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CFO Navam Welihinda stated that the strong self-managed growth was broad-based across all geographies and solutions, contributing to the overall strength in sales-led subscription revenue. CEO Ashutosh Kulkarni explained that the consumption model aligns cost directly with value, which customers appreciate for AI workloads as their usage and benefits grow in tandem.

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CEO Ashutosh Kulkarni explained that while GenAI is expanding the Search TAM and will likely make it a larger part of the business over time, AI features are also benefiting Observability and Security. He emphasized that the sales-led motion is the primary focus. CFO Navam Welihinda added that Monthly Cloud revenue, which is primarily a self-service SMB motion, is expected to be roughly flat in fiscal 2026.

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CEO Ash Kulkarni stated that the self-service cloud motion, targeting the SMB segment, remained flattish and is more correlated with the SMB market than sales changes. He noted strong sales-led execution in enterprise and mid-market. Regarding SIEM, Kulkarni highlighted strong customer interest driven by the need for AI-led automation, the ability to analyze data at scale over long periods, and a compelling total cost of ownership.

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CEO Ashutosh Kulkarni described upselling the installed base as a 'natural motion' since customer data is already in Elasticsearch, noting this is driving much of the GenAI success. Regarding SIEM, he stated that AI is now a 'must-have' for security analytics, and Elastic is seeing significant momentum and winning consolidation deals against legacy vendors, aided by programs like the Express Migration Program.

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CEO Ashutosh Kulkarni highlighted that the search business accelerated during the quarter, driven by strong customer adoption of semantic search and RAG use cases, which he views as a positive long-term indicator. CFO and COO Janesh Moorjani explained that the company is taking a measured approach to spending, continuing to invest in R&D for GenAI and targeted sales capacity while reducing costs elsewhere. This will result in a spending reduction greater than the revenue reduction, leading to a slightly higher full-year operating margin guidance.

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CFO Mike Scarpelli confirmed that while Europe is developing and contributing, the bulk of new customer additions are still coming from the U.S., where the new sales motion was established first. He noted that Snowflake is replicating this successful model in EMEA and APJ and expects it to yield positive results as it matures in those regions.

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CEO Sridhar Ramaswamy stated that Snowflake acknowledges and works with complex customer ecosystems, but sees an opportunity in customers' desire to consolidate tools for simplicity. EVP of Product Christian Kleinerman added that investments in open formats like Iceberg support open architectures. Regarding buybacks, CFO Michael Scarpelli noted they will be evaluated quarterly and are viewed opportunistically, with the full authorization expected to be used by 2027.

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CEO Sridhar Ramaswamy identified streaming and ingestion as critical areas where Snowflake needs a strong native offering, alongside new areas like Snowflake Intelligence. EVP of Product Christian Kleinerman affirmed they will continue to partner with companies like Confluent. Regarding guidance, CFO Mike Scarpelli stated the guidance is 'appropriate' and that given the company's scale, a 3% beat should be considered significant, expressing confidence in the forecast for the quarter and the year.

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CEO Sridhar Ramaswamy positioned the Datavolo acquisition as a key step to help customers act on all their data, especially unstructured data in cloud storage, by providing extensive connectivity. He noted the market is large enough for both Snowflake and its partners. CFO Mike Scarpelli attributed the strong results primarily to improved go-to-market execution, describing the economic environment as stable and similar to the previous quarter.

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CFO Mike Scarpelli explained that margins were slightly better due to delays in some GPU deployments but affirmed the full-year guidance of 75%. CEO Sridhar Ramaswamy asserted the Tabular acquisition validates Snowflake's strategy of betting on Iceberg as an interoperable standard and stated that Snowflake will continue to play a significant role in shaping the open-source project.

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President & CEO Dev Ittycheria explained that the self-serve success is due to a data-driven, experimental approach, including new motions to attract SQL developers to the MongoDB platform. CFO Mike Berry addressed the non-Atlas question, stating that the outlook for next year's Q3 depends on this year's Q3 performance and that the main headwind for the upcoming quarter is from multiyear deals.

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CEO Dev Ittycheria asserted that competitors' moves validate the strategic importance of the operational database market for AI and argued their bolt-on JSON support is superficial compared to MongoDB's native document architecture. CFO Mike Berry shared his positive diligence findings, highlighting the company's scale, leveraged business model, efficiency opportunities, and strong balance sheet as key strengths.

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CFO Serge Tanjga confirmed the non-Atlas headwind is a 'mechanical situation' due to a smaller renewal base after two exceptionally strong years, not a change in customer trends. CEO Dev Ittycheria explained that Voyage AI models will be offered broadly to attract new users while also being deeply integrated into the MongoDB platform to create a superior, unified developer experience.

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CFO Michael Gordon noted that Q4 is a seasonally large renewal quarter for EA, but the sequential decline is expected due to the significant multiyear deal strength in Q3. CEO Dev Ittycheria described partnerships with AWS, Azure, and GCP as 'very strong,' highlighting deep product integrations and stating that hyperscalers see the value in partnering with MongoDB for performance-critical AI applications.

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CFO Michael Gordon stated that EA strength is broad, reflecting the 'run anywhere' strategy, and is not exclusively tied to AI. CEO Dev Ittycheria explained that for AI, MongoDB is well-positioned to handle complex data structures, unifying source data, vector data, and operational data. He added that as LLM performance improves, real-time data access becomes critical, and he believes RAG will be the predominant approach.

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CFO Zane Rowe reiterated confidence in the full-year outlook, stating they would have maintained the prior guide absent the acquisition. CEO Carl Eschenbach addressed the international question, asserting that Workday has a very strong reference base in Europe, including in Germany and the UK, with some of the largest companies as customers. He also highlighted momentum in Japan and the new market entry into India.

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CEO Carl Eschenbach described the leadership transition as smooth and stated that while the new executive has deep international experience that will be leveraged, no major changes to the go-to-market motion are planned. He emphasized that the current engine is working well and any adjustments will be refinements to improve upon the existing strategy.

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CEO Carl Eschenbach detailed a multi-pronged AI strategy that includes monetizing specific solutions like Recruiter Agent and Extend Pro, with future agents also priced for value. CFO Zane Rowe explained that OCF guidance is steady because strong Q2 collections balanced a comparatively lower Q3, and an extra Q4 pay period was already factored into the full-year forecast.

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CEO Carl Eschenbach reiterated that the medium-term outlook is based on the current environment being the 'new norm.' CFO Zane Rowe addressed the spending mix, stating that efficiency efforts are balanced across all functions, including leveraging AI in R&D and optimizing their global workforce, rather than shifting focus from one area to another.

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Co-Founder & CEO Or Offer explained that GenAI data deals begin with a paid evaluation phase before converting to multi-year ARR contracts, a model applicable to many customers. CFO Jason Schwartz attributed the NRR dip to a lapping effect from large 2024 deals and pointed to the 13% growth in customers over $100k ARR as a key indicator of the successful land-and-expand strategy.

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CEO Or Offer explained that visibility varies by role, with inside sales showing faster ramp and yield compared to enterprise reps with longer sales cycles. CFO Jason Schwartz stated the Search Monitor acquisition has no material impact on guidance and confirmed the company's guidance philosophy remains consistent, aiming to provide targets they are confident in meeting.

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CEO Michael Intrator stated that CoreWeave's view of a structural supply constraint is unwavering and based on direct discussions with the largest AI infrastructure consumers. Regarding latency, he explained it is use-case dependent; for complex queries like chain-of-reasoning, compute power is more critical, but the company's strategy of building near population centers provides low-latency optionality.

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CEO Michael Intrator reiterated CoreWeave's unwavering belief in a structurally supply-constrained market, based on direct customer feedback. He explained that latency's importance is use-case dependent, being less critical for tasks like chain-of-reasoning, and noted that CoreWeave's strategy is to build near population centers to maintain low-latency optionality.

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CFO Nitin Agrawal explained that the full-year CapEx guidance reflects an increased and accelerated investment profile to meet strong customer demand. He reiterated that CapEx is success-based, directly tied to committed customer contracts, and can therefore be lumpy depending on the timing of data center and infrastructure deployments.

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Co-CEOs Eran Zinman and Roy Mann, along with CFO Eliran Glazer, responded. Zinman acknowledged some downmarket weakness, prompting a conservative guidance stance. Glazer affirmed the guidance is prudent and accounts for uncertainty. Mann expressed excitement for the Service product, noting it's scaling fast with a different go-to-market motion focused on the existing customer base.

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CFO Eliran Glazer explained that Q1 is typically the strongest quarter for cash flow due to robust billings and collections from year-end deals. He noted that Q2 is expected to be weaker due to seasonal factors like bonus payments and salary adjustments. Overall, the full-year cash flow is expected to align with the previously issued guidance.

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CEO Mark J. Barrenechea explained that global volatility is driving demand for sovereign cloud and on-premise solutions, creating a net positive tailwind. President & CCO Paul Duggan detailed that the maintenance business improvement stems from strong core operating metrics like higher renewal rates and price adjustments, new offerings like Advanced Customer Services (ACS), and overcoming prior one-time setbacks.

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CEO Mark Barrenechea attributed the performance miss to a $40-$50 million demand disruption, primarily in bookings, driven by auto tariff announcements impacting the auto, materials, energy, and U.S. government verticals. He stressed that the company successfully managed controllable areas like EBITDA and cash flow. CFO Chadwick Westlake outlined his three main priorities as maximizing capital allocation, simplifying guidance for greater transparency, and actively listening to investors and teammates.

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CEO and CTO Mark Barrenechea stated that while Europe presents growth challenges, OpenText is well-positioned in strategic industries. He highlighted pro-growth initiatives in the U.S. as a positive factor. Regarding ITOM, Barrenechea explained that OpenText's strategy is to outperform by combining its observability and service management capabilities with its core strengths in security and content management, creating a comprehensive value proposition beyond traditional IT workflows.

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CEO and CTO Mark J. Barrenechea clarified that the Q4 license performance was not macro-related but a result of the ongoing license-to-cloud transition and significant internal focus on two strategic programs: the AMC divestiture and business optimization planning. He stated that the path to higher margins involves increased revenue, talent and location optimization, improved cloud margins from automation like Titanium X, internal AI deployment for efficiency, and a greater mix of high-margin SaaS workloads.

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CEO John Strosahl explained that Android support was a customer-driven initiative to secure mixed-device fleets and has seen good initial traction since its July 1 launch. CFO David Rudow added that Identity Automation has been fully integrated, with its former CEO now leading Jamf's education group. He noted the acquisition outperformed expectations and accounted for about half of the quarter's revenue beat.

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CEO John Strosahl expressed excitement about the mobile and deskless worker opportunity, calling it a significant trend driven by new use cases, such as airlines expanding mobile device use from pilots to ground crews. CFO David Rudow stated his guidance philosophy aligns with Jamf's historical 'beat and raise' approach, creating an achievable model based on the Q4 exit ARR run rate and the company's strong market position.

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CEO John Strosahl characterized the Microsoft relationship as highly collaborative, focusing on co-selling and availability on the Azure marketplace with minimal competitive overlap. Outgoing CFO Ian Goodkind explained the customer count adjustment was a one-off event from a systems update, primarily to reclassify MSPs as single customers and to remove devices past their revenue recognition period.

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CEO Matt Calkins described application modernization as a complex, emerging market where Appian is well-positioned to lead. CFO Serge Tanjga explained the NRR dip was due to the lingering effects of past down-sells and a higher mix of new customer acquisitions, emphasizing that the company's primary focus is on total new business growth rather than managing to a specific NRR target.

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Matthew Calkins, Chairman and CEO, emphasized Appian's focus on practical, "boring AI" that delivers measurable results, contrasting it with market hyperbole. He positioned Appian's process platform as essential infrastructure for deploying AI agents safely and effectively. Mark Lynch, Interim CFO, stated there was nothing significant to report regarding factors that impacted Q1 billings.

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CEO Matt Calkins explained that AI agents are priced by usage, consistent with industry trends, but noted that Appian is currently subsidizing usage to drive adoption and demonstrate value. Interim CFO Mark Lynch addressed the NRR, stating it remains within the target range of 110-120% and highlighted the best-in-class 99% gross renewal rate as a more important indicator of customer satisfaction.

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CEO Matt Calkins stated that while he aspires to move towards outcome-based pricing, it is a future intention and not a current practice, as it requires a clearly defined value context like a specific solution. He attributed the strong performance to customers becoming more sophisticated about AI and recognizing the value of Appian's structured approach, which embeds AI within a process to maximize its productivity and impact.

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CEO Olivier Pomel described a multi-layered AI opportunity, starting with infrastructure monitoring and expanding to observability for non-deterministic AI applications, a trend he sees becoming market-wide. CFO David Obstler added that the increased sales capacity is showing positive early results in new logo generation and pipeline growth as new hires continue to ramp.

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CFO David Obstler explained the guidance reflects Q1's beat and current run rates, with conservatism applied to Q2 and the second half left unchanged due to lower visibility. Regarding gross margin, he and CEO Olivier Pomel noted that higher-than-expected cloud costs from spiky customer growth and new product investments led to the adjustment. They are now shifting resources toward optimization to bring margins back within their historical range.

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CEO Olivier Pomel noted that customers are increasingly using LLM Observability to monitor third-party AI models, with broad adoption beyond AI-natives. CFO David Obstler explained that the decision to increase investment is a bottoms-up process based on seeing success in underserved geographies, growing channel partnerships, and needs of large enterprises. He added that it was also a 'catch-up' after a more prudent approach in 2023.

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CEO Olivier Pomel explained that the overall move to the cloud is a long-term trend. While some traditional workload growth may be temporarily diverted to AI experimentation, he views this as a precursor to future production growth. CFO David Obstler and Pomel added that the company plans to scale sales capacity in line with top-line growth and is actively investing in underpenetrated markets.

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CEO Ryan Barretto explained that sales conversations are tailored to specific customer problems, like marketers facing search disruption, with a focus on demonstrating clear ROI. CFO Joe DelPretto assured that due diligence on NewsWhip confirmed its scalable infrastructure, and they do not anticipate any negative gross margin impact as the business grows.

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CEO Ryan Barretto highlighted strong enterprise wins across diverse verticals like medical devices, restaurant chains, and food & beverage. He noted healthy pipeline generation, attributing it to the increasing need for brands to engage with customers on social media for marketing, care, and analytics, which drives demand for Sprout's platform.

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CFO Joe Del Preto stated that the guidance assumes the demand environment in 2025 will not improve from 2024, reflecting a more measured approach based on a full year of sales data. CEO Ryan Barretto added that go-to-market changes are limited to routine fine-tuning and adjustments, with no major strategic shifts to report.

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CEO Ryan Barretto clarified that Sprout is the exclusive social data channel for Agentforce, enriching CRM records to empower agents. CFO Joe Del Preto addressed the metrics question, advising analysts to focus on the 31% year-over-year CRPO growth as the key leading indicator for future performance, rather than short-term calculated bookings, which can fluctuate.

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CEO Chad Richison explained that iWant is a command-driven AI tool that revolutionizes software interaction, eliminating the need for user training and increasing engagement. He stated monetization will be indirect, driven by increased full-solution adoption, higher sales volume, and improved retention. CFO Bob Foster added that the company will reinvest margin expansion into CapEx for AI and equipment, expecting free cash flow to be similar to the previous year.

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CEO Chad Richison stated that while Paycom has little direct exposure to tariffs, the company is monitoring the situation as any impact on clients' employee counts could eventually affect them. CFO Bob Foster explained that efficiency gains stem from Paycom's internal use of its own full product suite, such as for expense management and service ticket automation, which allows them to avoid backfilling certain positions.

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Incoming CFO Bob Foster explained that providing full-year guidance aligns better with the company's long-term operational focus. CEO Chad Richison added that while the annual retention rate was stable year-over-year, it strengthened throughout 2024 and he expects that trend to continue, expressing a hope for stronger retention moving forward.

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CEO Chad Richison stated that demand is strong and sales momentum is increasing, highlighting that September was the company's largest sales month in its history. CFO Craig Boelte added that for every 25 basis point interest rate cut, float revenue is impacted by approximately $6 million on an annualized basis, and the company is considering layering in longer-term investments for its float balances.

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CEO Rick McConnell responded that customers are consolidating traditional, isolated log vendors. He emphasized a market shift toward integrated, end-to-end observability platforms, as they provide better outcomes at a lower total cost than standalone log solutions.

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CFO James Benson explained that the company analyzed the behavior of its initial customer cohorts as they passed their annual contract reset periods. He noted they looked at the 'attach rate' of ODC to this business but applied a level of conservatism to the forecast due to the limited history and potential for cohort behaviors to change.

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CEO Rick McConnell affirmed the logs market is 'ripe for disruption,' citing customer concerns over competitors' rising costs. He highlighted Dynatrace's value in integrating logs with its AI-driven platform and offering predictable pricing. He stated that 25% of the customer base now uses their logs solution. CFO Jim Benson described new logo additions as 'a little bit light' but noted this was expected following the sales segmentation changes, which initially favor expansion deals. He stressed that landing sizes remain strong.

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President, CEO & Director Toby Williams positioned the integrated finance solution as a key differentiator against most HCM competitors. He clarified that the offering is horizontal, similar to the core HCM suite, enabling Paylocity to target clients across all verticals rather than focusing on specific ones. He expressed early optimism about the value proposition's traction in the market.

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CFO Ryan Glenn described the macro environment as stable, with guidance for the second half of the year remaining prudent on workforce levels. He attributed the gross margin leverage to a successful balance of investing in service while driving efficiency and automation, allowing the company to benefit from its increasing scale.

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CEO Paddy Srinivasan acknowledged that capacity constraints are a 'way of life' but emphasized DigitalOcean's differentiation is its 'twin stack' cloud, combining a full-stack general-purpose cloud with an agentic AI cloud, which is attracting marquee customers. CFO Matt Steinfort added that while the RPO increase is encouraging, it's still a small part of the business. The guidance raise is based on broad confidence from first-half performance, customer usage visibility, the new migration motion, and AI traction, all while being able to raise free cash flow margin guidance simultaneously.

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CEO Padmanabhan Srinivasan stated that the company's guidance does not assume any significant change from the macro environment, planning instead for stable conditions. He noted that while their Net Dollar Retention (NDR) improvement is driven by internal initiatives, any positive macro shift would be an upside but is not currently baked into their financial projections.

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CEO Paddy Srinivasan explained that while there's no set timeline for product adoption to impact financials, they are seeing positive leading indicators like multi-year contracts and migrations from hyperscalers. He noted the core business NDR is already trending ahead of the reported blended rate. CFO Matt Steinfort added that Q3 EBITDA strength came from disciplined cost management and that while spending will ramp in Q4, they feel good about the overall margin profile continuing into the next year.

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CEO Henry Schuck stated that direct customer feedback confirms ZoomInfo is ahead on the innovation curve with Copilot. He noted they were first to market and plan to expand their lead with a major 'Copilot 2.0' release later in the year, featuring enhanced functionality and new AI agents.

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CEO Henry Schuck stated that direct customer feedback confirms ZoomInfo is ahead of the competition on the innovation curve. He emphasized their first-mover advantage and plans to expand their lead with a major 'Copilot 2.0' release later in the year, which will introduce significantly enhanced functionality and new AI agents.

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The company stated that the downmarket segment is more reactive to macro slowdowns and that their guidance accounts for this. They believe their key differentiator in the AI space is the ability to unify necessary third-party data with a customer's first-party data, which is essential for effective go-to-market AI and something competitors cannot easily replicate.

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CEO & Chairman Mike Burkland characterized the rumored investment as a positive endorsement of the CCaaS space. He stated that Five9's own partnership momentum with key players like Salesforce and ServiceNow is stronger than ever, with robust co-selling and co-development efforts that he does not expect to change.

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Executive Michael Burkland responded that the 'AI revolution' is creating urgency among customers, with the AI Blueprint program successfully converting 50% of participants into paying AI customers. President Bryan Lee added that the recent workforce reduction was broad but strategically avoided impacting sales capacity, with reinvestment focused on go-to-market and AI initiatives.

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The company is not seeing a significant impact from tariffs and observes strong demand in B2B and for discoverability solutions due to AI. The rebranding is a corporate-level change to better reflect the company's full product suite, including the platform-agnostic Feedonomics, and is not expected to disrupt new customer acquisition.

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The company's outlook is conservative and not dependent on macro improvements. The partner strategy is a key differentiator from competitors like Shopify; BigCommerce embraces an open ecosystem, planning to bundle partner solutions to drive value, which strengthens rather than strains partner relationships.

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CFO Asha Bakshani advised modeling a gradual, quarter-to-quarter improvement in payments penetration rather than expecting a large step-change from non-competes. Founder and CEO Dax Dasilva reiterated that Lightspeed's AI strategy focuses on saving merchants time with tools for website generation, menu configuration, and performance benchmarking, enabling them to focus on high-value business activities.

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CFO Asha Bakshani explained that non-core markets are being run for efficiency and profitability, with growth coming from net retention via payments and capital adoption. President J.D. Saint-Martin noted that fiscal 2025 was the first year of at-scale outbound sales, and its success prompted the decision to triple the team. The hiring is capped at 150 for now to consciously manage the approximately six-month ramp time required for new reps to reach full productivity.

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President JD Saint-Martin attributed the 9% software growth to a combination of product innovation (new modules), a focus on larger customers via outbound sales, and strategic price adjustments. CFO Asha Bakshani stated the company would immediately execute the remaining $100 million of its current buyback authorization and would continue to repurchase shares under the new $300 million authorization throughout fiscal 2026.

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CEO Satya Nadella agreed, confirming that Copilot is evolving beyond simple chat interfaces to spawn asynchronous applications and agents like 'analyst' and 'researcher'. He emphasized that the UI remains critical for instructing and monitoring these agents, citing the GitHub Copilot code review agent as an example of how different system components are being leveraged.

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CEO Satya Nadella agreed, stating that Copilot is evolving from a simple chat interface to a platform for spawning asynchronous work via agents. He emphasized that the user interface remains critical for instructing and monitoring these agents, using the GitHub Copilot code review agent as an example of this expanding, system-level interaction.

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CEO Satya Nadella confirmed this trend, explaining that usage is moving beyond simple chat to spawning asynchronous agentic applications. He emphasized that the UI remains critical for instructing and monitoring these agents, citing the GitHub Copilot code review agent as an example of how these tools are becoming deeply integrated into workflows.

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CEO Satya Nadella outlined Microsoft's integrated system: Copilot serves as the UI for AI, Copilot Studio allows customers to extend Copilot by building agents, and these can include autonomous agents that work independently but delegate back to Copilot for human input. He described this as a complete system for business transformation, with all underlying components also available as building block services in Azure.

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CFO Rohan Sivaram clarified that the consumption dynamic is broad-based among larger customers and not driven by the single AI-native customer mentioned, which was provided as color for the Q4 outlook. CEO Jay Kreps explained that optimization is not churn to open source but rather technical and contractual efforts. These include consolidating clusters, compressing data, optimizing usage patterns, and making larger, multi-year commitments in exchange for higher discounts, which is reflected in the strong RPO growth.

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CFO Rohan Sivaram noted that consumption from smaller customers has been steady, and with strong top-of-funnel adds on the cloud side, they see less risk in that segment. CEO Jay Kreps added that the perception of streaming has been on a gradual build, becoming a major part of data strategy. While ecosystem M&A helps, he sees it as part of a broader, long-term trend rather than a single catalyst.

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CEO Jay Kreps expressed satisfaction with Flink's progress, noting its product maturity is enabling more production workloads. Regarding Databricks, he positioned Confluent as the essential 'broker of streaming data' for analytics platforms, a role that is becoming more critical for real-time AI applications, and described the partnership as highly productive.

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CEO Jay Kreps positioned WarpStream as a 'best-in-class' product for the 'bring your own cloud' (BYOC) deployment model, completing their portfolio. CFO Rohan Sivaram explained the one-time benefit was from recognizing revenue from unused credits after a customer's international expansion plan did not materialize, but stressed that underlying performance remained strong.

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COO & CFO Kenneth Stillwell confirmed that Pega Blueprint is a significant driver for business activity and is engaged in every sales campaign, contributing to the strongest Q2 the company has ever had. He clarified that while Q1 had a higher renewal cycle for term licenses, Q2 was not unusual and no anomalies are expected in the second half of the year.

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Executive Alan Trefler explained that term license revenue is inherently seasonal and not linear, with Q1 being a strong quarter. He also clarified that it typically takes a few quarters for Pega Cloud ACV to convert into recognized revenue, and that a currency impact from the previous year also affected the current quarter's Pega Cloud revenue.

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CEO Safra Catz explained that the underlying strength of strategic SaaS products is now more visible as headwinds from non-strategic businesses fade, with AI capabilities driving cloud adoption. CTO Larry Ellison added that customers are increasingly choosing Oracle's fully integrated application suite (ERP, HCM, SCM) to eliminate integration costs and gain a unified, AI-ready platform, leading to market share gains.

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CEO Safra Catz countered the premise, stating that companies are under intense pressure to improve efficiency, which drives strong demand for Oracle's automated back-office solutions like Fusion. She highlighted that customers want to reduce operational spending to invest in differentiation and leverage their data with Oracle's embedded AI capabilities. Catz also revealed that booking trends for these applications have markedly accelerated.

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Chairman and CTO Larry Ellison explained that these partnerships will 'turbocharge the growth' of the database business by making the best, Exadata-based versions of the Oracle Database available everywhere. He also highlighted a parallel trend of significant growth in private clouds, which offer identical, automated functionality as public clouds but behind a customer's firewall. He predicted private clouds will greatly outnumber public clouds, and Oracle is positioned to win in both scenarios.

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President, CEO & Director, Rory Read, expressed enthusiasm for the AI disruption in CCaaS, stating it "opened the door for Sprinklr" by shifting focus to unified customer experiences, which plays to Sprinklr's platform strengths. He stressed the need to mature the company's processes to capitalize on this. CFO Manish Sarin added that the BMS is a broad, cross-functional system, not just for sales, designed to give everyone a 360-degree view of the business to improve teamwork and execution.

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President and CEO Rory Read agreed the planned changes are "basic blocking and tackling" for a mature SaaS company and that he will build a team capable of scaling the business, pointing to his past transformations as a playbook. CFO Manish Sarin explained that the Q4 billings reacceleration is a consistent seasonal pattern observed over the last few years, where Q4 is a seasonally strong quarter following a weaker Q3.

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CEO Marc Benioff highlighted the deep integration of Tableau into the Data Cloud and metadata platform. President and Chief Engineering Officer Srini Tallapragada elaborated that this combination creates a trusted, enterprise-grade data platform essential for AI agents, with MuleSoft for connectivity, Data Cloud for unification, Tableau for insights, and Informatica to accelerate the overall data strategy.

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Chair and CEO Marc Benioff highlighted Tableau's deep integration into the core platform. President and Chief Engineering Officer Srini Tallapragada elaborated that an effective agentic strategy relies on a strong data strategy. He explained that MuleSoft, Data Cloud, Tableau, and Informatica will collectively provide the trusted, enterprise-grade data platform necessary for customers to deploy reliable AI agents at scale.

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Chair and CEO Marc Benioff described the combined COFO role as a 'perfect match' that creates significant leverage by uniting finance and operations. He noted he was inspired by a similar structure at another company and successfully recruited Robin Washington from the board. Incoming COFO Robin Washington added her excitement for the opportunity.

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COO Brian Millham stated the pricing is a usage-based model at '$2 a conversation,' which offers high value. CEO Marc Benioff elaborated with a personal healthcare anecdote, contrasting a hypothetical $100 human-led call with a $1.50 agent-led interaction to illustrate the immense cost savings and productivity gains for customers. Millham added that customers understand their labor costs, which simplifies pricing discussions, and pointed to online ROI calculators available to them.

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CFO Sandeep Aujla stated that while macro stability helped, the majority of Credit Karma's outperformance was driven by strong execution. He highlighted innovations like AI-powered offer matching and the Lightbox feature, which improved partner connections and drove higher ARPC. Aujla noted this 'management alpha' has put the business on a significantly better trajectory compared to 12 months prior.

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CEO Sasan Goodarzi attributed the results to two factors: continued macro stability and, more importantly, strong execution. He highlighted that AI-driven improvements in connecting customers with the right offers, along with innovations like Lightbox, drove higher ARPC and market share gains in credit cards, personal loans, and insurance. He referred to this outperformance as 'management alpha,' which has put the business on a new trajectory.

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CEO Sasan Goodarzi attributed the 17% payment volume growth to temporary factors, including storms on the East Coast impacting small businesses and the number of days in the quarter, and stated he expects it to accelerate. Regarding AI, he highlighted the 'done for you' strategy, citing the general availability of Intuit Assist for QuickBooks, which automates tasks like invoicing and accounting. For tax, he said to expect dramatically streamlined experiences this season.

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CEO David Ossip confirmed this was correct. He explained that the distribution of go-lives between Q4 and Q1 can vary year-to-year based on how the calendar aligns with customers' payroll start dates. The strong sales in Q4 naturally led to a corresponding pattern of project kickoffs and subsequent go-lives.

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CEO David Ossip explained that strong sales were broad-based across all segments and that the 17.9% cloud ARR growth would flow through the system. CFO Jeremy Johnson addressed the guidance, stating the EBITDA increase comes from cost controls and efficiencies. He noted that while optimistic about free cash flow, they chose to maintain the current guidance as it is the first year they are providing a full-year FCF outlook.

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CEO David Ossip confirmed strong progress in the partner channel, citing a new agreement with a top global SI and healthy partner engagement for their upcoming conference. He clarified that elongated sales cycles are a function of moving upmarket and selling broader, more complex suite deals, which naturally take longer, rather than a change in the macro demand environment.

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CEO Stephen McMillan highlighted the ServiceNow partnership as an example of making agentic AI implementable by using Teradata to find real-time insights that trigger workflows. He attributed retention improvements to a confluence of factors: a new appreciation for Teradata's innovation, its ability to deliver business value at scale, and new platform capabilities for AI/ML.

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CEO Stephen McMillan positioned open table formats as an opportunity to apply Teradata's performance architecture and new enterprise vector store to gain insights from all data types. CFO Claire Bramley addressed linearity by providing specific Q1 revenue guidance and reiterating that total ARR will be below its full-year range in H1 due to seasonal erosion patterns.

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CFO Claire Bramley explained that the strong Q3 performance was primarily due to a 'linearity impact' related to working capital, with favorable timing on DSO and DPO. She indicated this was a shift between Q3 and Q4, and the company remains confident in achieving its full-year free cash flow guidance.

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CEO Andrew Bialecki stated that Klaviyo is a mission-critical revenue engine, and in uncertain times, customers double down on high-ROI existing consumer relationships. CFO Amanda Whalen added that Klaviyo indexes to digital relationships, not GMV, leading to less volatility, and noted that key metrics like customer sales cycles remain stable.

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Co-Founder and CEO Andrew Bialecki explained that Klaviyo already serves 15,000 WooCommerce customers and sees the partnership as an opportunistic way to solidify its 'default status' across the entire market spectrum. CFO Amanda Whalen added that the auto-downgrade feature was a customer request to reduce friction and that the overall pricing changes are expected to have a minimal net revenue benefit for the year.

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CFO Amanda Whalen clarified that the softness is consistent with trends observed in prior quarters, primarily affecting the SMB segment's expansion. She emphasized that the macro impact has not materially changed and that Klaviyo's diverse customer base and value proposition provide resilience.

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CEO Mike Cannon-Brookes responded that Atlassian's go-to-market is in a state of constant evolution to meet changing customer needs. He emphasized that while the new CRO brings valuable enterprise experience, the company continues to learn and adapt across its entire model, from the high-velocity, frictionless sales to strategic enterprise accounts, viewing it as a continual learning process.

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President and CFO Gina Mastantuono reiterated the long-term expectation for CRM and HR workflows to grow as a percentage of the total, and noted that AI is expected to lift all workflows across the enterprise, not just one. President, CPO and COO Amit Zavery added that AI is an integral part of the platform, driving value across all existing workflows while also creating new opportunities for customers to use the agentic platform itself to solve complex problems.

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CEO Bill McDermott expressed confidence, citing Gartner's forecast for IT spending to grow nearly 10.5% next year. He stated that ServiceNow is gaining share within this growing IT budget but also sees new investment being allocated to GenAI, sometimes by reallocating funds from other departments. He also pointed to a significant consolidation effect, where customers replace hundreds of point solutions with the Now Platform, freeing up budget and driving growth for ServiceNow.

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CEO Bill McDermott stated that IT budgets are expected to grow significantly next year, with software and GenAI as top priorities. He believes ServiceNow will gain share from this growing IT budget, but also sees new money coming from other departmental line items to fund AI initiatives. Furthermore, he noted a consolidation effect where customers are replacing hundreds of point solutions with the ServiceNow platform, freeing up additional budget.

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CFO Gregory Henry confirmed that Capella remains the primary engine for new logos, contributing to a strong quarter of 44 net new customers. On balancing growth and profitability, Henry stated the company has proven it can be more efficient while still investing heavily in R&D for AI-driven growth. CEO Matthew Cain added that they are building for the long term by finding leverage across the business and expect to acquire customers more efficiently through new developer-focused initiatives.

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CEO Matthew Cain confirmed the strong Q4 pipeline is due to a second-half weighted renewal pool and progress with large, strategic accounts making long-term platform decisions. He noted that customer conversations consistently involve AI's implications for their data platform. CFO Gregory Henry added that most Q4 ARR will translate into revenue within the quarter, though some deals could pull forward from Q1, a factor already incorporated into the guidance.

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CFO Gregory Henry clarified that there was no change in deal structuring; the dynamic was a result of large, multi-year renewals from last year with built-in growth tranches. He also specified that the main headwind in Q2 was from two significant customer losses, while down-sells are a more normal and less impactful part of business, such as when a customer spins down a single application.

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CEO Lisa Utzschneider confirmed that shifts in social media policies have acted as a tailwind, prompting clients to lean more heavily on IAS for trust and accurate media classification. Regarding the Oracle wins, she noted that Q4 was focused on integration and onboarding, with significant upsell opportunities now present in brand safety and the mid-market segment.

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CEO Daniel Dines stated that UiPath's key advantage is in automating processes that span multiple systems (e.g., Salesforce and EPIC), where single-vendor agents are limited. CFO & COO Ashim Gupta attributed confidence in stabilizing net new ARR to improved execution, momentum from the Agentic platform launch, and enhanced pipeline visibility.

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CEO Daniel Dines stated it's early to comment on progress but highlighted organizational changes, including new leadership in North America, to address both C-level and departmental selling. CFO & COO Ashim Gupta added that his expanded role is viewed as long-term, with a mandate to drive operational efficiency, improve cross-organizational connectivity, and better serve customers.

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CEO Ed Ryan agreed that truck volumes typically follow ocean freight and expressed optimism that recent high ocean volumes would boost future truck volumes. CFO Allan Brett explained that operating cash flow was impacted by a $25.0 million non-recurring accounting charge related to earn-out payments exceeding initial estimates. Excluding this item, cash flow was 85% of adjusted EBITDA, in line with expectations.

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CEO Edward Ryan agreed that truck volumes typically follow ocean freight, expressing optimism that strong ocean volumes could lead to a recovery. CFO Allan Brett explained that operating cash flow was impacted by a required accounting treatment for a $25.0 million earn-out payment. Excluding this unique item, cash flow from operations was 85% of adjusted EBITDA, in line with expectations.

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