Financial Data and Key Metrics Changes - For Q1 FY 2026, the company achieved revenue of $65 million, a 4% year-over-year growth, and non-GAAP net income of $5.6 million, which is a 56% increase compared to the prior year [8][16][22] - Adjusted EBITDA for the quarter was $6.7 million, representing a 33% growth year-over-year [22] - The annual exit recurring revenue was $234 million, up 33% year-over-year [19] Business Line Data and Key Metrics Changes - Business subscription and services revenue grew 6% year-over-year, accounting for 62% of total subscription and services revenue [16][17] - Residential subscription and services revenue declined by 2% year-over-year [17] - Ooma Office saw an increase in new account wins, with 61% of new Office users opting for a premium service tier, the highest ever [11][19] Market Data and Key Metrics Changes - The company serves over 500 hotels across North America, indicating strong traction in the hospitality sector [10][60] - The number of Airdial reseller partners increased to over 30, with significant new customer wins in Q1 [13][52] Company Strategy and Development Direction - The company focuses on four market segments: cloud communications for small businesses, POTS replacement, wholesale platform services, and residential telephony [8][9] - The company is optimistic about Airdial growth and has made significant investments in developing solutions for its target segments [26] - The company aims to maintain a strong gross margin of 72% for subscription and services while investing in infrastructure to support growth [20][49] Management's Comments on Operating Environment and Future Outlook - Management noted a steady demand environment for UCaaS solutions, while demand for Airdial is accelerating [32][33] - The company expects to see continued growth in adjusted EBITDA and free cash flow, reaffirming its revenue guidance for FY 2026 [24][25] Other Important Information - The company ended Q1 with total cash and investments of $19 million and generated $3.7 million of operating cash flow [22][23] - The company is raising the low end of its non-GAAP net income guidance for FY 2026 to a range of $22.5 million to $23.5 million [25] Q&A Session Summary Question: What contributed to the 1% increase in NRR this quarter? - The retention rate improvement was largely due to the improvement in non-Regis subscription revenue, offsetting the anticipated decline from Regis [28][29] Question: What are you seeing in the demand environment? - The demand environment for UCaaS solutions has remained steady, while Airdial demand is accelerating [32][33] Question: Is there any change to visibility on when adoption will begin to ramp? - The company is optimistic about early opportunities with Comcast and expects continued growth through the year [37][38] Question: What impact have tariffs had on your subscriber base? - There has been no significant impact from tariffs on the customer base or sales opportunities [39] Question: What areas will you be investing in moving forward? - The company is reallocating sales and marketing spend towards Airdial and 2600 Hertz, while maintaining significant R&D investment [44][46] Question: Can you quantify the number of lines that churned at Regis? - Approximately $12,000 to $13,000 in churn occurred over the last two quarters at Regis [90][92] Question: What is a reasonable goal for adjusted EBITDA margin in the future? - The company believes there is potential for significantly higher adjusted EBITDA margins in the future [96]

Financial Data and Key Metrics Changes - Total revenue for Q4 reached $108.7 million, reflecting a 26% increase compared to $86.6 million in the same quarter of the prior year [42] - Subscription revenue for the quarter was $87.3 million, up 9% from $79.9 million a year ago [42] - For the full fiscal year 2025, total revenue was $389.1 million, a 25% increase compared to $310.6 million in fiscal 2024 [43] - Non-GAAP operating loss was $31.2 million, which was within the guidance range of $30 million to $40 million [42][67] - Free cash flow for the quarter was $10.3 million, and the company closed Q4 with $742.7 million in cash, cash equivalents, and investments [42][68] Business Line Data and Key Metrics Changes - Subscription and prioritized engineering services revenue totaled $104.4 million, representing 96% of total revenue and a 22% increase from $85.7 million in Q4 of the previous year [42][66] - Revenue from the sale of demonstration software licenses was $33.8 million during the quarter [64] - Non-Baker Hughes revenue grew by 37% year over year during the quarter and by 40% during the year [65] Market Data and Key Metrics Changes - Non-oil and gas revenue increased by 48% year over year, reflecting successful expansion into 19 different industries [45] - Revenue in state and local government grew over 100% in fiscal 2025, with 71 agreements closed across organizations in 24 states [46] - The life sciences and healthcare sector is emerging as a strength, with traction from customers like GSK and Quest Diagnostics [47] Company Strategy and Development Direction - The company has focused on building a robust partner ecosystem, with 73% of agreements delivered in collaboration with partners, resulting in a 68% increase in agreements closed through this network [49] - The renewed partnership with Baker Hughes is expected to drive innovation and opportunity in the energy sector, generating over $5 billion in revenue from this vertical [44] - The company is strategically positioned to capitalize on the growing market for AI applications, with a focus on delivering secure, scalable, and production-grade solutions [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in crossing into non-GAAP profitability during the second half of fiscal 2027, with expectations of free cash flow positivity in the fourth quarter of fiscal 2026 [71] - The company anticipates continued revenue growth exceeding expense growth, driven by a robust suite of enterprise AI applications and an expanding partner ecosystem [71] - Management highlighted the importance of geopolitical stability for achieving revenue guidance, acknowledging risks in Europe and global trade [71] Other Important Information - The company has delivered over 130 applications to date, with 95% of bookings in fiscal 2025 driven by AI applications [61] - The company holds a patent for Agentic AI, positioning it uniquely in the market as the only enterprise AI application pure play [30] Q&A Session Summary Question: How does the company activate Azure sales reps to deliver C3 AI? - The company is focusing on engaging Azure sales reps through joint sales calls and providing them with the necessary tools to demonstrate solutions effectively [73][75] Question: Can you provide insights on the new Baker Hughes deal? - The specifics are under NDA, but the partnership has broadened significantly, continuing to provide solutions and enabling Baker Hughes to develop derivative works [82] Question: How was the revenue guidance for FY26 constructed? - The guidance reflects awareness of geopolitical risks and the need for stability, with a larger range due to potential market fluctuations [85]

Financial Data and Key Metrics Changes - The company reported a 5% increase in revenue in constant currency year over year, marking the fourth consecutive quarter of revenue growth [7][21] - Non-GAAP operating profit fell short of expectations due to additional tariff costs, impacting earnings per share by approximately $0.12 [8][21] - Operating margin was 7.3%, impacted by roughly 100 basis points due to unmitigated tariff costs [24][21] Business Line Data and Key Metrics Changes - Personal Systems revenue grew 8% in constant currency, driven by strong commercial performance, with commercial PC revenue increasing by 9% year over year [9][10] - Print revenue declined 3% in constant currency, with growth in Europe offsetting a slowdown in North America and weak demand in China [11][12] - Personal Systems operating margin was 4.5%, below guidance due to higher commodity and tariff costs [26] Market Data and Key Metrics Changes - Revenue growth was seen across all regions, with APJ growing 9%, Americas growing 5%, and EMEA growing 1% in constant currency [23] - The company expects the PC market to grow low single digits for the second half of the year, influenced by macroeconomic uncertainties [18][31] - The print market is expected to decline low single digits for the calendar year, with the second half declining closer to mid single digits [32] Company Strategy and Development Direction - The company is focusing on diversifying its manufacturing locations to mitigate geopolitical risks, with nearly all products sold in North America expected to be built outside of China by June [8][9] - The Future Ready Accelerated Plan aims to deliver at least $2 billion in gross annual run rate structural savings by the end of fiscal year 2025 [18][28] - The company is committed to leveraging AI to enhance productivity and employee satisfaction, with significant investments in AI PC portfolios and workforce solutions [13][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the dynamic geopolitical landscape and its impact on operating profit, emphasizing the need for cost management and strategic pricing actions [21][22] - The company remains confident in its ability to navigate market uncertainties and expects to fully mitigate tariff costs by Q4 [30][34] - Future growth is anticipated in both Personal Systems and Print segments, with expectations for sequential improvement in margins [31][32] Other Important Information - Cash flow from operations was approximately $38 million, with free cash flow slightly negative due to timing of payments related to inventory actions [29] - The company returned close to $400 million to shareholders through dividends and share repurchases [30] Q&A Session Summary Question: Expectations for the PC market in the second half of the year - Management noted strong demand in Q2 but adopted a more prudent outlook for the second half due to economic conditions and anticipated price increases [39][40] Question: Size and growth of growth businesses - Growth businesses are expected to grow faster than core businesses, with AIPCs projected to represent over 25% of the PC business by year-end [46][47] Question: Personal Systems margins for the full year - Margins are expected to be in the 5% to 7% range for the full year, likely in the lower half due to Q2 impacts [52][53] Question: AI PCs and their applications - The company is optimistic about AI PCs, with over 100 ISVs supporting applications that leverage their capabilities [59][60] Question: Mitigation actions for tariff impacts - The company has accelerated the shift of factories out of China and implemented price actions across its portfolio to mitigate tariff impacts [69][72]

Financial Data and Key Metrics Changes - NVIDIA reported revenue of $44 billion, a 69% increase year-over-year, exceeding expectations despite a challenging operating environment [5] - Data center revenue reached $39 billion, growing 73% year-on-year [5] - GAAP gross margins were 60.561%, while non-GAAP gross margins would have been 71.3% excluding a $4.5 billion charge related to inventory write-downs [30][32] Business Line Data and Key Metrics Changes - Data center revenue was significantly impacted by new export controls, with $4.6 billion recognized prior to the controls and a $4.5 billion charge for inventory write-downs [6][30] - Gaming revenue reached a record $3.8 billion, increasing 48% sequentially and 42% year-on-year, driven by strong adoption of Blackwell architecture [21] - Networking revenue grew 64% quarter-over-quarter to $5 billion, with strong demand for NVLink and Spectrum X solutions [17][20] Market Data and Key Metrics Changes - China data center revenue was below expectations due to export licensing controls, with a meaningful decrease anticipated in Q2 [20] - Singapore accounted for nearly 20% of Q1 build revenue, primarily for US-based customers [20] - The AI market in China is estimated to be around $50 billion, which NVIDIA is currently unable to access due to export restrictions [6][60] Company Strategy and Development Direction - NVIDIA is focusing on AI factory deployments, with nearly 100 AI factories in progress, doubling year-over-year [12][13] - The company is committed to a robust product roadmap extending through 2028, with a focus on enhancing AI capabilities and infrastructure [10][32] - NVIDIA is exploring ways to comply with new export control rules while maintaining competitiveness in the AI market [7][36] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about losing access to the China AI accelerator market, which could materially impact business [7][36] - The company anticipates continued growth in AI demand, particularly in reasoning AI, which is driving significant increases in inference workloads [11][82] - Management expects total revenue for Q2 to be around $45 billion, with modest sequential growth across all platforms [31][32] Other Important Information - NVIDIA returned a record $14.3 billion to shareholders through share repurchases and dividends [30] - The company is investing heavily in onshore manufacturing and partnerships to strengthen its supply chain [44][45] Q&A Session Summary Question: How much of the inference demand is NVIDIA able to serve? - Management indicated they are on track to serve most of the inference demand, with Blackwell NVLink 72 being the ideal solution for reasoning AI [52][54] Question: What is the impact of the China export controls on future revenue? - Management confirmed a significant decline in China data center revenue is expected, with a total of $8 billion in H20 revenue lost for Q2 [58][60] Question: Are there more large GPU cluster investments expected? - Management noted that there are many AI factories being planned globally, indicating a strong demand for AI infrastructure [70][72] Question: What is the outlook for the networking business? - Management highlighted strong adoption of Ethernet solutions and improvements in utilization rates, particularly with Spectrum X [95][100]

Financial Data and Key Metrics Changes - Total revenue for Q1 2026 was $759 million, with a non-GAAP operating margin of 46%, exceeding guidance [7] - The company achieved a revenue run rate goal of $3 billion for calendar year 2025 [7] Business Line Data and Key Metrics Changes - Vault CRM is performing well, with over 80 customers live, and the expectation to reach about 200 customers live in the next year [12][13] - Crossix is highlighted as a significant growth driver, with strong performance in marketing and optimization, growing over 30% year-over-year [32][43] Market Data and Key Metrics Changes - The macro environment is described as more uncertain compared to the previous quarter, but no material changes in financial results or pipeline have been observed [7][17] - The company is seeing strong growth in its R&D business, with guidance for the year set at 19% [32] Company Strategy and Development Direction - The company is focusing on horizontal CRM applications, with plans to have first customers by the end of the year [22][25] - The AI initiative, Veeva.ai, is expected to significantly enhance efficiency in the life sciences industry, with a target of increasing efficiency by 15% over the next few years [58][60] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the uncertainty in the macro environment but emphasizes that the business remains insulated due to long-term subscription contracts [68][85] - There is optimism regarding the integration of AI into core applications, which is expected to provide substantial value to customers [60][88] Other Important Information - The company is committed to maintaining a disciplined approach to acquisitions, focusing on synergistic opportunities in horizontal applications [121] - The recent Commercial Summit indicated strong customer sentiment and excitement around new product offerings, particularly in CRM and AI [91][96] Q&A Session Summary Question: Customer migration to Vault CRM - Management noted that the migration to Vault CRM is driven by its superior capabilities compared to Veeva CRM, with a mix of new customers and migrations contributing to growth [12][14] Question: Impact of macroeconomic factors on revenue - Management stated that while there is uncertainty in the macro environment, it has not yet impacted financial results or pipeline, with ongoing projects proceeding as expected [17][70] Question: Horizontal CRM strategy - The company is excited about the potential of horizontal CRM applications, with plans to identify customer segments and product areas [22][25] Question: Drivers of Crossix's growth - Crossix's growth is attributed to its expanded product offerings and the increasing demand for digital marketing effectiveness among clients [32][43] Question: AI integration and customer feedback - Initial customer feedback on Veeva.ai has been positive, with expectations that it will enhance operational efficiency and provide significant value [88][96] Question: CRM conversion pace among top pharma companies - Management indicated that progress with top 20 pharma companies is on track, with no urgency to migrate as customers are satisfied with existing solutions [107][109] Question: Customer focus on ROI and budget priorities - There is a noted increase in focus on digital marketing and analytics among pharma executives, reflecting a systematic approach to commercial strategies [111]

Financial Data and Key Metrics Changes - Q1 revenue grew 12% year-over-year, reaching $830 million, with an operating profit of $83 million and an operating margin of 10.6% [22][24] - Subscription services revenue increased 17% to $406 million, representing over half of total revenue, while annual recurring revenue (ARR) grew 18% to $1.7 billion [23][24] - Total remaining performance obligations (RPO) grew 17% to $2.7 billion, indicating strong renewals and new commitments [23][24] - Total gross margin improved to 70.9%, with subscription services margin at 77.2% [24][25] Business Line Data and Key Metrics Changes - Storage as a Service (SaaS) solutions saw a 70% increase in total contract value (TCV) sales, reaching $95 million, driven by large Evergreen One deals [22][23] - Product margin rose 1.1 points sequentially to 64%, with expectations for mid-60s product gross margin for the year [25][26] Market Data and Key Metrics Changes - U.S. revenue grew 9% to $531 million, while international revenue increased 21% to $248 million year-over-year [24] - The company added 235 new customers, achieving a penetration rate of 62% within the Fortune 500 [24] Company Strategy and Development Direction - The company is focused on modernizing IT infrastructure and breaking down data silos, with a strong emphasis on AI and high-performance computing solutions [7][9] - Strategic partnerships with companies like Nutanix and SK Hynix are aimed at enhancing virtualization and flash storage capabilities [10][15] - The company is committed to maintaining pricing predictability for customers amid tariff-related changes, leveraging its Evergreen model [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic uncertainties while maintaining strong performance [16][28] - The company anticipates continued growth in the second quarter, projecting revenue of $845 million, a 10.6% year-over-year increase [28] Other Important Information - Kevin Chrysler, the CFO, will be leaving the company, with a transition plan in place to ensure continuity [19][20] - The company reported a strong balance sheet with $1.6 billion in cash and investments, and operating cash flow of $284 million [26] Q&A Session Summary Question: Update on hyperscale opportunity with Meta - Management indicated that the evaluation process with Meta is on track, with expectations to deliver one to two exabytes in the second half of the year [36][38] Question: Size of the newly announced AXA offering - The company views the AXA offering as targeting niche markets, with expectations for margins to be at or above standard company margins [42][43] Question: Changes in buyer behavior during macro uncertainty - Management noted no significant changes in customer sentiment or purchasing behavior in Q1, with broad-based strength across sales [50][52] Question: Revenue contribution from Meta's project - Some de minimis revenue contribution from the Meta project has been included in the annual guidance, primarily through a licensing fee model [69][70] Question: Clarification on subscription margins amid tariff costs - Management expressed confidence that subscription gross margins would not be significantly impacted by potential tariff costs due to operational efficiencies [90][91] Question: Investment expectations for future hyperscaler wins - The company expects to see leverage in design and investment requirements as more hyperscalers are added, reducing costs for future projects [93][94] Question: Revenue linearity throughout the quarter - Management reported typical revenue linearity throughout the quarter, with strong performance sustained [97][98]

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