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CEO Tom Shea attributed the product's growing traction to validated customer results, including improved forecast accuracy and reduced effort. He noted that while the market is still learning to buy AI, OneStream is leaning into these successes and will announce further AI portfolio expansions at its upcoming conference.

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Co-Founder and CEO Tom Shea highlighted the Microsoft partnership as crucial and expanding, particularly with the certified Power BI connector and joint efforts in AI and operational analytics. He also pointed to the growing importance of the entire partner ecosystem, including GSIs and specialized 'Artisan partners' like Infinity SPM, which built a solution on the OneStream exchange. Shea noted that the growing base of successful customers, evidenced by 98% gross retention, powers this entire ecosystem.

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CFO Sarah Blanchard acknowledged the potential for the consumer subscription business but explained the cautious outlook. She noted that a strategic shift toward subscriptions could temporarily impact GMV and delay some revenue recognition compared to the transactional model. While optimistic about the long-term opportunity, the company is balancing this against external macroeconomic uncertainties affecting consumer spending.

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CFO Sarah Blanchard clarified that the "few points of headwind" applies to total company growth, meaning the impact on the Udemy Business (UB) segment will be larger. CEO Greg Brown responded that the biggest impact will come from getting more out of existing customers, noting that Udemy is less than 10% penetrated in its enterprise customer base.

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CFO Jonathan Price explained that renewal timing is not linear but the overall opportunity for 2025-2026 is robust. Price, along with President Kirk Coleman, highlighted that the Innovation Studio continues to gain traction, driving new deals and showing broad application across all banking segments.

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President Kirk Coleman confirmed the Wells Fargo deal was a PrecisionLender win from Q4 2023, highlighting a rapid deployment. CFO Jonathan Price clarified that 'relationship pricing' is the company's term for the entire PrecisionLender business. CEO Matt Flake noted that while direct product synergies with digital banking are limited, having master agreements creates intangible value. For 2025, Flake anticipates a balanced pipeline with steady Tier 2/3 deal flow and a return to larger enterprise deals in the second half of the year.

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CEO Andrew Bialecki responded that international customer personas are similar to the U.S., starting with SMBs and now expanding upmarket at an accelerated pace. He noted that investments in local sales teams in Europe are beginning, supported by product localization in French, German, Spanish, and Italian, which is laying the groundwork for future growth.

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Co-Founder and CEO Andrew Bialecki explained that Klaviyo's PLG motion lowers the cost of acquisition by simplifying the evaluation process for larger clients. CFO Amanda Whalen added that the company will continue investing in quota-carrying capacity in 2025 and noted that the top 10 customers average over $1.5 million in ARR, indicating a high ceiling for customer size.

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CFO Amanda Whalen responded that Q4 is historically a strong quarter for new customer adds, especially for smaller businesses. For SMS, she expects seasonally strong volumes as it's a critical channel for holiday promotions. While customers are being intentional with message counts, overall SMS subscriber lists are growing healthily.

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Executive Michael Burkland explained that Salesforce has been actively driving BYOT adoption within its customer base to support its AI journey. He stated that the Five9 Fusion initiative was designed to simplify the go-to-market motion, making it easier for joint customers to leverage Five9's transcript and voice streams to power Salesforce's Einstein AI.

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President and CEO Neil Hunn stated that AI revenue at Centralreach is not yet material but is a significant future growth driver, positioning it as an AI leader within the portfolio. EVP and CFO Jason Conley projected that core EBITDA margins at the segment level would be up slightly for the year, with overall acquisition margins expected to improve as the year progresses.

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President and CEO Neil Hunn attributed the bookings strength to a more stable macro environment and, more importantly, to improved leadership and execution at key businesses like Deltek, Aderant, and PowerPlan. EVP and CFO Jason Conley added that DAT implemented a pricing action in Q4 on one side of its network and plans more in 2025, tied to delivering increased value through fraud prevention and network reliability.

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President and CEO Neil Hunn and Executive VP and CFO Jason Conley highlighted strong performance at Deltek's enterprise segment, Vertafore's carrier space, and Aderant as drivers for the bookings growth, noting it should matriculate into revenue next year. Hunn explained the ProCare changes were to address a go-to-market improvement opportunity identified during diligence, while the Frontline change was a planned leadership transition to install a growth-oriented CEO.

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President and CEO Lynn Moore stated that the on-premise flip business is on pace with annual plans, while Q1's new SaaS softness was a timing issue. CFO Brian Miller explained that the average contract duration fluctuates quarterly around the standard 3-year term depending on the specific deal mix.

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CEO H. Moore responded that they are not yet hearing about DOGE from clients and do not expect a major shift in the state versus local business mix in 2025. However, he highlighted the creation of a new, dedicated state sales team as a key investment designed to drive more state-level business across the entire Tyler portfolio over the long term, though it will take time to ramp up.

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CEO Lynn Moore confirmed that cloud migrations (flips) create significant upsell opportunities. She credited recent cross-selling success to internal initiatives like the 'One Tyler' sales compensation plan, which has reduced internal barriers. She provided examples of large integrated deals, noting that the comprehensive Tyler story is resonating and leading to broad product adoption beyond typical pairings.

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President and CEO Eric Clark stated that while they remain cautious, the Q2 pipeline is strong and they have not yet seen an adverse impact on their services business, where they would expect to see it first. Regarding investments, he confirmed that with a market-leading product portfolio, the company plans to increase investment in sales and marketing, particularly sales specialists for new products, to accelerate growth.

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CEO Eddie Capel confirmed a record Q4 and a strong start to Q1 bookings, noting no specific seasonality beyond a potential mid-year slowdown. He attributed the services pressure to customers trimming budgets for 2025, increased implementation efficiency, and higher partner utilization, while emphasizing that projects are being scaled back, not canceled. CFO Dennis Story provided a 2025 free cash flow target of approximately $300 million.

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CEO Eddie Capel confirmed that the strong Q4 start was a combination of both slipped Q3 deals and new Q4 deals closing. He dismissed the idea of a budget flush, noting that OpEx commitments differ from historical one-time license payments. Regarding services, Capel explained that Manhattan is becoming more efficient at implementations, the solutions require less customization, and the system integrator network is handling more work. CFO Dennis Story affirmed the company's 'underpromise and overdeliver' philosophy and stated that 5-year contract terms remain stable.

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CEO Sean Desmond explained the investments target key areas with new leadership in product marketing, EMEA, and a dedicated credit union team. CFO Greg Orenstein added that nCino is shifting from 'defense' to 'offense' as the market improves, making sales investments more productive. He attributed second-half leverage to improved bookings momentum, ongoing efficiency initiatives, and benefits from AI.

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CEO Pierre Naude clarified that achieving this year's financial goals is not dependent on the platform pricing change, as its rollout will be gradual over 3-4 years. CFO Greg Orenstein attributed the Q2 cash flow results partly to a $4.8 million increase in unbilled accounts receivable, a timing effect related to revenue recognition under new platform pricing models. He also reiterated that the second half of the year is seasonally lower for cash generation.

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President Vahe Kuzoyan noted the commercial CRM is progressing well but did not provide a specific launch timeline, promising future updates. CFO Dave Sherry stated that for the full year, free cash flow and non-GAAP operating income are expected to be 'pretty close,' after accounting for the seasonal Q1 cash bonus outflow.

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CEO Ara Mahdessian emphasized that the company is focused on the significant runway with its existing Pro products, including the new Sales Pro and Contact Center Pro, rather than looking for the next new thing. President Vahe Kuzoyan added that the new commercial CRM will be a key focus. CFO Dave Sherry explained that for large consolidator deals, revenue recognition depends on the contract, with rollouts typically occurring site-by-site over a period that is often less than a year.

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Eido Gal, Co-Founder and CEO, explained that top-of-funnel growth is being driven by the expanded multi-product platform, geographic expansion, and a more strategic approach to the mid-tier market through channels. Regarding renewals, he expressed high confidence, stating that over 70% of the 2025 book of business is already committed under longer contracts, with a 30% increase in the weighted average contract term and minimal discounting required.

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CFO Chris Greiner confirmed that deal cycles remain consistent, with a mix of longer RFPs and faster-moving pilots. CEO David Steinberg added that the pipeline is converting steadily, supporting their confidence in the 2028 plan. Regarding mobile, Steinberg reiterated that it is expected to be a significant driver in 2026 and beyond. While growing rapidly from a zero base, it is not yet large enough to materially impact results in 2025, similar to how the CTV channel has matured over time.

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CEO David Steinberg attributed the pipeline surge to a combination of hiring senior sales reps, the success of the Zeta Live event, and strong industry analyst ratings. CFO Christopher Greiner clarified the 155-rep count does not include the 25-30 reps from LiveIntent, and that hiring remains focused on quality over quantity.

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Executive Chairman Steven Beauchamp attributed the gradual increase in upmarket attach rates to improved sales execution. He noted that the product-market fit for Airbase is strong, as its average customer size aligns with Paylocity's core market, where he expects the best initial receptivity. Upmarket appeal is expected to grow as the product's capabilities are enhanced over time.

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President and CEO Toby Williams responded that there are no fundamental changes, though the multi-year trend of gaining traction slightly upmarket continues. He also confirmed the expectation for fiscal '25 is that growth will remain relatively well-balanced between new client acquisition and increased revenue from the existing base, similar to the prior year.

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CFO David Morton confirmed that seasonality is emerging, with the December and June quarters being strong. He noted that several on-premise to cloud migrations are in progress and will favorably impact results in the next 6-9 months. CEO John Hall added that the legal vertical is showing exciting trends, driven by an underlying industry optimism and a push to invest in modern cloud and AI technology, where Intapp is well-positioned.

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CEO John Hall confirmed the KPMG deal exemplifies the large network opportunities available and noted strong uptake for the collaboration solution, particularly in the underserved accounting market. He explained the Azure Marketplace reduces friction by allowing clients to use their committed Microsoft Azure Consumption Commitment (MACC) spend and by simplifying vendor management.

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CEO Daniel Dines described the SolEx partnership as being in its early innings but already improving pipeline creation, expressing long-term optimism. He also noted tremendous momentum for Test Suite. CFO & COO Ashim Gupta clarified that revenue from SolEx deals follows normal ASC 606 accounting with no unique treatment.

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