Tomer Zilberman

Jason pointed to D-Series infrastructure and strong quick-turn devices but did not give an updated APX Next percent-of-shipments figure.

Greg dismissed immediate competitive threat from Axon, citing MSI's 60%+ position in 6,000 PSAPs, unique hybrid cloud/prem offering, and pervasive AI Assist integration across the portfolio. Mahesh emphasized deep integration across 911, CAD, and consoles.

Greg framed it as consistency rather than acceleration. Three consecutive quarters of double-digit product orders with full year 2026 expected the same. D-Series infrastructure, SVX units shipped, cloud adoption, and FedRAMP approval all widening addressable market. Raised guide from $12.6B to $12.7B.

Jason confirmed backlog normalization from $4.1B to $3.8B as expected. Bulk of change reflected in Q1. Q2 impact more limited. Second half of 2026 expected significantly stronger than first half, consistent with 2025 pattern.

Jason raised Silvus from $475M to $500M calendar year revenue. Still expects 20% growth in 2026 on higher base. EPS accretion now $0.30-$0.40 vs prior $0.20. Overperformance in Q3 from a Ukrainian order pulled forward from Q4.

Jason confirmed bulk of business is state and local, unaffected. Federal timing impact being watched for Q4. Greg emphasized any shutdown impact would be additive to $12.6B 2026 expectation.

Greg declined to comment on 2026 but noted Mission Critical Networks (new LMR label including Silvus) expected at mid-single-digit growth. Confidence in product backlog incrementally higher.

Greg said $185M in stub period for remaining 5 months. Jason suggested using weeks as approximation for Q3/Q4 split. Silvus EPS neutral in 2025, $0.20+ accretive in 2026.

Greg cited record Q1 orders, strong pipeline, good April performance, and continued strong cloud adoption as indicators supporting second half confidence.

Jason said Q1 and Q2 growth consistent with internal first half expectations. Tough comps from supply chain normalization driving lower growth rates. Full year 5.5% affirmed.

Jason noted video is largely quick-turn business (~$2B+) that doesn't come from backlog. The mix of backlog vs pipeline is shifting but demand indicators remain strong.

Jason confirmed Q4 video product growth. Noted software growth outpaced product growth within video for all of 2024, with more cameras contributing to the product line.

Natalie explained revenue reflects trailing 12-month bookings, and the gap is sub-2 points when looking at decimals rather than rounded whole numbers. Pointed to full year pro forma high-single-digit guidance as the right framework.

Vincent introduced a 'Rule of 50' framework: 30% growth at 20% margin. Believes some of the elevated growth may be a temporary boost from integration synergies. Will capture acceleration opportunistically. No significant macro impact baked into the 30% exit rate. Transition from transactional to subscription customers will be managed carefully.

Vincent cited high subscription/auto-renewal rates, no direct macro correlation historically, and strong March and April trends. Acknowledged MoneyLion may add slight volatility but noted financial wellness demand is countercyclical.

Vincent emphasized diversification across geographies, products, and channels as the primary hedge, noting the team is data-driven and prepared to leverage any market opportunities.

Natalie emphasized cross-sell and upsell working across all regions, driving both ARPU and retention improvements. At the cohort level, online and mobile ARPU is up mid-single digits year-over-year.

Natalie said FX impact on the guidance raise was immaterial, using current currency rates at time of revision.

Natalie confirmed the majority of net adds came from mobile and international expansion, consistent with prior quarters, with identity demand layered on top.

Werner attributed both the Americas acceleration and the APAC decline to shipment timing lag, not underlying demand differences across theaters.

Werner explained the annual versus sequential distinction in the renewal base and previewed second-half weighted software growth in FY27.

Cooper said H2 conservatism reflects pragmatism on calendar-year budget cycles and macro fluidity, not expected refresh slowdown. Refresh expansion remains orderly with no acceleration in legacy decommissioning. Q2 pipeline and momentum are strong. Renewal cohort more balanced than prior years with strong Q2 software growth expected.

Francois attributed the upside to secular trends gathering pace: hybrid multi-cloud investment, regulatory resiliency, data repatriation for AI readiness. Competitive displacements continuing. Emphasized the differentiation of ADSP platform enabling wins across multiple form factors.

Francois ranked AI data delivery as more immediate given F5's existing Layer 7 expertise with new protocols like MC3. AI runtime security expected to be a very substantial opportunity but will take longer to develop. Both benefit from Agentic AI driving more API proliferation.

Ed pushed back on focusing on the overall 10% number. API security more than doubled on first organic anniversary. Guardicore seeing continued strong demand. Penetration rates are relatively low with great track record of achieving high penetration. The fast-growing products have long runways.