Kirk Materne

Aneel argued AI wins new logos and fits existing AI budgets, but consumption-based products delay the revenue impact by months to a year.

Aneel expressed optimism about beating the guide and noted agentic revenue is more second-half weighted. Zane confirmed guide hasn't changed materially from 90 days ago. Rob's Q4 deal elongation noted but most deals remain in pipeline. Flex Credits also more of a second-half motion.

Carl explained multiple offset mechanisms: expanded portfolio of AI/acquired products (Evisort, HiredScore, Sana, Paradox, Flowise), annual true-ups with floors and minimums, and platform consolidation driving higher total cost of ownership value. Net headcount across customer base is still up YoY.

Carl reiterated two watch areas from Q1: international (no blowback seen) and SLED (state/local seeing headwinds from funding uncertainty, higher ed under pressure from lost federal funding). Overall environment described as 'the new norm' consistent for last year.

Zane cited Paradox contribution and DIA contract deliverables tracking nicely. Carl added the year is playing out exactly as expected with slower Q1/Q2, building momentum into second half with known tailwinds.

Carl cited AI ACV doubling, 30%+ full suite wins, 20%+ partner contribution, and federal momentum. Zane added Q1 beat expectations, FX shifted from $20M headwind to $10M tailwind, and product deliverable revenue building into H2.

Zane clarified agent revenue is not a meaningful contributor to FY26 guide. FX is ~$20M incremental headwind. Carl listed Recruiting Agent, Extend Pro, Evisort, and Talent Mobility as already contributing, with four new agents expected in H2.

Carl emphasized 25-30 year relationship with Rob, six months of overlap with Doug, and Rob's existing partner relationships from SAP tenure. Direct reassurance.

Zane quantified the Q4 revenue impact and explained strategic deals have product deliverables that delay recognition into FY26, contributing ~0.5pp to second-half growth.

Sanjit said sales cycles are unchanged since customers still need Phase 1 hardware, but multiproduct attach lifts ROI. Direct.

Sanjit described the software-only Hertz deal as maintenance-led given Hertz's roughly 0.5 million-vehicle fleet, with hardware expansion opportunity over time.

Dominic answered directly: strength weighted toward existing-customer expansions and multiproduct adoption, plus emerging products.

Sanjit said Samsara sells into the operations budget, not a discrete AI budget, but AI is a nice tailwind helping articulate ROI on safety and efficiency.

Sanjit described generalist reps backed by sales engineers and specialists, with SPIFF and specialist experimentation over time.

Sanjit said all customers are interested in AI as transformational, but focused on clear, fast ROI applied to their operations.

Stand-in Pete Burkly on for Kirk Materne. Sanjit cited construction and food & beverage traction and broad low penetration; Dominic ruled out formal verticalized sales in FY26 outside public sector.

Sanjit said ~80% of use cases are similar across verticals, with ~20% needing partnerships, integrations, or feature tweaks.

Sridhar quantified AI products at roughly half the acceleration, with the balance from notebooks, Streamlit apps, and faster migrations.

Sridhar described CoCo as a general-purpose coding agent specialized for Snowflake that accelerates migrations and agent creation, makes the go-to-market team AI-native with realistic demos, and drives >95% internal adoption in services/SRE teams.

Sridhar framed Observe as a natural, far-more-efficient extension into the $50 billion observability market.

Sridhar said Snowflake Intelligence and OpenFlow widen the landing surface beyond the core warehouse.

Mike said new products outperformed with only modest amounts in the forecast; guidance is consumption-based.

Sridhar said it is both product and go-to-market, with Iceberg and connectors widening the data scope.

Sridhar positioned Snowflake as the central data repository with bidirectional partnerships across ServiceNow, Salesforce and SAP.

Sridhar said value drives consumption and agents will drive meaningful AI consumption over time.

Benioff described Claudeforce as the number one AI meeting the number one CRM, powered by the new AI Force harness, and noted senior sales leaders had already demoed it to top customers in Europe this quarter. Milano said Salesforce is rolling it out across the whole company and taking it to GA in September at Dreamforce, and that it will work hand-in-hand with Anthropic sales executives.

Milano highlighted Slack bookings and net new AOV booming with minimal attrition. Tallapragada noted 3 million custom apps built on Slack in Q1 (8x quarter over quarter) including 250 thousand AI agents. Benioff projected Slack is on track to become a $10 billion cloud.

Marc acknowledged models could become platforms but emphasized Salesforce delivers enterprise context, security, and reliability that model providers alone cannot provide.

Miguel detailed the full pricing portfolio from seat-based to AELA enterprise agreements to flex credits, with 362 refill customers proving consumption flywheel works.

Marc detailed a five-segment strategy from SMB to government, while Miguel cited 20% AE growth with disproportionate investment in fast-growing low-end segments.

Brian confirmed the halo effect with Lennar example of after-hours lead handling flowing into Salesforce automation, reinforcing the apps-data-agents trinity message.

Millham said timeline varies by customer data readiness: weeks for those with strong data architecture, up to six months for those with siloed data. All customers want to move faster.

Sasan argued assisted and DIY are structurally different markets: assisted customers want someone to own the review, signature and accountability, which Intuit delivers via a virtual expert platform that scales humans with AI at competitive prices. DIY is being repriced because Intuit lost quality customers to low-cost providers, but those customers can be monetized across the consumer platform (TurboTax plus Credit Karma ARPC is roughly 2x) and grown into TurboTax Live over time.

Sasan argued 88% of the TAM wants human delegation for high-stakes tax liability, regardless of software quality. Noted spend on tax experts has gone up over the last 5 years. For businesses, running operations is mission-critical and cannot be replaced by generic LLMs.

Sandeep explained they are running Mailchimp for profitability like the desktop business, taking cash flow and reinvesting in growth engines or returning to shareholders. Current M&A market for software makes a sale unattractive.

Sasan detailed three buckets: experience (personalized in ChatGPT), data/models (unchanged privacy, customer data stays in Intuit's four walls), and economics (no revenue share). Access to OpenAI frontier models.

Sasan cited share gains from data/AI investments, investment in less cyclical areas (insurance, prime customers, money), and Credit Karma's strategic role as consumer platform for year-round engagement.

Sasan noted the 18-entity title company was word-of-mouth driven. Starting to happen more but still small part of growth. Main focus remains existing base and accountant partners.

Sasan noted small businesses have profits and cash flows up YoY. Mid-market customers are leaning into digitization for growth.

Anil attributed the net-new-ARR decline to the intentional freemium funnel and timed ARR conversion rather than seat-volume softness.

David argued freemium converters show higher engagement and usage than direct-to-paid users, translating to stronger lifetime value.

David outlined the p*q+v monetization model. Dan noted core creative subscription revenue accelerated from 7.9% to 10.1% over four quarters. Rollout happens on renewal cycles.

Dan said performance was as expected, noting the multiyear trend of commercial activity shifting earlier. Online shopping up 8.4% YoY vs 4.8% last year, with Cyber Monday at 7.3% growth.

David explained price sensitivity at the low end (Express, Lightroom) while core creative will see more tiering and value-aligned pricing. Enterprise already doing value-based selling. Balance is a management judgment call.