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Analyst
Will Fitzsimmons
Period: Reporting periods mapped to calendar 2025 Q4 – 2026 Q3 (4 quarters).
- Questions
- 7on tracked calls
- Challenge rate
- 14%1 of 7 questionsLimited sample
- Companies
- 3questioned at least once
- Reporting periods
- 4with 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 7 of 7 questions from 3 companies
ADBEAdobe Inc.3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q3
On the Topaz Labs deal, what strategic gaps does Topaz help fill in the product portfolio
Show response
Anil described Topaz (expected to close Q4) as a state-of-the-art AI enhancement adjacency fitting Creative Cloud, Firefly, and Firefly Enterprise.
Over time, which pricing model do you expect to become the primary driver of AI revenue?
Show response
Anil declined to pick a single model, saying monetization varies by customer context after Adobe first drives usage and engagement.
Calendar 2026 Q2
there is a lot of debates right now around kind of the moats in software
Show response
Shantanu pointed to capital-allocation confidence via the $25B authorization and an opportune environment for technology tuck-ins.
FIGFigma, Inc.3 questions · 3 reporting periods · 1 of 3 challenging
Calendar 2026 Q2
can you just contextualize how Figma's MCP usage has trended year-to-date?
Show response
Dylan clarified the 75% was QoQ write-MCP growth; Praveer said hiring is below plan as AI augments the team.
Calendar 2026 Q1
help investors think about Figma's differentiation in kind of this rapidly changing landscape.
Show response
Dylan cited multiplayer canvas, deep product context, and unified AI/design/code manipulation as core differentiators.
Calendar 2025 Q4
what's kind of the breakdown between expected gross margin compression from AI investments in the AI product ramp
Show response
Praveer attributed the margin step-down to AI investment flowing through gross margin and operating income; Dylan framed it as time to invest.
VEEVVeeva Systems Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q3
What ultimately drove them to Veeva over Salesforce?
Show response
Paul Shawah attributed the wins (including Biogen and Regeneron) to trust and product excellence, and said the 2 remaining top-20 decisions should finalize this year with Veeva liking its chances.
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 |
|---|---|---|
| ADBE Adobe Inc. | 3 | 0%none of 3 questions |
| FIG Figma, Inc. | 3 | 33%1 of 3 questions |
| VEEV Veeva Systems 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 |
|---|---|---|---|
| 2025 Q4 | 1 | 0%none of 1 question | 1 |
| 2026 Q1 | 1 | 100%1 of 1 question | 1 |
| 2026 Q2 | 2 | 0%none of 2 questions | 2 |
| 2026 Q3 | 3 | 0%none of 3 questions | 2 |
- 2025 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q11 question · challenge rate 100% (1 of 1 question) · 1 company
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2026 Q33 questions · challenge rate 0% (none of 3 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Competitive Dynamics3
- Cloud & AI3
- M&A2
- Demand1
- Product Launch1
- Pricing1
- Labor Market1
- Margin1
- Capex Investment1