All right, can you hear me? Oh, great. Good morning, everyone. As you can see, today we're all about how Freshworks uncomplicates. It's great to see so many of you in person. I'd also like to thank everyone joining us via the live webcast. I'm Brian Lan, Director of Investor Relations here at Freshworks. On behalf of the entire leadership team, it's my pleasure to welcome you to Freshworks Investor Day 2025. We have a full agenda lined up, but before we dive in, let me quickly cover a few housekeeping items. First is our all-important disclaimer slides, the highlight of the show here. Over the course of the presentation today, we will make some forward-looking statements. As a reminder, actual results may materially differ from expectations. You can find the associated risks and disclosures, along with a reconciliation of our GAAP and non-GAAP results in the presentation, which will be made available on our Investor Relations website at ir.freshworks.com and in our public SEC filings. With that out of the way, here is today's agenda. Dennis, our CEO and President, will kick us off to discuss our company's vision for durable growth driven by AI and uncomplicated solutions. He will then walk us through our product innovation and strategy in EX, AI, and CX. Our Chief Product Officer, Srini, will also showcase demos of our products in action. We'll take a quick 10-minute break, and then Ian, our Chief of Global Field Operations, will go through our go-to-market strategy. Afterwards, you'll hear directly from our customers in a panel hosted by our Chief Customer and Marketing Officer, Mika. We'll wrap up the prepared section with Tyler, our COO and CFO, who will provide the financial overview and updates. Finally, we will conclude the day with Q&A with our speakers, followed by a networked lunch. Lots of exciting stuff to get through. With that, let me welcome our CEO and President, Dennis Woodside. All right, welcome everybody. Welcome everybody in the room. Thank you to our investors for supporting us and our analysts for covering us. We've got an exciting day today. It's been two years since our last Investor Day. In that time, we've accomplished a lot. We're going to talk a lot about that. Three years ago, I joined Freshworks as President because I saw a clear path for driving durable growth. We had these amazing products. We had these amazing customers. We were addressing the needs of thousands of customers around the world in customer support and in IT. I saw a real opportunity to expand on what the company had built and deliver more meaningful value for our customers. What I've observed is that for decades, customers have been forced to choose between really lightweight tools that just don't scale with their business as they grow and heavyweight platforms that bury IT and customer support teams. The complexity, the high cost, we heard these from prospects. We heard this from customers. Despite the arrival of Gen AI, too many business software vendors are repeating that same playbook. You hear about the months that it takes to implement AI now, ROI that's not happening, pricing that's very opaque. At Freshworks, we take a very different path, and you're going to hear about that throughout the morning. We build enterprise-grade products that are easy to use and easy to deploy and to scale, software that delivers measurable value in weeks, not months or years. Our vision has never been clearer. We are poised to be the uncomplicated AI-native service platform for organizations who are looking for easy-to-use software to deliver exceptional customer and employee experiences. That's what we do. Today, over 74,000 companies have chosen us over much larger competitors like ServiceNow and Zendesk and Salesforce to remove complexity from their business, drive efficiency, and drive growth. Businesses like TaylorMade Golf have chosen Freshworks over our competition because we offer enterprise-grade alternatives that are easy to use and get value from. Our customer base today is highly diverse. It includes Fortune 500 companies like Panasonic, who you'll hear from today, and S&P Global, some of the largest media and entertainment companies, including AMC Networks, high-tech leaders like Seagate and Databricks and RingCentral, and you'll hear from RingCentral today as well, leading universities like the University of Pennsylvania, the University of Aberdeen, UCLA, and more than 1,000 government entities from local municipalities like the City of Bellevue in Washington to California's Franchise Tax Board. All of these organizations trust Freshworks today. Now, many of you have been following our journey since our IPO in 2021, but some of you in the room and some of you virtually are newer to our story. I just want to give a quick primer of our products and our business before looking forward. We compete in two large growing and adjacent markets, each at different stages of maturity in our business. We compete in IT and employee service, and we call that employee experience or EX. You'll hear the term EX referred to throughout the day. The second is customer service, and we call that customer experience as well. In employee experience, Freshservice is our AI-powered platform for managing IT and employee services, IT assets and operations. In customer experience, Freshdesk is our modern AI-powered customer service solution that streamlines the operations for support. Of course, at Freshworks, we've been building AI into our products since 2018. With the rise of Gen AI, we've brought offerings to market like Freddy AI Copilot for frontline teams, Freddy Insights for managers, and Freddy AI Agents for autonomous customer and employee support. That's our portfolio today. In the last two years, we've delivered on the commitments that we made at the last Investor Day. Our first commitment was to scale the business with an innovative portfolio. We've made significant progress on product innovation, especially in AI, and we're going to show you that today. We said we'd put the company on a path to durable growth. We've shown compelling growth momentum, going from about $560 million in recurring revenue then two years ago to around $840 million in recurring revenue as of the last quarter. We reached the Rule of 40 milestone ahead of schedule, achieving Rule of 45 in our most recent quarter. The third commitment was around AI monetization. We've built a $20 million recurring revenue AI business from the ground up. AI monetization doubled in the last year. The fourth commitment we made was to expand the market by continuing to move upmarket and serving larger and larger customers. We have truly evolved from being seen primarily at our IPO as an SMB-focused SaaS provider to one that's recognized as a leading mid-market and enterprise SaaS company, successfully competing against much larger competitors. Finally, strategic M&A and the use of capital. We said we would leverage M&A to grow faster, and we did that with the acquisition of Device42. We successfully completed that acquisition in June of 2024, and we fully integrated them into our sales motion into our offering. In the two years since we last did our Investor Day, our business has evolved significantly. Today, the majority of our revenue is driven by mid-market and enterprise customers, and that mix continues to shift upward. These larger customers represent high-value relationships, multi-product adoption, and offer a very long runway for growth. Now, we're starting to see this flywheel of mid-market and enterprise customers switching from and choosing us over legacy providers like ServiceNow. You see that in our numbers: 25% growth in revenue across a segment of customers who spend more than $100,000 with us. That's both for EX and for CX. Deals that are more than $100,000 now make up a third of our revenue. Today, we have 70 customers that spend more than $500,000 with us, and we have a dozen that spend more than $1 million. We're truly moving upmarket rapidly. Across all our products, all segments, we win and expand because we offer a unified experience that enables customers to consolidate fractured tech stacks. Our products are uncomplicated. They're easy to use. They're easy to train on. They're easy to maintain. Talk to every customer, any customer, that's one of the first things they'll say. We create much faster time to value than our competition. We don't require scores of consultants to get to value. That's super important. Some of our customers come from solutions that require five, ten people just to keep them up and running. As a result, the total cost of ownership of our solutions can be a fraction of that of our competition, and we've proven that we can innovate more rapidly than many of our competitors, and you're going to see those innovations today. This isn't just me talking. This is some of the things that our customers say. You'll hear these things throughout the day, but what I want you to do is hear from the customers directly. Let's play the video. With Freshservice, they have Freddy AI, which enables our employees to submit questions, and we can ask Freddy AI to go ahead and answer those questions for us and give knowledge-based references as well. It helps our employees minimize their time waiting for a response from our tier one team and allows them to get a quick answer from Freddy AI. Freshservice, which has been great. We've been adding every single quarter. We add another team here. We've been really trying to improve our team's Freshservice usage here. Freshservice has given us an uncomplicated process, a one-stop shop for all employees to be able to accomplish all goals together. Freshworks really helps Regal Cineworld Group when we're extremely busy. Customers don't have to rely on individual agents responding one by one to the queries. We can bulk respond, which means that customers aren't waiting for information that could be at the tip of their fingertips. We can provide that information to them instantly. We plan to use Freddy AI Agents across Regal Cineworld Group more in the future to resolve queries and to triage and seek the information that we would get from customers first. Freshworks has provided us the ability to automate, innovate, and simplify, which are some key visions and values for my department, which wasn't possible before. The Freddy AI Copilot has helped us support operation by essentially making everything easier for the agents and for the customers as well. One of the top features that we're using is ticket summaries. As previously, an agent might have a two-minute conversation with a customer and then spend five minutes writing what happened in that conversation, they can now have those notes written at the click of a button. Freshworks has supported our growth by enabling us to deploy those resources that were previously spent on repetitive tasks on revenue-generating activities. We went from a disparate customer service function to a centralized customer support team with that customer at their heart. It's made everything easy from the customer to the agent as well. Our mission at Big Bus Tours is to inspire the spirit of adventure, and our vision is to be the number one thing to do in every world-famous city. What that requires is a fantastic service both on the street with the buses, but also behind the scenes with customer service, which is something that Freshworks has really helped us to do. All right, great. We'll hear more from customers throughout the day. We have a couple more videos. We've got some customers coming up on stage, but I think that's a good taste of what we work with, the kind of businesses that we work with every day, and the value that we're delivering. Okay, my last point before I talk about where we're going really is about the team. We have the best team to lead Freshworks through the next chapter of growth. Each of these leaders, some of which you'll see today in action, has helped us deliver on our commitments over the last couple of years. They've also assembled world-class teams in their function. They're proven executives from some of the world's most respected software companies like Google, Oracle, ServiceNow, SAP, and they've all successfully scaled businesses through critical growth phases and bring deep functional expertise to Freshworks. What really sets them apart is their commitment to competing and winning. We are in a competitive market. We compete every day for every customer that we win. They've built their careers at companies that have had to compete. They've defined categories, disrupted markets, and they've delivered results. Now they're bringing that same energy, that same competitive fire to Freshworks. Very proud to have this team here. All right, now, if there's only a few things that I want people to take away today, here's what they are. The first is that we're positioned to win in an $80 billion market by continuing to move upmarket. We have the products right now to do that. The second is our EX business in particular can sustain 20% growth for years, and we're going to show you how we can do that. The third is that AI is driving measurable monetization right now. We're not playing games with how we report the numbers, and it's going to be a catalyst to growth in both EX and CX for years to come. The fourth is that we're going to continue to be disciplined about how we allocate cash to support our growth. The last, which Tyler will get into, is that we're on track to achieve over $1.3 billion in recurring revenue by 2028 with best-in-class cash flow and operating margins. Now we're going to talk about how we're going to get there. Okay, I'm going to talk about the market opportunity and what we call our growth algorithm first, and then we're going to go through the three major product areas: EX, AI, and CX. All right, the total addressable market for where we compete for EX and CX software is estimated by Gartner to be about $80 billion. It's a huge market. Now we are positioned to serve the mid-market and the lower end of enterprise in particular better than anybody out there. That market is huge. In the U.S. alone, the mid-market and what we call the lower end of enterprise accounts for more than $10 trillion of economic activity, and every one of those businesses needs to automate their customer support operations and their IT operations. Software in that sector is not optional. These businesses are in a unique position. They've got unique challenges. They've got the same sophisticated demands as a Fortune 100 company. They're typically global businesses. They face the same complexity, the same customer expectations as much larger companies, but they typically don't have the resources, and they don't want to spend the money to manage software. They're looking for something that's enterprise-grade without the enterprise complexity, that's fast time to value and overall lower total cost. That segment is where we're winning. They're already turning to us. This is where we win. This is where our growth is going to continue to accelerate. Now, this is how we think about growth going forward. We think about a growth algorithm with three components. The first is building on our core products, which is Freshservice and Freshdesk, to increase market share. This is all about strengthening those flagship offerings, maturing them into unified full-suite platforms to deliver on the needs of larger and larger customers. In EX, that means we're going to continue to build deeper integrations. We're going to offer vertical solutions. We're already seeing success in verticals like education. We're going to deepen our enterprise capabilities there. In CX, that means offering more advanced ticketing capabilities and continuing to rapidly innovate on the core Freshdesk platform. The second element to the growth algorithm is scaling our add-on products, and this is very important. By add-on products, I mean ESM, IT asset management, and Freddy AI. Each of these three products has product-market fit today. It's core to our selling motion. It's core to our upsell motion, and each of them today has over $20 million in recurring revenue, some much more than $20 million. Importantly, each product has a path to $100 million in recurring revenue within the next three years, AI much more than that. Each product is a natural add-on to a Freshservice or a Freshdesk deployment. It fills a need that nearly all of our customers have today. The third component of the algorithm is expanding into new adjacencies, finding the next business that can get to $20 million and eventually get to $100 million. We're going to place strategic bets that become the scale businesses of tomorrow. There are several adjacent product areas that customers regularly ask us to help them with. These are areas like AI Ops, workforce engagement, and SecOps. They're natural extensions of the product that we've already built. Some of these products we can build ourselves. Others we may look to acquire. Customers are looking to us to provide this capability because they want a single platform that they can support their support and IT teams on, and they trust us. Now that you've seen where we're going, we're going to take a deeper look into each product category. To help me do that, Srini is going to come up in a second to show you the product. I'm going to explain what we're doing in each of the three areas, and then Shrini will show, so a little show and tell or tell and show. All right, we're going to start with EX. Our multi-product EX portfolio includes Device42, Freshservice for business teams, which is our ESM product, and more than 300 integrations. We create scalable workflows across departments in IT, HR, finance, facilities, and many more. These products are enterprise-grade, and they're positioned to serve the needs of enterprise customers. As companies modernize their IT departments, Freshservice is becoming deeply embedded in how they run their company. That's very important. Freshservice today, it's much more than an IT helpdesk tool. It's a platform for managing work across the entire department. These are some of the needs that we fill with Freshservice. We've built over the last couple of years deep capabilities that larger organizations need to manage complex IT operations. These are companies like Sophos Software and Nucor Steel and Seagate. They're leaders in their field. They're scaling fast. They're demanding. AI is deeply embedded today in these workflows. AI is core to what Freshservice does, and you'll see that in the demos. The results have been wins for customers: more efficient agents, happier employees, and lower costs. Some of the data points are on the slide here. At this point, Freshservice truly is mission-critical for our customers. The investments we've made to improve the Freshservice product over the last two years have paid off. Our EX portfolio now accounts for $450 million in recurring revenue, and we're winning larger and larger customers, over a 30% increase in Freshservice customers with more than $100,000 in annual revenue. Our customers are using our product at scale. We saw a 50% growth in tickets created in the last year. That just shows you that the product is important. It's getting used, and we're moving upmarket, which you see in the ARPA figure. More importantly, customers are seeing value. They're improving the productivity of their service teams. They're unlocking growth. They're driving sustained bottom-line savings. These are just some of our customers with some of the results that they've seen, and they've reported back to us. Very proud of what we've been able to deliver. You can see here, these organizations are organizations you've heard of. They're leading in their fields, and what we're doing for them is critical to their success. Let me just share two examples real quick. The first is Databricks. Databricks, super innovative AI company. They can work with any software provider in the world. They chose us. They unified nine departments on a single ITSM platform with Freshservice, and the product did so well for them in IT that they've expanded outside of IT to power multiple departments in their service needs as well. You see some of the results that they've driven, but super proud to have them as a customer. Another example is Coherent. Think about where we came from. We came from a place of when the company was started, we were an SMB company. Coherent has 30,000 employees worldwide. They're also a beneficiary of AI. They're a global leader in networking manufacturing. They transitioned all of their IT workflows off of competing products, including ServiceNow, to Freshservice in under four months. Let's hear directly from that customer. Coherent is a semiconductor materials and networking company coming up with multiple acquisitions. We have data in multiple parts, and also from a process base, there are different operating models in each of these companies. Our challenge is to be able to communicate to each other, having a common email and communication and a common customer platform. We had more than four service platforms before we decided to select Freshworks. The challenges were the four platforms. There is no unified service catalog, no unified capture of all the requests, no change management, and compliance and audit was a big challenge. When we looked at Freshservice, it's simple, easy to use, and available anywhere with the mobile, with the portal, and the Teams or the Slack collaboration. Many of the employees are moving towards using the bot. Onboarding is an experience which is fully integrated from our HCM system, our single sign-on platform, and Freshworks. Once a ticket is created, before it comes onboard, it gets all the prerequisites you need to fill, the documentation, trainings that a person needs to take when the employee is leaving, having all the assets collected, making sure that every step of the exit process is seamless to the employee. After HR, our plan is to expand for facilities. We will adopt the AI chatbots to improve automated ticketing. With Freshworks ticketing, we could enable all the service requests that channel through multiple groups. It was very seamless. All right, that's a great example of a customer where we landed with IT, with Freshservice. We saw an opportunity to help them with onboarding and offboarding, super important workflow for them. IT is very much involved in that. They're talking to us about facilities as well, and they're working with us on AI. Good example of how we're going to grow the business and that growth algorithm at work. Let me ask Srini to come up and show you the product. Thank you. Thank you, Dennis, and good morning to everybody. There are three key takeaways. I'm going to do demos of all three areas that Dennis talked about in his first section for EX, AI, and CX. I'm going to do that in the form of the personas that we serve, which is number one is IT, number two is HR, and number three is support. I want you to take away three things. From all the demos that I do, there are three takeaways. Number one is what Dennis mentioned earlier, which is we deliver uncomplicated solutions, which is, you know, from a product perspective, the way it manifests itself for the two flagship products that we have, Freshservice and Freshdesk, is Freshservice provides a single pane of glass for our IT and the HR personas. Freshdesk provides a single pane of glass to the support customers. What that leads to is the uncomplication, which then leads to faster implementation cycles that Dennis mentioned, faster time to value, and finally, it leads to total cost of ownership being lower. Number one key takeaway is uncomplicated solutions. Number two is it helps the customer outcomes. The customer outcomes is what we heard from Big Bus Tours, which is it helps them innovate, automate, and make the operations go faster. That's the second key takeaway. The third one is sort of an Easter egg. How many of you here have seen the movie Click? It's an Adam Sandler movie. We are going to provide the Click button. We provide the Click button to our personas to make it go faster and find needles in the haystack. Those are the key takeaways. I was told that some of you may not pay as much attention to demos, but there is an Easter egg because I'm going to do a pop quiz. You all are going to ask questions to me later and others. I'm going to do a pop quiz on the demos right after the demos. All right. To get this going, I'm going to introduce a fictitious customer, Modamax. It's Mode Max, but it's really Modamax is how it's spelled. Modamax is a leading global retailer, which is headquartered in Chicago, Illinois. They have an online business, and they have physical stores. They have about 80+ stores. Their business, they have thousands of customers across the world and thousands of employees across the world. What this results in is a large and scaled IT operations to support their technology needs, a scaled HR operations because they have a lot of employees around the world, and a support operations because there's a lot of customer requests that they get. This is a complex customer with complex needs. What I'm going to show you is why Modamax chose Freshworks to achieve the outcomes that I mentioned, to simplify, automate, and innovate their operations across IT, HR, and support, including our core solutions, Freshdesk and Freshservice, and our agentic AI solutions. Let's start with IT. Some of you are from larger companies, and you guys all use various types of devices. There's a lot of IT operation that goes on. There's customers. IT needs to support third-party software, customer support software, sales software, homegrown software, and they have to support various collaboration tools. It is a very complex endeavor for a customer like Modamax because they have global locations, etc. They have to manage devices. Things go down, things go up. It is a very complex operation. The CIO, I'm going to introduce the personas as they go along. The IT, the number one persona that we serve is CIO. The CIO has faster and better mandates that they have, providing faster and better employee experience. Number two is to modernize their IT operations with AI. Finally, doing this, security and compliance are top of mind. Any questions on IT? We actually have an IT expert in this audience. Our CEO and CFO, Tyler, runs our IT. Any questions on IT, you should direct them towards Tyler. Now, let me talk about the first demo. What you're going to see here today is the first one is Freshservice. As Dennis mentioned, it's a unified product with embedded IT service management, ITSM, IT operations management, and IT asset management. These are the three things. IT asset management is powered by Device42. It's natively integrated with Freshservice. First key takeaway, unified experience. Everything is within Freshservice, and Freddy AI is part of it. Freddy AI, as Dennis mentioned earlier, has three components. Component number one is Copilot, which is helping the agents to be more effective. Number two is Insights, which helps the leaders find needle in the haystack. Finally, it's the AI agents, which helps automate their operations. What you're about to see is for Modamax. They have a lot of, as I said, they have 80+ stores around the world and e-commerce operations. Their point of sale system has gone down. Think holiday season, think a retailer point of sale solution goes down. That's chaos because they are losing revenue. You'll see how they recover from this failure really fast using the capabilities of Freshservice. Number one, you will see how they find the needle in the haystack. Why did the system go down? Pop quiz for you as you watch the demo. I'll ask the question, what was the root cause of why the system went down? Be prepared to answer that. Our product Freddy Insights surfaces why it went down. Number two is our Freshservice. Think of it as the command center. Freshservice is the IT command center. It sort of showcases everything, and it helps orchestrate between the service desk, the NOC, network operations center, how everybody swarms together to find the problem and solve the problem. Finally, what you're about to see is Copilot helping the service desk agents to be way more effective and productive. Okay, those are the three things that you're going to see. Without further ado, let's watch the demo. During the busy holiday rush, Modamax is suddenly hit with multiple POS failures. This is normally a frustrating needle-in-a-haystack scenario. Alex, the CIO at Modamax, stays calm and turns to Freddy Insights to begin discovery. He spots an insight flagging a spike in ticket volume for their IT ops group. Drilling in, he sees a root cause analysis tree showing most issues linked to POS failures originating from their Chicago store. Alex alerts his team, and they begin the investigation. Freddy AI Copilot helps his service agents quickly surface similar known issues. Next, powered by Device42, the triage team instantly spots the impacted server in red and traces the root cause. A vendor firmware update transforms what could have been a blind chase into instant clarity. Alex instructs his team to roll back the update, and all stores are asked to reboot terminals. This restores uptime on the busiest shopping day of the year. Finally, Alex's team has to document everything. It's a task they usually dread, but with a single click, Freddy AI Copilot generates a complete post-incident report. It's a scenario that's all too common in IT, and every hour of downtime can cost millions. With Freddy Insights, Alex and Modamax get ahead of issues before they become major disruptions, keeping operations smooth, teams supported, and customers happy. See, every time I watch this video, it's like this happy woman that comes at the end. She's really happy after shopping. Most people laugh. Pop quiz. What was the root cause for why the system went down? Sorry? Yes, exactly. POS issue, the database was down because the firmware upgrade happened and the database went down. That's the root cause of why the issue happened, and they were able to find the needle in the haystack. AI Insights showed this, and then Device42 showed exactly, pinpointed out what happened, and finally, they were able to resolve the issue, and they created a document that says, okay, this is why it went down so that it can be used as a reference for the future. That is the power of uncomplicated solution with a single pane of glass. Freshworks is sort of transforming the IT with this unified IT part solution. What are the outcomes that we deliver? As I said, there are three personas within IT that get value from the solution. Number one is CIOs and the IT leaders. It's integrated with multiple third-party enterprise systems, which Dennis talked about, as we're continuing to expand that relationship with enterprise systems so that there is a single pane of glass. Number two is service teams. They have a single pane of glass. Any agent in IT, they can access the information from a single pane of glass within Freshservice, and Freddy Copilot helps them be more effective. You know, IT agents come and go, and when the new person comes in, they can access information instantly through Copilot, helps them, hey, this kind of a ticket was solved in the past, so here's a similar ticket, so they can resolve issues faster. Finally, the most important constituent is probably all the people in this room and the employees that work in the companies, right? You want instant service, and a higher employee satisfaction is what it drives. Those are the three outcomes that we drive for our customers. That was IT. Now let's go to my favorite persona, HR, because JJ is sitting there, our Head of HR, and we'll show you how we solve Freshservice for business teams solves HR issues. The Modamax HR team, as I said, it's a global company, has people in many locations. That includes their corporate employees, and it includes their retail store employees. Employees move from one location to another. They move, people come, people go. There's a lot of activities that happen: onboarding, offboarding, parental leave, PTO. This is, I mean, JJ will tell you that this is a big happen, right? HR needs to coordinate between legal, IT, facilities. There's a lot of coordination that happens. The process as it stands right now at Modamax is sort of, it's error-prone, it's very slow, and there's a lot of discrepancies that happen. This is where Freshservice for business teams comes in, what we call as what Dennis referred to in his presentation as enterprise service management, ESM. It's embedded with Freddy AI, the capabilities of Freddy AI described earlier. What you're about to see is how ESM journeys capability, it's a core capability called Journeys. We introduced this in June of this year. How that integrates with a third-party system, Workday. Most of the HR information usually sits in Workday. It integrates with Workday, and it automates the employee needs, such as onboarding, offboarding, training, and it orchestrates between the multiple departments that I mentioned, right? Now, without further ado, let's see this in action. The Easter egg here, sorry, hold on a minute, don't play the video. The Easter egg here is I want you to answer what is the language that was translated. Let's do it. In the holidays, Modamax hires many store employees in days, but onboarding was chaotic. Emails being exchanged, tracking progress in spreadsheets, etc., which resulted in compliance risks and more challenges. They needed a better way to work. Enter Freshservice Journeys, a modern no-code approach to building, managing, and servicing key employee workflows like new employee onboarding. HR teams can launch out-of-the-box journey templates such as onboarding, offboarding, crossboarding, or parental leaves, or they can build their own workflows using a no-code journey builder. They can break onboarding into phases, assign tasks, automate communication, and personalize using triggers and conditions. The result? Total visibility for HR and a smooth, consistent experience for every new hire. Speaking of their new hires, they now get a single portal with everything they need: training, tax forms, store policies. They get to ask their questions and get answers from Freddy AI Agent, embedded within their communication tools. Here you see, when a new customer service rep asked for a summary from an onboarding meeting they missed, Freddy AI instantly referenced their knowledge base. It answered in seconds, pulling from French standard operating procedures and translating it to English. ESM journeys enable seamless onboarding, faster responses, engaged, productive employees from day one. All right, I'm going to skip the question. It looks like we're running a little bit over, so let's keep going. For the three key takeaways, like I said, similar to IT, the ESM product serves three different personas. Freshservice for business teams serves three personas. Number one is HR leader, which is a person like JJ. It helps Freshservice Journeys. It's used by the HR team to automate their processes, and it's integrated with the enterprise systems, so it automates their workflows. Number two is for the service teams. There are a lot of agents that serve the end customers when they have questions. Freddy AI Copilot helps them, and Freddy AI Agents help answer questions, so higher agent productivity. Finally, for the employees, it's seamless access. There are so many questions that people have, and today they just send emails, they submit tickets in portal, etc., so it helps employees get faster service. Those are the key benefits that the personas get. It was not just Modamax that's getting these benefits. There are a lot of brands that you see here, some of which Dennis talked about, customers such as Coherent, and retail giants such as Carrefour, Amex Global Business Travel, Smartsheet, whom you heard from earlier, and probably even TaylorMade Golf. They all are using Freshworks services. You're going to hear from RingCentral, actually, the customer. Shortly before I joined Freshworks, I was at RingCentral before this, and you're going to hear from Vineet Sachdev, the Head of IT, on how RingCentral is using this. All right, with that, I think this is the show-me-the-money part, like the Jerry Maguire. Dennis is going to talk about the growth trajectory. Right, thanks, Srini. Okay, how are we going to sustain growth of Freshservice over the next several years? I'm going to talk about just about the catalyst for sustaining 20%+ growth through EX, and I'm going to do it through the lens of that growth algorithm that I talked about earlier. The first is, and you saw that in the demos, we are going to continue to infuse AI across our core IT and service operations workflows. We see a lot of opportunities to enhance the value of the product, solve more problems using AI. We're also going to expand with vertical offerings with a focus on education, healthcare, and government. Those three segments we're making tremendous progress in now. In all three, we've got literally over 1,000 customers each, and we see the opportunity to make the product smarter, make the product more integrated into those environments. We're going to continue to invest in and build advanced integrations and advanced capabilities into the core Freshservice product, ITSM, and IT operations management. The second is our add-on products. We're going to continue to scale our IT asset management product and Device42. You heard a lot about enterprise service management, Freshservice for business teams, and then AI. All three are breakout businesses within Freshservice. Within the next several months, we're going to launch a cloud-native IT asset management product based on Device42. We're also going to launch a standalone ESM product. Today, you need a Freshservice instance in order to buy ESM, but lots of customers come to us and they say, "I want to start outside of IT," and eventually we'll move into IT. That will open up new growth avenues for us. We're going to continue to accelerate Freddy AI adoption with more and more capability in Copilot, and then with deeper agentic capabilities as well. The third are adjacencies in areas that are attractive to us where customers are asking us to offer more. One is AI Ops, another is SecOps. There are several other spaces that we see the opportunity to expand our product. They're natural add-ons to what we do. These can be expansions through partnership, organic, and inorganic growth. You'll see more there over the course of the next couple of years. All right, let's turn to AI. Today we have more than 5,000 paying customers that are actively using Freddy AI to drive efficiency, productivity, and innovation. Now, our AI monetization isn't just growing at scale, it's doubling. Like I said earlier, we doubled our recurring revenue. The $20 million doubled over the last year, and we don't see that slowing down. That represents direct monetization of AI Agent and of Copilot. AI Agent, we monetize on the CX side. We include it in the enterprise package for EX, and then Copilot, we monetize in both EX and in CX. As you saw in the demos, we have other AI capabilities that are embedded across the products as well, but those are not included in that $20 million figure. That early traction, coupled with our very large customer base, signals to us that we've got a very long runway ahead to monetize AI. We continue to build on the rich feature set across our suite of AI products. In June, we launched many new AI innovations for both EX and CX at our semi-annual refresh event. Our customers are already seeing value from these. I think this is one of the points that we make is fast time to value. We have one customer, a major sports retailer in Europe, that implemented AI agents, and two weeks after implementing, they already were seeing 44% of their agent conversations being handled and resolved through agent AI. Compare that to some of our competitors where implementation of AI can take a very long time. We are going to continue this rapid pace of innovation, and you're going to see more innovation at the next refresh event, which is going to be held here in San Francisco in November. Welcome to come to that. Importantly, across all of our AI products, we're seeing strong adoption. We've doubled the number of paying customers in the last year, and usage is also strong. We're seeing about 40 million monthly ticket assists by Copilot. Millions of AI agent conversations are being handled since we GA'd that product just in February. The most important metric is the impact that those products have on our customers' businesses. You see some of the examples here. They're seeing significant improvements in response times and in ticket deflection rates. Just two examples, and then we'll show you the product in action. One, you saw in the opening video, a company called Big Bus Tours. They're the world's largest open-top sightseeing operator. They turned their, and our customer didn't say this in the video, but they turned their customer service center from a cost center to a profit center. They freed up their agents' time, and those agents turned from service activity to selling. When a customer calls in with a question, it's an opportunity to upsell them into another tour or a higher paid product. Revenue directly created now from the service department exceeds the total cost of running it, and that's because of Freddy AI. That's the kind of story that we can enable with AI, and that customer support's going to work going forward. Another example is ClickFunnels. ClickFunnels migrated 21 million records seamlessly onto Freshdesk. No downtime, minimal disruption, very fast. With Freddy AI Agent, they saw faster resolution times while improving their customer satisfaction score. That's not uncommon either. All right, now I'm going to ask Srini to come up, and we're going to take a look at the product in action. All right, man. Thank you, Dennis. Before we see the product in action, I'm going to touch on a couple of things on AI. This AI field has evolved significantly, as all of you know. I've been doing this for six years. I was at Five9 before this, running the AI product portfolio there. Menu-driven chatbots have been there for a while, for like 15 years. The problem with menu-driven chatbots was the deflections were low. We had NLP-driven bots, which were answering questions. The challenge with NLP was the implementation cycles were very longer. We had LLM-driven Q&A, which was, this is a post-ChatGPT moment where a lot of the questions were answered. Implementation cycles got shorter, but Q&A was the main thing. We had our products in each of these eras. We have our chatbots, we had our AI self-service, then we introduced AI agents last year. Now we're in the agentic AI era with Actions, which is what we introduced this past June at our refresh event. We are seeing much higher deflection rates with Actions because now customers can not only get answers, but they can take action. Think of Actions as in any system where you can, you know, not just get order details from a third-party system, cancel your orders, change the address, like that. We have evolved Freddy AI to be the agentic AI platform. What does this mean? What it means is three key things. Number one, you have domain-specific AI agents. Back to the theme of uncomplicated and having a unified platform, you can have a single platform, which is the AI Agent Studio, where you have out-of-the-box AI agents for verticals and functions, verticals such as e-commerce, functions such as IT and HR. Number two is the agentic workflows are enabled with Actions, which is they can reason. AI agents can now reason, orchestrate, and act, just like humans can. AI agents have become a lot more powerful, and they can do it across different channels, such as WhatsApp, Microsoft Teams, Slack, WebChat, etc. Here's an example of the type of actions that these AI agents can take for different industries. Take, for example, e-commerce. As I said, you can think of your favorite experience when you go to your e-commerce website. You want to cancel an order, or you want to expedite an order, I want to change the address, like these types of things. They can do it by connecting with third-party systems, like order management systems, like Shopify, or shipping systems such as ShipRite, etc. You're going to see that in Actions shortly. In case of an HR, instead of a human answering these complex questions, based on standard operating procedures, they can take actions in their system of record, such as Workday. The possibilities are just endless. Back to our favorite customer, Modamax. The third persona that I'm going to touch on is support. As Dennis mentioned in his two customer examples that he gave, ClickFunnels and Big Bus Tours, similar to that, Modamax has a sprawling e-commerce business and how they are using agentic AI to automate their growing support needs. Modamax, just like many customers out there, have a mandate to implement AI and use AI. However, they're struggling. There are thousands of startups that claim to have AI solutions, but they're all point solutions. There are large software vendors where the implementation cycles are longer. Just to implement AI takes a long time, and to get value out of it takes even longer. They are concerned with increasing the throughput and service quality of their existing software and their people, and finally, they need to upskill their people in an AI-first world. These are the challenges that they're grappling with. What you're about to see shortly is how the Freddy AI Agent Studio delivered the uncomplicated solution to Modamax. The way they're doing it is it doesn't take an IT person to implement AI. What you're going to see is a support supervisor who logs into the Freddy AI Agent Studio that we launched and creates a bot, and he can launch the bot as well. It's very simple, and it's integrated with third-party systems such as Shopify and shipping systems such as ShipRite. Without further ado, let's see how. Chris, a Support Supervisor, sees his team swamped with repeat requests. Looks like we're having a video challenge. Should we keep going? Sorry, wait or keep going? All right. Should we keep going? All right, we'll keep going. I think we'll come back and play this Freddy AI Agent Studio. Actually, you will see a continuation of this in the CX because the CX section demo will actually show you how the bots are being used. What are the benefits that the three personas that I said? The three personas in this case that get benefits from AI are, one is the business leaders because the Agent Studio is integrated with other third-party systems like Workday, [Shopee], ShipRite, etc. They can launch agents out of the box. If you're an e-commerce company and you want order status, you can launch the e-commerce agents directly. You don't have to code a bunch of things. Service teams can use Freddy AI Agent Studio and figure out what are the things that I want to automate. There may be things that they actually want to reach a human being. They may not want to automate that. They will automate things that they can choose to automate what they want to automate. Freddy AI Copilot is going to help the service agents to be more effective. Like one of the examples that you saw was it helps me write summarization of tickets, or it helps me find similar tickets, etc. Those types of things are where Copilot helps, and it helps lower the service cost and improve the service quality. Finally, the customers and employees can get services in their channel of choice, whether it's Slack or Microsoft or Chat or WhatsApp, etc. They will be much more happier, and you'll get much more faster services what they get. These are the brands. Big Bus Tours, you saw in Dennis's section, and Clopay, these are the CX customers. Coherent is an EX customer that's using our AI solutions, and there are many more customers. I think I'm going to pass it on to Dennis unless we can play the video. Looks like it may be a challenge. All right, keep going. All right, thanks, Srini. Showing the video up here. Are we going to play the video or not? We're going to play the video. Okay. Chris, a Support Supervisor, sees his team swamped with repeat requests. Instead of waiting on IT, he uses Freddy AI Agents to build and launch his own in just a few clicks. Chris logs into the Freddy AI Agent Studio and immediately sees an out-of-the-box retail agent. With one click, he opens it and finds a library of pre-configured retail workflows. Curious, he selects order status to see how it works. We hear this question from customers all the time. How do I even get started with AI? The answer is right here. Out-of-the-box agentic workflows, purpose-built for any industry and domain, which provide a clear path to quick AI wins. Chris customizes the order status workflow to automatically ask customers if they'd like to expedite delivery. He then adds a custom API action powered by our out-of-the-box Shiprocket integration. This updates Modamax's logistics system to fast-track the shipment. Finally, he configures the agent to generate a confirmation with the updated order status. In minutes, the agentic workflow is personalized, connected to real systems, and production-ready. These aren't old-school chatbots. They're sophisticated AI Agents that think, act, and reason. They understand context and instantly resolve issues with zero human intervention. One point I want to make on that video is how easy it is to actually get up and running. If you talk to customers who are working with some, or have in the past worked with some of our competitors, that's a huge challenge. It can take months to get the AI to actually work for them. We have example after example of customers getting up and running fast with what we've built. That's a core part of our value proposition. You hear the term forward-deployed engineers with some of our competitors. That means there's someone doing custom work just for you to get the AI to work. That's not how we think at all. All right, how are we going to make this into a big business? We are confident that our AI business will reach over $100 million in recurring revenue in the next three years. Today, we have more than 5,000 paying customers for Freddy. We've got a customer base of more than 74,000. We believe that every one of those customers is going to need what we've shown, is going to need AI both for their agents and for their customers. Both AI and AI agent have multiple levers to make them each $100 million businesses on their own. That's how big this opportunity is. Copilot can be a $100 million product just by driving penetration within our existing base. Remember, the Copilot is $29 additional per seat per month for both CX and EX. We're very early in the penetration of that product across our customer base. AI agent can become a $100 million product on its own as we increase adoption, we increase the capabilities, we increase the agentic capabilities to take more and more actions on behalf of our customers. That creates huge savings for our customers, and we can build a big business on that. AI, we're very bullish on. We're excited about where it's going. We're excited about the early traction. We just got to keep executing. One important point, our AI revenue is real revenue. It's a reflection of real traction with our customers. We're very transparent about the financial metrics. You'll see other companies that play some games and do fund allocation strategies to try to attribute revenue to AI that might be really from other products, or they're including acquisition revenue, or just making very vague statements. We're very clear. This is directly paid revenue for our Copilot SKU and for our agents. Okay, the last component to our product strategy is customer experience. Now, over the last year, we've refocused the CX product and go-to-market efforts on our core Freshdesk product. We've consolidated our product portfolio around a unified Freshdesk solution, which is going to allow us to scale faster. We've also applied AI across the whole product set. AI is sparking a resurgence in growth in Freshdesk. You saw growth tick up slightly in the last quarter, particularly among mid-counts. Now, Freshdesk started as an SMB-focused product. We're making the product and go-to-market investments to bring that product to the enterprise too over time, and we're seeing results right now. Today, over half of our largest accounts are both Freshdesk and Freshservice customers. Customers are expanding from CX to EX and vice versa. An example of that is a company called Momentum Software. They decided to replace ServiceNow with Freshservice, and after they had a really good experience in IT, they decided to use Freshdesk for their CX environment. The opportunity going forward is to bring Freshdesk more aggressively to that mid-market and enterprise customer. We've seen that work with the Freshservice business, and it's going to work for Freshdesk. Freshdesk is delivering results for our customers right now. These are just a few examples of customers who have seen higher CSAT scores. They've seen better operating metrics, lower costs, overall happy customers after implementing Freshdesk. You can see a range of size of companies, NAVBLUE, which I believe is a division of Airbus, Bridgestone Tires, Decathlon, all these are bigger companies. You have small companies in there as well. One example is Sadar Group. Sadar is also a division of Airbus. They achieved a 40% faster ticket handling time after going to Freshdesk, which is a significant increase in efficiency. They handle mission-critical aerospace logistics. If you're a Lufthansa airline, you need a part for your Airbus, you work through Sadar to work the logistics out and make sure the part gets to the plane as fast as possible. Freshdesk ensured or enabled them to unify their global operations, gave them visibility into requests around the world and delivered for their customers. With that, let me ask Srini to come up one last time to show you the product in action. Thanks. Thank you, Dennis. Back to our favorite customer, Modamax. What you saw so far are three demos where Freshservice product, for the first two, IT and HR personas where Freshservice infused with AI was used. What you saw in the demo in the AI section was this support persona. We actually have a support persona person in the room, Mika, who's our Chief Customer and Support Officer. Their team internally uses Freshdesk and AI agents as well. In the support, I'm going to show you Freshdesk Omni product infused with AI. That is the single product, single platform that we are using. Modamax CX teams, this chart should be the same as what you saw in IT, except the channels here, the complication that Modamax faces is they're getting these customer support issues from their web, from email, from phone, from WhatsApp, etc. They have to grapple with all these channels, and they need to serve all these customers. The information in these multiple systems, it's in their support system, CRMs. There are many, many systems that they need to grapple with. Similar to CIO that we saw in IT, in CX, the mandates that the CX leader has are to deliver seamless omnichannel support. That is the number one thing, which is because you may start in web, and then you go to email, then you go to chat, like the context should be maintained. The omnichannel support is important. From an agent perspective, omnichannel support is important because the agent needs to maintain context across these different channels. Second is these volumes. Service volumes continually keep growing up. The business can't keep up with it. The challenge there is you have people who are frustrated and just hang up, and they just want to reach out and they churn. There is the service risk attrition. The service risk attrition is real. A third of the employees who work in the customer support churn every six months or so. You're literally having a new employee base every six months. These people take time to come up to speed. That's the challenge that they need to tackle. These are the challenges. What you saw in the previous demo that we showed in AI was the support supervisor created an AI agent in our Freddy AI Agent Studio. What you're about to see here is what Modamax has done is they have taken the chatbot and they have actually personalized it. Internally, they call it AskMax. AskMax is a branded AI agent, it's integrated with Freshworks, which is their platform that they use for omnichannel support. You will see not only how that AI agent helps with chat conversations, but also emails. There are billions of emails that flow through our system. You will see how the email AI agent is able to answer questions, the chat agent is able to answer the questions, and everything is within the Freshworks platform. Invariably, there will be questions that will come to the human agents. You will see how the copilot is going to help the service agents resolve the issues faster. Because this is the last section, I'm actually going to bring back my pop quiz. I want you to answer which language is the agent automatically translating. The agent doesn't speak the language, but he gets the question from a different language than the one he speaks. The copilot helps solve the problem. I'm going to ask the question at the end of this demo. The holiday season begins. Motamax's support team braces for their busiest time of year. When ticket volumes spike and customer expectations run high, this year, Freddy AI agents are helping the Motamax team handle the surge. From order updates to returns and rescheduling requests, Freddy AI agents instantly resolve routine questions across channels: email, chat, social media, and WhatsApp, allowing the Motamax team to focus on complex issues. Take VIP shoppers like Maya, who's always on the go. For order status, delivery changes, and more, she needs quick, seamless support. Earlier, she'd wait on hold or bounce between teams. Now, Ask Max, Motamax's branded AI agent, auto-resolves requests, no wait times, no handoffs. When she asks to delay delivery, Ask Max understands the request, updates the ship date, and sends a confirmation automatically. Behind the scenes, Freddy AI powers this with automated actions that Chris configured with the Freddy AI Agent Studio. From updating CRM records to processing refunds and appointment reschedules, every agentic workflow automation unlocked means fewer escalations to human agents and faster resolutions. AI agents aren't just for chat; they are responding to emails too. Freddy email AI agent understands, responds, and resolves incoming email customer issues automatically. There is no manual triage, just AI resolution around the clock. When it's time for a human agent to step in, Freddy AI Copilot has their back. It summarizes long threads, translates messages in real time, and suggests replies based on relevant solution articles so agents can focus on helping customers instead of catching up. With Freddy AI, Motamax transformed holiday support with one seamless 24/7 customer experience across every channel. Okay, so what was the language that was translated? Anybody pay attention? Yes. Whoever said that, you're going to get an iPhone Air. It's in the back. I'm just kidding. Okay. All right. Let's recap. What you just saw was what is an agent command center. Freshworks' Omni has an agent command center where AI is helping the users, the end users, to get timely support because you have the Freddy AI Agent Studio integrated with Freshworks' Omni, and it's helping the end users. It's also helping the humans to deliver service faster, which is the agents. It's transformed the complete customer support operations because you have operations across the world. Some agents may speak the language. In this case, the customer was French, and the agent was not speaking French, but they can still respond. It's making the agent experience much more easier and the employee experience much better. Three personas, just like how we had in IT and HR. In CX, there are three personas that we serve. Number one is the CX and ops leaders. For them, it's an omnichannel CX platform. Back to what we started with, what Dennis said, a unified platform, a single pane of glass is what the leaders get. Second is for the service teams, we have a unified service desk where they can access all the omnichannel conversations in a single place, and they have access to the Freddy AI Agent Studio, which, as they see, I'm getting these repeat questions. I'm going to launch an agent for it so that I don't get these repeat questions often. Finally, for the customers, they can get their answers through multiple channels, like email and chat, et cetera. You build deep customer loyalty. These are the three benefits that our customers get from using our solution. It's not just Motamax. A lot of other customers that you already saw, for example, you saw Panasonic, who you're going to hear later today, and Frasers Group, which is an e-commerce company, Bridgestone Tires, Solidaris, et cetera, and probably the financial analyst's favorite, GameStop. Everybody knows why GameStop is a favorite for financial analysts. Lots of customers that are getting benefit. I think with that, I'm going to transition to Dennis. Thank you. Thanks, Srini. Okay, as with EX, I'm going to run through the growth algorithm for CX. As with EX, we're focused on hardening our product for the demands of enterprise customers. That means building ticketing depth, expanding into multimodal experiences, things like text, voice, and beyond, all in one unified workspace. The second element to growing the CX business really is to scale into add-on products. We see a lot of opportunities to add capabilities into CX today. Over the next year, we're going to launch hundreds of AI-enabled workflows in CX. That's going to enable actions, as Srinivasagopalan showed, like returning orders or changing flights without human intervention. Those are monetized based on consumption. We plan to offer voice AI agents as well, which will be tightly integrated with Freshdesk. The third are opportunities to expand in markets that are adjacent to CX. We can do this organically through acquisition or through partnership. Areas that we're exploring include CCaaS, workforce engagement, field service management. There are many opportunities in spaces directly next to what we provide today. Okay, to step back for the company, let me just summarize our growth strategy. Our growth strategy is to mature our core products with deeper capabilities to continue to win share in the mid-market and in that lower end of enterprise, to scale our investments in add-on products with demonstrated product-market fit, and to make a handful of strategic bets to expand into new adjacencies over the next couple of years. Freshworks is truly built for this moment. We are, and we will continue to be, the uncomplicated service platform. We've got the right strategy. We've got the right team. We've got the right products to capture a massive and growing opportunity. Now, after we come back from a short break, you're going to hear more from the leaders who are turning that vision into reality. Let's take a break. I think we're back in 10 minutes. All right. Thank you. A lot of questions, followed by a ton of fears to swallow. Does it take magic? Illusions of losing control. What if we don't make it? I guess I have to risk it. Please don't wash it away. Don't wash it away. I'll give my time. I'll come stay because it's my life. Don't wash it away. I need more time. Stars are far, it's in the real time. Don't wash it away. I'll give my time. I'll come stay because it's my life. Don't wash it away. I need more time. Don't wash it away. I need more time. Stars are far, it's in the real time. Don't wash it away. I need more time. Stars are far, it's in the real time. Don't wash it away. I need more time. Stars are far, it's in the real time. Don't wash it away. I need more time. Don't wash it away. I need more time. Stars are far, it's in the real time. Don't wash it away. I need more time. Stars are far, it's in the real time. Don't wash it away. I need more time. Stars are far, it's in the real time. Don't wash it away. I need more time. Don't wash it away. I need more time. All right, everyone. Hello? Can you please take your seats? Awesome. All right, great. We're about to kick off the second part of today's agenda. Up next, Ian, our Chief of Global Field Operations, will walk us through how we are scaling our go-to-market strategy worldwide. Following that, we'll welcome two of our amazing customers for a moderated panel discussion hosted by Mika, our Chief Customer and Marketing Officer. Let's get started, and I'll hand it off to Ian. Good morning, everybody. I hope you enjoyed a nice cup of coffee or maybe even a cup of tea, which is also very welcome. Hey, look, thanks so much for taking the time today. One of the things I wanted to do before I start running through our go-to-market strategy is to really talk about one of the things I do a lot, which is talk to prospects, talk to customers, talk to our partners, and understand where the market is, what's working, what's resonating, and where the challenges are. There are a couple of points that continually come up. Some of these won't be a surprise. They want to reduce the complexity. They want to drive efficiency. They want to use technology to deliver a better service. They want to have better agent efficiency. There's one that's increasingly being said more and more: relationship. They want a relationship with the people who are providing these solutions and these offerings so they feel like it's a true partnership. They want to feel that we're there to help them, that we can help guide them and use our experience of our collective knowledge to be able to deliver the experience that they require and to test and challenge some of their theses. It's one of those trends that I think we're going to continue to see. How does the vendor engage with the customer? How do we engage with the prospects? How do we talk to the partners to drive the resolutions we require? If we have a look at Freshworks, we're broken into three areas for the go-to-market strategy. We have the field sales motion, our inside sales motion, and our partner ecosystem. As Dennis mentioned, we're growing our field sales motion within region, very focused and targeted environments. The inside sales motion is a massively scalable and effective operational unit for us as well. Our partner ecosystem continues to give us the depth and breadth and subject matter expertise in those areas where we require help or support, or we just haven't yet targeted as a direct contact point. The partners continually deliver for us. If we have a look at the go-to-market from a where do we have people in region? Where are people actually sitting for us? You can see on the map here, there's one region, EMEA, Europe. Oh, I remember those days, particularly dear to my heart. North America continues to be our largest environment, continuing to deliver and to grow. We continue to put thoughtful expansion into those regions where we see it's appropriate for the market and for the demand and for our customer base. The rest of the areas, we work with our partners. That's the point of the partner ecosystem, so they can engage with us and help us deliver a more effective global reach and deliver to the customers that we serve. Let's talk about our customers that we serve. As we mentioned earlier on, we're super excited at the traction and the momentum that we're seeing in this mid-market and upper market environment for us. It really is exciting, not only for me as the Revenue Leader, but also for the team who are engaging with the customers, who are having the conversations. If you look at the names that are up on this slide, it's just a small subset of the accounts we work with. What I can say is when I'm talking to prospects, particularly, there's one thing that's increasingly becoming obvious. They're disenfranchised with their legacy provider. They don't feel they have that partnership. They don't feel like they have that relationship. They don't feel like it's a combining of two thought processes to drive a better execution level. That's what my team are really good at. They are really good at building that relationship and execution. If you hear from the customers later on, hopefully that will come out, and you'll see that we really are embedded into what they're achieving and how they're trying to drive their goals. The byproduct of that is that we're winning more deals. We're winning larger deals. We're also expanding those and continually working with a customer on their needs and their opportunities. I'm going to take you through a journey. This is just one journey. Our sales motion has multiple journeys, but this is one of the classic motions that we go through. It's where we land, and then we look at working with the partner and the customer, and how do we then continue to grow? This is a multi-billion dollar U.S. credit union. It's about 600 employees. It's a nice environment for us. We land, and we have IT agent optimization. Why? Pretty common that there's legacy tools in place that may not be effective, may not be delivering. Sometimes, actually, they don't even have tools, and we're just replacing spreadsheets and email and just all the legacy environments that you have. We can get in, and we can talk, and then we can work with the customer. The key is then how quickly can you get up and running? Not just selling them the solution, but how quickly can you actually get them active? That helps on the return of investment. It helps on the total cost of ownership. It also helps because we deliver value quickly. That's then when we have the opportunity to expand our footprint. When we expand the footprint, it could be one of two things. It could be the fact that there's more agents because the customer is growing, so they just need more people by default, so they have more agents. It could be there's other departments that see that we're working, and they want to involve themselves inside the offering as well. It gives us an opportunity to continue that relationship and continue the conversations. Typically, we do see expansion outside of the core IT, hence ESM standalone. It's one of the greatest traction points we have. It gives us the ability to talk to all of our existing customers about a new offering, a new solution, a new capability. Many a time, you'll find that they are excited, and they're coming to us requesting because they love the experience that they have with the Freshworks team. As we continue the journey, more things pop up. A new priority comes in. It could be asset management. It could be enterprise service management. It could be the adoption of AI. One of the things that we see is that agent addition and adoption of AI go hand in hand. Many organizations are using our AI technology to make the agent more efficient, to give them a better working environment, to give them a better ramping if they're new, just to help them grow and develop inside the organization and give them access to new technologies and capabilities. Mergers and acquisitions, very classic. It could be cross-departmental. This is a journey that we see our ability to not only just land a customer and build that relationship, but continue to grow that customer and to continue to look at the total cost of, sorry, the total ownership across the entire time. It's essential for us. The only way we can do this is by having the relationship. The relationship is key. The technology is super important, and the delivery and the execution have to go hand in hand. That's the field sales motion, very in front of people, talking, and meeting. In our SMB motion, it's slightly different. This is an engine built for volume and velocity, and it's enabling us to serve over 58,000 customers with remarkable efficiency. It is highly efficient, targeted, and scalable. As a go-to-market motion, it's one that you can see we continue to grow. The growth is great, the conversion is great, but the AI adoption in our SMB market space is also fascinating because it shows that irrespective of being mid-market, enterprise, or SMB, the need for AI is ubiquitous across all those regions and all those segments. It gives us the ability to continue to grow agent count whilst helping be more efficient with our AI technologies. I'll give you an example: iPostal. This is a virtual mailbox provider with 3,000+ locations. Pandemic hit, and they grew rapidly. The challenge that they had was they had a lot of legacy tools and a lot of legacy applications. They had to optimize, they had to find a different way to serve this newfound customer base. They had to act at speed, and they had to act at scale. They had to ensure also that the brand was consistent in the delivery of the support because it's so essential as you engage with organizations. They started with Freshsales, Freshservice, Freshdesk, and built an environment out that enabled them to deliver the results that you can see on the screen: a 50% deflection rate, enabling their agents to be more effective on the more complex, more hard-to-resolve environments, and also to build that brand relationship with the people that you engage with. It gave them the opportunity to really then grow and expand their footprint. Other teams, other departments also engaged because they saw the value of the relationship and how it brings value to both parties. It's a great example of how you can continue to look at legacy systems, optimize, and deliver strong results. We couldn't do this without our partner ecosystem. Our partner ecosystem is super important to us. As you see on the map, we do have opportunities for areas where we don't have current physical presence. The partners are a great force multiplier for us. They're a fantastic growth engine for us. They're fantastic at delivering bespoke subject matter expertise, local experience, be it in language or be it in technology or be it in a particular use case that they have. This is a motion we're embracing across all segments. It's across SMB, mid-market, and enterprise. We have a rapidly expanding partner base, and as you can see, there's a great breadth of portfolio of the partners we have, ranging from someone like Gorilla Services, who do phenomenal work for us in the European organization, to Unisys, to CDW. When we look at CDW, this partnership's been going for just over a year. Great relationship with them as an organization. They really do cover all of the market segments that we're interested in as well. They have access to people we don't have access to because their client base is so wide and varied. That's a win-win for both of us. They have a need to be able to have a solution that can deliver an uncomplicated environment for their customer base because their customer base is saying the same thing. The complexity is hurting. The complexity is stifling them, and it's not enabling them to deliver. This is where companies like CDW and the rest of our partners bring this value-added service to help people through that journey, and we're delighted to be on that journey with them. To summarize, we have three motions: the field sales where we're really investing in the people and the time. I am so proud of my field sales organization and the way that they're building the relationships with their customers. It enables us just to continually grow that. We're bringing in additional talent. The talent that we have come to the organization is so exciting. Layering it on top of the current employees we've got who are absolutely maximizing their potential, it is such a great time for us as an organization. The inside sales team that continues just to deliver. They continue to look at all of the ways they can generate opportunities and drive success. That is so just overwhelmingly fun to work with, to be honest with you. The reach is phenomenal. The growth multiplier is the partner ecosystem. That's where we're really going to focus our time. We're going to continue to work with our partnerships. The growth is there inside the base. We now have to continue to help them, onboard them, develop, and then go to market and build this market out as much as Freshworks can see the potential for that. With that, I appreciate your time. Thank you very much. Thank you. It gives me great pleasure to welcome Mika to the stage, who is going to talk to a couple of our customers. Mika. Go on, Ben. Do you want me to grab on or are you okay? Hold on. Thank you. Good morning. Thank you for being here. You've heard thematically through all. It is to make it uncomplicated for organizations of all sizes around the world to offer delightful experiences to their customers and their employees and accelerate that delight in business results through AI. We're going to be joined today with two customers who represent the employee and customer experiences, and they're going to share with us the tangible benefits that they're seeing with AI. We're going to be joined by Michelle Esgar, who is the Head of Marketing and Customer Experience at Panasonic at the Consumer Electronics division. We are also going to be joined by Vineet Sachdev, who is the Head of IT at RingCentral. Please join me in welcoming them on stage. Hey, [Diana]. Thank you for being here. We're going to get to know you a little bit just to understand your companies. We'll start with you, Michelle. Can you just tell us a bit about yourself, your role, some of the business challenges and opportunities that you're facing? Sure. For a very, very long time, Panasonic Consumer Electronics was a sales company in the United States. Our job was essentially to move boxes from Japan into the retailer. Obviously, the environment has changed dramatically. Now we are learning how to become a brand, how to build our own relationships with customers, and how to customize that experience for each individual category of business that we have. Awesome. How do you measure success? I mean, what does the President of your organization say? You know, Michelle, you've got to nail these measures of success. Yeah, yeah. I think it's very telling that I'm running both our marketing and our post-purchase experience because what used to have been, let's say, an SLA for the support side would have been time to resolution. Now what we're really looking at is building loyalty with those customers. It's return visits to the website. It's engagement in our emails. Awesome. Vineet, now over to you. RingCentral, what adventures are you up to at RingCentral in terms of opportunities, challenges, and how does your leadership team hold you accountable in terms of measures of success? First of all, thank you for having me. Thanks for being here. Good morning, everyone. My name is Vinit, and I am the Head of IT at RingCentral. My mission is to fundamentally transform IT with the power of AI. A bit about RingCentral, we empower businesses to collaborate via phone conversation, video meetings, SMS, and extract conversational intelligence via AI. Talking about in the context of Freshworks, one of the main challenges started in the world of the pandemic when overnight we had to transform the company and move thousands of employees to remote locations. The key to success or how I measured against that is general employee experience. Can I significantly decrease the manual workloads that my IT organization had to do? Got you. Minor detail. No problem. Vineet, we'll start with you in terms of the next question. That is, you know, why Freshworks? Why did you pick Freshworks? How do we, if you think of what you're accountable to deliver, help you succeed in that area? We started this journey in 2019, just around the pandemic time. We had a legacy system. Ian mentioned that, and I had a chuckle thinking about that. It was quite clunky and had a massive amount of customization. We were looking for a vendor that truly delivers a product, not a platform, and asked me to develop the product. I think that was the big decision factor for us that I can take something and deploy at mass scale in the matter of weeks and start seeing the results. Excellent. Michelle, I mean, why Freshworks? As you think about the challenges you face, why did you pick Freshworks? Yeah, you know, when I walked in the room here yesterday and I saw uncomplicates everywhere, that resonated really deeply because we have what I thought was a very simple problem in terms of our data, which was just a multi-multi relationship. In other words, we have thousands of SKUs, and each one relates to a lot of different questions. You have thousands of questions, and each one relates to multiple SKUs. There was not a solution provider out there that could help me do that in a simple way. Freshworks could, to some extent, do it natively, but more importantly, had a really, really flexible API so that I could build out and do what we needed to do with our data in an easy way. How has it helped you with the success metrics that you're held accountable to? I mean, we started integrating AI chatbots very early with Fresh, and they're already handling 80% of our chat interactions. Immediately, that's a big win. It's not even about the efficiency there. It's really about the time that it's opening for my team and my resources to then go that extra mile and stop using support in a defensive way and start using support more on offense and as an opportunity to connect with customers. We'll continue this conversation about AI. We'll go to you, Vinit, and talk about, you know, if you think about AI, how has your attitude towards adopting AI evolved over this last year? I think we've observed that it's one of the most, the acceleration in terms of going from pilot to production has actually definitely been something unprecedented. How have you thought about AI in terms of using it, and how has it helped you in terms of efficiencies and, you know, again, meet your business goals? What a profound transformation we all are observing right now in the industry, way larger than the mobile-first and the SaaS-first and everything else we have seen in our lives. In the last 12- 18 months, we have come a long way from experimentation to this is the only way forward. I'm not viewing AI as, hey, how I can extract 20% more efficiency or productivity for my employees. AI has given me an opportunity to fundamentally rethink every business process we have, whether it touches GTM, customer support, innovation, or finance. That opportunity has never existed. I'm living, breathing, eating AI, day in, day out, and reimagining every aspect of employee experience. How has Freshworks, from an AI standpoint, helped you with this? Listen, we have already deployed Freddy, and we have seen a significant improvement in the agent productivity. Thank you, your amazing product team. That is just the beginning. There is so much more we can do by joining hands. When you have a like-minded vendor, you can go from a reactive IT organization to truly proactive and become a business partner to our business because IT classically has been in a ticket-taking mode. You tell me what you want me to deliver, and I'll deliver for you. This is the first time I have an opportunity where I can be proactive and be a business partner. Excellent. Michelle, for you, you mentioned AI a second ago. If you could go into a little more about how your attitude has shifted and Panasonic's attitude has shifted towards AI and how Freshworks has helped you with that. I don't know how up-to-date everybody is on what Panasonic has been up to lately. We are shooting this on Panasonic cameras, so I do appreciate that. You know, we're not like just kind of the TV company anymore. That's the reality. Each line of business that we have, we have a very, very unique kind of a customer. For example, Lumix, which is our high-end camera line, that is a customer that by no means whatsoever wants to call us, right? They want to go on a forum, and they want to have a two-way conversation with other users. They kind of don't want to talk to us at all. Whereas, and I'm going to throw a shocking number out here, we still sell $35 million worth of landline phones every year. Cordless landline phones. That customer is an aging demographic. 90% of what they call us about is already in the manual. To be fair, the manual is in like size four font, and I can barely read it, so they certainly can't. A lot of times, they just want to talk to somebody. When I think about AI and what used to be, okay, how do we just, you know, just sort of, you know, get the scale down to a place where we can handle it? Now it's getting really exciting. Like Vineet said, there's unlimited possibilities to how I'm going to be able to uniquely serve each of these customers and really give them like an incredible, like a delightful experience. We know that if a customer buys a product from us and everything goes well, and they're happy with the product, they're about 78% likely to recommend us to a friend. If a customer has a product, that product breaks, and they call us, and they have a phenomenal experience with us, they're actually 82% likely to recommend us. That support experience, it's probably the number one opportunity for us to engage with customers in a one-on-one way and really build something loyal. That's where AI gets exciting. Excellent. If you think about this and you think ahead and you think of all that you've gone through, I think all you've gone through even just over the last year, Ian had mentioned that one of our key areas that we want to focus on a lot as a company is on our product and innovation, but also on the relationship we established with you. How has your relationship with us evolved as your needs have evolved? How has Freshworks helped you support your business needs as you've evolved? This is actually really interesting. When we first signed up for Freshworks, I sort of feel like we snuck in the back door. We had conversations, and we had account conversations, but I think who we were, we had originally just sort of, however we reached the sales, didn't necessarily understand Panasonic is Panasonic, like the scale of our business. We just had a normal, like the way that you would onboard a really small customer. Then somebody, I guess, looked through and went, oh my God, Panasonic is working with us. From that point on, it was just outstanding. We never mind the customization, but we did the partnership leap program, and they came for a couple of days with our team, really mapped out our vision, customized that for us. Where we landed on our vision was actually like a Japanese concept of customer experience that resonated so well with the rest of my exec team. I think that the entire team was so impressed with the way that Freshworks started to build this relationship. We maybe started not traditionally how you would expect, but we ended in a very good place. That was excellent. How about you, Vineet? How has our relationship evolved in terms of Freshworks and RingCentral as your needs have evolved? Listen, when you are running an IT organization of a $2.5 billion company, you have a lot of vendors in your portfolio. We do a lot of buy and build, you know, type of strategy. You always value a vendor who is like-minded, and they are thinking about the end game as you are. Having that alignment, having that flexibility that I can pick up the phone, I can reach out to the organization, and where I'm not just being sold the next thing, that's priceless. We have that incredible relationship. Because of that, the journey that started just as an ITSM for IT organization, we have expanded that to the entire company, whether it is procurement or HR or sales operations. We have not only expanded the footprint, but we have also expanded how we have integrated this platform across all of enterprise applications. It has evolved into a truly enterprise orchestration platform for me. That's where it stands out from all other relationships I have. It's extraordinary. Just last night, we were talking about how we could even go further to expand that. We're excited about that. We're going to think into the future now. I'll start with you, Vinit. If you think in the future and you could pave the path and forecast the future, which we all wish we could do, I'm sure, how do you see and how would you like Freshworks to participate? I mean, what do you see the biggest need from us that you'd like to see from us to be able to make you successful? Excellent questions. Listen, when again, you know, I'm going to go back. When you're running an IT organization and you have complex, complex needs, before I started this job, trust me, I had long, lustrous hair, and now none left. That's what the complexity of the job does. I want to join hands with Freshworks, and I want to double down on agentic AI and move away from this concept that, hey, I'm giving you an AI agent that is going to make your life 20% better. It is not about how I can increase the efficiency and productivity of an agent. I want the AI to become truly autonomous, where we start detecting proactively where the problem is and not wait for somebody to report it to me. If I have to, you know, if I have a forward-looking vision, I would say let's double down on agentic AI. Agentic AI just isn't generative AI. It is where agents are truly taking actions proactively. Awesome. I look forward to that with you. Michelle, you've got your magic wand, your crystal ball. If you look into the future, how do you want us to be able to participate in that future? I mean, I definitely think, like Vineet said, that word proactive is really key. You know, Panasonic, the consumer business is actually a very small piece of the portfolio in North America. We have so many different solution-oriented businesses that we work in. Obviously, we are all circling around AI and how we use AI. Where I see Freshworks kind of growing in this partnership is helping us to predict what's going to come next. What does Panasonic need to be doing? How can we support each other and create new solutions and new pathways and new ways of serving that no one's even, it's not on anyone's radar right now? There are little obvious things. We know that AI needs to read our manuals for us, so we don't need to manually write content. We know we're going to want an avatar that can interact with you realistically and help you with your camera. I have no idea what's going to be after that. I think that's a place where Freshworks can really step in, and we can kind of hold hands together. Awesome. We look forward to that as well. Thank you very much for being here. Let's give them a round of applause for being here. Thank you so much. Thank you. Thank you a ton. With that, we are going to have our last speaker, saving the best for last, and that is Tyler, our CFO and COO, is going to come up and give us some remarks. Let's welcome Tyler. We'll do a set change, I guess. Difficult. I don't hesitate. All right. Vineet, Michelle, thank you for being here. Also, thank you for your partnership and telling your story a little bit. Mika does a great kind of Q&A. I think it's a representative of some of the journeys that we've gone through with our customers, and you're going to see that. Specifically, Michelle's point on the engagement model and how it's evolved over time and how we engage with larger and larger companies now. You heard from Dennis earlier today that we've made really good progress in the last two years since our last investor day, progress both on the top line. We painted out a lot of what our growth algorithm is today. Hopefully, you can see how we've gotten to where we are today, but also the opportunity set that's in front of us that we're really excited about. What we haven't spent as much time talking about is how we've been able to do that really, really efficiently. At the same time, we've really thought about profitable growth. That's where we talk about the rule of 40. The AI component, if you've seen our growth, we think is going to come from our two main products, but AI is going to be integral to both of that. When we talk about $20 million, Dennis is right. It's not any kind of allocation or any games. These are actually the value of the SKUs that are being purchased from us. Yet the penetration rate that we have so far is what we view as one of our other massive opportunities because the feedback that we're getting from our customers is that this is providing true value. We have a long ways to go. Lastly, just the evolution of where we are as a company. We're now at 60% of our ARR coming from that mid-market enterprise customer base. I want to spend the next few minutes double-clicking into a couple of things. Mainly, number one, that growth algorithm that we've been talking about all day, how we've gotten here, but also what we think the opportunity set is. Second, that journey that we've made to profitability and also that path to GAAP profitability that we see right around the corner. Lastly, I'm going to give an update to our three-year model going through 2028. We've already put up the number of the $1.3 billion in ARR and how we're going to get there, but I'll just do a double-click into that really quickly. First, it's about growth. If you can see, the CAGR since our IPO is over 20%. In the last couple of years, this has really been anchored by the massive opportunity we have in EX. We believe that this is a durable 20% growing product in a massive market. At the same time, we've got another really big product at scale at CX, and we've been making really, really good progress there. On the EX side, what we didn't talk about earlier is that, as we've been continuing to innovate, we've been getting pulled into larger and larger deals and larger organizations. That's representative in our ARPA increase. Just in the last year alone, we've got a 14% increase in ARPA. On the CX side, we really are on the new business, have been focused on the SMB kind of mid-market space. Yet we're still seeing increased ARPA in that space as well. Both product lines have been doing really well. When I talk about getting pulled into larger and larger customers, this is all about the feature functionality that we continue to deliver. We have companies like Panasonic that you just heard coming to Freshworks and wanting to use Freshworks for their customer and employee service needs. As you can see, we now have 80% of our customer base on the EX side coming from that mid-market and enterprise customer and almost 50% from our CX side of the house. What does this mean for the actual kind of makeup of our customer base? We put some of the stats out there earlier in one of Dennis's slides, and we give the greater than $5,000 and the greater than $50,000 pretty much every single quarter now. When we look at it, the greater than $50,000 over the last four years has had a CAGR of 31%, right? That's now over 50% of our customer base is paying us greater than ARR is paying us greater than $50,000. What we've talked a little bit less about is the $100,000, and now we're giving out the $500,000 and million-dollar customer base. We're over 70 customers over $500,000. Ian mentioned this a little bit earlier, but he also gave you kind of a trajectory of a real customer. That's actually pretty typical. Our kind of sweet spot of land in that kind of mid-market enterprise space is around $100,000- $300,000. We are seeing those $500,000 deals now, but the majority of the customers are evolving into that. What that means is that as we land and we can create an efficient machine here, we have the capacity to grow with our customers, and we're continuing to see that. That's reflected in the cohorts that we have. This is something I think is really interesting as a CFO. When I came five years ago, it was fact then because it continues to maintain. Every single annual cohort since 2012 is positive, meaning that the churn that we have, which we do have churn because we sell to the SMB, is being outweighed by the expansion. In fact, the last couple of years, the cohorts are very healthy. You can see that in this chart right here. When you think about, okay, how does this get reflected in net dollar retention? We are at 104 right now. As a reminder, as we called out in our last call, that actually had about two-thirds of a point pressure from Device42 and the base of business that we inherited there. We have been around that 104, 105 range now for about a year and a half. We believe through 2028, without doing anything really different, as the mix shift continues to shift to EX, if we keep EX at around the 110 net dollar retention that it's at right now, and we do not even make that much improvement on CX, so it hovers, not much improvement, any improvement on EX, it hovers right around 100, we are going to be at 106. We are not happy about 106, but we are actually building that into our model. When we talk about the $1.3 billion, that's what we put in. We view that there's huge upsides on top of that. We have already painted out what some of those upsides are in our growth algorithm. We have talked about, okay, we are going to get to a billion just based on our core EX and CX. We actually think we have multiple products that could each be $100 million products: ESM, ITAM, and AI. In fact, we painted out how AI we think could be each Copilot and Agent, each $100 million product, but we are only including $100 million in that growth algorithm. That is going to be our upside to our net dollar retention going forward. Again, as the mix shift continues, where we get to 65%, as with normal growth rates right now we are experiencing, that is what is going to happen in the next three years. Growth is our priority. We have been talking about growth kind of all morning long. We have been digging into a growth algorithm by each product and kind of demonstrating, okay, how are we going to get to this $1.3 billion? The reality is we have been focused on growth while also focused on a ton of efficiencies internally. In fact, every single group in the company is utilizing tools and systems to drive efficiencies in how we operate. We have been able to drive a lot of efficiencies into our entire business model. In fact, in the first half of this year, we hit one of our early milestones of what we talked about two years ago at Investor Day to get to 20% non-GAAP operating margin and over 25% free cash flow margin. In fact, for the first half of the year, we're at 23% and 27% for both of those things. We are going to continue to drive these efficiencies while we invest in growth. We have also said there is going to be a three-step process to profitability. The first step we have talked about is to get consistently free cash flow positive, which we have done. The second step is to get consistent non-GAAP operating profit. The third is to get to GAAP profitability. Two years ago at our Investor Day, we said, hey, we plan to be GAAP profitable by the end of 2026. We are on track to still hit that goal by Q4 of next year to get to GAAP profitability. We are very proud of that, right? Because it is not just about the non-GAAP things that we are looking at. It is also about the impacts to whatever the GAAP numbers are. When you think about the major impact, it is about equity. We think stock is a really important tool when we actually think about compensation, but we have actually been very, very prudent about how we have been using that over the last couple of years. There are a couple of things we have been doing. Number one is natural, which is the amortization of our pre-IPO stock, which we have been talking about to investors as that filters through. The second is the use of equity to really drive down stock-based compensation to what we think can be sustainably below 20% by the time we get to 2028. We have coupled that with two different things. One is the use of capital to do net settle repurchases, which we have been doing since we went public, which is really important. It is a good use of capital. The second thing, which we announced at the end of Q3 last year, was our initial share buyback of $400 million. I am happy to announce that in August, we actually completed that $400 million buyback, buying back almost 10% of our outstanding shares at an average price of just over $14. We are going to continue to look at uses of capital in this way, right? We have talked about M&A as something that we are going to continue to look at. Device42 is the first one that we really did last year of any substance. We are going to continue to do our net settles on RSUs. We're going to also continue to talk to our board and management about future buybacks and things like that. We're able to do this because we've been driving profitability and efficiencies throughout the business, which has also allowed us to drive a lot of cash. We're very proud of the fact that we have turned it from burning capital the year after we went public to now this year, going to be producing over $200 million in free cash flow. That's something we are proud of because we have a very efficient go-to-market motion. We have a predictable customer base, and it's a healthy customer base that has gotten healthier over time. We've talked about how churn has reduced over time, but also just the quality of the customer base, as we've moved up to that mid-market enterprise base, has gotten better and better. This also is included in the amount of customers who are paying us annually in advance, which gives us cash before expense, which has allowed us to produce more cash ahead of non-GAAP operating profit. We now, at the end of the quarter, we entered at $900 million. This is going to give us a lot of optionality as we go forward to execute against those things that I just mentioned from a capital allocation perspective. When you couple growth and our free cash flow margin, the other thing that we're very proud of is that we've actually hit the goal on rule of 40 an entire year before we said we were two years ago. We said this was going to be a 2025 event two years ago, and we actually hit it at the end of last year. We're not going to look back, right? We'll see coming forward, like the goal is to be 40+, and that mix of growth and free cash flow margin to continue as we go forward. This slide is up here. I just want to remind everyone, we're not making any updates to our projections that we just made at the end of the quarter about a month ago for Q3 and for the full year. I can say, you know, we were very, very happy with our Q2 and Q1 performances, actually Q4 as well. We've strung together three really great quarters. What that means for us is that we're actually feeling pretty good about where we sit across our peer set in SMID. That's actually not where we really want to be. As you can see, we think the opportunity is growth, and we think the opportunity is all on the upside. What can we do better across all of these metrics going forward? The first thing is starting with growth, right? We've talked about how we're going to hit $1.3 billion in ARR by 2028. We said, okay, a billion of that is going to come from just our core products and the natural growth across those core products. Again, we view EX as a sustainable 20% grower for the foreseeable future. We also have multiple adjacencies that are already in place, whether it's ITAM, AI, across Copilot and agentic, or ESM. Dennis already mentioned that ESM right now is an attach for us. We only sell it to Freshservice customers that are already buying Freshservice. We've been talking about how we are going to be launching ESM as a standalone SKU, which is going to open up a huge opportunity for us to go engage with customers, potential customers that could be customers of some of our competitors, and allow us to get in there, prove our value, and actually get us as an entry point into broader opportunities. When we get to 2028, this is what we think we're going to look like. We're going to be at that $1.3 billion. We're going to have 65% of our ARR coming from EX, and we're going to have 70% of our ARR actually coming from those mid-market enterprise customers. This is just the trajectory that we're already on. This does not assume some big inflection point of things that are going to happen. This is just continuing to execute like we have been over the last couple of quarters in the last year and continuing on this trajectory. I already painted out where the NDR is, how it's going to get to $106. That $1.3 billion is going to translate to $1.2 billion of revenue for that year and also translate to roughly $340 million of free cash flow. When I said rule of 40 is not where we're stopping, we want to be rule of 40 plus, this is what I was talking about, where by the end of 2028, our expectation at a 15%- 16% growth rate, and I'll show you how that stacks up here in a second for 2028, and a 28%- 30% margin on free cash flow, how we get to a rule of 45. How do we get there, right? What is the evolution right now? 2025 is the estimates that we provided on our last call and where we're going to be. I want to make a little indicator that the 15% growth, as a reminder, we purchased Device42 in the middle of 2024. 2024 only includes half a year of revenue for Device42. When you actually look at normalized growth without that half year, it is 12%. We already see a path of how to get to 13%-1 4% next year on the trajectory that we're doing and based on what we've already closed for the first half of this year. We are confident that we'll be able, as mix shift changes. The EX, you know, becomes a bigger part of our business on how we're going to get to $1.4 billion- $1.5 billion than $1.5 billion-$1.6 billion. At the same time, we are committed to profitable growth. Yet we are going to fund growth, and we view that we can actually drive those growth levers while also driving efficiencies across every single line item, but not dramatic efficiencies at this point. By doing that, we're already so efficient that that's going to drive us to the 20%- 30% free cash flow margin, as well as the GAAP net margin of 1%- 2% by the end of 2028. We're posting all of this, right? All of this entire deck, I hear the clicks happening, and this is all going to be online. Let me summarize again. Dennis already put this up here, right? We are focused on growth, and the reason we are is that we view we have the right to win in a very massive segment of the market. That right is actually increasing every single quarter as we continue to innovate, and we have customers continue to come to us for their service needs across EX and CX. EX has really been the backbone of our growth over the last couple of years, and we expect that to continue with a massive opportunity. We view that could be a 20% durable growth. That being said, AI across EX and CX are very, very important. You saw all the things that we have actually are doing on the CX side. Yet the reality is we've been pretty prudent in how we built that into the model on how to get to $1.3 billion and pretty prudent on how we think about net dollar retention. We were going to let these things play out, but we're already seeing some of the progress there. Discipline capital allocation is going to continue, right? We said we've been very open to M&A. M&A, the way we've looked at it historically, are things that could accelerate roadmap items and adjacencies that just make sense for us and think about much more about tech and teams. We're going to continue that, but we're also going to use our capital prudently and also return it back to shareholders if that makes sense as well. We're going to continue to look at that. We've already proven that we will do it. Lastly, we're on track to have a really, really good business model at $1.3 billion in ARR by the end of 2028 and to exceed rule of 40. You just saw a rule of 45, if everything plays out the way we think it will here. There's a lot of data. I know I went through that relatively quickly, but we've been talking about growth all morning long. We've been talking about the growth algorithm, and this is the way we think internally. We are excited about continuing to provide metrics, which we've been doing over the last couple of quarters. That gives you guys all an idea of how we're making progress against the way we're running the business internally. What we're going to do right now is we're going to take a 10-minute break. We're going to put some chairs up here, and then we're going to have about 45 minutes of a Q&A before we break for lunch. Again, thank you all for being here both in person and online, and we're looking forward to your questions. All right. Thank you so much, Tyler. Actually, we're doing really great on time. After a break, we'll start Q&A a little bit early. We'll start at 11:00 A.M. Thank you. No need to create a scene. Feel free to bother me. No need to create a scene. No need to create a scene. Feel free to. Thank you. I think it's about three points of organic growth. You called out NRR improving by two, which implies real durability and that kind of customer add portion of the growth matrix. Just maybe talk about what gives you confidence in that. Sure. All right. I'll start on AI. Our AI model today, if you were to roll the clock back a year, 18 months ago, there was still a lot of uncertainty in the market. What are buyers willing to pay? How is this market going to evolve? I think we have a lot more clarity now on how the pricing is evolving. For us, our customers want to make their agents more productive. They want AI to do that. They're willing to pay because they see the value. The model of a seat addition on top of our Pro or our Enterprise plan for Copilot has traction. That's something that we're scaling quite well. We know how to sell it, and I see that as continuing to be a big driver of growth for us because ultimately everybody is going to need the AI capabilities that we build. We're not sitting still. Copilot, every month we release capability into Copilot that makes it more compelling by making it have greater value for the agent, for the customer. I think that's a very clear path. The customers like the predictability of that model, and they like that they can budget for it. On the AI agent front, we've priced that as a consumption-based model. Our customers buy packs of sessions. A session is an interaction over 24 hours between one of their customers or employees and the AI agent. As we build out agentic workflows into that product, as we're able to do things like return an order, change a flight, complex actions, we're going to price those appropriately. Historically, we've priced pretty aggressively, about $0.10 a session. As we go into GA with our agentic product, that pricing is going to change. Salesforce has a sticker price of $2 a session or an interaction. I think Intercom's at $0.95. We'll find a price that's much more aligned with value and the value that's actually being created for the customer. That's where that hockey stick of growth can happen because you saw the volume of tickets that we get just in Freshservice, and I think it's in the billions in Freshdesk. If we're handling a small portion of those through AI and we're monetizing AI at $0.50, $1 per session, that's a meaningful revenue stream for us. Customers are getting more comfortable with the idea that a portion of their value is a variable and will evolve with consumption. They're used to paying for, like, consumption-oriented pricing to Databricks and AWS. We've shown and we believe that the market's willing to take that path for the AI agent product. For other elements of AI, we're just being smart about where we put them. What goes in the enterprise plan or the pro plan? Where do we give customers a taste of AI that they then can sort of think, oh, if I do make the upgrade, if I do go to the enterprise plan, I'm going to get even more value. It's not just in those two areas that we're offering AI, as you, I think you saw in a lot of the demos. Yeah. DJ, I'll take the second half of the question, which was really the confidence in the growth model and what we painted out there. We spent a lot of time talking about how we're going to get to $1.3 billion, with $1 billion from our core products and then $300 million from, $100 million each from these other products. Net dollar retention is a component of it, but I also painted out for net dollar retention to go to 106. It's just the current run rates that we're on. It's going to be a makeshift change, and assuming that we'll be able to maintain that roughly 110 we're on on EX and that CX will be hovering around 100. It's actually not assuming any improvements there. To get to the $1.3 billion, we clearly have to continue to execute on the EX side, but it really is our belief that this is a durable 20% growth. Also not assuming there's going to be some big inflection point to growth in that happening. It really is about the makeshift of the EX becoming 75% of our, kind of our 70% of our, our, our total ARR base. To be honest, we've been probably a little bit conservative on the CX side, right? We view it's a massive opportunity there, but we obviously want to see this play out. We've already made considerable progress over the last year. We want to have every single quarter kind of add on to itself. Based on the performance that we've even seen in the last three quarters, Q4, Q1, and Q2, which we've been very open, have been really good quarters for us. We already see a path to how to get there for next year. You know, we will obviously update as we go along, but we're pretty confident that we can do it. Okay. Oh, actually, here. Great. Maybe another one for Tyler. On the operating margin side, you talked about how you're not going to see ad. I'm sorry. Can you say your name? Sorry. Elizabeth Porter, Morgan Stanley. On the operating margin side, you noticed that you're going to continue to see efficiencies, but maybe just at a more modest pace. We've talked a lot about how AI is driving a ton of efficiencies for your customers. I wanted to hear a little bit about how AI is driving efficiencies internally. When we could see that start to move the needle on operating margin, or is it just a matter of, look, we're really pushing the investment on R&D and go-to-markets, maybe that doesn't quite show up? Mika, why don't you take that? Yeah. We're using AI across the board, from marketing through to support. We're using first-party products as well as third-party products, and we've seen great efficiency gains. For example, 50% reduction in cycle times with our engineers. We can get more code done with the engineers that we have. If you look at website development, we're able to produce new web pages in a matter of hours versus a matter of weeks. From a support organization standpoint, we're seeing 25% increase in productivity among our agents. We've been able to enjoy seeing that bringing on new agents, we're able to reduce the amount of time it takes them to get fully productive and ramped, move from six months to three months. We expect, as we continue to invest in AI, that we'll expect to see those efficiencies increase. If you think about how we're redeploying assets, from a support standpoint, we used to straight line essentially and say, look, we're straight lining how many agents we need based on how many customers we anticipate we're going to grow by next year. We're actually not growing from an OpEx standpoint as we're able to actually grow the OpEx for support at a decelerating rate compared to how we were straight lining before. We still redeploy some of the savings into higher skilled employees to be able to handle more complex problems and, frankly, move it to the upper end of the market to offer premium support and support of our biggest customers, without adding onto our costs, into our cost model. It's been incredibly efficient for us. We've been able to, again, redeploy and still have bottom line savings, and we anticipate we'll continue to see that in the future. Hi, I echo my sentiments on the day. Thanks, everyone. Like DJ, one question, two parts, maybe. Sorry. I almost got in there. The question's on the enterprise kind of up market side on the EX part of the business. When I look at all the information disclosures, to me, that's where most of the "risk" in the numbers is in the next two or three years. I guess my questions are, one is what else are you seeing from the demand or the sales side that gives you the confidence that, you know, EX can continue to grow at 20%+, which is predominantly in those areas. Secondly, your largest competitor up market there is talking a lot about agent-to-agent functionality over the last couple of weeks and a month in particular. It's a kind of a product or functionality area that we're seeing some larger customers ask more about. I didn't hear any of that commentary in the product side today. We'd love to hear how you're, you know, maybe trying to attack that a little bit. I didn't hear the word that you said that was kind of the key to the second part of that. Agent to agent. Agent to agent. On the enterprise side, what gives us confidence that we can continue to move up market? If we just look at the pipeline that I look at every, and Ian and Mika look at every week, the deals that we close every week, the size of those deals, the velocity of those deals. Two years ago, $100,000, we were talking about this earlier, $100,000 deal for us was, that was kind of a big deal. Now it's pretty routine. I mean, and these are lands. You see the logos that we're talking about. You don't win a customer like Coherent or a customer like Seagate or Nucor Steel, and in every one of those cases, you're replacing that competitor without having a product that is truly performing in a large, sophisticated, demanding environment. I see many more customers that look like Coherent, that look like Seagate. We're also seeing it in, they're coming in chunks. If you talk about legal services, for example, we have hundreds of law firms. When I was talking to a CIO of a law firm recently, and you typically offer, well, you should talk to this. They already know, like we're the standard in the legal for law firms, for large law firms like Covington & Burling and so forth. That's happening. It's happening in education. You're seeing it in government. Typically these are organizations that are pressed for resources. They can't afford the Cadillac, and they're looking for a product that is just faster time to value, everything that we said. That's what we built. To me, the confidence comes from just seeing the trajectory over the course of the last, let's say, two years, and knowing that there's a lot more customers that look like the ones that we have that over time are going to make the decision to move away from a legacy platform onto us. On the second, agent to agent, I think there's a lot of noise out there about what the world's going to look like in five years. I think we've taken the deliberate approach of sharing with you what we're doing right now and what our customers are seeing right now, real value, and where we're going in the near term. For us, the priority is very much broadening our ability in agentic, launching a large set of agentic-oriented workflows that allow businesses, regardless of the size, to take actions that their customers and their employees are currently using humans to take. That's the focus. That's the real value over the next 12 months. Maybe in some distant future, there's an agent-to-agent world that matters. Right now, what our customers are asking us to do is take the workload off of their employees of common use cases, common actions that their customers and their employees want to take. Thank you, Matt VanVliet from Kanter. I guess on that topic, as we think about the deployment of agentic and the monetization effort you've talked through already, it is straightforward and gaining traction, but over time, there has to be, whether you want to call it cannibalization or kind of moving revenue from one pocket to another. What's sort of built into the forecast of maybe the actual seat-based model is on somewhat of a flat or slow growth. The agentic side really takes over. How should we think about that mix shifting within your targets? How do you prevent some of that kind of bottom of the bucket leaking out as you add more over the top, beyond just shifting usage from one to another to make it one agent plus one human is more than just the combination of the two? Yeah, I think, thanks Matt for the question. I think, yes, over time, as the technologies evolve, the only point is that actually you are able to drive a lot of efficiencies for our customer base. I also think that's why pricing and packaging is going to evolve as well. We've actually been pretty prudent about that. Dennis already talked about instead of throwing out a whole bunch of new pricing and packaging and doing it repeatedly and having to change it, we've been trying to be pretty thoughtful and engaging with our customers on it. The way we think about it from a modeling perspective, the biggest impact initially is going to be kind of that expansion, agent expansion, increase, will be kind of replaced through, whether it's session packs, if we've continued that pricing or copilot additions. The way we've thought about the pricing is how do we actually get to a model where it's kind of a win-win-win, where the very end customers win because they're getting a better experience. Our customers are winning because they're actually saving money. That money saved is going to be at the cost of what they would have as an additional employee versus what they have to pay us additionally. We win because we actually get incremental revenue. So far we've thought about it as kind of like an 80-20 model where we would like our customers to get 80% of the benefit and we'll take 20%. I do think that's going to evolve as well. It's evolving as the technologies get better. Yeah. Hi, Taylor McGinnis of UBS. Thank you all for taking the time with us today. I want to talk about, and this is maybe piggybacking off the last question, the path to $1 billion in the core. Maybe Tyler, first question for you would just be, what does the core look like in terms of ARR today? What is that growth rate? As we look ahead, how do you think about the mix between EX and CX within that? Dennis, maybe for you, when we think about the growth there, there's lots of concerns on the durability of seat-based models, right? When you think about what's going to continue to push that accelerating growth, how are you thinking about the durability of that versus net new logo adds, which it sounds like you guys are really excited about. Those individual moving pieces based on what you're hearing from your customers. Yeah, I'll answer the first part of the question. We put out the ARR values for EX and CX as a whole, and we've talked about, okay, we have $20 million of AI revenue right now. We haven't broken out the other components of it so far. That's something where I said, you know, we'll kind of, now that we've said, hey, we've got $100 million going to come from different products, and you know, clearly we're going to start thinking about how do we actually educate the investor base on what that's going to be. I'd say from the AI side, it's relatively even from a copilot perspective across CX and EX, but the AI agent tends to be more CX, which makes sense for us because that's on a customer support side. We expect that to continue for now. On the Device42, you can see what we inherited from that business from an ITAM perspective, but the rationale on making that acquisition was two things really. One, increased win rates as we go kind of compete at the enterprise level, which we're seeing, and that has been playing out, as well as penetration of our existing install base. I'd say we're relatively early on that penetration side. We have, that's also an area that we feel confident, especially as we move that product to the cloud. That's going to be a much more relevant solution for our existing install base. ESM, we've talked about that we don't even land with ESM today. It's a pure add-on to a Freshservice customer, and that's going to be a huge opportunity, I think, for us going forward. As we think about, okay, what is the core right now, we haven't broken out by pulling all those pieces out that some will think about. We do believe just because EX and what we're seeing from an enterprise-grade customer coming to us now, the market opportunity is absolutely there. We've been relatively conservative on our expectations on CX growth. On seats, look, we're not the, you know, we're not the lumbering incumbent with millions of seats today. A lot of our seat growth can come through share gain. Even that said, the customers of ours that are using, that are the most aggressive users of AI, we're still seeing seat count grow. I think we think about the overall value that we can provide to the customer. Today, we have a model that is mixed. We have seats, we have seat adders, we have asset-based pricing for IT asset management. We have consumption-based product for our AI agent. I think that mix will continue to evolve over time and continue to shift as the value that we provide to customers comes in different forms and through different products. You know, I'm pretty comfortable with that, that at the end of the day, you know, you think about the problem that IT has, the complexity that they have to deal with, the problem that the support center has, and the complexity they need to deal with. The value that we're providing is absolutely huge for them, and we'll be able to monetize it over time. Thanks, Brian Peterson from Raymond James. You mentioned in a couple of the different slides that there are adjacencies that you could potentially target through M&A. I'd be curious, what is your appetite for M&A, and how do we think about the potential contribution to that $1.3 billion target from an organic? Thanks, guys. I'll answer the last piece, and you can answer the first. We have not assumed any M&A in those dollars. Anything that we do would have to be incremental. I think, look, we're exploring different areas all the time. In some cases, we're asking ourselves, what would it take to build the next level of capability in an area that our customers are asking us to get into? In some cases, we're looking at companies that might be providing a good product in that area and thinking about bringing them in. It's not the kind of thing that we can say with certainty exactly what path we're going to take, but we know that these spaces that are adjacent to the core EX product and the core CX product are really important for delivering the overall service that the customer is looking for and the value that the customer is looking for. We have a right to play there because we're already providing so much value and really automating so many of their operations. I think it's more about as we build our portfolio out, as our customer base continues to evolve up, those needs are becoming more and more apparent. Device42 was an example where we already had an IT asset management product. It was great for cloud assets and cloud discovery. We didn't have capability on-prem the way that Device42 is. In that case, we decided the right path was to acquire the company, embed it into our solution, and bring it to market. That's the kind of path that we are constantly evaluating and looking at. Hi, Madeline Brooks, Bank of America. Two questions for you. The first one is if you kind of take a look at everything that we've talked about today from the product side, the go-to-market side, I think there's really a lot to like, landing bigger, getting more strategic in enterprises, reinvigorating the channel as well. At the same time, when I think about the growth that was put up there, it was kind of still teetering around that 13%- 15% versus seeing a true acceleration, right? I'm just wondering if there's anything baked into that guide, whether it be, you know, continued macro weakness or maybe because you're going into enterprise, those deal cycles are longer that we should think about in that guide, or is it more just conservatism because it's early innings? Then one follow-up question as well. Yeah, I'll take that. We want to paint a picture of something we view as very achievable, but also how we're going to get there. Right now, that's really on the back of the EX over the next couple of years. We do believe it's a 20% growth. We painted out how we think we can get to the $100 million each on those adjacencies, which we think is very, very achievable. On the AI side, on the Freddy side, $100 million on each product, but we built in $100 million there. CX, we've actually been pretty prudent in how we've modeled that out. We are very optimistic on the things that we're doing that are actually going to be really valuable for our customer base, but that one we want to play out and make sure we're executing against it every single quarter. Just a quick follow-up to kind of on that enterprise side, as you go more up market and you're really building out your enterprise sales force, can you talk about on the go-to-market side how you're thinking about capacity and productivity as it relates to the targets that you put up? Yeah, absolutely. Thank you. We continually review all of our capacity models and our productivity and also the efficiency of the organization as well. As we look at the markets we should embrace and continue to expand into, I have a very clear go-to-market strategy that looks at the opportunity and the time that it will take us to land the customers and expand them. That all bakes into a capacity model where I can look at the capacity and the capability versus the revenue we'll receive from it as well. When I look at the market, the enterprise and mid-market segments are exciting for us. We're moving into them. We're seeing good traction with them. The pipeline continues to be delivered for them as well. The sales cycle isn't demonstrably longer than the majority of the businesses inside these segments as well. The other part to it is we're just getting more momentum and it's getting more exciting and we know that we can win these opportunities. The final thing I'll say is people are starting to come to us as well with the problem. I was talking to a prospect the other day and a classic disenfranchised organization where they felt that they were no longer relevant to the company that they were using. Our relationship and the way they were engaged with them, and that's becoming our reputation, is that they knew we would look after them, but also give them a very rapid environment where they could get up and running quickly. That then takes the risk away of moving from a legacy vendor to a vendor such as Freshworks. One of the things that Ian and Mika have done in the last year or so is to create a much more predictable engine in that mid-market and enterprise motion. Our SMB motion had been pretty predictable, right? We have leads, you convert them, and that drives sales. We are getting much better at being able to see how much pipeline do we have, how is that going to convert in that field sales motion as well. That gives us a lot of confidence and helps us plan capacity, all the things around efficiency that Tyler shows. The free cash flow doesn't just happen. It's a combination of the AI, enabling our service department and needing fewer people there, being more efficient there. It's a combination of getting more productive and among sales reps as we go up market. The attainment is higher. All those things are coming together. Okay. We have a question here from webcast here. I think just directed to you, Srini. For your AI product and everything, how are you feeling about the product development velocity and the R&D muscle within AI? How are we? Product development velocity and R&D muscle within AI. Look, as I said in my presentation, we've been doing the AI innovation for a while now. For the last 10 years, we sort of evolved from the menu-based AI agents to LLM-based QA to now agentic AI. We're sort of constantly improving the velocity. My partner in good, Murali, is here. He's the CTO, and the engineering team is continuing to drive and accelerate the innovation velocity, which is why you saw everything that you saw. We introduced the LLM-based bots last year in September. We introduced the agentic AI capabilities in June, and you know, watch out in November. Some of the things that you talked about, Scott, on A2A and stuff, there's more news coming up in November. We're continuing to accelerate those efforts. Yeah, and if you think about it, that's a reflection on how we're delivering. If the question is about what are we doing internally to be able to do that, you know, we have been drawing a lot of efficiencies, but at the same time, we are spending money on tools, and we are going to continue to do that to enable every single function to have access to kind of whatever the latest and greatest is. That is, I think, a really, really smart trade-off to make, and we've been doing it across every single function, both our own products, obviously, that we deploy internally and use, but also every software vendor that we purchase from, kind of demanding from them that they deliver the same way our customers demand from us to deliver. Great. I guess we'll go back to the guy. Hey, DJ Hines from Canaccord again. I wanted to ask about the unbundling of ESM and just, are you, and maybe this is a question that bleeds into sales as well, are you able to go out now and seed the market and try and build a pipeline of customers that may be interested in a standalone ESM product before they look to IT? Dennis, any update on the timeline as to when you think that may be ready to go to market? Yeah, so we run into situations where, you know, we're competing for the core ITSM replacement, and some customers are ready to do that, and we get very close, and some customers are ready to do that. Some customers are not ready to do that, but they don't want to double down on their investment with whatever vendor they're using, and they want to create optionality in the future. That's an opportunity for us. Okay, maybe this time through, we're not going to get that ITSM opportunity, but we are going to have the opportunity outside of that core IT because they don't want to increase their dependency, or they're thinking about provisioning a team outside of IT. Their ITSM contract with another vendor doesn't come up for another year. They're going to choose us instead of choosing the incumbent vendor because they don't want to deepen their dependency on a vendor that they might not want to commit to for the long run. We hear that all the time, and that's where we haven't been able to, you know, our product, because it's bundled today with Freshservice, we have not been able to do that. That's the opportunity that we see as potentially really interesting. The other thing is, you know, teams outside of IT, companies are very different. In some cases, the HR department might just decide to buy a tool on their own, come to our website. We have a lot of smaller businesses that are just going to come to the website and buy the product. We can't offer it alone today. That changes by the end of the year? Q4. Q4 this year, we'll have that, we'll have that product. Yeah, the second piece of the muscle, which maybe one of you guys can speak to, is that, you know, you said, can you seed it? We already have a lot of customers. In fact, our attach on ESM for new business or Freshservice is pretty high. We already know the demand is there across all these different functions. I think it's going to start with HR. You guys can speak to that. We will have to build a muscle down how to go sell directly to HR. We've already been starting to think about that. We actually had an event recently in New York where, in terms of seeding, we had some HR professionals that we invited. One of the HR professionals was from a massive East Coast university, and they don't have our ITSM product. He found out that we were going to go forward with a standalone ESM product, and he was really interested in terms of engaging with us. We do really well with larger universities, and he was interested. We're starting to dip our toe in the water to say, hey, if we put the word out and we put it out to that market, will they be interested? It seems like, as we start seeding before, in advance of November, that seems to be the case in terms of seeing some interest. Oh, great. Yeah. Yeah, Matt, [Ian] from Cantor. I guess you talked about some of the verticalization of the product, and I want to know kind of how much of that is more just go-to-market focused versus the development side. What will you continue to invest in to sort of build out not only the depth of those verticals you picked today, but maybe the successes that you see there to move into even more verticalization and what the proof points will be internally to say, yes, we want to pursue this with more aggressiveness, or we've picked out the verticals we have and the rest of it is more better served by a more horizontal team. Yeah, verticals for us is, there's not a lot of heavy lift in terms of what we need to do to go into vertical. For example, a good example is ESM. ESM is a product like Freshservice for business teams slash Enterprise Service Management. It's being used by the HR teams, as you heard. The things that we need to do on the front is integrations. The integrations to, for example, Workday. As we go into these verticals, and some of the integrations that you saw when I talked about the agentic AI, we're doing these vertical-specific integrations and function-specific integrations. Investment is mainly in integrating third-party systems, which is not that much of a heavy lift for us. We naturally get pulled into some of the things, like what Dennis talked about in his presentation, like education vertical is where we see a lot of demand. There, it's, there's not much of a, a lot of a customization that we need to do. There are some horizontal slack verticals where you need to do vertical-specific integrations. It's not that much of a heavy lift to go into industry verticals. In some cases, there's certifications that you need for education, for example, or there's a special, you know, specific channel to reach the market. It's a combination of having the right integrations, having the right certifications, having the right go-to-market. That'll, for the three that we're focused on right now. Hey guys, Patrick Schultz at Baird. You guys spent quite a bit of time talking about the partner ecosystem, how that can become a growth multiplier. What are some of the key unlocks to get more partners on board, especially as you guys are driving further up market? Do you have a goal for how much, I guess, new ARR booking should be coming through that partner channel? Yeah, great. Thank you. From a partner perspective, we actually released a new partner program this year. We've been revisiting the program that we had and where we wanted to move in a partner direction. You saw on the slide that we're increasing partners coming to join us as well on that journey. We see a natural traction from there as well. I think we've been far more efficient with the way that we're onboarding and enabling the partners to ensure that they have the right level of knowledge and relevance of the conversation that we're moving forward with. If we look at the partners that are engaged with, they're also excited to work with us because of what we can offer them. We know there's a win-win situation here where they enjoy the opportunity to go and talk to their customer base about the delivery we could do. With regards to how we build that out, we're excited at the opportunity to drive into it and have a look at it. Yes, we envisage more and more contribution coming from the partner network. Austin Cole, Citizens. I know you said, Tyler, that you're being conservative on the CX side, but when I think about 20% durable growth on EX and the ARR target out there, I think it implies a pretty modest, kind of decel. Can you remind us maybe some of the crosswinds in there? What are some of the upsides, in terms of agentic AI? It seems like a lot of use cases there. Can you just parse out for us kind of what some of the moving pieces are on the CX side? Yeah, I mean, I've said, hey, we're really confident on the EX side and the 20% durable growth there for that product. We're actually really confident on the CX side as well, with everything that we're doing. A lot of what you saw today is all of the product innovation that we're bringing forward. Quite frankly, AI is going to be, you know, kind of a key component to that. We did not build a lot of that into that go-forward model, right? We want to make sure that we are executing every single quarter against that and then be able to have the proof points to be able to bring that out. AI, we already talked about what we need to do to get each one of those product lines to $100 million. It really is about additional uptake against our existing customer base and additional usage against our existing customer base. It doesn't really count on us doing some big stair step outside of that. If you look at the $20 million that we've already disclosed, that's in a pretty recent period of time. When we have confidence over the next three years that we'll be able to go achieve that, we're reviewing that we have some runway to go do it. Hi, Scott with Needham again here. On the strategic but side, you mentioned a couple of different times, contact center as a service, voice channels. I guess what's kind of exciting about that relative to the overall product portfolio today, especially with most of the focus being on the EX side versus the CX side? We have a contact center product already. It's called Freshcaller. It is sold as part of Freshdesk today, Freshdesk Omni. It functions well. We're seeing a lot of demand from our CX customers. All the customers we're talking to, they're sort of asking us for a voice solution. The product plan there is potentially we could go partner with someone. We don't have to necessarily build, right? They're asking for an integrated solution as part of the overall CX solution. That's where that comes in. Some of the other companies have done it fairly well as well. Probably that's the playbook there versus continuing to build. I think, you know, if you look at our customer base, you heard from Panasonic, our customers still have a lot of workloads coming in through voice, and they want to create an integrated experience for customer support that includes voice as well. That's why we get asked to bring that in. Our current solution, Freshcaller, is a basic solution. It's a little like ITAM, where, you know, for a smaller business, it's fine, but for a larger organization, they need something that's much more complex. I don't envision us necessarily building that, but that is an area where we could partner. We could bring a partner into our sales cycle, into market, and build a business there as well. Importantly, that's what our customers are asking for our solution to expand, our larger ones, to be able to enable those workloads in a way that our current Freshcaller product is not able to do. Those areas are interesting because they expand the scale and size of the customers that we can actually go after. The larger customers are expecting that from their solution. Yeah, just one more thing to add is it's not just a core contact center. It's also the AI agents, the voice AI agents as well. Like you deploy an AI agent on all the channels, you want to deploy it on voice as well. Some of the large customers, even on the EX side, want to have the service on the voice side as well. You'll see some of the innovations on the AI agent side on the voice side. Okay, I think we have maybe time for one more question. Okay. Hey, DJ again. Maybe I can just ask kind of a wrap it up question. You made the case today for accelerating revenue growth, really healthy cash generation, stock super cheap, right? Clearly investors are nervous about something, whether it's seat-based models, disruptive AI startups, whatever it may be. Maybe you could touch on what you're seeing competitively, if anything, from that AI disruptive cohort. Broadly, what do you think investors are missing on the story? I'll talk about the AI cohort. We have not seen, for the most part, our customers kind of running to some of the newer startups for AI. If you look at Sierra or some of the other competitors in that Moveworks in the space, a lot of what their strategy has been is start with a very large enterprise, put your engineers in their place of business, and co-design the product with the customer. That's not what our customers want. Our customers want, you heard it from RingCentral, they want a product. They want to be able to get up and running with a product that we have done all the hard work. We've thought it through, not them. We're not asking them to build the product for us. There is certainly a cohort of customers that want to be first and want to do what Sierra is doing and what some of the startups are doing. By and large, most of the startups, that's how they're building their product. That's not our ethos. That's not our culture. Our culture has always been out of the box, easy to use, easy to get time to value. There might be exceptions where a customer or two is evaluating a Moveworks, evaluating a Sierra, but we don't think that that's the majority of our customer base and of where we've built our business. We think that's a very, very large set of customers. That's what we're seeing. That's why we're talking about, look, we've doubled real revenue, at a scale that's bigger than a lot of the startups that are out there, that are in AI that are getting these rich valuations. I think we're pretty confident that we're off to a good start. We have to innovate, like fast and often to continue to build on what we've started. I'm pretty confident that our customers, when we have the innovation, they're going to be very open to looking to us first. They don't want to go cobble together a bunch of startups and hope it works. They want to work with a trusted provider that's already powering a big part of their operations. What was the second part of your question? What do you think investors are missing in the stock? I mean, maybe Tyler, you can opine on that to close it. Look, I think what we've seen in the last year is the stock price kind of bounced up and down and been more affected by external memes and around AI and how AI is going to, you know, affect things. Somebody will say something and all of a sudden, you know, the stock price changes. I don't have a great answer to you. For us, we focus on executing, right? We focus on everything you heard today, driving that business, delivering results. We've done a good job in the last couple of years of doing what we said we're going to do. We're going to spend the next couple of years doing what we just said we're going to do. Over time, the market will figure it out. Yeah, I mean, I guess I'll wrap it up, DJ. Look, we spent today, in my mind, reiterating what we've already been talking about for a year. Dennis was appointed CEO a little over a year ago. We came out with a very clear strategy. We took it seriously internally, and we've been very open about what we're trying to go accomplish. I feel like every single quarter we've actually been making progress against that strategy. That being said, I think that there's a bear case around AI, which came out a couple of years ago. The thing is, we might be a recipient of that bear case, but we've actually been demonstrating that we are going to be in the middle of it and actually be a beneficiary. That's what we're trying to show. I also think that there's a misunderstanding of what our EX opportunity is and how durable that growth opportunity can be for us. That CX, as we've been making progress, which we've been talking about every single quarter, how that could be really, truly additive to our entire story. At the same time, there's not many companies who've been putting up the same profit metrics that we have and then using that capital to do what we did, which is essentially just buy back nearly 10% of our stock. There are things that have been happening, like in our last earnings, which I thought were very, very positive, where we had a pre-IPO company distribute almost 5% of the stock the week before our earnings, right? Those things don't help, but in the long run, they actually do because there's a lot more liquidity out in the market and ways for things to actually not have an impact in the future for us. For us, we are actually really, really positive about what we're doing every single quarter. We think we have a great opportunity here, and we're actually demonstrating it now every single quarter. We have to actually be in a position to go show me, right? We're a show me stock. That's what we are, we're all competitors up here, and all want to win, and so that's what we're applying to go do. Okay, thank you so much. That concludes our presentation today. Now we can all head downstairs for lunch. Thank you again for joining us in person and on the webcast.