Q3 Preview: Still Waiting for Growth to Dial Up

3Q checks were stable-to-modestly-better quarter over quarter, with two of three partners raising CCaaS outlooks and the third steady; UCaaS was in line at all three. NICE feedback remained constructive, though discounting increased on large deals, while FIVN trends were mixed. Into results, we are most constructive on TWLO, where we see the buy-side looking for another ~5% organic revenue beat and FY26 organic revenue raised to ~15%, and most cautious on RNG given a higher bar after the recent run. Overall, the checks provide incremental confidence in CCaaS but do not suggest a material upward inflection in near-term forecasts.