Friends & Family Capital is pleased to share the Q2 2025 edition of “Seven Weeks in Seven Minutes.”

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This resource is a summary of condensed and actionable insights on what you need to know from the last seven weeks of earnings announcements.

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It is intended for our Founders, CFOs, and friends in the community.

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See below for the overview slides from the quarter. The full presentation is available for download here.

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We welcome your feedback to help shape the relevance for your business in future quarters.

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Key theme for the quarter: “Offense, Defense, & New Rules”

• Partial abatement of macroeconomic uncertainty from earlier in the year
• Evolving AI search landscape presents both challenges and a shift in go-to-market approach
• Revenue reacceleration across coverage universe for reasons due to both AI and other factors
• Strategic M&A prevalent to accelerate product roadmaps, expand markets, and defend positioning
• 85% of companies both beat estimates and had analysts raise estimates on revenue and EPS

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Our public company universe includes 47 companies. We selected these businesses as leading business-to-business software companies plus the technology stalwarts. The customers served by these companies are also relevant for the Founders we help as they build companies in the private markets.

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Market price moved up or down by 10% or more across several companies following their earnings.

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Below are the top ten movers and bottom ten movers in the Q2 earnings season based on one-day share price reaction following their earnings announcement.

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A timeless question of "Is it me? Or the market?" can be addressed through the commentary companies offer about their customers and go-to-market motion. Q2 2025 saw a decrease in macro uncertainty as compared to earlier in the year.

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The adoption of LLMs is beginning to impact organic search and go-to-market motions of companies in the coverage universe.

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Revenue reacceleration in Q2 was prevalent across the coverage universe for reasons due to both AI and other factors.

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There was a strong increase in M&A transactions beginning in Q2 this year. The strategic M&A is a sign that companies are trying to accelerate product roadmaps, expand markets, and defend positioning.

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