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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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