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Analyst
Jason Ader
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 18on tracked calls
- Challenge rate
- 17%3 of 18 questions
- Companies
- 3questioned at least once
- Reporting periods
- 8with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 18 of 18 questions from 3 companies
NTAPNetApp9 questions · 5 reporting periods · 1 of 9 challenging
Calendar 2026 Q1
it seems to imply that the product gross margin will be sort of flattish sequentially, and I wanted to just confirm that
Show response
Wissam declined line-by-line margin guidance, pointing to revenue mix as primary Q3-to-Q4 driver. Minor fluctuations in cost of services line expected but nothing material to call out.
how are you thinking about the development organization at NetApp? Are you continuing to hire? Is this an area where you think there could be some pretty substantial efficiencies
Show response
George confirmed already using AI for software development. Priority is accelerating innovation to capitalize on competitor weakness rather than maximizing cost cuts. Will always be prudent on spending but focused on winning through innovation. More direction in next fiscal year.
Calendar 2025 Q4
do you feel like we're hitting some type of an inflection in the storage as a service model?
Show response
George described Keystone growth as driven by offering maturity and customer comfort with cloud-style consumption models. Not expecting overnight market switch but Keystone will grow faster than traditional infrastructure buying models. Leaning into the trend.
you had a nice roughly $20 million beat. And then you reiterated for the year. So I just wanted to understand why you didn't flow through the beat.
Show response
George explained Q2 beat was offset by deeper-than-expected US public sector decline from government shutdown. H2 ex-Spot implies acceleration but want more visibility on public sector recovery before raising revenue. No supply chain implications in guidance.
Calendar 2025 Q2
any positive or negative impacts that you guys have seen from, you know, the disruption caused by the licensing changes at VMware?
Show response
George identified three VMware/Broadcom impacts: HCI vendors now partnering with external storage, NetApp expanding alternative hypervisor support, and select customers replatforming from HCI/legacy disk to NetApp (contributing to block storage success). Also benefiting from Azure VMware Service growth.
could you give us a sense of the upside opportunity for cloud gross margins from here? You're at 79% now. Where do you think that might get to?
Show response
Wissam confirmed upside above 75-80% target range with gradual quarterly improvement in FY26 but not ready to set new target range.
Calendar 2025 Q1
Can you just give us a sense of like that if you could annualize the Spot impact so we can get a sense of what we need to take out
Show response
Mike quantified Spot at ~$94M trailing 12M cloud revenue with margins slightly below cloud average. US public sector is 10-13% of total revenue.
Calendar 2024 Q4
any potential ripple effects that you guys are seeing from the Broadcom-VMware acquisition. Specifically on storage projects
Show response
George outlined three customer responses: optimize existing VMware estate, move to alternative hypervisors, or migrate to public cloud, all benefiting NetApp.
the Keystone product or the Keystone offering. Does that go in the professional services line
Show response
Mike confirmed Keystone is in professional services, and growth in that line is largely driven by Keystone.
MDBMongoDB, Inc.5 questions · 5 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
Maybe just talk about the catalyst for the acquisition of Clarity.
Show response
CJ framed U.S. federal as a large TAM; Clarity brings security clearances and services capability ahead of FedRAMP High certification this year.
Calendar 2026 Q1
how is your product and go-to-market strategy changing, if at all, ahead of the growing reality that agents
Show response
CJ extended MongoDB's developer-love thesis to machines: building autonomous, machine-friendly APIs and auto-scaling so agents 'love MongoDB' as much as human developers do.
Calendar 2025 Q3
Can you just comment on both those things and know, how they might impact MongoDB, Inc. and how you differentiate?
Show response
Dev framed OLTP as the strategic high ground for AI inference, argued rivals' OLTP acquisitions validate the difficulty, and said real JSON matters more with AI; answered directly.
Calendar 2025 Q2
does the rising popularity of Postgres among developers and the strong ecosystem it has
Show response
Dev rebutted directly, attributing Postgres momentum to SQL consolidation (Oracle/SQL Server/MySQL) and reiterating MongoDB's architectural edge for AI.
Calendar 2024 Q4
how enterprises might be rethinking or reassessing the kind of on-prem versus cloud workload placement decision?
Show response
Dev said enterprises are more judicious about workload placement, leveraging existing on-prem investments, with regional variation between Europe and Asia.
PEverpure, Inc.4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2026 Q3
do you plan on providing any disclosure on the size of the business maybe at the end of the year or sometime next year?
Show response
Charlie said hyperscale contribution is mostly baked in and on track, but declined to break it out, keeping guidance abstract.
Calendar 2025 Q3
can you just talk about whether this is a significant partnership? What some of the I know it's not available yet
Show response
CEO called the Nutanix partnership significant, the first external-storage connection for Nutanix, integrating with Fusion/EDC; Pure is oversubscribed on early field trials, with GA targeted by year-end.
Calendar 2025 Q2
the revenue contribution from the 1 to 2 exabytes from Meta in the second half. How does the rev rec work for that?
Show response
CFO said the 1-2 exabytes will bring de minimis, already-contemplated revenue in H2 under a licensing-fee model, so the full gross value won't flow through.
Calendar 2025 Q1
how gross margin, operating margin might look for the hyperscaler business
Show response
CEO said Pure will give more specific hyperscaler model/revenue guidance ~3-6 months before rollout; CFO reiterated hardware is excluded and operating-margin expansion is expected long term.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| NTAP NetApp | 9 | 11%1 of 9 questions |
| MDB MongoDB, Inc. | 5 | 20%1 of 5 questions |
| P Everpure, Inc. | 4 | 25%1 of 4 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 3 | 0%none of 3 questions | 2 |
| 2025 Q1 | 2 | 50%1 of 2 questions | 2 |
| 2025 Q2 | 4 | 25%1 of 4 questions | 3 |
| 2025 Q3 | 2 | 0%none of 2 questions | 2 |
| 2025 Q4 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q1 | 3 | 0%none of 3 questions | 2 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
| 2026 Q3 | 1 | 0%none of 1 question | 1 |
- 2024 Q43 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q12 questions · challenge rate 50% (1 of 2 questions) · 2 companies
- 2025 Q24 questions · challenge rate 25% (1 of 4 questions) · 3 companies
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q42 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2026 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q31 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Competitive Dynamics6
- Guidance Reliability5
- Demand4
- Cloud & AI3
- Margin3
- M&A2
- Innovation & R&D2
- Subscriber Growth2
- Regulation Policy2
- Revenue Growth2
Show all 13 topics
- Geographic Expansion1
- Cost Pressure1
- Product Launch1