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    Steven Enders

    Research Analyst at Citigroup Inc.

    Steven Enders is an Equity Research Analyst at Citigroup, specializing in coverage of enterprise software and technology companies including Intapp, Pegasystems, Workday, Intuit, Vertex, Paylocity, and monday.com. Over his analyst career at Citi since at least 2021, he has issued over 480 stock ratings and achieved a success rate of 58% with an average return of 0.6% per rating according to TipRanks, including a standout rating on Intapp with a return exceeding 114%. Before joining Citigroup, Enders held equity research roles specializing in enterprise software, and is professionally registered, holding industry-standard securities licenses. He is recognized for his detailed sector research and consistent performance as tracked by leading analyst ranking platforms.

    Steven Enders's questions to INTUIT (INTU) leadership

    Steven Enders's questions to INTUIT (INTU) leadership • Q4 2025

    Question

    Steven Enders of Citigroup asked about the current health of the small and medium-sized business (SMB) sector and what Intuit is observing from a macroeconomic perspective in its underlying data.

    Answer

    CEO Sasan Goodarzi provided a dual perspective. He noted that consumers are stretched, with credit card balances up and credit scores down. For businesses on Intuit's platform, however, the picture is more stable. While revenues are generally flat, profits and cash flows are up year-over-year. He mentioned that performance varies by sector, with areas like real estate and advertising facing headwinds while other sectors are performing well.

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    Steven Enders's questions to INTUIT (INTU) leadership • Q2 2025

    Question

    Steven Enders inquired about the strength in QBO Advanced and the Intuit Enterprise Suite, asking about sales force productivity and plans for further investment in the move upmarket.

    Answer

    CEO Sasan Goodarzi noted a 60% improvement in sales productivity over the last two months, driven by natural progression and the product's strong value proposition. He added that the focus is now accelerating on enabling large accountant partners. CFO Sandeep Aujla elaborated that AI is a key productivity driver, providing sales teams with next-best actions and competitive intelligence, ensuring each new sales cohort is more productive than the last.

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    Steven Enders's questions to monday.com (MNDY) leadership

    Steven Enders's questions to monday.com (MNDY) leadership • Q1 2025

    Question

    Steven Enders requested more detail on the full-year guidance, asking how the cited macroeconomic uncertainty is specifically manifesting in the company's underlying assumptions regarding deal cycles or conversion rates.

    Answer

    CFO Eliran Glazer outlined the key assumptions in the conservative guidance: customer growth in the mid-to-high single digits, an FX impact of less than 1%, Net Dollar Retention slightly below 112%, and no material revenue from AI in 2025. He emphasized that the cautious stance is a response to general market uncertainty rather than specific changes in deal cycles.

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    Steven Enders's questions to monday.com (MNDY) leadership • Q4 2024

    Question

    Steven Enders asked for an update on the search for a new Chief Revenue Officer (CRO) and any anticipated changes to the go-to-market strategy. He also inquired about the confidence behind the planned investments in sales headcount.

    Answer

    co-CEO Eran Zinman reported that the CRO search is in advanced stages, with a goal to finalize by the end of Q2, and noted the current sales organization is performing well. He expressed confidence in scaling the sales team due to strong ROI, significant expansion potential within the existing customer base fueled by new products, and robust demand from performance marketing.

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    Steven Enders's questions to monday.com (MNDY) leadership • Q3 2024

    Question

    Steven Enders asked how the observed macro choppiness is accounted for in the Q4 outlook and sought clarification on the slower sales hiring, as well as plans for future sales headcount growth into 2025.

    Answer

    CFO Eliran Glazer explained that the Q4 guidance is provided prudently, based on all known information, including the cautious spending environment. He stated that while sales hiring was slower than anticipated in Q3, it is expected to rebound in Q4. The company plans to ramp up hiring for sales quota carriers in Q4 and fiscal 2025, with a focus on product, R&D, and go-to-market roles, particularly in account management for the enterprise segment.

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    Steven Enders's questions to DROPBOX (DBX) leadership

    Steven Enders's questions to DROPBOX (DBX) leadership • Q1 2025

    Question

    Steven Enders asked about the drivers behind better-than-expected paying user levels and churn in Q1, and inquired about any changes in the monetization potential or rollout strategy for Dropbox Dash over the past 90 days.

    Answer

    CEO Drew Houston attributed user outperformance to improvements in the Teams business, easier onboarding, and a 50% YoY increase in desktop activations. For Dash, he noted no major strategic changes, highlighting excitement around the recent spring product release which added multimodal search and key connectors. CFO Tim Regan added that despite Q1 strength, full-year user guidance remains cautious due to the macro environment and the planned reduction in FormSwift users.

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    Steven Enders's questions to DROPBOX (DBX) leadership • Q4 2024

    Question

    Steven Enders inquired about the full-year growth outlook, asking for details on the pacing of business and the factors driving incremental headwinds throughout the year. He also asked if the pressures on the Teams business were stabilizing and when Dash might contribute enough to offset these declines.

    Answer

    CEO Drew Houston stated that some headwinds are from strategic choices to cut inefficient growth (e.g., FormSwift) and reinvest in Dash. CFO Tim Regan added that the guidance reflects ongoing pressure on the Teams business and a smaller sales force, with a significant portion of the paying user decline expected in Q1 due to FormSwift changes. Drew Houston noted it's too early to provide a specific timeline for when Dash's revenue will offset declines but highlighted that growth will come from optimizing the core business and leveraging it as a launchpad for Dash.

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    Steven Enders's questions to OneStream (OS) leadership

    Steven Enders's questions to OneStream (OS) leadership • Q1 2025

    Question

    Steven Enders of Citigroup inquired about the new pricing and packaging changes, asking for details on the major adjustments and the intended impact on customer behavior.

    Answer

    CEO Tom Shea described the changes as an evolution to support new innovations with a rational and durable pricing structure. He explained the strategy is to be easy to do business with while capturing value through a broad-based approach that combines user, platform, and consumption-oriented pricing.

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    Steven Enders's questions to OneStream (OS) leadership • Q4 2024

    Question

    Steven Enders from Citigroup asked about the drivers behind the lower-than-expected margin outlook for the upcoming year and the key areas of incremental investment.

    Answer

    CFO Bill Koefoed identified two main factors. First, there are costs associated with migrating customers to the newer, more efficient Version 8 of the software. Second, the increasing amount of data customers are storing on the OneStream platform, while a significant long-term asset, has near-term gross margin implications. He affirmed that while the company is working on efficiencies, it is prioritizing investments that drive long-term customer value and high retention.

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    Steven Enders's questions to OneStream (OS) leadership • Q3 2024

    Question

    Steven Enders of Citigroup Inc. asked about the momentum of OneStream's AI offerings, seeking details on the depth of customer conversations and the current state of pipeline and uptake for these solutions.

    Answer

    CEO Tom Shea described the AI opportunity as being in its 'early innings' but with significant building momentum, highlighted by customer success stories at user conferences. He noted that a key part of the strategy is educating the market on the advantages of applied AI, like achieving a 'touchless forecast,' and that they are comfortable with the current build-out phase.

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    Steven Enders's questions to APPIAN (APPN) leadership

    Steven Enders's questions to APPIAN (APPN) leadership • Q1 2025

    Question

    Steven Enders asked about the strategy for incremental AI monetization, noting the $9 million from AI tiers, and inquired about the primary mandate for the incoming CFO, particularly regarding levers for margin improvement.

    Answer

    Matthew Calkins, Chairman and CEO, expressed satisfaction with customers' willingness to pay for AI, viewing it as proof of the tangible value being delivered and noting AI has doubled the company's TAM. Regarding the new CFO, Serge Tanga, he expressed excitement for his arrival but declined to preempt strategy, stating Mr. Tanga would be a contributor "across the board."

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    Steven Enders's questions to APPIAN (APPN) leadership • Q4 2024

    Question

    Steven Enders inquired about how customers are understanding Appian's specific approach to AI—embedding agents in processes—compared to other market approaches. He also asked for an update on go-to-market changes, the new CRO's impact, and sales productivity rates.

    Answer

    CEO Matt Calkins explained that Appian's AI approach is distinctive and value-focused, positioning AI at the center of where work happens, a case they will prove through demonstrations and success stories. Regarding go-to-market, Calkins expressed strong confidence in recent progress, emphasizing a return to fundamentals, discipline, and leadership, which he believes will naturally lead to higher productivity.

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    Steven Enders's questions to APPIAN (APPN) leadership • Q3 2024

    Question

    Steven Enders asked for an update on the macroeconomic landscape, the potential for a Q4 budget flush, and the key priorities for the newly appointed Chief Revenue Officer.

    Answer

    CEO Matt Calkins noted that the macro environment is not a significant factor in their current planning or target setting, stating they can operate successfully in it, and he offered no specific insight on a potential budget flush. He outlined the new CRO's priorities as shifting focus to larger opportunities, increasing sales to the existing customer base, and emphasizing Appian's partnership approach to differentiate from larger competitors.

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    Steven Enders's questions to Paycom Software (PAYC) leadership

    Steven Enders's questions to Paycom Software (PAYC) leadership • Q1 2025

    Question

    Steven Enders inquired about the drivers behind the strong free cash flow in the quarter and how its progression should be viewed relative to EBITDA for the year. He also asked for an update on traction within the mid-market segment.

    Answer

    CEO Chad Richison noted that demand is strong across the board, including the mid-market, and that first-quarter book sales and units were up meaningfully. Regarding free cash flow, he mentioned that major facility construction is substantially complete but cautioned that some of that capital spend may shift toward technological assets like AI infrastructure over time. He confirmed a focus on improving free cash flow but reiterated that the company does not provide specific guidance for it.

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    Steven Enders's questions to Paycom Software (PAYC) leadership • Q4 2024

    Question

    Steven Enders inquired about the specific drivers of the revenue upside in Q4 and the key factors influencing Q1. He also asked what is currently working best in the go-to-market strategy and where there are opportunities for improvement.

    Answer

    Retiring CFO Craig Boelte attributed the Q4 outperformance to strong unscheduled payroll runs and new client starts. CEO Chad Richison stated the go-to-market success stems from having the industry's most automated product, which resonates with clients. He emphasized a company-wide focus on client satisfaction and expressed confidence in their execution across all 2024 initiatives.

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    Steven Enders's questions to Paycom Software (PAYC) leadership • Q3 2024

    Question

    Steven Enders questioned why the full Q3 revenue beat did not flow through to the full-year guidance and asked about the key factors and assumptions influencing the Q4 outlook.

    Answer

    CFO Craig Boelte responded that the company raised the bottom end and narrowed the full-year guidance range. He explained that Q4 is the most difficult quarter to predict due to variable bonus and off-cycle payroll runs. He also highlighted the impact of a 50 basis point interest rate cut and the potential for more cuts as a primary factor.

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    Steven Enders's questions to Vertex (VERX) leadership

    Steven Enders's questions to Vertex (VERX) leadership • Q1 2025

    Question

    Speaking on behalf of Steven Enders, George Chris asked about deal volumes and pipeline health within the SAP ecosystem and sought an explanation for the delta between subscription revenue and ARR growth.

    Answer

    CEO David DeStefano reported that Vertex's activity tracks well with SAP's performance, resulting in good pipeline growth, supported by deep relationships with implementation partners. CFO John Schwab clarified that there was nothing anomalous, such as unusual true-ups, driving the difference between subscription revenue and ARR growth, and that ARR remains the key leading indicator.

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    Steven Enders's questions to Vertex (VERX) leadership • Q4 2024

    Question

    Steven Enders asked for more details on the 'Agentic AI' experience and its potential use cases, and also inquired about the pipeline development and expected linearity that gives management confidence in its back-half weighted 2025 guidance.

    Answer

    CEO David DeStefano explained that while it's early, Agentic AI presents opportunities to improve both the customer experience and engagement with ecosystem partners. He expressed confidence in the full-year forecast due to deep pipeline visibility, a broadening partner ecosystem beyond just SAP and Oracle, and an expected rebound in Net Revenue Retention (NRR) as the year progresses.

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    Steven Enders's questions to Vertex (VERX) leadership • Q3 2024

    Question

    Steven Enders asked for an update on the SAP ecosystem migration cycle, noting it seemed slower previously, and also inquired about the performance and trends within the broader partner ecosystem beyond SAP and Oracle.

    Answer

    CEO David DeStefano acknowledged that the SAP migration cycle was slower in the first half of the year, which he believes will create a backlog of demand for 2025 and 2026. He also highlighted strong activity and partnerships with Microsoft, Workday, and Shopify, noting the Microsoft team has been 'phenomenal' to work with.

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    Steven Enders's questions to Dayforce (DAY) leadership

    Steven Enders's questions to Dayforce (DAY) leadership • Q1 2025

    Question

    Steven Enders followed up on commentary about bookings and pipeline, asking if the trend of new sales growth outpacing total revenue growth continued in Q1 and what the pipeline indicates for the second half of the year.

    Answer

    CEO David Ossip affirmed the sales momentum, stating the pipeline remains healthy and Q1 bookings were very strong. He expressed confidence that this strength would continue through Q2, projecting that total sales for the first half of 2025 would be approximately 40% higher than the prior year, in line with the strong performance seen in Q4 2024.

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    Steven Enders's questions to Dayforce (DAY) leadership • Q4 2024

    Question

    Steven Enders inquired about the macro assumptions for employment and rate cuts embedded in the 2025 guidance and asked for the drivers behind professional services revenue growth outpacing Dayforce recurring revenue.

    Answer

    CFO Jeremy Johnson detailed the guidance assumptions, including bank consensus for rate cuts leading to a 3.6% float yield and low single-digit employment growth. He explained that the strong professional services growth is driven by a strong 2024 sales year creating implementation work, ongoing large projects, maturing system integrator relationships, and internal process efficiencies.

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    Steven Enders's questions to Dayforce (DAY) leadership • Q3 2024

    Question

    Steven Enders asked about the underlying assumptions for labor rates and deal cycles within the 2025 guidance and requested an update on the progress and resonance of the partner channel.

    Answer

    CFO Jeremy Johnson reiterated that detailed breakouts for the 2025 guidance are not yet available but expressed confidence in the overall trajectory. CEO David Ossip confirmed the partner channel remains a positive driver, evidenced by strong sponsorship and attendance expected at the upcoming Discover conference.

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    Steven Enders's questions to Intapp (INTA) leadership

    Steven Enders's questions to Intapp (INTA) leadership • Q3 2025

    Question

    Steven Enders of Citigroup noted that calculated billings came in below estimates and asked if there were any one-time or timing-related factors to consider. He also asked for an early outlook on fiscal 2026, particularly regarding growth and margins.

    Answer

    John Hall, Chairman and CEO, advised looking at Remaining Performance Obligations (RPO) as a better forward indicator, noting billings can be lumpy and were coming off a high in Q2. CFO David Morton added that it was too early to provide fiscal 2026 guidance but affirmed the company will continue to invest for growth while driving leverage in the model.

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    Steven Enders's questions to Intapp (INTA) leadership • Q2 2025

    Question

    Steven Enders asked if the go-to-market reorganization is now complete and whether there might be any related catch-up spending. He also asked a housekeeping question about foreign exchange impacts.

    Answer

    CEO John Hall confirmed the go-to-market transformation is complete and took about a quarter and a half. CFO David Morton added that while the specific reorganization is done, the company will continue to invest in sales and marketing as part of its normal scaling process. Morton also stated that foreign exchange impact is immaterial, as most contracts are in U.S. dollars, and pointed to strong forward-looking metrics like cRPO and deferred revenue as indicators of the quarter's success.

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    Steven Enders's questions to Intapp (INTA) leadership • Q1 2025

    Question

    Steven Enders inquired about the current deal environment, particularly in financial services, and asked for perspective on the timing of ARR and billings for the fiscal year.

    Answer

    CEO John Hall stated that demand and the pipeline remain strong with no significant change in the macro environment. He explained that a Q1 sales team realignment to focus on large enterprise accounts caused a temporary pause in closing some large deals, which affected quarterly timing, but mid-market performance was solid, indicating the issue was not macro-related.

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    Steven Enders's questions to BLACKLINE (BL) leadership

    Steven Enders's questions to BLACKLINE (BL) leadership • Q1 2025

    Question

    Steven Enders asked about current pipeline dynamics, questioning if the strength from the SAP relationship and marketing initiatives was being offset by any macro uncertainty.

    Answer

    An executive, likely Co-CEO Owen Ryan, confirmed that BlackLine has seen six to seven straight months of solid pipeline growth, with metrics like demo requests up substantially. He stated they have not yet seen any negative impact on the pipeline from macro factors but remain watchful of potential future developments, such as changes in trade policy.

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    Steven Enders's questions to BLACKLINE (BL) leadership • Q4 2024

    Question

    Steven Enders from Citi inquired about the market reception and financial impact of the new pricing and packaging, and asked to frame the magnitude of Q4 deal pushouts on key metrics.

    Answer

    Co-CEO Owen Ryan noted the new pricing model has received a positive early reaction and is expected to be accretive over time. CFO Mark Partin clarified it's a multi-year rollout embedded in their long-term model. Regarding pushouts, Partin stated that foreign exchange was the largest headwind to ARR and NRR in Q4, with slipped deals being a smaller factor, and emphasized the pipeline remains strong.

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    Steven Enders's questions to WORKIVA (WK) leadership

    Steven Enders's questions to WORKIVA (WK) leadership • Q1 2025

    Question

    Steven Enders asked if the slowdown in the buying environment was more pronounced for the sustainability portfolio compared to the rest of the business and questioned how the logo opportunity has changed with the new regulatory landscape in the U.S. and Europe.

    Answer

    CEO Julie Iskow clarified that the cautious buying environment was broad-based across the entire solution portfolio and not specific to sustainability. She reiterated that in Europe, the target market of large Wave 1 companies is strong, while in the U.S., demand is driven by more than just compliance, including participation in the global supply chain and stakeholder demands.

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    Steven Enders's questions to WORKIVA (WK) leadership • Q3 2024

    Question

    Steven Enders inquired about the primary drivers behind the strong deal environment and record bookings, questioning if it was due to improving macro conditions or other factors. He also asked for an update on go-to-market hiring and the productivity of new sales representatives.

    Answer

    CEO Julie Iskow attributed the strong performance to improved internal execution, high demand driven by the approaching CSRD deadline, and the broad appeal of Workiva's assured integrated reporting platform. She noted that new sales reps take 6-12 months to ramp and the company is still ramping many recent hires while continuing to invest in growth.

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    Steven Enders's questions to PEGASYSTEMS (PEGA) leadership

    Steven Enders's questions to PEGASYSTEMS (PEGA) leadership • Q1 2025

    Question

    Steven Enders asked for the constant currency net new ACV figure for Q1 and inquired about the future pipeline dynamics and the potential impact of U.S. federal government initiatives on the business.

    Answer

    CEO Alan Trefler clarified that the constant currency net new ACV was in the 'low-60s' of millions after accounting for a currency headwind. CFO Kenneth Stillwell added that digital transformation remains a top priority for clients, and federal initiatives to modernize technology represent a significant opportunity for Pega.

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    Steven Enders's questions to PEGASYSTEMS (PEGA) leadership • Q4 2024

    Question

    Steven Enders inquired about the linearity of Annual Contract Value (ACV) in Q4, which appeared light, and asked for more detail on the legacy system replacement opportunity being accelerated by Pega GenAI Blueprint.

    Answer

    CFO Kenneth Stillwell clarified that a significant currency headwind of approximately $40 million made the Q4 ACV growth appear optically low, but on a constant currency basis, it was the strongest quarter of the year. CEO Alan Trefler detailed the legacy replacement strategy, explaining that Blueprint enables a shift from 'wrap and renew' to 'rethink and replace' by generating cloud-native database controls and importing APIs, allowing clients to fully decommission old systems.

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    Steven Enders's questions to PEGASYSTEMS (PEGA) leadership • Q3 2024

    Question

    Steven Enders inquired about the momentum from Pega GenAI Blueprint, its specific impact on the recent ACV acceleration, and the key drivers behind the growth across different use cases, industries, or geographies. He also asked if this performance alters the company's full-year ACV growth guidance.

    Answer

    CEO Alan Trefler described Pega GenAI Blueprint's impact as having "lifted all boats" by fundamentally changing client engagement, making it difficult to isolate its direct contribution to specific deals. CFO Kenneth Stillwell added that the ACV acceleration was broad-based, occurring across all geographic regions (U.S., EMEA, APJ) and driven by a mix of new logos, new workloads with existing clients, and early-stage cloud migrations. Stillwell confirmed they are not officially updating guidance but feel confident about finishing the year strong, despite a challenging Q4 comparison.

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    Steven Enders's questions to Asana (ASAN) leadership

    Steven Enders's questions to Asana (ASAN) leadership • Q4 2025

    Question

    Steven Enders asked about the key characteristics and priorities the board is looking for in a new CEO. He also sought to understand the apparent disconnect between strong RPO and billings growth in the quarter and the more modest revenue growth guidance for the upcoming year.

    Answer

    CEO Dustin Moskovitz stated he is looking for a successor who is passionate about Asana's mission, has experience scaling SaaS businesses, and is a strategic, first-principles thinker. CFO Sonalee Parekh addressed the guidance disconnect by explaining that RPO figures exclude the monthly-billed business, which constitutes about one-third of revenue. She also noted that weakness in the tech vertical's NRR acts as a drag on the overall growth outlook.

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    Steven Enders's questions to Asana (ASAN) leadership • Q3 2025

    Question

    Steven Enders inquired about the monetization timeline for AI Studio and its potential impact on metrics like RPO. He also asked when the stabilization in in-quarter net retention would be reflected in the reported trailing metric.

    Answer

    CFO Sonalee Parekh stated that AI Studio's revenue impact is currently immaterial but will eventually mitigate upsell challenges and improve NRR. CEO Dustin Moskovitz added that while Q4 revenue impact will be minimal, he hopes it will contribute to growth starting in Q1 of next year. Regarding NRR, Sonalee Parekh explained that the reported trailing metric will improve as tough prior-year comps roll off, supported by post-sales investments and stabilization in the tech vertical.

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    Steven Enders's questions to BOX (BOX) leadership

    Steven Enders's questions to BOX (BOX) leadership • Q4 2025

    Question

    Steven Enders asked about the core use cases driving Enterprise Advanced adoption, the average contract value (ACV) uplift seen so far, and the unit economics of partner-driven versus direct customer acquisition.

    Answer

    CEO Aaron Levie highlighted AI-powered metadata extraction and no-code app building as key use cases. CFO Dylan Smith confirmed that deals are achieving the targeted 20% to 40% pricing uplift versus Enterprise Plus. Smith also explained that the economics of partner-led deals are 'extremely comparable' to direct sales, as partners provide cost leverage and often bring in deals at slightly higher price points.

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    Steven Enders's questions to BOX (BOX) leadership • Q3 2025

    Question

    Steven Enders of Citigroup inquired about the initial market feedback for Box's new AI solutions and their effectiveness in displacing legacy ECM systems. He also asked for clarity on the Q4 billings growth outlook and its implications for future revenue growth, given the stronger RPO figures.

    Answer

    CEO Aaron Levie detailed that core Box AI features are driving Enterprise Plus adoption, while newer capabilities like AI-powered metadata extraction and Box Apps are key to replacing legacy ECM systems. CFO Dylan Smith clarified that the soft Q4 billings guidance is due to a tough year-ago comparison and that underlying momentum, reflected in strong RPO growth, remains solid.

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    Steven Enders's questions to BOX (BOX) leadership • Q2 2025

    Question

    Steven Enders inquired about the drivers of the bookings outperformance, asking whether it was due to an improving macro environment or better sales execution. He also asked for more detail on the monetization impact of Box AI, referencing a specific law firm win.

    Answer

    CEO Aaron Levie attributed the strong quarter to solid execution driven by demand for Box AI and the Enterprise Plus plan, noting the macro environment feels relatively stable. He explained that Box AI is included in the Enterprise Plus plan to act as a powerful catalyst for customer upgrades. CFO Dylan Smith added that the financial impact is most visible in the record suites attach rate, which is up nearly 10 points year-over-year, and that future discrete AI monetization is also planned.

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    Steven Enders's questions to Expensify (EXFY) leadership

    Steven Enders's questions to Expensify (EXFY) leadership • Q4 2024

    Question

    Steven Enders asked for an update on Expensify's AI capabilities, including what is currently live versus in the pipeline, and whether the functionality requires use of the native Expensify app or can integrate with third-party systems like Slack. He also inquired about user adoption drivers for the chat features and initial traction for the new Expensify Travel product.

    Answer

    CEO David Barrett explained that 'DeepAI' features like SmartScan and Concierge are fully implemented, 'Surface AI' for user interaction is in active development, and 'Elevated AI' for virtual CFO functions is prototyped. He noted that while integrations are possible, the deepest value comes from the contextual data within the Expensify app itself, and that proactive AI outreach will drive user engagement. Executive Ryan Schaffer added that Expensify Travel has seen strong initial enthusiasm and month-over-month growth in bookings from its initial user group, comparing its potential trajectory to the Expensify Card.

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    Steven Enders's questions to Expensify (EXFY) leadership • Q3 2024

    Question

    Steven Enders asked about the drivers behind the recent stabilization and uptick in paid subscriber users, questioning if it was due to company actions or macro improvements. He also sought details on the go-to-market strategy for the new platform and the effectiveness of recent investments.

    Answer

    Executive Anuradha Muralidharan attributed the user trend primarily to a rebound in usage from existing customers, which she linked to macro improvements, while also noting future growth from the New Expensify platform. She reiterated the go-to-market strategy's focus on organic channels and conversion. CEO David Barrett added that the New Expensify product itself is a key GTM driver, citing a 61% increase in leads at a recent conference.

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    Steven Enders's questions to Paylocity Holding (PCTY) leadership

    Steven Enders's questions to Paylocity Holding (PCTY) leadership • Q2 2025

    Question

    Steven Enders from Citigroup asked how the reported sales momentum and stabilizing macro environment have manifested in metrics like sales cycles or top-of-funnel activity. He also inquired about other notable dynamics between Q2 and Q3.

    Answer

    President and CEO Toby Williams clarified that the primary factor was a more stable demand environment compared to the prior year, which enabled strong sales execution, rather than a significant change in any single metric. CFO Ryan Glenn added that Q3 growth is impacted by form filing revenue growing slower than recurring revenue and Airbase's lack of seasonality.

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    Steven Enders's questions to PYCR leadership

    Steven Enders's questions to PYCR leadership • Q1 2025

    Question

    Asked to quantify the impact of price increases on performance and for the main drivers of improving sales rep productivity.

    Answer

    Adam Ante explained that price increases are tied to new value-add features and that pricing and cross-selling are each contributing slightly more than their typical one-third share to PEPM growth. Raul Villar confirmed that increased rep tenure, combined with selling larger deals, is the primary driver of productivity gains.

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    Steven Enders's questions to PYCR leadership • Q4 2024

    Question

    Questioned the shift in reporting from 'Tier 1' to 'Top 50' sales coverage and asked for color on the strong Q4 free cash flow performance, including any timing impacts.

    Answer

    Management explained that the reporting change to 'Top 50' cities is not a strategy shift but a more representative way to show coverage, as they have always focused on all 50. The strong free cash flow performance is primarily driven by underlying operating margin expansion and productivity gains, though quarterly numbers can be volatile due to working capital changes.

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    Steven Enders's questions to SMAR leadership

    Steven Enders's questions to SMAR leadership • Q4 2024

    Question

    Asked for clarification on how conservatism for the sales leadership transition is modeled and about plans to increase investment in international and partner channels.

    Answer

    The conservatism for the sales leadership transition is factored into the overall revenue guide, not as a specific budget item. The company is already investing in international expansion (e.g., a new data center in Australia) and is increasing investment in the partner channel by reallocating resources from direct sales to double its partner enablement capacity.

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