Tyler Radke

Janesh said the disclosure changes reflect the launch of the operations business with MaintainX and the convergence strategy, committing to regular commentary on construction (growing north of 20%), Fusion, and operations, plus MaintainX revenue for four quarters. Direct answer.

Andrew framed data use around transparency and opt-out choice, describing productive customer conversations. Direct.

Andrew said to expect Autodesk to lean into operations (extending engagement from months/years to decades) following the construction playbook. World Labs is significant but operations space expansion is next.

Janesh explained this restructuring impacts customer-facing sales roles (vs prior non-selling roles), creating natural disruption. Q4's 14% laps an easy prior year. Data center business has been great, capacity shifts between sectors mean demand is viewed in aggregate.

Janesh said direct revenue mix increase was expected with NTM scaling. Store strength partly channel shift but also broader-based from countries without NTM rollout. India, LatAm, and Middle East contributing.

Janesh acknowledged FY26 started with prudent 8-9% guide (first full-year guidance, post-restructuring). Described business as consistent and resilient, with similar consistency implied in Q4 guide. Will consider GTM and macro risks for FY27.

Janesh said they completed long-term planning and wanted to address high-interest stockholder question. FCF and operating income will correlate highly as the business model settles.

Andrew confirmed PLG investment for construction and Fusion via the store. Self-service cross-sell/upsell automation still in development and will take time to monetize.

Janesh said EBA upfront revenue was one of several positive factors alongside strong billings linearity. Renewal rates and uplift momentum unchanged, with prudence factored in.

Andrew confirmed the 10-year maintenance-to-subscription price lock program is approaching sunset, with future increases tied to value delivered. Too early for specifics.

Andrew emphasized organic growth plus inorganic acceleration from Payapps, growing international distribution, and end-to-end solution demand driving durability.

Andrew outlined self-service, data-driven upsell/cross-sell automation, and channel partner transformation from transactional to solution-focused as efficiency levers.

Brian Van Wagener declined to give timing beyond the current year but expressed confidence in the trajectory of EDC, eCOA, RTSM, Safety and LIMS toward 2030.

Peter said pipeline is strong with enterprise wins in safety and quality, attributing the lack of large top 20 Dev Cloud wins to timing.

Peter attributed outperformance to good execution and timing. Implementation times shortening naturally as products and services improve. Big push on tech-enabling services hasn't borne much fruit yet but expects it in 1-2 years. AI helping with system migration, cited EDC migration use case. Still early days.

Brian said hiring is in product and services (including Generation Veeva college program). Some services margin impact as new hires ramp. Will wind down over time as new hires build projects.

Peter said decisions involve individual dynamics, cultural alignment, and desire to try something new. Win-backs depend on executive turnover, vendor non-delivery, or project failure, could be one year or ten years.

Peter said the structural advantage is having deep system-of-record applications with users in workflow. Agents run inside Vault with full security, transaction control, and data access. Contrasted with AgentForce growing from call center use case and generic toolkit approaches.

Peter said IQVIA revenue impact is not material for this year but will contribute in coming years. Higher confidence in the year comes from Q3/Q4 being closer with things firming up.

Peter said reshoring is not material for Veeva. Large customers have enterprise capabilities regardless. Could potentially delay quality projects if emergency reshoring takes strategic focus, but no evidence so far.

Brian said the Q1 outperformance was largely Crossix and services timing. Services expected to normalize Q2-Q4. The Crossix beat pulls through to the balance of the year. Business is largely as expected ninety days ago.

Brian declined to give specific FY26 guidance but noted marginally better visibility. Updated FY25 guidance reflects subscription growth of about 15%.

DiRico gave the 2x deferred ARR figure for fiscal '27 but explicitly declined to quantify the Q4 contribution.

Barua described data center infrastructure companies facing fragmented PLM environments with multiple systems and manual processes. AI aspiration leads back to needing structured data foundation. PTC positioned as picks and shovels underneath the data center build-out. Displacements accelerating across Codebeamer, PLM, Onshape and Creo.

Barua framed the entire transformation narrative: 12 months of GTM work now showing in demand capture. Inflection point becoming more apparent in Q4 2026 and substantially in FY2027-2028. Building a durable accelerating growth company, not optimizing in-quarter ARR.

Barua did not commit to a double-digit timeline but described ingredients: Intelligent Product Lifecycle vision resonating, GTM foundation set, business focus sharpened with divestiture. Said this year is about repeating and making it durable, then results will speak for themselves.

Barua described win rates creeping up, rep productivity improving, and vertical messaging being deployed. Dahdah added outcomes-based messaging is being tested internally and externally and is on track to inform FY2026 planning.

Barua confirmed uncertainty is not product-specific since all PTC products are mission-critical. Framed it as customers reassessing investment timing based on supply chain, input costs and manufacturing location uncertainties triggered by April trade policy changes.

CJ said one lab began inference on Atlas late last year as a memory layer and added more inference workloads in Q2 after strong read/write performance versus Postgres.

CJ laid out a three-bucket partner strategy, hyperscalers, a few system integrators for modernization, and the AI-native ecosystem, leveraging his ServiceNow playbook.

Mike said the Atlas/EA mix is customer-specific with no pattern; CJ added this customer runs hybrid infrastructure, keeping some workloads on EA and growing others on Atlas.

Dev candidly said the AI-native cohort was not a material driver of Q2 growth despite adding thousands of such customers; growth came from the core business.

Dev said workload-quality changes are having a reasonable positive impact but it is too early to declare victory since workloads start small and grow.

Steven attributed the gap between the beat and the raise to a slight FX headwind into Q4, with nothing changing in the underlying business.

Anil emphasized an expanding creativity TAM and the SaaS-to-agentic-software shift, deferring product specifics to Adobe MAX.

Shantanu said strength was broad across all areas: CC Pro migration, Firefly subscriptions driving new creators, and Firefly Services in the enterprise.

Shantanu said AI-influenced revenue already in the billions. Tracking ahead of $250M AI Direct ARR target. Very early in AI monetization but advanced in innovation delivery.

Sridhar and Christian said owning the UX (CoCo/CoWork) is critical and hybrid tables plus Postgres position Snowflake for operational systems of record.

Sridhar said the four nine-figure customers spend significantly, and product revenue is the best forward indicator.

Sridhar asserted Snowflake's leadership on ease of use, connectedness and trust versus competitors.

Mike said AI-native customers remain less than 1% of revenue, no extraordinary contribution.