Core Insights - Zscaler, Inc. (ZS) is experiencing significant growth from its Z-Flex program, which allows customers to commit to spending levels while maintaining flexibility to adjust modules later, potentially driving future growth [1][2] Group 1: Z-Flex Program Performance - Z-Flex was introduced in Q3 of fiscal 2025 and generated over $175 million in total contract value bookings in Q1 of fiscal 2026, marking a 70% sequential increase, indicating strong customer interest in flexible licensing [2][11] - The program is enhancing relationships with existing clients, leading to increased annual spending as enterprises adopt multiple modules under Z-Flex, which is crucial for Zscaler's strategy focused on platform adoption across various security offerings [3][5] - Z-Flex is facilitating larger deal sizes, as customers are more inclined to commit to broader deployments knowing they can adjust product choices later, thus accelerating sales cycles [4][11] Group 2: Financial Outlook - The early success of the Z-Flex program suggests it could become a sustainable growth engine for Zscaler, with the Zacks Consensus Estimate projecting revenue growth of 23.2% for fiscal 2026 and 19.8% for fiscal 2027 [5] - Zscaler's shares have decreased by 14.8% over the past year, slightly better than the Zacks Security industry's decline of 15.6% [9] - The company trades at a forward price-to-sales ratio of 7.37, which is below the industry average of 10.01, indicating potential undervaluation [13] Group 3: Competitive Landscape - Zscaler faces competition from Palo Alto Networks, Inc. and CrowdStrike Holdings, Inc., both of which employ similar platform-driven growth strategies with flexible bundles to enhance customer spending [6][8] - Palo Alto Networks offers subscription pricing and bundled offerings that can provide 10-15% savings compared to purchasing products separately, encouraging broader platform adoption [7] - CrowdStrike's Falcon platform bundles and Falcon Flex licensing model allow customers to add modules without new procurement cycles, contributing to a significant year-over-year growth in annual recurring revenue [8]

Cloudastructure (NasdaqCM:CSAI) Conference Call Summary Company Overview - **Company**: Cloudastructure - **Industry**: AI-powered cloud video surveillance and remote guarding - **Headquarters**: Palo Alto, California - **Public Listing**: NASDAQ - **Key Technology**: AI-driven surveillance platform that allows remote guards to monitor multiple camera feeds and intervene in real-time, boasting a 98% crime deterrence rate [3][6] Core Points and Arguments Revenue Growth - **2025 Performance**: Achieved approximately 270% year-over-year revenue growth, exceeding $5 million in organized revenue, with Q4 showing a 306% increase year-over-year [7][8] - **Key Growth Drivers**: - Established traction in the multifamily housing sector, facilitating expansion within property management firms [8] - Entry into new verticals such as transportation, logistics, and construction [8] Competitive Advantages - **Differentiation**: Cloudastructure's solution is noted for its effectiveness compared to competitors, with a focus on real video footage for training AI models, enhancing threat detection capabilities [9][10] - **Human-in-the-Loop**: The integration of remote guards allows for real-time assessment of potential threats, providing a significant advantage over competitors relying solely on AI [10][11] Technology Innovations - **Recent Innovations**: Introduction of mobile surveillance trailers, powered enclosure technology, and proprietary video compression that reduces bandwidth usage by up to 50% [12][15] - **Impact on Growth**: Innovations are expected to enhance competitive positioning and unit economics, particularly in construction and commercial properties [15] Customer Acquisition and Market Strategy - **Customer Growth**: Reported a 74% increase in customer base in 2025, with contracts with six of the top ten multifamily property management firms in the U.S. [18][20] - **Sales Strategy**: Divided sales organization into two groups focusing on existing markets for expansion and new markets for customer acquisition [19] - **Market Potential**: Current customer base represents a total addressable market of approximately $1 billion, with significant opportunities for growth in new verticals [20] Financial Performance and Projections - **Recurring Revenue**: Recurring services are expected to grow significantly, with a current run rate of approximately $1.7 million annually, indicating strong revenue visibility [38][39] - **Gross Margin Improvement**: Margins improved from 17% in 2024 to 45% in 2025, with expectations for continued growth as the business scales [37][38] - **Cash Position**: Ended Q3 with $6.4 million in cash, with access to additional capital through various facilities if needed [46][47] Return on Investment (ROI) - **Customer ROI**: Demonstrated significant ROI for customers, with one example showing a 43% ROI in the first year and 133% ongoing, highlighting the value of the service in reducing crime and improving quality of life [40][41] Other Important Insights - **Sales Cycle**: The average sales cycle in the multifamily market is about nine months, but has shortened as trust in the brand has grown [23] - **Market Trends**: Increasing demand for cloud-based architecture and remote monitoring solutions as traditional physical security methods become less effective [25][26] - **Future Milestones**: Investors should look for new customer wins, expansion in existing accounts, new product introductions, and positive financial results in 2026 [51] This summary encapsulates the key points discussed during the conference call, providing insights into Cloudastructure's business model, growth strategies, competitive advantages, and financial outlook.

Key Takeaways PANW to acquire Koi to address security gaps from AI agents, plugins and scripts on endpoints.Palo Alto Networks will integrate Koi into Prisma AIRS and Cortex XDR to boost AI activity visibility.PANW sees the deal supporting long-term growth as enterprise AI adoption expands.Palo Alto Networks (PANW) recently announced its intent to acquire Koi, a company focused on Agentic Endpoint Security. Nowadays, new security risks are created by AI agents, tools, plugins and scripts that operate direct ...

market…]## Palo Alto Networks Climbs 4.8% This Week Before Tuesday's Earnings Release[Eric Bleeker | Feb 14, 2026 at 6:45 PM EST Palo Alto Networks (NASDAQ:PANW) had a volatile week, climbing 4.79% to close Friday at $166.95 after starting the week at…]## Wall Street Still Loves Nvidia After Incredible Earnings Report[Ian Cooper | Nov 20, 2025 at 9:29 AM EST Markets are exploding on Nvidia (NASDAQ: NVDA | NVDA Price Prediction) earnings. Just last night, Nvidia posted EPS of $1.30,…]## Top Gaining Stocks[Gl ...

Check Point Software Technologies (NasdaqGS:CHKP) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Company ParticipantsKip Meintzer - Global Head of Investor RelationsNadav Zafrir - CEORoei Golan - CFOShaul Eyal - Managing Director of Equity ResearchConference Call ParticipantsAdam Tindle - AnalystBrad Zelnick - Equity Research AnalystBrian Essex - Equity Research AnalystJoseph Gallo - Equity Research AnalystJoshua Tilton - Equity Research AnalystJunaid Siddiqui - Equity Research AnalystKeith Bachman - E ...

Core Insights - Cisco announced a significant evolution of its security portfolio aimed at enabling enterprises to adopt agentic AI confidently, focusing on agent protection, interaction governance, and resilient connectivity for AI-driven workflows [2][3]. Group 1: Security Enhancements - The expansion of Cisco AI Defense introduces new features to secure agents and the AI supply chain, helping teams inventory and govern AI assets while identifying vulnerabilities earlier in the development lifecycle [5]. - AI Defense has aligned with leading AI frameworks from organizations like NIST, OWASP, and MITRE, and now includes mapping to Cisco's Integrated AI Security and Safety Framework [6]. - New runtime protections include integration with NVIDIA NeMo Guardrails, providing a modular architecture for real-time protection of AI systems in production [7]. Group 2: Governance and Risk Management - Cisco's AI BOM (Bill of Materials) offers centralized visibility and governance for AI software assets, enhancing the security of the AI supply chain [9]. - The MCP Catalog helps discover and manage risk across MCP servers and registries, strengthening AI governance [9]. - Advanced algorithmic red teaming expands AI security assessments, while real-time guardrails monitor agent interactions to detect unsafe behavior [9][10]. Group 3: Connectivity and Performance - Cisco's IOS XE 26 introduces full-stack post-quantum cryptography (PQC) protections, aligning with evolving regulatory guidance and defending against device tampering [13]. - The new capabilities in Cisco SASE are designed to govern agent interactions and ensure reliable AI traffic, addressing the complexities of AI-driven workflows [11][12]. - AI traffic optimization techniques are implemented to maintain low-latency interactions during high-load periods, ensuring predictable performance [17]. Group 4: Additional Features - Cisco Duo is enhancing visibility and protection for on-premises identity infrastructure, addressing legacy gaps in modern controls and multi-factor authentication [18]. - New agentic capabilities in Cisco Security Cloud Control will proactively analyze firewall traffic and configurations to surface recommendations and autonomously remediate issues [18].

Financial Data and Key Metrics Changes - Total billings grew by 18% to $2.37 billion in Q4 2025, driven by strong growth in Unified SASE and operational technology security [15][22] - Total revenue increased by 15% to $1.91 billion, with product revenue up over 20% to $691 million and service revenue growing 12% to $1.21 billion [16][17] - Operating margin was strong at 37.3%, exceeding guidance due to better-than-expected revenue growth and cost management [21][22] - Free cash flow reached $577 million, representing a margin of 31% [22][24] Business Line Data and Key Metrics Changes - Unified SASE billings grew 40%, representing 27% of total billings, indicating strong demand for cloud security solutions [8][15] - Operational technology solutions saw billings growth of over 25%, reflecting broad-based demand for both hardware and software [10][16] - AI-driven SecOps billings grew 6% in Q4 and 22% for the full year, with annual recurring revenue (ARR) up 21% [10][16] Market Data and Key Metrics Changes - The U.S. and Europe were the largest contributors to growth in $1 million-plus deals, each delivering more than 30% growth [16] - 7,200 new organizations selected the unified FortiOS platform, reinforcing the company's strong position across all market segments [16] Company Strategy and Development Direction - The company aims to continue growing faster than the overall market, with a target of achieving billings and revenue CAGR above 12% [11][27] - Fortinet is positioned as a leader in the 2025 Gartner Magic Quadrant for SASE platform, with a focus on integrating networking and security [10][11] - Continued investment in R&D across custom silicon, OS convergence, AI-driven security, and Fortinet-owned cloud infrastructure supports rapid innovation and organic growth [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth drivers for 2026, citing strong demand across various sectors, including AI and operational technology [33][34] - The company is well-prepared for supply chain challenges, maintaining healthy margins and inventory levels [42][43] - Management believes that the Sovereign SASE market presents a significant growth opportunity, as competitors have not yet entered this space [32][50] Other Important Information - The company reaffirmed its commitment to the Rule of 45 for the seventh consecutive year, indicating strong financial health [24][27] - Pricing actions have been implemented, with expected increases between 5% and 20% on specific products, which will positively impact service revenue over time [73][84] Q&A Session Summary Question: What drove the strength in Unified SASE billings and the strong guidance for 2026? - Management highlighted strong growth in Sovereign SASE and the unique advantages of their integrated platform as key drivers [31][32] Question: How is the company navigating the current environment regarding memory prices? - The company has prepared for supply chain issues and maintains a healthy margin, adjusting prices as necessary [42][43] Question: What is the revenue mix between Sovereign and public SASE? - Management indicated that the Sovereign SASE market is likely larger than the public SASE market, with strong growth expected [50] Question: How does the company view the potential for cannibalization between SASE and traditional products? - Management believes SASE will complement rather than cannibalize traditional networking and security solutions, creating additional business opportunities [68][70] Question: What are the expected pricing actions for 2026? - Pricing for appliances is expected to increase between 5% and 20%, depending on the product [73][84]

Core Insights - The company reported strong demand driven by AI-related security risks, with executives noting that AI is a common topic in customer discussions and highlighting the need for a platform approach to address security gaps [1][4][6] Financial Performance - In Q4, the company achieved revenue of $260.5 million, reflecting a 10.5% year-over-year increase, and an 11% revenue growth for the full year [3][4] - The operating margin for Q4 was reported at 24%, with a non-GAAP gross margin of 82.7%, up from 81.7% a year ago [5][12] - Non-GAAP EPS for Q4 was $0.48, an increase from $0.41, attributed to higher profitability and fewer diluted shares outstanding [13] Customer Growth and Platform Adoption - The company added over 500 new enterprise platform customers in the quarter, with Tenable One accounting for 46% of new business in Q4, marking a record high [2][6] - Management emphasized the importance of Tenable One in consolidating fragmented solutions and addressing customer needs for comprehensive risk management [11][19] Strategic Initiatives - The company is focusing on AI exposure management, having closed significant deals, including a seven-figure contract with a major telecom [6][18] - A departmental realignment was initiated to enhance innovation in Tenable One and AI security, resulting in restructuring expenses [17] Future Outlook - For 2026, the company guided revenue between $1.065 billion and $1.075 billion, marking the first time revenue is expected to surpass $1 billion [14] - The company also projected unlevered free cash flow of $285 million to $295 million for the full year 2026, despite anticipated headwinds from billing patterns [15][16]

Financial Data and Key Metrics Changes - Revenue for Q4 was $260.5 million, representing a year-over-year growth of 10.5% and a full-year growth of 11.0% [20][21] - Non-GAAP gross margin for Q4 was 82.7%, an increase from 81.7% in Q4 2024, while the full-year gross margin was 82.1%, compared to 81.4% in the prior year [23][24] - Non-GAAP earnings per share for Q4 was $0.48, up 17.1% from $0.41 in Q4 2024, and for the full year, it was $1.59, an increase of 23.3% from $1.29 in 2024 [25] Business Line Data and Key Metrics Changes - Tenable One accounted for 46% of new business in Q4, marking a significant milestone for the platform [7][22] - The company added 502 new customers in Q4, the highest in two years, indicating strong demand for Tenable One [7][20] - The net dollar expansion rate was 106%, exceeding expectations [23][70] Market Data and Key Metrics Changes - Tenable was recognized as a leader in the 2025 Gartner Magic Quadrant for Exposure Assessment Platforms and as a Customers' Choice in the 2025 Gartner Peer Insights [14][15] - The company is experiencing strong demand driven by the rapid adoption of AI, closing its first seven-figure deal related to AI exposure in Q4 [16] Company Strategy and Development Direction - The company is focusing on a platform-first approach, emphasizing unified visibility, insight, and action to manage risk across complex attack surfaces [9][10] - Investments are being made in AI security and advanced remediation capabilities, with a belief that remediation will be a major part of the next chapter in exposure management [10][11] - The company aims to leverage its extensive exposure data to create competitive advantages and drive scalability [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum of Tenable One and the growing opportunities in AI exposure, setting a foundation for returning to accelerating growth in 2026 [34][33] - The company expects revenue for Q1 2026 to be in the range of $257 million to $260 million, representing a year-over-year increase of 8.1% at the midpoint [28] - For the full year 2026, revenue is expected to be between $1.065 billion and $1.075 billion, marking a year-over-year increase of 7.1% at the midpoint [29] Other Important Information - The company repurchased 2.3 million shares for $62.5 million in Q4, with a total of 10.6 million shares repurchased for $362.4 million since November 2023 [26] - A restructuring effort was initiated, incurring $3.1 million in expenses in Q4, with an expectation of approximately $5 million more in the first half of 2026 [31] Q&A Session Summary Question: Regarding the large customer cohort and net additions of $100,000 ACV customers - Management noted that while new business was strong with 500 new customers added, the value of these new customers was higher than in the past, and expansion within large customers was also strong [35] Question: On the success with AI exposure and customer activity - Management indicated that AI is a prevalent topic in every customer conversation, with significant interest in securing AI workloads and addressing governance issues [37] Question: About the adoption of additional modules within Tenable One - Management highlighted that customers are increasingly adopting the platform for holistic risk assessment, with a focus on visibility, insights, and action [43] Question: On the dynamics of billings duration and guidance - Management explained that while there are headwinds from billings duration, they are confident in revenue growth and operational income for 2026, despite the changes in billing patterns [46][47] Question: Regarding the strength in professional services - Management attributed the increase in professional services to the deployment of the platform at scale, which requires more support for exposure management initiatives [62] Question: On the pricing environment and ASPs - Management confirmed that there was no pricing pressure and that selling Tenable One allows for higher pricing due to the consolidation of multiple tools into a single platform [90]

Financial Data and Key Metrics Changes - Revenue for Q4 was $260.5 million, representing a year-over-year growth of 10.5%, and full-year growth of 11.0% [20][21] - Non-GAAP gross margin for Q4 was 82.7%, an increase from 81.7% in Q4 2024, while full-year gross margin was 82.1%, compared to 81.4% in the prior year [23][24] - Non-GAAP income from operations for Q4 was $63.7 million, or 24.4% of revenue, with full-year income growing to $219.0 million, or 21.9% of revenue [24] - Non-GAAP earnings per share for Q4 was $0.48, an increase of 17.1% from $0.41 in Q4 2024, and for the full year, it was $1.59, up 23.3% from $1.29 in 2024 [25] Business Line Data and Key Metrics Changes - Tenable One accounted for 46% of new business in Q4, marking a record for the company [7][22] - The company added 502 new customers in Q4, with many adopting Tenable One directly [21] - The net dollar expansion rate was 106%, exceeding expectations [23][69] Market Data and Key Metrics Changes - The company was recognized as a leader in the Exposure Management category by IDC and in the unified vulnerability management category by Forrester [14] - Tenable was named a leader in the 2025 Gartner Magic Quadrant for Exposure Assessment Platforms [14] Company Strategy and Development Direction - The company is focusing on a platform-first approach, emphasizing unified visibility, insight, and action to manage risk across complex attack surfaces [9][10] - Investments are being made in AI security and orchestration capabilities, with a strong belief that remediation will be a major part of the next chapter in exposure management [10][11] - The company aims to leverage its vast amounts of exposure data to deliver data-driven scalability and transparency [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum of Tenable One and the growing opportunity in AI exposure management [28][29] - The company expects revenue for Q1 2026 to be in the range of $257 million to $260 million, representing a year-over-year increase of 8.1% at the midpoint [29] - For full-year 2026, revenue is expected to be in the range of $1.065 billion to $1.075 billion, exceeding the $1 billion milestone for the first time [29] Other Important Information - The company repurchased 2.3 million shares for $62.5 million in Q4, with a total of 10.6 million shares repurchased for $362.4 million since November 2023 [26] - A $150 million increase to the share repurchase authorization was approved, bringing the total to $338 million [26] Q&A Session Summary Question: Can you explain the lower net additions of $100,000 ACV customers? - Management noted that while new business was strong, the expansion within large customers was more significant, indicating a shift towards larger deal sizes [35][36] Question: How is customer interest in AI exposure evolving? - AI is a prevalent topic in customer conversations, with significant interest in managing AI exposure and security [37][38] Question: What additional modules within Tenable One are customers adopting? - Customers are increasingly adopting modules for traditional VM, web app, cloud security, and securing the AI attack surface [44][45] Question: How should we interpret the guidance for CCB in 2026? - Management indicated that while there are headwinds from billings duration, they expect CCB to align with current consensus expectations due to strong underlying business momentum [47][48] Question: What is the outlook for professional services? - The demand for professional services is increasing as customers deploy the platform at scale, leading to larger transactions [61][62] Question: How is the pricing environment currently? - Management reported no pricing pressure and noted strong ASPs, particularly when selling Tenable One [90]