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Analyst
Meta Marshall
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters).
- Questions
- 136on tracked calls
- Challenge rate
- 1%1 of 136 questions
- Companies
- 21questioned at least once
- Reporting periods
- 9with 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 136 of 136 questions from 21 companies
CSCOCisco Systems, Inc.15 questions · 8 reporting periods · 0 of 15 challenging
Calendar 2026 Q3
Is that anniversarying some of the headwinds from a business model perspective on Splunk?
Show response
Patterson noted a Splunk on-prem-deal anomaly in the quarter but affirmed the underlying security trend line has improved.
Calendar 2026 Q2
any way to kind of split the gross margin headwind on product just between memory and product mix
Show response
Mark said gross margins stabilized at 66% as expected. Mix is the bigger factor (hardware 30% growth vs software 1%), with strong supply chain productivity offsetting memory costs.
what kind of duration increase you're seeing in those orders, just given concerns around supply chain
Show response
Mark said no change in order duration, orders remain nonlinear with advance planning. Nothing new in ordering patterns.
Calendar 2026 Q1
any demonstrable kind of change to demand or forward ordering that you saw as a result of that
Show response
Patterson found no pull-forward evidence: normal linearity, no pipeline pulls, software activations normal. Pipeline building in out quarters. Customers understand industry-wide pricing pressure.
how evolved is that enterprise appetite for investment? Or when do you think that, that kind of enterprise AI story takes off
Show response
Robbins cited early enterprise AI use cases in fraud detection, video analytics, retail mobile agents across financials, manufacturing, pharma. Data center switching double-digit growth 6 of 8 quarters.
Calendar 2025 Q4
any commentary around DRAM pricing has certainly become more elevated, just how you guys are thinking about that in terms of the gross margin
Show response
Patterson confirmed tightening across memory, PCB, and optics with significant DRAM price increases. Both supply and pricing impacts factored into Q2 and full-year guidance.
is the kind of upside that you're seeing to some of these AI orders coming from kind of scale across strength or is it just coming from deepening engagement
Show response
Robbins said Q1 strength was mostly from deepening existing use cases. Four new use case wins across four different hyperscalers but orders from those still to come. Scale-across is emerging.
Calendar 2025 Q3
how are you looking at growth outlook there as you have some kind of new products and old products cascading in
Show response
Robbins shared that new/refreshed security products (two-thirds of organic) grew 20%+, ex-Fed security orders grew double digits. Over 300 new Splunk logos from cross-selling in Q3-Q4.
new CFO priorities. Would be great to kind of level set
Show response
Patterson outlined focus on durable profitable growth, financial discipline, transparency, and shareholder returns. Highlighted AI, cybersecurity, and campus refresh as key growth vectors.
Calendar 2025 Q2
what are you seeing in terms of customer buying behavior right now, just given the uncertainty kind of with some of the tariffs
Show response
Robbins and Herren provided extensive data showing no pull-forward: channel inventory down, web scaler inventory down, Meraki activations normal, linearity unchanged.
any commentary around public sector and federal kind of around the same questions
Show response
Robbins noted Global Public Sector up 8%, U.S. federal up double digits despite biggest deal slipping. Civilian side still stressed by DOGE but DoD and Intelligence represent 75%.
Calendar 2025 Q1
what you are seeing from customers on kind of propensity, to spend clearly a very good quarter
Show response
Robbins provided comprehensive view of demand strength across geographies and segments, noting customers understand the need to keep investing in technology.
how are you seeing, kind of strength broaden out to the campus portfolio
Show response
Robbins confirmed broad demand with double-digit campus switching, enterprise routing, and wireless growth alongside fourth consecutive quarter of data center switching growth.
Calendar 2024 Q4
where are you kind of seeing kind of prioritization the most kind of within the data center
Show response
Chuck said data center modernization is primarily switching, but Hypershield mindshare suggests security is a growing opportunity for east-west data center traffic protection.
organic security growth would have been in kind of the mid-to-high teens if you stripped out kind of U.S. federal
Show response
Chuck credited XDR, Secure Access, Multicloud Defense with over 1,000 customers. Low-end firewall refresh completed. Broad-based belief from analysts that Cisco's security innovation is highly impactful.
KEYSKeysight Technologies14 questions · 7 reporting periods · 0 of 14 challenging
Calendar 2026 Q3
ability to meet demand at these types of volumes both in terms of the supply chain and the ability to get enough parts
Show response
Satish acknowledged a less flexible supply environment and work with suppliers to deconstrain the chain, while reaffirming the Q4 guide.
just kind of how the overall content of testing has changed as kind of some of these technologies get a little bit more complex
Show response
Kailash explained shrinking design margins and heterogeneous chiplet/architecture complexity are raising design-emulation and production test intensity, creating more insertion points across electrical, optical, RF, digital and protocol layers.
Calendar 2026 Q2
how you are thinking of the business between production and lab
Show response
Satish confirmed both R&D and manufacturing components doubled in the first half. Wireline still heavily R&D-weighted but manufacturing growing with AI cluster scaling.
the incremental margins moving close to 50%. Just wondering how you are thinking about incremental margins
Show response
Neil attributed 50% incrementals to high growth rate rather than acquisitions, noting 40% is the right baseline at mid-single-digit growth. Tight expense management at high growth enables outperformance.
Calendar 2026 Q1
Do you view this as kind of the beginning of a trajectory or this could be kind of a new run rate for this business
Show response
CEO cited Q1 benefited from delayed FY end spend plus structural tailwinds: European defense budget increases, US prime organic R&D and capacity adds, broader portfolio with PNT from Spirent.
is that customers -- same customers expanding their implementations with you or kind of finding more use cases
Show response
CEO described multi-layer expansion: deepening with silicon/chip customers, expanding with manufacturing ecosystem via channel, growing hyperscaler focus, and adding neoclouds. Geographic shift to more international including SE Asia manufacturing.
Calendar 2025 Q4
noted kind of the positive uptick in the auto orders year over year. And so just wondering where you're starting to see some green shoots
Show response
Jason noted Q4 YoY growth in all auto subsegments (SDV, EV, manufacturing) though benefiting from soft compare. Investment strongest in SDV networks, charging/grid simulation. Not calling an inflection yet.
could you speak to, you know, is this kind of the broadening of budgets that you had been expecting out of some of kind of the allies
Show response
CEO cited record bookings despite noise from admin change and continuing resolution. Q4 prime contractor strength, European deterrence spending, and neoprimes all contributing.
Calendar 2025 Q3
if you could just kind of outline where the tariffs are kind of -- or like which part of the tariffs are most substantial
Show response
CFO detailed Malaysia, EU, Japan, and US manufacturing. Mitigation is multipronged: supply chain optimization, capacity utilization, supplier relationships, and pricing/surcharges on new orders.
Is this something where we should see this market kind of continue to accelerate
Show response
CEO noted US spending well understood. European defense spend increase is new dynamic. Programs are multi-year, so acceleration pace may be steadier than commercial markets but positive.
Calendar 2025 Q2
just wondering if you had seen any kind of pushback on Allied orders that were aligned to U.S. programs
Show response
CEO cited strong quarter with double-digit European order growth despite unprecedented full-year continuing resolution. NATO and US Army wins confirm robust demand.
how much of that [$75 million to $100 million] (ph) of impact that you guys are talking about from a growth perspective is from shipping into China
Show response
CFO confirmed US-China bidirectional tariff exposure is less than 10% of total, meaning most exposure is from non-China sourcing and shipments.
Calendar 2025 Q1
is there any way to kind of contextualize the order strength you saw in kind of wireline specifically
Show response
CEO described AI supply chain as constrained with strong manufacturing uptick. Highlighted accelerating adoption of PCIe Gen 7, LPDDR6, 400G to terabit speeds.
Kind of noted continuing resolutions kind of as a reason for order weakness on aerospace and defense
Show response
CEO framed ADG as most stable long-term business despite quarterly variability. Prime contractor backlogs at record, typical CR timing issues being worked out.
CIENCiena Corporation9 questions · 7 reporting periods · 1 of 9 challenging
Calendar 2026 Q3
have you qualified additional suppliers at this point, or is this largely reaching long term agreements
Show response
Marc said price increases are not performance/escalator-based; qualifying new suppliers, plus new technologies, is part of the supply-resiliency strategy.
Calendar 2026 Q2
if you could just kind of give any update into where you're seeing kind of the greatest tightness.
Show response
Marc flagged modem (CDM) and laser-pump constraints but noted vertical integration buffers the modem side; plugs are not a major gross-margin driver yet.
Calendar 2026 Q1
did you mention whether there were any 10% customers within the quarter?
Show response
Mark confirmed three 10%+ customers: two hyperscalers and one Tier 1 North American service provider with significant MOFN exposure. Consistent with prior quarters' customer concentration.
where are you finding those levers to keep OpEx flat as I assume bonus plans need to reset?
Show response
Mark cited three sources: reset of FY2025 incremental comp, savings from 4-5% workforce reduction, and cessation of 25G PON investment. All reinvested into growth areas while maintaining flat nominal OpEx.
Calendar 2025 Q3
wondered how much of the gross margin upside kind of came from mix relative to kind of initiatives on your own part?
Show response
Mark attributed ~20-30bps to tariff clarity. Scott noted plug ports up 20% sequentially yet margins still improved, demonstrating scale benefits. WL6 family transition will yield better margins.
Calendar 2025 Q2
you guys had invested a lot in that business over the past few years. You know, where was kind of one of the service provider wins kind of one of the, you know, finally kind of seeing some of the b...
Show response
Scott attributed routing momentum to service provider recovery from 5G investment cycle. First-half routing orders exceeded 75% of full-year FY2024. Installation demand increasing exponentially.
Calendar 2025 Q1
how do you see seasonality of cloud customers, you know, obviously, it's kind of down quarter-over-quarter, but you noted very strong order activity
Show response
Gary stated cloud business is largely up-and-to-the-right with minimal seasonality due to the scale-up nature of infrastructure builds.
you noted no further tariffs contemplated, but just what are you assuming for tariffs as announced? And just how are you looking to mitigate those
Show response
Jim acknowledged fluidity but did not quantify exposure. Mentioned resilient supply chain and customer reimbursement as mitigation strategies. No tariff impact in guidance.
Calendar 2024 Q4
how are you judging customers' ability to install all of this equipment as quickly as they are purchasing it, maybe particularly on the part of the telcos
Show response
Gary explained Ciena has ramped services capability, is project-managing deployments for cloud providers, and has good visibility into deployment pace. Comprehensive answer.
FFIVF5, Inc.9 questions · 7 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
if there's any kind of contribution to the quarter we should be mindful of from pricing
Show response
Werner separated discount governance from component cost pass-through pricing and said the latter is an FY27 item that did not hit Q3 revenue.
are there any developments in terms of kind of deal sizes or just how you would size any of those opportunities
Show response
Locoh-Donou gave a range and use-case-level color but deferred any sizing of AI revenue to the year-end call.
Calendar 2026 Q1
how much further or kind of are there initiatives that you guys are taking to kind of capitalize on that opportunity?
Show response
Francois confirmed EMEA sovereignty trend accelerating with F5 increasing field coverage and focusing on defense sector. Unique competitive position in security: only vendor providing runtime application and API security across both on-prem and cloud. Competitors not hybrid multi-cloud. Extensive innovation including AI-powered WAF, Agentic Bot Defense, AI Remediate, and on-prem API Discovery.
Calendar 2025 Q4
have there been any trends that have developed between kind of virtual ADCs versus product or hardware versus the last time you kind of went through one of these cycles?
Show response
Francois noted long-term trend toward software for flexibility, but near-term hardware demand very strong from AI data delivery performance needs and security use cases. Government strength driven by US Federal with new modern app and AI use cases despite 40+ day shutdown. EMEA government also strong on sovereignty concerns. Cooper added EMEA government strength tied to data sovereignty.
Calendar 2025 Q3
are you accommodating customers through discounting? Is this you're pushing off -- maybe people are pushing off purchasing decisions while they're handling kind of servicing or upgrading incidents?
Show response
Francois outlined three categories of near-term disruption: 1) F5 and customer resource diversion to remediation, 2) executive-level deal approval delays, 3) potential project cancellations. Emphasized 70%+ recurring revenue is resilient and no impacts observed yet, but being prudent given early stage.
any way to contextualize how much of fiscal '25 growth was kind of due to the product upgrade cycle that was happening?
Show response
Cooper confirmed two-thirds refresh, one-third non-refresh capacity expansion driven by AI readiness. Still early in refresh cycle with over half of installed base on legacy platforms. Growth balanced across both refresh and new use cases.
Calendar 2025 Q1
is the linearity that you're seeing in fiscal Q3 any different than you would have traditionally kind of seen
Show response
Cooper confirmed Q3 linearity is healthy and hitting weekly commitments. Dollar weakening provides slight international benefit but nothing driving materially different sales velocity.
Calendar 2024 Q4
if you could kind of help us size kind of the distributed cloud business at this point
Show response
Francois noted total SaaS/managed services ARR around $180 million at FY24 end. Distributed cloud passed 1,000 customers, with 20%+ of top 1,000 customers now using DCS. Cooper confirmed H2 renewal base unchanged with prudent expansion assumptions.
Calendar 2024 Q3
Do you see that more as share gains or kind of more of accelerated refresh on this part of your customers?
Show response
Francois cited both competitive takeouts and hardware refresh as drivers. Frank added F5 continues to gain share in the ADC market, with customers now comfortable deploying hybrid multi-cloud projects.
LITELumentum Holdings Inc.9 questions · 5 reporting periods · 0 of 9 challenging
Calendar 2026 Q1
any kind of further commentary there on just the path and progression of kind of the in-sourcing of your own lasers
Show response
CEO provided specific 20% internal CW laser mix target for Q4 guide, up from minority. Insourcing accelerated due to external CW laser supply tightness. Expects step-up through time with margin benefit.
rough mix of pricing, yield, mix and kind of the contributions there?
Show response
CEO attributed margin gains to factory absorption, portfolio pruning of low-margin product lines, and price increases on constrained products. Noted continued room for improvement.
Calendar 2025 Q3
Just trying to get a sense of kind of what are some of the milestones you're looking for
Show response
Michael outlined OCS revenue ramp: mid-single-digit millions in December, low double digits in March, mid-$50-60M mid-year, $100M by December 2026. Hardware qualified with all 3 customers. Software qualification is the main risk, expects full qualification by March for 2 major customers, mid-year for third.
is the expectation that kind of the vast majority of this ramp going forward will only include that kind of primary customer
Show response
Michael confirmed $250M quarterly transceiver target achievable by being selective on margin-rich opportunities like TRO and 1.6T. Wajid added 1.6T margins will be significantly better than 800G, driving material margin improvement as that product ramps.
Calendar 2025 Q2
how should we think about kind of the ramp of additional customers just given kind of how strong the demand of customer one has been
Show response
Michael said they're being disciplined, focusing on highest margin opportunities with 3 existing customers. Engineering and manufacturing capacity constrained. Still expect significant module growth.
Calendar 2025 Q1
what your thinking is, if there are kind of greater tariffs that come from Thailand
Show response
Michael acknowledged Thailand tariff risk post-July 8. Most U.S.-bound shipments have Lumentum not as importer of record, simplifying customer pricing conversations.
How much of that is from some of the yield improvements on Cloud Light versus just kind of pricing mixed advantages on EMLs
Show response
Wajid attributed improvement to DCI insourcing from CMs to Thailand, EML volume and pricing tailwinds, and resolved yield issues from December. Michael emphasized continued focus on pricing and cost.
Calendar 2024 Q4
how should we think about kind of the relative size of customer in two and three as they ramp maybe in comparison to one
Show response
Alan confirmed new customers could match or exceed first customer in size. Described them as very large operators deploying many data centers.
should we consider kind of the sequential downtick more mix or just kind of working through yields as you expand capacity
Show response
Wajid explained EML mix was favorable but initial yield issues on new transceiver products in Thailand and Dongguan were a headwind. Expect sequential improvement in Q3 as issues resolved.
COHRCoherent, Inc.8 questions · 6 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
how much of that improvement is really the yield improvements versus maybe some of the product mix or pricing?
Show response
Sherri clarified the gross margin benefit is the 6-inch cost structure, 4x output at half the cost, rather than yields alone, which are also higher than 3-inch.
Calendar 2025 Q3
last quarter, you called out kind of FX headwinds to gross margins. And just -- given some of those currencies have remained stronger
Show response
Sherri confirmed no material FX headwinds in Q1. Jim described exceptionally strong DCI demand across 100G, 400G, 800G ZR/ZR+ transceivers and components including pump lasers. Ramping capacity as quickly as possible.
Calendar 2025 Q2
is there any geographic concentration to where the customers are that perhaps kind of make you a little bit more cautious?
Show response
Jim attributed industrial caution to broad macro/tariff uncertainty, not customer concentration. Noted FY25 industrial laser growth when excluding SiC headwind.
Calendar 2025 Q1
is there any pull forward that you observed in the first half that makes you more cautious or is that just kind of macro caution
Show response
Jim confirmed no pull-forward in industrial; caution is purely macro-related. Aerospace and defense business showing good sequential and year-over-year growth.
Calendar 2024 Q4
I believe you guys mentioned automotive as kind of an ongoing headwind, but just as you look at some of the prospects for that business
Show response
Jim confirmed materials faces same industrial headwinds as lasers, with automotive being particular area of sustained weakness.
you did see improvement in lasers this quarter but had noted kind of staying kind of more cautious about that market
Show response
Jim maintained cautious near-term outlook on broad industrial markets, highlighted display cap equipment and semi cap equipment as bright spots with sequential and YoY growth.
Calendar 2024 Q3
is that some of the kind of tailwinds from some of the yield disruptions we saw in fiscal Q3 earlier this year?
Show response
Jim clarified yield gains are new improvements not recovery from prior disruptions, confirmed ongoing focus area with team showing good progress and forward plan.
you mentioned some strengths out of telecom in the quarter. Just wondered, is that more Asia-based or U.S.-based?
Show response
Jim noted improvement across both Asia and U.S. markets, driven by DCI strength and new product ramps (100G ZR, 400G ZR), but took cautious view on full recovery.
Show 15 more companies
GENGen Digital8 questions · 4 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
Should we envision that most of those are kind of the engine marketplace and more on the gross margin line item, or just kind of if you could lay out some of the investments there?
Show response
Natalie said investments in transformation, new products, and synergistic wins will come mostly through gross margin and, as Gen invests in innovation and AI, through R&D, with sales and marketing likely increasing as new products go to market. She stressed the approach will remain disciplined quarter to quarter as the company pursues sustainable revenue growth.
you noted upside from the higher-tier suites, and just, I know you guys have done some testing, but how does that inform how you think about targeting for the Money Lion One memberships?
Show response
Vincent said the same trust-building playbook that moved Norton customers up tiers applies to MoneyLion: build trust, prove value at key moments, and reward ongoing usage to move customers to higher-value plans. He noted 80% of scam victims are people with limited means and financial needs, so combining protection with financial need is central. MoneyLion One received good initial feedback but it is too early to project specific upside.
Calendar 2026 Q1
Just kind of curious how you see that evolving or what you think that, that target could kind of get to?
Show response
Vincent explained the engagement funnel: connect accounts for monitoring, then provide recommendations to build trust, then monetize. Connected accounts grew from ~75 million at MoneyLion close to 107 million. Expects a very large proportion of the installed base to ultimately adopt financial monitoring as the first step.
is there any kind of gross margin impact that we should be kind of embedding as a part of working with them?
Show response
Vincent clarified Gen does not develop AI models, frontier providers own their models while Gen builds the trust/security/privacy layer. No CapEx impact. Monetization through membership. Per-usage costs to LLM providers mean the margin profile won't match pure cyber safety, but it's a similar business model.
Calendar 2025 Q4
any trends between first-party products and third-party products on the MoneyLion marketplace? Any material shifts in any direction?
Show response
Vincent confirmed trends are consistent with prior quarters and embedded in guidance, with January showing no change. First-party and third-party both growing at approximately 40%. Gen leads in subcategories where it has strong offerings (term lending, credit builder) and relies on third-party in categories without proprietary products (credit cards, insurance).
could kinda go more into the Equifax partnership and just how that can help drive incremental MoneyLion product adoption?
Show response
Vincent explained the Equifax partnership is a two-way strategic relationship: Gen gets deep access to differentiated datasets beyond basic credit monitoring, while Equifax uses Engine on myequifax.com for personalized financial offers. Partnership also enables financial partners in Equifax's network to join the Engine marketplace. Relationship evolved from vendor-customer to strategic due to MoneyLion's marketplace capability.
Calendar 2025 Q3
any OBBBA impact on tax rate that we should be expecting?
Show response
Natalie confirmed the 22% non-GAAP tax rate is unchanged and assumed in guidance. The One Beautiful Bill Act helps with short-term cash tax timing but has no material impact on long-term tax rate expectations.
Just wanted to get a sense of other ways in which you guys are utilizing AI and which you're finding traction within the business?
Show response
Vincent detailed three AI transformation buckets: (1) support automation at ~50% containment rate with significant savings reinvested in data platform, (2) marketing using AI for creative production from upper funnel to performance marketing, and (3) R&D running 'Genicorn' pilots for AI-managed product development from ideation to shipping, redirecting maintenance costs toward innovation velocity.
ANETArista Networks7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
the latest trends that you’re seeing there, particularly as you continue to add customers?
Show response
Jayshree cited operational excellence, AI features and reliability driving customers toward EOS or a hybrid, while ultra-low-price white box persists in niches.
Calendar 2026 Q1
XPO monetization or just how it helps you continue to gain share with customers or just mindshare with customers
Show response
Jayshree positioned XPO as a ten-year technology with 100+ vendor endorsements, essential for scale-up racks at 1.6T and 3.2T speeds requiring liquid cooling.
Calendar 2025 Q4
what are the puts and takes of is it bottlenecks in terms of their building? Is it like, what would make or break kind of whether those become two new kind of 10% customers
Show response
Jayshree cited acceptance criteria timing, demand still underway, and supply chain allocation as variables, noting demand is there but final percentages depend on multiple factors.
Calendar 2025 Q3
what are you seeing in terms of just like how the front-end network upgrades are happening maybe versus where your expectations were
Show response
Jayshree noted front-end and back-end converging, with concrete cloud titan cases upgrading cloud infrastructure due to AI pressure. Ken added Arista is only vendor selling both.
Calendar 2025 Q2
do you attribute some of the upside that you're seeing this year towards starting to see front-end upgrades maybe quicker than expected
Show response
Jayshree explained AI deployments are driving front-end cloud refresh from 100 to 400 gig and 800 gig, with cloud and AI converging into more balanced spending.
Calendar 2025 Q1
you've kind of had this $1.5 billion kind of AI target for 2025. And just wondering, is the capability of that more dependent on kind of the tariffs
Show response
Jayshree confirmed demand intact for both $750M back-end and $1.5B total AI targets, noting tariffs unlikely to materially impact either number.
Calendar 2024 Q4
DeepSeek and just as you think about kind of this 1:1 ratio you've talked about on back end versus front end, how you kind of see that changing
Show response
Jayshree views DeepSeek positively as it diversifies AI workloads beyond training, creating more distributed networking opportunities across various accelerators.
AXONAxon Enterprise Inc.7 questions · 5 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
just as customers gain comfort with AI, where are your customers asking you to innovate around?
Show response
Rick Smith addressed AI resistance directly, framing privacy and data security as the emerging concern and trust as a durable competitive asset.
Calendar 2026 Q1
what you're seeing in terms of kind of how you're looking at that market opportunity? And then maybe just second on Federal
Show response
CSO expressed confidence in 911 market leadership within years. Prepared captures logos with over-the-top features, Carbyne follows with call handling. On federal, renewed momentum under new leadership from Palantir hire.
Calendar 2025 Q4
Just is that a different buyer kind of within the organization?
Show response
Josh said the 911 buyer varies, sometimes the RTCC, sometimes the police department runs their own center, sometimes a PSAP serves 20+ agencies. Prepared and Carbyne have built their own brands in these spaces. Brittany said on premium plans, the premium tier keeps getting enhanced each year so saturation is unlikely, NRR of 125% reflects ongoing upsell.
Calendar 2025 Q2
just what kind of lessons have you guys learned about kind of getting through some of the hurdles from state and local
Show response
Josh emphasized product-led growth, once customers use Draft One for 60 days and see results, adoption accelerates organically. AI products keep police in communities fighting crime vs behind computers.
Immigration enforcement dollars, that opportunity
Show response
Josh expects federal solicitations in fiscal Q1 (calendar Q4) for counter-drone, Fusus, drones, and TASER. Currently mapping out customer opportunities across federal agencies.
Calendar 2024 Q4
what are you seeing in terms of kind of AI adoption either into what type of bundles they're opting for or just kind of pipeline there
Show response
Rick Smith emphasized unprecedented speed of AI adoption, particularly the AI Era Plan closing deals within 8-9 weeks of launch, faster than any prior product category.
noted kind of the large enterprise win, just what was kind of, the entry point there? Was it Fusus? Was it kind of body cameras?
Show response
Josh Isner confirmed multiple entry points including Fusus, body cameras, Dedrone, drones, and Evidence.com. Sees enterprise as potentially the biggest part of business long-term.
MSIMotorola Solutions7 questions · 5 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
the software subscriptions that you’re seeing kind of attached to that. In the past you’ve noted somewhere around $300
Show response
Greg guided ~300,000 APX Next subscribers by end-2026 (from ~200,000), ~$300 app pricing nearing $100M ARR; Molloy cited SmartConnect and location apps.
Calendar 2026 Q1
what was driving some of the strength that you saw in Video in the quarter, that would be helpful and maybe as a starting point
Show response
Jason cited strong camera sales, Unity platform and SVX as key video drivers across both orders and sales.
now that we're past some of the tougher comps, just how to think about that?
Show response
Greg expects to complete semiconductor supply normalization comp effect by Q2, with more robust LMR growth in the back half. Full year organic growth expected to be stronger in 2026 vs 2025.
Calendar 2025 Q4
just wanted to get kind of latest views on memory, just as an overhang
Show response
Jason said memory is less than $50M of $6B COGS. Mitigating through vendor diversification, inventory, and surgical pricing. Gross margins planned comparable. Revenue raise is ~$75M Silvus plus ~$25M core. Greg feels good about all three technologies: LMR driven by APX NEXT/SVX/D-Series, Command Center 15%, Video 10-11%.
Calendar 2025 Q3
any impact that you guys are foreseeing to your tax rate just as you guys have looked at it
Show response
Jason said OBBA tax impact minimal but favorable for customers through border/security funding and accelerated depreciation. Jack outlined tariff mitigation: inventory acceleration, dual sourcing, load balancing, and USMCA compliance.
Calendar 2025 Q2
And then just second, kind of any update on APX NEXT adoption rates
Show response
Jack confirmed double-digit APX NEXT order growth in Q2. SVX exclusive to APX NEXT family is a tailwind for conversion. Greater than 90% app attachment rate at $300/year per device.
Is that any meaningful headwind to revenue growth at this point, clearly kind of helping the backlog transition
Show response
Jason said they're managing through deferred revenue transition and still printing significant growth. Cloud is on path in video.
GLWCorning Inc.6 questions · 4 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
Is that a reflection of just challenging comps in terms of some of the newer customers that were ramping last year
Show response
Weeks attributed the 1% quarter to customer project timing and reframed with first-half carrier growth of about 17%.
Calendar 2026 Q1
I just wanted to get a sense of you mentioned fiber to the home plans increasing
Show response
Wendell attributed carrier growth to the ascendancy of fiber-to-the-home over competing technologies like fixed wireless and hybrid fiber coax, driven by big carriers' public expansion decisions.
are there any innovations coming this year that you would expect to drive kind of material upside to that business
Show response
Wendell explicitly and humorously deferred the question to the May 6 investor event, declining to preview Glass Innovations product announcements.
Calendar 2025 Q4
Would any of what is included in that deal be included in the carrier line item, or is that all kind of being counted in enterprise today and going forward?
Show response
Schlesinger clarified Meta deal sits entirely in enterprise. DCI through carriers (e.g., Lumen) sits in carrier business. 2026 CapEx guided at ~$1.7B vs ~$1B in 2025, above ~$1.3B depreciation level, with substantial portion directed to optical capacity.
Calendar 2024 Q4
it looked like there was an upgrade in the content with the S25 phone from Samsung that just came out. So, just wondering if that kind of impacts the trajectory of the year on Specialty Materials?
Show response
Weeks confirmed Samsung S25 content upgrade aligns with More Corning strategy of driving increased content per device.
as you started to kind of get the Lumen orders early on, is that kind of tracking to kind of how you thought to the order patterns that you were expecting?
Show response
Weeks confirmed Lumen orders tracking to expectations. Corning's qualification and testing cycles, not Lumen demand, were the bottleneck for initial shipments.
TWLOTwilio Inc.6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2025 Q2
can you speak to the traction of where you're seeing the most traction with ISVs?
Show response
Asked by Jamie on for Meta Marshall. CRO said ISV traction spans financial services, health care and professional services, and ISV growth runs above the company average.
Got it. And then just a quick follow-up. Is there any impact from the price increase in the quarter?
Show response
Asked by Jamie on for Meta Marshall. CFO said the price increase had no material impact on the quarter.
Calendar 2025 Q1
you've seen this uptick in kind of multiproduct adoption, just kind of where you're seeing kind of that greatest attach
Show response
CRO said customers are adding second and third channels and software add-ons like SMS pumping protection and Verify are growing faster than the company.
does it change your perspective on kind of what markets internationally are the most attractive?
Show response
CRO said ISVs are adding voice in international and domestic markets but did not name which international markets are most attractive.
Calendar 2024 Q4
But just kinda what you're seeing kind of on the business environment as we start the year.
Show response
CEO described the environment as positive on balance, with customers ready to engage, while planning for a neutral macro rather than a rebound.
on the Segment piece, you know, the net expansion rate still kind of being below 100%.
Show response
Management said it does not run Segment to net expansion and cited multiyear deals, faster activation and warehouse interoperability, giving no timing.
ZBRAZebra Technologies5 questions · 4 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
on the healthcare side, you noted very strong kind of traction there over the last quarter. Just trying to get a sense of are those new customers? Are those new project types?
Show response
Burns said healthcare was the highest-growth vertical, driven by strong mobile computing as more caregivers are equipped with enterprise-grade solutions for staff communication, patient safety, and operational efficiency. Clinical mobility, urgent care, and track-and-trace for inventory visibility are contributing, along with Elo self-service opportunities (patient and visitor check-in) shown at HIMSS. Growth spans new and existing customers with new use cases and more devices in the hands of more clinical workers.
in terms of kind of revenue synergies or selling into the base, where are you in terms of kind of exploiting some of those natural overlap?
Show response
Burns said Elo's performance and integration reaffirm conviction in the acquisition, giving Zebra another dimension on the frontline around modernizing point of sale, self-service, and payments. Growth exceeded expectations in Q2, with about $10M of synergies identified so far and the real upside on the commercial side: expanding into new geographies Elo lacked, joint selling into named global accounts, and a strong pipeline of opportunities and early wins across the combined portfolio.
Calendar 2026 Q1
are there any verticals kind of within manufacturing, where you're seeing strength? Or do you think that some of this is starting to be some of the refresh
Show response
Burns said strength across semiconductor, auto, and machine vision quality control within manufacturing. Retail/e-commerce and healthcare also grew solidly. T&L cycling large compares but healthy pipeline with large refreshes building for 2027. Winters noted freight costs up 20-30% but less than 2% of revenue and incorporated into guidance.
Calendar 2025 Q2
does that expectation still stand where you would expect kind of volume to offset kind of price increases? And then the second question, just on Elo, any 10% customers
Show response
Winters said transactional business pricing flowing through well with modest volume impact. Mobile computing pricing realization lower due to electronics exemption, competitors also not paying higher tariffs so market prices aren't rising. Elo has diverse customer base with no 10% concentration.
Calendar 2024 Q4
is that still the same way to think about it and just kind of what you're seeing on that refresh pipeline, maybe build
Show response
Burns confirmed the refresh opportunity from COVID-era devices remains ahead, though no acceleration is visible yet. RFID had strong Q4 growth with pipeline broadening into fresh food and government.
ZSZscaler5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q3
I wanted to ask a question about the Z-Flex traction that you're seeing
Show response
Jay stressed Z-Flex offers flexibility rather than a mandate, letting customers start with some products, swap others without new procurement, ramp adoption, and commit for longer durations, though all products will become available under Z-Flex as the platform grows. Kevin added it eliminates repeated procurement cycles and noted fiscal 2026 ended with more than $1.7 billion in Z-Flex bookings.
Calendar 2026 Q2
what you think is kind of the most incremental to improve the measures that you laid out to improve the new logos
Show response
Jay outlined four specific initiatives: adding salespeople for 2,000-10,000 user enterprises, creating VAR channel incentives for new logos, partnering with GSIs including the AI Guardian program, and refocusing major accounts teams on new logo acquisition alongside upsell.
Calendar 2026 Q1
what you're seeing in terms of sales cycles once kind of a deal is encompassing more AI
Show response
Jay said AI security sales cycles are generally faster, starting with smaller deals that grow over time via consumption/token-based pricing. Customers prefer integrated solution from trusted vendor over startups. Recently launched integrated AI security portfolio.
Calendar 2025 Q4
how it's kind of performing towards expectations given that you guys have been looking at a fair amount of churn within your kind of assumption for that business
Show response
Jay said integration going well: G&A done, engineering integrating agentic AI with platform, go-to-market team acting as SecOps specialist. Kevin noted Red Canary trending slightly better than guidance but not material to overall business.
Calendar 2025 Q3
When customers start looking towards the AI security product adoption, just where are they looking for first
Show response
Jay outlined adoption sequence: securing public AI apps first (18 months in market), then private models via AI Guard (early but tremendous interest), then agent-to-agent zero trust communication (next big opportunity).
PANWPalo Alto Networks4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2026 Q3
how do you think either about ways that you can help them in terms of professional services investment
Show response
Nikesh said flexible commercial models (staggered payments, contract alignment, deploy-before-replace) accelerate platformization, but customers pace transformation over one to three years given competing AI and enterprise priorities.
Calendar 2026 Q2
How does that change how you're thinking about the opportunity with the AI native?
Show response
Nikesh said observability is maturing as DIY becomes uneconomic at scale, with Chronosphere delivering at roughly half industry cost.
Calendar 2026 Q1
We saw nice reacceleration in that business in fiscal Q2. Just any commentary about what you're kind of seeing driving some of that strength
Show response
Lee explained first-gen SASE adopters returning for more comprehensive platform approach. Employees need consistent experience across office, home, and travel. Platform bridges hardware, software, SASE, and browser security.
Calendar 2025 Q4
what inning are you seeing customers in, in terms of AI adoption? And is it different on AI for security versus kind of security for AI
Show response
Lee noted massive AI data center build-out is leading indicator but enterprise adoption still early. Security trails AI deployment. Customers increasingly want AI and AI security pilots running in lockstep.
CRWDCrowdStrike3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q3
is that kind of land happening differently? Like, are people taking more of a chance upfront, and moving more to you guys initially?
Show response
George said every customer is already next gen SIEM enabled since the first-party data lives in the platform, making it friction-free to license and easy to connect additional data sources like AI, SaaS, cloud and identity.
Calendar 2026 Q2
which of those are the biggest near term drivers that prompted you to meaningfully raise the net new ARR guidance
Show response
Burt listed module adoption, retention rates, record Q2 pipeline and the Mythos moment as the drivers of confidence in the raise.
Calendar 2025 Q4
is that kind of more endpoints getting protected as they become more intelligent or just existing customers looking to modernize
Show response
Kurtz explained AI adoption on endpoints (Claude Desktop, ChatGPT) creates new monitoring and protection requirements, and noted 50% of the market still runs legacy AV.
FTNTFortinet3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
how we should think about kind of the OT attach rate if there’s just like a percentage of a data center bill
Show response
Christiane Ohlgart declined to give a sizing percentage, saying it varies by industry; Ken Xie added that OT comes early in AI infrastructure buildout but offered no attach-rate figure.
if you could speak to whether some of the increases that you’re seeing are due to kind of shortening refresh cycles
Show response
Ken Xie argued growth exceeds a normal five-year refresh and reflects displacement of traditional firewall and SD-WAN vendors, but did not quantify any change in refresh cycle length.
Calendar 2025 Q3
Just wanted to see if there were any headwinds from any tariffs or componentry cost increases that were embedded in that guide
Show response
Christiane confirmed no tariff or component cost headwinds. Q4 gross margin guide reflects normal hardware/service mix and absence of Q3 reserve release benefits.
HPEHewlett Packard Enterprise3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2025 Q2
Just wanted to get a sense of kind of where you're seeing the most AI server traction kind of right now
Show response
Neri detailed three-segment AI dynamics: service providers are compute-centric, sovereign mixes compute/storage/supercomputing, enterprise values time-to-value with GreenLake. Myers confirmed hybrid cloud margins trending to high single digits by year-end.
Calendar 2025 Q1
how much of that was CPU versus kind of pricing inventory additional pricing and inventory on GPU
Show response
Myers clearly separated the unanticipated traditional compute pricing pressure from the anticipated GPU transition impact. Acknowledged the Q1 guide already included some GPU pressure but magnitude exceeded expectations.
Calendar 2024 Q4
Can you just talk about some of the puts and takes on maybe particularly server margin this quarter and just kind of the weight of some of the XD servers versus El Capitan recognition
Show response
Myers gave detailed breakdown of server margin drivers including Gen11 mix, commodity pass-through, and cost discipline. Neri added installed base refresh context.
NTAPNetApp3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2025 Q2
given the strength you're seeing on the first-party and marketplace, you know, is some of that also driven by kind of some of these AI use cases?
Show response
George confirmed AI use cases are contributing to cloud growth alongside broader technology differentiation and expanding analytics/AI workload coverage.
earlier in the year, you had noted maybe some of these proof of concepts would start to become full-blown deployments kind of towards the end of the year or kind of into '26. Are you seeing a pull ...
Show response
George characterized AI momentum as steady market unfolding rather than pull-forward. Inferencing is 80% of storage opportunity. FY26 expected to accelerate. Cloud also benefiting from enterprise AI customers using cloud for AI proof of concepts.
Calendar 2025 Q1
it sounds like it was more execution based versus -- I just want to clarify that customers maybe weren't a little bit more uncertain
Show response
George acknowledged European caution and some US public sector impact but confirmed deal pipeline progression in Q4.
PEverpure, Inc.3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2025 Q2
just wanted to see if there was an update on kind of some of the larger deals from last year that had flipped
Show response
CFO said larger (>$5M) and higher-velocity Evergreen//One deals are tracking as expected; two strong quarters aren't yet a trend but momentum is encouraging.
Calendar 2025 Q1
do you feel like customers are kind of opting more for OpEx -- sorry, for CapEx in this period
Show response
CEO said CapEx-vs-OpEx buying kept shifting because the on-prem as-a-service market is immature and the finance-side sale is complex; expects stabilization as it matures.
Calendar 2024 Q4
Is the TBD in that you don't know how fast they will roll out this new architecture
Show response
CEO said the main unknown is the customer's data-center buildout schedule and exact share; Pure has qualified for a very large portion and targets more.
MDBMongoDB, Inc.2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q2
you talked about the slower-than-planned headcount addition in the quarter. Can you tell us about the areas
Show response
Mike said the hiring lag was broad-based timing (not pullbacks), and framed the conservative full-year raise as prudence given macro and tariff uncertainty.
I want to dig in a little bit into the high-end focus, the large enterprise. Is there any data you can provide
Show response
Dev cited 75% of the Fortune 100 and 50% of the Fortune 500 as customers, larger deals, and materially higher productivity for enterprise-focused reps.
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 |
|---|---|---|
| CSCO Cisco Systems, Inc. | 15 | 0%none of 15 questions |
| KEYS Keysight Technologies | 14 | 0%none of 14 questions |
| CIEN Ciena Corporation | 9 | 11%1 of 9 questions |
| FFIV F5, Inc. | 9 | 0%none of 9 questions |
| LITE Lumentum Holdings Inc. | 9 | 0%none of 9 questions |
| COHR Coherent, Inc. | 8 | 0%none of 8 questions |
| GEN Gen Digital | 8 | 0%none of 8 questions |
| ANET Arista Networks | 7 | 0%none of 7 questions |
| AXON Axon Enterprise Inc. | 7 | 0%none of 7 questions |
| MSI Motorola Solutions | 7 | 0%none of 7 questions |
- CSCOCisco Systems, Inc. · 15 questions0%none of 15 questions
- KEYSKeysight Technologies · 14 questions0%none of 14 questions
- CIENCiena Corporation · 9 questions11%1 of 9 questions
- FFIVF5, Inc. · 9 questions0%none of 9 questions
- LITELumentum Holdings Inc. · 9 questions0%none of 9 questions
- COHRCoherent, Inc. · 8 questions0%none of 8 questions
- GENGen Digital · 8 questions0%none of 8 questions
- ANETArista Networks · 7 questions0%none of 7 questions
- AXONAxon Enterprise Inc. · 7 questions0%none of 7 questions
- MSIMotorola Solutions · 7 questions0%none of 7 questions
Show all 21 companies
| Company | Questions | Challenge rate |
|---|---|---|
| GLW Corning Inc. | 6 | 0%none of 6 questions |
| TWLO Twilio Inc. | 6 | 0%none of 6 questions |
| ZBRA Zebra Technologies | 5 | 0%none of 5 questions |
| ZS Zscaler | 5 | 0%none of 5 questions |
| PANW Palo Alto Networks | 4 | 0%none of 4 questions |
| CRWD CrowdStrike | 3 | 0%none of 3 questions |
| FTNT Fortinet | 3 | 0%none of 3 questions |
| HPE Hewlett Packard Enterprise | 3 | 0%none of 3 questions |
| NTAP NetApp | 3 | 0%none of 3 questions |
| P Everpure, Inc. | 3 | 0%none of 3 questions |
| MDB MongoDB, Inc. | 2 | —Rate withheld: fewer than 3 questions |
- GLWCorning Inc. · 6 questions0%none of 6 questions
- TWLOTwilio Inc. · 6 questions0%none of 6 questions
- ZBRAZebra Technologies · 5 questions0%none of 5 questions
- ZSZscaler · 5 questions0%none of 5 questions
- PANWPalo Alto Networks · 4 questions0%none of 4 questions
- CRWDCrowdStrike · 3 questions0%none of 3 questions
- FTNTFortinet · 3 questions0%none of 3 questions
- HPEHewlett Packard Enterprise · 3 questions0%none of 3 questions
- NTAPNetApp · 3 questions0%none of 3 questions
- PEverpure, Inc. · 3 questions0%none of 3 questions
- MDBMongoDB, Inc. · 2 questions—rate withheld: under 3 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 Q3 | 3 | 0%none of 3 questions | 2 |
| 2024 Q4 | 18 | 6%1 of 18 questions | 12 |
| 2025 Q1 | 16 | 0%none of 16 questions | 11 |
| 2025 Q2 | 21 | 0%none of 21 questions | 14 |
| 2025 Q3 | 16 | 0%none of 16 questions | 11 |
| 2025 Q4 | 14 | 0%none of 14 questions | 11 |
| 2026 Q1 | 20 | 0%none of 20 questions | 13 |
| 2026 Q2 | 21 | 0%none of 21 questions | 15 |
| 2026 Q3 | 7 | 0%none of 7 questions | 6 |
- 2024 Q33 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2024 Q418 questions · challenge rate 6% (1 of 18 questions) · 12 companies
- 2025 Q116 questions · challenge rate 0% (none of 16 questions) · 11 companies
- 2025 Q221 questions · challenge rate 0% (none of 21 questions) · 14 companies
- 2025 Q316 questions · challenge rate 0% (none of 16 questions) · 11 companies
- 2025 Q414 questions · challenge rate 0% (none of 14 questions) · 11 companies
- 2026 Q120 questions · challenge rate 0% (none of 20 questions) · 13 companies
- 2026 Q221 questions · challenge rate 0% (none of 21 questions) · 15 companies
- 2026 Q37 questions · challenge rate 0% (none of 7 questions) · 6 companies
Topics
Topics tagged on this analyst’s questions.
- Demand66
- Cloud & AI37
- Competitive Dynamics21
- Revenue Growth21
- Margin20
- Product Launch17
- Supply Chain12
- Innovation & R&D11
- Regulation Policy11
- Subscriber Growth10
Show all 20 topics
- Pricing10
- Trade Tariffs9
- Macroeconomic8
- M&A6
- Geographic Expansion5
- Cost Pressure4
- Guidance Reliability3
- Capital Allocation3
- Capex Investment3
- Fx2