Matt Hedberg

Prince attributed record developer adds to Workers' lightweight, pay-for-use model being ideal for agentic workloads, plus vibe-coding platforms deploying to Cloudflare.

Prince framed cuts as proactive role transformation driven by AI productivity gains. Seifert confirmed quota-carrying AEs were largely untouched and guidance reflects residual risk.

Prince explained Cloudflare focused on API and application traffic rather than bandwidth-heavy CDN, positioning them for agentic commerce. Cited hundreds of billions of agentic requests monthly.

Prince described Cloudflare as uniquely positioned: more than 20% of Internet behind them means agents must interact with their network. Not in the hyperscaler business of renting servers at 5x cost, Cloudflare gets work done, achieving up to 10x more work per GPU through efficiency research. CapEx ticked up slightly but nowhere near hyperscaler levels.

Prince attributed RPO surge to enterprise sales transformation with larger tickets and deals. Seifert added two drivers: large customer cohort strength ($1M and $5M record growth) and increased pool of funds consumption, plus Workers platform long-term commitments.

Seifert noted pool of funds at low double digits of total ACV with balanced consumption slightly ahead of target. Prince added that initial downward pressure on DNR from pool of funds is now reversing as pools get consumed, driving DNR back up to 119%.

Prince described shift from pure product-led growth to relationship-driven enterprise selling. Partner channel growing faster than overall business. Michelle and Mark building world-class partner org.

Seifert reiterated 40% rule as North Star. More margin opportunity exists than revenue opportunity but investing in go-to-market where data supports good returns.

Prince reported no change in HTTP requests or overall volume over 1, 3, or 6 months in US or globally. Noted shift from search-driven to AI-driven Internet.

Prince shared multiple examples of AI agents being built on Workers across finance, medicine, CRM, and media. Emphasized CJ's customer-first focus strengthening enterprise product.

Seifert noted pool of funds at ~9% of ACV, comparable to Q3. Q4 felt like an inflection point with early pointers trending in the right direction across all metrics.

George argued 15 years of rich threat and attack data, purpose-trained models, data sovereignty and CrowdStrike's role as a net data creator differentiate it from frontier labs building their own security.

George said cloud security has shifted from posture management to runtime protection for AI workloads and long-running agents, a strategic advantage.

Kurtz argued AI agents massively expand the protection surface even if knowledge worker seats decline. Flex enables immediate access to new acquisitions without procurement cycles, and results speak for themselves.

Kurtz confirmed observability is a consolidation opportunity already underway, with existing customers using the platform for IT observability use cases. Onum pipeline tech expands this.

Kurtz positioned CrowdStrike as an early mover in identity since 2020, with mature integrated stack including Shield and PAM, versus competitors stitching acquisitions together.

Podbere disclosed the DOJ/SEC information request rather than directly answering the federal spending question. Federal spending details were limited.

Kurtz confirmed full competitive replacements are happening now that network scanning capability was added, unlocking the potential to replace legacy vulnerability management products.

George cited performance, speed, cost advantages over legacy SIEM vendors, first-party data integration with the Falcon platform, and Charlotte AI workflow automation as key differentiators.

Sanjit cited safety/warranty use cases and 1,000+ engaged customers but said monetization is still early. Partial on ACV translation.

Dominic confirmed another strong asset-tags quarter within broad-based emerging-product strength (more than 20% of net new ACV), with no single product over 50% of the mix.

Sanjit answered directly: adoption is strongest among large customers with complex operations that can absorb new products quickly.

Sanjit said international is in the early innings, with more physical operations abroad but earlier digitization, and Samsara is investing for the long term.

Sanjit said AI both enables net-new products and improves existing ones; no commitment to a distinct new AI pricing model.

Dominic gave use cases (lost/stolen assets, worker efficiency, utilization) but did not quantify the ACV contribution, citing early full-deployment stage.

Sanjit gave use cases (locating lost/stolen assets, utilization) but declined to quantify FY26 ARR impact, calling it too early with customers still experimenting.

Sanjit outlined AI investment areas, safety, maintenance fault-code insights, fuel efficiency, asset utilization, but gave no specific roadmap timeline.

Locoh-Donou quantified the token throughput gain and candidly noted traction is currently with sovereign AI customers rather than the larger Neocloud builds.

Werner said yes and named the structural differences versus prior cycles, adding post-quantum crypto as a possible pull-forward of the next product cycle.

Francois outlined expanding use cases: strong growth in WAF, API security, bot security, and API discovery (now available on-prem). New AI-specific use cases with AI Guardrails, AI Red Team, and AI Remediate. All represent new insertion points growing as enterprises deploy more AI models in production.

Francois confirmed very early stage, current AI security customers are a small minority, typically largest enterprises in financial services and technology. Universe of customers deploying AI in inference expected to grow substantially over next couple of years as more enterprises move to production.

Francois described inflection in enterprise AI adoption: shift from training to inference/production creating new requirements for hardened data pipelines and runtime security. Won nearly as many AI customers in Q1 as all of FY25. Mix shifting from data delivery toward balanced with security. AI guardrails gaining traction in financial services.

Francois explained agentic AI would accelerate the 'ball of fire', more cross-environment API calls, more data movement, more security needs. Characterized it as a potential significant tailwind but noted it's very early days.

Francois said he couldn't point to the election as a factor because the strong pipeline predated it. Characterized Q1 as a continuation and acceleration of trends from H2 FY24.

Nikesh positioned Chronosphere as an AI-native, lower-total-cost-of-ownership architecture that, with the Embrace acquisition and synthetics, will reach parity with leading players and expand from AI-native customers into the broader enterprise market.

Lee argued each domain must be best-in-class independently, with data cross-pollinating between XSIAM and Chronosphere over time.

Nikesh credited core business sustaining $7B target, CyberArk expanding identity categories, and Chronosphere adding observability. Called software firewalls a hidden gem. Noted tuck-ins add hundreds of millions, not billions.

Dipak cited operating margin expansion, low capital business model, and platformization cross-selling. Nikesh added deferred payments transition relief expected in next 24 months.

Lee highlighted XSOAR's 1,000+ integrations paired with AI as unique for agentic automation. Permission infrastructure from enterprise footprint a key advantage.

Lee argued identity alone is insufficient; AI environment security and machine-to-machine communication also critical. Nikesh added XSIAM's 200+ deployments position them for agentic detection.

Nikesh described a multi-year SIEM replacement cycle analogous to the endpoint replacement from Symantec/McAfee, citing XSIAM's ability to deliver better security at lower cost with median time to remediate of 19 minutes vs 4 days.

DiRico restated the like-for-like plus deferred ARR framework from last quarter but declined to quantify a fiscal '27 growth rate.

DiRico explained Q2 longer duration from key renewals extending contracts, similar to Q1 trend, flowed through guidance. Barua described 16 months of GTM transformation under new CRO: go-to-market machine starting to hum based on demand capture, renewal rates, pipeline generation, and customer feedback on vertical expertise.

Barua described strong Windchill Plus momentum with another record-breaking or near-record demand capture quarter. Confirmed 1.5x to 2.5x ARR uplift on on-prem to SaaS migration. Cautioned the dam has not broken for mass SaaS migration but momentum is building.

Barua framed FY2026 as repetition and scaling year, not new disruption. Dahdah highlighted first global kickoff in 8 years with partners in the room, expanding SI reach, and feathering AI into vertical talk tracks. Emphasized all potential disruption is behind them.

Talvitie outlined 5 key inputs for FY2026 FCF: FY2025 finish, FY2026 planning, FX rates, cash taxes, interest rates. Noted FX rates and tax policy both more favorable than earlier in the year. Said they feel incrementally better but precise guidance coming next quarter.