Alexei Gogolev

Moore confirmed AI and other functionality will be cloud-only and described an escalating set of migration incentives.

Miller quantified ex-Texas transaction growth and attributed it to volumes, new names and transaction-funded software.

Brian said investment balanced across innovation, competitiveness improvements, and growing AI. Ongoing COGS-to-R&D geography shift plus reduced capitalization of completed projects. Moving existing resources to AI side rather than large hiring push.

Brief response confirming active relationships with Anthropic, AWS, and OpenAI for AI development. Limited detail on evolution or specifics of partnerships.

Lynn cited ERP RFPs up 25% since Q1, stabilizing macro with lower inflation and rate cut expectations. Delayed demand is converting to decisions.

Lynn confirmed flip expectations unchanged, expecting 20-30 per quarter on average but not straight-line. Brian noted flips up 18% in number year over year.

Lynn explained Tyler prioritizes differentiated payments integrated with back-office systems over commoditized processing, and views Fiserv as technology partner.

Lynn confirmed AWS partnership covers AI and cloud roadmaps but did not quantify the specific AI investment breakdown between internal and partner-driven.

Jim said no, new security products will not take a backseat, framing them around PKI heritage and Zero Trust demands in an agentic AI world.

John said this year's CapEx guide accounts for server memory chip price increases and that VeriSign pulled forward some spend, expecting prices to stay elevated.

Jim framed new services around high assurance infrastructure and security. Mentioned AI revealing vulnerabilities and increasing importance of trusted DNS. Blog series launching next month.

Jim described the diverse channel requiring tailored programs. Noted restrictions on marketing treatment of registrars and attributed engagement to offering flexibility and choice.

Jim explained pricing flexibility allows 7% increases in back four years of each six-year period, with first opportunity executable October 2026 requiring April notice. Policy is to not guide pricing.

John declined to break out .com vs .net guidance, noting .net has seen some decrease while programs target specific use cases for better retention.

John noted back-half-loaded 2025 new registrations will impact first-time renewal rates in 2026. Jim emphasized channel diversity and M&A activity limit precision.

Sanjit said safety, maintenance and dispatch agents are the common use cases, often multiple per organization, but still early. Question read by Isabella Camaj for Alexei Gogolev. Partial.

Dominic ranked the net-new-ARR growth drivers: large-customer momentum, multiproduct adoption (9 of the top 10 deals), then emerging products and international.

Dominic said landing motions increasingly include multiple newer emerging products in the initial transaction, not just telematics and video safety.

Sanjit cited two use cases: operational efficiency (asset utilization, fuel) and disaster response (locating generators/teams after storms).

Stand-in Ella Smith on for Alexei Gogolev. Sanjit attributed construction adoption to efficiency/ROI gains (owned-vs-rented assets, over-the-road safety) despite nonresidential market pressure.

Dominic said renewal rates are strong and embedded in the 115% and 120% net retention metrics, with expansions common at renewal.

Peter likened agentic labor to nondeterministic human labor requiring training and guardrails, with human-in-the-loop review of agent outcomes inside the Vault application.

Paul cited a healthy growing digital market and deep product innovation (measuring new channels) driving market-share gains.

Peter said customers view it holistically, not as ranked factors. Trust is #1, earned over 15 years of delivering on commitments. Won't get a sale by committing to something they can't do. Customers know Veeva understands their business and is technically expert.

Paul said roughly 5 decisions remain, expecting 14 of 20 total (maybe 13, maybe 15). Some decisions delayed by company-specific priorities like product launches. Brian attributed 5% customer count growth to strong execution in Veeva Basics for small emerging biotechs across commercial and R&D.

Peter said no changes in end market demand. Science rapidly evolving with many uncured diseases. Pretty optimistic about the industry overall and pretty steady right now.

Peter declined to share verbal indications. Acknowledged having some views but would not get more fine-grained than the disclosed numbers.

Janesh said reduced multi-year discounting on the back of strong renewals, plus cohort/timing mix, drives the contract decision. Direct.

Janesh cautioned that US federal cash tax payments normalize in FY28, partially offsetting the end of restructuring cash outflows. Didn't commit to a step-up in FCF margin.

Andrew said data center owners are very sophisticated, buying deeper across the full design-to-make stack and pushing adoption into the supply chain. Demand expected to continue for years, and when it shifts, freed capacity flows to stalled infrastructure projects.

Florance confirmed CoStar bookings are stable year-round with occasional Q4 lift. Apartments strong Q2. LoopNet eliminated Q4 negative seasonality.

Florance said agent reaction to Zillow listing ban was overwhelmingly negative, 90%+ negative sentiment, and positions Homes.com well.

Lown confirmed Homes.com investment in 2025 broadly in line with 2024 levels. Florance noted cost rotation toward sales headcount.