Core Insights - OneStream is hosting its flagship user conference, OneStream Splash, from May 13 to 15, 2025, in Nashville, TN, focusing on AI-driven innovation in finance [1] - The event will feature over 2,300 finance leaders and technical professionals, making it the largest Splash event to date [3] - OneStream aims to empower finance leaders to navigate uncertainty and improve productivity through AI solutions tailored for finance [2][4] Event Highlights - The conference will include over 80 breakout sessions across eight tracks, covering topics such as Financial Planning & Forecasting and Real-World AI Use Cases [4] - Keynote sessions will feature insights from OneStream CEO Tom Shea on the future of finance in the AI era and how finance leaders can leverage AI and automation [4] - The Wave Technical Program will provide hands-on labs and practical sessions for deploying OneStream solutions using no-code tools [4] Success Stories and Leadership - The event will showcase firsthand stories from finance leaders at companies like Endeavour Energy and Gibson, highlighting the use of OneStream for modernizing planning and reporting [4] - Reshma Saujani, founder of Girls Who Code, will discuss leadership and growth, emphasizing the importance of embracing bravery in building future leaders [4] - The Women in Finance program will spotlight female finance leaders, offering inspiration and real stories of ambition and advocacy [4] Innovation and Collaboration - An expanded Innovation Hall will feature interactive experiences, including partner showcases and live product demos, aimed at fostering collaboration [4] - Attendees will have opportunities to engage with OneStream experts and explore AI-driven solutions in finance [4][5] - The conference is supported by various global advisors and implementation partners, enhancing the collaborative environment [5] Company Overview - OneStream is recognized as a leading enterprise finance management platform that unifies financial and operational data, embedding AI for improved decision-making [6][7] - The company serves over 1,600 customers, including 17% of the Fortune 500, and aims to be the operating system for modern finance [8]

Core Viewpoint - C3.ai and Palantir Technologies are key players in the enterprise AI software market, both experiencing significant investor interest amid the generative AI boom [1][2][3] Group 1: Company Overview - C3.ai is a pure-play enterprise AI software provider with over 100 pre-built AI applications across various industries and emphasizes partnerships with cloud giants like Microsoft and Alphabet [4][5] - Palantir is a larger player in enterprise analytics and AI platforms, known for its Gotham platform used by government agencies, and is expanding into commercial markets with its Foundry platform and new AI offerings [11][12] Group 2: Financial Performance - C3.ai reported total revenues of $98.8 million in its fiscal third quarter, a 26% year-over-year increase, with subscription revenues growing 22% to $85.7 million [6][10] - Palantir's growth accelerated to 29% in 2024 from 17% in 2023, and it has achieved profitability on a GAAP basis, marking a shift towards self-funding growth [12][13] Group 3: Market Position and Valuation - C3.ai's stock valuation is more modest with a forward 12-month P/S ratio of 6.29, compared to Palantir's high ratio of 66.2, indicating a steep overvaluation for Palantir [10][14] - C3.ai's partnerships and recent government contracts signal potential for growth, while Palantir's established business model provides a stable revenue base but comes with risks related to government contracts [5][15] Group 4: Investment Outlook - C3.ai is viewed as having better upside potential due to its reasonable valuation and improving fundamentals, despite being riskier and unprofitable [20][21] - Palantir, while having superior financials and a strong market position, is trading at a premium, suggesting limited room for growth in the near term [20][21]

Core Viewpoint - Salesforce is positioned as the better investment choice compared to Oracle, driven by its accelerated growth in AI, unified platform strategy, and superior profitability growth prospects [19]. Group 1: Company Overview - Salesforce and Oracle are major players in the cloud enterprise software market, offering platforms for customer relationship management, enterprise resource planning, database management, and AI-powered solutions [1][2]. - Both companies have significantly transformed business operations, customer relationships, and data management [2]. Group 2: Salesforce Analysis - Salesforce is the leader in the customer relationship management software market, consistently outperforming competitors like Microsoft and Oracle [3]. - The company has expanded its ecosystem through acquisitions, including Slack and Zoomin, to enhance its offerings beyond CRM into collaboration, data security, and AI automation [4]. - AI is central to Salesforce's growth strategy, with the launch of Einstein GPT in 2023 embedding generative AI capabilities across its platform [5]. - Salesforce's AI and Data Cloud revenues grew 120% year-over-year in fiscal 2025, with over 3,000 paid Agentforce deals closed within 90 days of launch [6]. - Despite a slowdown in overall revenue growth to 7.5% year-over-year in Q4 fiscal 2025 due to macroeconomic factors, adjusted earnings per share increased by 21.4%, indicating effective cost management [7]. Group 3: Oracle Analysis - Oracle's cloud infrastructure business saw a 49% year-over-year revenue growth in Q3 fiscal 2025, with demand for AI training GPUs increasing by 244% [8]. - The company launched AI Agent Studio to help businesses create and manage AI agents, building on existing AI capabilities in its Fusion Applications [9]. - Oracle's multi-cloud strategy is expanding, with its Database@Azure service growing 92% in Q3, indicating successful partnerships with major tech companies [10]. - However, Oracle faces challenges with rising capital expenditures, projected at $16 billion for the fiscal year, and supply chain delays affecting cloud capacity expansion [11][12]. - Overall revenue growth for Oracle was modest at 6.4% year-over-year in Q3, with non-GAAP EPS increasing by only 4.3%, missing consensus estimates [13]. Group 4: Earnings Estimates Comparison - Salesforce has a better earnings surprise history, surpassing consensus estimates three times in the last four quarters with an average surprise of 4.4% [14]. - In contrast, Oracle missed consensus estimates three times in the same period, with an average surprise of only 0.8% [16]. - Analysts are more optimistic about Salesforce's profitability, with its long-term expected earnings growth at 12.7%, compared to Oracle's 9.7% [18].

Group 1 - The core viewpoint is that SAP is expected to continue delivering solid earnings growth, particularly through its successful execution of cloud strategies [1] - The investment approach emphasizes a fundamentals-based strategy, focusing on companies with long-term durability and robust balance sheets rather than merely low multiples [1] - There is a recognition that investing in successful companies carries risks, particularly regarding valuation, but vast development opportunities can lessen the immediate importance of price [1]

I’m a retired Wall Street PM specializing in TMT; since kickstarting my career, I’ve spent over two decades in the market navigating the technology landscape, focusing on risk mitigation through the dot com bubble, credit default of ‘08, and, more recently, with the AI boom. In one word, what I’d like my service to revolve around is momentum.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within th ...

Financial Data and Key Metrics Changes - Current cloud backlog increased by 29% to €18.2 billion in Q1 [5][37] - Quarterly cloud revenue grew by 26%, approaching the €5 billion mark [5][37] - Total revenue rose by 11% to €9 billion [42] - Operating profit surged by 58% to €2.5 billion, significantly exceeding the guidance for the year [41][45] - Cloud gross margin improved by 2.6 percentage points to 75% [6][40] Business Line Data and Key Metrics Changes - Cloud ERP suite revenue maintained high growth momentum with a 33% increase in Q1, accounting for 85% of total cloud revenue [37] - Software licenses decreased by only 10%, indicating resilience despite being a smaller quarter [38] - Approximately half of cloud order entries included AI use cases, reflecting strong demand for AI integration [13] Market Data and Key Metrics Changes - Strong cloud revenue performance noted in APJ and EMEA regions, with Brazil, Germany, and India showing outstanding results [40] - The Americas region also demonstrated robust performance, with notable strength in Canada and the US [40] Company Strategy and Development Direction - Company emphasizes a suite-first, AI-first approach to expand its offerings [36] - Focus on product innovation, particularly with the launch of Business Data Cloud, which aims to unify and govern business data [22][23] - Continued investment in AI and cloud solutions to enhance customer productivity and reduce implementation costs [30][31] Management's Comments on Operating Environment and Future Outlook - Management expresses confidence in the company's resilience despite high market uncertainty [9][45] - The pipeline for the year remains solid, with no significant deterioration in conversion rates observed [56] - Management acknowledges potential risks from geopolitical tensions and trade disputes but maintains a positive outlook for long-term growth [44][120] Other Important Information - The company plans to provide deeper insights into its growth strategy at the upcoming Sapphire event in May [34][47] - The transformation program concluded in 2024, positioning the company for focused investments in key areas [36] Q&A Session Summary Question: Current trading and confidence in cloud revenue guidance - Management noted strong customer engagement and resilience in supply chains, which supports confidence in cloud revenue guidance despite macro uncertainties [52][56] Question: Deceleration in cloud revenue growth - Management explained that the deceleration was influenced by the timing of cloud deals and expected a rebound in Q2 as these deals ramp up [58][62] Question: Current cloud backlog performance - Current cloud backlog performance was in line with expectations, with no significant changes in customer dynamics despite tariff uncertainties [68][71] Question: Product innovation and Business Data Cloud differentiation - Management clarified that Business Data Cloud offers a more comprehensive solution than the previous SAP Datasphere, enabling better data integration and AI capabilities [78][83] Question: Impact of tariffs on business and cloud margins - Management indicated that while tariffs could impact hardware costs, the company's multi-cloud strategy provides price security and mitigates risks [130][132]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $263 million, up 3% year-over-year [36] - Cloud revenue increased 21% to $94 million, while services revenue declined 8% to $121 million [37] - RPO ended the quarter at approximately $1.9 billion, up 25% year-over-year and 6% sequentially [38] - Adjusted operating profit was $91 million with an adjusted operating margin of 34.7%, up over 340 basis points year-over-year [40] - Adjusted earnings per share (EPS) for Q1 was $1.19, up 16%, while GAAP EPS was 85 cents, down 1% [41] Business Line Data and Key Metrics Changes - The company experienced a 25% year-over-year increase in RPOs, driven by strong demand for mission-critical solutions [22] - Approximately 50% of new cloud bookings in Q1 were generated from net new logos, indicating strong demand for products [71] - Services team completed over 100 go-lives for customers in Q1, showcasing operational effectiveness [25] Market Data and Key Metrics Changes - The addressable market is forecasted to grow at a double-digit CAGR for the next several years, indicating robust market potential [15] - Competitive win rates remained consistent at about 70%, reflecting strong market positioning [24] - The company has established healthy footprints across diverse sectors including retail, grocery, life sciences, and technology [23] Company Strategy and Development Direction - The company is focused on organic innovation and capital allocation strategy to expand its addressable market [14] - Investment in sales and marketing is prioritized to drive growth and capitalize on new product offerings [64] - The launch of new products like Enterprise Promise and Fulfill aims to optimize B2B order fulfillment, addressing evolving customer needs [26] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding near-term services revenue growth due to macroeconomic uncertainties [21] - The company remains optimistic about its position in the market and long-term growth opportunities despite current challenges [20] - Management reiterated full-year guidance for RPO and total revenue, reflecting confidence in business fundamentals [45] Other Important Information - The company was named Google’s Cloud Business Applications Partner of the Year for supply chain and logistics, highlighting its innovation in the Google Cloud ecosystem [18] - The company ended the quarter with $206 million in cash and zero debt, indicating a strong balance sheet [42] Q&A Session Summary Question: Insights on cloud bookings and RPO dynamics - Management indicated strong pipeline in Q2 and confidence in guidance despite macro uncertainties [59][60] Question: Growth investments and monetization of products - Management plans to invest in sales specialists to drive growth and maintain high win rates [64] Question: Linear progression of bookings and sales activity - Management noted a balanced product portfolio and strong demand across verticals, with high expectations for Q2 [68][71] Question: Resilience of cloud bookings drivers - Management stated that no particular segment is more resilient, but all channels remain important for growth [78][80] Question: Visibility on multi-year ramps and growth trajectory - Management confirmed strong visibility into contract durations and ramp processes, supporting confidence in growth [95][97] Question: FX impact on guidance - Management indicated that FX swings represent less than 1% impact on revenue guidance [104][105] Question: Strength of large deals in the pipeline - Management reported favorable conditions in the pipeline, with confidence in closure rates compared to last year [111][112]

Financial Performance - Cloud revenue increased by 27% (26% @cc) to €4993 million[6, 19, 23, 30] - Cloud ERP Suite revenue grew by 34% (33% @cc) to €4251 million[6, 19] - Current cloud backlog increased by 28% (29% @cc) to €18202 million[6, 19] - Total revenue increased by 12% (11% @cc) to €9013 million[19, 23, 30] - Cloud and software revenue increased by 14% (13% @cc) to €7938 million[19, 23, 30] - Non-IFRS operating profit increased by 60% (58% @cc) to €2455 million[19, 30] - Free cash flow increased by 36% to €3583 million[24, 36] Regional Performance - APJ cloud revenue increased by 39% (39% @cc)[21] - EMEA cloud revenue increased by 30% (29% @cc)[21] - Americas cloud revenue increased by 21% (19% @cc)[21] Outlook - The company expects cloud revenue to be between €216 billion and €219 billion @cc, a growth of 26%-28%[25] - The company expects cloud and software revenue to be between €331 billion and €336 billion @cc, a growth of 11%-13%[25]

Summary of Insider Transactions Analysis Industry Overview - The analysis covers insider transactions across various companies in the enterprise software sector, particularly focusing on small to mid-cap (SMID Cap) firms. Key Insights - **March 2025 Insider Transactions**: The total insider transaction value was over $900 million, with 97% being sell transactions and only 3% buy transactions, excluding transactions by >10% external shareholders [5][7] - **Sell Transactions**: 95% of sell transactions were not executed under Rule 10b5-1, which allows for pre-scheduled trades. This percentage drops to 94% when excluding sales made to satisfy tax obligations. After adjusting for Nutanix's share sales by Bain Capital, the percentage of non-10b5-1 sell transactions falls to 4% and 3% respectively [5][7] - **Buy Transactions**: All buy transactions in March were executed under Rule 10b5-1, indicating a structured approach to buying shares by insiders [5][7] Notable Transactions - **Asana (ASAN)**: CEO Dustin Moskovitz purchased 1.8 million shares worth $25.6 million, holding 37.23% of total shares outstanding [5][7] - **C3.ai (AI)**: CEO Tom Siebel sold 639,000 shares valued at $13.9 million, owning 5.5% of total shares outstanding [5][7] - **Elastic (ESTC)**: CEO Ashutosh Kulkarni sold approximately 24,000 shares for $2.2 million, while co-founder Shay Banon sold around 203,000 shares for $21.9 million, with most sales not under 10b5-1 [5][7] - **GitLab (GTLB)**: Director Matthew Jacobson sold 153,000 shares worth $8 million, not under 10b5-1 [5][7] - **Nutanix (NTNX)**: Bain Capital sold 11 million shares valued at $819.6 million, not under 10b5-1, related to the conversion of convertible notes [5][7] - **Sprinklr (CXM)**: Director Neeraj Agrawal sold 26,000 shares for $242,000, not under 10b5-1 [5][7] Year-to-Date (YTD) Insights for 2025 - **Total Transactions**: The aggregate insider transaction value for the year was $1.1 billion, with 98% being sell transactions and 2% buy transactions [7] - **Sell Transactions**: 77% of sell transactions were not executed under 10b5-1, dropping to 76% when excluding tax-related sales. Adjusting for Nutanix's sales, this number falls to 3% [7] - **Buy Transactions**: All buy transactions executed in 2025 were under 10b5-1 [7] Additional Noteworthy Transactions - **Asana (ASAN)**: Co-founder Justin Rosenstein sold 1.35 million shares for $27.9 million, with ownership declining from 1.53% to 0.57% [7] - **Elastic (ESTC)**: Similar patterns of non-10b5-1 sales were observed among executives [7] - **Nutanix (NTNX)**: Continued significant sales by Bain Capital [7] - **Sprinklr (CXM)**: Multiple executives sold shares not under 10b5-1 [7] Conclusion - The analysis indicates a trend of significant insider selling across the covered companies, with a notable lack of buy transactions, suggesting potential caution among insiders regarding future performance. The structured nature of buy transactions under Rule 10b5-1 may reflect strategic planning by insiders amidst market uncertainties.

Core Viewpoint - The company is facing significant challenges in its transition to cloud services, as evidenced by declining revenues and profits, highlighting the risks associated with its transformation strategy [1][2][5]. Group 1: Financial Performance - In 2024, the company's revenue was 9.153 billion, a year-on-year decline of 6.57%, with a net profit attributable to shareholders of -2.061 billion, an increase of 113.13% in losses [1]. - Cloud service revenue was 6.85 billion, down 3.4% year-on-year, despite accounting for over 75% of total revenue [2]. - The overall gross margin was 47.54%, down 1.7 percentage points year-on-year, indicating a decline in profitability despite the increase in cloud service revenue [3]. Group 2: Customer Structure and Market Position - The company is heavily reliant on large enterprise clients, which contributed 5.864 billion, over 64% of total revenue, but saw a 10% decline year-on-year [2]. - The performance of competitors is concerning, with Kingdee International's cloud subscription revenue growing by 34.7% in 2024, while SAP continues to pressure the company's market share [2]. Group 3: Operational Challenges - The company is experiencing a cash flow crisis, with a net cash outflow from operating activities of 274 million, worsening by 201.1% year-on-year [5]. - The asset-liability ratio increased to 59.43%, up 10.57% year-on-year, indicating rising debt pressure [5]. - The company has faced significant management instability, with three different presidents in the past three years and over 3,000 employees laid off in 2024, exacerbating operational uncertainty [5]. Group 4: Strategic Misalignment - The company's cloud service transformation is hindered by a mismatch between its public cloud subscription strategy and large clients' preference for private cloud deployments [4]. - Research and development investment was 2.122 billion, only a 0.76% increase year-on-year, failing to achieve scalable reuse due to high customization in private cloud projects [4]. - The company has only 342 effective patents as of 2025, with no new patents added since 2022, indicating a lack of technological advancement [4]. Group 5: Industry Context - The ERP industry is undergoing a generational shift towards cloud-native architectures and AI-driven decision-making, with the company lagging behind competitors like SAP and Kingdee [6]. - The cost of training global AI models is increasing by 30% annually, while the company's R&D investment growth is below 1%, raising concerns about its competitive position in AI [6]. - The company's transformation challenges stem from a conflict between traditional software thinking and cloud service logic, necessitating a restructuring of its approach to customer engagement and technology development [7].