightly improved, with any deal slippage being a result of internal sales execution rather than external factors. CFO Thomas Seifert added that 'pool of funds' deals, now 10% of new ACV, will pressure metrics like DBNR for the next 2-3 quarters but are a long-term positive for platform adoption.

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President and CEO John Pagliuca described the reseller expansion as being in the "early innings" but showing positive "green shoots," with a more material impact expected in 2026. He highlighted that the new Vulnerability Management feature, included in the UEM platform, is a key differentiator that addresses a top customer need and is displacing disparate tools, receiving an enthusiastic reception from partners.

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EVP and CFO Tim O'Brien confirmed that the 2025 revenue growth guide includes a 4% headwind from ASC 606 revenue recognition dynamics. He also clarified that the 7-9% constant currency ARR guide for year-end 2025 implies an acceleration from the 7% pro forma exit rate of 2024. President and CEO John Pagliuca identified two key growth levers: leveraging the Adlumin XDR platform for new customer acquisition and expanding into the reseller channel.

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CEO Amit Walia explained that while they are not forcing a hard end-of-life, natural compelling events like PowerCenter moving to more expensive extended support are encouraging customer migrations. CFO Mike McLaughlin reiterated that they guide in dollars and are reaffirming their dollar-based full-year guidance, choosing not to micro-adjust for FX volatility after only one quarter.

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CFO Mike McLaughlin confirmed that PowerCenter Cloud Edition constituted over 80% of modernization deals in Q4. He noted that while the pace will be lumpy, the company now forecasts a 30-70 mix of modernizations to net new deals for 2025. McLaughlin explained the lower uplift ratio is considered stable and acceptable because modernization deals drive significant customer lifecycle value through upfront expansion, healthy in-term expansion, and much higher renewal rates compared to non-modernization deals.

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CEO Amit Walia noted that strong momentum for PowerCenter Cloud continues and that linking modernization to GenAI readiness is a key message resonating with customers. CFO Mike McLaughlin described the Q4 guidance as prudent, stating it's too early to predict a budget flush but that the quarter feels similar to the previous year.

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CEO Amit Walia attributed the optimistic cloud outlook to a very healthy pipeline, momentum from the Informatica World conference, and customers accelerating modernization to enable GenAI. CFO Mike McLaughlin clarified the professional services shift is margin-neutral, as it's not a profit center, and noted the decline in direct services revenue has been faster than anticipated.

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CFO and COO Guy Melamed pointed to the very healthy SaaS Net Retention Rate (NRR), which is significantly above the total company NRR and indicates strong upsell momentum from satisfied customers. CEO Yaki Faitelson added that Varonis provides the most effective, automated way to prevent data breaches, a fundamental and growing need for all organizations.

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CEO Yaki Faitelson explained that the current Gen AI contribution is primarily related to Microsoft Copilot and securing Microsoft 365. He noted that as more knowledge workers use these tools, it exposes significant data security problems, creating urgency to buy protection. Faitelson believes Gen AI will become part of every workflow and that Varonis is well-positioned to solve the associated data security risks.

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CEO Olivier Pomel responded that customers are now running tighter, more regular optimization cycles, so there isn't a large overhang of unoptimized usage building up. CFO David Obstler stated that while the second half revenue guidance was not changed, the revenue impact from the acquisitions is expected to be small for the remainder of the year.

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CFO David Obstler explained that the guidance methodology takes the current net retention rate and applies a discount to it. Regarding the AI cohort, he stated that the guidance does not assume any non-proportional acceleration from that segment; rather, the conservatism is applied broadly across the entire customer base.

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President and CEO François Locoh-Donou reported that the U.S. Federal business performed well in Q2 but noted that customers are growing more nervous about potential budget disruptions, which could impact the second half of the year. Regarding geography, he stated that EMEA's strong growth was partly due to an easy year-over-year comparison, and overall international performance was in line with expectations.

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CEO François Locoh-Donou reported that the U.S. Federal business performed in line with or slightly better than expectations in Q2. He noted that while there is some customer nervousness about future budgets, the security-focused projects F5 is involved with tend to be prioritized. Regarding geography, he stated that EMEA's strong growth was partly due to an easy year-over-year comparison but that overall international business, including Asia, performed as expected.

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Founder and CEO Mark McClain positioned SailPoint as the leader for large, complex enterprises that prioritize best-of-breed IGA over consolidated offerings. He believes consolidation plays from vendors like Microsoft, Okta, and CyberArk are more suited for the less-complex SMB market and that SailPoint feels minimal competitive pressure from this trend in its target segment.

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CEO Jay Chaudhry explained that AI agents are simply another entity whose communications must be secured by the Zero Trust Exchange. He anticipates that more communication among users, machines, and agents will increase traffic and the value Zscaler provides. He also noted that Zscaler is using agentic technology to enhance its own products like ZDX, which allows for premium pricing.

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CEO Jay Chaudhry confirmed that the data protection business continues to grow faster than the company's overall business. He identified the rise of AI as a major catalyst, as customers are increasingly concerned about data leakage when using public AI services. He reiterated that Zscaler's comprehensive platform and its natural position inline for all traffic provide a significant competitive advantage in this market.

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CFO Remo Canessa stated that Q4 was back-end loaded, similar to prior quarters, with nothing unusual. CEO Jagtar Chaudhry added that August trends were normal. On large deals, Chaudhry highlighted that deals are getting bigger, with data protection being a key consolidation driver. Canessa provided metrics on the growth of large customers, including those with over $1M and $5M in ARR, and the platform's scale of processing half a trillion daily transactions.

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CFO Brian Robbins confirmed the strong and sustained momentum of the Ultimate tier, noting its performance has remained robust even after a price increase. He identified the primary drivers as the advanced security and compliance features, which provide customers with a rapid payback period of less than six months and a significant ROI of over 480% in three years. This value proposition is resonating strongly with enterprise customers.

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CFO Brian Robbins described the macro environment as stable but cautious, noting GitLab's resilience due to its strong ROI. Co-Founder Sytse Sijbrandij added that Enterprise Agile Planning is a key part of Ultimate and is successfully helping customers reduce reliance on competitor products like Atlassian's.

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CEO Sid Sijbrandij stated that GenAI is very important to customers, but they are proceeding cautiously. Key considerations include security, making AI work for large existing applications (not just new ones), and seeing a tangible return on investment that extends beyond just coding. He noted that customers want vendors who can deliver on this comprehensive vision, which is why they are not rushing to deploy coding-only solutions to 100% of their users.

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CEO Andrew Anagnost stated that the AI focus is on customer productivity, with opportunities to charge more for high-value features. He sees AI expanding their market by making complex tools like BIM more accessible. CFO Janesh Moorjani addressed the growth floor by noting that underlying growth has been consistent with the FY26 guide of 8-9% for the past couple of years, emphasizing the business's resilience and focus on sustainable growth.

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CEO Ash Kulkarni agreed that GenAI is a leading discussion topic that helps position the entire platform, driving consolidation and competitive wins in observability and security. Interim CFO Eric Prengel reiterated the historical commitment mix of approximately 40% observability, 25% security, and the rest from search, noting that search has been the fastest-growing segment recently due to GenAI.

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CFO & COO Janesh Moorjani noted that strong consumption was broad-based but highlighted accelerated usage from some larger customers, which he attributed to new and expanded workloads. He stated the company remains prudent in its guidance, not assuming these higher rates persist. CEO Ashutosh Kulkarni added that sales execution improved due to better pipeline creation and progression, with the benefits of sales segmentation changes now taking hold.

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CEO Ashutosh Kulkarni outlined three primary actions: increased monitoring of deal progression, a deeper focus on large enterprise accounts, and allowing time for sales reps to adapt to new territories. He expressed confidence in returning to strong execution within a couple of quarters, supported by the new Elastic Express Migration program and a specialist GenAI team. Kulkarni added that migration technology like ESQL and Automatic Import, combined with customer incentives, is designed to be scaled through partners to accelerate competitive displacements.

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CEO John Strosahl described the competitive landscape as consistent, stating Jamf continues to win customers from competitors like VMware due to concerns about their pace of innovation. CFO David Rudow clarified that while Jamf does not guide to ARR, the 9.8% year-over-year growth in Q4 served as the baseline for the 2025 revenue outlook. He also outlined expectations for revenue and margin seasonality throughout the upcoming year.

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CEO John Strosahl did not rank the drivers but listed several key tailwinds giving the company confidence. These include an anticipated device refresh cycle, a rebound in tech and education, strong security ARR growth, increased channel efficiency via a new partner portal, the enterprise 'choice program' trend favoring Apple, and significant opportunities in deskless mobile and international expansion.

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CEO Bill McDermott stated the IT spending environment is 'similar' to what it has been, but noted a significant shift from 'AI fascination to AI business model innovation.' He observed that CEOs are now creating dedicated AI leadership roles and are willing to invest in solutions with clear ROI. McDermott also highlighted a 'complete renaissance' in public sector spending, driven by a global focus on government efficiency.

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CEO Rajiv Ramaswami stated they have not seen a decline in broader enterprise demand this quarter, noting the ongoing dynamic of increased scrutiny on large deals has been consistent for several quarters. He confirmed that they sometimes see a December budget flush, which is a typical driver of Q2's seasonal strength and is factored into the guidance.

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CEO Eric Remer highlighted the 'Edge' rewards program as a key initiative. COO Evan Berlin added that the company is focusing on an integrated sales motion for core software with payments and reputation management. Regarding 2025 catalysts, Remer noted that while not giving guidance, investments in 2024 are aimed at reacceleration in late 2025, focusing on new customer acquisition, integrated upfront sales, and deeper payments penetration. President Matt Feierstein reiterated that the system of action software is the core driver for future organic growth.

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President and CEO Sumedh Thakar stated that customer interest in consolidation and new offerings like ROC and AI is very real and differentiated, suggesting long-term durability, though short-term deal closures can be lumpy due to the macro environment. CFO Joo Mi Kim clarified that the 'lighter new business' outlook for Q4 is based on the current pipeline for the quarter, not a change in the positive year-to-date trend, and is not necessarily indicative of 2025.

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CFO Natalie Derse explained that since the majority of the business is ratable annual subscriptions, bookings will roll off the balance sheet into revenue over the next 12 months. She also detailed that the company reallocated marketing dollars to the LifeLock business, focusing on SEO, paid search, and affiliate channels to meet the surge in demand.

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