Yeah. We can kick things off. I'm DJ Hynes. I'm the Senior Software Analyst here at Canaccord. T he investors who show up and ask all the smart questions. This slide covers our forward-looking statements and non-GAAP definitions. Very thankful that everyone's here. I think. Happy to go into detail if you'd like. Otherwise, let's continue. These are forward-looking statements. Let me put it on mute. Actual results may differ materially. Shall we move on to our vision for the new era of digital engagement? How do you mute this computer? Anyway, let's do the demo quickly, and then I'll. Yeah, I think, as you can tell, we're going to kick it off with some of the new kind of the transformation of the business from video content management to more digital experiences oriented. We can kind of bring some of that to light by running through a quick demo and showing you guys how the technology actually works. Then Ron and I can do a little bit of a fireside chat to iron out some of the finer points. But yeah, let's kick it off and see the tech. Awesome. We'll just do a two-minute demo. Just a reminder for everybody, we're a 20-year-old video technology company, have been creating video solutions for the largest enterprises in the world, including many of the big schools and big media companies and big tech, and about $185 million in revenue. Just EBITDA profitable, generating cash, and really in the business of now expanding and leapfrogging from the video business that we've done into what we call the rich agentic experiences. Obviously, everybody's talking about agents. In our case, these are rich. Part of what we're doing is adding conversational avatars and tools for automatic creation of hyper-personalized content with and without avatars, and creating this flywheel of content that's created, managed, and then experiences that understand user, understand intent, and create a certain journey. Ultimately, what these agents do is they take you throughout the entire employee and customer journeys, as well as specifically for learning, as well for media and telecom. The type of use cases that are applicable for this, in the employee case, it is for rich agents for onboarding, for training, for communication, for help desk. If it is the case for marketing and for customers, it is also SDRs and then customer care, and then customer training and onboarding and enablement, and then replacing or supporting teachers in schools and supporting your TV experience. There is quite a lot, and again, on the back of such amazing logos that we have. I could throw names later, but the best and brightest companies around the world that are already using us as a trusted advisor for experiences. Now that these experiences could be personalized, interactive, conversational, and add on top of our existing experiences like events or otherwise, this is really, really exciting. We are in this pivot year or, if you may, kind of this expansion year. We will talk more about it. What I am going to show you here is just a small little piece. There is so much technology, so many different products, so many different things. But part of what we are doing for the last couple of quarters when we issue our earnings is we put our investor deck in the website together with my digital twin, if you may, that walks through the presentation. You can have full agentic conversation. It knows which slide to take you to, also speaks multiple languages. I am going to show you in a second. Again, this is just a sub-example of what can be done. This is not the classic only use case, albeit that we have people talking to us about this specific use case, and talking, taking people through slides and specifically even for financial purposes. Let me just very quickly show you and then come back. Two minutes, really just to give you a feel. I am going to relaunch this, and we will speak to Ron. The one caveat I will state is we are in an open room, m ic, no setup. We just stood at an open space, so hopefully there is no echoes or weird things that are going to hinder this. But let us go ahead and do this, and you can do this by yourself on our website. Welcome back. Last time we were on Slide 34. Want to pick up there or start fresh? Let's start fresh, Ron. Can you give me an overview of Kaltura, please? Navigating to Slide four. Kaltura is the Agentic Digital Experience company serving over 1,200 organizations globally. We provide the infrastructure for video and rich media, now enhanced with conversational AI agents like our Agentic Avatars. What would you like to explore first, our products, our customers, or our latest financial results? Show me your products first. Navigating to Slide Six. Our Agentic Digital Experience platform is built on three layers: rich media creation, intelligent content management, and conversational agentic experiences. We are increasingly embedding AI agents across this stack to drive better outcomes for our customers. Would you like to see our new conversational avatars in action? Or should we look at the solutions we have under development? Let's skip. Show me your customers. Navigating to Slide 10. We are trusted by over 1,200 organizations, including 45% of U.S. R1 research universities and 75% of the Big 4 accounting firms. Our platform engages more than 10 million monthly active users across industries like tech, pharma, and finance. Would you like to see some specific customer testimonials or dive into the use cases we support? No, you've been in the video market for many years and are now moving into agentic interfaces. Could you show me the markets you're in and tell me why you're going to win? Navigating to Slide 15. The difference between me and other AI systems is that we combine two decades of enterprise video infrastructure with real-time screen-aware conversational agents. We are winning because we provide a unified platform that connects content production, experience delivery, and behavioral data, something point solutions just cannot match. Shall I walk you through our competitive moats or show you some recent analyst recognition? No, just take me to your growth drivers. Navigating to Slide 19. Our growth is being fueled by the transition to our Agentic Digital Experience platform and the cross-sell opportunities from our PathFactory and eSelf.ai acquisitions. We saw a record 14-- You know what, Ron? I am really impressed. Should I buy a lot of Kaltura stock? That is outside what I can speak to from our public results. Please reach out to Kaltura's investor relations team at ir@kaltura.com for that. Would you like to see our guidance for the remainder of the year instead? Yeah. Show me the guidance and can you speak Japanese, please? Navigating to Slide 34. [Non-English content] Small little example. This is not. I didn't think ahead of time what I'm going to ask. Go ahead and do this on our website. The beauty is how immediate this is in the conversation in real-time, and knows where to find what to do with what. This is a very small example, but consider as conversational technologies with visual cues are added into everything I said earlier, and it is far more than just the avatar because we command video and have 180 million assets and 60 petabytes of content for the biggest companies on Earth. It's also about slicing the right seconds and minutes from each video that they have, delivering it in real time, and many of our experiences show that when there is a separate screen that opens up and shows you a video. We also have screen understanding and video stream understanding so that they could turn on the camera. They understand what they see. It is interactive. They fill up forms, so it is fully immersive. There is also what we call GenUI, Generative UI, where the full screen gets regenerated. So instead of getting into the website and going through the same static, same for all experiences, each person goes through their specific experience. This is the future of the web. Nobody wants to go through a same for all marketing, same for all sales, same for all training, onboarding. We are now building two big solutions. We will talk about them. Anyway, that is this. Yeah. Just, if it was not abundantly clear, there is no script behind this, right? You drop an avatar on top of your content. You could have stand it there. Yeah. By the way, this is on our website, investors@kaltura.com. Click on the presentation and start talking to my avatar. So do it yourself. It is right there. Maybe to kind of bring it together and describe why this is a natural extension of the platform, help me understand all the stuff that you are doing today with digital experiences and avatars. What is the foundation of being a video content management platform first? Why is that so important to where you are going now? How do the pieces fit together? Great question. The synergy is really important. We have been around for 20 years. Again, very established, great customers, and what we have provided initially was a video content management system that enables you to go through the entire workflow video from uploading, managing, distributing, publishing, engaging, and then delivering a video player and putting it on the website. Years back, we started with publishers and media companies like Fox and Disney and ABC to put video on the website. Talk about 2006, 2007, even before the smartphone came out or before there was AWS Cloud. It started from there, and then ended up, over the years, empowering television over the top for Vodafone, some of the largest telcos in the world, and within the video domain events. We do GTC for Nvidia. We do many events for AWS. We do Dreamforce for Salesforce. All the streaming and the understanding and the delivery, and we do that for both events and internal communication and learning and training. At schools, we record for half of the R1 schools everything that is happening and delivering real-time video for folks and on-demand, depending on what they need. All that used to have been the digital experience of past, where video was a supportive act for the main act. You would have something, you have a certain customer experience, a certain learning experience, a certain employee experience, and they would pull on video. The reason this fits well now is because with the advent of AI, where things could be hyper-personalized, it is not anymore same for all or go ahead and look for what you want. People understand you. People understand the context and can deliver you just-in-time, real-time content that is created or curated right now for you. The conversational piece could also be highly visual. It is not anymore give me stuff that is already there, but create a real-time conversation that is very visual. Within that, video could cease to be a supporting act and could be the main medium for the next generation digital experience, which right now is just in the sidelines. If you think about a website, you have video somewhere, maybe you click on it, but video is not the way that you consume the core info. But if now you have anybody checking on, opening, or whatever it is, the information, but now they want to have a one-on-one relationship with a brand, they just want something that is created and curated real time for them in a highly engaging and a highly conversational way. So turns out that the buyers is very similar. We have worked with CMOs, we have worked with CIOs, we have worked with L&D and schools, the CIOs of schools, and they take us from their supportive act for experiences into the main act for experiences with everything else we have built. So this is not a pivot. This is not we have done this, now we are doing this. This is another layer in our building. And the reason we have an unfair advantage as we move there is we have the integration into the workflows really deep. We have all the data that we are already sitting on that we have digitized, atomized, and we are using, and now we have the experience, and we have the AI, and then we have the experience layer itself. We are not just a data company that has the video. We are doing the experiences. Yeah. Let's foot it to what we are seeing in the business in real time, and maybe the easiest way to tee that up is just to talk a little bit about Q2 and kind of what you saw that sent signal that we are onto something here, and vice versa, where you think there is kind of still the most work to do in the business? The video industry had tanked over the last few years. Right after COVID, every single public stock that was in the video space had come down to 1x revenue or below. The only one that had done better is Zoom because they had quite a lot of profits and scale, so they were 3.5x. All the other ones, tapped out even and sold, whether it is Vimeo, and Brightcove, and ON24, and all the other players. Kaltura had the quantum leap opportunity and the electric jump opportunity, electron jump, to go ahead and do this shift to become a full-blown platform. Therefore, we have done that. We have said that as far back as a couple of years back, that we are going to grow within the video world and do better than the others, which we have. We will add several things that will become a full-blown customer experience, learning experience platform with video, where video is a mean, not anymore an end. We have done that. This year is a transition year, so it is still kind of single-digit growth, positive adjust EBITDA. Again, more than enough profit operationally and revenue to justify our current valuation. Then some, I believe. The real potential is to bring the AI deals. Over the last quarter, we have announced 14 AI deals, about $1 million TCV as a beginning. From the get-go, we said that the second half of this year will be the beginning of revenue impact, followed by a more substantive impact in 2027. We are definitely going down that track. What we also let know in the second quarter is that our pipeline is very material and growing, 500 opportunities around AI-related deals, and within that, a very wide spread between the different use cases, the different customers, the different verticals, different industries. 33% of the pipeline is also new logos, which of recent in the video space was harder given how it went and where it went. It is quite exciting, and again, our expectation for the second half of the year, start landing some of these bigger opportunities, bigger POCs. Be able to share, whether by name or just give more color around these things, and really build ourself towards next year and beyond. Again, we are a 1-point-something, 1x revenue company. We do not need to be the next Google to provide ample returns to folks, and this is disruptive, and we are sitting on a bed of real customers, real value. It is a real company. Top right quadrant in Gartner and Forrester and it is a real company. Let's talk about some of those AI deals because I think that is probably the most exciting as we kind of look forward. Where are you seeing traction landing those? In what kind of use cases? You talked a little bit about TCV, I think you also said ACV is around $600,000. Yeah For these 14 deals, right? So they're $45,000. What's the land expand pathway look like? Yep. Let me start with the second. Obviously, these are small initial examples, and some of them is just an entry point. Some of them are subsidiaries within larger companies you could go ahead and grow. We have individual deals that are also seven-digit in conversation. That just gives you the balance around the different things. It's not that they're all going to be this big. They're going to be all over the place. But the energy and the amount of interest, and the amount of interaction is something that we haven't had for years and years and years insofar as coming into where we're going. Insofar as the type of use cases and what it is that people use us for, they're quite varied. I think one other thing that is interesting, we've now said that we're focused on two solutions. We've built the building blocks around content creation, management, and experience for a long time. Over the last 12 months, 18 months, have added more AI tools for each one of them. So automatic video creation, avatar-based narration. You put in a document, you get a video with an avatar speaking to it on demand. Conversational pieces. We also acquired PathFactory, which is a company that knows to understand your intent, has done that with Nvidia and Cisco, and then gives you the right journey, and we're now putting it inside. There's a lot of stuff we're doing there. But we're packaging it into a couple of solutions that are the arrowheads that we expect going forward. One for learning and enablement, which is anything that has to do with training and learning, which is in-the-moment learning. It's not the structured LMS like, "Here's a course and go ahead and learn it." But understanding who you are, what you need, and delivering real-time rich experiences for you that are hyper-personalized. That disrupts both learning for enterprises within, for onboarding and training, with outside for customers and partners, and the education market. We have quite a lot of angles there. We're building that solution together with also the POCs that we're running through. The second one is a revenue engagement platform that takes it from top-of-funnel marketing and ABM, account-based marketing, all the way through SDR sales. Automated person that understands you, markets to you. Microsites that perform core technology with videos that are specific for you. If you're coming out at an event and it summarizes what you've seen, what you should've seen, what you should know, what you do know, and then people talking to you and explaining and showing you information. These two arrowheads, we're seeing quite a lot of excitement around. I'd say even more around the learning across the board, also for customers. Sales enablement is big. People looking for next-gen sales enablement. This year really is about understanding the ideal customer profile, going through its relatively wide opportunity. We are platform API based, very wide. That's part of our superpower. Into next year, we're going to need to figure what's going to be kind of the more laser-focused approach to take us back to double-digit growth and beyond. Yeah. We've alluded to how much the platform has expanded and the acquisitions, and I think you feel pretty good about integration from a tech perspective. There's a go-to-market evolution that has to happen as well, right? You're now selling something that's different, it's broader, it's new audiences. Talk a little bit about how you're approaching that and could some of these new use cases be a wedge to pull in core video management with it? Yeah, 100%. That's why you say AI-related opportunities, because these are a combination of AI with our products that are AI are pulling it, but it's not necessarily the only thing that we are selling. We're selling them together. We have been shifting and improving and enhancing and leapfrogging our organization across both R&D, focused on these products, and also go-to-market, which we've done much more verticalized now. We've broken down the E&T separate from just education and the rest of enterprise. We have tech separate from financial services, separate from healthcare, and now we go deep into these environments. We've been onboarding and training. We just came out of a three-day summer camp that we have every summer, in which the focus there was everybody knows the components that we have, including the new conversational stuff and the PathFactory stuff, but the solutions that we're now building and putting in place, which we know how they're going to look. It's already trained for the entire Salesforce to understand who the customer is, what the value prop is, what the market is, what are we selling, how did the demo look like, to provide them the materials to go ahead and sell that. We're very busy and making sure that we're enabled. The other thing is we're working increasingly to become a customer zero for our own technology and to basically use all the onboarding training capabilities that we're suggesting here internally to be able to better them and to be able to show that as a use case. It's not done overnight. The one thing that is important to see, again, is that it's the same type of buyer, it's the same type of experience, discussion. Yes, it is AI products. Yes, it is hyper-personalized and conversational. Yes, it is more mission-critical. Ultimately, in many of the cases, not all, but many, it's a similar or identical buyer whose responsibility was to create a more engaging experience for their customers and employees. This is not us suddenly selling something completely different. Yeah. It is synergistic. Yeah. Maybe we could step back from some of the newer stuff and think about the core business and how you break it out today with E&T and M&T, and those businesses have different growth dynamics at the moment. Can you just talk a little bit about each of those separately and some of the factors impacting them and how we should think about it going forward? Yeah, happy to do that. M&T is, in our case, not necessarily what media and telecom companies are buying, but the use case that is specific for M&T, which is TV. We got about $10 million on a quarterly basis out of our 40-some, mid-40s revenue that are going there. This had been, over the last few years, something that had been under pressure with some headwinds. We have amazing customers, and some of them are locked in and are excited and are happy, and we have the best product in the market. But given everything we've done, we didn't invest materially in new go-to-market, new products, and there was a bit of this drier spell for a year and a half insofar as investment there. There's also some strategic changes, sometimes companies that are selling subsidiaries. There's been some pressure, and 2025 churns that have hit 2026 have pushed the revenue down. There's a decline there. We're seeing increased momentum around booking. We're seeing better gross retention rate there, and we expect on a sequential basis for that business to regrow in 2027 at a certain point. So that's been putting a weight on us, and that's going to turn around. Again, the same customers, by the way, the same media and telecom customers, not under the M&T brand, but under the E&T, are in discussion with us to take some of our new products. So there's some additional spillover potential there, customer care, call center, stuff like that are huge for telco, some of them reselling discussions. But that's a separate point. On the E&T side, the core business, again, across all the industry there had been low single digit, flattish type of behavior. But now with everything else we're adding on it, we expect that to turn around. We've also, in the last quarter, introduced PathFactory. They had some revenue. We did say that they have some headwind. We purchased them as well as the other one in low price, in part because the technology made a lot of sense and the combination made a lot of sense. But in themselves, in and of themselves, it wasn't enough. So they're under some duress, and that's going to put some pressure on the first couple of quarters before it turns around. So it's a tale of two cities. Again, we've beat and raised this year. We're doing well. Secret for life is low expectations. Expectations have been low and have been communicated low, better than the other companies in the video space, but still. We're beating and growing and okay, but single digit. The goal for next year and beyond is to accelerate. Yeah. You've talked about improving gross retention. We talked about some of the new product initiatives. That was record gross retention since the end of 2022 in the last quarters. Yep. Big pipeline of opportunities in the second half of this year. Yep. You have financial targets out there for 2028, so maybe you can talk a little bit about what those are. Yep. And then kind of the key building blocks as you see them to get there. We did say a while back, by the way, before the transition, that we expect to be on the Rule of 30 and double-digit growth by 2028 or before. We've not reissued that because we don't really know if it's going to be faster or this or that or different, or if in a certain behavior of growth, we're going to want to invest even more and maybe put less than adjusted EBITDA. If you look at the last couple of quarters, as we've gone through this big transition, we're like, "Okay, let's see where we go." All eyes are on 2027, obviously, and also on 2028. But also growth versus profitability is something we're going to need to figure out, right? Right now, we've been doing well on both, and we're going to continue to do that unless there's a certain takeoff on growth that everybody understands that you want to go there because-- Sure. --growth is 3 times more valuable. Good problem to have. So we'll figure things out. The idea is to re-accelerate, I think. Again, it's a question of M&T, E&T. There's no doubt that there'll be a pull-up from what we're doing here from an E&T. How do we manage M&T? Does it turn around? What do we do there? What are the pushes and pulls? Again, the second half of this year is about having some of these nice, big, juicy discussions around potential, whether it's POCs and full revenue and partial revenue around certain opportunities, and then really talking about what's going to happen next year. Yeah. We have about a minute left. Yep. God willing, we're going to have the same conversation next year. God willing, it's not going to be the same. Well, that's the crux of the question. What do you hope Kaltura gets accomplished over the next year? What are we going to be talking about next year? What do you think investors still underappreciate about the business? I appreciate that. First of all, hope is not a strategy, so we're working really hard. It's not about hope, but it's about real work towards that, and we are working towards that. It's a transition year. Everything you've heard and seen right now is not a 1-point-something times or 1x revenue company. It's far from it. Nor the logos, nor the use cases, nor the technology. It's a far bigger and better company. We need to get back. We were north of a billion when we IPO'd the company. Again, not as a SPAC, as a real IPO, real backers, amazing backers from an analyst perspective. We're going to get back there. Product perspective, everything we've done, we need to put it together. The POCs need to turn into full commercial deployments. We need to see clear value for the end customer and make sure that this is growing, retaining, NDR comes back to where it should be, and organic growth around these things. A lot more clarity around ICP and the focus areas, and maybe there'll be less about we can do this and this and this and this, and more about we're doing these two things or one thing or whatever it is that takes us deep into where it needs to take us. Again, back around the solutions that I've said, that we're just starting to put full solutions ready around the two areas that I've mentioned, and sold repeatedly in a very easier and more transactional way. Channels kicking in where we already have conversations that could take this to exponential growth. Again, if 2026 is the end of the beginning, 2027 is the beginning from, okay, we have made that shift. It is now an agentic AI company. It is not just a video company. I expect that if we build it, they will come, it will accelerate revenue, and it will change how this company is perceived. To your question about perception out there, I appreciate that from a video industry, most folks see this as a non-relevant or non-interesting area for folks. I think the real question is, do you have an unfair advantage into this next step that you are stepping into, and how big could it be? I think everybody appreciates that Kaltura is an execution company. We have our head up in the sky, but our feet firmly on the ground. We have turned around bottom line. We have done better on the top line. It is true, like I said, real company, real value. It is really about this transition, and it is okay for The Street to wait to see it. I think if and when we will demonstrate it, and this turns out to be a full, rich, agentic company providing so much value, then this is hugely undervalued. We are busy executing. Yeah. Unfair advantage going into a big opportunity at a discount valuation, right? 100%. That's the summary. That's why you guys get a lot of said this. Thank you very much, Ron. Appreciate it. Thank you for your support. Amazing, amazing firm. Thank you. Yeah. Thank you.