Brad Reback

Neil reconciled 2025 miss to three factors: Deltek GovCon, Neptune, ProCare. For 2026, assuming no Deltek improvement, no DAT acceleration, modest Neptune decline. Back-half acceleration is mostly mechanical from CentralReach and SubSplash turning organic plus easing nonrecurring comps, not go-get.

Jason disclosed Q4 bookings up high single digits despite Deltek down low double digits (SaaS strong but perpetual meaningfully down). Vertafore had strong quarter off tough comp. Healthcare remained particularly strong.

Jason confirmed Deltek and Frontline drove deceleration. TTM bookings still up low double digits. Healthcare particularly strong, Strata/Syntellis combination gaining market traction, Clinisys doing well in Europe and U.S. bolt-on markets.

Neil confirmed meaningful AI revenue impact is a 2027 story. Expects building bookings momentum in 2026 across 20+ software businesses but commercial activity must accompany innovation before material impact.

Neil said current mantra is reinvest productivity gains to drive competitive advantage and top line growth rather than take cost out. Focus on doing more with available resources.

Jason explained logo retention is mid-to-high 90s, but therapist churn brings gross to low 90s. Net retention of 115-120% as market consolidation flows to winners.

Jason explained back-half weighted FCF due to Q2 federal tax payments and bond coupon timing, with strong Q3 from Transact seasonal EBITDA concentration.

CJ emphasized organic growth, calling Voyage AI a strong acquisition, and said M&A is considered only for adjacent technology or teams that accelerate the roadmap.

Dev credited self-serve friction removal and 8.x price/performance for faster onboarding; Mike noted the revenue impact of that cohort has not changed materially.

Dev gave no longer-term EA growth target, instead emphasizing hybrid on-prem/cloud optionality on one codebase as EA's value proposition; a partial answer.

Dev reaffirmed AI is early and only modestly incremental near-term, citing skills, trust, and hallucination barriers; enduring value from custom AI apps.

Dev declined to commit on next year's margins, reiterating high conviction in up-market, legacy-modernization, and GenAI investments.

Sridhar emphasized customer choice, cloud independence and model choice (partnerships with Anthropic and OpenAI) as the value proposition; Brian added it was the most net new customer adds in company history, strong across all geographies and verticals.

Sridhar said growth and margin are not either-or, citing AI-driven internal efficiency gains.

Mike cited identified on-prem and first-generation cloud migration workloads going into production.

Mike said the bookings quota component helped but the two large known deals drove bookings strength.

Olivier declined to quantify the impact, redirecting to the message that the business ex the largest customer is growing at the same accelerating rate, and David reiterated that non-AI has accelerated and AI ex the largest customer continues.

Pomel noted feeling good about productivity. Focus is on scaling capacity while maintaining productivity, not improving productivity per se. More go-to-market scaling expected in 2026.

Pomel discussed new products for monitoring on-prem from the cloud and testing customer-managed data options for geopolitical needs.

Sandeep confirmed Mailchimp recovery is a multi-quarter effort focused on first-time use. Not banking on Mailchimp improvement for the 20% online ecosystem target this year.

Sandeep expressed confidence in money portfolio as key contributor to 20% online ecosystem growth for the year without guiding by subsegment.

Nadella argued apps will use a mix of frontier and distilled/open models and emphasized Foundry as the app-server layer; did not quantify the mix.