Keith Bachman

Management said AI productivity passed to clients is steady and offset by new scope and work; FY27 assumes steady efficiency gains. Direct.

Julie positioned Song as critical to the enterprise-wide growth agenda. Diversification across customer experience, marketing, and enterprise operations underpins durability.

Julie said patterns mirror prior technology waves like automation from 2015. Managed service contracts already assume efficiency gains from technology. No new disruptive pattern from GenAI.

Julie acknowledged Europe's challenging environment but expressed confidence that EMEA demand outlook is fully reflected in the raised guidance.

Julie acknowledged lower pricing across the business but reframed AMS as advanced 'run to the new' modernization using GenWizard and full-stack engineers.

Mike detailed JSM at 65K customers, 50% Fortune 500, enterprise growing 60%+ YoY. Fastest-growing product at significant scale. HR and finance service management expanding. Over 40% of agentic workflows in service collection. Customer service management just GA'd. Leader in ESM analyst wave.

Joe said no change to guidance approach. Outlined four growth drivers from TWC: Confluence/Loom attach to Jira, premium/enterprise upsell, incremental seats, and AI credits.

Mike highlighted broad growth across products with Jira expanding into business teams. Record $1M deals reflecting momentum across the portfolio, not just one product.

Mike highlighted JSM's 55,000+ customer base, strong DevOps expansion, AI virtual service agents outperforming competitors, and assets CMDB capabilities.

David detailed the evolved product lineup from freemium to premium: Express and Acrobat Studio for business professionals, Firefly for creators, CC Pro for professionals, and Firefly Services/Foundry for enterprise automation. Strong CC Pro migration continuing with pricing opportunity ahead.

David cited PDF's dominance, expanding surfaces (Edge, Chrome, Teams, mobile), viral sharing loop driving conversions, and AI Assistant enabling multi-document conversations as key durability drivers.

Shantanu outlined three consumption vectors: video offering with consumption pricing, GenStudio/Firefly Services for enterprises, and premium-tier offerings. Monetization via tiering rather than tracking individual generations.

Christiane Ohlgart confirmed both attached services and SecOps are contributing but gave no split between them, leaving the weighting the analyst asked about unquantified.

Ken Xie and Christiane Ohlgart cited long-running OT investment, ASIC fit, critical infrastructure white space and European regulation as durable drivers, plus net new logos per John Whittle.

Ken acknowledged historical pattern of slower hardware refresh during downturns but emphasized unique competitive advantages in all 3 pillars position Fortinet to gain market share. Christiane added that hybrid deployment trend benefits Fortinet's cross-platform OS strategy.

Amit framed the strategy as covering pre-breach, post-breach and runtime security on one platform, and said observability stays part of ITOM via integrations.

Amit confirmed AI is a major tailwind for security as CISOs need to manage AI proliferation, with AI Control Tower pulling into more conversations. Gina said 2025 margin raises accelerate trajectory but reserved right to reinvest for growth, will share 2026 specifics next year.

Gina clarified the 30% was net new ACV growth and the team exceeded expectations. Guidance incorporates conservatism for short-term federal headwinds, which is partly why Q1 beat and FX tailwinds weren't fully passed through.

Asked where customers feel the greatest urgency and whether discussions start with governance or orchestration; Dines said customers seek the best platform for outcomes with fewer errors while preserving IP.

Gupta tied soft existing-customer growth to macro and federal disruption in the first half, expecting a second-half recovery and citing cohort momentum.

Gupta clarified agentic won't MEANINGFULLY contribute this year but monetization is already happening; declined to give specific FY27 contribution guidance.