Sign in

    Rishi Jaluria

    Managing Director and Senior Equity Research Analyst at RBC Capital Markets

    Rishi Jaluria is a Managing Director and Senior Equity Research Analyst at RBC Capital Markets, specializing in software sector coverage with a focus on leading technology companies such as Microsoft and Zoom. He has published over 300 ratings and is ranked in the top half of Wall Street analysts, maintaining a success rate around 48% and an average return of approximately -7% overall. Jaluria began his analyst career after receiving his MBA from the University of Michigan and has held positions at D.A. Davidson, JMP Securities, Pacific Crest Securities, J.P. Morgan Securities, and UBS, before joining RBC in 2021. He holds professional credentials including an MBA and is registered with FINRA, and is widely cited in financial media.

    Rishi Jaluria's questions to VEEVA SYSTEMS (VEEV) leadership

    Rishi Jaluria's questions to VEEVA SYSTEMS (VEEV) leadership • Q2 2026

    Question

    Rishi Jaluria of RBC Capital Markets asked about the architecture of Veeva's AI agents for interoperability with external systems like SAP or Workday. He also inquired if AI could be leveraged to simplify the migration of customizations to Vault CRM.

    Answer

    CEO Peter Gassner confirmed that Veeva AI is being architected for agent-to-agent communication across different vendor systems, which he believes is a significant, underappreciated benefit. He stated that AI would not directly ease migrations, as Veeva already has refined tooling for that. However, he suggested the pull of new AI features on Vault CRM could incentivize customers to migrate sooner.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to VEEVA SYSTEMS (VEEV) leadership • Q1 2026

    Question

    Rishi Jaluria of RBC Capital Markets asked about early customer feedback on new marketing and service applications for Vault CRM and their potential timeline to gain market share. He also inquired about Veeva's evolving view on AI adoption in life sciences and its long-term potential.

    Answer

    EVP, Strategy, Paul Shawah stated that while early, new marketing and service applications are resonating with customers, but adoption requires being on Vault CRM first. CEO Peter Gassner expressed bullishness on Veeva.ai, predicting it could increase life sciences efficiency by 15% by 2030 by embedding deep, application-specific AI agents, which he believes is where 'the magic will happen.'

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to VEEVA SYSTEMS (VEEV) leadership • Q4 2025

    Question

    Rishi Jaluria asked about the evolution of Veeva's AI strategy and early customer feedback, and requested an update on the planned expansion into horizontal applications.

    Answer

    CEO Peter Gassner stated that Veeva's AI strategy is playing out as expected, focusing on specific use cases like CRM Bot and MLR Bot now that the underlying technology is more stable. Regarding horizontal apps, he said the focus is on building a 'version 2' application platform with a dedicated team, but there is nothing to announce on specific application areas yet.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to VEEVA SYSTEMS (VEEV) leadership • Q2 2025

    Question

    Rishi Jaluria asked about the early use cases for Veeva's AI partner program and whether new products like Service Center are typically greenfield opportunities or displacements of existing solutions.

    Answer

    CEO Peter Gassner described early AI use cases like next best action and document generation, emphasizing that Veeva aims to enable partners rather than compete with them. EVP of Strategy Paul Shawah clarified that new products like Service Center will likely be adopted first by net new or smaller customers and are significant add-ons to Vault CRM, not standalone displacements.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to MongoDB (MDB) leadership

    Rishi Jaluria's questions to MongoDB (MDB) leadership • Q2 2026

    Question

    Rishi Jaluria asked for a long-term view, 5-10 years out, on MongoDB's role in a potential multi-agentic world where user interaction shifts to natural language, and what investments are being made to prepare for that future.

    Answer

    President & CEO Dev Ittycheria explained that agents require perceiving, planning, and acting, for which MongoDB is well-suited. He highlighted the JSON document model's ability to represent the real world, the power of integrated hybrid search, and the critical role of memory for agents to connect events over time. He concluded that while more work is needed, MongoDB's underlying architecture is positioned to be a winner as enterprises deploy more agents.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to MongoDB (MDB) leadership • Q4 2025

    Question

    Rishi Jaluria asked what is needed for companies to re-architect new generative AI applications on platforms like MongoDB instead of just lifting and shifting. He also inquired about the momentum of the company's relational migrator tool.

    Answer

    CEO Dev Ittycheria argued that the rapid pace of AI innovation makes flexible data foundations like MongoDB essential, rendering rigid relational databases non-viable long-term. He expressed high confidence in the relational modernization effort, citing strong customer interest. The initiative is scaling in FY26 and expected to contribute more meaningfully to revenue in FY27.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to MongoDB (MDB) leadership • Q2 2025

    Question

    Rishi Jaluria asked for MongoDB's view on why its architecture is better suited for generative AI applications than Postgres. He also questioned if increased developer productivity from AI tools is yet translating into higher Atlas consumption.

    Answer

    CEO Dev Ittycheria argued that MongoDB's document model is architecturally superior for complex AI data structures, avoiding the performance overhead that relational databases like Postgres face. On developer productivity, he said customer feedback is mixed and it's too early to see a direct impact on consumption, though he expects it to be a long-term tailwind.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Zoom Communications (ZM) leadership

    Rishi Jaluria's questions to Zoom Communications (ZM) leadership • Q2 2026

    Question

    Rishi Jaluria from RBC Capital Markets asked how Zoom balances the high cost of AI with its strong cash flow guidance and inquired about plans to leverage the vast amount of unstructured data on its platform for new use cases.

    Answer

    Founder & CEO Eric Yuan described the vision for an 'AI first' experience that automates workflows through conversational interfaces. CFO Michelle Chang addressed the financial question by explaining that AI compute costs are being actively offset by cost optimizations, such as migrating infrastructure to co-location facilities and using a federated approach to AI models, which has kept gross margins strong at 79.8%.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Zoom Communications (ZM) leadership • Q4 2025

    Question

    Rishi Jaluria asked for more details on the traction of Zoom Team Chat and its impact on customer metrics like churn, expansion, and adoption of other products.

    Answer

    CEO Eric Yuan highlighted a large Q4 deal where Team Chat was a key component, stating that adoption is a 'marketing problem' as many customers are unaware of the feature's value within the integrated suite. CFO Michelle Chang added that Chat was integral to a recent competitive win against Microsoft.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to NICE (NICE) leadership

    Rishi Jaluria's questions to NICE (NICE) leadership • Q2 2025

    Question

    Rishi Jaluria asked about the renewed partnership with RingCentral, the reasons for LiveVox's underperformance, and any lessons learned that could be applied to the upcoming Cognigy acquisition.

    Answer

    CEO Scott Russell described the RingCentral renewal as a mature partnership combining NICE's leading enterprise CCaaS with RingCentral's UCaaS strength. Regarding LiveVox, CFO Beth Gaspich cited higher-than-expected customer churn. Scott Russell added that LiveVox remains a strategic asset for its outbound capabilities and emphasized that the Cognigy acquisition is a long-term strategic move, not focused on short-term revenue.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to NICE (NICE) leadership • Q2 2025

    Question

    Rishi Jaluria asked for details on the renewed partnership with RingCentral and sought to understand the specific causes behind the underperformance of the LiveVox business.

    Answer

    CEO Scott Russell described the RingCentral renewal as a mature partnership that combines NICE's leading enterprise CCaaS and AI with RingCentral's UCaaS strength for significant customer value. CFO Beth Gaspich attributed the LiveVox underperformance to higher-than-expected customer churn. Mr. Russell added that LiveVox's outbound capabilities remain a crucial long-term strategic asset for the CXone platform.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to NICE (NICE) leadership • Q2 2025

    Question

    Rishi Jaluria asked for details on the renewed partnership with RingCentral, the reasons for the underperformance of the LiveVox business, and any lessons learned that could be applied to the upcoming Cognigy acquisition.

    Answer

    CEO Scott Russell characterized the RingCentral renewal as a mature partnership that combines NICE's leading enterprise CCaaS with RingCentral's UCaaS strengths. CFO Beth Gaspich attributed LiveVox's softness to higher-than-expected churn from a few customers, which diluted organic growth. Scott Russell affirmed that LiveVox remains a strategic asset for its outbound capabilities and stressed that the Cognigy acquisition is a long-term strategic move for sustained growth.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to NICE (NICE) leadership • Q2 2025

    Question

    Rishi Jaluria of RBC Capital Markets questioned the renewed partnership with RingCentral, asking what prompted the deal and if terms changed. He also asked about the cause of LiveVox's underperformance and any lessons applicable to the upcoming Cognigy acquisition.

    Answer

    CEO Scott Russell described the RingCentral renewal as a mature approach, combining NICE's leading enterprise CCaaS with RingCentral's UCaaS, acknowledging that overlaps in portfolios are manageable. CFO Beth Gaspich attributed the LiveVox softness to higher-than-anticipated customer churn. Regarding Cognigy, Scott Russell emphasized it's a long-term strategic growth play, not about short-term revenue, and highlighted LiveVox's strategic importance for its outbound capabilities despite near-term headwinds.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Guidewire Software (GWRE) leadership

    Rishi Jaluria's questions to Guidewire Software (GWRE) leadership • Q3 2025

    Question

    Rishi Jaluria from RBC Capital Markets asked about the drivers of success for the InsuranceNow product and how Guidewire manages customers who may grow to need the full InsuranceSuite.

    Answer

    CEO Mike Rosenbaum credited strong team execution, product maturity, and customer referenceability for InsuranceNow's success. He noted that a "handoff" is not always necessary, as some customers use both platforms for different lines of business. President & CRO John Mullen added that this market segment drives innovation at Guidewire.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Guidewire Software (GWRE) leadership • Q3 2025

    Question

    Rishi Jaluria of RBC Capital Markets inquired about the key drivers behind the recent success of the InsuranceNow product and the strategy for managing customers who might grow large enough for InsuranceSuite.

    Answer

    CEO Mike Rosenbaum credited the success to strong execution, product maturity, and successful customer references, noting that customers can use both InsuranceNow and InsuranceSuite simultaneously for different needs. President John Mullen added that the dynamism of this market segment pushes Guidewire to innovate.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Guidewire Software (GWRE) leadership • Q2 2025

    Question

    Rishi Jaluria inquired about opportunities to consolidate budget within Guidewire's existing customer base and the tools used to drive these platform deals. He also asked about the glide path for improving services gross margins and the potential role of GenAI.

    Answer

    CEO Mike Rosenbaum explained that consolidation opportunities often align with a customer's compelling business event, like a new line of business, which creates a logical time for a cloud upgrade. CFO Jeff Cooper stated that the services organization is highly strategic, focused on customer success over profitability, but they are exploring lower-cost delivery options in India and using AI to improve developer productivity, which could help margins long-term. Mike Rosenbaum reiterated the strategic importance of the services team over its profitability.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Guidewire Software (GWRE) leadership • Q4 2024

    Question

    Rishi Jaluria asked about the spending behavior and expansion propensity of customers who are fully ramped on the cloud platform. He also inquired about the drivers of InsuranceNow's momentum and its potential upgrade path to InsuranceSuite.

    Answer

    CFO Jeff Cooper noted that while it's early, they see healthy expansion from fully ramped customers via platform spend, data/analytics attach rates, and premium growth. CEO Mike Rosenbaum explained that InsuranceNow's momentum stems from a clear commitment to the product for its target market. He clarified there is no formal 'on-ramp' strategy to InsuranceSuite, as the goal is to place customers on the correct platform from the start.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Workday (WDAY) leadership

    Rishi Jaluria's questions to Workday (WDAY) leadership • Q1 2026

    Question

    Rishi Jaluria of RBC Capital Markets asked if there were any notable macro trend changes in April and how Workday is adapting its go-to-market messaging to emphasize ROI in the current environment.

    Answer

    CEO Carl Eschenbach stated there was no material impact or change in trends during or after the quarter, but the company remains watchful of the SLED and international markets. He reiterated that the go-to-market message consistently focuses on ROI and TCO. He emphasized that in a tough environment, customers look to consolidate on trusted platforms like Workday and view it as a safe bet for their AI strategy.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Workday (WDAY) leadership • Q1 2026

    Question

    Rishi Jaluria of RBC Capital Markets asked if there were any different business trends observed in April and how Workday is adapting its go-to-market messaging to emphasize ROI in the current macro environment.

    Answer

    CEO Carl Eschenbach stated there was no material impact or change in trends during or after the quarter, but the company remains watchful of the SLED and international markets. An executive, Justin Furby, affirmed that the go-to-market narrative consistently focuses on ROI and TCO, which resonates strongly as customers look to consolidate platforms and invest in a trusted AI strategy with Workday.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to ZI leadership

    Rishi Jaluria's questions to ZI leadership • Q1 2025

    Question

    Questioned the assumptions behind the Q2 revenue guidance, which implies a sequential decline despite positive momentum from upmarket, easier comps, and Copilot success.

    Answer

    The company explained that the same 'incremental caution' applied to the full-year forecast was also baked into the Q2 guide. They also noted that Q1 benefited from strong Q4 sales performance and collections, suggesting some seasonality, and that the caution was layered on top of that.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to ZIFF DAVIS (ZD) leadership

    Rishi Jaluria's questions to ZIFF DAVIS (ZD) leadership • Q1 2025

    Question

    Rishi Jaluria asked for an assessment of potential indirect macroeconomic impacts, specifically from tariffs, on Ziff Davis's advertiser base and resulting demand.

    Answer

    CEO Vivek Shah explained that the direct impact from tariffs is minimal. He assessed the indirect risk by vertical, noting the Health & Wellness and Gaming segments are well-insulated. While the Tech & Shopping segment has some exposure, exemptions on certain electronics are beneficial. Shah also pointed out a potential upside where higher consumer prices could increase traffic to deal-seeking properties like RetailMeNot.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to ZIFF DAVIS (ZD) leadership • Q4 2024

    Question

    Rishi Jaluria asked about the outlook for the Health & Wellness business, considering concerns around the biopharma advertising environment and potential regulatory changes. He also inquired about potential M&A opportunities to fill any gaps in that portfolio.

    Answer

    CEO Vivek Shah expressed confidence, stating that discussions around DTC ad bans are not new and are unlikely to materialize, with much of the focus being on TV, not their digital channels. He highlighted the strong 2025 upfronts and the diversified ad business between DTC and direct-to-provider. Regarding M&A, Shah agreed there are opportunities beyond pharma, citing the success of the Lose It! acquisition and noting potential extensions into app-based consumer services, beauty, fitness, and food.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to ZIFF DAVIS (ZD) leadership • Q3 2024

    Question

    Rishi Jaluria asked for more detail on the softness in the Moz SEO business, particularly around new customer acquisition, and questioned if this could be a result of Generative AI displacing traditional SEO technology.

    Answer

    CEO Vivek Shah attributed the softness to multiple factors: the timing of the MozCon conference, a potential chilling effect on SMB customers from confusion around AI and search, and internal needs. He acknowledged the product's user experience needs improvement and that the company must invest more in paid marketing to drive subscriptions, rather than relying solely on its own SEO for customer acquisition.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to DROPBOX (DBX) leadership

    Rishi Jaluria's questions to DROPBOX (DBX) leadership • Q1 2025

    Question

    Rishi Jaluria inquired about early adopter feedback for Dropbox Dash, specifically why customers choose it over alternatives, and also asked about trends in the consumer business amidst a weakening macro environment.

    Answer

    CEO Drew Houston explained that beyond AI search, Dash's 'Stacks' feature for organizing content and its unique 'protect and control' capabilities for IT are key differentiators. He noted that most 'consumer' subscribers use Dropbox for mission-critical work, making them less susceptible to macro pressures, and the company has not seen major changes in user trends. CFO Tim Regan confirmed they are being prudent with guidance given macro risks and FormSwift uncertainty.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to DROPBOX (DBX) leadership • Q4 2024

    Question

    Rishi Jaluria asked about the early uptake and competitive positioning of Dropbox Dash, seeking to understand the company's confidence in it as a future growth driver and its 'right to win' against pure-play and platform competitors. He also requested clarification on the new focus on adjusted EBITDA and unlevered free cash flow metrics.

    Answer

    CEO Drew Houston expressed confidence in Dash, citing a large, greenfield market for universal search, Dropbox's trusted brand, and its platform-agnostic advantage over incumbents. He noted that early signals like exceeding Q4 sales targets are positive. CFO Tim Regan explained that unlevered free cash flow is being introduced to better reflect core operating performance following the recent term loan, while adjusted EBITDA is an additional metric to help investors understand the business and its debt ratios.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to DROPBOX (DBX) leadership • Q3 2024

    Question

    Rishi Jaluria asked a two-part question about Dropbox's strategic pivot to Dash: what gives Dropbox a unique right to win in this competitive space, especially at the enterprise level, and what provides the confidence for this significant bet on the company's future, including any contingency plans if demand doesn't materialize as expected.

    Answer

    Co-Founder and CEO Drew Houston responded that Dash is a natural extension of Dropbox's core mission, solving the modern-day problems of finding, organizing, and securing content. He emphasized that existing customers see this as a logical evolution and trust the Dropbox brand, a key factor when adopting AI tools. Houston stated that the company's confidence is bolstered by market validation, including significant investment and activity in the space. He framed Dash not as a radical departure but as a 'linear evolution' that builds on the company's existing strengths, suggesting that the contingency plan involves iterating on this strong foundation rather than a complete pivot.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to HUBSPOT (HUBS) leadership

    Rishi Jaluria's questions to HUBSPOT (HUBS) leadership • Q1 2025

    Question

    Rishi Jaluria asked for details on the pricing model for HubSpot's AI solutions, specifically how the credit system works and how the company ensures pricing is predictable and frictionless for customers.

    Answer

    CEO Yamini Rangan explained that HubSpot's philosophy is to deliver value before monetizing. The credit-based system for AI will provide Pro and Enterprise customers with an initial allotment of credits included in their subscription. As usage scales, customers can purchase additional credits either on a pay-as-you-go basis or in pre-set "packs" to ensure predictability. She clarified that credit consumption will be value-based; for example, Customer Agent credits will be consumed per AI-enabled conversation, while Prospecting Agent credits might be tied to meetings booked.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to HUBSPOT (HUBS) leadership • Q4 2024

    Question

    Rishi Jaluria asked about the long-term technological unlock from generative AI, questioning where HubSpot sees opportunities for net new use cases beyond efficiency and the resulting implications for its platform architecture.

    Answer

    CEO Yamini Rangan identified the biggest unlock as the ability to combine structured and unstructured data to provide real-time insights. She described a new architecture built on three layers: a unified data fabric (via acquisitions like Frame.ai), a context/knowledge layer, and an orchestration layer for feedback. She also predicted a shift to more composable UIs, stating HubSpot is actively reimagining its platform to lead this change.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to HUBSPOT (HUBS) leadership • Q3 2024

    Question

    Rishi Jaluria asked about the future of customer interaction with HubSpot in a world of copilots and generative AI, and how enabling greater customer productivity might impact the company's pricing power and model.

    Answer

    CEO Yamini Rangan stated that the future involves CoPilots and agents driving value, and that HubSpot will maintain its pricing philosophy of adding value before monetization. She suggested agent pricing might eventually be consumption-based. CTO Dharmesh Shah added that HubSpot's platform-based, open-model approach allows it to leverage the best large language models as the industry evolves, citing the ability to capitalize on recent OpenAI innovations.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Fastly (FSLY) leadership

    Rishi Jaluria's questions to Fastly (FSLY) leadership • Q1 2025

    Question

    Rishi Jaluria questioned the geopolitical risk to Fastly's non-U.S. TikTok business and the ability to offset potential U.S. traffic loss. He also asked about the current pricing environment following recent market consolidation.

    Answer

    CEO Todd Nightingale expressed confidence in the strong global partnership with TikTok, aiming to grow the account across the entire product portfolio. Regarding pricing, CFO Ron Kisling noted an improvement, with price-per-gigabit declines stabilizing back to the historical high-teens percentage range after a period of accelerated declines in the low-20s.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Fastly (FSLY) leadership • Q4 2024

    Question

    Represented by Chris Fountain, Rishi Jaluria's team asked for more details on the decision to evolve sales incentives and whether this change impacted the company's 2025 guidance philosophy.

    Answer

    CEO Todd Nightingale explained the new incentives are designed to drive a more diversified business by encouraging cross-selling of security, compute, and observability products, which builds stickier customer relationships. CFO Ron Kisling stated that the guidance philosophy has not changed, but visibility has improved due to better engagement with large customers and the prudent exclusion of uncertain TikTok revenue, reducing some of the volatility seen last year.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Fastly (FSLY) leadership • Q3 2024

    Question

    Rishi Jaluria asked for an update on efforts to diversify revenue within the top 10 customer cohort by selling more security services, and inquired about the expected increase in the security revenue mix.

    Answer

    CEO Todd Nightingale stated that while delivery will remain the primary spend for top 10 customers, there is a significant opportunity to increase stickiness with security and compute offerings. He noted the full impact of recent security launches is not yet in the results. CFO Ron Kisling added that a more significant impact from security initiatives on the revenue mix will likely be seen in 2025.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Five9 (FIVN) leadership

    Rishi Jaluria's questions to Five9 (FIVN) leadership • Q1 2025

    Question

    Rishi Jaluria of RBC Capital Markets sought clarification on which products are included in 'AI revenue' to counter bear arguments and asked if rising AI usage could become a headwind to gross margin.

    Answer

    Executive Michael Burkland stated definitively that AI revenue excludes simple automation and includes only modern AI products like AI agents and agent assist. He asserted that AI is a tailwind to gross margin, not a headwind, because the cost per interaction for AI models has decreased dramatically and the company's software development is highly efficient.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Clearwater Analytics Holdings (CWAN) leadership

    Rishi Jaluria's questions to Clearwater Analytics Holdings (CWAN) leadership • Q1 2025

    Question

    Rishi Jaluria requested a more specific breakdown of the inorganic revenue contribution to aid in modeling and asked about the long-term roadmap for using Enfusion to expand into the equities market.

    Answer

    CFO Jim Cox suggested extrapolating from the Q2 guidance, while CEO Sandeep Sahai reiterated using the 2024 revenue bases with stated growth assumptions (20% for CWAN/Beacon, 13% for Enfusion). On strategy, Sahai described the vision of creating a single security master as the 'holy grail' of investment tech. He outlined a three-phase approach: focusing on stand-alone growth first, then aggressive cross-selling, followed by long-term platform integration.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Clearwater Analytics Holdings (CWAN) leadership • Q4 2024

    Question

    Rishi Jaluria asked about early customer feedback on the Enfusion acquisition and the potential for integrated front-office solutions. He also inquired about the long-term margin glide path, potential headwinds from generative AI, and for an example of a project that was de-emphasized for not showing ROI.

    Answer

    CEO Sandeep Sahai responded that customers are very excited about the Enfusion deal, as it accelerates the company's '1 to 4 bps' journey by offering a combined pre-trade and post-trade solution from a single vendor. Regarding margins, he stated that generative AI investments pay back quickly and present no headwind, reiterating a long-term gross margin target of north of 80%. He explained that R&D projects that are adjacent to the core business have performed well, while those 'two steps removed' have been unfunded if they don't show customer traction within 6-9 months.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Clearwater Analytics Holdings (CWAN) leadership • Q3 2024

    Question

    Rishi Jaluria asked about the sensitivity of ARR to interest rate cuts under the 'Subscription Plus' model and inquired about the company's broader partnership strategy following the recent Snowflake announcement.

    Answer

    CFO Jim Cox explained the model moderates AUM impact compared to the past, but the effect depends on asset duration. CEO Sandeep Sahai emphasized a commitment to an open architecture, and CCO Subi Sethi detailed how the Snowflake partnership enables clients to access Clearwater data in a single pane of glass, addressing a key pain point.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Coursera (COUR) leadership

    Rishi Jaluria's questions to Coursera (COUR) leadership • Q1 2025

    Question

    Rishi Jaluria questioned the logic behind combining the Consumer and Degrees segments, asking if it was a move to obscure weakness, and also asked about the assumptions behind the raised full-year guidance.

    Answer

    CFO Ken Hahn clarified the segment change aligns reporting with how the new CEO manages the business, viewing Degrees as a consumer product. He stressed transparency, noting they explicitly guided for the Degrees product to decline. For the outlook, Hahn explained it reflects observed improvements in consumer metrics and includes investments for growth, while prudently acknowledging macro caution impacting the enterprise spending environment.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Coursera (COUR) leadership • Q4 2024

    Question

    Rishi Jaluria of RBC Capital Markets asked for CEO Jeff Maggioncalda's reflections on his tenure, comparing the impact of the COVID-driven virtual learning boom with the current generative AI wave and the expected timeline for AI's disruption.

    Answer

    CEO Jeff Maggioncalda contrasted the immediate, universal adoption during COVID with the slower, more uncertain rollout of generative AI. He stated that early growth was fueled by professional certificates and believes AI adoption will accelerate as companies see clear productivity gains. Chairman and Co-Founder Andrew Ng added that while AI applications are still developing, Coursera's brand, user base, and innovations like Coursera Coach position it to capitalize on the transformation in learning.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to Coursera (COUR) leadership • Q3 2024

    Question

    Rishi Jaluria asked why Coursera isn't seeing higher growth rates despite strong secular tailwinds like GenAI, and what is needed for growth to re-accelerate. He also followed up on capital deployment, questioning the lack of share buybacks given the cash balance and low stock multiple.

    Answer

    CEO Jeff Maggioncalda opined that while Coursera is positioned to be an 'AI winner,' institutional readiness in business, government, and campus segments is lagging the technology's potential, delaying adoption. CFO Ken Hahn addressed capital allocation by stating that while buybacks are a consideration, the company is currently prioritizing financial stability and strategic optionality for potential M&A during this period of market flux.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to DOCUSIGN (DOCU) leadership

    Rishi Jaluria's questions to DOCUSIGN (DOCU) leadership • Q4 2025

    Question

    Rishi Jaluria of RBC Capital Markets asked for clarification on how the IAM contribution to subscription revenue is defined, particularly in relation to existing CLM revenue, and questioned why the international core eSignature business was decelerating.

    Answer

    CFO Blake Grayson clarified that the IAM book of business metric does not include CLM. CEO Allan Thygesen added that CLM remains a key product and will be integrated with IAM platform capabilities. Regarding international business, Thygesen noted that while it's still growing faster than domestic, it decelerated due to a historical focus on customer acquisition over upsell, a motion they are now pivoting. He also cited the recent IAM launch and partner channel evolution as key future growth levers.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to BOX (BOX) leadership

    Rishi Jaluria's questions to BOX (BOX) leadership • Q4 2025

    Question

    Rishi Jaluria asked about the dynamic driving longer contract durations, evidenced by strong long-term RPO growth, and requested any internal benchmarks on efficiency gains from using Box AI.

    Answer

    CFO Dylan Smith attributed longer durations to customers making larger, multi-year commitments with Enterprise Advanced and the mechanics of early renewals. CEO Aaron Levie shared that Box is using its own AI tools extensively for tasks like HR inquiries and product development, resulting in significant time savings, and plans to share more quantitative case studies at the upcoming Analyst Day.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to BOX (BOX) leadership • Q2 2025

    Question

    Rishi Jaluria asked for a specific quantification of the margin benefit from data center sales and whether this was incremental to prior guidance. He also inquired about the drivers behind the uptick in bookings from Japan.

    Answer

    CFO Dylan Smith quantified the benefit from data center sales as a 60 basis point tailwind to gross and operating margin in both Q2 and Q3, which was incremental upside not included in prior guidance. CEO Aaron Levie attributed the strong performance in Japan to continued penetration in key industries like finance and pharmaceuticals, as well as strong early adoption of Box AI in a market that is very interested in automation.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to INTUIT (INTU) leadership

    Rishi Jaluria's questions to INTUIT (INTU) leadership • Q2 2025

    Question

    Rishi Jaluria asked about early customer wins for the Intuit Enterprise Suite (IES), whether they are greenfield or competitive displacements, and what customer feedback is informing the product roadmap.

    Answer

    CEO Sasan Goodarzi explained that the initial focus has been on Intuit's existing base of 800,000 mid-market customers, where IES displaces point solutions by offering significant cost and time savings on a single platform. He noted that customers are motivated to switch to consolidate their data and leverage Intuit's AI for growth insights. The company is now beginning to see wins from competitive solutions and is targeting the broader "non-consumption" greenfield market, which represents the largest long-term opportunity.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to AKAMAI TECHNOLOGIES (AKAM) leadership

    Rishi Jaluria's questions to AKAMAI TECHNOLOGIES (AKAM) leadership • Q4 2024

    Question

    Rishi Jaluria asked how Akamai plans to minimize disruption from its go-to-market changes and what assumptions are in the 2025 guide. He also inquired about the long-term impact of Edgio's exit on the delivery pricing environment.

    Answer

    CEO F. Leighton stated the key to minimizing disruption is avoiding account breakage by implementing changes over a two-year journey. CFO Ed McGowan added they are working with a consulting firm to manage the process carefully. On pricing, McGowan noted that while the market is seeing some rationalization and longer contract terms, the delivery business remains volume-driven, though having fewer players could help moderate price declines.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to AKAMAI TECHNOLOGIES (AKAM) leadership • Q3 2024

    Question

    Rishi Jaluria asked about the dual role of generative AI in cybersecurity, for both defense and offense, and the impact of competitor consolidation in the content delivery market on Akamai's business and pricing.

    Answer

    CEO Tom Leighton explained that while nefarious actors are using GenAI to create more sophisticated attacks, Akamai is leveraging it to enhance its security products, such as Guardicore and WAF, by providing natural language interfaces for customers. Regarding market consolidation, Leighton stated that the shakeout of struggling competitors is long overdue and will ultimately help stabilize the delivery market, reinforcing Akamai's disciplined approach to pricing.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to PEGASYSTEMS (PEGA) leadership

    Rishi Jaluria's questions to PEGASYSTEMS (PEGA) leadership • Q4 2024

    Question

    Rishi Jaluria asked about the strategy behind increasing sales coverage for new logo acquisition, how Pega GenAI Blueprint changes the go-to-market motion, and the long-term durability of the company's 'Rule of 40' status.

    Answer

    CEO Alan Trefler explained that Pega GenAI Blueprint transforms the sales process by enabling client-specific, experiential demos in the first meeting, reducing the need for large pre-sales teams. CFO Kenneth Stillwell added that the new logo strategy is more targeted than past efforts. Regarding the 'Rule of 40,' both executives affirmed it is not the end state, with Stillwell mentioning a 'Rule of 45' goal and Trefler emphasizing a focus on re-accelerating ACV growth while maintaining financial discipline.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to PEGASYSTEMS (PEGA) leadership • Q3 2024

    Question

    Rishi Jaluria asked for clarification on what differentiates Pega's agentic AI from competitors, specifically mentioning Salesforce's recent announcements. He also inquired about the potential for a Q4 budget flush from customers.

    Answer

    CEO Alan Trefler positioned Pega's agentic AI as a "managed approach" built on defined workflows and processes, which provides the reliability and governance required by regulated industries. He contrasted this with approaches that rely solely on language models to "figure it out." Regarding Q4, both CFO Kenneth Stillwell and CEO Alan Trefler expressed skepticism about a significant budget flush, with Trefler noting that many CEOs remain focused on cost savings, making a large year-end spending spree unlikely.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to MICROSOFT (MSFT) leadership

    Rishi Jaluria's questions to MICROSOFT (MSFT) leadership • Q1 2025

    Question

    Rishi Jaluria from RBC Capital Markets inquired about the momentum of Microsoft 365 Copilot and the company's broader AI strategy, particularly the distinction between its consumer and enterprise approaches.

    Answer

    CEO Satya Nadella affirmed strong momentum for M365 Copilot, calling it the fastest-growing new suite in M365 history. For the consumer side, he highlighted using the same core AI investment to drive growth in Search, LinkedIn, Gaming, and Windows Copilot+ PCs. CFO Amy Hood added that Copilot's ARPU uplift is already present in M365 commercial results but is partially masked by strong seat growth in lower-ARPU frontline and SMB segments.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to SMAR leadership

    Rishi Jaluria's questions to SMAR leadership • Q1 2025

    Question

    Inquired about the strategy to mitigate disruption from the new pricing model and asked for an explanation of the significant delta between billings and ARR growth.

    Answer

    Disruption will be minimized by a phased rollout (new customers first, existing customers in 2025) and clear communication. The delta between billings and ARR was due to the timing of prorated bookings, reinforcing that ARR is the more accurate performance metric.

    Ask Fintool Equity Research AI

    Rishi Jaluria's questions to MASTERBEEF (MB) leadership

    Rishi Jaluria's questions to MASTERBEEF (MB) leadership • Q2 2018

    Question

    Rishi Jaluria asked about the company's future M&A strategy, specifically regarding API partners versus competitors, and requested details on the sales motion for converting lower-priced Booker customers to higher tiers.

    Answer

    CEO Rick Stollmeyer outlined two M&A categories: technology partners integrated via API and strategic competitors where cultural fit is paramount. To upgrade Booker customers, he described a 'soft sell' approach using a dedicated 'expand' team, predictive metrics, and case studies to demonstrate the value of higher tiers before asking for a commitment.

    Ask Fintool Equity Research AI