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CEO Bill Staples detailed a multi-faceted strategy to capture value. This includes fostering human-agent collaboration, extending open-source principles to AI, maintaining high security standards, and leveraging its unified data platform to create a 'knowledge graph' for superior context. He emphasized that natively integrating agents into the platform will drive value and future monetization opportunities.

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CFO Brian Robbins stated that the pricing increase exceeded expectations in FY25 and that the company is about halfway through its impact, with a similar incremental benefit expected in FY26 and factored into guidance. Regarding the macro environment, he noted a consistent but cautious spending climate and confirmed there has been no change to their multi-faceted guidance methodology.

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Co-Founder Sytse Sijbrandij acknowledged the validity of the question but did not comment on future pricing plans. He pointed out that incoming CEO Bill Staples has experience with consumption-based models, though this was not the reason for his hiring, and reiterated his belief in a strong future for human developers aided by AI.

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CEO Sid Sijbrandij explained that it's still early for AI adoption, with enterprise customers being considerate and often not yet deploying it to all users. CFO Brian Robins clarified that the price increase continues to layer in as contracts come up for renewal, with benefits expected to continue into next year. He emphasized that customers were not allowed to renew early, so the impact is phased according to the natural renewal cycle.

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President, CEO & Director, Rory Read, stated that while macro uncertainty is a factor across all geographies and verticals, he attributes most of the pressure to internal execution challenges over the past two years. He emphasized that churn is driven by a need to mature into an enterprise software company with better implementation and customer engagement. Read expects the changes being made to result in a "bend in the business" in the second half of the year.

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President and CEO Rory Read clarified that cost savings from a 15% workforce reduction are intended to improve efficiency and free up capital for reinvestment in strategic areas like go-to-market and R&D, not to sacrifice growth. Financial Officer Manish Sarin attributed the gross margin pressure to increased data costs, including a renewed Twitter license, and higher hosting costs associated with spinning up new data centers for the Sprinklr Service product, but did not provide a specific breakdown.

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President and CEO Rory Read stated that such transformations typically take 12 to 24 months to take hold. He detailed plans for a new go-to-market structure in FY'26, including a dual pod model with technical success and renewal managers, and a renewed focus on the partner ecosystem. CFO Manish Sarin noted there has been marginal improvement in churn but that the company is not "out of the woods yet," with more impact expected from changes being implemented next year.

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Founder and Co-CEO Ragy Thomas acknowledged that AI will reduce agent seat counts and stated that Sprinklr is evaluating interaction-based pricing models. He noted some clients use AI efficiency to cut labor costs, while others repurpose savings into sales activities. Chief Financial Officer Manish Sarin explained that the Q3 billings decline and Q4 reacceleration follow historical seasonal patterns, with Q3 being the slowest quarter and Q4 the strongest, giving them confidence in the full-year guidance.

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CFO Navam Welihinda explained the guidance reflects prudence due to the dynamic macro environment, extrapolating observed U.S. Public Sector pressure to the broader business. He highlighted subscription revenue excluding Monthly Cloud and CRPO as key supplemental metrics. CEO Ashutosh Kulkarni added that partnerships with hyperscalers and NVIDIA are solidifying Elastic's position as a leading vector database for GenAI applications, both in the cloud and on-premise, driving go-to-market momentum through cloud marketplaces.

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Interim CFO Eric Prengel attributed the cloud strength to healthy consumption from enterprise and commercial accounts, particularly some larger customers, but noted the Q4 guide remains prudent. CEO Ash Kulkarni explained that serverless is envisioned as the primary way customers will experience Elastic Cloud in the future, offering a better user experience and operational efficiencies. Eric Prengel added that while the financial impact will take time, serverless is expected to be a growth driver and eventually improve gross margins.

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CEO Ashutosh Kulkarni described better binary quantization (BBQ) as a 'true game changer' with broad applicability, offering significant efficiency gains with little impact on accuracy. CFO & COO Janesh Moorjani explained that the sequential change in RPO was consistent with past performance and actually slightly higher than the year-ago quarter, expressing satisfaction with the overall sales execution in Q2.

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CFO and COO Janesh Moorjani stated that the impact was broad-based across both cloud and self-managed deployments, stemming from the general sales execution issue. He asserted that the single-digit price increase was not a meaningful factor. Moorjani confirmed that consumption against existing annual cloud commitments remained healthy and as expected, but the lower volume of new commitments secured in Q1 will temper future cloud revenue growth.

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CFO Kevan Krysler confirmed they were pleased with the TCV sales performance, which was bolstered by a large deal closing earlier than anticipated. However, he clarified that this does not change the company's overall expectations for the year and they do not foresee a significant headwind to their annual revenue guidance as a result.

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CFO Kevan Krysler noted that while the U.S. was the primary growth driver in Q4, it's not unusual to see quarterly variability. He stated that for the full year, growth was comparable, and he expects international markets to grow at a faster pace than the U.S. long-term.

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CEO Charles Giancarlo explained that the deal isn't dependent on a specific density, but the customer's awareness of Pure's roadmap was a key factor in their decision. CTO Rob Lee added that the introduction of the 75TB module was a critical turning point that captured the customer's attention, and each future density increase makes the solution even more compelling across all metrics, including cost.

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CTO Rob Lee reported that early interest has been great, with customers looking forward to the non-disruptive upgrade that will allow them to manage their entire Pure estate as a single storage cloud. CEO Charles Giancarlo added that beta users, both large and small, have been very pleased with Fusion's ability to simplify management through policy.

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President and CEO Rajiv Ramaswami explained that the Dell PowerFlex solution, called NCIC, includes the Nutanix platform minus the storage component and is in its early days with revenue contribution expected in FY26. CFO Rukmini Sivaraman attributed the higher operating margin to timing of hiring and higher revenue, noting that investments will ramp in Q4 and that the recent pace of margin improvement will be hard to sustain.

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CEO Rajiv Ramaswami detailed two paths for customers: modernizing applications with NKP or migrating existing workloads 'as is' to the public cloud via NC2 on AWS. CFO Rukmini Sivaraman clarified that while Q2 federal performance was strong, it wasn't a full recovery from the seasonally high Q1. She stated the raised full-year guidance reflects new logo strength, steady expansion, and good renewals, while accounting for federal uncertainty.

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CEO Rajiv Ramaswami confirmed that Broadcom's de-emphasis on VMC on AWS creates a significant opportunity, which spurred the expanded AWS partnership to facilitate customer migrations. CFO Rukmini Sivaraman explained that maintaining the full-year revenue guidance is prudent given it's only Q1, citing uncertainties from elongated sales cycles and large deal variability. Regarding NRR, she noted it was impacted by a weaker U.S. Federal quarter and did not guide to a trough, stating that macro factors will continue to have an impact.

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CEO Aaron Levie detailed a strategy centered on openness and interoperability, ensuring Box's data platform is accessible wherever users work. Monetization occurs through user seats, which are required for secure access, and through AI unit consumption for agentic workflows initiated by third-party systems. CFO Dylan Smith confirmed the constant currency billings guide is slightly lower, attributing it to rounding and incremental conservatism for the second half of the year.

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CEO Aaron Levie described AI Units as an 'abstraction layer' to simplify billing for various AI capabilities, with consumption based on factors like the task, document complexity, and the AI model used. CFO Dylan Smith noted that the U.S. public sector business is in the 'mid-single-digit percentage range' of total revenue, with federal being a portion of that, and confirmed the company is being prudent in its outlook for that segment.

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CFO Dylan Smith stated that the recent net retention rate improvement was driven by stronger pricing from Enterprise Plus upgrades, while seat growth dynamics remain relatively stable but under pressure. CEO Aaron Levie explained that the 'unlimited' AI query decision was driven by falling AI model costs and a desire to remove adoption friction. He clarified that high-volume, API-driven use cases, such as large-scale metadata extraction, will be monetized separately on a per-volume basis.

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CFO James Benson explained that the ODC model is favorable in a tight macro environment because it allows customers to expand usage without penalty. This might lead customers to sign for a finite committed amount and then use ODC for overages, providing flexibility while still driving consumption growth for Dynatrace.

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CFO Jim Benson clarified that the NRR downtick was primarily due to lower expansion performance in the commercial segment, an area where the go-to-market model is still being tuned. CEO Rick McConnell and Benson reiterated that on-demand usage on multi-year DPS contracts does not automatically trigger an expansion, which can delay NRR recognition. This reinforces why investors should evaluate both subscription revenue and ARR.

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CFO Jim Benson explained the guidance is a matter of prudence, not concern. He cited the need for new sales reps to mature and acknowledged the new 6-month compensation plan likely pulled some deals into the first half, making the second-half impact unclear. Regarding DPS, Benson stated that platform consumption is growing significantly faster than ARR, with emerging products like logs showing even more rapid growth. He noted that nearly 25% of the customer base now uses their logs products.

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Co-CEO Roy Mann confirmed strong AI adoption that provides real business value, noting that monetization is in early stages but shows a positive correlation with usage. CFO Eliran Glazer explained that while the full-year FX headwind assumption was lowered to less than 1%, the guidance was not fully raised due to a conservative approach amid macro uncertainties.

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co-CEO Roy Mann explained that the AI pricing is consumption-based, with an 'action' being any AI-driven task like a summary or workflow automation, and customers can purchase more credits as needed. CFO Eliran Glazer detailed that the 2025 guidance assumes stable demand, a stable 112% NDR, a 100-200 bps negative FX impact, and a ~$40 million contribution from pricing changes, with no revenue from AI yet included.

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Co-CEO Roy Mann acknowledged the great cross-sell opportunity with monday Service but noted it's too early to compare its potential to CRM, as it's not expected to be a significant revenue driver next year. CFO Eliran Glazer explained the NRR increase to 111% was ahead of expectations and is expected to be stable in Q4, with potential for continued improvement in the next fiscal year due to the upmarket push, price increases, and broad-based gross retention improvements.

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CFO Ed Grabscheid confirmed the cloud consumption overage was broad-based and that the sales cycle environment was consistent with previous quarters, not a new development. CEO Shlomi Haim described the AI deal as a new logo win where JFrog will serve as the system of record for AI models, with future potential for security and MLOps expansion.

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CEO Shlomi Ben Haim confirmed that CIOs and CISOs are increasingly looking to consolidate point solutions, which is encouraging for JFrog's holistic platform and security pipeline. CFO Ed Grabscheid clarified that the NDR is expected to stabilize within 1-2 percentage points of the current level. He noted that migration activity is assumed to be similar to 2024, with no significant pickup, and that the impact from 2025 pricing changes will be comparable to the impact seen in 2024.

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CFO Ed Grabscheid noted that while early security adopters are renewing and expanding seats, the primary focus is on winning large new projects. CEO Shlomi Haim highlighted that security is bundled with Enterprise subscriptions, driving platform consolidation. Regarding 2025, Ed Grabscheid declined to provide specific guidance but stated the company is building its outlook more conservatively.

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CFO Mike McLaughlin stated that while a specific number would not be disclosed, the cloud renewal rate was consistent with their forecast and showed sequential improvement. He attributed the net new ARR dynamic to the seasonal weakness of Q1, which is historically the smallest quarter, and not to underlying issues like credits or lower uplift multiples. He noted that Q2 guidance implies a return to more typical first-half linearity.

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CEO Amit Walia confirmed that Q3 is seasonally strong for the public sector and that the segment delivered a robust performance. He highlighted key trends, including an accelerated push toward digital transformation and cloud modernization. While GenAI is a top-of-mind topic for these customers, they are proceeding cautiously with implementation.

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CEO Amit Walia described the rise of open table formats as a net positive, as it creates more need for data preparation, quality, and governance that Informatica supports. Both he and CFO Mike McLaughlin highlighted that IPU customers show strong expansion momentum, often leading to upsell and cross-sell opportunities before their renewal date.

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Co-CEO Owen Ryan attributed the change to ongoing mid-market churn and significant reorganizations at three large enterprise customers, which reduced their entity counts. CFO Patrick Villanova clarified that the new pricing model has been a benefit, not a headwind, to retention. He noted the overall rate is up year-over-year and expects the enterprise rate to remain in the upper 90s.

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CEO Padmanabhan Srinivasan confirmed that their financial outlook already reflects current observations. He noted that for their digital native enterprise customers, the cloud is a top-line driver. While some pockets of caution exist (e.g., ad tech), the company's lack of customer, vertical, or geographic concentration provides resilience. He stated they have taken an 'appropriately cautious' approach to guidance but remain confident based on leading indicators.

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CFO Matt Steinfort confirmed the 2025 outlook does not assume NDR reaches 100% by Q1, as growth is supported by other drivers like AI and an improving core business. CEO Paddy Srinivasan stated that multi-year commitments are currently happening organically. The company is focused on learning from these initial deals before building a scaled, proactive go-to-market motion for them in the future.

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CEO Jay Kreps explained that lower consumption from large cloud customers stemmed from both optimizations and slower new use case additions, a pattern for which the company is conservatively forecasting. CFO Rohan Sivaram confirmed that ACV commitments were strong in Q1 across both Cloud and Platform. Regarding architecture, Jay Kreps noted that Confluent already intelligently uses discless approaches with its Freight Clusters and tiered storage to optimize cost and performance.

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CEO Jay Kreps affirmed that Agentic AI is fundamentally a stream processing problem, making Flink's real-time capabilities highly relevant as AI shifts from offline model building to online inference. CFO Rohan Sivaram noted that DSP consumption accounted for about 13% of cloud revenue in Q4, grew substantially faster than the overall cloud business, and is expected to be a material growth driver in 2025.

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CEO Jay Kreps confirmed WarpStream's BYOC model is opening conversations with large open-source users by offering an intermediate step to a fully managed cloud. CFO Rohan Sivaram explained the NRR dip was marginal and that strong underlying cloud growth, driven by digital native stabilization and DSP adoption, gives them confidence NRR will stabilize at current levels.

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CEO and President Dennis Woodside outlined a mixed AI monetization strategy: consumption-based for AI Agent, a per-seat adder for CoPilot, and bundling Freddy Insights into the enterprise plan to drive adoption. He indicated more details on AI metrics would come at the September Investor Day. COO and CFO Tyler Sloat noted that NDR stability was supported by steady improvements in churn.

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CEO and President Dennis Woodside attributed the CX business improvement to lower churn, which hit an all-time low in Q3, and increased net adds driven by product enhancements and better free-to-paid conversions. COO and CFO Tyler Sloat noted that the 2025 preliminary outlook is based on current planning and that more detailed product-level assumptions would be provided after Q4, which is a historically important quarter.

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CEO Alan Trefler acknowledged higher macro uncertainty but noted that customer engagement remains high. CFO Kenneth Stillwell asserted that the strong Q1 performance was not due to deal timing, stating there was no significant rollover from Q4 or pull-in from future quarters, attributing the success to strong execution on a solid pipeline.

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CEO Alan Trefler confirmed that Blueprint is accelerating adoption and that every client conversation now centers on it. CFO Kenneth Stillwell added that hundreds of millions of dollars in the pipeline are being driven by Blueprint. Regarding the ACV mix, Stillwell stated that maintenance revenue is expected to decline as clients migrate to the cloud, and term license growth will be subdued, with the vast majority of growth coming from Pega Cloud.

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CEO Alan Trefler stated that while a few Blueprints have gone live, the primary impact so far has been on transforming the sales engagement model, with more significant go-lives expected in Q4 and the first half of 2025. CFO Kenneth Stillwell clarified that the current decline in maintenance ACV is not yet materially driven by active migrations. However, he expects migrations to become a larger factor in 2025 and 2026, which will likely lead to a steeper decline in maintenance revenue at that time.

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CEO Yogesh Gupta noted that many M&A targets are naturally SaaS-based, so future deals will likely trend that way, though they won't exclude on-premise assets. CFO Anthony Folger addressed the guidance, stating that while Q1 was strong, it is too early in the year to raise the full-year revenue forecast, though the beat increases their confidence.

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CEO Yogesh Gupta explained the agency, an existing customer, is using MarkLogic's new vector and RAG capabilities to securely augment LLMs with its proprietary data for internal use cases. EVP & CFO Anthony Folger clarified the FY25 revenue outlook, noting the $250 million from ShareFile is an approximation, and the total guidance accounts for the incremental contribution (net of one month in FY24), a negative FX impact, and revenue lumpiness from multi-year contract renewals in the base business.

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CEO Jennifer Tejada explained the execution challenges stemmed from adapting to a top-down, platform-selling motion as customer buying behavior shifted. The primary fix is a talent rotation towards more experienced enterprise reps. CFO Howard Wilson added this is being done within the existing expense envelope and confirmed the guidance takes a 'prudent view' of the macro environment, focusing on controllable factors like building on success with large customers and a renewed digital motion for the commercial segment.

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CFO Sonalee Parekh clarified that Q1 guidance includes a 2-point headwind from FX and the leap year, and that ARR growth is expected to outpace revenue growth for the year. CEO Dustin Moskovitz explained that AI Studio's contribution is modeled modestly due to high uncertainty in customer adoption rates and consumption levels, which could range from a "base hit to a grand slam." Sonalee Parekh projected continued sequential operating margin improvement, with the Q4 exit rate being significantly higher than the full-year 5% guide, and suggested a similar pace of improvement could continue.

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CFO Isabelle Winkles did not provide a specific timeline or future guidance for the dollar-based net retention rate. However, she noted an encouraging trend where the performance gap between post-ZIRP and ZIRP cohorts widened slightly in Braze's favor during the quarter, and promised more visibility in March.

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CEO Bill Magnuson explained that AI is a crucial part of every deal cycle for future-proofing, though prospects find it hard to separate hype from reality. He noted Braze's advantage lies in its strong data foundations. CFO Isabelle Winkles clarified that RPO and CRPO figures were impacted by lapping the North Star acquisition and that the change in deferred revenue was due to contracting terms, not smaller deal sizes.

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