Ladies and gentlemen, good day and welcome to the Amagi Media Labs Limited Q1 FY 2027 earnings conference call. As a reminder, all participant lines will remain in the listen-only mode, and there will be an opportunity for you to ask questions after the management's opening remarks. Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touchtone telephone. Please note that this conference is being recorded. Before we begin, a brief disclaimer. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantee of future performance of the company, and it may involve risk and uncertainties that are difficult to predict. I will now hand the conference over to Mr. Baskar Subramanian, the Managing Director and CEO of Amagi Media Labs Limited, for opening remarks. Thank you, and over to you, sir. Good morning, and thank you for joining Amagi's Q1 FY 2027 earnings call. We will be walking through the investor presentation, which is also available on our investor relationships website. I will spend the next few minutes on the quarter, the opportunity ahead, the customer momentum that we are seeing, and our progress in AI. Vijay, our CFO, will then take you through the financials in detail. After which, we will open the floor for questions. If you go to slide two. As we begin the year, let me start with a macro picture of what we are going to show before the quarter. First, growth momentum remains strong and margins continue to expand. If you look at it, the revenue grew 32%. We saw our trailing 12-month net retention, NRR, going up to 1.5%. The adjusted EBITDA margin reached 11.5%. Second, if you look at it, the opportunity remains large, and it is very early in the market. Our TAM is close to $17 billion, and about 10% of the playout has moved to the cloud. More importantly, AI will expand this opportunity materially over time. Third, customers are moving core mission-critical workloads to Amagi. The proof point of this this quarter is that we managed the whole FIFA World Cup, all of the 104 matches were aired on Amagi's infrastructure for some of our key customers. We could actually deliver 100% availability of this for a major U.S. broadcast. Fourth, AI is getting real customer traction. We have been talking about it, and we now have 10 active pilots that is happening. A major U.S. news network has chosen to work with Amagi's Newspulse to transform the newsrooms into more of an AI-first workflows. Clearly, there's a lot more to unpack on this. We'll talk about it. If you go to slide three. As we said the last quarter, the core model that works for us is the operating leverage, and that continues to play out. Our revenue was INR 437 crore, up 32% year-on-year, and 21% on a constant currency basis. That's a strong start of the year and our highest-ever quarterly revenue in the history of the company. Adjusted EBITDA rose to INR 50 crore with 11.5% margin, and PAT was INR 34 crore with a 7.5% margin. For context, Q1 has historically been seasonally softer quarter for us, fundamentally because all the salary raises and increments kicks in. Coming in at 11.5% margin, above the FY 2026 full-year margin of 10.3% is a data point on how the operating leverage is playing out. More importantly, as incremental revenue comes in, a greater share is flowing to the bottom line, and that's visible in the expansion of both adjusted EBITDA and PAT margins. We also closed the quarter with INR 1,616 crore in cash and investments, including IPO proceeds. Vijay will take you through the details of all these financials in the follow-on slides that will come up. If you go to slide four, Amagi operates end-to-end across the media value chain, what we call glass-to-glass. From camera glass, where the content is created, to production, preparation, distribution, and monetization, till it reaches the viewer's screen. We serve content providers, distributors, and advertisers on a single cloud-native platform. The more important point is that what sits beneath all of this. Media is not unlike other software. Everything is mission-critical. Every workflow is real-time, and there's zero tolerance for errors. To run at this scale, we operate what we call a video fabric, the underlying mesh of compute, networking, storage, and orchestration that makes this whole glass-to-glass operations possible. Most of the industry sees this as applications. For us, the fabric is the harder problem, and that's where Amagi's deepest engineering investments come up. It's also what makes everything on the top possible, including AI, and we'll come back to it later. Glass-to-glass on a single video fabric, that's the foundation on everything else that we are working on today. If you come to slide five. As of this first quarter of the year, we want to step back for a moment to look at the opportunity size that we're working with. If you look at it across modernization, unification, and monetization in marketplaces, our TAM is roughly $17 billion. I want to highlight the biggest point that's starting to evolve in our industry and the market that we serve today is that AI, we believe, could really double that opportunity over time. That's the more exciting proposition that we see. For our customers, the opportunity comes in two dimensions. Operating leverage in terms of cost, in terms of for every dollar they spend on technology, they roughly are spending close to $2-$4 on human toil. That is a huge opportunity to build AI-enabled solutions, which can actually be replacing their workflows today. On the revenue front, AI can help customers create more content, reach more new audiences, and increase engagement, and we feel that's a new opportunity that's evolving as we speak. To be clear, these are all directional views, not a forecast. But we believe that this is the direction that we're seeing today. We expect to have more proof points over the coming quarters. Come to slide six. The core opportunity here is extremely powerful. As you see, we are very early in the marketplace. Only about 10% of the play-out is on the cloud, so most of the modernization opportunity is still ahead. Streaming is now close to almost half of U.S. television viewing. This is where we think that we share the contingency that traditional paid television declines. We will see this share actually moving up, which is a good thing for the business and good thing for the whole of the media industry. Advertising is starting to become central to the streaming economics. Almost, if you look at it, as you can see, the shift is happening across the industry. Take the Fox-Roku deal, for example, or take what Netflix is announcing in terms of new ad formats. Advertising is becoming a very, very important fuel for the economy as it moves forward. AI adoption remains early. 27% of broadcasters use it today in some form and shape, but we see a significant runway ahead of all of this that's happening. If you look at the market that's moving in the direction where we think we have the highest opportunity to execute on, this provides a, create a pretty long runway for Amagi as we see this in the next few years that's happening. Slide seven. If you look at it in recent conversations, we are very well-positioned because we've been having conversations, we had our customer advisory board this quarter, and customers are consistent on three things. Consolidate vendors. This is a big need for the market because the number of vendors and the number of tools proliferation that happened in this business is very high. For example, just one of our largest customers, when we speak with them, they said they use 800 tools to get things done, which is amazingly complex workflows. Clearly, there's a huge need for them to simplify these workflows, and they believe that AI could be a big cost leverage and a forcing function for them to get all of them simplified completely. I think Amagi is very well-suited in that direction. We have earned the trust of our customers through mission-critical platform. We provide an end-to-end operating layer, what we describe as a system of action that runs across technology, operations, and their business workflows. We're embedding intelligence into that layer to drive efficiency, and over time, greater autonomy as well. Again, this is supported through real scale. We already, as you know, we work with 400+ content providers across 400 distributors and more than 80+ advertisers. That's the combination of trust, workload depth, intelligence, and the scale, which I think is our right to win as a company. Come to slide number eight. Wanted to really kind of focus on how customers are trusting Amagi, and this is a kind of a pattern that I wanted to kind of talk about today. If you look at it, global streaming platforms. We supported more than 300 hours of FIFA, and obviously FIFA is the largest and the most mission-critical workflows in a broadcast business for this quarter. Amagi was serving that for our customers today, including disaster recovery, live operations, and all the risk mitigation, for example. For one of the U.S. broadcasters, we supported 325 different events and 450 hours of even including shoulder programming, and that we had to provide them 100% on our availability is what we provided. So these services are very, very highly mission-critical for our customers. Again, one clarification, these live events do not create one time uplift or drag in quarter financials. So they are delivered as a broader customer engagement, so it has no material impact in our financials per se. Our growth is secular, and it is not dependent on any particular live event or a marquee event across quarters. So I just wanted to clarify that for you folks. If you come to slide nine, this quarter is a great quarter to talk about some of the three patterns that we see, which is important for all of us to understand. This is representative of that patterns that we see. First is broadcast and FAST are converging into a unified cloud-native platform. This is the message that we have been telling our customers, talking about it, and there are clear proof points this time. If you look at it, the Australian broadcaster launched four FAST channels. On the other side, a U.S. news network moved their whole broadcast operations to Amagi, unifying their FAST and their existing traditional playout, for example. These are two examples of how convergence on both ends are happening. Not only FAST broadcast customers embedding FAST as part of their platform, and the reverse where they started FAST and actually embedding broadcast as well. That is happening. The second message I want to leave with you is that the adoption is global. If you see the wins, it is a great representation. We have wins across not only U.S., but Australia, the Middle East, India, and the broader APAC region as well. So clearly, you see that there is a global expansion that is starting to happen in our business. The third that I want to leave you with is the momentum that we are seeing in terms of monetization to channel operation, a complete end-to-end capability. If you look at it, the wins are not specific focused to one part of our business, but across the whole business units, for example. Specifically in monetization, I want to call out one of the Indian news networks, for example, selected Amagi to expand their CTV distribution, the connected television distribution, and drive monetization across all the channels, for example. Similarly, we actually expanded in the monetization space with one of the larger FAST platforms in the U.S., which actually selected Amagi's ADS PLUS and THUNDERSTORM to monetize its in-content ad formats, for example. What we are seeing is an expansion both, not only in terms of the unification that is happening, the global wins that we are starting to see, and the momentum we are seeing across the whole business as an end-to-end value chain, not specifically to one business versus another. That is where I want to leave you with is a good understanding of how Q1 is a great representation of that particular trend that we are seeing as a company. Getting to slide number 10, we have been describing AI as a major transformation technology. We are starting to see tangible progress. We have been talking about this the last few quarters. Last quarter, we talked about Newspulse, which is our first AI agentic newsroom platform. We shipped it, and we had signed our first paying customer. This quarter, we made good progress. We have more than 10 active pilots across different customers. More importantly, we had a major U.S. news network that selected Amagi's Newspulse to transform themselves into an AI-first newsroom. It is a clear vote of confidence in terms of the product and the offering that is starting to happen. We are quite happy with where we are at that particular progression of the product. We are also working beyond news, and as a company, as you know, large investments happening in AI across multiple content genres. It is not only going to be news, and currently we plan to introduce a broader product suite at our flagship industry conferences in Q2. Those plans are indicative, obviously, but clearly that is the direction we have taken as a company to have a battery of products coming out from our AI stable. The commercial logic of all AI products that we do remains the same, reduce operational costs for our customers, help them to expand their distribution, monetize their assets better. That is exactly the value that we provide to our customers today. We are early, but we expect to show more proof points in the coming quarters and see this as a very important growth area for the company. Slide 11. Again, this is the North Star of our business, the flywheel that you see here. More content drives more distribution, more distribution drives more viewers, and more viewers create more advertising opportunities. This is the flywheel of our customers, and that is what represents the flywheel which drives the health of the company's performance in the mid to long term. If you look at it remains strong. The flywheel remains strong. The content process reached 959,000 hours, which is almost 43% year-on-year uptick that we have seen there. Our deliveries reached 9,900+ delivery options today in endpoints. Distributors, we have reached almost 451, up again by 21%. More importantly, all of this leads to ad impressions reach of 13.6 billion for the quarter. It is almost up 59%. The key point is underlying activity on the platform continues to move in the right direction. That is super important for us to track. The distributor side of monetization in content advertising wins we discussed earlier shows that we can turn that growing activity into more value for the medium and long term. This flywheel matters a lot. Let me give you four key takeaways of why I am excited about the opportunity in front of us. First is the opportunity is already large, and we believe AI will expand it over time. Second, the shift to cloud streaming and ad-supported models and AI is still early. Huge opportunity and a huge tailwind for us as the market starts to expand. Third, Amagi has the right to win at scale because we have demonstrated it, the proof point of FIFA this year, and high availability delivery that we could provide to the major broadcasters is a proof of trust customers place in our mission-critical platform. And four, as we enter this financial year with the growth momentum that we are seeing, with an expanding profitability and a broader customer adoption and early AI proof points, a large runway ahead for us. I am truly excited about the opportunity in front of us. I will hand it over to Vijay to take you through the financials in detail. Thank you. Thank you, Baskar. Good morning, everyone. Baskar covered the headline financials. Now I will walk you through the drivers across the next five slides. I will start with revenue first, then shift gears to margin, go to cash, and finally, wrap up with some Q2 and H1 historical context. A regular housekeeping item here, unless I say otherwise, all growth rates are year-over-year. Before delving into slide 13, I want to just underscore a couple of items and highlight that for your reference. First, like Baskar said, the FIFA was an important milestone for the quarter, and it demonstrated our live platform capability at scale. But it did not materially change Q1 revenue because these workloads are priced within our normal commercial models. Second, the prior base had one timing item. As we had called out in previous earnings calls, last year had a rev rec benefit related to a large deal, which impacted the first half compare. This mostly affected the cloud modernization comparison. This segment grew 17% reported. Excluding this effect, that segment would have grown approximately 32%. Now, with that as a backdrop, let me get to the slide and start with the left. Revenue ended at INR 437 crore. We had an exceptional quarter and was the highest on record, as Baskar highlighted. Growth was 32% reported, 21% constant currency, and almost 10% sequentially. Like with prior quarters, our revenue story was the same. It was broad-based and largely volume-driven, as you will see in the segment commentary I will get to in a bit. In the middle, segment mix was broadly unchanged. This further supports the point that growth was broad based. If you exclude the one-time items, the mix is consistent with what we saw in prior quarters. Moving to the right, streaming unification just grew 39% to INR 249 crore. This was driven by both existing customers expanding with us and channel deliveries reaching almost 10,000, with distributor count reaching 451. The monetization and marketplace segment grew 30% to INR 110 crore. This was also volume driven, as Baskar wrapped in the input lead indicator slide. Our monetized impressions reached a record high of 13.6 billion, which was up 59% year-over-year and 21% sequentially. Cloud modernization grew 17% reported, and as I mentioned earlier, excluding the base effect, would have reported a 32% growth rate. And just for context to bring it all together, excluding the timing impact of the base, our overall reported growth would have been 35% and almost 23% at constant currency. Overall, this was a good revenue story. Like with prior quarters, our growth was broad based across segments, and there were no one-timers that impacted Q2, especially around Live. Moving to slide 14. This is where the leverage shows up, which Baskar highlighted in the opening slide. Starting with the left, adjusted EBITDA increased from INR 17 crore- INR 50 crore. That is 201% growth year-over-year. Margins expanded from 5%- 11.5%. We also had sequential margin improvement of 1.2 percentage points. That is important because Q1 is when annual merit increases kick in. Revenue tends to scale through the year. Q1 usually has margin pressure, but despite that, we improved both year-over-year and sequentially. To Baskar's point, that demonstrates the strength of our operating model. Moving to the middle, you have heard me say this before, the model has operating leverage for the simple reason. Much of our growth comes from existing customers. They are already on the platform, so sales, marketing, and customer success scale lower than revenue. The same is true for R&D as well. We have invested in shared platform layers. As revenue scales, R&D does not grow one for one. For starters, R&D is product and engineering. Q1 also shows this clearly. Revenue grew 32%. The adjusted EBITDA cost base grew about 24%. Obviously the gap is operating leverage. Let me unpack each of the cost lines in the middle. Starting with direct costs, which is the other side of the coin for gross margin. The ratio moved from 31%- 33%. Gross margin was 67.3%, down 2.2 points year-over-year, but up about half a point sequentially. I want to spend about a minute on gross margin, given that this is an area that usually attracts a lot of attention and from a modeling standpoint as well. The way we think about it internally is not quarter to quarter like we highlighted in the previous call. We look at puts and takes to gross margin, and then we look at how the full P&L converts revenue growth into EBITDA and cash. Zooming in on this, the year-over-year movement reflects several factors. This includes segment mix, live event delivery, intensity of the live events, select commercial engagements that we have highlighted in the prior call, and the prior year accounting base effect, which also was a contributing factor. The other area I want to touch upon on gross margin is pricing. Our approach is fairly disciplined. We adjust only when the volume run rate clearly outweighs the price trade-off, like we have mentioned in previous calls. The customer example we shared earlier is tracking at more than 30% run rate growth even after the pricing adjustment. Just for you to know that this ends up becoming a net tailwind from a revenue standpoint. The point that I want to highlight is this is not a structural deterioration. Gross margin will move with mix. We will keep optimizing cloud costs. We will also invest in areas to support durable growth. As a proof point, in Q1, we generated about $282,000 of monthly run rate savings in gross margin cloud cost optimization. But we have reinvested into the AI-related initiatives because that is what is going to give us durable long-term growth. I'd also encourage you to look at operating leverage, which can absorb a lot of the gross margin sequential deceleration and then more than offset it. That's why we focus on the full-year profitability, not just the cost line. Moving on to other lines, sales and marketing plus customer success reduced from 27%- 23%, and R&D reduced from 27%- 21% due to the factors I outlined in the opening of the slide. On R&D specifically, I want to highlight that this is not a pullback. It's just operating leverage. Revenues organically scaling against the platform investments that we've already made. G&A was broadly in line while we continue to invest in systems and governance as a percentage of revenue. On the right, we wanted to put some numbers on the flow-through impact and make that point clear. If you look at year-over-year revenue increased by almost INR 107 crore, but adjusted EBITDA increased by INR 33 crore. That's about 31% of incremental adjusted EBITDA flow-through. For context, that's almost 3x the reported EBITDA margin of 11.5%. That's how we think about operating leverage internally on incremental growth. I would encourage you to look at the overall flow-through on incremental growth, which pretty much is the core proof point of our land-and-expand model. Moving to slide 15. We now move from adjusted EBITDA to PAT. Starting with the left, PAT increased from INR 4 crore- INR 34 crore. PAT margin expanded from 1.1%- 7.5%, almost a 6.3 percentage point improvement. This was largely driven by a couple of factors. One was the adjusted EBITDA expansion, which pretty much flowed through to PAT. ESOP costs also, which reduced as a percentage of revenue. One item to call was that we had a one-time non-cash FX charge, which related to aligning a legacy customer advance to its contractual rate. This was an FX translation adjustment. It did not affect EBITDA, and it did not affect cash flow, and we do not expect this specific item to recur. Excluding this one-time charge, PAT would have been INR 40 crore, almost INR 6 crore higher than the reported one-time item. Before we move to cash and just to round off on margins. Operating leverage, as you've seen in the last three quarters, has consistently played out for some time now, and we are happy with how it's starting to flow through, not only at an adjusted EBITDA level, but even at the PAT level. Not only on a year-over-year basis, but also sequentially, given all the incremental-related headwinds that we had. Moving on to slide 16. This is more the third pillar we are talking about, which is we have cash on the left and capital deployment on the right. A couple of framing points before we get into the building blocks of the slide. Starting with the left, think about Q1 as our weakest cash quarter in terms of outflows. Because annual incentive payouts, increments, and some of the big renewals on software tools all lap in Q1. This is not an exclusive feature of this Q1. It's going to happen every Q1. That's one thing to keep in mind. Two, is that both periods also include some significant one-time items. As an example, last year we had the buyback payments, and this year we have some residual IPO expenses that we are lapping. We wanted to separate the noise from the signal and show these numbers so that you can get a view of core operating outflow and reduction in cash burn. With that as a backdrop, on a reported basis, cash burn narrowed materially. Operating cash outflow narrowed from INR 141 crore- INR 65 crore, and free cash outflow narrowed from INR 143 crore- INR 68 crore. Again, the main driver here was adjusted EBITDA, which increased from INR 17 crore- INR 50 crore, as we discussed earlier. A couple of one-time items, like we mentioned earlier. They were at about INR 57 crore last year and about INR 25 crore this year. Excluding these items, operating cash outflow narrowed by INR 43 crore, with basically moving from INR 84 crore- INR 41 crore. Of that, a significant chunk came from higher adjusted EBITDA. On roughly 1/3 of higher revenue, Q1 burn was almost half of last year. While the color is negative, we are happy with the trajectory. We also realize there is some work to do here, but some of the core input metrics here are trending well. The biggest piece being receivables while on DSOs, we saw a sequential improvement of about eight days quarter- to- quarter. Some work to do, but again, a lot of positiveness in the trajectory. The numbers are probably better off looked at from a full-year basis rather than Q1, which is, as per my opening framing, one of the tougher quarters for cash outflows. Cash and bank balances stood at INR 1,616 crore, including IPO proceeds. On the right, we wanted to just give visibility into our corp dev and M&A activity. While organic investment remains our first priority and pretty much most of our growth has been organic so far. Inorganic focus is mostly capability-led. We are looking at areas that extend the media industry cloud vision for us. For context, since January, we have evaluated 33 opportunities, paused on 23, and we have 10 under active evaluation. We are sharing this, again, just for visibility. It is not a signal that a deal is imminent or there are any binding commitments at this point. We will make appropriate disclosures at the right time through the proper channels. The uber point we want to highlight here is we are sensitive about the cash balance and happy with the flow-through from profitability to cash. We are also actively looking at opportunities to continue deploying the cash, especially when the price is right. All right. Moving on to slide 17, which is the final slide here in the financial section. Starting with the left, I will breeze through it because it is going to be pretty much a consistent part of every earnings call. Our goal as a company on the financial side remains simple. We want to generate durable revenue growth, make sure that that flows through to the bottom line, and make sure that we convert that into cash. Nothing changes there. Pretty much same that you have heard from us and going back to first principles. Moving to the right, we also have wanted to add historical-facing context because we got some good feedback based on sharing this last quarter. We want to continue this and call out any one-time items or historical context that could help you, as needed. The first point is Q2 FY 2026 had the same rev rec timing benefit, which we have disclosed in the earlier calls. So the Q2 year-over-year compare has a headwind of about 600 basis points. This is the prior year base effect. The second point is the H1 facing. In FY 2026, H1 was about 47% of the full-year revenue. It was about 37% of the full-year sort of adjusted EBITDA. So EBITDA has historically been more back-half weighted because annual merit increases happen early, revenue scale builds throughout the year, and your operating leverage flows through even better in subsequent quarters. Again, this is historical context, not prescriptive guidance, but we wanted to make sure you had some sort of frame of reference because this is our first full year as a public company where you will start seeing all quarters. To close out the financial section, Q1 was a strong start. Revenue growth was healthy, broad-based. Good flow through to EBITDA and PAT margins. Not only year-over-year improvement, but sequential improvement in an area where we had headwinds from increments. Cash burn narrowed materially year-over-year. With that, let me turn it back to the operator to queue up any questions. Thank you. Ladies and gentlemen, we will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Bharat Gulati from the Dalal & Broacha Stock Broking Private Limited. Please go ahead. Yeah. Hi. Thank you for the opportunity. The first question is just regarding gross margins. Your commentary was pretty clear on it. Just trying to understand the sequential improvement, driven by the cost efficiencies. How sustainable is that, and how do we look at gross margins going forward on a quarter-on-quarter basis? Do we bake in numbers reaching back to 69% by the exit of this year, or have gross margins sort of in the near to medium term structurally come down because of the pricing discount given to one of the customers? Could you just quantify what sort of an AI impact have we seen this quarter and in the previous quarter, and what would that look like going forward? Yeah. Thanks, Bharat. I think there is quite a bit in there, so let me unpack it into two broad buckets. What is the mental model on gross margin improvement drivers and how to think about it in the medium term, and the impact of AI on gross margin. As I outlined in the prepared remarks, Bharat, multiple factors contributed to it, not just the price negotiation. We had mixed impact from live events. We had mixed impact from segment. We had AI costs, and the multitude of factors which impacted it. The way I would think about, at least internally, is we have a FinOps org, like I said, that generated about $282,000, and they have a plan to improve that over the course of the year. Savings will continue to be ongoing, but we also have to opportunistically deploy those back in the business to make sure that we are continuing to fund growth, because you can't cost cut your way to growth. I would say that given the puts and takes, I would try to keep it in the 67%-69% zip code, at least for this year, and see where it goes. Keep in mind that Q3 is also a pretty strong quarter from a seasonality perspective. These are BAU items from a business standpoint. I would kind of just keep stable as your sort of base case, right? On the second one, on AI, because it is a relatively small base, we are not seeing a substantial impact to gross margin, but we are also running 10 active customer pilots, as Baskar alluded to earlier. We also have the sort of largest news network that has selected us. That is starting to have some impact on the gross margin. Here this is, like I said in the earlier earnings call, there is going to be an S-curve, where we believe we are taking a two, three-year view on how margins are going to play out. You may see a little bit of a dip initially, but it will come back to where it needs to be. That is exactly been our historical trajectory as well. If you look three, four years back, our gross margin was around 64%, right? We have taken a long-term sort of approach to get to 69%. I think AI is going to sort of play out a similar curve in the next three to four years. Got that. That is really helpful. Just wanted to understand sort of the distribution platforms that we are adding. What sort of a relationship do we have in terms of customers, and do they help us add customers, and in cases, are they even customers where they deploy their in-house channels? Just trying to understand how much is the distribution platform aiding in terms of customer growth and just top line growth as well. Yeah. Okay. Thanks for that question. This is Baskar. If you look at it historically and how the company's basic structured supply deal that we talked about, is more the content owners deliver to more platforms, more platforms drive more viewership, and henceforth, more ad dollars for everybody. That is the core of the business and how it works. Now, if you specifically look at it from a delivery platform standpoint, the fundamental motivation for us to drive newer platforms is because our customers who are content owners are trying to move to more and more geographies. Globalization is a trend that is happening. So we are taking them to multiple different geographies. If you look at it, I think if you look at our press releases, you would see, for example, take Kogan TV, which is something in Australia that we actually launched as a platform, for example. We have been doing it with Vodafone in Germany. So we are expanding our customer base for the content owners to get to multiple different geographies. That is the core reason and the focus we do. Coming to your second question on whether these distribution platforms become our customers. Yes, in a larger set of distribution platforms have become our customers. Be it, take a Vodafone, for example, as a customer. Kogan TV is a customer, or a Virgin, which we did in the U.K., is a customer of ours, for example. But that is not a prerequisite for partnering with the distribution platform because it is all done in the service of a content owner wanting to reach those geographies, for example. So that is the bigger driver, Bharat. Yeah. Thanks. Just lastly, on the ad impressions for the quarter, I am just trying to understand more on the THUNDERSTORM part of things. Is the larger growth been driven because of FIFA this quarter? Because ad impressions are up even from the seasonally strong Q3 quarter. So just trying to understand that, and just trying to understand what would be, today, the delta between the number of deliveries and sort of the channels that are still not being distributed through Amagi THUNDERSTORM. And how do we see filling that gap up, and are we seeing sort of insourcing as a risk, and what are the sort of distribution platform models that we are entering? Are they typically more taking insertion in-house, or is it still majorly done through us? Yeah. Okay. You have three questions. I will try to kind of break that down. First, if you look at it, we did not have any upsides because of FIFA World Cup from an ad insertion standpoint. So period. That is clear. What you are seeing is organic growth that is happening in the platforms that we are serving, largely because connected TV penetration in the U.S. and otherwise across the geographies that we are seeing is expanding, and that is the core driver that is driving that. Obviously, the secondary metric on that is fundamentally the derivative is that more content we are feeding into those platforms, that is driving more viewership, and that is the driver. So it has no correlation whatsoever with the World Cup and the FIFA World Cup, for example, from an organic growth standpoint. The second part, if you look at it, is the platforms today are fundamentally looking to outsource rather than insource. Insourcing is not happening, and at least we're not seeing in the industry that we kind of now experiencing what we're seeing. You're seeing this proof point. If you look at the larger deal that we made pre-IPO and what we announced earlier as well, we continue to see that where platforms are starting to work with companies like Amagi so that they can actually kind of bring these things out. Because the scale and the complexity of ad management, if you look at it from an insertion standpoint, is becoming much more complex. We're kind of driving those capabilities as a company, and we don't see any sort of, at least we're not aware of any impact in terms of insourcing that we're seeing today. Yeah. Just if you could give a sense on the point of what sort of delta is there between channel deliveries and the distributions happening through Amagi THUNDERSTORM. Just trying to understand how much more runway do we have within existing channel deliveries to further penetrate through THUNDERSTORM. Yeah. See, largely, again, if you look at it, I may not have the numbers off the top of my head to give you that answer, but largely, if you look at it, the platforms where we are the ad insertion partners, obviously all of those content and all of the channels that come through that process comes through to Amagi. We have a big right to win fundamentally. Platforms where we don't own the ad insertion, we are a delivery partner and not an ad insertion partner. So there's no real easy correlation to tell what would happen here, for example. Right? So two things can happen. One is more platforms we sign up. That means essentially that's like bulk of all the channels that are getting into the platforms becomes an Amagi's ad insertion tailwind for us, for example. Similarly, more content owners come to the platforms we serve already. That's the drivers that we need to look at as we move forward. So we're quite comfortable with the trajectory that we're seeing and the sort of channel launches that are happening in the platforms that Amagi serves today, as well as new platform sign-ups that we're expecting to look at. I think we're quite comfortable with the position of where we are. Yeah, Bharat, this is Vijay. Just to add, with the move towards personalized viewing and fragmentation of how content is getting consumed, the concept of channel as a limiting factor no longer exists because you could have a personalized lineup of 300 channels that is very different from mine. Also, keep in mind that there are shorts, there are vertical formats and other things that are starting to take shape. So the runway should be looked at in the medium to long term, beyond just the channel cap, just more from a mental model perspective as well. Got that. That is very helpful. That is it from my side. Thank you, guys. Thanks, Bharat. Thank you. Participants, a reminder. If you wish to ask a question, please press star and one. We take the next question from the line of [Delan Dhumal] from ICICI Securities. Please go ahead. Thank you. Am I audible? Yes, you are. Thank you for the opportunity. I wanted to check if Amagi could share any data on the gross revenue retention. Companies like [Recurly] disclose GRR as a key metric. I wanted to understand if Amagi tracks or reports a similar metric, and if possible, maybe you could provide the data. That's not a metric that we disclose in the DRHP as a matter of routine sort of disclosures. But in the past, we've said that if you look at our logo churn, it's pretty much in low single digits. And the average vintage of our top 10 customers is five years, right? Stickiness, especially given the GRR, is hopefully going to inspire that sort of a takeaway, has not been a problem for us. Hopefully that addresses your question. Yeah, sure. Understood. That is helpful. Thank you. Thank you. We take the next question from the line of Vamsi Krishna from Kotak Securities. Please go ahead. Yes. Thanks for the opportunity. Hi, Baskar. Hi, Vijay. Morning. My question was with respect to the industry consolidation that you have talked about. First, is that, say, a post period of elongated sales cycle, is it that a vendor will gain larger share in the wallet? Is that something that you have seen in the business historically? If you can share any instances on that. Second, if it were to play out in the near term, how would you expect the operating leverage play out in the business? Okay. A couple of things I want to address here before we start. Consolidation, obviously there are customer-level consolidations happening where two media companies are consolidating. That is a different outlook, and I will come to that. Second thing is, as I indicated in my presentation, when we talk to our customers as part of our Customer Advisory Board, one of the most vociferous decisions that came across everybody, literally, was that, "Hey, we do not want to work with many vendors because already our workflows are very complex. We would like to consolidate our vendors to top vendors who could potentially be able to provide an end-to-end capability for that." In that sense is where I think there is a significant right to win for us. We are seeing this play out in the AI business and very early green shoots that we are seeing on this front. If you look at our AI businesses today, for example, the first customers who are actually lapping up our current product offerings are all our existing customers. They see this as a clear extension to the existing products that we have already launched into that system. We own their infrastructure. That essentially means that we can actually add to that infrastructure through these processes. I think there is significant right-to-win opportunities because our customers are moving towards more vendor consolidation, which drives capabilities for us. If you look at Newspulse, the first U.S. news network we had talked about, it is fundamentally a customer who is already an existing customer of Amagi. We run a lot of their infrastructures internally. This is an addendum to that whole thing, which actually augments them to become an AI-first newsroom, for example. That is a case in point that we see today as a company. Yeah. Vamsi, this is Vijay. Just one more proof point is when the streaming division, there is not necessarily consolidation. I am just talking consolidation and fragmentation is happening at the same breath. This actually became a tailwind for us because I think when the unit gets spun off, you actually end up creating new facilities and all that stuff. Directionally, we have not seen a net headwind play out as a result of consolidation or fragmentation. The other point to keep in mind is because we connect both the supply side, demand side, and advertisers, we are nicely positioned as the Switzerland of the ecosystem, right? People want an end-to-end sort of player, like Baskar said. Structurally at least, that augurs well for us and puts us in pole position when there is consolidation or fragmentation. All right. Thank you. Thank you. We take the next question from the line of Omprakash Kavadi from Spark Institutional Equities. Please go ahead. Yeah. Good morning, team, and thanks for the opportunity. A couple of questions from my side. Firstly, on the pricing part, especially in the context of AI and all, I still believe the hours of content processed and the number of channel deliveries, which would have an impact on the number of hours processed. Are these only the metrics right now in terms of pricing? Are you seeing some changes in terms of pricing methodologies lately with respect to clients? Yes. Yeah, go ahead. Om, this is Vijay. Thanks for the question. At this point, again, we have a very thin read on AI having a structural or deflationary impact, either on our revenue base or pipeline. We've not seen a material flow-through. Like we've articulated, I think the ask from our customers is to take a more holistic view of not just the software, but the operating layer, and look for opportunities to increase revenue and reduce cost. Right? At least structurally, it seems like a net tailwind right now, but we'll make data points visible as we start seeing some proof points manifest, either in our revenue or our pipeline. Just to add to that, again, actually, as we talk about this whole Newspulse that we're doing today, for example. With the customer right now, we are actually building in telemetry to understand what sort of cost leverage that they're getting, as well as what are the revenue expansionary trends that we're seeing. Because eventually, as you would've seen it across the markets, outcome-driven pricing would be an interesting opportunity, but it's very early, like what Vijay's pointing out today. But that's the direction we're seeing. We are working with customers to build in telemetry for them to see the business efficiencies, because eventually proof of the pudding is that it actually delivers values to our customers. We are starting there and then skimming the pricing model is really based on contingent on what sort of cost leverage that we are providing or revenue maximization we are able to provide to them. That's the direction we are taking today. The second question is connected to your explanation on Newspulse, given that you already started to monetize that and you have more than 10 active pilots on that product. In terms of investments, R&D, and other products which you are working on, can you give us any indication that you are working on certain products which are right for monetization or where you are already close to in terms of your deliverables there? Any specific things which you want to call out in terms of products? Not really right now. Fundamentally, where we are, as I told you, we are quite very excited about the whole opportunity in front of us. The biggest proof point for us is in our Customer Advisory Board, when we talked about our products, the roadmap, and the resonance was extremely high. We truly believe that we have a clear roadmap and opportunity to execute on that roadmap. You will hear a lot more in the next quarter because that's the quarter where we are announcing some of our products across multiple of the genres. As you know, news was the first genre we started, but that's just the only genre that we have started. It does not mean anything because we are going to be having lot more genres coming up that you will see. Maybe next quarter we will have lot more conversations on this because we will have announced few more product offerings that's coming up. Having said that, all these will have a gestation period before you see them as a revenue contributor. Because these are all early products, we are quite excited and our customers are obviously leaning in and starting to trial with us. I think from a revenue standpoint, over the later part of this year is when we will have a lot more indicative understanding of how this translates to revenue. Overall directional trend is new products, good amount of investments going into these new products. We are quite excited about the direction we have taken. The last one could be slightly bookkeeping. On the channel deliveries, we have seen a very strong growth in terms of overall channel deliveries on YoY basis. Is it possible practically to slightly dissect that into the new channels versus more number of deliveries for the same channel through many distribution points? Is that a relevant metric at all, or could we be able to dissect that? Unfortunately, no. It's not a metric that we track internally either. But, if it becomes meaningful in the future, we'll definitely disclose it. I think directionally, if you look at it, you should assume that it's coming from existing channels going to more deliveries, because that's the directional call, because that's the first port of call where it actually increases. Directionally. Again, I don't have the numbers on top of mind to tell you that, but that's directionally what you should look at. Yeah. The only other proxy metric I can think of, Om, is your NRR as a percentage of total growth rate. So if of that 31%, roughly 26% is coming from existing customers, it's probably the closest proxy you can use to extrapolate. Yeah, sure. Thanks a lot, guys. Good luck with the coming quarters. Thank you. Thanks, Om. Thank you. We take the next question from the line of Rishi Jhunjhunwala from IIFL Capital. Please go ahead. Yeah, thanks for the opportunity. Baskar, just on the AI offerings. I just wanted to understand how are you pricing some of those offerings, and are they different from how you've been doing in the past? How would you want to protect some of the cost inflation around AI to get factored into some of these offerings? A couple of things, Rishi. First, it's very early in the whole cycle of what's happening. Both for our customers and for us as a company, the evolution of this whole capability that's happening, right? First, two or three tenets that we've kind of assumed. First is we are working with customers to measure tangibly what is the benefit that they're getting out of this whole technology. So that's an important metric and direction that we've taken with our customers. Second, if you look at it is we are, whatever the pricing models we are coming up with, is we're starting to map it with the cost structures that we're actually expending, so that there is a directionality of, you don't want a cost run-up happening on one side and a completely different revenue base, which don't correlate with each other. Now, case in point, we introduced what is called an AI credit option for some of our media operating environments. Agentic media operations is measured on credits, which is akin to the way token costs are to some extent, if you look at it how enterprise buy today. We have built an AI credits model. For example, if you are a customer coming to Amagi and you want to, I do not know, convert your language to Spanish from English, for example, you pay on number of credits with the company. The same credits is now a currency that you could use it for, I do not know, a metadata enrichment or something else, for example. The model is very mimicking a cost-plus model, if you look at it in terms of the AI credit capability that is happening. On the other side, we are working with customers saying, in any revenue maximization stages or in cost optimization, what is the core cost reduction they are seeing or what is the increased revenue incremental value that they are seeing? That is two things that we are really measuring today. Having said that, this is very early, so I do not want to presuppose a single business model that will evolve. Given the breadth of product offerings eventually and the agentic workflow infrastructure that we will build out, I think we need to wait for a few more quarters before we will get directional clarity on this issue as we speak. Understood. A couple of clarifications are required. One is, the NRR that you are giving, is it in constant currency? The NRR is reported currency, Rishi. That is how we reported it in the DRHP. Again, the NRR metric for this quarter is trailing 12 months because it is fiscal year revenue-based, and if you stick to the intellectual honesty of the DRHP, we can only disclose it at Q4. In order to provide folks some directional color, we have given the TTM sort of number. Understood. The one-off revenue impact that came last year in the same quarter- Yeah. ...adjusting for that, how much growth we would have had in this quarter on a CC basis? Do you see that YoY growth trajectory maintaining through the rest of the year? It would have added roughly 450 basis points, 4.5 percentage points, both to constant currency and reported. That is the answer to your first question. On sustainability, again, our aspiration is to continue to maintain those sort of growth rates, Rishi. We will obviously see how things play out. Again, Q2 will have a little bit of a big lapping of that year-over-year comp like we disclosed proactively. Next quarter might not be the best marker because we will still be lapping that base effect. Understood. Thank you. All the best. Thank you. Thank you. Ladies and gentlemen, due to time constraint, we take that as the last question and conclude the question- and- answer session. I now hand the conference over to the management for their closing comments. Yeah. Thank you for attending this call, folks. I think we continue to see three things that I wanted you to take away. One is the operating leverage of the company. We are executing on that, and there's not really any surprises on that front. That's going to be a continuing story that you see. Second is, our customers continue to have a lot more trust and reliability with Amagi, and you're seeing this in our NRR. You're seeing it in terms of the broad-based wins that we're starting to really explore. Third is AI continues to be an important part of our growth process, and very early, but clearly that's a big direction. We're very excited about the opportunity in front of us. Truly thank you very much as investors and friends investors. I think your support has been a great need for us as a company as we build potentially one of the largest media tech opportunity for us from India for the globe. I think truly we are very well positioned to do that, and thank you for giving this opportunity for all of us. Thank you. On behalf of Amagi Media Labs Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your line.