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Analyst
Shrenik Kothari
Period: Reporting periods mapped to calendar 2024 Q4 – 2025 Q4 (5 quarters).
- Questions
- 12on tracked calls
- Challenge rate
- 0%none of 12 questions
- Companies
- 3questioned at least once
- Reporting periods
- 5with 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 12 of 12 questions from 3 companies
ZSZscaler6 questions · 5 reporting periods · 0 of 6 challenging
Calendar 2025 Q4
can you help us unpack where there's more traction, what's currently driving in terms of use cases
Show response
Jay outlined five AI security products in maturity order: GenAI Security (most mature, large customer base), AISPM (strong interest), AI Guard (early but growing with strong pipeline), Red Teaming via SPLX (newest), agent-to-agent Zero Trust (building). Kevin said no massive margin impact from compute-rich AI products.
Calendar 2025 Q3
how are you adjusting go to market as well across new logo and platform
Show response
Jay said both new logo and upsell are big opportunities. 55% of Fortune 500 still not customers. New innovations mostly land in existing base via CIO/CSO relationships. Some solutions like AI security also opening doors for new logos.
Calendar 2025 Q2
Can you tell us a little bit about what kinds of attach rates are you seeing there? And if it's driven by flex, any sense of percentage of sort of wins which explicitly citing this Gen AI-related risk
Show response
Jay outlined three AI solution areas: securing public AI (including M365 Copilot), LLM proxy for private AI apps, and agentic operations for IT/SecOps. Growth starting from small numbers but impressive across all three.
Calendar 2025 Q1
can you talk about the traction we've seen with customers who are willing to opt out of the lengthy pack towards their whole stack
Show response
Jay cited CXO Exchange Summit survey: 96% of 100 attendees ready to embrace Zero Trust Branch. Combination with Zero Trust Cloud creates compelling story.
are you guys maximizing upfront deal sizes versus more longer-term expansion? And how does it play into the NRR
Show response
Remo cited bigger deals, 65% upsell mix, larger customer emphasis, and emerging products expanding the platform.
Calendar 2024 Q4
can you just help provide some more quantifiable color in terms of incremental ARR tied to GSI-led deals
Show response
Jay confirmed increasing GSI contribution but didn't share specific ARR numbers. GSIs now standardizing on emerging products beyond ZIA/ZPA/ZDX.
FTNTFortinet5 questions · 4 reporting periods · 0 of 5 challenging
Calendar 2025 Q3
how large do you think is the addressable opportunity here? And who are you targeting?
Show response
Ken acknowledged the AI data center security market is early stage and difficult to size but could become a huge market given AI explosive growth. Engaging with AI and data center service providers to test ASIC-based security solutions.
Calendar 2025 Q2
Can you talk a little bit about how the channel incentives are moving towards kind of achieving your internal targets?
Show response
Christiane confirmed channel incentives are aligned around multiproduct adoption with higher back-end rebates. Ken added direct marketing and direct sales investments for big enterprise are driving 40-50% growth in larger deals.
Calendar 2025 Q1
how much of SASE, SecOps growth is now -- are now driven by kind of first-time Fortinet customers versus sort of expansion from your existing installed base?
Show response
Christiane confirmed most new logos are smaller customers starting with FortiGate, with a few large new logo wins. SaaS/SecOps growth remains primarily an expansion motion from existing installed base.
Just curious, what is driving strength out there? I mean I know Ken mentioned about the telco partnerships and tariff shaping demand for sovereign SASE
Show response
Christiane cited OT security and government as key EMEA drivers in internationally emerging markets, with similar modernization trends in APAC including government wins.
Calendar 2024 Q4
provide an update on, start with the incentives, which are tied to about telling SAPI tech ops, and how did incentives are impacting overall, kind of, proper metrics, deal conversion
Show response
Ken described customer feedback on easier SaaS upgrades via single OS and shorter sales cycles, but did not share specific conversion rate or incentive ROI metrics.
NETCloudflare, Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q4
as you're engaging with publishers, can you share early feedback around adoption towards soft top controls to block scraping, but also the evolution of a structured marketplace model here
Show response
Prince described overwhelmingly positive content creator reception. Expanding beyond media to financial services research departments seeing subscription declines from AI slurping data. AI companies accepting Cloudflare as fair neutral broker. Microsoft and Amazon launching competing content marketplaces but creators prefer Cloudflare's trusted neutrality over hyperscalers building their own foundation models.
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 |
|---|---|---|
| ZS Zscaler | 6 | 0%none of 6 questions |
| FTNT Fortinet | 5 | 0%none of 5 questions |
| NET Cloudflare, Inc. | 1 | —Rate withheld: fewer than 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 Q4 | 2 | 0%none of 2 questions | 2 |
| 2025 Q1 | 4 | 0%none of 4 questions | 2 |
| 2025 Q2 | 2 | 0%none of 2 questions | 2 |
| 2025 Q3 | 2 | 0%none of 2 questions | 2 |
| 2025 Q4 | 2 | 0%none of 2 questions | 2 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q14 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Cloud & AI7
- Demand5
- Competitive Dynamics4
- Product Launch3
- Innovation & R&D2
- Capex Investment1
- Revenue Growth1
- Geographic Expansion1