Consumer
Tariff and inflation impacts were widely noted. Crocs estimated incremental tariff costs ranging from $45M (10% tariffs outside China) to $130M (higher China rates), noting pricing and cost adjustments to manage ongoing uncertainty. Dutch Bros cited 110bps COGS margin pressure from elevated coffee costs and tariffs. Valvoline guided to 5–7% same-store growth (vs. prior 6–9%), citing normalization amid easing inflation and tariff headwinds. Tractor Supply noted over 60% of products are U.S.-made, reducing tariff exposure.
Software/Technology
AI cited as both risk and growth driver. DoubleVerify framed AI as both a challenge and a solution: a tool to combat AI-generated fraud while improving ad quality. Autodesk noted a cooling in sentiment compared to last year, though ~66% of customers still expect AI to drive meaningful disruption, particularly in sustainability. Atlassian sees GenAI and agentic AI as catalysts for TAM expansion—focused on solving collaboration and human-centric challenges rather than pure technical problems.
| Day 1 (June 3) | Day 2 (June 4) | Day 3 (June 5) |
|---|---|---|
| CROX (Link) | ADSK (Link) | ARMK (Link) |
| FI (Link) | DV (Link) | BROS (Link) |
| NCNO (Link) | H (Link) | TSCO (Link) |
| PAYC (Link) | NTAP (Link) | |
| PTC (Link) | PSN (Link) | |
| TEAM (Link) | TRMB (Link) | |
| VEEV (Link) | TYL (Link) | |
| VVV (Link) |
Crocs (and its HEYDUDE brand) is well positioned despite a dynamic consumer and cost environment thanks to strong mgmt execution, diversified brands/geographies, disciplined cost controls, and innovative marketing via social commerce – all of which underpin robust financial performance and future growth prospects.
Fiserv, under new CEO Mike Lyons, outlined robust growth drivers anchored around modernizing FI core systems, expanding its Clover platform, and advancing in embedded finance and stablecoin infrastructure—with a strong client-first and operational excellence focus to sustain recurring rev. growth amid tech shifts in the financial svc sector.
nCino is leveraging its leadership in cloud banking to drive next-gen growth through an integrated AI strategy, solidifying market share across commercial, consumer, and mortgage lending. With a unique, data-driven platform and strategic acquisitions powering its AI initiatives, mgmt. expects robust margin and rev. expansion, positioning the co. to hit Rule of 40 by Q4 next year.