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CFO Rohini Jain attributed the Q4 strength to better-than-expected performance in FX international payments and AP Card adoption, alongside a generally stronger spend environment which may have included some pull-forward of demand from Q1. Regarding monetization, Ms. Jain outlined a three-phase approach for AI agents: first, drive value and adoption; second, introduce differentiated subscription tiers; and third, in the long term, potentially monetize on a per-transaction basis. Founder, CEO & Chairperson René Lacerte reiterated the core philosophy of delivering significant customer value first.

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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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Co-Founder and President Nir Debbi explained that offering subscription services is an evolution to support merchants who sell both physical and digital goods, though pure digital subscription is not a core focus. Debbi attributed the U.S. outperformance to the strong growth of digitally native U.S. brands, which tend to have faster same-store sales growth than brands in other regions.

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President Nir Debbi clarified that of the 12% of GMV inbound to the U.S., only about 30% originates from China and Hong Kong, putting the total affected GMV at around 3%, with a relatively light impact observed so far. CEO Amir Schlachet explained that the new 1P structure will offer a more seamless experience for merchants, particularly around payments and settlement, which is expected to drive broader adoption and accelerate growth.

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Executive Nir Debbi confirmed that bookings are at a record level, with a positive trend of large enterprises launching with their entire global and even domestic e-commerce operations. CFO Ofer Koren explained that the G&A decline was due to some one-off expenses in Q2, and that Q3's level, or a midpoint between Q2 and Q3, represents a more sustainable base going forward.

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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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Founder, CEO & Director Spenser Skates responded that the strength was broad-based, involving both a record expansion deal and success across various verticals and new customers like Twilio and Telenor Denmark. Regarding marketing analytics, he explained that this is an earlier-stage opportunity. While customers are now evaluating Amplitude as a full replacement for legacy marketing tools, which was rare two years ago, it remains a smaller part of the business compared to the mature platform consolidation motion.

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CEO Spenser Skates attributed the strong net new ARR primarily to lapping a period of high churn from previous over-buys, bringing churn to a more normal run-rate. He also cited good enterprise wins and contributions from new products. Regarding market awareness, Skates acknowledged the challenge of shifting perception from an analytics-only company to a full platform, stating the strategy involves consistent messaging and educating the existing customer base on the broader product suite, where he sees strong interest once they are engaged.

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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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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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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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CFO Brian Mulroy clarified that the pressure is contained to the freelancer and less sophisticated customer segments, a trend they've discussed for about a year, which was exacerbated by rising cost-per-click in Q2. Regarding the buyback, Mulroy stated its primary purpose is to express management's conviction in the company's future momentum in enterprise and AI, rather than directly addressing liquidity concerns.

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CFO Brian Mulroy clarified that reaching the $30 million ARR target relies more on acquiring new customers and upgrading them to the $50k-$60k ARPU range, rather than a significant ARPU increase for existing enterprise clients. CEO William Wagner asserted that the AIO solution is 'net additive,' not a cannibalistic trade-off, as sophisticated enterprise users require visibility tools for both traditional and AI-driven search.

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CFO Brian Mulroy stated the guidance remains prudent, assuming a continuation of current trends until hard economic indicators improve. He described the AIO solution's initial focus on visibility and sentiment analysis in LLMs, reiterating that pricing is undecided. He attributed the >$10k customer growth to both the new enterprise solution and broader success in platform cross-selling and upselling.

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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 Mike Hill explained that after paying down significant debt, the remaining amount was below the typical size for the Term Loan D market, making private credit a better fit. CEO Jack McDonald stated that near-term cash flow is prioritized for deleveraging, with no M&A anticipated at this point. McDonald also identified AI-enabled knowledge and content management products, such as Upland Right Answers and Upland BA Insight, as key growth drivers, noting their role in larger enterprise LLM implementations and upsell opportunities for products like Qvidien.

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CFO Mike Hill explained that the company's current debt of $240 million is below the typical size for the TLD credit market, making private credit a better fit. CEO Jack McDonald stated that near-term cash flow will be prioritized for deleveraging, with no M&A anticipated at this point. He added that growth is being driven by AI-enabled products in knowledge and content management, such as Upland Right Answers and BA Insight, which are integral to enterprise LLM implementations, and the AI-assist feature in the Qvidien RFP product.

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CEO John McDonald explained that the company has realigned its sales functions with the general managers of its product groups, eliminating the need for a centralized sales management role. He stated this creates more focus and efficiency. McDonald also confirmed that the repositioning of the business is substantially complete and no further material divestitures are anticipated.

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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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Chairman & CEO Joe Walsh clarified that Thryv deliberately chose not to fund Keap's historically unprofitable sales channels to preserve cash during its 'pinch point.' He affirmed that the focus in 2025 is on keeping the subscriber base flat while significantly increasing ARPU through cross-selling. Walsh anticipates a return to subscriber growth in 2026 as the company invests in new channels.

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CEO Joe Walsh shared that partners are enthusiastic about selling the full Thryv catalog, which complements Keep's automation tools by adding top-of-funnel lead generation. Regarding the subscriber decline, Walsh cited typical Q4 holiday seasonality and a deliberate strategic shift to focus sales efforts on cross-selling to the existing customer base rather than on new customer prospecting.

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CEO Joe Walsh attributed the Q4 softness in customer adds to typical holiday seasonality, noting that while small business sentiment is stable, there's some caution in the macro environment. CFO Paul Rouse stated that the Q4 beat for Keap was due to initial conservatism in their forecast for the newly acquired business and that they are maintaining the full-year guidance out of caution during the complex integration process.

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CEO Joe Walsh confirmed the plan is a 'full and complete integration' of Keap into a unified platform, leveraging the combined engineering teams, while using APIs for immediate interoperability. He also affirmed that the accelerated pace of customer conversion from Marketing Services to SaaS is the new standard, driven by the appeal of Thryv's 'grow your business' tools. He noted these converted clients tend to increase their spend by 10-15% in the following year.

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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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President Vahe Kuzoyan acknowledged that other verticals could use the platform but stressed the company's strategic focus on its prioritized areas. He explained that while opportunistic deals may be considered, the primary goal is to concentrate resources on the main focus areas to ensure success.

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CEO Ara Mahdessian explained the CSM strategy aims to create natural conversations about Pro products when performance gaps are identified for a customer. He also clarified that while the core sales and marketing playbook applies to roofing, specific workflows like measurements, estimates, and procurement are meaningfully different and required product adjustments.

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The near-term focus is on improving product maturity in newer segments like commercial and roofing, as well as driving adoption of Pro products. The investment strategy for fiscal '26 will remain consistent with '25, prioritizing R&D to support long-term growth, while expecting leverage from sales & marketing. The overall focus remains on delivering incremental operating margins.

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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 Bill Magnuson confirmed that the flexible credits model has been very well-received, successfully shortening negotiation cycles and reducing friction for customers to adopt new channels. He stated that while it's too early to quantify a direct impact on dollar-based net retention, the model is expected to be supportive by improving customer satisfaction and reducing sources of partial churn.

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CEO Bill Magnuson detailed that these vertical-specific enhancements are designed to accelerate time-to-value for customers. He explained that standardizing data models for industries like e-commerce not only speeds up deployment but also improves the effectiveness of Braze's machine learning models. The goal is to improve the product offering, shorten implementation times, and ultimately deliver more value through features tailored to common industry use cases.

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CEO Bill Magnuson explained that former users drive greater velocity in sales cycles because less education is required, which is an upside from recent high turnover in the marketing industry. 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.

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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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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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CFO Jason Schwartz provided an example of a Fortune 500 retailer that expanded its contract 4x in two years, moving from a single marketing use case to broader adoption by category management and e-commerce teams. CEO Or Offer explained that Search Monitor adds two strong, ROI-driven use cases: brand protection for PPC teams and compliance monitoring for affiliate programs, which will be integrated and rolled out to the existing customer base.

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CEO Or Offer clarified that Q4 execution was 'okay' but not 'great,' with softness stemming from managerial changes and underperformance in certain regions. He noted the issue was partly due to not hiring fast enough to meet high demand, but performance is stabilizing in Q1. CFO Jason Schwartz confirmed the guidance for back-half acceleration is based on strong pipeline visibility.

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CEO Or Offer stated that this is an early but growing trend, with more brands seeking to understand their visibility as consumers shift from search engines to chatbots. CFO Jason Schwartz expressed confidence in future NRR improvement, citing that 45% of ARR is from multi-year contracts and the success of their "land and expand" motion, as exemplified by their large accounts.

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President and CEO Andres Reiner stated that the travel segment saw strong performance in Q1, with wins at two of the top seven U.S. carriers, driven by innovations in offer optimization. He explained that while the selling environment is complex, market volatility is a tailwind, making PROS' AI-powered solutions mission-critical for customers. Reiner also noted an increase in inbound demand and sales meetings, indicating a healthy demand environment despite macro uncertainty.

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President and CEO Andres Reiner explained his retirement is a personal decision driven by a desire to spend more time with his family, made possible by his confidence in the company's strong leadership team and market position. He assured a thorough, unhurried search for a successor. Regarding the travel sector, Reiner stated that Q3 performance was in line with expectations, highlighting new deals and key expansions like Lufthansa, which are driven by new innovations. He noted that while the travel recovery pace is as expected, the B2B segment outperformed during the quarter.

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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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CFO Joe Del Preto reiterated that the Q1 and full-year guidance reflects a more measured approach, factoring in a demand environment consistent with 2024. He confirmed that the business seasonality in 2025 is expected to be similar to 2024, with a more back-end weighted performance, which is already incorporated into the outlook.

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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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Raul Villar confirmed that customer purchasing of additional modules remains consistent, with strong interest in talent solutions. Adam Ante added that new embedded partners are entering slightly different end markets, with more details to be shared at the upcoming Investor Day.

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Management's positive view is based on their own metrics (appointments, deal velocity) and the large market opportunity with legacy systems. They believe their modern product is well-positioned. The guidance for FY '25 intentionally assumes a flat labor market contribution, similar to FY '24, with no incremental growth from existing customer employee counts.

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While the 50% broker contribution has been stronger than expected, the long-term outlook is for it to moderate to the high 30s or mid-40s, though significant white space remains. Selling to the existing base remains a consistent and successful channel, with strong attach rates for modules like Talent and Workforce Management, and the cross-selling team continues to perform well.

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