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Co-CEO Roy Mann explained that tools like Monday Magic are indeed a new way to demonstrate value to potential customers. CFO Eliran Glazer stated that the guidance philosophy is consistent with Q1, balancing growth and profitability. He noted they would invest in growth opportunities, such as in performance marketing, should they see a strong recovery and return.

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CFO Eliran Glazer acknowledged that Europe had shown some weakness over the past year compared to the strength in North America. However, he stated that the situation in the region is now stabilizing and the company is getting a clearer picture, though performance is not yet at the level of North America. He did not attribute the trend to a single factor.

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co-CEO Roy Mann described the AI agents as a layer on top of the entire Work OS, designed to work across all products to perform powerful, cross-functional tasks. He noted that while monetization plans are not yet finalized, the vision is for a marketplace of agents that leverage the full power of the integrated platform, rather than being tied to a single product purchase.

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CFO Eliran Glazer attributed the higher R&D spend to proactive investment in talent for product innovation, including new products, mondayDB, and AI capabilities, which are core to the company's strategy. He stated that sales hiring is expected to rebound in Q4 and that the company plans to ramp up hiring for sales quota carriers in Q4 and into fiscal year 2025.

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CFO Bill Koefoed confirmed the North American enterprise segment performed well, citing several significant wins mentioned in the script. He highlighted that the multi-product strategy is working effectively, evidenced by strong add-on sales and a 10% year-over-year increase in the average deal size per customer. He also noted new logos continue to make up over 60% of new business.

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CEO Tom Shea confirmed there is 'significant upside' and that it represents a 'material opportunity for us in terms of ARR growth.' He explained that demonstrating success with initial use cases encourages customers to explore more, creating a self-fulfilling growth cycle for the product.

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CEO Tom Shea affirmed that there is an opportunity to invest more to fuel long-term growth. He outlined an expanded product vision encompassing core finance, AI, and operational analytics. He indicated that the company plans to increase investment, particularly in R&D for AI and the core platform, after ensuring the framework for efficient investment is in place.

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Chairman & CEO David Ossip responded that SI-led sales were up 80% in the first half, driven by the value proposition of Dayforce's single data model for both system consolidation and AI. He noted that full-suite attachment rates are high across all channels, with 93% in Enterprise and 90% in Major Markets, and that SIs are active across all segments, typically implementing the full HCM suite.

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CEO David Ossip confirmed that the strong demand from the large enterprise segment has continued. He announced that Dayforce signed its largest deal ever in Q1 with a government agency and also secured a full-suite deal with an entertainment company of 61,500 employees. Ossip emphasized that strong sales performance was seen across all segments and geographies, continuing the momentum from Q4.

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CEO David Ossip highlighted strong early adoption, with 60 Copilot units sold since its November launch, calling it a key differentiator. Chief Strategy Product and Technology Officer Joe Korngiebel added that upcoming AI agents will expand across the suite. David Ossip confirmed the professional services margin improvement to breakeven for the year is largely due to success with system integrators (SIs) priming implementations, which also positively impacts the sales pipeline.

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CFO Jeremy Johnson explained that the company is reinvesting some of the outperformance into strategic initiatives for next year. He stated that 2025 efficiencies will be driven by the same factors as this year: improving recurring gross margins, scaling G&A, and driving productivity in sales and marketing.

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Toby Williams, President, CEO & Director, described the demand environment as stable throughout fiscal 2025 and into Q4, with balanced growth in both client units and ARPU. CFO Ryan Glenn attributed the Q4 sales and marketing expense increase to typical year-end timing, including bonus payments, new programs, and hiring to be fully staffed for the new fiscal year.

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Executive Chairman Steven Beauchamp clarified that while core HCM products will retain PEPY pricing, new solutions for the CFO will adopt models like per-user or transactional fees to align with buyer expectations in a land-and-expand strategy. CFO Ryan Glenn attributed the strong operating expense control to timing of hiring and non-labor costs rather than any onetime items, noting that overall spend growth remains consistent with the business's trajectory.

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President and CEO Toby Williams affirmed their consistent optimism is rooted in their strategic growth plan. Regarding hiring, he mentioned they began the fiscal year with an 8% sales headcount growth, focusing on productivity. Given the stable macro environment and strong selling season, they are confident in their current investment level but remain prepared to hire opportunistically.

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Executive Chairman Steven Beauchamp stated that while it's only been 30 days, the integration thesis for Airbase is strong, with plans to leverage Paylocity's existing go-to-market motion over a 12-18 month integration timeline. President and CEO Toby Williams added that the sales momentum is strong and the mix of new business versus sales to the existing base remains consistent with recent quarters.

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CEO David Steinberg stated that AI products are the 'tip of the spear' driving growth now, with awareness building ahead of a major showcase at Zeta Live. CFO Chris Greiner confirmed that growth was consistent throughout the quarter, not back-end loaded, with broad-based strength across key verticals and customer cohorts. David Steinberg added that market turbulence often accelerates adoption of Zeta's ROI-focused platform.

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Co-Founder and CEO Andrew Bialecki reported broad-based interest in both RCS and WhatsApp across SMB and enterprise customers, as these channels enable richer customer experiences. He noted that while it is still early, he expects the gross margin profile for these channels to be 'somewhat similar' to what Klaviyo currently sees for SMS.

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CFO Amanda Whalen confirmed the partnership includes a typical revenue share component but did not disclose specific details. She explicitly stated that there is no equity involved in the deal. The key value, she explained, is being named the 'preferred marketing automation provider' for WooCommerce's four million global merchants, which will drive recommendations and growth.

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CEO Andrew Bialecki stated that the new executives bring experience in building 'planet-scale infrastructure.' He expects them to enhance the platform's scalability, reliability, and security, reinforcing Klaviyo's position as a system of record for customer data, and noted the new CPO was a former Klaviyo customer.

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President Andy Dignan responded that pipeline levels have remained consistently elevated and are comparable to the levels from two years ago. He noted that AI continues to act as a tailwind for pipeline generation and expressed confidence in the health of the pipeline for both new logos and the installed base.

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President Bryan Lee explained that while specific subscription growth guidance isn't provided, the unchanged total revenue guidance reflects prudence amid macro uncertainty. For the medium-term Rule of 40 target, Lee outlined a model assuming 10-15% revenue growth and a 25-30% adjusted EBITDA margin, driven by subscription gross margin expansion into the deep 70s and overall operating expense leverage.

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CEO Michael Burkland stated that while Q4 was better than Q3, the environment is not fully 'normal' due to macro uncertainty. COO Andy Dignan highlighted strong execution on large deals. Regarding Salesforce, Burkland explained that if a partner's AI is used, Five9 monetizes via transcript and voice streams, but often it is Five9's own AI being deployed in these joint solutions.

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CFO Kim Nelson explained that the growth outlook considers varied performance across fulfillment, analytics, and revenue recovery products. CEO Chad Collins added that while retailer activity is strong, suppliers are exhibiting heightened spend scrutiny and slower deal cycles due to macro uncertainty, which has specifically affected analytics and variable fulfillment fees.

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Executive Chad Collins described the demand environment as positive, with a strong pipeline of community programs. He noted that recent programs had a higher mix of existing customers, driving wallet share growth, a trend he expects to continue as the product portfolio expands. Executive Kimberly Nelson confirmed that comprehensive 2025 guidance would be provided in Q4 and reiterated the long-term targets of 15-25% adjusted EBITDA growth and continued investment in the business.

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CEO Dennis Woodside stated that the partner impact is evenly distributed across both CX and EX. He expects the partner-touched portion of the business to grow, noting that new global system integrator (GSI) partnerships are generating larger deal pipelines with significant expansion opportunities, particularly in markets like the UK.

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CEO and President Dennis Woodside detailed that the partner program shifted to a more standard transfer pricing model at partners' request, enabling them to build services and price more flexibly. COO and CFO Tyler Sloat attributed the Q2 margin dip to the timing of annual merit-based compensation increases and certain expenses being pushed from Q1 into the latter half of the year.

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President Vahe Kuzoyan acknowledged that a broader set of verticals could likely use ServiceTitan but stressed the company's strategic focus. He explained that to ensure customer success and proper resource allocation, they proactively concentrate on priority areas rather than chasing opportunistic deals in non-focus trades.

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CEO Ara Mahdessian explained the CSM strategy aims to create natural conversations about Pro Products when helping customers improve core business metrics. He also noted that while the general sales and marketing playbook applies to roofing, unique workflows like measurements and procurement required specific product and service adjustments.

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CEO Ara Mahdessian and President Vahe Kuzoyan highlighted continued focus on two main vectors: achieving market-standard status in newer segments like commercial and roofing, and driving adoption of Pro products. CFO Dave Sherry stated that the FY26 investment strategy will remain consistent, prioritizing R&D with minimal leverage, while seeking leverage from S&M and cost of revenue. He reiterated the focus on incremental margins, which will be impacted by public company costs in FY26 but are targeted at 25% long-term.

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CEO Carl Eschenbach stated that for existing customers, the new AI agents are actually accelerating sales cycles, enabling opportunities to be created and closed within a single quarter. For net new customers, he does not believe it is elongating sales cycles. He reiterated that customers are betting on Workday for their AI strategy due to the platform's integrated data and workflow, viewing AI as 'built-in, not bolted on.'

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CEO Carl Eschenbach explained that for sales into the existing customer base, the AI agents are actually accelerating sales cycles, enabling opportunities to be closed within a single quarter. For net new customers, he stated that the AI offerings are not elongating sales cycles, as customers view investing in Workday as a strategic bet on their AI future due to the platform's integrated data and workflow.

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Co-Founder and President Nir Debbi clarified that of the 12% of GMV inbound to the U.S., about 30% originates from China/Hong Kong, with the vast majority falling under the de minimis threshold, making the total affected GMV around 3%. CEO Amir Schlachet explained that future releases of Managed Markets will be more seamless and aligned with a merchant's domestic store operations, which is expected to drive broader adoption over time.

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Executive Nir Debbi confirmed record-level bookings, highlighting a trend of large enterprises like Harrods and Manchester United launching with their entire global and even domestic e-commerce operations. CFO Ofer Koren explained that the Q3 G&A decline was due to some one-off expenses in Q2, and that the average of Q2 and Q3 should be considered a more representative run-rate going forward.

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CEO Bill Magnuson detailed that the vertical focus accelerates time-to-value for customers, simplifies new use case adoption, and enhances the effectiveness of BrazeAI. By standardizing data models for industries like retail, Braze can deploy more effective, constrained machine learning models that improve marketer productivity for common workflows.

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CEO Bill Magnuson explained that these deals show greater velocity due to less required education, though the purchasing patterns are similar. CFO Isabelle Winkles reiterated that the company will adhere to the financial framework from its Analyst Day, balancing growth with profitability and reinvesting for high ROI, rather than pursuing growth at all costs.

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CEO Bill Magnuson reported that the new credits model has been well-received by customers after some initial noise. He highlighted it as a 'win-win-win' that simplifies the launch of new channels like RCS, makes purchasing more aligned with actual usage, and provides customers more ways to use their entitlements over the contract term, which should create a healthier position for the company.

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COO & CFO Ashim Gupta explained that cloud ARR growth is driven by both new logos starting on the cloud and existing customers migrating to access faster innovation. CEO Daniel Dines responded that while the vast majority of customers begin with small proofs-of-concept for agents, a few enthusiastic customers have already moved to large deployments.

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CFO & COO Ashim Gupta attributed the consistent, strong cloud growth to increasing customer awareness and readiness to migrate. He noted that the value of moving to the cloud is enhanced by products like Communications Mining and Document Understanding. While UiPath maintains a 'cloud-first' mindset in its product releases, it remains committed to providing flexible choices to be customer-centric.

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CEO René Lacerte affirmed his excitement and confidence in achieving the growth target, pointing to positive early signs from strategic initiatives. CFO John Rettig stated there was no change in their cautious macro view and that no explicit new caution was factored into the guidance, though they are monitoring the environment closely.

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CEO René Lacerte stated that the invoice financing product is in its early days but shows strong initial adoption and repeat usage, positioning it as a key future driver of ad valorem revenue. Regarding platform synergy, Lacerte confirmed that for joint customers, "1+1 is more than 2," citing not only better retention but also increased platform usage, especially in card payments, which aligns with market demand for unified solutions.

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CEO Jeff Tangney stated that while it's too early for a deep pricing analysis, the portal provides more granular levers for add-on packages. He emphasized that a key learning has been the success of the agency partnership strategy, which has improved alignment and positioned Doximity as a valuable partner to agencies, rather than a competitor.

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