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Co-Founder and President Nir Debbi explained that the 3B2C solution has a take rate similar to the standard B2C model, with minimal overall impact, as fees are based on the consumer transaction value. Regarding ReturnGo, Debbi stated the primary goal was to acquire a best-in-class post-purchase solution to enhance their native offering. While there is a potential cross-sell opportunity with ReturnGo's client base, it was a secondary consideration.

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CFO Ofer Koren clarified that in exchange for moving from an exclusive to a preferred provider status, Global-e gained an exclusive feature set and improved commercial terms, which are expected to reduce S&M expenses over time, particularly in Q4. CEO Amir Schlachet added that they maintained guidance because, despite heightened uncertainty, they have not yet identified any clear directional changes in trading patterns that would warrant a revision.

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Executive Nir Debbi confirmed that merchants are already showing growing interest in multi-local strategies to mitigate tariff risks, which is factored into the take rate guidance. He compared the situation to Brexit, where initial complexity ultimately drove more business to Global-e. CFO Ofer Koren stated that while the 2025 new merchant backlog is solid, it does not contain any single client as large as those onboarded in late 2024. He expects NRR to be similar to or slightly lower than 2024 levels.

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President Nir Debbi confirmed that merchants are already showing growing interest in multi-local and 3P B2C options to manage tariff risks, drawing parallels to the Brexit impact. CFO Ofer Koren stated that while the 2025 new merchant backlog is solid, it does not include any single client as large as those onboarded in late 2024. He expects NRR to be similar to or slightly below 2024 levels.

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CFO Ofer Koren stated that Q4 guidance includes expenses for Borderfree.com but no revenue, as the focus is on value creation. Executive Nir Debbi confirmed a robust pipeline of signed merchants set to launch in 2025, with significant contributions expected to begin in Q2 2025, similar to the 2024 cadence.

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CEO Savneet Singh clarified the payments slowdown was primarily driven by slower POS rollouts, which are often bundled, and secondarily by the QSR macro environment. Regarding the pipeline, Singh noted it's a conservative figure representing deals expected to sign within 12 months, and it excludes over $20 million in already-contracted POS revenue and the mega Tier 1 deals. He stated that pipeline coverage relative to growth targets is higher than it has been historically.

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CEO Savneet Singh detailed that PAR's M&A strategy is product-led, focusing on deep integration to accelerate growth, increase customer stickiness, and ultimately enhance shareholder value more than a simple roll-up could. He affirmed PAR will remain aggressive with M&A, including transformative deals. Funding decisions would be based on the lowest cost of capital at the time—whether equity, cash, or debt—while ensuring future operational flexibility is maintained.

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CEO and President Savneet Singh explained that PAR provides the hardware and an API for third-party AI vendors, monetizing through access fees. He stated Punchh customers returned after finding that broader data platforms lacked the ROI of a dedicated loyalty program. For Delaget, he noted it had ~$19M in recurring revenue, historical growth over 30%, and is expected to be a fast-growing, profitable product for PAR.

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CEO Savneet Singh explained that the Wendy's rollout was their fastest ever, giving them confidence to be more creative in structuring future Tier 1 deals. The Burger King experience highlighted the value of selling a combined platform (POS + back office) from the start. On investment, Singh affirmed the need to continue investing to capture the market opportunity, stating the mandate is to deliver both growth and profitability, not trade one for the other.

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CEO Yamini Rangan explained that HubSpot anticipated this shift away from organic search and has diversified its lead generation, with only 10% of leads now coming from blog traffic. She highlighted significant lead growth from YouTube, social media, and newsletters. Rangan stated HubSpot is now pioneering 'AI Engine Optimization' (AEO) to ensure customers are found in LLM answers, viewing it as a major new opportunity to write the next chapter beyond traditional inbound marketing.

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CEO Yamini Rangan explained that HubSpot anticipated this shift and has diversified its lead sources, with only 10% of leads now coming from blog traffic. She highlighted significant growth from YouTube, social media, and newsletters. Rangan introduced the concept of 'AI Engine Optimization' (AEO), noting that HubSpot is focused on being cited in LLM answers, which yields higher conversion rates. She asserted that while content delivery is changing, the importance of content is greater than ever, and HubSpot is positioning itself to lead customers through this transition.

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CFO Kathryn Bueker stated that the guidance approach remains consistent. She clarified that while a $50 million favorable FX impact was included in the full-year revenue guidance, the Q1 revenue outperformance was not flowed through. This decision reflects increased macro uncertainty. Bueker affirmed the outlook is prudent but does not assume a full-scale downturn. She also noted that the OpEx impact from recent M&A is "very small."

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CEO Yamini Rangan explained that HubSpot's strategy is to embed AI across the platform to drive customer acquisition and expansion, rather than creating a separate AI add-on. She noted that while the future of AI pricing will likely be a hybrid of seat-based and usage-based models, the immediate focus is on delivering value. CFO Kathryn Bueker added that the 2025 guidance does not assume any direct revenue from AI agents but does account for AI's role in driving adoption of existing hubs.

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CFO Kathryn Bueker clarified that the small services and other revenue line is primarily driven by momentum in the Commerce business, while margin improvement comes from efficiencies in support and services. CEO Yamini Rangan explained that the Cash flow acquisition accelerates HubSpot's commerce vision by adding sophisticated subscription management and CPQ capabilities, noting that half of Cash flow's existing customers are already HubSpot users.

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CFO Brian Herb clarified that the guidance assumes the recent one-percentage-point growth drag from lower claims volumes will continue through the second half of the year. CEO Githesh Ramamurthy explained that new solution adoption is a long-term process. He noted two growth dimensions: 1) existing customers who have signed contracts will continue to ramp up their usage and volume, and 2) the success of these early adopters serves as a reference to attract new customers to the platform.

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CEO Githesh Ramamurthy explained that EvolutionIQ's core disability and workers' comp businesses are not correlated to auto claim frequency. CFO Brian Herb added that these are non-discretionary claims and that EvolutionIQ's NDR was over 150% in Q1. Regarding Medhub, management noted tremendous customer excitement, a target of a 5:1 ROI, and confirmed it will be a subscription-based product with a material impact expected next year.

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CFO Brian Herb reiterated that pricing is not a material growth driver and is embedded in NDR. CEO Githesh Ramamurthy added that growth primarily comes from new solution adoption. Regarding the new President, Ramamurthy expressed excitement for Tim Welsh's deep insurance industry knowledge and his direct experience leading a large-scale digital transformation, which will be valuable in guiding CCCS's teams and customers.

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CFO Brian Herb stated that while the claim volume softness is not considered a permanent trend, the company is not forecasting a near-term recovery and has factored current levels into its guidance. He and CEO Githesh Ramamurthy explained that unifying the sales and client services teams is designed to improve sales velocity and create a more seamless customer experience that reflects the interconnected product architecture.

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CFO Peter Hadley clarified that the Analyst Day focused on medium-term goals, not a single quarter's results, and the softer Q4 finish does not alter their long-term outlook. President & CEO Maria Black added that Lyric has seen robust sales growth and is expanding its distribution from direct enterprise sales to a global footprint, increasingly leveraging partnerships with system integrators and ERP players.

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CEO Maria Black stated that the Lyric pipeline growth is driven by 'both' upgrades and new logos, emphasizing the modern technology is resonating well with CHROs. CFO Don McGuire confirmed that ADP has no plans to change its own hiring trajectory at this time, as the business remains solid and they are proceeding 'full speed ahead' with budgeting.

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CEO Maria Black explained the Fiserv partnership is currently a referral relationship but will evolve into an integrated solution with RUN embedded in Clover and vice versa. She confirmed ADP's belief in ecosystem partnerships. Regarding Lyric, she stated it is resonating well in the market with a significantly larger pipeline year-over-year and is expected to contribute to new business bookings growth, though it will take time to materially impact overall financials.

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CFO Don McGuire clarified that ADP's M&A strategy remains unchanged, focusing on additive acquisitions in tight adjacencies with recurring revenue models. CEO Maria Black explained the ADP Lyric rebranding reflects that the market and the product are ready for a flexible, human-centric global HCM platform. She noted strong interest following the HR Tech conference and positioned Lyric as a key growth story, especially when combined with WorkForce Software.

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CFO Bob Schrader confirmed the guidance assumes Paycor will be a strong double-digit grower and acknowledged an element of conservatism in the initial full-year forecast. President & CEO John Gibson detailed that they combined the best of both sales teams, re-evaluated territories, and increased overall sales headcount to build a world-class go-to-market organization, completing the changes in Q4.

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Executive Robert Schrader declined to give forward guidance on segment splits but noted the ex-ERTC growth has been strong. He cautioned that using Q4 as a run-rate is complex due to integration plans that will blend the businesses. He also confirmed that Q3 operating expense growth of 1% (ex-acquisition costs) was in line with plans and did not have any unusual timing elements.

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CEO John Gibson described the monetization as a payroll deduction model for employees who opt into the benefits. Executive Robert Schrader added that while some revenue is assumed in the plan, it is not material at this early stage and would primarily fall into the PEO and Insurance Solutions segment. Gibson reiterated that the competitive pricing environment has become more stable recently.

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CFO Michelle Chang explained that Workvivo's growth is from both the Meta partnership and organic wins, with the Meta migration opportunity expected to normalize in the second half of the year. She noted 90% of Workvivo customers are new to Zoom. Regarding the buyback, she stated it reflects leadership's confidence and the intention to complete the remaining $1.2 billion authorization within fiscal 2026.

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Founder and CEO Eric Yuan confirmed the Meta partnership is a major growth driver, with Workvivo serving as the exclusive migration partner and building a strong pipeline of large enterprise deals. CFO Michelle Chang added that while the partnership is key, growth is also supported by durable factors like international expansion, channel leverage, and alignment with Zoom's strengths in industries like retail and manufacturing.

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CFO Kelly Steckelberg noted that Contact Center deals are getting larger, with ASPs nearly doubling quarter-over-quarter due to the adoption of higher-priced tiers with advanced AI features. Regarding online churn, she stated the record low 2.9% rate was especially positive in a seasonally high churn quarter. She attributed the improvement to platform enhancements, as the impact from a prior change in dunning periods was isolated to the previous quarter.

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CEO Eric Yuan stated that customers appreciate Zoom's transparent AI strategy of offering core features at no extra cost, which builds trust. CFO Michelle Chang confirmed that AI-driven trends, such as lower churn and Contact Center Elite revenue, are included in the top-line guidance, and all planned AI investments are baked into the financial outlook.

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CEO Aman Narang explained that competition in specialized verticals is often from legacy providers and that wins like Topgolf demonstrate the platform's versatility, expanding the TAM. CFO Elena Gomez addressed the credit question, stating that the Toast Capital program remains very healthy, with originations growing and defaults in line with expectations, showing no signs of increased credit stress.

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CEO Aman Narang clarified that enterprise deals vary; hotel wins often involve working with franchisees post-corporate approval, while other brands may have a defined rollout plan upfront. CFO Elena Gomez stated that the H2 2024 ARR conversion benefit included onetime items that won't recur, impacting the H2 2025 growth comparison, but declined to quantify the exact impact.

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CEO Aman Narang described the new Branded App and SMS Marketing as valuable additions to the guest suite, seeing strong early adoption from mid-market and multi-unit SMB customers. CFO Elena Gomez added that while it's too early to report specific gross margins, the company's focus on unit economics remains unchanged. Regarding pricing, Gomez reiterated that it's a long-term strategy of targeted adjustments, with the recent changes having a minimal Q3 impact but a small expected benefit in Q4.

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President and COO Kira Makagon responded that AI tools are increasingly seen as a necessity for cost savings, which drives adoption of products like RingCentral Air. She stated that while the company is monitoring the macro environment, it is not currently seeing a direct impact on its business, describing deal flow and sales cycles as "business as usual."

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SVP and Chief Accounting Officer Vaibhav Agarwal reported that Q3 saw continued double-digit ARR growth in the enterprise segment, though deals remain back-end loaded. He noted that the SMB segment is showing early signs of stabilization but still faces macro headwinds. Net retention remains healthy at over 99%, with stable churn, but new seat growth is an opportunity as clients rationalize headcount. Agarwal confirmed these trends are factored into the company's guidance.

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CEO Stephen Trundle noted that while the commercial side took a brief 'breath' in early April before returning to normal, they did not discern any meaningful or sustained macro-driven changes affecting the business. CFO Kevin Bradley stated his initial priorities include becoming more familiar with external stakeholder communication, while internally, operations will largely be 'business as usual' given his long tenure.

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President Harley Finkelstein explained that it's still early, but Shopify's diverse merchant base mitigates concentrated risk. He noted that over half of U.S. buyers on the platform have incomes exceeding $100,000, providing some insulation. CFO Jeff Hoffmeister added that these factors are incorporated into guidance and that GMV strength continued through April and early May.

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CEO Chad Richison confirmed that Paycom is getting more efficient at opening new offices, allowing them to "hit the ground running." However, he reiterated that it will still take the standard 24 months for a new office to reach the quota of a mature one. He also noted that any impact from the number of processing days is already factored into the company's full-year guidance.

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CEO Chad Richison confirmed the AI agent was built in-house and has improved service response rates by 25%. He also noted that BETI continues to drive significant client efficiencies, with tax resolutions down by a third year-over-year, and that the Client Relations Representatives (CRRs) are performing well, with many exceeding their quotas.

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CEO David Ossip explained that revenue is highly predictable and modeled based on individual project go-live schedules. CFO Jeremy Johnson added that the key variable outside of their direct control is employment levels at customer sites, which have so far remained steady. Other factors contributing to performance include the timing of go-lives from strong Q4/Q1 sales, continued strength in add-on sales, and Dayforce Wallet performance.

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CFO Jeremy Johnson confirmed the guidance change reflects an internal focus on total revenue, adjusted EBITDA, and free cash flow. CEO David Ossip clarified the midterm goal is for total revenue to grow around 15% while reaching 20%+ FCF margin, simplifying reporting as legacy platforms decline. He explained that the 4x pipeline coverage is their target operating model, reflecting improved sales productivity that is now near best-in-class.

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CFO Jeremy Johnson explained that specific 2025 breakouts are not being provided yet, citing the upcoming Q4 results and variables like FX and interest rates, but noted the 2024 growth included a tailwind from the eloomi acquisition. CEO David Ossip highlighted the Dayforce Copilot and other AI features as key differentiators that are not contributing to longer sales cycles.

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CFO Ryan Glenn explained the guidance reflects continued business momentum and a prudent approach that is not materially impacted by macro volatility. President and CEO Toby Williams attributed the S&M efficiency to a deliberate strategic focus on driving productivity with lower sales headcount growth, which was a core part of the fiscal year plan.

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Executive Chairman Steven Beauchamp stated that while it's early, they are pleased with the reception from both new clients purchasing Airbase upfront and existing clients showing interest. CFO Ryan Glenn clarified that Airbase's contribution is consistent with prior estimates of roughly 1% of revenue for the fiscal year, and the strong guidance raise was driven by core Paylocity business overperformance.

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CFO Ryan Glenn explained the guidance increase was driven by the Q1 beat, strong sales momentum, and the impact of the Airbase acquisition. Executive Chairman Steven Beauchamp detailed that the Airbase integration will be incremental, with significant improvements in the first year and deeper integration of workflows and reporting occurring between 12 and 24 months.

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Executives Michael Burkland and Andy Dignan confirmed that partnerships feature co-selling and mutual incentives. President Bryan Lee stated the medium-term model assumes current AI momentum, with potential upside from accelerated adoption. He clarified that AI products carry high gross margins (high 70s-low 80s) and are considered a tailwind, not a headwind, to overall gross margin.

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CEO Mark Barrenechea noted that deal terms had stabilized before the tariff announcements caused a shock-induced pause. He highlighted a new positive dynamic where non-U.S. customers are seeking local deployments, creating an opportunity for OpenText. CFO Chadwick Westlake and Barrenechea both emphasized a flexible capital allocation strategy, pointing to the recent increase in the share buyback program as an example of deploying capital to the highest-return opportunity at the time.

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CEO and CTO Mark J. Barrenechea confirmed that a recent major security outage at another vendor, which did not impact OpenText, is prompting new customer conversations about alternatives from OpenText's security portfolio. He identified the main cloud growth drivers as expansion of business clouds (Content, BN, ITOM), new SaaS offerings via Titanium X, and a stronger partner ecosystem. President and Chief Customer Officer Paul Duggan added that the shift to Net Renewal Rates (NRR) will better capture expansion from pricing, consumption, and new services, which would have put the Q4 rate in the mid-to-high 90s.

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President, CPO and COO Amit Zavery clarified that the strategy is an integration play, not a rewrite. He explained that both Moveworks and Logik.ai already have strong integrations with ServiceNow, and the goal is to optimize and accelerate development while maintaining a single platform, data model, and architecture without a full rewrite.

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CEO Bill McDermott explained that confidence stems from customer conversations focused on business model reinvention, where the strong ROI of AI justifies the investment. President and CFO Gina Mastantuono clarified that while past token monetization was not significant, the new agentic capabilities will 'run the meter a lot faster,' driving future consumption growth. President of Product and Engineering Amit Zavery added that agentic tasks require far more 'assists,' which will accelerate usage and monetization.

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CEO Bill McDermott explained that he deliberately highlighted Amit Zavery's packaging and pricing expertise because it's a unique professional strength that will be a 'net new add' to the company's existing skills. He described Zavery as an 'engineer's engineer' whose primary focus will be as a thought leader for the product and engineering teams, inventing new growth opportunities by leveraging his broad experience from Google and Oracle. The hire is intended to expand the bandwidth and domain expertise of the leadership team.

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CEO Bill McDermott explained that he deliberately called out Amit Zavery's packaging and pricing expertise as a unique professional strength that will be a net new addition to ServiceNow's capabilities. He described Mr. Zavery as an "engineer's engineer" whose primary focus will be as a thought leader for the product and engineering organizations, inventing new growth opportunities by leveraging his broad experience from Google and Oracle.

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CEO David DeStefano described the initial e-invoicing wins as a mix, including a competitive takeaway in the U.S. and a European deal that expanded into a broader product suite sale, all on core ERP platforms. CFO John Schwab clarified that the majority of AI investment is for external commercial products like 'smart categorization,' with a smaller portion dedicated to internal efficiencies.

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CEO David DeStefano explained that U.S. federal elections are less impactful than state and local tax changes, which drive complexity. Globally, government debt challenges are fueling a turn to VAT and e-invoicing, creating a tailwind. CFO John Schwab stated that the initial 2025 guidance for ecosio assumes it runs at its normal pace with very little revenue synergy activity included.

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CFO John Rettig responded that forecasting isn't necessarily more difficult and the philosophy remains a balanced view. Regarding the Spend & Expense solution, he explained that a large online ad company's policy change shifting payments from card to ACH created a headwind. This impacted the high-interchange advertising category, resulting in an approximate 4-point negative impact on S&E revenue growth for the quarter.

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CEO René Lacerte described the path to 20% growth as a balanced approach of optimizing the current business while innovating with new solutions. CFO John Rettig attributed the NRR rate change primarily to lower TPV resulting from the macro environment, with the large FI partner contract amendment being a secondary factor. He specified that other variables had a minimal impact.

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