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CEO Michael Intrator stated that demand from the largest clients is for massive, planetary-scale infrastructure, resulting in extremely large, heavily negotiated contracts. He advised that investors should expect to see 'step functions' in the backlog as these significant deals close, rather than smooth sequential growth. He affirmed that clients will continue to buy as long as CoreWeave can deliver.

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CEO Michael Intrator explained that the demand from major clients is for massive, planetary-scale infrastructure, leading to extremely large but complex, heavily negotiated contracts. He anticipates the backlog will grow in 'step functions' as these significant, long-term deals are finalized and signed.

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CEO Michael Intrator described the go-to-market evolution as client-led, shifting from an initial focus on massive-scale clients to now building out capabilities to serve the long tail of enterprise customers, citing Weights & Biases as a key part of this strategy. CFO Nitin Agrawal and CEO Michael Intrator clarified the backlog, stating the $25.9B figure includes the OpenAI deal (not yet in RPO) and will grow to $29.9B with the new $4B deal in Q2.

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CEO Khozema Shipchandler described growth as durable across industries and geographies, though acknowledging tougher back-half comparisons. He stated that actions like pricing adjustments and platform cost optimizations are expected to stabilize gross margins in the near term, with potential for future improvement.

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CFO Aidan Viggiano explained that the Q1 strength was broad-based, similar to Q3 and Q4, with strong performance in Messaging across both U.S. and international markets. She noted that all top five industry verticals grew. Viggiano clarified that while customer engagement remains healthy, the conservative second-half outlook is a prudent measure against potential macro risks, not a signal of a known slowdown.

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CFO Aidan Viggiano explained that recent growth was broad-based across products and industries, not driven by one-off factors. She noted the Q4 gross margin decline was expected, caused by higher seasonal hosting costs and a greater revenue mix from lower-margin messaging. She clarified that the company's long-term financial framework assumes constant, not expanding, gross margins. CEO Khozema Shipchandler added that the company is internally oriented to achieve double-digit growth.

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CFO Joe Binz confirmed that strong Q4 execution from sales and partners drove bookings and a 38% YoY increase in RPO. He noted that the risks embedded in the Q4 guidance, such as macro uncertainty and GTM disruption, did not fully materialize. The outperformance was primarily driven by better-than-expected paid seat expansion, cross-sell, and migrations, with stable trends across customer segments.

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CFO Joe Binz stated that strong Q4 sales execution led to record large deals and a 38% YoY increase in RPO. He confirmed that the execution risks from macro uncertainty and go-to-market changes, which were factored into guidance, did not fully materialize. The outperformance was driven by better-than-expected paid seat expansion, cross-sell, and migrations, with stable business trends.

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CFO Joe Binz attributed the strong 86% gross margin to price increases, premium upsells, and significant engineering-driven optimizations in cloud infrastructure, which he views as structural and sustainable. CEO Mike Cannon-Brookes added that these efficiencies enable strategic decisions like including Rovo in subscriptions, demonstrating their balanced approach to growth and profitability.

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CFO Joe Binz confirmed that Q2 business trends were stable and consistent with Q1. He stated that the conservative, risk-adjusted guidance approach for the second half of FY25 remains in place. This prudence accounts for ongoing macroeconomic uncertainty and potential execution risks related to the company's evolving enterprise go-to-market strategy.

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CEO Mike Cannon-Brookes detailed that Rovo's differentiation stems from years of investment in the underlying cloud platform, particularly the 'Teamwork Graph' which organizes teamwork data. He emphasized that Atlassian's strengths in enterprise search, the Forge extensibility platform, and the ability to connect data from Atlassian and third-party tools give Rovo a significant head start and enable its agents to take meaningful, autonomous action for customers.

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CFO Jim Cox explained the Q2 beat was due to initial conservatism and the guidance philosophy remains consistent. CEO Sandeep Sahai clarified the focus is on a holistic 'commercial model change,' not just pricing. He emphasized that, like before, the plan is to design it deliberately over several months and roll it out on the back of delivering superior client service and platform performance, with impacts expected in 2026 and beyond.

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CEO Sandeep Sahai stated that the acquisition was pursued only because the core business is performing exceptionally well. He outlined a plan that includes a strong PMO, joint workstreams, and dedicating specific leaders to the integration to allow the rest of the organization to focus on the core Clearwater platform. CFO James Cox clarified that the initial 2025 guidance is built with high confidence around an NRR target of 115% but notably assumes no tailwind from AUM growth.

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CFO Jim Cox explained that the model successfully stabilized the business and still captures AUM upside. He emphasized that a key strategic benefit was enabling a multi-product upsell program by discretely defining what was sold. This allows Clearwater to commercialize new solutions, like its NAIC reporting service, creating new revenue streams.

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CEO Yamini Rangan affirmed that their disciplined, value-first approach is paying off, as seen in strong seat upgrade momentum across core, sales, and service hubs. She explained this strategy is now being applied to AI, where a hybrid model of seats (for user productivity) and credits (for work done by AI) will be used. Rangan noted that value must be proven before monetization, ensuring durable growth.

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CEO Yamini Rangan affirmed that their disciplined, value-first approach to pricing is a key advantage that is paying off, as seen in strong seat upgrade momentum across Core, Sales, and Service hubs. She explained that last year's pricing changes, which lowered entry barriers, are now driving this growth. Regarding AI, Rangan described a hybrid strategy: seats will monetize core productivity value, while credits will monetize autonomous work done by agents. This dual approach allows them to capture value as it's created, ensuring durable growth.

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CFO Kathryn Bueker noted that Q4 2024 buying behavior was a continuation of Q3 trends, unlike the significant negative shift seen in Q4 2023. Regarding guidance, she explained that revenue is a lagging indicator of buying behavior. She guided for Q1 constant currency revenue growth to be the low point for the year, with an expected acceleration throughout 2025 as the business stabilizes.

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CFO Kathryn Bueker reiterated that a change in the value-conscious buying environment is the key ingredient required for NRR to expand. She pointed to foundational strengths like high customer dollar retention and stabilizing downgrades. She also highlighted the new seat-based pricing model as a future tailwind that should help drive higher NRR over time as the installed base transitions.

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Chairman & CEO David Ossip confirmed the net go-live number has less meaning now, as the company focuses on the 500+ employee market. He explained that a single large enterprise go-live, like the recent 300,000-employee customer, is counted the same as a smaller customer that might be a less strategic fit. He emphasized that the strategy is focused on driving free cash flow, pointing to the 57% incremental free cash flow margin on new revenue year-to-date as proof of its success.

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CEO David Ossip reported that Dayforce's win rates have nearly doubled year-over-year, indicating market share gains. He stressed that the company's unique single database and native codebase are powerful differentiators, enabling the '12-to-1' system consolidation that resonates with customers. The competitive set remains stable, and Dayforce is seeing tremendous success with full-suite sales across all segments up to large enterprise.

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CFO Graham O'Brien clarified that a change in estimates in Q2 of the prior year created a noisy comparison for the overall revenue growth figure. On margins, he explained that margin expansion is not always linear with the upmarket mix shift and that the company has visibility into improving margins into 2026 as fixed costs flatten and operating leverage increases, rather than it being a matter of reinvestment.

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EVP & CFO Brian Miller clarified that the 200 basis point impact on the free cash flow margin was for the full year, driven by a $55 million reduction in expected cash tax payments. He confirmed Q2 was an especially strong quarter for transaction revenues and related cash flow, but Q3 remains their largest free cash flow quarter due to maintenance renewals. He added that they expect to pay minimal federal cash taxes for the next 18 months.

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President and CEO Lynn Moore reiterated that the consultant impact was anecdotal and that deal timing, including some Q4 pull-forward, was the primary factor, expressing confidence that delayed deals would close in Q2. CFO Brian Miller clarified that 'consultant-driven' refers to clients using third parties to manage procurement.

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CFO Brian Miller stated the guidance approach is unchanged and that strong growth in high-value SaaS (21-24%) and transactions is being offset by planned declines in lower-margin revenues like maintenance and professional services. CEO H. Moore added that the Texas payments contract wind-down also creates a headwind on total growth, but the underlying 'quality revenue lines' are performing at or above Investor Day targets.

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CFO Brian Miller attributed the transaction revenue strength to several factors, including new go-lives like the California State Parks contract, faster onboarding of new payments clients, and increased transaction volumes. For free cash flow, he identified a $29 million prepayment from the Kentucky courts contract, expected in Q4, as the most significant one-time item impacting the full-year outlook.

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CFO Amy Hood clarified that the primary driver for margin stability is strong revenue growth from innovative, share-gaining products. She also highlighted the company's focus on delivering efficiencies at every layer of the tech stack. She emphasized that sustainable margin improvement is driven more by product-led revenue growth than by cost control alone.

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CFO Amy Hood explained that the primary driver of margin stability is strong revenue growth fueled by product innovation and market share gains. She emphasized that revenue growth is the most durable path to margin improvement. Additionally, she highlighted the company's focus on delivering efficiencies at every layer of the tech stack as a key lever.

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CEO Christian Klein confirmed that Sapphire was a major success, generating 'a few billion' in new pipeline essential for meeting full-year targets. On the US public sector, he acknowledged that decision cycles have become more difficult but stated they are working closely with agencies to accelerate closings in H2, implying the uncertainty is a known factor in their outlook.

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CFO Blake Grayson clarified that the 'health' improved because the mix of early renewals that were flat or included partial churn dropped significantly year-over-year, shifting focus to renewals with expansion. Regarding metrics, he acknowledged that billings is not ideal due to timing volatility and said the company is actively thinking about better ways to communicate business trends, especially with the evolution to IAM.

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CEO Allan Thygesen sees the public sector, particularly the federal government, as 'mostly upside' since the company's business there is currently modest, and they are investing in leadership to pursue the opportunity. CFO Blake Grayson explained the larger-than-normal seasonal drop in the Q1 revenue guide was due to three factors: a one-point headwind from the leap year, the non-recurring impact of unique early renewals in Q4, and a hard comparison against strong digital usage growth in the prior year.

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CFO Dave Sherry explained that Q2 is a seasonally strong period for GTV due to weather, making it sensitive to temperature changes, which is prudently factored into guidance. He confirmed that Pro Products are the fastest-growing part of the business and a key driver of subscription revenue growth, though the newest AI products are not yet significant revenue contributors.

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CFO Dave Sherry stated that guidance assumes normal weather patterns and does not extrapolate Q4's outperformance, with new products not yet being a material driver. President Vahe Kuzoyan identified Dispatch Pro, Ads Optimizer, and Sales Pro as the current AI products driving near-term impact, with monetization occurring through the Pro products layer.

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CFO Dave Sherry attributed the durable 26-27% YoY subscription growth to a healthy mix of new and existing customers. CEO Ara Mahdessian confirmed growth is balanced between new business and upsells. Regarding net dollar retention (NDR), Sherry explained that while expansion is highest in a customer's first two years, cohorts beyond that period normalize around 110%, making it a solid long-term benchmark, supported by gross retention of over 95%.

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Co-Founder and CEO Sanjit Biswas explained that growth in construction and public sector is driven by a strong customer desire to increase operational efficiency and find savings, as these sectors have historically been less digitized. Chief Financial Officer Dominic Phillips added that the company manages sales capacity by monitoring rep productivity, which was strong in Q1, giving them confidence to continue hiring throughout the year.

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CFO Dominic Phillips emphasized the large remaining opportunity in core markets, noting that over 50% of U.S. commercial vehicles lack telematics and 90% lack video safety. On potential policy changes, he stated that while the situation is unclear, the company is developing strategies and leveraging its experienced supply chain team to navigate different scenarios.

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CEO and Co-Founder Sanjit Biswas explained that the platform addresses common use cases like safety and efficiency that are relevant across many industries, allowing a generalist sales team to be effective, with a specialized team for the public sector. CFO Dominic Phillips confirmed that the guided 200 basis points of operating leverage improvement for the year is expected to flow through to free cash flow, but reminded investors of the seasonality in free cash flow, with Q4 typically being the strongest.

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CEO Charles Giancarlo described the opportunity as targeting substantial niche markets like government, sovereign clouds, and large-scale GPU clusters. He detailed a business model where margins are expected to be at or above company standards. CTO Rob Lee added that FlashBlade Exa builds on the success of FlashBlade S to address the next level of scale for GPU clouds and tech titans.

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CEO Andrew Anagnost noted that momentum was broadly as expected, with some relative softness in Asia Pacific due to the new transaction model rollout in Japan and macro exposure in China and Korea. CFO Janesh Moorjani reiterated his focus on capturing the large market opportunity while driving operating margin expansion, stating his core guidance philosophy has not changed.

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CFO Janesh Moorjani explained that since the company has been hovering at the low end of the 10-15% range for a few years, it felt 'inappropriate' to maintain a target they weren't hitting in the middle or high end of. CEO Andrew Anagnost added that the restructuring was a balanced, long-term decision, with some savings reinvested into future capabilities and the associated risk factored into the guidance.

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CEO Andrew Anagnost and Interim CFO Betsy Rafael both characterized the macro environment as consistent with prior quarters. Rafael confirmed her involvement in the extensive search for the new CFO and stated she will remain with the company until the end of the fiscal year to ensure a smooth handover, leveraging her board and recent operational experience.

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An executive, likely CFO Zane Rowe, stated that Q1 billings were in line with expectations and that billings growth can vary quarterly due to payment terms. He noted that growth in industries like education, which have longer deployment times and more flexible payments, can create a drag on billings growth. CFO Zane Rowe then clarified the capital allocation priorities: first, organic growth; second, strategic M&A; and third, returning capital to shareholders via buybacks.

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CFO Zane Rowe explained that Q1 billings were in line with expectations and that growth can vary quarterly due to payment terms. He noted that growth in verticals like education, which have longer deployment times and more flexible payments, can create a drag on billings growth. Regarding capital allocation, he prioritized organic growth investment first, followed by strategic M&A and returning capital to shareholders via buybacks.

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CFO Zane Rowe reiterated the company's medium-term plan to achieve a 30%+ non-GAAP operating margin by FY27. He explained that the FY26 guidance of 28% reflects a deliberate balance between aggressively investing in the significant AI opportunity and simultaneously driving scale and efficiencies across the business to support long-term margin expansion.

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CEO Carl Eschenbach confirmed a solid Q4 pipeline driven by momentum in AI solutions with tangible ROI. CFO Zane Rowe stated that while FX is a factor, it is not significant. He reiterated the company's strategy of balancing top-line growth with margin expansion, expressing confidence in their path toward a 30%+ non-GAAP operating margin.

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CEO Carl Eschenbach explained the shift is based on viewing the current IT spending environment as the 'new norm' and having conviction in their growth initiatives. He noted higher margins also fund reinvestment. CFO Zane Rowe added that the company has a better understanding of investment returns and an increased focus on company-wide efficiencies.

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CFO Sandeep Aujla attributed the margin strength to strong revenue performance across all businesses and the pervasive use of AI and automation for efficiency. He cited productivity gains in customer success, development (40% faster coding), finance, and marketing. This gives him confidence in their ability to continue investing in growth while expanding margins and growing operating income faster than revenue in the future.

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CFO Sandeep Aujla attributed the margin strength to strong revenue performance across all businesses combined with widespread productivity gains from AI and automation. He specified these gains are occurring not just in customer success but also in development, finance, and marketing. This gives him confidence in the ability to invest in growth while continuing to expand margins and grow operating income faster than revenue.

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CEO Sasan Goodarzi explained that the primary value capture for Intuit Assist currently comes from improved customer conversion, retention, and higher adoption of paid services like payments. He noted that stand-alone priced SKUs are a possibility over time. Regarding Credit Karma, he attributed the strong performance to a '50-50 blend' of a more stable macro environment for personal loans and strong execution by the product and go-to-market teams, particularly in areas like insurance.

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President and COO Kira Makagon reported very positive feedback for Air, citing productivity gains up to 50%. She clarified that while individual product contributions to the ARR target are not disclosed, RingCX is the primary driver. She added that market pricing has stabilized and they are not seeing increased discounting, as RingCentral maintains its position as a premium product.

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Founder, Chairman and CEO Vlad Shmunis attributed ARPU strength to the cross-sell of new, higher-value products like RingCX and AI-based upsells like RingSense, emphasizing the strong value proposition of the core ~$30 ARPU bundle. SVP and Chief Accounting Officer Vaibhav Agarwal added that sales and marketing leverage continues to improve, with expenses as a percentage of revenue declining due to higher sales productivity, cost discipline, and a strategic shift to more efficient routes to market.

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CFO Jennifer Hsu stated that booking seasonality is proceeding as expected, with Q2 and Q4 typically being the larger quarters for net adds. Regarding gross dollar retention, she explained the recent dip was a technical, mathematical factor resulting from large, step-function price increases over a 24-month look-back period. She reiterated that the goal is to align discounted member pricing with the growing value proposition, which has successfully grown members, bookings, and free cash flow. Executive Caryn Seidman-Becker added that the primary focus remains on driving member experience and value, with pricing following that value creation.

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Executive Kenneth Cornick clarified that the stabilization in the 12-month trailing retention metric was not seasonal but a result of execution, improved lane experiences from EnVe pods, and an increase in member win-backs. For 2025 growth, he cited a combination of net member growth, the full-year impact of prior price increases, new pricing initiatives, and the continued ramp-up of CLEAR1 and PreCheck. CEO Caryn Seidman-Becker added that the combination of NextGen Identity and EnVe technology unlocks significant new growth opportunities.

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Executive Caryn Seidman-Becker explained that direct partnerships like Home Depot and LinkedIn are already contributing to revenue, while new channel partnerships like Okta will begin contributing next year. Executive Kenneth Cornick added that for 2025, growth will come from multiple sources: CLEAR Plus pricing and volume, TSA PreCheck, and new products like Perks. Regarding member metrics, he attributed the Q3 sequential dip to a higher number of members up for renewal combined with a modest impact from pricing on family plans.

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CEO Jay Kreps detailed two AI demand drivers: selling to AI-native companies and enabling enterprise AI with data pipelines for context and real-time agents. He expressed high confidence in new CRO Ryan Mac Ban, noting his internal promotion minimizes disruption. Key product milestones include scaling the Connect business, winning large Flink migrations, and expanding Tableflow across all clouds with Databricks integration.

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CEO Jay Kreps identified two primary GenAI patterns: real-time ETL for RAG applications and applying language models directly to data streams for tasks like claims processing. CFO Rohan Sivaram added that the 2025 guidance is supported by expectations of over 30% cloud growth, momentum from new products like Tableflow and WarpStream, and strategic partnerships with Jio and Databricks.

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CEO Jay Kreps identified agentic AI as a key Flink use case for operationalizing background tasks, calling it a nascent but potentially massive opportunity. CFO Rohan Sivaram and Kreps both affirmed their commitment to efficient growth, noting that the investment costs for new products are already being incurred, and their scaling should positively impact margins over time.

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President and CFO Gina Mastantuono confirmed that AI is driving real efficiencies, which are expected to grow over the long term. She expressed confidence in margin accretion, noting that the company held its operating margin guidance despite anticipated M&A, underscoring the positive impact of these internal AI-driven savings.

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CEO Bill McDermott confirmed that Customer Workflows are performing exceptionally well, with net new ACV growing over 50% and appearing in 15 of the top 20 deals. He noted significant traction in sales and order management across many industries, driven by a value proposition of increased sales productivity and optimized customer lifetime value. He expressed his belief that this segment could eventually become the largest business in ServiceNow.

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COO & CFO Ashim Gupta confirmed the shift in outlook is due to the macro environment and public sector issues. He mentioned that executive sponsorship and frequent engagement in Washington are key to maintaining federal relationships. Gupta noted that while Agentic momentum is positive, it is not expected to be a material revenue contributor in fiscal 2026.

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CFO & COO Ashim Gupta responded that a better connected and more streamlined team is expected to execute better across all metrics. However, he clarified that the company's philosophy has not changed, as it still prioritizes quality over quantity of new logos. He views the uptick as a result of better overall execution rather than a strategic shift, an area they will continue to monitor.

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CFO Barry Zwarenstein noted that Q4 seasonality was stronger than expected, particularly in consumer and healthcare, which led to higher usage revenue. He confirmed the 2025 guidance is prudent due to macro uncertainty and includes an extra layer of caution for the second half of the year. COO Andy Dignan added that installed base bookings were the highest in eight quarters, driven by 50% year-over-year growth in AI.

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Executive Michael Burkland affirmed the company's confidence in the 20-30% long-term target, highlighting the acceleration in subscription revenue growth from 17% last quarter to 20% in Q3. He emphasized that subscription revenue is the most important indicator of business health and pointed to the massive, AI-expanded market opportunity as a key driver for future growth.

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CFO Mike Scarpelli stated that while he does not guide to Net Revenue Retention, the metric feels "pretty stable," driven by the core business and new feature adoption. Regarding Iceberg, he reiterated that he is not seeing a significant storage headwind and that any potential impact will be more than offset by growth in new data engineering features. CEO Sridhar Ramaswamy emphasized the larger opportunity is accessing the vast data estates outside Snowflake, not a tactical data shift.

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CEO Sridhar Ramaswamy identified three key areas with strong early signals: data engineering workloads, including Iceberg and streaming; a comprehensive, top-to-bottom go-to-market motion for AI products; and Notebooks for data scientists, which are expected to reach general availability soon.

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CEO Mike Rosenbaum attributed the momentum to the durable P&C industry, rising premiums, and Guidewire's growing track record of success, which is distancing it from competitors. President & CRO John Mullen highlighted the power of customer referenceability. CFO Jeff Cooper explained that the strong cash flow is the result of a long-term strategic focus and the power of the SaaS model, with more details to be shared at the upcoming Analyst Day.

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CFO Michelle Chang explained the free cash flow forecast is affected by timing differences and varying interest and tax conditions compared to FY25. She reiterated that the company's strategy is to balance revenue growth with profitability, investing where growth is visible while maintaining a strong focus on efficiency.

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