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    Nehal Chokshi • Northland Capital Markets

    Nehal Chokshi's questions to Allot Ltd (ALLT) leadership

    Nehal Chokshi's questions to Allot Ltd (ALLT) leadership • Q2 2025

    Question

    Nehal Chokshi of Northland Capital Markets questioned the drivers of the record incremental CCaaS ARR, the attach rate profiles for Verizon and Vodafone, the status of the sales pipeline after the landmark deal, and how that deal would be reflected on the balance sheet.

    Answer

    CEO Eyal Harari confirmed the incremental ARR was driven by a full quarter of Verizon's MyBiz promotion and the Vodafone migration reaching full capacity. He noted Verizon's attach rate is near 100% as the service is a default opt-in. He also affirmed the sales pipeline remains strong with more multi-million dollar opportunities. CFO Liat Nathom added the landmark deal is a CapEx project with revenue recognized in 2026-2027, which will impact deferred revenue and RPO over time.

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    Nehal Chokshi's questions to Allot Ltd (ALLT) leadership • Q1 2025

    Question

    Nehal Chokshi inquired about the timing of the Verizon Business Mobile deal's contribution to SECaaS ARR, the primary drivers of the record Q1 SECaaS growth, the specific meaning of the 'around 50% or more' growth guidance, the cross-selling potential of SECaaS into the Smart business, and the competitive landscape's impact on the Smart pipeline.

    Answer

    CEO Eyal Harari clarified that the Verizon mobile deal had minimal impact in Q1, with significant contributions expected from Q2 onward. The strong Q1 SECaaS growth was driven by the ramp-up of previously announced deals with partners like Vodafone, MEO, and O2. Harari explained the 'around 50%' guidance reflects reliance on partners' marketing efforts and could land slightly above or below that figure. He confirmed Verizon is now the largest SECaaS revenue contributor due to its fixed wireless and initial mobile services. Harari also affirmed the strategy to cross-sell to the Smart customer base and noted the growing Smart pipeline is driven by strong demand for the new Tera III platform.

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    Nehal Chokshi's questions to Allot Ltd (ALLT) leadership • Q4 2024

    Question

    Nehal Chokshi asked about the drivers for the Q4 revenue mix, particularly the rise in support revenue and the sharp decline in product revenue. He also sought clarity on the 2025 outlook for both product revenue and the SECaaS growth rate, the reasons for a sequential slowdown in incremental ARR, future OpEx plans, and the strategy for expanding security offerings to include off-net protection.

    Answer

    CEO Eyal Harari and CFO Liat Nahum explained that the support revenue increase was due to typical year-end renewals, while the product revenue drop reflected the lumpy nature of large deals. Harari projected stable but unpredictable product revenue for 2025, reaffirmed a high double-digit growth target for SECaaS, and attributed the ARR slowdown to non-linear partner launch timings. Nahum cited product mix for a slight gross margin dip. Harari outlined a strategy for 'off-net' security R&D and projected flattish OpEx before investments increase later in the year.

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    Nehal Chokshi's questions to Allot Ltd (ALLT) leadership • Q3 2024

    Question

    Nehal Chokshi of Northland Capital Markets inquired about Allot's Security as a Service (SECaaS) Annual Recurring Revenue (ARR) growth, the drivers for the record quarterly increase, and the outlook for Q4 and calendar year 2025. He also asked about the reasons for the flattish operating profit guidance, the improvement in gross margins, and the recent reduction in R&D spending.

    Answer

    Executive Eyal Harari confirmed that SECaaS ARR is expected to continue growing quarter-over-quarter, attributing the recent record increase to new service launches with existing partners like Vodafone and NEO, as well as increased subscriber penetration. He explained that Q4 operating profit guidance is conservative due to the non-recurring nature of some revenue streams, though the company is focused on long-term profitable growth. Harari also clarified that the R&D reduction was partly due to a recurring annual government grant received in Q3, not program cuts. CFO Liat Nahum added that the strong Q3 gross margin was influenced by a one-time SECaaS revenue catch-up and a favorable product mix, with a long-term target of 70%.

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    Nehal Chokshi's questions to AvePoint Inc (AVPT) leadership

    Nehal Chokshi's questions to AvePoint Inc (AVPT) leadership • Q2 2025

    Question

    Nehal Chokshi of Northland Securities, Inc. questioned the drivers behind the increase in the dollar-based net retention rate to 112% and asked if data access management is at a similar inflection point as identity management due to generative AI.

    Answer

    CFO Jim Caci explained that the NRR improvement was broad-based, driven by strong cross-selling and large expansion deals across all customer segments and geographies. CEO Tianyi Jiang agreed that data access management is at an inflection point, highlighting the critical role of data governance and control for AI deployment and referencing the company's unique delegated administration model as a key enabler.

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    Nehal Chokshi's questions to AvePoint Inc (AVPT) leadership • Q1 2025

    Question

    Nehal Chokshi sought to confirm if there was material upside in incremental ARR beyond the favorable impacts of currency and the Ydentic acquisition. He also asked for an estimate of what percentage of customers are now in the deployment phase of Microsoft Copilot, rather than just testing.

    Answer

    CFO James Caci acknowledged the strong Q1 performance but explained that the full-year ARR guidance was not increased beyond the FX tailwind, citing a prudent approach due to the uncertain macro environment. He noted that a stronger-than-expected term license mix contributed to the Q1 revenue beat. CEO Tianyi Jiang estimated that while 80% of customers are testing Copilot, fewer than 10% are in the deployment phase, though this is improving. He stressed that the broader deployment of AI functionalities, beyond just Copilot, is actively happening.

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    Nehal Chokshi's questions to AvePoint Inc (AVPT) leadership • Q4 2024

    Question

    Nehal Chokshi probed the significant spread between constant currency ARR and revenue growth guidance, the rationale for flat EBIT margin guidance after years of expansion, and whether top-line outperformance would be reinvested.

    Answer

    CFO James Caci attributed the growth spread to the declining mix of term license revenue, which provides an upfront revenue bump, in addition to FX. He explained the flat margin guidance reflects a strategic decision to invest in sales, marketing, and R&D for long-term growth. He indicated that any top-line beat would be evaluated for a balance of reinvestment and current-period profitability.

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    Nehal Chokshi's questions to AvePoint Inc (AVPT) leadership • Q3 2024

    Question

    Nehal Chokshi questioned how Generative AI transforms privileged access to be more data-centric, particularly for the Control suite, and asked for the foreign exchange impact on reported ARR.

    Answer

    CEO Tianyi Jiang explained that because Microsoft 365 Copilot is tied to the Office Graph, controlling access to specific data assets is critical for its successful deployment. He noted that large enterprises are implementing AvePoint's Control suite for permission and lifecycle management as a prerequisite for rolling out Copilot. CFO Jim Caci clarified that the FX impact on ARR was approximately 1%.

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    Nehal Chokshi's questions to Nebius Group NV (NBIS) leadership

    Nehal Chokshi's questions to Nebius Group NV (NBIS) leadership • Q2 2025

    Question

    Nehal Chokshi from Northland Capital Markets inquired about the dynamics driving the increased Annualized Run Rate (ARR) guidance and requested more details on the company's recent MLPerf benchmark results.

    Answer

    CFO Maria del Dado Alonso Sanchez confirmed strong ARR momentum, growing from $249 million in March to $430 million in June, with the positive trajectory continuing into July. She noted the new guidance is supported by contracted capacity. Co-Founder & Chief Product & Infrastructure Officer Andrey Korolenko explained that the MLPerf results demonstrated linear scaling comparable to bare metal performance, a key differentiator for customers.

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    Nehal Chokshi's questions to Nebius Group NV (NBIS) leadership • Q2 2025

    Question

    Nehal Chokshi from Northland Capital Markets asked for details on the dynamics driving the increased Annualized Run Rate (ARR) guidance and for more elaboration on the company's recent MLPerf benchmark results.

    Answer

    CFO Maria del Dado Alonso Sanchez highlighted strong ARR momentum, growing from $249 million in March to $430 million in June, and noted a significant portion of the raised full-year guidance is already under contract. Chief Product & Infrastructure Officer Andrey Korolenko explained that the MLPerf results demonstrated near-linear scaling comparable to bare metal performance, which is a key differentiator for customers seeking cost-effective, cloud-based large-scale training.

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    Nehal Chokshi's questions to CSG Systems International Inc (CSGS) leadership

    Nehal Chokshi's questions to CSG Systems International Inc (CSGS) leadership • Q2 2025

    Question

    Nehal Chokshi of Northland Securities, Inc. inquired about the drivers of profitability, the reason an EBITDA guidance increase didn't fully flow to EPS, and the specific Return on Invested Capital (ROIC) metric CSG uses.

    Answer

    CEO Brian Shepherd and CFO Hai Tran explained that while gross margin improvement was driven by both operational efficiencies and SaaS mix, the outsized Q2 result was boosted by a $6M non-recurring license deal. The disconnect between the EBITDA and EPS guidance raise was attributed to adverse foreign currency impacts on the balance sheet. Regarding ROIC, management focuses on generating returns well in excess of their high single-digit WACC, translating this into a focus on cash-on-cash returns for internal investment decisions.

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    Nehal Chokshi's questions to CSG Systems International Inc (CSGS) leadership • Q1 2025

    Question

    Nehal Chokshi requested a more quantitative characterization of the 'strong pipeline' mentioned in the prepared remarks and asked if the strong Q1 cash from operations was also ahead of internal expectations.

    Answer

    CEO Brian Shepherd explained that 'strong pipeline' refers to the overall size being slightly larger than the prior year, with healthy deal progression and win rates across product lines like Ascendant, CPQ, and payments. He confirmed Q1 results, including cash flow, came in slightly ahead of expectations. Executive John Rea added that despite the strong start, Q1 is still expected to be the low point for free cash flow for the year, with growth anticipated in the coming quarters.

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    Nehal Chokshi's questions to CSG Systems International Inc (CSGS) leadership • Q4 2024

    Question

    Nehal Chokshi asked for more color on how much the increasing SaaS mix is contributing to gross margin expansion. He also inquired about the incumbents displaced in recent major wins and the company's success rate against competitors like NetCracker and Amdocs.

    Answer

    CFO Hai Tran described the SaaS mix shift as a 'meaningful' contributor to gross margin improvement, along with broad efficiency actions. CEO Brian Shepherd declined to name displaced incumbents but confirmed that CSG competes against major players like Amdocs, Oracle, and NetCracker in every significant deal. He emphasized that CSG's competitive advantage lies in its cloud-native Ascendon platform and its ability to simplify business processes for clients.

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    Nehal Chokshi's questions to CSG Systems International Inc (CSGS) leadership • Q3 2024

    Question

    Nehal Chokshi asked for the annual contract value (ACV) of recent non-Comcast wins and questioned why free cash flow guidance was not raised in line with the increase in adjusted EBITDA guidance.

    Answer

    CEO Brian Shepherd stated that CSG does not disclose ACV for new wins but affirmed they contribute to confidence in achieving future growth targets. CFO Hai Tran explained that free cash flow guidance remained unchanged because the benefits of higher EBITDA were offset by the near-term cash impact of restructuring charges taken during the year to drive long-term efficiencies.

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    Nehal Chokshi's questions to Super Micro Computer Inc (SMCI) leadership

    Nehal Chokshi's questions to Super Micro Computer Inc (SMCI) leadership • Q4 2025

    Question

    Nehal Chokshi asked about the drivers for the sequential revenue increase guided for September and why this growth is not expected to translate into operating leverage. He also sought to clarify if DCBBS is a discrete service or a bundled offering.

    Answer

    CFO David Weigand attributed the Q1 revenue growth to the ramp of new GPU platforms but noted that the production learning curve for these new technologies limits immediate operating leverage. CEO Charles Liang described DCBBS as a pre-validated, modular total solution, implying it is bundled to enhance the value and margin profile of a GenAI factory deployment.

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    Nehal Chokshi's questions to Super Micro Computer Inc (SMCI) leadership • Q3 2025

    Question

    Nehal Chokshi sought clarification on the Q3 inventory reserve, asking if a similar reserve is anticipated for Q4 and included in the 10% gross margin guidance. He also questioned if the Q3 revenue shortfall was related to inventory that is now being resold at a lower price.

    Answer

    CFO David Weigand confirmed the Q3 inventory reserve reduced margins by about 220 basis points, primarily for older products, and that the Q4 margin guidance is driven more by prudence around tariffs. He explained that the Q3 revenue shift was due to customers moving to newer platforms, necessitating a write-down on the expected value of older inventory. CEO Charles Liang added he hopes the margin impact from reserves will be smaller in Q4 and near zero by the September quarter.

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    Nehal Chokshi's questions to Super Micro Computer Inc (SMCI) leadership • Q2 2025

    Question

    Nehal Chokshi asked if the company's backlog increased quarter-over-quarter. He also challenged the reliance on historical growth rates for the $40 billion forecast, asking if it was validated by the current demand pipeline. Finally, he requested a concrete example to clarify the 'data center building block architecture' concept.

    Answer

    CFO David Weigand did not provide a specific backlog figure but noted that backlog tends to follow chip cycles, building with new solutions. CEO Charles Liang affirmed that the $40 billion target is validated by multiple dimensions, including historical growth, customer demand, backlog, and sales commitments, calling it a 'very conservative target.' He explained the 'Data Center Building Block Solution' as a one-stop shop for customers building a data center, providing everything from racks and liquid cooling components (pumps, water towers) to software, management tools, and deployment experience.

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    Nehal Chokshi's questions to Super Micro Computer Inc (SMCI) leadership • Q1 2025

    Question

    Nehal Chokshi asked about the presence and revenue concentration of 10% customers in the quarter. He also questioned CEO Charles Liang on the potential benefits of separating the Chairman and CEO roles at Super Micro.

    Answer

    CFO David Weigand confirmed the company had 10% customers but declined to disclose the specific revenue percentage. On the topic of corporate governance, CEO Charles Liang stated that he is open-minded about separating the Chairman and CEO roles and regularly considers what is in the best interest of the company and its shareholders, though he made no commitment to a change.

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    Nehal Chokshi's questions to Pros Holdings Inc (PRO) leadership

    Nehal Chokshi's questions to Pros Holdings Inc (PRO) leadership • Q2 2025

    Question

    Nehal Chokshi inquired about the necessary conditions for subscription revenue growth to accelerate into calendar year 2026, following up on the drivers for such an acceleration.

    Answer

    CFO Stefan Schultz stated that while the company is pleased with its current momentum and raised guidance, the present forecast represents what they are highly confident in achieving. For future acceleration, he highlighted initiatives like optimizing the top of the sales funnel, leveraging new partnerships like the one with Commerce, and expanding their sales reach. He noted that more details on the 2026 outlook would be shared in coming quarters.

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    Nehal Chokshi's questions to Pros Holdings Inc (PRO) leadership • Q1 2025

    Question

    Nehal Chokshi from Northland Capital Markets asked why full-year guidance was only reiterated despite strong demand signals, and questioned the reason for the guided sequential decline in Q2 adjusted EBITDA.

    Answer

    President and CEO Andres Reiner responded that while confidence in the guidance has increased, the company is remaining prudent and not getting ahead of itself given the broader macro risks. CFO Stefan Schulz explained the Q2 adjusted EBITDA decline is due to seasonally high spending for the company's Outperform conference. He noted this is a return to a more typical spending pattern, unlike the prior year which saw expense relief from lower incentive compensation due to weaker performance at that time.

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    Nehal Chokshi's questions to Pros Holdings Inc (PRO) leadership • Q4 2024

    Question

    Nehal Chokshi sought clarification on ARR growth figures, questioning why the 11% subscription revenue growth guidance for 2025 exceeds the 10% constant currency ARR growth at the end of 2024. He also asked about the focus of increased S&M investments and the drivers of the Q4 revenue beat.

    Answer

    CFO Stefan Schulz clarified the ARR calculation and explained that 2025 subscription revenue will benefit from the recognition of previously booked deals, making it a close proxy but not an exact match to year-end ARR growth. CEO Andres Reiner specified that S&M investments will target demand generation and quota-carrying personnel. Both executives confirmed that better linearity and strong bookings drove the Q4 revenue beat.

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    Nehal Chokshi's questions to Pros Holdings Inc (PRO) leadership • Q3 2024

    Question

    Nehal Chokshi asked for a review of the synergies from the EveryMundo acquisition. He also inquired about the company's capital allocation priorities, specifically regarding debt repayment versus M&A, given the rising free cash flow.

    Answer

    CFO Stefan Schulz and CEO Andres Reiner both praised the EveryMundo acquisition, highlighting its role in driving fast value in the travel sector and its emerging potential in B2B via the new AI-driven SEM product. On capital allocation, Schulz stated the focus is on building capital to provide options, keeping the door open for strategic M&A. Reiner added that M&A is not a necessity for growth, but the company's strong position allows them to be opportunistic with strategic, culturally-aligned tuck-ins.

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    Nehal Chokshi's questions to SPS Commerce Inc (SPSC) leadership

    Nehal Chokshi's questions to SPS Commerce Inc (SPSC) leadership • Q2 2025

    Question

    Nehal Chokshi of Northland Securities, Inc. sought to clarify if 'high single-digit' growth meant a 7-9% range and asked if the expected growth deceleration from 2025 to 2026 would be primarily driven by ARPU.

    Answer

    CFO Kim Nelson declined to provide a specific numerical range but reiterated the outlook is for 'at least high single digits.' She explained that future growth will be driven by both customer additions and ARPU expansion through upsells and cross-sells, without specifying which would be the primary driver of any change in the growth rate.

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    Nehal Chokshi's questions to SPS Commerce Inc (SPSC) leadership • Q1 2025

    Question

    Nehal Chokshi from Northland Capital Markets asked about the rate at which Carbon6 is adding new customers. He also inquired about the industry vertical of the new retailer that drove the strong organic customer additions in the quarter.

    Answer

    Executive Kimberly Nelson explained that the Carbon6 customer base consists of many smaller Amazon sellers with higher churn, resulting in a net customer count that was roughly flat from the acquisition date to the end of the quarter. Executive Chad Collins stated that the strong organic adds in Q1 came from a mix of enablement campaigns across their typical verticals like grocery, retail, and distribution, rather than from one specific new retailer.

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    Nehal Chokshi's questions to SPS Commerce Inc (SPSC) leadership • Q4 2024

    Question

    Nehal Chokshi asked about the size of the Amazon-only supplier community within the TAM and inquired about the size profile of the customers who are already at or above the new target wallet share of $40,500.

    Answer

    Executive Kimberly Nelson clarified that the new TAM of 275,000 potential customers includes the first-party (1P) supplier space for revenue recovery but not the third-party (3P) marketplace. Executive Chad Collins added that the 3P Amazon seller market is large, with over 200,000 sellers doing over $1M in GMV, but this was not in the scope of the analysis. Regarding wallet share, management explained that the distribution of customers relative to the average is similar across small, medium, and large segments, implying that customers of all sizes are represented in the group that already exceeds the target ARPU.

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    Nehal Chokshi's questions to SPS Commerce Inc (SPSC) leadership • Q3 2024

    Question

    Nehal Chokshi asked for a refresh on the North American portion of the company's TAM and questioned the risks that prevent management from being certain that North American go-to-market techniques will work in Europe.

    Answer

    Executive Kimberly Nelson recalled the original TAM estimate was roughly 50% North America, but noted they now see more opportunity in the U.S. than initially thought and will provide a formal update in 2025. Executive Chad Collins identified the risks in Europe as the model being unproven there, a different balance of power with smaller, regional retailers, and the complexity of executing programs across multiple languages and countries from a central location.

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    Nehal Chokshi's questions to NetApp Inc (NTAP) leadership

    Nehal Chokshi's questions to NetApp Inc (NTAP) leadership • Q4 2025

    Question

    Nehal Chokshi from Northland Securities, Inc. asked if the increase in AI wins from 100 to 150 was due to a higher win rate or simply more deal flow. He also inquired about the foreign exchange impact in Q4 and the expectation for fiscal 2026.

    Answer

    CEO George Kurian clarified that the 5x growth figure was for revenue, not customer count, but confirmed the acceleration in wins. He stated that win rates are already very strong, and the focus is on engaging in more opportunities by equipping the sales team with a refreshed portfolio and broader certifications. CFO Wissam Jabre noted the FX impact in Q4 was minimal (less than 1%) and that the FY26 guidance reflects current rates, without providing a specific forecast.

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    Nehal Chokshi's questions to NetApp Inc (NTAP) leadership • Q2 2025

    Question

    Nehal Chokshi asked for confirmation of a key element of NetApp's AI vision and inquired about the development timeline and effort required.

    Answer

    CEO George Kurian confirmed that decoupling the scaling of data management compute and data storage is part of the company's AI vision. He clarified that the development effort is not comparable to the lift required for clustered ONTAP and that NetApp expects to deploy these solutions to customers by the end of the next calendar year.

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    Nehal Chokshi's questions to Nutanix Inc (NTNX) leadership

    Nehal Chokshi's questions to Nutanix Inc (NTNX) leadership • Q3 2025

    Question

    Nehal Chokshi of Northland Securities, Inc. asked how incremental ARR performed relative to internal expectations and questioned the reason for the sequential decline in service revenue.

    Answer

    CFO Rukmini Sivaraman did not comment on ARR relative to expectations but expressed satisfaction with overall performance against guidance. She explained the sequential decline in support revenue was not unusual and was partly impacted by the runoff of old device licenses, while noting that product revenue grew strongly, aided by a large deal's revenue recognition.

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    Nehal Chokshi's questions to Nutanix Inc (NTNX) leadership • Q1 2025

    Question

    Nehal Chokshi of Northland Capital Markets questioned why ARR was decelerating and why incremental ARR was weak, especially given the reported strength in new logo acquisition.

    Answer

    CFO Rukmini Sivaraman explained that the primary driver of net new ARR is land-and-expand ACV. She pointed to a divergence where new customer 'land' was strong, but 'expand' with existing customers, which constitutes the majority of land-and-expand, was negatively impacted by the weak U.S. federal quarter. She also reiterated that longer sales cycles for larger deals affect overall ARR growth.

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    Nehal Chokshi's questions to Agilysys Inc (AGYS) leadership

    Nehal Chokshi's questions to Agilysys Inc (AGYS) leadership • Q4 2025

    Question

    Nehal Chokshi of Northland Capital Markets asked about the sustainability of the ~20% growth in the sales pipeline, the rationale for excluding Marriott from FY26 guidance, and whether planned OpEx growth was sufficient to support the pipeline.

    Answer

    President & CEO Ramesh Srinivasan expressed optimism that pipeline growth could improve beyond 20% due to international expansion and a larger sales team, noting that win ratios also impact revenue. CFO Dave Wood explained the Marriott exclusion is because the rollout will be in an early, non-material pilot phase during the fiscal year. Both executives affirmed that OpEx is sufficient, as significant investments in hiring have already been made.

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    Nehal Chokshi's questions to Agilysys Inc (AGYS) leadership • Q3 2025

    Question

    Nehal Chokshi sought clarification on a 70% year-over-year growth metric, asked for the module attach rate for PMS bookings, and questioned the rationale for expanding the Total Addressable Market (TAM) from $5 billion to $16 billion.

    Answer

    President and CEO Ramesh Srinivasan clarified that Q3 sales of PMS and related modules (excluding Book4Time) were up 70% year-over-year, and the PMS attach rate is about 8.5 modules per deal. CFO Dave Wood explained the TAM was expanded to $16 billion to reflect the company's full suite of add-on modules, which are now mature enough to compete as best-of-breed products and were not fully accounted for previously.

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    Nehal Chokshi's questions to Agilysys Inc (AGYS) leadership • Q2 2025

    Question

    Nehal Chokshi asked about the competitive landscape for spa booking software, specifically which other companies offer tight integration with PMS and POS systems and how Agilysys views competitors like Mindbody. He also questioned if the continued headwinds in hardware product revenue were the reason for the modest increase in total revenue guidance despite the Book4Time acquisition.

    Answer

    CEO Ramesh Srinivasan asserted that with the acquisition, Agilysys now owns the two leading spa software products for the hospitality vertical, Book4Time and Agilysys Spa, differentiating on modern technology and feature richness. He clarified that Agilysys does not compete with general spa software like Mindbody, as its focus is exclusively on hospitality. CFO Dave Wood confirmed that product revenue remains a challenge, trending toward a 10% annual decline, which is the primary factor limiting a larger increase in the full-year revenue guidance.

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    Nehal Chokshi's questions to Quantum Corp (QMCO) leadership

    Nehal Chokshi's questions to Quantum Corp (QMCO) leadership • Q3 2025

    Question

    Nehal Chokshi from Northland Capital Markets inquired about the composition of a large U.S. federal deal, the future trajectory for operating expenses, backlog expectations, demand trends for key products, and the expected primary growth driver for fiscal 2026.

    Answer

    Chairman and CEO Jamie Lerner detailed that the federal deal involved high-margin products for defense and intelligence agencies. He also highlighted strong demand for the DXi portfolio and new i7 tape product, positioning the company for growth in both primary and secondary storage. CFO Ken Gianella confirmed that OpEx should be modeled around $30 million quarterly, the backlog target remains $8-$10 million, and noted that Federal revenue was up 54% year-over-year, validating their strategy.

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    Nehal Chokshi's questions to Quantum Corp (QMCO) leadership • Q2 2025

    Question

    Nehal Chokshi inquired about the pipeline conversion rates needed to achieve breakeven free cash flow, whether win rates differ across product lines like Myriad and ActiveScale, and why the elevated backlog isn't expected to buffer the March quarter guidance.

    Answer

    CFO Ken Gianella explained that achieving positive cash flow is more dependent on managing the recurring revenue base and a lower OpEx structure rather than a specific pipeline conversion rate. Chairman and CEO Jamie Lerner noted that DXi win rates are significantly up, attributing this to recent product innovation compared to competitors like Dell. Regarding the forward-looking guidance, Gianella stated that the company is being cautious due to both persistent supply chain headwinds and a planned factory transition occurring at the end of the quarter.

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    Nehal Chokshi's questions to Quantum Corp (QMCO) leadership • Q1 2025

    Question

    Nehal Chokshi of Northland Capital Markets questioned the year-over-year decline in subscription bookings, the significant drop in service gross margin, and the quarter-over-quarter bookings trend for the Myriad and ActiveScale product lines.

    Answer

    CFO Kenneth Gianella and CEO Jamie Lerner explained that the drop in subscription bookings was due to supply chain delays preventing hardware shipments, which are necessary to recognize the associated software revenue. Gianella attributed the lower service gross margin to regional operational inefficiencies and higher staffing costs, which are being addressed. Lerner added that while specific booking numbers for Myriad and ActiveScale are not disclosed, ActiveScale is seeing strong adoption, and Myriad is successfully converting proof-of-concept trials into sales.

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    Nehal Chokshi's questions to Teradata Corp (TDC) leadership

    Nehal Chokshi's questions to Teradata Corp (TDC) leadership • Q4 2024

    Question

    Nehal Chokshi requested details on the bookings trajectory needed to drive the expected ARR acceleration in the second half of 2025 and asked for the specific dollar amount of on-premise erosion in 2024 and 2025.

    Answer

    CFO Claire Bramley explained that the second-half ARR improvement aligns with historical seasonality, where the majority of customer erosion occurs in the first half of the year, rather than requiring a significant acceleration in new bookings. She did not disclose a specific dollar amount for erosion but noted a meaningful improvement in retention exiting 2024 that is expected to continue.

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    Nehal Chokshi's questions to Teradata Corp (TDC) leadership • Q3 2024

    Question

    Nehal Chokshi asked how total workloads are affected by the lower cloud ARR outlook if total ARR is unchanged, given that migrations typically involve an uplift. He also inquired about the concentration of the $50 million cloud ARR takedown and the frequency of 'boomerang' customer wins.

    Answer

    CFO Claire Bramley acknowledged that migrations typically include an uplift but stated this impact was absorbed within the existing total ARR guidance range. CEO Stephen McMillan confirmed the revision was due to a 'handful' of 8-figure deals becoming multiple 7-figure deals. He also noted that as Teradata's platform capabilities improve, its ability to win back customers from competitors is increasing.

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