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Co-Founder and CEO Amir Schlachet summarized the key lesson as the power of a mutually beneficial partnership where each party contributes its unique strengths. Co-Founder and President Nir Debbi detailed current work, including enhancing the Managed Markets solution for a seamless experience and, for the 3P solution, launching Shop Pay in late Q3/early Q4, which will be exclusive to Global-E for 12 months.

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Executive Nir Debbi clarified that the Ted Baker brand is now under new ownership with a completely different tech stack. As a result, Global-e is treating them as a new business prospect and the account is part of their sales pipeline, but it is not currently a client.

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President Nir Debbi clarified that the brand is now operated by a new owner with a completely different tech stack. He stated that Global-e is treating the new entity as a new sales prospect and it is in their pipeline, with hopes to work with them in the future.

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Executive Amir Schlachet explained that while high tariffs could present challenges, they also increase the value of Global-e's offering, as the company specializes in helping merchants overcome such trade barriers. He compared the situation to Brexit, which ultimately proved to be a positive catalyst for the business by increasing market complexity and demand for their services.

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CEO Khozema Shipchandler reiterated that the original thesis was always to integrate data for intelligent communications, a strategy now coming to fruition. CFO Aidan Viggiano provided examples of margin-focused investments, including migrating the email platform to the cloud and establishing more direct carrier connections.

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CFO Aidan Viggiano confirmed that the top five communications verticals (tech, financial services, professional services, healthcare, retail/e-commerce) all grew very well in Q1. She highlighted that Messaging was particularly strong this quarter, with robust growth in both the U.S. and internationally. Chief Revenue Officer Thomas Wyatt added that customers spending over $500k grew 37% year-over-year.

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CFO Aidan Viggiano clarified that investors should model for operating margin accretion each year from 2025 to 2027, rather than a flat year in between. CEO Khozema Shipchandler provided two key examples of internal AI use: in customer support, where AI agents are driving significant ticket deflection, and for vetting inbound sales leads (SDRs), which improves the quality of leads for sales reps.

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CEO John Strosahl responded that the sales team is being incentivized to sell the integrated platform solutions for Mac and mobile, which blend management and security. He elaborated that the strategy involves continuing to support the large SMB customer base while increasing investment in enterprise sales resources, where Jamf sees high growth, strong retention, and a favorable LTV to CAC ratio.

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Incoming CFO David Rudow expressed his excitement about joining Jamf due to its market leadership in the Apple ecosystem and its significant expansion opportunities in security and international markets. He stated that upon initial review, the 3-year model seems reasonable, but a formal update will be provided with Q4 guidance.

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President and CEO Steve McMillan confirmed strong customer interest in SLMs, highlighting that Teradata's massively parallel architecture is well-suited to run them efficiently, citing a customer who ran a Hugging Face model better on Teradata's CPU architecture than on a GPU. CFO John Ederer stated that the solid Q2 results were a positive start, while the main challenge has been getting up to speed on the complexities of Teradata's technology and business model.

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CEO Stephen McMillan praised John Ederer for his public company CFO experience, his successful track record in navigating SaaS transitions, and his strong operational capabilities. He expects the new CFO to bring an external perspective to help evaluate execution, improve efficiency, and drive the company's profitable growth strategy.

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CEO Stephen McMillan clarified that the company is not conducting an external search for a replacement. Instead, Teradata is leveraging its internal 'bench strength' by elevating existing leaders. He announced the appointment of Louis Landry as the new Chief Technology Officer and stated that the heads of product management and product engineering will now report directly to the CEO.

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CEO & Director Paddy Srinivasan explained that the growth is driven by a three-layer AI stack: Gradient AI infrastructure (GPUs from AMD and NVIDIA), the newly GA Gradient AI platform for integrating AI into apps, and Gradient AI agents. He noted that the majority of revenue currently comes from the infrastructure layer, which is consumed by AI-native companies for inferencing, but the platform layer is driving significant developer adoption.

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CEO Padmanabhan Srinivasan responded that product innovation and positive customer reception exceeded his expectations, validating their customer retention strategy. He noted the company's disciplined AI strategy has been a positive learning experience, successfully addressing key adoption barriers of complexity and cost for customers without getting caught in a 'GPU farm' race.

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CEO Dennis Woodside reported seeing strong demand across the board, attributing it to a diversified customer base by geography and industry. He emphasized that Freshworks provides 'must-have' software for IT and customer support automation, which insulates it from macro pressures, and stated the company is bullish on its second-half momentum.

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CEO and President Dennis Woodside affirmed that AI is 'absolutely table stakes' and a key consideration in over 80% of deals. He explained that Freshworks differentiates itself from 'vaporware' by leveraging its large base of referenceable customers who can attest to real, quantifiable value, giving them a significant advantage over competitors who may only have a demo.

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CEO Dennis Woodside responded that increased competition among LLM providers is beneficial, as it drives down pricing and spurs innovation. He explained that Freshworks has built a flexible tech stack to test and integrate various LLMs, balancing cost, performance, and data security. While currently relying on Azure OpenAI for its enterprise-grade protections, the company has tested models from Anthropic and Google and will continue to evaluate new options to deliver better products at a lower cost.

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CEO and President Dennis Woodside explained that customers are primarily looking to increase agent productivity with tools like Copilot and deflect routine support questions with self-service and AI agents. The main goals are to improve both agent productivity and the end-customer experience. He emphasized that customers are looking to Freshworks as their trusted partner to provide these capabilities, rather than building solutions themselves or using other point vendors.

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CEO David Morken explained that both NICE (contact center) and Cognigy (AI voice agent) were Maestro partners, and their combination validates Maestro's role as a critical orchestration layer. Regarding valuation, Morken suggested the market has not yet fully appreciated the importance of voice AI infrastructure compared to AI compute infrastructure. He believes that as this becomes recognized, valuations will better reflect Bandwidth's leadership position.

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CEO David Morken provided a comprehensive overview, revealing that his and the CFO's prepared remarks were read by their own voice agents to illustrate AI's power. He explained that for enterprise voice, the open Maestro and AI Bridge platforms are critical for orchestrating various AI solutions. For global voice plans, customers are building AI experiences that increase call durations and usage. For messaging, programmability and low latency are vital for supporting complex agent interactions. He positioned AI as a durable, long-term demand driver for the business.

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CEO David Morken stated that large enterprise wins are currently secured almost exclusively through their direct sales force, noting their channel program is still in its early stages. CFO Daryl Raiford addressed the debt, confirming they had repurchased nearly all remaining 2026 notes with cash on hand. He characterized the remaining 2028 notes as manageable, with net debt leverage just under 2.0x LTM EBITDA, and said leverage is no longer a primary internal focus.

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CEO David Morken speculated that platform enhancements that reduce friction, such as improved number porting and a unified user experience, would have the most immediate impact. In response to skepticism, CFO Daryl Raiford emphasized strong underlying commercial growth and the significant raise in full-year guidance. CEO David Morken added that the company expects to continue growing profit in the following year, irrespective of political cycles.

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Founder & CEO Alan Trefler countered that Pega's durable advantage lies in its process-centric architecture, not data ownership, as customers increasingly want to control their own data. He argued that Pega's focus on the process and workflow engine is the key differentiator. He also confirmed the agentic process fabric is expected to be released around Labor Day in Q3 2025.

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CEO Alan Trefler explained Pega's unique approach of using AI for design via Blueprint and reliable workflows for execution, which he contrasted with competitors' less predictable prompt-based systems. Executive Peter Welburn suggested that while macro uncertainty exists, some companies may be using it as an excuse for poor execution, whereas Pega's clients continue to invest in modernization.

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CEO Alan Trefler emphasized that Pega's core "center-out" architecture remains a key differentiator, allowing clients to orchestrate processes across various systems without being locked into a single front-end vendor like Salesforce. He positioned Blueprint not as a standalone product but as a catalyst that makes the entire Pega platform more dynamic and easier to implement, strengthening their overall AI and digital transformation narrative and giving them a competitive advantage.

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CEO Allan Thygesen and CFO Blake Grayson explained that they did not have visibility on the early renewals shortfall until the last couple of weeks of the quarter, as that activity is heavily back-end loaded. On competition, Thygesen stated that dynamics in the core e-signature market are stable, and while CLM is competitive, DocuSign is setting the pace with its broader IAM vision and is more focused on its own execution than on competitors.

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CEO Allan Thygesen stated his belief that it is very early to regulate AI effectively but asserted that none of the currently proposed regulations in the U.S. or E.U. meaningfully affect DocuSign's plans. He suggested that the focus should be on adapting existing laws for an AI context rather than creating entirely new frameworks. He confirmed the company will adhere to all laws in the markets where it operates.

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President, CEO & Director, Rory Read, outlined his phased transformation approach: business optimization (mostly complete), a 12-18 month transitional phase (current), and then an acceleration phase. He noted this is the same framework used at Vonage and other turnarounds. CFO Manish Sarin addressed the net dollar expansion rate, stating that at 102%, it is likely to remain "give or take" at current levels, consistent with the full-year subscription growth outlook, until the business transformation shows a clear "bend."

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President and CEO Rory Read stated that the federal business is 'very small' and 'not material' to Sprinklr's results, partly due to its early stage in the FedRAMP approval process. Regarding the transformation, Read said there have been no major surprises, noting the technology is strong but execution processes were immature, like a startup's. He affirmed that the necessary fixes are clear and the transformation is proceeding as planned, with Phase 1 (optimization) complete and Phase 2 (execution burn-in) now underway.

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President and CEO Rory Read attributed the churn primarily to self-inflicted execution issues, including an over-rotation to the service space and a lack of consistent renewal management, rather than a fundamental competitive event. On the macro front, he expects mid-single-digit IT spend growth and noted that clarity on major events gives customers confidence to spend, adding that he sees strong underlying demand for unified customer experience platforms.

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Co-Founder and CEO Dustin Moskovitz shared his view that AI's impact is real and society is not fully prepared, and that the issue needs attention from government. He stated that Asana aims to play a role in this transition by making AI tools a safe, secure, and easy-to-use companion for employees, enhancing their leverage and helping organizations navigate from the present to a radically different future.

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CEO Dustin Moskovitz argued that successful AI agents will be focused on specific, well-defined tasks within workflows, which is Asana's strategy, rather than attempting to be a human replacement. He believes this approach is more practical for near-term deployment. Outgoing CFO Tim Wan identified 'seats' as the #1 metric, stating that seat deployment drives value and creates future pricing power.

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Thomas Siebel, Founder, CEO & Chairman, detailed a leveraged sales strategy where C3.ai's sales team partners with Azure reps to jointly target accounts, supported by new demo tools. He noted they are already tracking over 600 joint accounts. Regarding his health, Mr. Siebel confirmed he is recovered and has resumed a full travel schedule, including an imminent red-eye flight to Washington D.C.

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CEO Thomas Siebel candidly explained that he was diagnosed with giant cell arteritis, an autoimmune disease that has impaired his vision. He assured investors he remains fully engaged in managing the business daily, with accommodations like having emails read to him. He also noted that board member Jim Snabe, former Co-CEO of SAP, has assumed a role as a special assistant to handle events that require travel.

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Chairman and CEO Thomas Siebel explained that the Microsoft alliance was driven by his long-standing relationship with Microsoft's Judson Althoff. Regarding federal spending, Siebel stated that based on his attendance at the Reagan Defense Forum, AI applications are now the top priority for defense and intelligence, and he expects a "dramatic acceleration" of AI adoption and a shift in government procurement methods.

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CEO Thomas Siebel described the current market as "pretty wild" and complex, making it difficult to model linearly due to a wide range of unanticipated use cases for generative AI. CFO Hitesh Lath added that the existing annual guidance already represents a strong 19% to 27% growth rate, positioning C3.ai as one of the fastest-growing public software companies.

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CEO Eric Yuan explained that the vision is to evolve Zoom from a communication tool into a 'system of actions.' He noted customers are excited about using Zoom's agentic AI framework to integrate with systems like ServiceNow and Jira, automating workflows by creating tasks and tickets directly from meetings. He sees this transformation into a core part of the business workflow as a major opportunity.

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CFO Michelle Chang shared that she was drawn to Zoom's iconic brand and its strategic evolution into an AI-first platform. She expressed that she has been delighted by the customer love and pace of innovation. Her primary focus areas are accelerating top-line growth, managing margins, and strategic capital allocation, highlighted by the new share buyback program. She deferred specific FY'26 guidance to the next earnings call.

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CFO Kelly Steckelberg acknowledged that the economy in EMEA has been impacted by ongoing wars, a headwind faced by peers as well. She expressed optimism for the future, highlighting that a new leadership team is coming into place and that the company is investing in the region, exemplified by the recent opening of a London Executive Briefing Center to showcase the expanded platform and drive growth.

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CEO Or Offer explained that the AI traffic product is currently in beta for paying customers and has successfully driven conversions from free to paid plans. He anticipates a larger revenue impact after the second part of the offering, which includes market share and sentiment analysis, is launched and monetized as a standalone module. CFO Jason Schwartz confirmed there is nothing in the current pipeline to suggest a need to alter their investment plans.

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CEO Or Offer described Q4 as 'okay' rather than 'great,' attributing the softness to specific, localized managerial and performance issues in EMEA and Japan that were addressed during the quarter. He stressed that the decision to invest more heavily now is driven by strong underlying demand and confidence in the new team members who are already in place and performing well.

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CEO Or Offer praised CRO Susan Dunn as an experienced industry leader who is making all the right moves to ramp up the go-to-market strategy. CFO Jason Schwartz stated that the long-term model of 25% operating margin and 30% free cash flow margin is targeted for when the company reaches a revenue scale of $400 million to $450 million.

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CEO Drew Houston described building connectors as 'deceptively difficult' and a significant R&D investment that forms a technical moat, as third-party solutions were inadequate. He explained that while all new Dash features are major investments, supporting multimodal search (images/video) leverages Dropbox's existing infrastructure at scale, making it more efficient for them to deliver than for smaller competitors.

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CEO Drew Houston highlighted several differentiators, including Dropbox's large existing customer base of over 500,000 businesses, its trusted brand, and its technical infrastructure. He emphasized that a key product advantage is Dash's 'Protect and Control' security features, which allow admins to identify and remediate improperly shared content before rolling out powerful AI search tools, addressing a major customer concern that competitors don't solve as effectively.

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CFO Bryan Hill explained his decision was based on personal timing, the company's strong performance, and the desire to provide a long, transparent transition. CEO Alex Shootman highlighted the need for a top-tier candidate and stated his most important priority is creating market differentiation by integrating digital banking, MANTL's onboarding, and the data platform to drive higher win rates.

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CEO Alex Shootman explained that the two companies have known each other since 2019 and the deal evolved from mutual respect, cultural alignment, and direct feedback from Alkami's Customer Advisory Board prioritizing a better onboarding experience. CFO W. Hill added that the timing was opportune as MANTL was exploring strategic options, and the combination creates a uniquely powerful platform to help Alkami achieve its long-term growth targets.

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CEO David DeStefano attributed the expected acceleration to two main factors: the ongoing cloud migration cycle driven by SAP and Oracle, which builds the sales pipeline, and increased cross-selling of new offerings, which is anticipated to lift NRR back above 110% by year-end. He noted e-invoicing would contribute more to ARR this year and become a revenue accelerant in 2026.

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CEO David DeStefano described the business tone as 'great,' with strong team confidence reflected in the robust full-year guidance. Regarding e-invoicing, he did not provide a specific current country count but stated the accelerated investment aims to achieve necessary global coverage within the next 18 to 24 months, guided by customer feedback and market opportunities.

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CEO David DeStefano explained that because e-invoicing makes taxability visible to governments at the transaction level, customers want more confidence in the accuracy, which drives demand for the core determination engine. He added that the acquisition expands the data Vertex touches, fueling a new value proposition around data transparency and accuracy across the end-to-end workflow.

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Co-CEO Therese Tucker stated that BlackLine is taking a different, long-term approach focused on 'responsible AI.' She emphasized the critical need for governance and clear audit trails to ensure acceptance by finance executives and auditors. This methodical strategy leverages BlackLine's two decades of SaaS data to provide deep, reliable insights rather than just surface-level automation.

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Co-CEO Owen Ryan identified the top priority as 'execution,' specifically in enabling the sales team to communicate new innovations and proactively helping stalled customers. The playbook for these customers involves using an industry-focused lens and benchmarking data to show them how they compare to peers, creating an 'aha moment' about the untapped potential of the BlackLine platform.

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Co-CEO Owen Ryan stated that while the demand environment feels "a little bit better," with positive indicators like a sold-out user conference and increased partner hiring, the company is not ready to declare a significant change. Regarding the pharmaceutical deal, Ryan explained it was a multi-year sales cycle won by leveraging BlackLine's deep industry-specific domain expertise, relevant use cases, and compelling customer references from other major pharmaceutical clients.

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Chairman and CEO Bill McDermott argued that this shift is different because ServiceNow is uniquely positioned to integrate the 'chaos' of legacy, departmental systems. He stated that AI will drive consolidation onto a single platform like ServiceNow, as customers will no longer tolerate fragmented systems. He sees a major tailwind for ServiceNow as the platform that can integrate with everything but also consolidate everything, a choice customers are increasingly making.

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CEO Bill Magnuson explained that Braze's corporate development team proactively approached OfferFit, a long-time partner. The timing coincided with OfferFit preparing for a fundraising round, which created a window of opportunity. He stressed the deal was driven by the complementary nature of their technologies and the potential for accelerated, efficient growth.

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CEO Dev Ittycheria and CFO Serge Tanjga explained that while the non-Atlas (EA) business continues to grow, there is a clear trend of these customers deploying more of their incremental workloads on Atlas. Looking ahead, Serge Tanjga noted that while the move to the cloud will continue, the application modernization initiative could benefit both Atlas and EA, though its future impact is still being assessed.

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CEO Olivier Pomel stated that opportunities for AI-driven improvement exist everywhere internally, starting with software development and extending to customer support and all back-office functions. However, he clarified that in the short-to-mid term, any productivity gains will be reinvested into R&D to build more products and into go-to-market to scale faster, rather than slowing headcount growth. He affirmed the long-term goal is to remain a highly efficient and profitable company.

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