Core Insights - Braze, Inc. reported better-than-expected earnings for Q1, with earnings of 7 cents per share, surpassing the analyst consensus estimate of 5 cents per share [1] - The company achieved quarterly sales of $162.06 million, exceeding the analyst consensus estimate of $158.66 million [1] Financial Guidance - Braze lowered its FY2026 adjusted EPS guidance from 31 cents to 35 cents, while raising its FY2026 sales outlook from a range of $686 million-$691 million to $702 million-$706 million [2] Leadership and Growth - CEO Bill Magnuson expressed optimism about the company's strong start in fiscal year 2026, highlighting revenue growth, profitability, and free cash flow [3] - Ed McDonnell will join Braze in July to lead global revenue operations, bringing a strong track record in high-growth public SaaS businesses [3] Stock Performance - Following the earnings announcement, Braze shares dipped 12.6% to trade at $31.50 [3] Analyst Ratings and Price Targets - Stephens & Co. analyst Brett Huff maintained an Overweight rating on Braze, lowering the price target from $51 to $41 [9] - UBS analyst Taylor McGinnis maintained a Buy rating, cutting the price target from $51 to $48 [9] - JMP Securities analyst Patrick Walravens reiterated a Market Outperform rating, maintaining a price target of $68 [9]

Group 1 - Intapp (NASDAQ: INTA) operates in the vertical SaaS space, which has a more limited total addressable market compared to broader horizontal SaaS platforms [1] - The customer base of Intapp is niche but may be more sensitive to macroeconomic slowdowns, particularly in discretionary spending [1]

Financial Data and Key Metrics Changes - Braze reported Q1 2026 revenue of $162.1 million, representing a nearly 20% year-over-year increase [6][18] - Non-GAAP operating margin improved by over 900 basis points year-over-year, with non-GAAP net income of $7 million and free cash flow of nearly $23 million [6][24] - Total remaining performance obligation (RPO) was $829.3 million, up 26% year-over-year, while current RPO increased by 24% year-over-year to $522 million [20] Business Line Data and Key Metrics Changes - Subscription revenue accounted for 96% of total revenue, with the remaining 4% from professional services and onboarding fees [18] - The customer count rose to 2,342, an increase of 11% year-over-year, with large customers (spending at least $500,000 annually) growing by 24% year-over-year to 262 [18][19] - Dollar-based net retention (DBNR) was 109 overall and 112 for large customers, indicating strong customer expansion [19] Market Data and Key Metrics Changes - Revenue outside the U.S. contributed 46% of total revenue, up from 45% in the previous quarter [20] - The company secured new business wins across various sectors, including fintech, luxury retail, and healthcare, demonstrating broad market strength [7][9] Company Strategy and Development Direction - Braze aims to become the leading customer engagement platform globally, focusing on AI-driven solutions and first-party data utilization [6][10] - The acquisition of OfferFit is expected to enhance Braze's AI capabilities and customer engagement strategies, allowing for more personalized experiences [12][14] - The company is committed to investing in technology and community to elevate customer engagement practices [11] Management's Comments on Operating Environment and Future Outlook - Management noted that global trade concerns have not significantly impacted deal cycles, and they expect continued momentum despite a noisy macro environment [6][7] - The company anticipates that the legacy replacement cycle and vendor consolidation trends will persist, providing opportunities for market share growth [9][10] - Management expressed confidence in achieving sustained profitable growth while navigating economic uncertainties [6][27] Other Important Information - Braze's non-GAAP gross profit for the quarter was $112 million, with a gross margin of 69.3%, up from 67.9% in the prior year [21] - The company ended the quarter with approximately $540 million in cash and equivalents, indicating strong liquidity [24] Q&A Session Summary Question: Reconciling sequential growth and CRPO dynamics - Management acknowledged that CRPO is sensitive to renewal dollars and emphasized that revenue is the key metric to watch for macro stabilization [32][34] Question: Performance of Project Catalyst - Project Catalyst is in private beta, and while specific uplift case studies are not available, initial results show promise in optimizing customer engagement strategies [43][45] Question: Renewal cadence and OfferFit feedback - Q1 was a heavy renewal quarter, with expectations for a drop in Q2 and Q3, followed by another increase in Q4 [63] - Early feedback on OfferFit has been positive, with strong interest from customers and successful presentations at events [55][57] Question: Pricing and packaging changes - The new pricing model has relaxed data point limits, improving customer flexibility and reducing friction in sales cycles [70][72] Question: Impact of OfferFit on EBIT guidance - OfferFit is expected to contribute significantly to EBIT, with around 80% of the impact attributed to its integration [74][76]

Summary of AvePoint (AVPT) FY Conference Call - June 04, 2025 Company Overview - AvePoint is the largest SaaS data governance and security player in the Microsoft Office cloud ecosystem, focusing on unstructured data, which constitutes 80% of all data [4][5] - The immediate addressable market is estimated at $19 billion, covering governance, risk, compliance, data replication, and protection [5][6] Core Business and Strategy - AvePoint operates a singular SaaS platform with 15 instances running in Microsoft Azure, GCP, and AWS, emphasizing a multi-cloud strategy [9][10] - The platform includes three major areas: resiliency (backup as a service), control (data governance), and modernization (data analytics, integration, migration) [11][13] - Resiliency accounts for over 50% of recurring revenue, while control is the fastest-growing suite due to AI deployments [11][13] - The company aims to reduce service revenue from 20% to under 10% to focus on recurring revenue streams [16] Market Position and Competitive Landscape - AvePoint differentiates itself by providing a vertical stack solution within the Microsoft ecosystem, unlike competitors like Commvault and Varonis, which take a horizontal approach [44][45] - The company serves a diverse customer base, with 53% of recurring revenue from companies with over 5,000 employees and 47% from small to medium-sized businesses [18] - The competitive landscape is described as complex, with multiple point competitors, but AvePoint maintains a unique position due to its comprehensive data management solutions [17][48] Financial Performance - Total ARR growth of 26% year-over-year, with net new ARR of $18.5 million, reflecting 85% year-over-year growth [24][25] - SaaS revenue increased by 34% on a constant currency basis, and total revenue rose by 25% [25] - Gross retention stands at 89%, and net retention is at 111%, with targets to improve these figures [27] - Operating margin is reported at just under 14.5%, with a strong start to the year [28] Growth Potential and Future Outlook - AvePoint aims for a long-term target of $1 billion in ARR with a 25% CAGR [21] - The company is focused on profitable growth, with improvements in gross margins from 72% to nearly 76% [35] - Capital allocation strategy includes investing in business growth, pursuing M&A opportunities, and share repurchases [39][40] Customer Engagement and Value Proposition - AvePoint emphasizes the importance of data governance and quality in the context of AI and security, positioning itself as an advocate for customers navigating multi-cloud environments [54][55] - The company has established a strong relationship with Microsoft, leveraging its position within the ecosystem while addressing customer needs for diverse data management solutions [52][56] Key Takeaways - AvePoint's diversified approach across industries and customer segments is a significant strength, allowing for scalability and resilience in a competitive market [30][61] - The company has successfully built a global organization with a focus on profitable growth, setting the stage for future expansion and innovation [62][63] - Continuous investment in technology and customer relationships is crucial for maintaining competitive advantage in the evolving landscape of data management and governance [40][65]

Summary of Thryv (THRY) FY Conference Call - June 03, 2025 Company Overview - Thryv is transitioning from its legacy Yellow Pages business, established in 1886, to a small business SaaS (Software as a Service) model, leveraging its existing customer base and relationships [5][6] - The company currently has approximately 100,000 customers on its software platform, indicating strong engagement and growth [5] Core Business Insights - Thryv's software offerings focus on helping small businesses with marketing, sales, and customer relationship management [7] - The acquisition of Keep, a company with a history of $175 million in investment, has provided Thryv with a robust engineering team and valuable automation tools [8][9] - The product roadmap includes several enhancements, such as the Business Center, Marketing Center, and upcoming Workforce Center, which are designed to improve customer engagement and sales [11] Financial Performance - Thryv reported a 50% growth rate, with 59% subscription growth, largely attributed to the acquisition of Keep [19] - The average revenue per user (ARPU) is currently $4,000, with a target to increase it to $8,000 by the end of the decade [19] - Gross margin stands at 73%, and net revenue retention has improved to 103, up from the low 90s a year ago [19] Market Dynamics - The target market consists primarily of established service-based businesses, such as HVAC and plumbing, which have been long-time Yellow Pages customers [21][22] - Newer businesses, particularly those run by younger generations, are beginning to adopt cloud solutions, indicating a shift in market dynamics [25][28] Customer Acquisition and Sales Strategy - Thryv is focusing on referrals from existing customers as a low-cost acquisition strategy, with a significant number of new leads coming from this channel [60] - The company is not investing in marketing for 2025, aiming instead for efficient customer acquisition and upselling to existing customers [62][64] - Changes in the sales force compensation structure are designed to incentivize selling to larger businesses, which is expected to improve average order value [65][66] Legacy Business and Cash Flow - The legacy Yellow Pages business is projected to generate between $250 million and $300 million in cash flow through the end of the decade, which will help service the company's net debt of approximately $290 million [17][78] - The company has a predictable cash flow model due to 24-month contracts with customers, providing visibility into revenue collections [73] Future Outlook - Thryv anticipates that by 2026, more than half of its EBITDA will come from SaaS, with a goal of becoming a billion-dollar SaaS business [13][17] - The company is exploring options for capital allocation, including potential share buybacks and increased marketing investments as cash flow improves [80][82] Key Takeaways - Thryv is in a significant transition phase, moving from a traditional print business to a modern SaaS model, with strong growth potential in the small business sector [5][6] - The acquisition of Keep is seen as transformative, providing new capabilities and a partner ecosystem that enhances Thryv's market reach [10][45] - The company is strategically focusing on customer retention and upselling, while managing its legacy business to ensure cash flow stability [74][78]

Core Viewpoint - Salesforce's recent quarterly results indicate a stable performance with most key metrics meeting or slightly exceeding expectations, but revenue growth remains stagnant and profit margin expansion has stalled [1][6]. Revenue Growth - Subscription revenue grew by 8.3% year-over-year, slightly above the expected 7.4%, showing initial signs of stabilization. However, constant currency growth remained flat at 9%, indicating no significant improvement [1][2]. - Traditional IT spending areas such as sales, customer service, and marketing continue to show weak growth, reflecting a lack of enthusiasm in IT budget allocations among European and American companies due to economic concerns and tariff impacts [1][2]. AI and Cloud Performance - The platform cloud and data analytics segments, which are more closely related to AI, performed significantly better, exceeding expectations by approximately 5 percentage points and 4 percentage points, respectively [2]. - The growth in platform cloud is likely driven by increased corporate spending on AI, despite overall IT budgets not increasing [2]. Leading Indicators - The nominal year-over-year growth rate of cRPO (contracted revenue not yet recognized) was 12.1%, appearing to accelerate compared to the previous quarter. However, this was primarily due to favorable currency effects, with constant currency growth remaining at 11% [3]. Profit Margins - Gross profit for subscription revenue was $7.67 billion, a year-over-year increase of 9.4%. However, this was below expectations, and the growth rate showed signs of slowing [3][4]. - The subscription business's gross margin decreased by 0.5 percentage points quarter-over-quarter, with year-over-year growth narrowing to less than 1 percentage point, indicating a stagnation in the upward trend of gross margins [4]. Expense Management - Total operating expenses were $5.62 billion, a year-over-year increase of 6.8%, which was lower than revenue growth, leading to a slight decrease in the expense ratio by approximately 0.4 percentage points [3][4]. - Marketing expenses, the largest component of total expenses, were $3.43 billion, growing by 5.9%, without significant increases due to AI promotions [3]. Operating Profit - Operating profit increased by 13.6% year-over-year to $1.94 billion, with a slight margin improvement of 1.2 percentage points. However, the rate of profit margin expansion has significantly slowed compared to previous fiscal years [4][5]. Cash Flow - Free cash flow for the quarter was approximately $6.3 billion, exceeding market expectations of $5.89 billion, but only reflecting a 4% year-over-year growth, indicating the company is in an investment cycle [4][5]. Guidance - For the next quarter, Salesforce guided revenue growth at 8% to 9% in constant currency, which is better than market expectations but does not indicate significant acceleration [4][5].

Core Insights - ECGI Holdings Inc. has made a strategic investment in TrueToForm, an AI and 3D computer vision startup, signaling a focus on transformative technology and early-stage innovation [1] - TrueToForm addresses significant challenges in online retail, particularly high return rates due to poor fit, with a patented AI-powered 3D body scanning platform [2][3] - The investment aligns with ECGI's strategic growth plan, emphasizing a portfolio that integrates innovation-driven sectors [7] Company Overview - TrueToForm's technology delivers 97% accuracy in creating digital avatars for apparel fitting, targeting an estimated $8.2 billion market opportunity [2][3] - The company has established partnerships with over 50 academic and commercial entities and has a sales pipeline of more than 25 brands [4] - TrueToForm is led by experienced founders with backgrounds in prestigious institutions and industries, supported by a strong advisory board [6] Market Context - Online return rates average 24.4%, with sizing issues accounting for over half of these returns, translating to an estimated $38 billion in lost revenue [3] - ECGI's investment in TrueToForm is part of a broader strategy to explore opportunities in AI, healthcare, blockchain, and other innovation sectors [7][8] Current Investments - ECGI's portfolio includes TrueToForm, which operates in the $8.2 billion market for AI-powered body measurement solutions, and Pacific Saddlery, a player in the $6.5 billion equestrian apparel market [9]

Core Viewpoint - The share price of Karooooo Ltd. (NASDAQ: KARO) has appreciated by 41.26%, indicating strong market performance and investor confidence in the company's telematics SaaS business [1]. Company Performance - Karooooo Ltd. continues to demonstrate robust growth in its core telematics SaaS business, which is a key driver for its stock performance [1]. Investment Strategy - The investment approach at Henriot Capital emphasizes a quant-driven model that prioritizes data over human bias, with a motto of "invest first, investigate later" [1].

Group 1 - The core viewpoint of the article is that Suishoubroadcast Group has submitted its IPO application to the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) as the sole sponsor [1] - Suishoubroadcast is a comprehensive solution provider based in Guangzhou, China, focusing on providing integrated SaaS solutions to clients in the entertainment and social network live streaming, precision marketing, and new retail industries [1] - The company plans to launch online marketing solution services as a new business growth accelerator starting from June 2024 [1] Group 2 - According to a report by Zhaosheng Consulting, Suishoubroadcast ranks tenth in China's enterprise live streaming SaaS solution market, with a market share of 1.0% based on projected revenues for 2024 [1] - The company's revenue for the years 2022 to 2024 is projected to be 45.098 million, 50.666 million, and 98.951 million respectively, with annual profits of 32.489 million, 26.446 million, and 38.135 million [1] - Prior to the IPO, Kong Xiaoming holds an 84.77% stake in the company, making him one of the controlling shareholders [1] Group 3 - Kong Xiaoming, aged 41, was appointed as a director on March 20, 2024, and later became the chairman and executive director of the board, responsible for the overall management and strategic planning of the group's operations [4] - He has been the chairman of Guangzhou Suishoubroadcast since January 2021 and has held various positions within the company and its subsidiaries [4] - Kong Xiaoming obtained a master's degree in engineering from Huazhong University of Science and Technology in June 2013 [4]

Company Overview - PagerDuty, Inc. (NYSE: PD) is an incident-response SaaS company focused on preventing digital system failures, positioning itself in the automation and IT firefighting sector [1] Business Model - The company's platform integrates with cloud services and third-party applications, enhancing its utility in managing IT incidents [1]