Brad Zelnick

Clayton answered the spend-vs-growth framing directly but Hillary declined to give a timeframe for positive free cash flow, so the multi-part question was only partly answered.

Hillary framed returns as return on invested capital in the high 20s at steady state, with higher returns for bring-your-own-hardware structures.

Mike argued data gravity positions Oracle's Fusion AI Agent Studio as the natural starting point for enterprise AI agents. Larry added the AI Data Platform provides integrated development environment for custom agents using any AI model in Oracle Cloud.

Clay explained multiple funding models (customer bring-own-chips, vendor leasing) that reduce Oracle's capital needs. Expects substantially less than the $100B analysts were modeling.

Larry detailed Oracle's advantage in both AI application generation and breadth of integrated suites, arguing companies are choosing Oracle for one-stop-shop enterprise automation.

Larry detailed how each layer informs the others, apps improve database, database powers autonomous cloud, creating compounding advantages in reliability, security, and efficiency.

Larry explained Oracle's technology advantage in AI cluster speed and cost, translating to economic advantage in winning large deals. Direct and substantive.

Safra confirmed Stargate contracts will flow through normally, promising transparency once fully structured. Direct but lacking specific financial details.

Larry explained two elements of training speed: larger GPU clusters and faster networking. Oracle invests heavily in network hardware and software to prevent data bottleneck as clusters scale.

Jay confirmed two leaders departed under CRO Mike Rich, acknowledged potential short-term impact but stressed strong bench. Kevin added they are taking a prudent approach. Neither disclosed if departures were voluntary or involuntary.

Kevin cited strong pipeline going into H2 and natural business seasonality. Confidence in raise excluding Red Canary driven by overall business strength, not just acquisitions.

Jay said product is ready and go-to-market specialty team in place. Zero Trust Branch needs no pipeline generation. Over 450 branch customers but only ~10% of 4,400 enterprise base penetrated. Cited G2K manufacturing customer tripling ARR.

Jay explained Z Flex builds on architecture workshops and business value assessments. Gives customers pricing flexibility across modules over 3-5 year terms. Started with larger customers, now expanding to next tier and partners.

Remo confirmed shift to ARR metric in FY2026. Jay explained Z Flex gives customers flexibility to swap modules at pre-agreed pricing without procurement cycles. Contract durations moving from 3 to 4-5 years.

Remo confirmed no changes to billings split assumptions. Raised full-year guidance based on pipeline and visibility.

Jay cited growing quality pipeline, double-digit new ACV growth, data protection up 40%, and stronger C-level engagements.

Jay confirmed firewall refresh is now a real opportunity. Zero Trust SD-WAN plus device segmentation can replace most firewalls in branches, data centers, and cloud.

Remo highlighted RPO growth of 26% and CRPO growth supporting the bookings strength. Upsell is 65% of new and upsell in Q1.

Sasan framed the reset as playing offense, continuing to scale the Big Bets (now 30% of the company growing 34%) while doubling down on new-to-the-franchise acquisition and the areas he is personally dissatisfied with, DIY tax and the low end of the business group. He pointed to history when Intuit grew TurboTax customers double digits and business customers north of 20%, arguing Intuit can be the AI disruptor rather than the disrupted.

Sasan clarified the restructuring was not about AI. Four main drivers: reduced management layers, fewer coordination roles, TurboTax/Credit Karma integration deduplication, and Mailchimp rightsizing. Majority of savings flows to bottom line. Sandeep noted Mailchimp generates more value internally than a third-party sale would yield.

Sasan described 300 experiments run, AI concierge for expert matching, expansion to 600 locations and 20 stores with NYC flagship. Sandeep noted asset-light, scalable approach with costs included in guidance.

Sandeep cited progress in local presence, brand equity for assisted, better Credit Karma integration, and learnings from FY25 that will be executed better. Sasan also answered about GBSG durability.

Sasan noted adoption within base plus outsized new customer growth in full service. Constructively dissatisfied with authentication friction on local search landing pages.

Sandeep explained early marketing drove strong consideration among prior-year assisted filers. Consumer group marketing budget expected to be up slightly for the full year.

Sandeep cited customer engagement, retention, mid-market 42% growth, mix shift, and services adoption as drivers. Direct and detailed response covering multiple growth vectors.

Christian said Snowflake is not chasing frontier models but keeps developing task-specific Arctic-family models for functions and document processing.

Sridhar credited great products, especially Cortex Code, for driving sales-team momentum.

Sridhar said migrations are very early (15-20% of the way through per AWS) and AI accelerates them.

Sridhar said notebooks are used by several thousand customers with growing ML training on containers.

Sridhar argued Snowflake's horizontal data platform enables cross-domain agents unlike function-specific vendors.

Sridhar said Cortex enables text/multimodal analytics distinct from prior SQL work.

Robert noted 30% reduction in current projects and targeting 50% in new projects. Garrett said deployment agent is the AI evolution of Launch, with the mission of zero-cost, one-month deployment, aiming to eliminate implementation complexity as a barrier especially in mid-market.

Aneel focused on growth reacceleration over stabilization. Sees the second half of FY27 ending strongly with organic agents transitioning to a consumption platform model like hyperscalers. Emphasized the core is stable and the opportunity is to build on top with both first-party and third-party agents on Flex Credits.

Garrett said mid-market gets full AI agent power plus specific innovations: deployment agent cutting implementation time, payroll AI for automation and simplification. Carl announced Workday Go 2.0 at EMEA Rising with global payroll, partner reseller network, and AI deployment agent. Called it 'on fire' with strong market reception.

Gerrit outlined three angles: expanding into all labor types including frontline high-volume hiring, delivering a candidate-first conversational mobile experience, and delivering real ROI (75% reduction in time to hire). Carl added Paradox is also a land product for selling into competitors' installed base.

Carl noted AI attach has ranged 25-30% over last three quarters. Seven new agents coming in next 3-6 months. Customers betting on Workday for AI strategy with their wallets.

Carl acknowledged EMEA economic headwinds but emphasized strong win rates when customers decide to proceed. Did not provide specific quantification of the EMEA impact.

Anil and Shantanu cited freemium-funnel intensity of AI usage and heavy Firefly video generation as the drivers of accelerating credit consumption.

David and Shantanu emphasized making creative agents available inside ChatGPT, Claude, Copilot and Gemini while framing the hyperscalers as partners.

David described AI evolving from experimentation to integration into real workflows. More people generating at higher resolution and higher modalities like video, audio, and design. Firefly business grew 75% sequentially. Seeing nice ramp in creative professionals adding credit packs.

Anil described transformation from SaaS to agentic software. Agent Orchestrator democratizes data access for marketers with audience, data insights, and journey agents.

David highlighted strong signals from Express and Lightroom mobile/web for new users, faster onboarding in Photoshop via generative AI, and improved retention for AI users. Firefly's commercial safety matters for enterprise adoption.