Noel Watson

“Unless otherwise stated, all comparisons in my remarks today will be on a year-over-year basis. We ended the quarter with a strong balance sheet. We have $182 million in cash, no debt, and strong free cash flow, all of which give us the needed flexibility to help navigate this changing environment.”

“Our second quarter results demonstrate meaningful progress across each of these priorities. In Q2, subscription revenue represented 65% of total revenue, an increase of 300 basis points year over year, supported by stable retention and our pool growth.”

“Let me connect our growth levers to what you're seeing in the numbers. Our results this quarter reflect continued progress in shifting the business toward higher-value, subscription-driven revenue.”

“Before I walk through the results in our outlook, I want to briefly re-anchor on our financial priorities. Over the past year, our focus has been clear, driving durable, high-quality subscription growth while scaling efficiencies across the business to expand margins.”

“As Jeff mentioned, we delivered another quarter of strong financial performance and operational execution. We continue to build a solid foundation for sustainable growth and profitability.”