Tyler Radke • Citigroup

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

CFO Nitin Agrawal clarified that improved vendor terms reduced the time between payment and asset deployment, which in turn lowered the amount of interest cost that could be capitalized, thus increasing the recognized interest expense. He noted this effect is expected to continue, but also stated that the company's overall cost of capital is decreasing, aided by the IPO.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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."

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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."

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

CFO Isabelle Winkles explained that after several quarters of elevated churn, the company is working through the at-risk cohort. While some contract rightsizing may continue, many of the smaller, less healthy accounts have already been flushed out of the customer base, leading to improved churn dynamics.

Ask Fintool Equity Research AI

Answer

CEO Bill Magnuson asserted that Salesforce's focus on Agentic AI has led them to neglect their Marketing Cloud, creating a significant legacy replacement opportunity for Braze. CFO Isabelle Winkles clarified that the Q3 billings reacceleration was largely due to a favorable year-over-year comparison in the timing of annual upfront contract signings, not a fundamental shift in the business.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI

Answer

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.

Ask Fintool Equity Research AI