Ken Wong

Aman acknowledged a search-to-LLM shift but said the domains funnel stayed healthy; API domains are where the change is most visible.

Mark cited lingering revenue roll-off from the $4.99 offer and the standard exclusion of high-value aftermarket transactions.

Aman confirmed Airo AI Builder powered by GoDaddy hosting as differentiator. Plans for more hosting capabilities for customers but staying focused on micro business segment, not enterprise.

Aman clarified $10M is annualized bookings including subscriptions and credits. Described customer behavior of returning to use more credits. Noted Care sales channel just started and paid marketing beginning in May with major domain/website funnels untouched. Direct but appropriately cautious on long-term sizing.

Aman acknowledged both proactive expansion and awareness of changing competitive dynamics including search traffic evolution. Emphasized GoDaddy's ability to compensate through channel diversification.

Aman drew parallel to DNS solving identity for the internet, with ANS solving identity for agents using the same foundational infrastructure plus embedded certificates.

Mark confirmed ex-aftermarket growth still ~8%, reflecting broad-based strength across domains and A&C. Direct and transparent.

Aman denied seeing direct competitive impact, citing strong funnel metrics. Positioned GoDaddy to be a leader in AI-powered micro business tools. Comprehensive answer.

Aman enthusiastically affirmed domain as strengthening strategic asset, evolving from single product to business-in-a-box starting point with Airo.

Mark confirmed healthy GPV trends continuing in April with no impact from tariffs. Direct and reassuring.

Aman cited consumer surplus, high-intent customer strategy, and sophisticated pricing capabilities as three pillars of resilience. Comprehensive answer.

Mark set expectations for modest near-term contribution from Aero marketing investment, with acceleration over time. Direct.

Mark confirmed bookings will outpace revenue through 2025, with small FX headwind. Clear and transparent answer.

Neil said continued slight improvement is baked in, not a massive inflection, with more of the DAT benefit playing for 2027.

Jason confirmed Q2 step-down is purely timing (AS nonrecurring perpetual activity) and TEP comping a 9% high watermark from prior year. Nothing geopolitical. Mostly U.S. business, no Middle East impact seen.

Jason said no risk of going below 5% in Q1. AS recurring mid-single-digit plus with flat nonrecurring (no repeat of Q4 decline). Won't have same nonrecurring decline. NS recurring continues mid-single-digit plus with SubSplash organic in Q4.

Neil said gross retention in mid-90s, steady to ticking up in 2025. Low double-digit bookings growth for the year was broad-based with weakness only at Deltek. Broadly encouraged by year-end trends.

Jason confirmed TEP weakness was predominantly Neptune with acute Q3 impact from tariff surcharge renegotiations. Q4 also has tougher setup.

Jason confirmed Procare is accretive to AS segment organic growth but below original deal model expectations.

Neil attributed Aderant strength to market share gains (30% to 55%), cloud migration momentum, AI technology halo in business-of-law, and largest law firms winning in their market.

Neil estimated net Medicaid impact neutral to up. K-12 largely nonevent. Higher ed pressure on performance plays to Transact's student engagement value proposition.

Jason explained decentralized model creates natural prudence on investment pacing when weakness appears, plus variable compensation tied to growth provides margin preservation.

Neil said no pipeline pushes elsewhere. Aderant had highest bookings quarter ever, Strata had phenomenal TCV quarter. Vertafore slightly soft after exceptionally strong Q4.

Jason directly addressed the question, confirming no one-time items and explaining Q1 NS comp headwind before growth accelerates in Q2-Q4.

Neil directly stated capacity allows both bolt-ons and platforms, noting approach is situation dependent.

Andrew said the near-term priority is preserving MaintainX momentum while leveraging enterprise-account synergies, its product-led growth machine, and partners, explicitly copying and accelerating the playbook used when Autodesk built its construction business. Direct answer.

Janesh clarified the billings-guide change is largely rounding, with no big shift in transaction-model impact. Direct.

Andrew confirmed FY27 changes were baked into original thinking: renewal optimization, renewal automation, reducing overlap of resources on renewals, shifting compensation to new business development. Not reactive to FY26 observations.

Janesh said 75bps YoY margin improvement reflects operating leverage, restructuring savings, and planned reinvestment. Also factors ~1pp incremental NTM headwind and revenue prudence flowing through to margin guide.

Janesh said no direct impact from OBBBA yet on customer spending or project activity.

Andrew said no pronounced early changes in partner behavior. Partners understand the shift from renewal to new business compensation. Not trying to take money out of the channel, just shifting payout structure.

Janesh confirmed low end still assumes COVID-like deceleration in new business, with only difference being 6 months remaining vs 9 months prior.

Andrew said customers hungry for productivity gains, with Autodesk moving from tasks to workflows to systems. Monetization through subscription, consumption, and outcomes.

Janesh deferred specifics on future cost reduction goalposts, noting capabilities need to be built first to unlock further optimization opportunities.

Andrew framed the framework retirement as acknowledging current reality, not retreating from long-term potential, pointing to channel productivity and Make businesses as growth catalysts.

Andrew said rollouts tracking mostly as planned but acknowledged slightly more partner productivity issues than expected as they worked through system setups.

Peter said Falcon sells to the business unit head and operations owner, a related buyer Veeva has sold to for a decade, making the cycle easier than IT-heavy CRM.

Brian attributed the conservative raise to large but early-lifecycle products still scaling through the year.

Brian cited business consulting as main driver, plus R&D services, digital events, and CRM migration uptick. Hiring to support demand. Running profitably in Q3 and Q4. Expects to continue over the coming year.

Brian confirmed annual normalized billings guidance will continue with quarterly updates. Seasonality expected to be directionally similar to last year. No quarterly billings guidance going forward.

Brian noted dual costs during migration (Salesforce royalties plus AWS hosting). Actually a modest margin headwind in the next year or two, then starts to roll off. Subscription gross margins essentially stable, slightly up YoY.

Paul said Crossix performance was in line with expectations. Measurement business very stable, audiences also delivering nicely. Expects Crossix to be a nice growth driver for the next several years despite some variability.

Peter said the ten-year dispute became obsolete as IQVIA exited CRM and Veeva moved off Salesforce. Removes two artificial barriers: Salesforce OEM restrictions and IQVIA data restrictions on Network/Nitro. Transformative for commercial cloud.

Paul highlighted Crossix in marketing/optimization and audiences, noted CRM is relatively stable, and cited nice momentum across data cloud, LINC, and Compass.

Peter said horizontal CRM targets a different team, different operating model, focused on customer success and product excellence. Exact product area and customer segments still being determined.

Peter said integration between clinical operations and data management gives Veeva a structural advantage. Nine of top 20 now on EDC, split from Oracle and Medidata.

Paul confirmed MLR Bot will be a separate license, roughly an add-on to PromoMats. Pricing details still being finalized but strong customer enthusiasm.

Barua named the specific metrics tracked over 18 months and claimed a new operating standard while saying improvement continues.

DiRico emphasized deferred ARR building is a sustained strategy not a one-time dynamic. Even with no incremental performance improvement, FY2027 growth would increase year-over-year. Declined to guide specific net new ARR trends but pointed to deferred ARR visibility as the framing.

DeRico said linearity is similar to original plan: step up in Q3, larger step up in Q4. Not more back-end loaded than initially expected despite deferred ARR dynamics.

Barua framed divestiture as focus decision rather than performance issue. Kepware/ThingWorx going to TPG for factory floor thesis while PTC concentrates on Intelligent Product Lifecycle. Said remaining portfolio is well-aligned and no further divestitures contemplated.

Barua declined to comment on acquisition speculation but acknowledged PTC would naturally be of interest in consolidation conversations. Redirected focus to execution and creating strategic value for customers and shareholders.

Talvitie confirmed downside is about new business compression, not churn increases. Barua added Q4 low-end guidance of $55M net new ARR versus $84M last year represents ~$20M downside protection, benchmarked against 20-30% conversion rate reductions in prior crises.

Talvitie confirmed back-half loading but avoided specific Q3/Q4 guidance. Framed it as typical PTC seasonality with slightly more weighting than usual.

Barua directly addressed concerns, emphasizing proactive measures while acknowledging human element of organizational change. Noted guidance incorporates room for disruption risk.

Brian said FTR accounted for meaningful amount of revenue raise (~$30M plus modest EPS). Balance from Q1 outperformance particularly around transactions. No major organic changes this early.

Lynn cited highest RFPs in five years, strong win rates, sequential sales improvement through 2025. Not seeing delays entering 2026. Market looks really healthy with good leading indicators across divisions.

Brian said slightly more from backlog given large 2024 deals still phasing in (60%/50% ARR growth quarters). Continued growth from cross-sells, upsells, pricing, and state sales team. Lynn reiterated 2024 record year, Q1 softness was temporary blip.

Lynn said no changes from state responsibility shifts. State budgets relatively flat at elevated levels per NASB, with most DSD revenue from transaction-based rather than appropriated funds.

Lynn characterized Q1 bookings softness as anomaly driven by Q4 pull-forward and timing, with confidence that delayed deals will close in Q2.

Brian isolated $55M of one-time items (Kentucky prepayment, disbursement timing), showed normalized 24.3% FCF margin still implies 100bps expansion in 2025.