Adam Borg

Andrew said customers in general contracting, architecture, and manufacturing are engaging on operations, with early integration focused on back office and preserving MaintainX momentum, plus enterprise-account and European expansion synergies. Direct answer.

Andrew confirmed strong renewals and the expected soft new-business performance from the reorg, with no surprises versus plan. Direct.

Janesh confirmed FY26 consumption mix roughly similar to FY25 at ~17% (15% EBAs + 2% Flex usage-based).

Andrew said GC and engineering customers exploring AI aggressively, wanting reduced model creation time and intelligent data wrangling for agentic insights. Strong engagement on platform services and complex lifecycle workflows built on Autodesk APIs.

Andrew emphasized ACC's unique design-to-construction solution on a modern AI-ready SaaS platform. Not fully penetrated in existing accounts, new projects light up over time and competitive displacement continues. Additional expansion from value prop.

Andrew positioned Fusion for mid-market PLM where most customers have no lifecycle solution, just spreadsheets. Building SaaS-based data management and lifecycle capabilities that give mid-market customers what large enterprises have. Already seeing 2-3 user accounts expanding to larger deployments.

Janesh confirmed large pool of EBA and product subscription renewals in H2 without giving specific cohort sizes, expressing confidence in execution momentum.

Andrew highlighted consistent growth across US top-of-pyramid, mid-market, and international. Payments business performing well. More announcements expected at AU.

Andrew said disruptions easing, channel partners adapting, with first new-model renewals coming in June (Americas) and September (EMEA). Productivity expected to increase through the year.

Janesh confirmed NRR above 110% was mainly mechanical from the transaction model; excluding that, it would have been within the 100-110% range consistent with prior periods.

Andrew emphasized that policy uncertainty, not specific outcomes, is the drag. Business is resilient and diversified enough to navigate whatever policy emerges.

Andrew framed infrastructure and domestic manufacturing as bipartisan priorities, suggesting no material change regardless of administration.

Andrew said it's too early for cross-sell/upsell conclusions but pointed to EBA experience as a positive precedent for deeper customer relationships.

Prince said the partner mix has room to grow, likely north of 50% and maybe over 60%, focused on Act 2 SASE/Zero Trust plus Cloudflare OS via systems integrators.

Prince highlighted granular data residency capabilities across 120+ countries, combined with Zero Trust controls for agents, as a competitive advantage no hyperscaler can match.

Prince noted costs grew less than usage due to running models on own infrastructure via Workers AI, routing via AI Gateway to optimal models by task complexity, achieving GPU utilization far above hyperscalers.

Prince described two years of channel-first transformation. 2025 focused on making it easier for partners: published price lists, enabled quoting without Cloudflare team checks. Workers platform creating IP opportunities for VARs and system integrators in specific verticals. Sales kickoff in Las Vegas showed partners now saying Cloudflare understands them and they'll sell aggressively.

Prince explained Cloudflare natively integrated into Oracle OCI for hybrid and multi-cloud workloads. Both companies aligned on multi-cloud future where customers need one consistent interface for security rules and network performance.

Prince confirmed continued headroom in sales productivity from higher caliber team selling larger deals. Additionally, ramped rep capacity has turned the corner and is ticking up again after a period of sales team revamp.

Prince noted fastest-moving trajectory on analyst charts. When in the mix, Cloudflare wins on speed, deployment ease, and ROI. Winning back deals lost to first-gen Zero Trust vendors.

Prince noted uneven macro environment but Cloudflare continues delivering value to customers regardless of macro backdrop.

Prince confirmed Ali Cabral's speedboat team was critical to the $100M+ deal. Team embeds with customers to build proof-of-concepts, yielding significant large deals.

Prince explained Cloudflare designed a compliance approach that avoids network fragmentation unlike hyperscalers who built separate gov clouds. Full platform available under FedRAMP high.

Barua explicitly ruled out large M&A for now, describing several very small tuck-ins including a Windchill extension framework acquisition.

Barua highlighted electronics and high tech driven by data center modernization, and FA&D with U.S. Army selecting Windchill as PLM standard. Automotive differentiated through Codebeamer and Windchill vs competitors as software-defined vehicles accelerate. Europe up 8% constant currency.

Barua said expansion still dominates but competitive displacements are growing. Even expansion deals involve displacing disparate PLM systems onto Windchill. AI strategy is driving customers to consolidate product data on one system of record. Dahdah confirmed accelerated growth in competitive displacement specifically.

Barua highlighted NATO spending commitments in Europe, U.S. tax bill passage, and space startup ecosystem as FA&D tailwinds. Paris Air Show chalet was packed. On U.S. public sector, said early Q3 introspection by agencies still present but NASA and DOE programs well-situated. U.S. needs more clarity versus rest of world.

CRO Dahdah gave first earnings call appearance. Highlighted vertical pivot completed with low customer churn, full talent retention, and early pipeline improvements. Emphasized outcomes-focused customer discussions replacing horizontal positioning.

Barua highlighted FA&D strength with global backlog and med tech M&A-driven PLM consolidation. Shared vertical revenue mix: industrial ~high 20s%, FA&D ~15%, E&HT ~mid-teens.

Ken described expanding attack surfaces driving broader deployment beyond one-for-one replacement. FortiSwitch and FortiAP with FortiLink technology act as hardware SASE agents. John Whittle noted refresh as expansion opportunity given new solutions not available 5-6 years ago. Christiane confirmed every firewall upgrade conversation includes FortiSASE discussion.

Ken confirmed new ASIC chip coming this year but declined to give specifics ahead of Accelerate conference next month. Fortinet's culture is to announce products after they can deliver to customers, not pre-announce like some competitors.

Christiane noted smaller customers are buying more units than previously, while large enterprise strategy varies between consolidation and like-for-like replacement. Keith added deal sizes are growing as customers combine refresh with new use cases.

Ken acknowledged ~90%+ of SaaS/SecOps comes from existing firewall customers but cited new enterprise wins displacing competitors. Keith highlighted the Q4 healthcare win as a pure new-logo SaaS deal.

Kurtz noted identity is evolving beyond 1.0 with PAM, just-in-time access, and plans to build out the stack further. Demand driven by agentic identity protection needs.

Kurtz confirmed active displacement of legacy VM vendors, with exposure management recognized as leader in inaugural IDC MarketScape. Network scanning from agents was a key enabler.

Nikesh described a second wave of SASE driven by consolidation and reduced appetite for best-of-breed, without giving a strict rank order.

Nikesh disclosed 100 beta customers for quantum readiness. Capability extends beyond Palo Alto firewalls with 10 other vendors integrated. Lee explained Venafi from CyberArk acquisition adds certificate lifecycle management, complementing quantum cryptography discovery.