Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the D2L Inc. Fiscal 2024 Second Quarter Results Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer sessions. Instructions will be provided for you at that time for questions. If anyone has any difficulty hearing the conference, you may press star zero for operator assistance at any time. Just a reminder that portion of today's discussion will include statements that contain forward-looking information. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from a conclusion, forecast, or projections in the forward-looking information. Further, certain materials, factors, or assumptions were applied in drawing a conclusion or making a forecast or projections as reflected in the forward-looking information. For identification and discussion of such risks, uncertainties, factors, and assumptions, as well as further information concerning forward-looking statements, please refer to the session entitled Forward-Looking Information and the risks identified in the company's annual and interim MD&A, or most recently filed annual information form, in each case as filed under the company's profile on SEDAR at www.sedar.com. In addition, during this call, reference will be made to various non-IFRS financial measures, including constant currency revenue, adjusted EBITDA, adjusted gross profit, adjusted gross margin, and free cash flow. These non-IFRS financial measures do not have any standardized meanings prescribed by IFRS and may not be comparable to similar measures presented by other public companies. Please refer to the company's management discussion and analysis for the three and six months ended July 31st, 2023 for more information about these and certain other non-IFRS financial measures, including, where applicable, a reconciliation of historical non-IFRS financial measures to the most directly comparable IFRS financial measures from our financial statements. This morning's call is being recorded on September 7, 2023 at 8:30 A.M. Eastern Time. I would now like to turn the call over to Mr. John Baker, Chief Executive Officer of D2L. Please go ahead, sir. Thank you, operator, and thank you everyone for joining our Q2 fiscal 2024 earnings call. After the markets closed yesterday, we released our financial results for the period ending July 31st, 2023. You can find this information on the investor section of our d2l.com website. Please note that the results we're discussing today are in U.S. dollars. I'm pleased to be joined this morning by Stephen Laster, our President, and Josh Huff, our CFO. And consistent with our Q1 conference call, our comments today will focus on three key points. The first, we're generating good top-line growth and increasing profitability, consistent with the balanced growth plan that we introduced last year. Second, we're winning great new customers in all our markets and making particularly strong gains in higher education. We're seeing encouraging green shoots for further growth in the corporate market, both for D2L Brightspace and Wave. And three, we're making good progress on the evolution and expansion of our learning platform in areas such as ease of use, extensibility, and artificial intelligence. This work is allowing us to solve more problems for our customers and helping to pull us away from many of our competitors. Stephen and Josh will expand on these three key themes in their remarks. Quickly looking at the financial performance for the quarter, our results showed growth across multiple key metrics. Our total revenue was $44.5 million, up 8%. This was led by a 10% growth in our subscription and support revenue. Annual recurring revenue increased 13% over last year to $178.5 million. Our Q2 adjusted gross margins increased 230 basis points year-over-year, led by higher software margins. We've reported meaningful improvement year-over-year in Adjusted EBITDA. These results put us on plan for our fiscal 2024 outlook, and they support our medium-term model as we look ahead to next year. One of the key highlights of the second quarter was our annual users conference, Fusion, which was held in Anaheim this year. The conference attracted nearly 2,000 people, including the leaders from across all sectors and from 16 different countries. There was a real sense of energy and excitement from attendees. During the three days, we explored key issues for the future of learning, from the potential of effective and responsible use of AI, ways to embrace and implement higher accessibility, and the pressing need for skills development in the workforce. These are complicated topics, and we're grateful that our clients are choosing to partner with D2L to navigate them and accelerate their digital transformation. Simply put, the many conversations with customers and prospects at Fusion reinforced our confidence in the long-term growth outlook for D2L. Recently, I was honored to attend the White House for a summit on another key issue facing our customers, cybersecurity. It was a pleasure to speak to the government, education, and technology leaders and highlight our commitment to improving security and privacy for schools, students, and their communities.... Building on this longstanding commitment and our adherence to multiple ISO standards, we recently certified with another ISO compliance for privacy information management requirements. This makes D2L the first company among the leading LMS providers to achieve this important privacy certification. We believe our investments in cybersecurity give us another compelling point of differentiation in the market, and it creates an opportunity for additional upskilling internally for our IT professionals and for others across our organization and within our client base. Importantly, we see a commercial opportunity to develop and deliver courses to help our customers improve their cybersecurity readiness and posture. With all of that, I'll now turn the call over to Stephen to provide more color on our sales activity and other key growth pillars. Over to you, Stephen. Thanks, John, and good morning. The second quarter saw us make meaningful progress against our priorities. I'll focus my comments today on two main topics: our go-to-market activities and the continued evolution of our learning platform. As John mentioned at the outset, the second quarter results were highlighted by robust new customer acquisition activity, which is reflected in our highest quarterly additions to reported ARR since the IPO. In higher education, we continued to win at a high rate and added leading institutions to the platform. In North America, we were recently selected by the University of Southern California, a leading private research university with enrollment approaching 50,000 students. They chose D2L to upgrade their teaching and learning experience to Brightspace. In their words, it was based on our user-friendly design, robust accessibility standards, and customer support offerings. Also, during the second quarter, we began implementation with the City University of New York, or CUNY, which is the largest urban public university in the U.S. CUNY's 250,000 students across 25 different colleges will transition to Brightspace in phases beginning this month. We're also partnering with multiple other new education customers to build better learning experiences. In the second quarter, these included two polytechnic leaders: the Northern Alberta Institute of Technology, with more than 34,000 students, and Niagara College, which turned to D2L to implement a high-quality and scalable learning experience to support their future growth. Internationally, our teams continue to diligently build market leadership in focused countries. A great example is in the Netherlands, where we now have more than 50% university market share in higher ed. Following the recent addition of HAN University of Applied Sciences, which serves nearly 40,000 students. We've previously talked about deepening our commitment in India with additional investment and an expanded local presence. We're seeing benefits from this increased focus with the recent addition of a new higher education customer with 40,000 students. We continue to see a great reception to our offering in the region as we look to build on the more than 40 Indian organizations that have implemented Brightspace already. In our corporate market, we are demonstrating a strong value proposition within targeted areas and seeing green shoots for further growth. Among the new customers in the second quarter, we welcomed Plante Moran, one of the largest auditing, accounting, tax, and consulting, investment banking, and wealth management firms in the U.S., which chose Brightspace for its elegant user experience to offer software training to customers. iPEC Coaching, which has been providing accredited coach training for more than 20 years. Our sales and marketing teams are doing great work to bring additional focus and an enhanced digital approach to penetrate specific subverticals of the large corporate market, areas where we've had success and that are growing their investment in upskilling. We are winning in all our markets because we provide great technology and the services and support to make the technology a success. Influenced and informed by feedback from our customers, we continue to enhance our learning platform. I will highlight two examples of innovation. The first is extensibility. During the quarter, we launched D2L Link. This is a one-stop integration hub into enterprise systems that provides easy access to hundreds of D2L Brightspace integrated technologies, resources, and strategic partner solutions. Recognizing that D2L operates in the center of a connected ecosystem, we are excited by our investment in Link to accelerate our customers' digital transformation. The second area of continued investment is artificial intelligence. At Fusion, we showcased how generative AI can help educators with authoring questions for formative assessment, as well as bring more contextualized help and documentation from within D2L Brightspace to assist learners. This builds on our long history of thoughtfully applying machine learning and AI in areas such as video, transcribing, and student success. As a platform, we're also working in close coordination with partners such as Copyleaks to bring the best technology into a seamless teaching and learning experience. D2L continues to approach AI thoughtfully and carefully to make sure the application of AI advances teaching and learning, and makes it easier to build more human learning moments and expand the opportunity for connection. Lastly, I want to thank the entire D2L team for their impact. Together, we're making D2L a stronger company while delivering on the mission and vision that John set out many years ago to transform the way the world learns. I will now turn the call over to Josh for a deeper dive on the financials. Thanks, Stephen, and good morning. Our full financials were issued last night, so I will focus on the highlights for the second quarter and year-to-date periods. Where relevant, I will reference non-IFRS measures and KPIs that we believe provide a more complete picture of our performance. As John mentioned, the Q2 results demonstrated our continued progress in balancing top-line growth with improving profitability. Total revenue for Q2 was $44.5 million, an 8% increase over the same period last year, or 9% growth on a constant currency basis. Q2 subscription and support revenue was $39.4 million, a 10% increase over the same period last year, or 11% on a constant currency basis. This reflects new logo growth, combined with revenue retention and expansion from our existing customers. Q2 professional services and other revenue decreased 5% to $5.1 million. As we highlighted in recent quarters, the main cause of this decrease was the conclusion of a large services engagement in fiscal 2023. From time to time, we expect to see similar large projects come through, which can create short-term lumpiness in services revenue. As we continue to onboard new customers and help existing ones through their digital transformations, we're seeing good demand for professional services. We reported strong growth in gross profit and gross profit margins for the quarter and year-to-date periods. Adjusted gross profit, which removes non-cash stock-based compensation expenses, increased by 12% to $29.9 million in the second quarter. We're pleased with our continued improvement in this area. Year to date, adjusted gross profit margin has grown significantly year-over-year from 63.9% to 67.5%, a 360 basis point improvement. The biggest factor was higher gross margins on subscription and support revenue, which rose from 68% for the first half of last year to 72% for the first half of this year. This largely reflects continued progress with cost optimization efforts in our cloud technology and service delivery. For the same six-month period, Professional Services gross margin was 30% versus 37% in the prior year. The decrease is attributed primarily to lower seasonal utilization within the second quarter and the conclusion of the large services engagement I mentioned earlier. Removing these period-to-period fluctuations, we would expect services margin to remain in the range we have delivered historically. Turning to the expense lines, total operating expense in Q2 was $34.8 million versus $31.1 million in the same period last year, a 12% increase. As we discussed on our last earnings call, we expected to incur some additional expenses this quarter, including costs related to D2L Fusion. In addition, you will see non-recurring expenses of roughly $700,000, the largest portion of which relates to the Connected Shopping acquisition and higher stock-based compensation expenses in the quarter. For the fiscal year-to-date period, total OpEx is up 4.5% over the prior year. The combination of revenue growth and improved gross profit margins contributed to a meaningful year-over-year improvement in adjusted EBITDA. We reported a modest adjusted EBITDA loss of $0.5 million, compared to an adjusted EBITDA loss of $1.5 million in the same period last year. Again, the year-to-date results provide a helpful view of our progress transitioning to profitable growth. Adjusted EBITDA was positive $2.3 million for the first half of the year, an increase of more than $5 million from the same period last year. We continue to expect growth to ramp as we move through the second half of the year. Q2 was a strong period for cash flow, following a typical seasonal pattern. Cash from operating activities increased to $22.9 million from $16.2 million in the prior year. On a year-to-date basis, cash flow from operating activities increased to $5.9 million, a $5 million increase from the prior year. Our trailing twelve-month operating cash flow was $8.7 million, a positive leading indicator of the improvements we are making to enhance operational efficiency. At quarter end, we had no debt and $110.3 million in cash. With a strong balance sheet and positive cash flow, we are in a favorable position to take advantage of organic and inorganic growth opportunities. In summary, our results for the first half of the year position us well to achieve our outlook for fiscal 2024 and give us momentum as we track towards our medium-term operating model. We appreciate your interest in D2L. With that, we'd be happy to take your questions. Operator? Thank you. Ladies and gentlemen, if you'd like to ask a question, please press star followed by one on your telephone keypad now. When preparing to ask your question, please ensure your phone is unmuted locally. With our first question comes from Daniel Chan from TD Cowen. Daniel, your line is now open. Hi, good morning. Congrats on the new wins with USC and CUNY. That, I guess, gets reflected in the strong ARR growth, and ARR continues to outpace subscription revenue growth. Just wondering whether we should expect subscription revenue growth to accelerate into that mid-teens growth rate that we're seeing ARR growing at? Yeah, I think, Dan, it's a good point. We certainly look at ARR growth as a leading indicator to future subscription revenue. So it's fair to draw a correlation between the two. And then just a reminder that there is sort of a timing reality there, too, as customers work through implementation, between sort of a ARR addition and then that flowing through rev rec. So just a bit of a timing consideration there as well. But yeah, it's a fair correlation. Okay, that's helpful. Thanks. And then you did mention, the subscription gross margin, that, that was expanding nicely, stayed above that 70% mark. How much more do you think you can achieve as you continue to optimize the platform on the cloud? Yeah, so we continually are investing in the optimization, and so we don't have an upper end bound, but we continue to, each quarter, take a bit of our development capacity to work to expand that. Great. Thanks. I'll pass the line. Thank you. With our next question comes from Paul Treiber from RBC Capital Markets. Your line is now open. Yeah, good morning. I just wanted to touch on the fiscal 2025 targets. Should we assume that's kind of being reiterated? And related to that, do you have better visibility now that we're in September into how you expect fiscal 2025 to play out? Or will it take a few more months or quarters before you get that better visibility? Yeah, thanks for the question. We certainly feel like we're trending in the right direction. We've, as discussed with Dan, ARR is certainly an important leading indicator to sort of the growth profile leading into next year. And I think really you'll see what is fair to assume, sort of an OpEx neutral environment or flat, where you'll see further scale and efficiency as the business matures. And I'd say more specifically, as a bridge between sort of today and then, you can anticipate further leverage from continued gross margin improvements from operational efficiencies and heightened productivity in many different areas. So, net net, we continue to track against plan, and we're really pleased with specifically the ARR growth in the quarter, as well. Got it. Should we expect to see the Professional Services tick up over the next few quarters as a result of the CUNY and USC deals and maybe some of the larger deals? Or how should we expect the services side to play out? Yeah, I think those individual engagements are certainly helpful. But we do have obviously a fairly significant customer base, and so one individual customer isn't necessarily gonna move the needle substantively. So I think the guide we've provided in the past is a reasonable way to look at it. And Professional Services continues to be a helpful input from an ARR perspective, too, as we look at retention and stickiness of customers. Maybe, can you provide an update on the different segments? I know you, you noted that you're winning customers, most notably in the higher education. Is, you know, corporate still the fastest-growing segment? And then maybe any update on the growth in the corporate and K- 12 sides. I think the only nuance, probably this quarter is, we saw a tremendous performance from our higher education group. You know, we still anticipate, given the size of the market, corporate will still outpace long term. And we are seeing great growth internationally. So fairly consistent with a good boost in terms of our higher education group really outperforming in the quarter, and that's a really good sign, considering that's our largest segment of our business today. Okay, great. I'll pass the line. Thanks. Thank you. With our next question comes from Doug Taylor from Canaccord. Your line is now open. Yeah, thank you. Good morning. The ARR growth was obviously a highlight this quarter, speaks to some strong pipeline conversion. Maybe I'll start by getting you to speak to how that pipeline sits and is shaping up through, you know, the back half of this year, and whether we should expect, you know, continued ARR sequential additions at the pace we saw here in Q2. Yeah, we continue to see strong pipeline development in all of our major verticals. We think the additions we've made with our CMO earlier in the year and the way the teams are operating, and market conditions are favorable, favorable for us. And so we're pleased both with pipeline and with pipeline conversion as we look out into the remainder of the year. Yeah, and maybe just to add to that a little bit, Doug, just coming off the back of our conference and traveling with a lot of different clients over the course of the last few months, it's very clear they're sort of shaking off the pandemic, re-energized, looking to us to help them with additional challenges, opportunities for growth. So there's a good renewed sense of energy in the market, which I'm pretty excited about. Okay. Appreciate that. You know, by my math, you know, hitting the bottom end of your annual guidance here, in terms of revenue growth would, you know, actually suggest to you, you know, the, the growth rate's decelerating from the 8% year-over-year growth that you showed in Q2, and that's, you know, a little inconsistent with what you said you ex-- in that you expect, you know, growth to ramp, in the second half of the year. So I guess my question here is, I mean, you know, how should we think about the timing considerations, you know, with respect to, you know, your ARR converting into top-line growth? Or, you know, is there a professional services, you know, related, you know, issue, as you translate this 12% ARR growth into, you know, first, growth in the second half of the year, and then the 12%-15% growth, that bogey next year? Yeah. Thanks, Doug. So there, there is timing for ARR to convert into rev rec, so as, as customers kind of work through implementation, launch, etc.. And then, as you mentioned, the difference between subscription and services is another important area to focus. So you, so you do see some nice ramp on the subscription line in particular, as, as you look out. And I think, again, ARR is a sort of nice proxy to that as well. Okay, then maybe I'll finish by asking a question about the OpEx, which was, you know, elevated in the quarter, as you said, due to some one-time... You know, maybe, for the benefit of the audience here, I'll get you to just be a little more specific, if you can, about what exactly you see as one-time versus, you know, a sustained increase in OpEx, and what we should be thinking about, you know, in terms of the cadence of your OpEx through the balance of the year and into next. Yeah, absolutely. So Q2 was a higher period than normal. Therefore, I, you know, I wouldn't consider this a run rate for quarterly OpEx go forward. As we signaled with Q1's call, we did anticipate higher operating expenses in Q2. And probably two main reasons I'd summarize, Doug. I think the first is the Fusion conference occurs in the quarter, and so that's a big expense for us. It helps drive pipeline and future growth, but it's a big expense. And secondly, some one-time costs, including the Connected Shopping transaction related costs. So if you remove those costs, that run rate is a fair way to look at OpEx over the next few quarters and directionally, an OpEx flat environment. As we look to year-to-date results for the first half at $2.3 million of EBITDA, we're on track with our plans and we'll continue to focus on operational efficiency in the back half and go forward. Do you wanna wrap a number on those one-time costs just so that it's clear for everyone here? Yeah. So some of them you can see within the MD&A, but you're talking in the realm of sort of $500,000-$1 million. Okay. Thank you very much. Bye. Thank you. With our next question comes from Thanos Moschopoulos from BMO. Your line is now open. Hi, good morning. You speak to pricing, I mean, just given the inflationary environment, is there an opportunity to push through of some price increasing, either in terms of, you know, new customers or on the existing base? And in general as well, I think the perception that your pricing is a bit below your competition. So does that also imply maybe some amount of pricing upside? Yeah, I think there's maybe a couple of ways that we're approaching that. One, there are natural price escalators within our contracts to account for the additional R&D and the additional value that we're bringing to our customers. And then secondly, we're really putting a big effort into bringing on these additional products that we can take to market with our clients. So solving additional problems, helping them reduce other software costs elsewhere in their delivery, if you will. And that makes a big difference for us. So, you know, if we're leaning into net revenue retention, it's gonna be largely focused on us upselling Creator+, Performance+, Course Merchant, which is a new acquisition, and then also driving significant revenue through Wave, as that product really ramps up. That's our primary focus, really driving this additional value. And then there's R&D that we're doing that will create another bit of pipeline of additional technology that we can bring to market for our clients. Always constantly adding value. One that Stephen mentioned during the conference call was D2L Link, which I think is gonna be a game changer for us in corporate, in particular, where integrations have been a bit of a block in terms of us entering certain subsegments within that market. and this opens up a whole new addressable market for us that was largely closed prior to that introduction of that product. So, those are gonna be the primary focuses for us. And yes, there are, you know, small step functions that we can make within existing pricing with clients as we continue to add value to the core product. Great. And then looking at Professional Services, there was an uptick in cost of goods relative to last quarter. Is that just indicative of some hiring in that group? I think that's a bit of a blip in terms of summer vacations for some folks, just a bit of a cycle in terms of client projects ramping down, new projects ramping up. I would anticipate, you know, if you look back previous quarters at the margin, that should be what we're aiming for as we go forward into the future. So I think that's a bit of a blip. Great. That's fine. Thanks. Yep. Can I just, Thank you. Operator, I just wanted to circle back, just to add an additional color, just to Doug's question there. I had interpreted, not the inclusion of Fusion sort of in the question, but, more fully, if you include Fusion and the one-time costs that were referenced, you're talking about something in the realm of $2 million-$3 million in Q2 OpEx. So just wanted to provide that sort of fullness for everyone. Thank you. We have our next question comes from Christian Sgro from Eight Capital. Your line is now open. Good morning, guys. Thanks for taking my questions. Just to start here, can you give us an update on the progress and current maturity levels with your channel partners? Christian, we couldn't hear the question. Do you mind repeating it? Yep. I'm just curious on an update with your current channel partners and their maturity levels. Just your thoughts on it. Yeah, we're still. I, I'd still say we're fairly early stages with channel partners still. We're seeing good progress. You know, we've got channel partners that are helping us open up different parts of the market. So for example, small to medium-sized corporates, we've got a good channel partner there that's adding good number of logos. And then we're also leveraging channels in international regions, such as India, where we're seeing very good growth, picking up a large number of the different universities that are now putting their programs online and starting to digitize those universities. So it depends on the region, it depends on the market that we're pursuing, but overall, making progress, and continue to think that's gonna be a bigger part of our future as we continue to scale that program. Thanks, John. For my second one here, with the conference season now behind us, truly, have you seen any competitive responses from the legacy players? So, I think today we're in a stronger position, even compared to last conference season last year, relative to our competitor set, where, you know, if you look at our core product, Brightspace, our win rates continue to go up in our most competitive markets. And that's largely because we're not only delivering on the product expectations that our clients have, but we're providing the right level of support, we're providing the right level of care for making sure those implementations go really well, and that's driving that success. University of Southern California, or CUNY, or others, are great reference points to our strategy working very, very well there. We've not seen a big competitive change there. I haven't seen any new product announcements or new enhancements to fixing the core issues that they've got with their products. You know, so I think we're in a spot where we can continue to pull away as we lean into the research and development to really make sure that there's a clear leader in this market that we're competing in. That's helpful, John. I'll leave it there. Thank you. Yep. Thank you. We have our next question comes from John Shao from National Bank Financial. Your line is now open. Hey, good morning, guys, and thanks for taking my question. In terms of your international market, seems like that market has been growing at a much higher pace than the North American market. So I'm just curious where you see the trend is going and also, the sales mix in international. Yeah, I think that international is a tremendous opportunity for us. So you've got to remind yourself that 80% of the different opportunities that we see internationally are all running on legacy technologies. So think on-premise, not mobile-friendly, not accessible. These are very dated-looking technologies. And so the ability for us to move that to a cloud, help them reduce cost in many cases, and drive a better impact for student experience is a very compelling value proposition. And so, you know, international is, I think, gonna play a big part of our growth as we look into the future. And then, you know, the channels is. I think we're still early days there, but that's showing some signs of promise. You know, most of our international is still a combination of direct and channel, and that combination seems to be working very well. For example, I just got back from South Africa, where we have a great channel partner down there that's helped us bring together a number of the key universities across the region. That event was a fantastic event, and I think there's tremendous opportunity for us to grow, not only in South Africa, but in the broader region, thanks to that combination of direct and channel. Thanks, John. You have a strong balance sheet, so from a capital allocations perspective, could you give us any updates on your plan to, you know, better use the cash on hand? We are still very, very diligent in terms of making sure that if we are making investments in terms of M&A, that we're looking at technologies that really help our clients solve really important problems, and give us the ability to take that technology and scale it to hundreds of clients. Very similar to what we're doing with Connected Shopping, where in that case, you know, as we've integrated that technology now into D2L, and the people have come on board, we see that being a tremendous opportunity for our clients to reach a new audience of learners, these sort of non-traditional learners that are looking to upskill. And that push for us is just beginning, as that acquisition was just completed. And now, you know, as we look forward into the future with the capital that we do have, if there are other opportunities similar to that one, we will take a look, but nothing in the pipeline at this stage to talk about today. Thank you. I'll pass the line. Thank you. We have our next question coming from Brian Peterson from Raymond James. Your line is now open. Hi, good morning. This is Jessica on for Brian. I just was wondering, across your market segments, are customers still reviewing potential deals with higher scrutiny? And as we're moving into the new school year and following your Fusion conference, are new and existing customers considering any shifts in their priorities? Thanks. So, I think I didn't quite catch the first part of that question. Scrutiny on deals. Oh, additional scrutiny on deals, I think was what you were referring to? But, you know, like in the past, some customers, potentially, like some deal cycles potentially were a little bit longer because customers were a little bit, or were considering deals a little bit more scrutiny. Just wondering if that's still a dynamic going on right now? Oh, I see what you're saying. There is still that in pockets, you know, where buyers are taking a little bit longer cycle to actually get through the entire deal. They still want to get it done, they just take a little bit more time. We see that starting to lift. Clients tend to be, today, a little bit more re-energized, shaking off a little bit of that, that struggles with the pandemic, and are now pretty motivated to get the next wave of implementations of these types of technologies put into place so that they can support a better experience for students. You've got to remember, the demand shifted tremendously, you know, post-pandemic, where students were largely using Zoom or, remote learning technologies, to now back to class using our type of technology, and also for online learning, also using our technology. So putting in place a better online and face-to-face experience is critical for campuses. Many campuses pre-pandemic were just using technology to support a face-to-face experience. They really didn't invest in that online. That's where I think we're seeing the biggest shift in demand from those customers, is being able to support face-to-face, drive engagement there, but also to now build out these online programs at a more rapid pace. That will drive both products and services. That combined with these additional products that we've brought to market. So Creator+, which we launched in November of last year, is seeing tremendous demand from customers. You know, for example, I was just chatting with 2,500 faculty at a college out west, and it was very clear that the ability for them to have a tool that helps them create interactives and practices, and creates questions for students to help them understand if they're on the right track for success or not, any tooling around that area was gonna be tremendously well received by our client base. Yeah. Does that help, Jessica? Great. Yeah. I think Stephen's giving me a nudge here on, like, on one other point, which is, you know, well, two extra points. So we are seeing faster deal flow starting to happen now in corporate. So, you know, as that market is looking for these types of technologies, we are seeing the speed starting to pick up there. And then two, you know, if you look at our core client base, ease of use and engagement with students is the two key priorities. So the ability to make it easy for folks to leverage these technologies to do all these new use cases. So our work that we're doing there is really helping us tremendously. and then the ability for you to engage students with things like Creator+ and feedback and other mechanisms that we've spent a lot of time on over the course of the last two decades, is also having a big impact improving, educational outcomes for students. So those are a couple of trends to take a look at. Got it. That's really great. Also want to follow up on your announcements regarding the India market. What's a high-level timeline that you're considering for ramping up your investments in the space, as well as when you might see returns on those investments? Yeah, so we've already ramped up investment in this space, and we're seeing nice demand, nice pipe, and nice deal closure in that. So, it's begun, and we expect it to continue, and the progress is tracking as we imagined, and we're pleased with it. Yeah. So keep in mind, we have, we have dozens of people down in India. We've got our entity set up, we've got cloud provisioning in India, we've, we've built out a great channel partner structure there, and we've really implemented all the key standards that are required for success in India, in the education market. You know, being able to go in and localize our offering to that region is critical, and we're doing it better than I believe anybody. And so I see tremendous opportunity for us to continue to grow and be the right partner for that country for the long term. Got it. Thank you. Thank you. As a reminder, ladies and gentlemen, if you'd like to ask any further questions, please press Star followed by one on your telephone keypad now. We have no further questions on the line. I will now hand back to John Baker for closing remarks. Well, thank you, everybody, for joining us on today's call. We're looking forward to updating you following our Q3 results, and in the meantime, have a great day, everybody. Thank you. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.