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CEO Ashutosh Kulkarni explained that customers are making more meaningful commitments as they embed Elastic's context engine into their core AI applications, driving consumption. He confirmed a price increase occurred across both cloud and self-managed offerings as part of the normal business practice of adding value and functionality, similar to a price change made in the prior year.

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CEO Ashutosh Kulkarni clarified the metric means 25% of the total cohort of million-dollar customers are using Elastic for an AI workload, indicating adoption. He noted use cases are expanding beyond support to sales and legal automation. CFO Navam Welihinda stated the public sector pressure was a factor, but the business is well-diversified across verticals and geographies, which allowed for a strong Q4 overall. The pressure was primarily on the U.S. federal civilian side.

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CEO Ashutosh Kulkarni explained that Elastic is pursuing a platform strategy for retrieval-augmented generation (RAG), with a sales motion focused on semantic search and vector database capabilities. CFO & COO Janesh Moorjani clarified that the strong consumption was broad-based and not a one-time event, reflecting momentum in GenAI and platform consolidation, but the company's guidance remains prudent as consumption rates can fluctuate.

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CFO and COO Janesh Moorjani clarified the impact was broad-based across enterprise and commercial segments, primarily affecting new workloads and logos rather than renewals, which remained strong. He explained that the lower volume of new commitments limits the future pool of consumption, necessitating the cloud revenue guidance cut. CEO Ashutosh Kulkarni described the AGPL license addition as a strategic move to be officially 'open source again,' aiming to boost developer adoption for vector search in GenAI applications and drive long-term growth.

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President and CEO Andrew Anagnost confirmed investment in the online store and PLG motions for products like Fusion to capture business from transactional partners. EVP & CFO Janesh Moorjani explained they released the margin target now because it's of high interest to investors and the company has now completed its internal long-term planning cycle. He also noted FCF and operating income should correlate highly in the long term.

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CFO Janesh Moorjani noted that upfront revenue from EBAs was a positive contributor in Q1 but not outsized, and renewal rates and uplifts remain stable. CEO Andrew Anagnost stated that the maintenance-to-subscription price-lock program will sunset in the foreseeable future, after which price increases for that cohort will be consistent with value delivered, though it's too early for specifics.

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CEO Andrew Anagnost identified self-service, automated upsell/cross-sell, and removing channel redundancies as key long-term efficiency drivers. Regarding the Make segment, he noted that while PIX contributed, the core Construction business shows consistent organic growth and inorganic acceleration from acquisitions like Payapps, driven by strong new customer additions.

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Interim CFO Betsy Rafael expressed confidence in the $2.05 billion fiscal '26 free cash flow target, citing major tailwinds from the largest multiyear contract cohort renewing, a large EBA cohort, and the mechanical benefit from the annual billing transition. CEO Andrew Anagnost addressed the 'make' revenue, stating that while the core momentum in Construction and Fusion is solid and consistent, the results also included a contribution from the recent acquisition of Payapps, which he declined to quantify.

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CEO Sridhar Ramaswamy positioned Snowflake as the 'best AI data platform,' emphasizing its core strengths of simplicity, connectedness, and trusted governance. He expressed confidence in Snowflake's value proposition across both core analytics and emerging areas like AI and Postgres. He suggested that the market's recognition of these strengths is a key reason for the company's accelerating growth across all metrics.

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CFO Michael Scarpelli confirmed that consumption from technology customers, including AI companies, was good but reiterated that no single AI company accounts for more than 1% of revenue. Regarding Unistore, CEO Sridhar Ramaswamy stated that the company has believed in transactional systems for a long time, the product is doing very well, and they will continue to invest in the area as a natural addition to the platform.

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CFO Mike Scarpelli characterized the beat as being within a normal range and emphasized the importance of the full-year guidance raise. He confirmed that billings terms are consistent (~80% annual in advance) and that Q2 collections were as planned. He maintained the 26% full-year free cash flow margin guidance, citing the typical seasonality of cash flow.

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CEO Peter Gassner clarified that any revenue from the IQVIA partnership would not be material for the current fiscal year. He explained that Vault's key AI advantage is its deep application integration, which provides agents with inherent knowledge of security, business rules, and transactional control—a structural advantage over toolkit-based or single-use-case AI solutions.

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CEO Peter Gassner opined that potential manufacturing reshoring is not a significant headwind or tailwind for Veeva, though it could theoretically delay other projects if it becomes an emergency priority for customers. CFO Brian Van Wagener clarified that the business velocity and close rates have not been impacted by the macro environment, and the guidance update reflects Q1 outperformance from Crossix and services timing.

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CFO Brian Van Wagener deferred specific FY26 guidance until the next earnings call but highlighted that the current year's updated guidance reflects approximately 15% subscription growth, which aligns well with long-term targets. CEO Peter Gassner had previously noted that visibility into next year is marginally better than in prior years.

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CEO Peter Gassner attributed the strong results to 'strong execution' and some luck, stating the macro environment is unchanged. Interim CFO Tim Cabral specified that the commercial guidance raise was driven by outperformance in commercial content and Crossix, while services weakness was due to project delays and a few customers contracting directly with third-party SIs.

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President & CEO Dev Ittycheria stated that while many AI-native customers are being added, their contribution to the quarter's growth was not material, with the core business driving the results. On application modernization, he noted significant investment in new leadership and AI-powered tooling to automate the process, positioning it as a long-term growth driver that will be detailed further at the upcoming Investor Day.

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CEO Dev Ittycheria noted that early results from changes to improve workload quality are positive. CFO Michael Gordon added that fiscal '24 cohorts continue to show slower growth. Regarding EA strength, Gordon attributed it to a few large multiyear deals contributing over $15 million in revenue versus the prior year's Q3. Ittycheria affirmed continued investment in EA to support their 'run anywhere' strategy.

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CEO Dev Ittycheria positioned MongoDB's advantages over Postgres as schema flexibility, horizontal scaling, and superior developer productivity. CFO Michael Gordon described the Atlas consumption beat as being within a typical range of outcomes, not a signal of macro change, and noted that while newer workload cohorts performed slightly better, they remain below original expectations.

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CFO Beth Gaspich reiterated confidence in achieving 12% cloud growth for the full year, noting this target is expected to be met in Q3, but acknowledged LiveVox's performance pressures the ability to outperform the 12% goal. CEO Scott Russell confirmed a strong pipeline of large deals, stating that customers are increasingly focused on integrated AI capabilities during their evaluation, which benefits NICE.

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CFO Beth Gaspich reiterated full confidence in achieving 12% cloud growth for the full year, confirming it is expected for Q3. She clarified that the LiveVox headwind is already factored into results and is a primary reason the company may not significantly outperform the 12% target. CEO Scott Russell confirmed the large deal pipeline remains strong, noting that customer decisions are increasingly influenced by a platform's integrated AI capabilities, which is a key strength for NICE.

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CFO Beth Gaspich reiterated full confidence in achieving 12% cloud growth for the full year, noting the LiveVox headwind was already factored in and is a reason the company isn't outperforming the 12% target. CEO Scott Russell confirmed a strong pipeline of large deals for H2 2025 and into 2026, stating that buying decisions now heavily involve evaluating a platform's integrated AI capabilities, which plays to NICE's strengths.

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CFO Beth Gaspich reiterated full confidence in achieving 12% cloud growth for the full year, clarifying that the LiveVox impact is already factored into results and primarily pressures their ability to outperform the 12% target. CEO Scott Russell confirmed a strong pipeline of large deals for H2 2025 and into 2026, noting that enterprise buyers are increasingly focused on integrated platforms with robust AI capabilities.

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Co-Founder & CEO Or Offer clarified these are not one-time deals but rather one-time fees for an evaluation phase that precedes long-term ARR contracts. CFO Jason Schwartz quantified the impact as 'a little over $1,000,000' in Q2 and reinforced confidence in durability by citing a prior customer who renewed with a multi-million dollar upsell and a multi-year term.

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CFO Jason Schwartz attributed the current RPO trend to seasonality and lapping large deals signed in Q2 and Q3 of the prior year, expecting a rebound as those deals come up for renewal. He confirmed the new customer acquisition strategy focuses on a "land and expand" motion, with initial deal sizes being lower but noting that over 80% of their largest customers started with smaller contracts.

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CEO Or Offer outlined two types of AI deals. The first, for training LLMs with up-to-date digital data, involves selling different data streams and typically starts at six figures. The second, for brands monitoring their perception within chatbots, is priced by usage and region, starting at five figures. CFO Jason Schwartz added that the need for data freshness drives the recurring nature of these contracts.

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CEO Michael Intrator explained the back-half ramp is a systematic process where power capacity comes online first, followed by CapEx deployment, and then revenue generation. CFO Nitin Agrawal specified that the increased costs are primarily from data center leases and related expenses that are incurred before the infrastructure begins generating revenue, creating a short-term margin impact due to the unprecedented scale of deployment.

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CEO Michael Intrator outlined the deployment sequence: power availability, followed by CapEx spend, and then revenue generation. CFO Nitin Agrawal elaborated that costs such as data center leases are incurred before revenue begins, creating a temporary timing mismatch that impacts margins during periods of massive, unprecedented capacity expansion.

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CFO Nitin Agrawal clarified that improved vendor terms shortened the period between payment and asset deployment, which reduced the amount of interest that could be capitalized and thus increased the recognized interest expense on the income statement. He noted this effect is expected to continue, but the company's overall cost of capital is decreasing.

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Founder, CEO & Director Spenser Skates described the record deal as a multi-million dollar expansion with a technology company making a big bet on Amplitude for a core part of its platform. He noted that AI-native customers are still a very small percentage of the overall base. CFO Andrew Casey addressed gross margins, explaining the compression is due to investments in professional services to build the partner ecosystem and higher data ingestion costs, which he views as a prelude to future revenue.

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CFO Andrew Casey clarified that the company is not focused on the total customer count metric, calling it 'a little deceptive' because it includes lower-value 'Plus' customers. He emphasized that the business is being built around the enterprise segment, which is why they highlight the growth in customers with over $100,000 in ARR as the key indicator of their strategic progress.

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CFO Andrew Casey explained that the guidance reflects the total platform value and broader enterprise strategy, not any single new product, though new products are the "fuel" for growth. CEO Spenser Skates clarified the risk with key accounts is primarily "contraction" (reducing spend at renewal) rather than "churn" (leaving entirely). He stated this risk has significantly decreased as most large customers are now "right-sized."

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CFO Kate Bueker advised against overreacting to quarterly changes but noted that Q2 net additions were strong, driven by an uplift in free-to-starter conversions and a pricing promotion. She also cited consistent momentum in the Professional and Enterprise tiers. For the back half of the year, she guided for net additions to be at the high end of the 9,000-10,000 range and for ASRPC to be up about a point in constant currency, reflecting this steady performance.

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CFO Kate Bueker advised against overreacting to quarterly changes but noted that Q2 net additions were strong due to an uplift in free-to-starter conversions and a pricing promotion. She stated the professional and enterprise tiers showed consistent momentum. The improved outlook reflects this solid performance, with expectations for net adds to be at the high end of the 9,000-10,000 range and ASRPC to be up about a point.

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CFO Kathryn Bueker clarified that the guidance assumes the macro environment will remain consistent. She explained the math: the Q3 beat of $24 million was flowed through, and an additional $3 million was added to the full-year guidance to reflect incremental FX benefits expected in Q4. On a constant currency basis, the Q4 outlook remains unchanged from prior guidance.

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CFO Jeff Hoffmeister explained that the marketing investment is working, as evidenced by strong GMV and revenue growth. He noted that internal data models have improved, and the year-over-year spending increase is partly due to a lower base in Q3 of last year when they were testing. He clarified it's a broad-based investment supporting growth across geographies and products, not a catch-up in a specific segment.

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President and CEO Steve McMillan attributed the strong Q2 deal execution to improved linearity and sales team performance, noting strong customer interest in Teradata's hybrid platform for both on-prem and cloud. CFO John Ederer explained that while there were cost optimizations, the company is reinvesting some savings into R&D to support its profitable growth strategy. He noted that maintaining operating margin guidance despite revenue headwinds is a significant achievement.

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CFO Claire Bramley stated the pipeline is an approximate 50/50 mix of migrations and expansions, with new logos expected to be a small contributor in 2025. CEO Stephen McMillan added that innovations like the enterprise vector store represent significant upside potential that is not heavily factored into the 2025 outlook.

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CEO Stephen McMillan stated the shift is concentrated in a handful of very large deals where customers are taking a 'less risk' approach to their transformations, not a broader market trend. CFO Claire Bramley confirmed that Teradata still sees a path to its $1 billion cloud ARR target in 2026, noting that while some revenue is delayed, the customer commitment to migrate remains.

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CFO Graham O'Brien noted that early Copilot renewal cohorts are showing 'meaningfully better' outcomes, which could provide a tailwind to retention. He confirmed that the 20%+ growth for the Operations solutions was consistent with the prior quarter, with no signs of deceleration.

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CFO Graham O'Brien confirmed that early Copilot renewal cohorts showed 'meaningfully better' outcomes, which could provide an incremental tailwind to retention. He also noted that the 20%+ year-over-year growth for the Operations business was consistent with the prior quarter and had not shown signs of deceleration.

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The growth in the $100k+ customer cohort was attributed to improvements across three areas: more success in acquiring new upmarket customers at that price point, renewed success in upselling existing customers past the $100k threshold, and reduced downsell pressure from customers in that cohort.

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CEO Githesh Ramamurthy confirmed these are multi-year, multi-million dollar contracts and that customers are already expanding volume beyond their initial commitments. Regarding competition, Ramamurthy expressed confidence in CCC's position, contrasting the 'extraordinary depth' of its vertical solutions and integrated network against the broad capabilities of horizontal providers. He emphasized that CCC's specialized AI and ecosystem are significant differentiators.

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President and CEO Neil Barua and Chief Revenue Officer Robert Dahdah expressed growing confidence in the go-to-market transformation. Mr. Barua highlighted progress in building a durable sales engine, noting improvements in win rates and rep productivity. Mr. Dahdah added that the company is building on foundational work with new vertical-specific, outcomes-based messaging that is being tested and will be a key part of planning for the next fiscal year.

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CEO Neil Barua clarified that the issue is not product-specific, as all of PTC's products are mission-critical for customers. The challenge stems from customers' uncertainty about their own business operations—including supply chains, input costs, and manufacturing locations—in light of the volatile macro and trade environment that emerged in early April. This uncertainty impacts their timing on broad investment decisions.

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CEO Neil Barua confirmed that expanding PLM usage across the enterprise is a significant growth opportunity and a "clear priority" for the company. He noted that many customers are still in the early stages of this expansion, and the new vertical go-to-market strategy is designed to accelerate this adoption by highlighting industry-specific use cases.

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Chairman & CEO Shantanu Narayen responded that AI-influenced revenue is already in the billions and serves as a tailwind for adoption across all products. He emphasized that direct AI monetization is still in its early stages, with a significant opportunity ahead. He pointed to the entire portfolio of new offerings—Acrobat AI Assistant, Firefly, Creative Cloud Pro, and GenStudio—as the key drivers for future monetization.

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President of Digital Experience Anil Chakravarthy answered the question. He highlighted the significant opportunity in 'personalization at scale' and Adobe's unique ability to integrate content, data, and journeys. He noted that in a scrutinized spending environment, customers see value in Adobe's platform for both growth and efficiency. Chakravarthy clarified that the company's focus is on the strongly performing subscription business, which is the core of the segment's growth.

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CFO Dave Sherry stated that both job volume and average ticket size growth rates were stable in Q1, and the company is not embedding any acceleration in ticket size in its forecast. He confirmed that the Q2 guidance does factor in more variance, primarily due to the high dependency on weather patterns.

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CFO Dave Sherry stated that key GTV inputs like job numbers and average ticket size were stable in Q1. He confirmed that the Q2 guidance range prudently factors in more variance, which is heavily dependent on weather, especially when compared to a hot prior-year period.

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The new Pro products are seeing strong early customer enthusiasm and are pacing well compared to previous launches, though it is still early. Regarding political changes, the company is not hearing concerns from customers and does not consider it a risk factor, as the trades industry is durable, non-discretionary, and relies on highly skilled labor.

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CEO Ara Mahdessian stated that while it's still early, the company is pleased with the customer enthusiasm and initial progress for its newest Pro products, which are pacing well compared to previous launches. On the political climate, he noted he is not hearing concerns from customers, emphasizing the non-discretionary and essential nature of the trades industry, and does not consider administrative changes a risk factor for the business.

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CEO Allan Thygesen stated that the second-half acceleration is driven by the scaling of the commercial business globally, not a dramatic assumption of enterprise acceleration. He also noted that customers contracting closer to consumption was a post-COVID trend that has already played out and was not a material factor in Q1. CFO Blake Grayson added that the forecast includes more room for timing variability on renewals.

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CEO Allan Thygesen highlighted that the near-term IAM opportunity is in the commercial segment, with a longer-term focus on building enterprise capabilities for departmental and eventually company-wide deployments. CFO Blake Grayson noted that while the company seeks efficiency, the biggest lever for long-term operating leverage is accelerating growth. He mentioned temporary margin pressures in FY26 from cloud transition costs and compensation structure changes but reiterated a focus on maintaining efficiency gains.

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CEO Bill Magnuson stated that go-to-market priorities remain consistent, focusing on the legacy replacement cycle and verticalization efforts, which are gaining traction. CFO Isabelle Winkels confirmed the OfferFit revenue contribution is guided at $11-12 million. She added that the updated full-year guidance incorporates the Q1 beat and has slightly more risk adjustment, making it a bit more conservative than the prior guide.

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CFO Isabelle Winkles explained that after several quarters of elevated churn, the company is starting to work through that headwind as many at-risk, smaller accounts have already been flushed out. She indicated that while some contract rightsizing may still occur for customers who remain, the most significant wave of churn from smaller, less healthy businesses is moderating.

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CEO Bill Magnuson asserted that competitors' focus on agentic AI has led them to neglect their marketing cloud products, creating replacement opportunities for Braze. CFO Isabelle Winkles clarified that the Q3 billings reacceleration was influenced by a favorable year-over-year comparison in the timing of annual upfront contract signings, rather than a fundamental shift in business momentum.

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CEO Mike Rosenbaum explained that while direct legacy code conversion is a future possibility, current GenAI applications are focused on more discrete, high-impact tasks like building integrations and generating test cases. He emphasized that true modernization requires rethinking business processes, not just a 'magic button' code conversion.

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CEO Mike Rosenbaum noted that while direct legacy code conversion is a future potential, the current practical applications of GenAI are in creating integration scaffolding, front-end code, and test cases. He emphasized that true modernization involves reinventing business processes, not just replicating old systems with a "magic button."

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CFO Michelle Chang responded that while deal pausing and elongation in the enterprise segment were observed throughout Q1, they were most pronounced toward the end of the quarter. In contrast, she stated that the online business had a strong quarter for both new customers and churn, showing no signs of macro impact.

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CFO Michelle Chang stated that the company will continue to invest in AI, emerging businesses, and the platform to drive top-line growth, clarifying the long-term margin guide is not an FY'26 target. Her philosophy is to ensure disciplined spending is aligned with strategic growth. CEO Eric Yuan added his confidence in the DevOps team's ability to optimize infrastructure costs over the long run.

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CFO Kelly Steckelberg acknowledged that while the team continues to add features to expand growth, the SMB and small business area has seen some headwinds consistent with peers, due to economic uncertainty. She clarified that this performance was roughly in line with the company's internal forecast for the year, which allowed them to maintain and raise overall guidance.

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CEO Amit Walia stated it's early for open table formats but noted that customers require data preparation and quality to populate them, driving IPU consumption. CFO Mike McLaughlin clarified that full-year guidance was not changed, only Q4 guidance was established. He reiterated the full-year outlook for each segment (cloud growth >35%, self-managed decline ~13%, maintenance decline ~7%) and stated there were no major changes in the mix-shift assumptions.

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The weak revenue growth in Germany was due to a tough ASC 606 accounting compare from an exceptionally strong Q3 2022; underlying ACV growth in the EMEA region was strong. The 2024 guidance and long-term targets have already factored in an ongoing net headwind from the China situation, and the company is confident in its ability to achieve them despite this.

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