Hello, and welcome to Momentive Global's 2022 Virtual Investor Day. I'm Gary Fuges, Vice President of Investor Relations. Thanks for joining us. We have a great lineup of presenters today. Chief Executive Officer Zander Lurie, Chief Operating Officer Priyanka Carr, Chief Customer Officer Ken Ewell, and Chief Financial Officer Justin Coulombe. Here's our agenda. Zander will kick things off with our point of view on the opportunity ahead. Pri will follow with a discussion of our product differentiation and strategy. Ken will update you on our go-to-market strategy. Justin will end today's formal presentation by sharing our target operating model and how we expect to achieve Rule of 40 financial performance, which we define as the combination of year-over-year revenue growth and unlevered free cash flow margin. After a short break, we'll conduct a live Q&A session. If you would like to ask a question, please submit it through the chat module in the video player. As a reminder, today's presentation contains forward-looking statements regarding our future, business, and financial expectations. There are a number of factors that could cause our actual results to differ materially from our expectations, and you should not place undue reliance on our forward-looking statements. We assume no obligation, nor do we intend to update them. For more information, we encourage you to review the forward-looking statement disclosures in today's presentation materials and the risk factors in our SEC filings. In addition, in providing our long-term target operating model, we may reference specific target timeframes. Our objective is to reach these performance targets by 2025, but given the current dynamic macroeconomic and competitive environment, there are risks and uncertainties that may impact the timeline to achieve these results. Our discussion today will include non-GAAP financial measures unless otherwise stated. These non-GAAP measures should be considered in addition to, and not a substitute for or in isolation from, our GAAP results. A reconciliation of GAAP to non-GAAP results may be found in the appendix of this presentation, which is furnished with our 8-K filed today with the SEC and may also be found on our investor relations website. Finally, today we'll also share information on our product roadmap. This information is intended to outline our general product direction and should not be relied upon in making an investment decision. With that, I'll now turn things over to Zander. Thank you, Gary, and thank you to all of our investors and analysts joining us today. I'm Zander Lurie, CEO of Momentive, and I'm excited to be here with some of our leadership team to share the future of our company strategy, our product strategy, our go-to-market strategy, and more. At Momentive, we collect and analyze human sentiment at scale. We help customers make the next best move, a move that has been made millions of times on our platform. Launching better products for customers, running better marketing campaigns to drive revenue, delivering better benefits to employees so they can help their families and be more productive at work, changing patient experiences to make healthcare more human, altering education curriculum to meet diverse learning needs. That's why people keep buying our products. They want to serve their stakeholders better, the people at the heart of every business, customers, future customers, and employees. They pick us because our point of view resonates in today's climate. We believe decisions drive business success, and the vast majority of them are not made in the C-suite. Understanding human sentiment is critical in making business decisions, and solutions for understanding that sentiment must be distributed at the edge of a business because that's where execution happens. If you are unfamiliar with our journey, Momentive has transformed over the last five years, executing on the vision we laid out in our 2018 IPO. On top of the ubiquitous SurveyMonkey product that everyone knows and loves, we've launched purpose-built SaaS solutions to address some of the biggest decision-making challenges facing businesses today. We were born on the web, and we've built and scaled a sales organization to meet the demands of the most rigorous enterprise customers. We're excited to share our next chapter of the journey with you today. Over the course of this session, we'll dive deeper into our strategy for driving durable, profitable growth and achieving Rule of 40 success. We'll walk you through our $80 billion market opportunity that encompasses multiple durable trends that illustrate how deeply the market needs our solutions. Our disruptive feedback-driven insights platform, capable of addressing a broad set of use cases and high-stakes business challenges. Our hybrid go-to-market motion, which features two complementary channels that operate at scale today and benefit from an interconnected viral loop that drives customer growth and expansion and helps us capture a bigger share of this attractive market. As we execute on the vision we'll share with you today, we believe we'll re-accelerate revenue growth, drive operating leverage, and improve free cash flow generation. The result, we expect to achieve Rule of 40 success in fiscal year 2025. Let's start with the big picture, challenges you're all acutely aware of. You do not need me to tell you that the pace of change is faster than ever, and the complexity of business has increased. You see it in the news every day. Heineken is pulling one of its commercials after hip-hop artist Chance the Rapper called it racist. Cargo ships are crowding ports from New York to Los Angeles. I wonder if Sony's scrunching here is other companies' gain. New ownership decided to shut down the CNN+ streaming service less than a month after it was launched. Well, Wall Street is returning to the office, and U.S. Goldman Sachs employees are set to return to the bank's Lower Manhattan tower today. Will they want to come to the office five days a week? Consumer Confidence Index is out, and it is weaker than anticipated. Well, tonight, there are growing concerns. A wake-up call for corporate America. More than half of employees in America. Behind every one of these headlines are decisions made by individual employees. Within the company strategy, they are the ones who test and learn, decide what to focus on, which data to look at, which path to take, and the old way of operating clearly isn't going very well. You can criticize the business world today. You can criticize woke companies. You can criticize entitled employees. You can criticize finicky customers. Despite the unprecedented challenges we face, not making decisions is not an option. Business leaders and employees at every level of an organization are going to make calls, and the future of our businesses rests on the strengths of those decisions. There's a better way to make these mission-critical choices. Contrast the stories that make you want to curl up in a ball with this one. Meet Brian T. Wolfe, Vice President of Global Customer Experience for the consumer division of Harman, a $9 billion audio electronics subsidiary of Samsung. His mandate, grow direct-to-consumer revenue from 33% of his business to 50% by 2025 and raise transactional NPS above 50. Architecting this move requires that he keep his finger on the pulse of what online consumers want, despite constantly changing needs, dynamics, and preferences. Early this year, he saw net promoter scores remain stagnant, and he wanted to know why. He used our solution to discover the problem and dig into the data. His aha moment, the bad scores were primarily in a handful of zip codes serviced by the same low-cost delivery partner. Within days of the discovery, they switched delivery providers and saw scores increase immediately, offsetting the higher cost deliveries with increased customer satisfaction and retention. Every company's success is tied to the decisions made by its employees. Harman set a strong company strategy with an ambitious goal to become a direct-to-consumer player. It was up to Brian to execute on it, and it's with him, not the CEO, where human-driven insight matters most. Decisions at the edge of a company drive business success and failure. Which brings us to our second dynamic. How organizations run has fundamentally changed. Hybrid work accelerated the decades-long move towards decentralized decision-making. Everyone is CEO of their domain in 2022. A few critical high-value decisions originate in the C-suite, but the vast majority are in the hands of employees at the operational level. Execution happens at the edge, and every leader knows that the best C-suite calls will be torched if the execution at the edge is subpar. To equip these decision-makers, we have to give them more autonomy, more context, and more timely information. Management sets the strategy. Yes, they hire the team, and they define the culture and values of the company. It's management's job to give individual employees the tools to win, to launch better products, to run better campaigns, to price more effectively, and to meet the needs of their customers better. Any organization successfully running a command and control model is either incredibly small or incredibly slow, relics that won't survive in the next generation of companies. This is true in every industry, in every function, in every geography. Execution happens at the edge. This leads us to our third dynamic. At the edge and in the C-suite, we've never had more data, and we've never had less insight. The digital revolution has created an explosion of touchpoints between companies and employees and customers. More touchpoints makes the complexity problem even worse. Some of the data we've come to rely on, like pixel tracking and cookie-based web traffic, is nearing extinction, thanks to the global consumer protection crackdowns on old third-party data models. Market dynamics are changing faster than ever. Yes. Business complexity is on a meteoric rise. Yes. Our teams need fresh, timely, relevant data to make better choices. Although we capture and analyze more data than ever to try and support them, we struggle more than ever to make sense of it. All of that, all of it crashes headlong into our final trend. Do employees and customers care about the macro headwinds businesses are up against? No. Expectations on businesses are higher than ever for our brands and our products, for the customer experience we deliver, for the company culture and employee experience we offer. Stakeholders expect organizations to know how they think and how they feel, and to deliver on those expectations in a timely way. It's a mission-critical task. Companies that do this well shine, especially in these chaotic times. Those that don't end up in scary newsreels on Investor Day. These trends, which have been developing for years, overlap and intersect to make equipping our teams with sentiment data and decision-making power more critical than ever. Addressing these trends is the challenge keeping all business leaders up at night. We recently ran a study of 7,000 decision-makers using our platform to identify what some of these problems are, capturing insights across product, marketing, brand, and human resources. I'll just zero in on one of them. You saw earlier that 27% of marketers rely a lot on third-party cookies. For years, marketers have used cookies to track website visitors to learn about what our visitors are checking out online when they aren't on our websites and target ads to the right buyers. Rising consumer expectations for privacy have led Google to join Firefox and Apple Safari to announce they, too, are prohibiting third-party cookies. This is a massive sea change in how digital marketers do business. Our study found that nearly one in three marketers are worried about their ability to adapt. They are worried about their ability to make data-driven decisions. They are shifting spend to platforms that will be easier to track, like email. The smartest ones are investing in collecting and analyzing human sentiment data to help bridge the gap. This is one example of a big change in the complex swirl of doing business today. Big questions like this one for marketers and for their peers in HR, product, brand, and strategy abound, and they only keep getting more complex. Businesses know this uncertainty creates an existential challenge. They are willing to spend big to crack the code to make better decisions. $80 billion a year big. That's because these categories encompass the biggest cost centers and potentially the biggest growth catalysts for any business. Do you really know your market? Are you building products that will help you win? Are your customers happy? Are the people who are going to make it all happen for your customers happy, your employees? Third parties estimate that businesses annually spend close to $65 billion to get better market, product, and brand insights, and $20 billion in aggregate on improving their customer and employee experiences. Here's how companies tried to solve these kinds of problems using old world thinking. First, hire a white shoe consulting firm to run a quarterly brand study. Dedicate staff time to pulling reports and compiling data to support the project. Wait six months for the first report, which arrives 90 days after the original interviews and the research was done. Dictate some prescribed activities based on the findings in a command and control model. You pay a quarter million dollars per quarter for the privilege. The old world is gone. Data-led approaches to collecting and understanding human sentiment have moved from aspirational to table stakes. In the current environment, good, consistent decision-making requires an agile, affordable feedback solution, one that captures human sentiment quickly and at scale and gets feedback into the hands of people who can analyze and act on it to make a difference. That's innovation at the edge. That's why we built a product suite that makes the powerful simple. Our solutions are easy enough to implement and manage so anyone can collect and analyze data to drive their own outcomes. They're powerful enough to deliver rigorous insights and affordable enough to enable continuous feedback collection over time instead of just a single point in time. They're flexible enough to test, learn, and adjust as people make better decisions. They're fast enough to make timely decisions. They're connected to systems of record and action, so everyone can execute with speed and certainty. To survive in the current landscape, executives need to give their teams the tools to win. The good news, we have the tools. Up next, Priyanka Carr, who we elevated to Chief Operating Officer in February. She'll share more details about our product strategy and how she plans to put powerful, easy-to-use feedback tools into the hands of every decision-maker with a high-stakes call to make. Chief Customer Officer Ken Ewell will then walk you through our go-to-market strategy and how we plan to drive more growth and profitability through renewal and expansion motions. Then Chief Financial Officer Justin Coulombe will present our long-term operating model, our path to Rule of 40, and the underlying assumption to reinforce our confidence in our ability to execute. We'll then take a short break and conclude with Q&A to address your questions. As you listen, I encourage you to think about the high-stakes calls you have to make and how fast, easy, accessible sentiment data might make you a little more confident in your path ahead. Thanks again for spending time with us today. I'm pleased to introduce Priyanka Carr, Chief Operating Officer here at Momentive. Thank you, Zander. I'm excited to share with you how our products are built for tackling the challenges facing modern organizations as they work to disrupt established markets, build customer loyalty, and create winning teams. My favorite part of my job is hearing how much value our customers realize through using our products, and I am thrilled to share a glimpse into why customers keep choosing us to drive their business forward. I hope you walk away understanding the power of our platform and the innovation that drives impact for our customers. First, let's talk a bit about the market landscape. Many of the existing technologies today lock organizations into slow, rigid ways of gathering feedback and extracting insights to drive decisions. For companies looking to do research, many turn to third-party agencies. The back-and-forth process is commonly pricey, time-consuming, and unwieldy. If you want to make a small change to a questionnaire, do additional analysis, you're dependent on the agency to do it for you. Data is often spread across multiple PowerPoint presentations, and it lacks context. When technology is used, it is unintuitive and cumbersome. System complexity and inability to generate targeted insights to take the right action bottleneck programs, making it even harder to get insights to the decision-makers actually driving changes at the edges of an organization. Oftentimes, you need to train up internal experts or pay more for an expensive professional services engagement in order to realize any value. As these costs layer on, you sacrifice the quality of data and frequency of insight generation to stay within your budget. As a decades-long researcher myself, this is a painful experience that I'm all too familiar with. SurveyMonkey and Momentive were built as antidotes to this broken paradigm. The rapid transformations of organizations today creates the perfect environment for us to win. With our solutions that are fast, we deliver insights in hours, not months. Intuitive. We pair the elegance of intuitive technology with the power of data-driven methods to put insights in the hands of those that drive decisions. No PhD required. Flexible. We're built to adapt and scale. Intelligent. Leveraging billions of data points, we help you find clear signal in the noise. Connected. We're deeply integrated with the systems and tools that our customers use every day to give insights in context. As organizations' budgets get constrained, our technology-led solutions that provide outsized value at accessible price points shine. It's why we're consistently awarded as a leader across the categories we serve. Popular brands continue to choose us for their most critical problems. Like Albertsons, trying to keep ahead of changing market trends. Woom, transforming customer friction into joy by empowering every team to intuitively improve on customer feedback. Dennemeyer, finding the insights to drive positive change for their employees. The people data and experience we bring to the table is truly powerful. Annually, more than 13 million people get curious and sign up for our products. Five million people ask questions. We process nine billion answers, and we deliver over one billion insights from that scale. This matters because all that data helps our customers build better, smarter, more accurate surveys and market research initiatives. We've pioneered the surveys category, but we've grown up a lot along the way. Over the course of more than 20 years, we've built a rich technology stack that enables us to operate globally and deliver value across a wide variety of use cases. Over the years, our platform has evolved and grown in sophistication. From a tool to ask questions and collect data to a platform with hundreds of collection points and integrations. From consumer-grade offering to one that pairs industry-leading security and controls with intuitive design, easy enough for millions to adopt. From simple analysis capabilities to a powerful insight engine. From horizontal all-purpose software to many richly featured solutions. With our breadth and scale, we have created a rich data trove of over 62 billion answers in our core platform. We dive deep into that data to inform the solutions we build to help organizations build market leadership, to delight their own customers, and in our most recent solution category, to engage their employees. The core platform is our guidepost to not only what solutions will add value to our customers, but also to how we should build those solutions to adapt to the varying and changing needs of organizations, large and small. Let's get a little deeper into the first solution category, building market leadership. Market research is a decades-old industry with over $60 billion of TAM. However, it hasn't kept up with the changing demands of today that require insights at speed and access to people that are hard to reach. Organizations and teams that thrive are those that build ahead of the trends, fast. They empower their teams to act on those trends. Like an analyst identifying key industry trends that will disrupt customer purchasing behavior in the pandemic. A product manager looking to validate their best product ideas. A marketer optimizing for the best ROI as they launch new ads and campaigns into the market. Across all these use cases and more, Momentive offers 23 solutions in 130 countries with two key differentiators. Our speed to insights, allowing you to complete projects in less than an hour, and our data quality and reach with over 175 million people our customers can access. How do we deliver insights so quickly? We deploy technology in every step of the journey. To go from question to a methodologically sound study, we have fully guided solutions. Unlike our competitors, our ability to reach respondents and panels is fully integrated into the product. You can launch instantly without needing to call an account manager and wait for days to field. Once the data is collected, our machine learning models, trained on billions of responses, can sift through trends instantaneously and pull out key insights. Benchmarks built into the product provide rich context on where to act. Because of this, our customers can go from question to direction in less than a day. For example, Nestlé was able to test, pet food delivery concepts in multiple global markets in less than five hours. Speed to insights is in our DNA, and it's why customers turn to us first when they need answers fast. The underpinning of game-changing insights is high-quality data. We recruit survey takers and panelists on the backs of millions of surveys sent out on our platform every month. This panel consistently tests as industry-leading in quality, and it allows us to also calibrate our network of panelists of over 175 million to this quality standard. We don't stop there. We use AI to detect and remove bad quality responses and ensure you ask the best questions. Quality in improves quality out. Our customers consistently choose us for this quality and our speed. Like Tweezerman. Tweezerman is a maker of premium beauty tools. It prides itself in its product innovation and consumer-centric business strategy. Three years ago, the company began asking questions about their key demographics and future product launches, driving Tweezerman to build an end-to-end market research program to support its customer centricity. With the help of Momentive, Tweezerman established a recurring market research program, launching brand trackers and brand pulse studies across the U.S., Europe, and China. The benefit. A stream of reliable, fast consumer data on which to base its global brand strategy. They've also been able to validate 10 of their product ideas through survey data, making them confident in moving from ideation to delivery of products that win markets. The next category of solutions we deliver is delighting your customers. Customer expectations are high, and COVID only increased that while dramatically accelerating the shift to digital-first customer experiences. How we interact with customers and prospects on a day-to-day basis has transformed, as have people's expectations for what a good customer experience is. The feedback you get from your customers has never been more critical to making decisions about how to build, present, and support your products. It's why we have leaned into the increasingly digital nature of customer interactions and built feedback touch channels for every digital touch point. A product manager can deliver leading experiences on web and mobile. A customer success or support team can transform the experience they deliver to their most important customers. A marketing team can build customer loyalty by leveraging a robust NPS program. We also believe that the data on customer experiences should not be siloed or funneled into infrequent summary reports. It belongs with your frontline workers, and it belongs delivered in real-time so they can take immediate action. That's why integrating with marketing and CRM software like Salesforce continues to remain a differentiator and key area of focus for us. Organizations choose our Momentive SurveyMonkey and GetFeedback offerings because of the breadth of channels we offer to listen to a customer in the right moment to deliver real-time action. With over 25 channels on websites, in kiosks, in apps, over email to share feedback, we make it easy to meet your customers where they are. With delightful, unobtrusive respondent experiences, we make giving feedback a joy, not a chore. With such scale comes a lot of data. Our insights engine is optimized to collate, summarize, extract insights, and share them across the organization. That is how Puma increased their PayPal orders by 52%. KLM boosted their app rating from 2.8% to 4.2% out of 5%. Sunbasket reduced their overall support ticket volume by 57%. Listening to customers impacts the bottom line, and we've proven to deliver that value for our customers. Collecting feedback is not the end game. Making changes that transform the customer experience as a result of it is. To enable your frontline workers to take meaningful action in the moment, we deeply embed with other systems they live in, like Salesforce, Zendesk, Microsoft, and many more. You can pull information from these systems to build a customer feedback loop program since the feedback received lives side by side with a customer record. Notifications, tickets, actions, and CRMs for targeted action, since you can drill into feedback by operational topics like region, team, product. Automated program accelerators make it seamless to build and launch recurring programs at scale based on CX best practices. Modern organizations empower the whole organization to delight the customer across their life cycle. We enable it with our turnkey programs, automation, and deep integrations. Auth0 is a customer who takes the customer experience very seriously. Auth0, a product unit within Okta, takes a modern approach to identity and enables organizations to provide secure access to any application for any user. While they had leveraged other feedback tools in the past for customer experience, they realized their program and strategy needed to mature in order to sustain growth and create a best-in-class customer experience. Auth0 compared Momentive, Qualtrics, and a few other solutions before deciding to exclusively invest in our CX solution because of its ease of use and ability to deeply integrate with CRM tools like Salesforce and Gainsight. Within two weeks, Momentive was set up, and their customer data was already integrated into Salesforce. Auth0 can now track relational NPS, CES, and OSAT at every significant milestone in the customer journey. With more structure, accessibility, and transparency in place, they quickly saw results, including a 21-point increase in NPS, a nine-point improvement in CES, an 18-point increase in OSAT. Looking ahead, Auth0 will continue to mature the Auth0 CX program, including expanding its use case to create a similar approach for its product app. Lastly, I'd like to touch on engaging employees. While we have dozens of purpose-built solutions for market research and customer experience, in this arena, our solution development is nascent. However, it is central to our roadmap because of our core platform and survey capabilities, which are already adapted to this use case. About 27% of time, our core platform is used for EX. Our HR customers use our flexible tools and over 370 vetted questions to make sure they're recruiting the best employees or building competitive benefits packages. Heads of diversity and equity use us to move beyond measuring representation to understanding and acting on belonging. Managers use us to stay connected with their employees' engagement regularly in an increasingly disconnected world. The most expensive expenditure for most organizations is their human capital, with every lost employee costing as high as 2x the employee's annual salary. With the job market as competitive as it is, and employees demanding more from their employers, companies across the globe are seeking solutions to help them attract top talent, optimize their benefits, create an inclusive workplace, and ultimately help people thrive. Our platform and our future solutions will allow people leaders to optimize the entire experience of their human capital with confidence. The questions one asks of employees are sensitive and often difficult to ask. How should you ask about pay? About race and ethnicity? Is your survey too long? Will people respond? Will they be offended? Lack of confidence in their abilities to get good data can be paralyzing. We solve that problem by creating products with expertise embedded. A robust question bank and template library vetted by experts, informed by billions of answers, is the starting point for many. For custom changes, our AI-guided survey writing engine, Genius, guides you to the best response rate. To enable acting with confidence on insights, customers optimizing employee experience heavily leverage our sentiment analysis capabilities, delivering almost a million predictions a day. Customers also choose us for our enterprise scale and security. Our investments in a platform with robust security, permissioning, roles, and controls allows them to make sure sensitive information is protected and only viewed by the right individuals. Yet we aren't rigid. We allow you to change permissions as your organization evolves and collaborate effortlessly across teams while making it easy for any manager in a company to adopt employee experience best practices. We make secure data collection simple, effortless, and delightful, and that's a key differentiator. Chime is a great example of this. Chime is a financial technology company founded on the premise that basic banking services should be helpful, easy, and free. As Chime scaled, company leadership wanted to create a greater focus on internal belonging and diversity in a meaningful and programmatic way. Chime's head of diversity and belonging chose to partner with us to spearhead their Diversity, Equity, and Belonging, DEB, efforts because we could provide their team with a way of collecting responses while respecting sensitivity and confidentiality of their employees. In addition to collecting Chime's DEB data, the Momentive team of DEB experts helped their team understand the nuanced viewpoints within the data and create real, actionable next steps. As a result, Chime now has actionable insights to share with leadership that help them understand why they've identified specific DEB priorities and initiatives. They recently shared their findings with Chime's co-founders and will be using the data to shape the future of their strategy. I hope you walk away from this presentation knowing that at the heart of every major opportunity for organizations is feedback and insights from people, employees, customers, the broader market. That's why we design our products and technologies to understand people's perspectives and listen to their needs, especially those that might not otherwise be heard. It's why we enable organizations to make decisions that make a difference, and we're just getting started. We pioneered the surveys category. It all started with one product, horizontal, flexible, adaptable, the beloved SurveyMonkey. As we matured, we layered capabilities onto that core platform. We added in collectors like our proprietary panel, unlocking the market research TAM. The addition of our enterprise and collaboration capabilities moved us from a single product, single user company to a multi-product, multi-user company. On the backs of billions of data points and millions of user patterns on how they were leveraging our product, we launched our next phase of our journey, building richly featured automated solutions that ease the burden of getting insights and deepen value delivery for our customers. We added customer experience, brand, concept testing solutions. We created employee experience templates. We scaled our AI Engine to automatically surface meaningful trends and insights in each of these solutions. This journey allowed us to deliver more value and drive expansion with over 345,000 organizations, including 95% of the Fortune 500. As we set sights on what's next, we continue to reach more TAM in our top use cases, building solutions in employee experience, which has lived primarily in templates and customers' adaptations of our core platform. These solutions build on our strength and allow us to drive change in this underserved market. Based on customer demand, our roadmap also extends beyond our quantitative roots as we layer in qualitative feedback solutions. For example, video feedback. We also make our offerings channel-agnostic, unlocking lightweight solutions for digital purchases. While most solutions have been built on our core platform, inorganic solutions like GetFeedback have been a bit more disconnected. We're bringing them in and creating one Momentive platform. This unified platform allows us to build with more rapid velocity and deliver across the whole suite. It feeds our AI Engine with one data lake, building on our ability to differentiate with insights at speed, and it flattens learning and discovery curves across our solution sets, enabling seamless expansion across our customers. Powered by a unified platform, we will also bring to market a new insight suite, unifying insights across all our solution spaces with methodologically rigorous statistics, strong reporting, and dashboards. While our competitors do this in increasingly complex ways, requiring advanced expertise which limits insights to very few in the organization, we will build the suite grounded in ease of use by automating, guiding, encouraging collaboration, and helping customers find the right signals. This new analysis suite will not only be an additional SKU to sell, but it will enable high-value cross-sell. I hope you're as excited as I am and our customers are by the problems we solve, our innovation, and our future roadmap. I'll now hand it off to our Chief Customer Officer, Ken Ewell, who will tell you more about how we are leveraging our go-to-market channels and scale to drive growth. Thanks, Pri. To start with, I'd ask you to be willing to go on a quick journey with me because we have fundamentally changed the way we work with our customers over the last five years. We've evolved our business. We've built a base of customer relationships that is growing, stable and gives us the opportunity to add value to our customers, to help them win at their jobs every single day. Looking back on where we were as a company in 2017, we've evolved in all of the elements needed for a successful base. I'd like to briefly take you through the highlights. I believe that you'll agree that we are in a position to grow. If you wanna take the TLDR path, here's the story for you on a single page. We have a massive customer base. Hundreds of thousands of customers are using our products every day to make mission-critical business decisions. We're helping people to do better in their jobs, and we're helping organizations understand their teams and their customers every single day. We have two complementary go-to-market motions at scale. Our self-service motion, which allows customers to determine the plans and products that meet their needs and start getting the value from those products in real time without a need for our sales team to engage them. Our sales-assisted motion enables the transition from prospect to customer and often serves as a path for our sales-assisted customers to upgrade their Momentive solution to something that meets their expanded needs. We've worked really hard to ensure that these two channels complement each other and are operating at scale in our business today. We've been focused on growing our relationships with existing customers for some time. Part of that comes from the fact that they have taught us what works for them and how to be of greater value. We benefit from strong relationships with these customers, as evidenced by our retention rates, and we have clear share of wallet growth opportunities in front of us. We'll talk about these in a lot more detail and hopefully share some useful perspective on why the results that they are driving in our business are things that we wanna continue and in fact accelerate. Just to level set a bit, we've built a base of customers who use our products every single day, 345,000 organizations and 15,000-plus customers who work with our sales team members and customer success professionals. We have a broad cross-section of customers that we serve, all sizes, and we're really proud of that. People use our products because they make a difference for them. We're heavily penetrated among large companies who represent a stable current base and a fertile platform from which we will continue to grow and expand. We made reference to the number of large companies that we serve on the last page. As you look at the sampling of logos on this page, you'll see that in addition to adding great value for small family companies like Agency McKenna, who recently used our solutions for custom research to better understand the level of training on racial bias across realtors in North Carolina, we add value every day for large multinational companies like IBM, Box, Carrefour, YETI, and Upwork. These companies trust Momentive and our products to help them gain the critical perspectives on the sentiment of their customers and employees, as well as diving into deep and specific questions about their market and their positioning within it. While the ways that we acquire customers can differ, we most typically land with a user or a functional leader around specific challenges that they're looking to solve or a recurring body of information that's important to their business. Things like NPS, employee sentiment, or how well their training programs are performing. Increasingly, customers also value our professional services team who have expertise in survey design, translation, or topical disciplines like customer experience. It's important to step back and understand how our go-to-market motion works. It's unique for two reasons. First, it has the capability to sell both online and through a sales-assisted channel. Second, the model allows us to scale with our customers over time. Here's how it works. Customers land with us in one of two ways. The self-serve channel is a wide top-of-funnel motion where most users come to our website from the strength of our brand or through organic traffic. This makes it a highly profitable, actionable motion. Within self-serve, free users graduate to paid individual accounts, and then from individual to multi-user teams plans. Teams paid users now account for 1/3 of our paid self-service user base. We now also have a sales-assisted channel that we've built over the last few years, and that channel is now at scale, $175+ million-dollar run rate. This scale in sales assisted allows us to begin scaling our expansion motions across three customer archetypes, which I'll discuss more in detail in a few minutes. Our model is simple, and it's repeatable. The common thread in our inexhaustible opportunity set is that every day, business leaders need the ability to understand what their teams and partners think, what their customers think, and what their employees think. Let's talk a little bit about how these motions work across that land, adopt, expand, and renew life cycle. Whether we land customers through self-serve or sales-assisted channels, our most important initial activities are focused on getting customers up and running with our products and for those products to be adding value to their business. When we execute our adoption and satisfaction motion successfully, customers will expand with us, and there are three general motions that occur for expansion. This complementary two-channel go-to-market approach generates benefits that compound over time. Our efficient top-of-funnel helps customers begin their Momentive journey, which results in a massive user base and a motion that graduates customers into larger, longer-lasting relationships via upsell and cross-sell as we deliver value. We have a coverage model that allows us to efficiently and effectively touch these customers. We focus our acquisition efforts for small businesses and individuals on our web-driven acquisition channel. This channel has been fine-tuned over our more than 20-year history, and we evolve it as marketing methods progress. At its core, this capability allows us to capture customers, typically at ACVs less than $10,000 in an efficient and cost-effective manner. Our SMB customers often choose to work with our high-velocity team, which is optimized to connect customers who have engaged with us on the web but who haven't completed their transaction. The high-velocity team is optimized to create quick interactions with customers, clarify open items, ensure that the product suggested meets the customer's needs, and then close the sale. We have increasingly robust, digitally driven analytic capabilities leveraged by our customer success managers who work with these customers at scale to make sure that their Momentive experience exceeds their expectations. Our larger customers, who are generally over $25,000, are managed by our field and inside sales team of business development reps and account executives as they move through the process of aligning which products they need as an organization with our capabilities. These customers are then managed by our CSM team, who work to ensure that they are getting the value they expected to address the technical issues that often come up in these situations and to make sure that they have strong linkage to Momentive as their needs evolve. As you would expect, we have a journey that we help customers follow, and by making sure that they are satisfied and that they're getting value from our products, we're able to deliver strong results in the renewal and expansion of existing contracts. We've put a number of key initiatives in place to improve our efficiency and go to market. We've outlined already the benefits of our scale tie velocity organization. We've also built in 360-degree customer targeting, which is enabling us to get better data on our customers, to see trends across our customers, and to action against that. We've streamlined our sales coverage model to drive efficiency. We've aligned our sales and customer services teams so that they work together to expand customers. We've adjusted our sales compensation to prioritize expansion, and we're shifting our workforce to more cost-effective locations to capture a wider range of talent. That's the go-to-market we've scaled and refined, and it's the engine that's gonna help us execute on our top priority going forward, driving profitable growth. Of course, driving sales-assisted customer growth remains important. We estimate that the vast majority of the addressable market is available through sales assisted, and we're succeeding in driving sales-assisted customer growth. We also have a massive runway to expand within our existing base. 90,000, fully one-quarter of our customers are 100 employees or greater, and almost half of that number are greater than 1,000 employees. We work with sizable businesses with material value to be gained from the insights that our products deliver. 10% of our sales-assisted customers today pay us more than $25,000 annually. Our activities are already important in their business. Yet only 6% of our customers have more than one solution. These factors combine to create a really, really fertile space for us to grow into. Big customers who we're already relevant with and where there's more opportunity for our products to add value to their business. As Justin will speak to, expansion within our existing customer base is going to be a big driver of both growth and profitability. Specifically, we're targeting three expansion motions. The first is graduating targeted self-service relationships to sales-assisted. The second is doing more with sales-assisted customers using one of our products. And the third is expanding an existing sales-assisted customer into more than one of our products. Let's double-click on each of these examples. First, if we think about self-serve to sales assisted, we put calls to action in the product, which enable customers to decide in real time that they need to upgrade and to take action in the moment. Our customer operations team has built up the muscle of being able to help customers understand when their needs would be better served by upgrading to our more robust solutions. Customers also follow some predictable patterns of behavior, which we're able to use to improve the calls to action and product-driven upgrades. When customers execute this transition, our proven outcomes are that they become more retentive and larger. Customers who upgrade from self-service solutions to sales assistance solutions grow to become four times larger than those who remain in self-service solutions. Our incentive is clear, and this is consistent with the value that we drive for them. OneFootball is a Germany-based football media company. If you care as much about the sport of football as I do, you know how important it is to make sure you have the latest news, the latest scores, and the best insight on the beautiful game. OneFootball started with our SurveyMonkey self-serve offering, having multiple users across different parts of the business. After raising $300 million in a Series D funding round, OneFootball upgraded to our Momentive enterprise solution to help them create a seamless customer service experience in a high-growth environment. There are a few reasons why they upgraded. First, integration with the tools that they were already using, including Zendesk. Second, full data ownership to ensure that they had the right number of responses and users for their growth plans. Third, the ability to scale feedback collection. As a result, OneFootball is leveraging our solution to capture user feedback that helps drive product and application improvements. The second consistent expansion motion that we see is customers choosing to use more of the Momentive products that they already have. Customers frequently buy more of the products that they're using, finding additional use cases in areas they've been working on or finding identical or similar use cases in different areas of the business. Our motion for this is consistent and repeatable. Here's how it works. Clear signal emerges from customer behavior such as item sent, collaboration, and tenure. Our CSMs work closely with customers to ensure adoption, satisfaction, and overall customer health. Our marketing team supports these efforts with compelling content, case studies, testimonials, and best practices. Customers expand their footprint when they find new ways, new departments, or additional use cases that we, as Momentive, can use to add value to their businesses. We have more than 2,000 customers with greater than $25,000 in annual contract value. Customers at this scale have the complexity of needs, and they almost always have the associated gaps in understanding that make our capabilities valuable for them. We will continue our investments in our robust adopt and expand motion, which is where customers surface these needs. Increasingly, our marketing programs will tell the story of how we've helped customers and increase the effectiveness of our efforts to get more customers on the same path. Customers here include Litify, a technology platform that revolutionizes the way that legal services are delivered. They began with GetFeedback to capture NPS and CSAT for their customer service and professional services teams. They then expanded with us to capture product feedback as well. A few reasons why they expanded. They really enjoyed the ease of use and availability to expand across the entire organization that our solutions gave them. They also appreciated the seamless integration of the Momentive solution set with Salesforce. And lastly, the easy customer access to surveys through email was something that was of great value to Litify. Our newest expansion motion is cross-selling, and today we have close to 900 customers using more than one product. The mechanics here are similar to one product expansion, but it includes the sales team's direct engagement to bring expertise and technical support to help close these opportunities. Here, we'll continue to invest in data-driven ways to identify additional opportunities, to incent our CSMs to pursue and help close, and to refine the packages and pricing based on customer input. The Golden State Warriors are a great example of a customer that has consistently spread their wings with Momentive. When the Warriors moved to the Chase Center in San Francisco in 2019, they saw an opportunity to create an unforgettable fan experience. To succeed, they knew they needed to keep a close eye on their customers' expectations and desires. As a data-driven organization, they set out to find a sophisticated survey solution to support the in-depth research projects they had planned, and they chose our enterprise and CX solutions to capture fan feedback that helped them improve the fan experience. The pandemic hit, which closed the Chase Center for over 400 days. As the Warriors prepared to welcome fans back, they redoubled efforts to understand what made fans feel safe and what drove them to come back again and again. To achieve this, the Warriors added our insight solutions offering to uncover fan sentiment trends and to inform their reopening strategy, as well as to conduct broader market research. With Momentive, the Warriors kept up with new customer expectations, allowing them to see an increase in their net promoter score by an outstanding 19%. We're confident these multi-product use cases are going to scale, and we are focusing much more of our marketing spend on dollars aimed at existing customers. I'm going to hand it over to Justin, who's going to show you how these expansion motions within our existing base will power our fiscal year 2025 target operating model. Before I do, I want to leave you with our four go-to-market priorities that support not only expansion, but also profitable go-to-market execution. One, we scale this early-stage expansion motion, focusing on the customer archetypes that we discussed today. Second, we simplify our positioning into two brands. Third, we simplify our packaging to reduce friction, including greater use of suites and bundling. Finally, we continue to drive efficiency in the coverage model I summarized earlier. I hope that gives you a better sense of our go-to-market strategy. I'll now turn things over to Justin. Thank you. Thank you, Ken. As you've heard throughout today, we've come a long way on our product and go-to-market journey. Now, I'll connect the dots and show you what it means for our business today and in the future. If you remember three points, remember these. First, we're a different company now than we were three to five years ago. Our products are better, our go-to-market reach is broader, and our business model positions us for durable growth and profitability for many years to come. Second, while acquiring new customers will always be a focus, expanding the size of customers within our existing 345,000+ base is a multi-billion dollar incremental revenue opportunity. That expansion motion will be a key driver of future growth and profitability. We're focused on reaching or exceeding Rule of 40 financial performance in 2025, driven by accelerating revenue growth and enhanced operating leverage. Stepping back, SurveyMonkey was founded in 1999, and for the next 15+ years, we scaled a category-defining product sold over the web. Our self-serve channel is a valuable segment of our business. It attracts new customers into our ecosystem, positions them for future upsell, and is highly profitable. That said, we've always believed our opportunity is so much larger. We know the vast majority of our customers were using our products for business and were working together, and we believed that 90% of our $80 billion-plus market opportunity would require more sophisticated products and a sales-led go-to-market option. That's what we've built, and we've transformed our customer base in the process. As a reminder, we sell three primary package types, individual subscriptions purchased over the web, team subscriptions for small groups working together, also sold primarily over the web, and more sophisticated products and solutions sold through our sales assistant channel. Since 2017, we've shifted our revenue base meaningfully. Teams and sales assistance subscriptions now make up 55% of revenue and continue growing as customers migrate from individual to higher end packages over time. Eighty-eight percent of our revenue base is now on packages with annual or longer terms. Both dynamics drive higher dollar-based gross and net retention, increased customer lifetime value, and higher customer lifetime profitability. Specifically, when a customer purchases a teams or sales assisted package, we've observed consistent dollar-based net retention rates in the 110%+ range. We call this multi-seat dollar-based net retention. This is a new metric that we plan to share going forward. It represents approximately 77% of our last twelve months bookings and measures the dollar-based net retention rate of organizational customers that have a teams or a sales assistant package, including any individual seats the same organization may also have. It's a measure that compares total account value over time and captures the uplift as customers grow their usage with us. Now, much of the expansion we see in accounts is driven by our sales assistance channel. As of Q2, we have more than 15,000 sales assistance customers with accelerating growth in new logos, which have increased nearly six-fold since the end of 2017. Our sales assistant revenue run rate now exceeds $175 million and is approaching 40% of total revenue. More importantly, our average sales assisted customer size continues to grow. Excluding the impact of our high velocity sales motion, which focuses on converting smaller deals with new customers, our average sales assisted customer size is north of $17,000 annually, up approximately 80% from the end of 2018. Much of that is driven by an increase in large customers. More than 2,200 customers spend $25,000 or more per year with us. That's up approximately 3.5x from the end of 2018. 3.5x. The number of $50,000 and $100,000 plus customers has grown even faster as customers adopt our products more broadly. We're especially excited about the early success in growing our base of multiple product customers. In the last 18 months alone, our number of customers with more than one product has nearly doubled to approximately 900. We feel we've only scratched the surface on what we can do here, with only 6% of sales assisted customers having purchased more than one of our products to date. We'll talk more about that in a few minutes. Looking forward, we see continued runway to win new customers, but we're most excited about the opportunity to scale our efforts to expand existing customers across both go-to-market channels. Given the untapped opportunity with our existing customer base and highly favorable economics, we believe expansion of existing customers is core to driving growth and profitability in the next three- years. Ken walked you through the mechanics of these three expansion motions. Self-serve expanding to sales assisted, sales assisted expanding with a single product, and sales assisted expanding to more than one product. Now I'll share more about the favorable economics behind these motions and how they drive profitable growth. Simply put, for each expansion motion, customer size increases, customer lifetime increases, sales and marketing costs are lower versus new logo acquisition, and lifetime customer profit increases. That's a great thing. Let's get more specific. When we graduate a customer from a self-serve relationship to a sales assisted relationship, customer size increases by an average of four times. Average customer lifetime increases by approximately two times. The sales and marketing cost to expand is minimal and customer lifetime profit increases. Once a customer converts to a sales assisted relationship, we have a new foundation to build on and further expand them in the future. Typically, the next point of expansion is within our core surveys product, identifying new use cases, new departments, or increased usage. While customer size increases vary. Once a customer reaches $25,000 plus, their average lifetime increases again by 20% with the same properties of low sales and marketing costs to expand. Finally, when a sales-assisted customer adopts more than one product, the economics are even more compelling. Average customer size expands approximately 4x from one to two products, and then approximately 10x from one to three products, again, with minimal cost to expand. Favorable economics, profitable growth. Even more exciting is the runway we have in front of us. We've successfully expanded thousands of customers to date across these motions. All of those customers have further expansion potential, and there are tens of thousands of customers in our base with potential for growth, including more than 40,000 organizations with 100-999 employees and 50,000 organizations with 1,000+ employees. We estimate the incremental revenue opportunity within our base to be approximately $2 billion, solely based on customers with 100 or more employees. Approximately $600 million of the total opportunity resides in the self-serve to sales-assisted motion. Approximately $400 million resides in single-product customer expansion, and there's an approximate $1 billion incremental revenue opportunity by expanding existing single-product customers into multi-product relationships. Favorable economics, profitable growth, significant runway within our existing customer base. I'll now turn to our target long-term operating model. We're providing this model today and referencing 2025 as a proxy for long term. Our objective is to reach this performance by 2025. Given the current dynamic macroeconomic environment, there are, of course, puts and takes that may reduce or lengthen the timeline to achieve our targets. The three headlines for the 2025 target model. Number one, re-acceleration to 13%-17% year-over-year total revenue growth. Number two, significant operating leverage with non-GAAP operating margins in the low- to mid-20s and unlevered free cash flow margins in the mid- to high 20s. Number three, meeting or exceeding Rule of 40 based on revenue growth plus unlevered free cash flow margin in 2025. Breaking down the revenue growth targets in greater detail, we're targeting 5%-8% year-over-year growth in self-serve and 20%-30% year-over-year growth in sales assisted in 2025. In self-serve, our focus is on driving engaged users. We anticipate paid user growth will be a key revenue driver, supported by modest ARPU gains. We believe this updated growth rate target is very achievable given the strength of the SurveyMonkey brand, our re-emphasis on top-of-funnel initiatives, and healthy conversion and customer retention dynamics. In sales assisted, as we've noted, new logo acquisition will always be a focus. However, our priority will be on growing average customer size or ARPEC through expansion, capitalizing on the approximately $2 billion opportunity we just discussed. Turning to profitability, we are committed to driving increased operating leverage, both through rigorous expense management and business model design. Comparing 2021 actual results versus target 2025 results on a non-GAAP basis, we anticipate incremental improvements in cost of revenue driven primarily by scale and continued emphasis on operating efficiencies in sourcing and delivering our insights solutions panels. As always, we'll continue to prioritize innovation and product development, but with an emphasis on focus, metered headcount growth, and hiring in cost-efficient locations. The same goes with our G&A functions. Finally, driving sales and marketing efficiency is our priority. In addition to the same focus, metered headcount growth, and cost-efficient location strategy noted for R&D and G&A, we anticipate three meaningful sources of sales and marketing leverage. First, our core surveys product is our largest sales-assisted revenue stream. It retains very well. For reference, renewing an account is only a fraction of the cost of landing a new account. This renewal base is large, highly profitable, and will continue to scale. Second, as we've outlined, we anticipate an increasing percentage of sales-assisted revenue will come from expansion of existing customers. Favorable economics, significant runway within our existing customer base, profitable growth. Finally, we're in the process of transitioning our insight solutions pricing from a non-recurring model to a subscription model. Doing so will not only smooth out revenue recognition but will drive increased profitability when paired with an updated coverage model. The good news on profitability is 2022 will form a strong foundation for our long-term operating targets. As we've discussed in our last two earnings calls, we've already begun driving improved operating leverage, and the guidance we provided on August 4 implies a 14-point + expansion in non-GAAP operating margin from Q4 2021 to Q4 2022. While we are not providing full 2023 guidance today, we are sharing that we expect to drive at least five points of non-GAAP operating margin leverage in 2023 versus our operating margin guidance for 2022. When you put it all together, the 2025 target operating model delivers the following. Acceleration to 13%-17% year-over-year revenue growth, and the following metrics, all in non-GAAP terms. Gross margins of approximately 85%. R&D as a percentage of revenue of approximately 17%-19%. Sales and marketing as a percentage of revenue of approximately 33%-35%. G&A as a percentage of revenue of approximately 9%-11%. The result, a low- to mid-20s operating margin, a mid- to high 20s unlevered free cash flow margin, and Rule of 40+ based on revenue growth plus unlevered free cash flow. To wrap it up, we play in a massive market, and we've unlocked significant TAM through product innovation and go-to-market investments. Over the last four- years, we've doubled revenue through larger, more valuable customer relationships. Profitable growth is our focus, and we're excited to begin the march towards our 2025 targets. Thank you for spending time with us today, and we appreciate your interest in Momentive. Back to you, Zander. Thanks, Justin. Thanks again to all of our investors and analysts for joining us today. Here are the four things we hope you take away from today. First, the market needs our solutions, as demonstrated by our $80 billion market opportunity. Second, our disruptive feedback-driven insights platform addresses a broad set of use cases and high-stakes business challenges. Third, our hybrid go-to-market motion drives customer growth and expansion and helps us capture a bigger share of this market. Finally, as we execute on this vision, we believe we'll re-accelerate revenue growth, drive operating leverage, and improve free cash flow generation. We expect to achieve Rule of 40 success in fiscal year 2025. Thanks again for joining us. We'll take a 10-minute break, and then we'll be back for a live Q&A session. Hello. Thanks for joining us. We'll now begin our Q&A session. If you have a question, we welcome you to put it in the Q&A module in the investor video box. Let's start with our first question. We have the management team here from the presentations. Our first question comes from Youssef Squali from Truist. With the current growth rate of self-serve, how do you know there's not a structural issue, i.e., marketing, the market maturing, becoming more competitive, or the TAM is just not as big as maybe you thought initially? Yeah, good question from Youssef. I'll kick that one off, Gary, and then maybe I'll hand it over to Pri. We've been in this business for 22 years. We created the category at SurveyMonkey. Our brand is synonymous with the product we deliver. I've been associated with this business since 2010, and so what I can say with great confidence, while our self-serve growth has tailed off, there is absolutely nothing structurally weak about the category we're in. First, it's a great category. It continues to grow. We do not have a competitive entrant that has a differentiated solution for our customers. Our renewal rates are healthy. Our customers are super happy with our product. What has happened most recently is that the last year has been full of a whole bunch of change and frankly, some distraction. The Momentive launch was critical to launching our kind of umbrella for some of our differentiated solutions. The Zendesk determination obviously took away a lot of management focus, and so our traffic has declined. There are no structural weaknesses. Pri and her team have diagnosed a set of initiatives I'll let her talk a little bit about, and I am confident you are going to see growth restored to our self-serve channel. I know we've got a lot of unhappy shareholders. The stock has been thrown overboard, but I believe you're gonna see a great comeback story, both in terms of our revenue growth rate and especially profitability when health is restored to that channel. Pri, maybe you'll share a little bit more about how we're gonna do it. Absolutely. As Zander said, we do a lot to watch our metrics, and our conversion rates stay strong and healthy, which tells us our products are competing and winning with customers, and our retention rates do that as well. Where we have diagnosed the issue to be is our top of funnel. As we've discussed, we've taken concerted actions to restore that top of funnel, which is more people coming in with an intent to purchase our products and attracting them to our website. This takes investments in our brand. While we have a very strong, very healthy brand that is synonymous with the category, as Zander mentioned, it is also one that takes constant care and feeding. We're investing in that brand continually, going forward, and we are reinvigorating it with a new brand campaign that you will see soon in Q3. We're also making sure that we're investing in our organic traffic, people searching for things in Google who have interest in creating surveys and sending them to their important stakeholders. We published so many pieces of content last quarter. That is more than we did last year, and we already see the healthy signs of that in our top of funnel starting to grow through those channels in North America, the regions where we've been focused. Lastly, in SEM, we have taken on competitive bidding strategies. We are not giving space to our competitors to bid against us, and we see that pay off in our CPCs, which are at some of the lowest levels that we've seen. I'm confident that these are the absolute right actions that give us durable user growth over time, and then we deliver on healthy conversion and healthy retention on those users who are coming into our website. We see the green shoots today. It will turn into positive business in the future. Great. Thank you. Our next question comes from Craig-Hallum. The question is, could you please speak about your point of view on the greenfield opportunity for surveys, perhaps your market share position and your pricing power in that part of the business, what we're calling core platform today? Core platform on the self-serve product or in sales assisted? Where are we? It's generally about enterprise. Actually it just says about surveys, so maybe we could provide a little color on both. Yeah. I mean, I'll turn it over to Ken in just a second. Ken is going to take over responsibility for all of our customer-facing motions. He's been responsible for customer operations, customer success, professional services. Today, we're bringing all the new sales motion under Ken, so you're gonna have a holistic flywheel. One of the things that Ken addressed in his presentation, which I love, which I think is so core to our business and what drives that really healthy 80%+ gross margins is the land and expand model. A customer, potential customer or user, as Pri mentioned, finds us on Google, goes directly to our site, comes off the back of somebody else's survey, tries our product, tries one of the templates, gets some feedback to help her with her stakeholders, and so that engagement leads her to sign up for a paid subscription plan, leads her to sign up for a team. When we see someone with a domain where we've got a large footprint inside of an organization, that is a green blinking signal for our sales team to go in to upsell some of those enterprise plans. We're super competitively priced. We compete all the time on speed and value, and maybe Ken can talk a little bit more about how that's advantaged our selling efforts. Yeah. Pri, in the last question, and then Zander just now talked a lot about our motion that brings people in through the self-serve channel and how that feeds our sales-assisted channel, and we expect that to continue. We feel really good about the greenfield opportunity and surveys. As Zander said, we're really excited about the opportunity to take that greenfield and expand it both within surveys, where customers use more of our solutions, and to other solutions. We're excited about the greenfield. We're also excited about the ability to go upmarket with customers of a higher ACV 'cause we're seeing that of motion as well. We expect larger customers. We expect the greenfield opportunities to continue to be there, and we expect the expansion motion to continue to be one that we execute successfully. We hit it in these first two questions. If you could see this company restore health in the top of funnel, which drives conversion and bookings at our website, which renew really well, and we land on what Ken just said, we have 15,000+ sales assisted customers, where we are laser focused on expansion, selling more of our products, delivering more value. If we do those two things with the kind of profitability that this company has the potential to deliver, you're gonna see a really, really winning strategy for our shareholders. Yeah. We don't do that because we hope it'll happen. We really do focus on the customer journey and the time that customers spend explaining to us why we bring value to them. You heard Priyanka tell some really good stories of that in her remarks earlier. We expect that focus, the things that our customer success managers do, to be a real driver of that improvement. Fantastic. The next question comes from Parker Lane from Stifel, and the question is, In the sales assistant channel, what's the rough breakdown today? He's referring to enterprise survey insight solutions, which is market research or GetFeedback. What's the rough breakdown today across the business? I assume he's talking about revenue here. Where are you most optimistic about your track towards your long-term growth targets? I guess what he's asking is which ones you think are gonna carry the mail here in terms of the growth rates. Yeah, I'll kick it off. Maybe I'll hand it to Justin. You know, it's important to remember we started as a single product only available on the web. We expanded with the sales assistant motion to really capitalize on the 345,000 organizations where we have paying customers. The vast majority of our 15,000-plus sales assistant customers are survey customers. The opportunity for expansion is obviously significant with larger and larger survey deployments. The market research and insights products that Pri's team has delivered on in those 20-plus solutions we have and the world's biggest panel and the fastest time to delivery, we think that's a massive opportunity. Only 900 of our customers today are multi-product customers, and the net revenue retention with those customers is phenomenal. It's on Ken and our marketing teams to make sure that we get in front of all of the thousands and thousands of large Salesforce survey customers we have to avail them of these insight products. Maybe, Justin, you wanna talk a little bit about how that flows into growth rates. Yeah, absolutely. The way that we think about this is it's really important to separate the use case and how customers are using and deploying our products versus the SKUs we have. If you look at the core surveys platform, one of the very beneficial things that we deliver to customers is a lot of flexibility. You can use the core surveys platform for employee experience, customer experience offerings, due diligence on new markets and how you might wanna price your product. Today, as we think about those core use cases and core problem sets that Pri talked about in her prepared remarks, those are upwards of two-thirds to 75% of what customers do on our products. We believe those are the primary growth areas going forward. Very good. Thank you. Next question is from Ryan MacDonald, Needham, and the question is, Within the existing base, can you provide some color on how you unlock the expansion to a multi-product sale within sales assistant? Yeah. Thanks a lot. I'll take that one, Gary. We talked a little bit about it just a moment ago. When you think about the relationship we have with the customer, we focus on that customer journey. If you look at an annual renewal cycle, there are many things that we do in the first three-four months of that annual cycle to really understand who our customers are in more detail, how they're using our products, and how those add value. We also ask them what other things we can do and what other business problems we can address. They, based on the fact that they are satisfied with our products, answer those questions. When they do, those open up other opportunities, as Justin just talked about, for us to bring new products to the table. We have our customer success managers partner as needed with our sales teams, who are really good at that initial sale, to then expand that customer, to bring that new set of solutions to the table and close that business. That motion is a very close relationship with the customer and a very close collaboration between our sales and customer success teams to bring the new solutions to the table. There's the other point that I wanna mention, which, you know, AI and ML have now become just such trite terms in the industry. Where we see incredible value for us is when you have 50+ billion answers from hundreds of millions of respondents and tens of thousands of surveys being sent every week. We get rich signals. Yeah That we use to understand both how to create better surveys, so our customers can get the kind of feedback they really want, that they can satisfy the respondents in the most time-efficient way possible. We also get real advantages from AI and ML in our business model. You know, Ken has hundreds of folks in customer operations, customer success, who get blinking signals from how our customers are using our products, so we can avail them to other products and solutions in our offering. You know, it's a huge advantage when we get it right and our customers see those products, and they can see the opportunity to get better insights at their company. It's also great for our business model and net revenue retention efforts. That's great. The follow-up is what use cases or products cross-sell well? Maybe we can talk about that journey of getting from one to multiple products. Look, everybody jump while you go. I'll just give you a couple, and then Pri, maybe you'll wanna add on. We really see nice traction between our SurveyMonkey Enterprise product, then feeding our market research insight solutions products. You start to ask questions, and then you wanna ask more detailed questions of specific audiences, and that's a nice transition from the more general questions, as Justin was talking about, to really specific, targeted surveys that you wanna do. We also see a similar relationship between our customer experience solutions, our GetFeedback and SurveyMonkey Enterprise customer experience solutions, and that transition to market research. Pri talked a bit about Chime earlier today, and that is an example of where they started using our SurveyMonkey Enterprise solution and then bridged to market research. We've got more work to do as we get more signal, as Zander said, and as we get more experience, and we'll find other linkages, but those are just a couple of examples of things that we see on a regular basis. That's great. Yeah. I'll just add to that. Our core platform, where we historically refer to as the surveys product, it is the foundation of all of our products. It is the core capability. The cross-sell motion to take that base of core surveys users and then move them up into the use cases where we have high-value solutions, those are the use cases that work really well. It's a seamless transition when you know very, very well how to actually use the core technology, and now you get all of the value that is being delivered to you. We see customers do this repeatedly, and it is a huge value add to them and a huge AOV expansion for us at the same time. That's great. The audience is really double-clicking on the sales, the expansion motion here. The next question is: How much of the sales-assisted business is driven by self-serve upgrades today, either in terms of revenue or customer cohort? Yeah. It's a really good question. On the self-serve side of the world, the great thing is you start with a very large population of organizations who are using our product. You have 345,000 organizations currently using our holistic platform. The vast majority of those folks are self-serve customers. Effectively, today, we have those signals that, like Zander said, they're blinking signals that come back to us and say, "Okay, a customer here is acting in a way where it may be good for them to upgrade or graduate to the next package." Today, it has been a very successful motion. In terms of quantifying exactly the amount, it's less than 20% of what we're driving in our sales assisted channel today. We continue to expect that will expand, though. There are those three motions that Ken and I talked about. The motion that goes from self-serve graduating into a sales assisted relationship, I would say is more mature at this point, and we're getting very, very good at moving customers over into the next phase. The second expansion archetype that brings customers within one product from, you know, a $10,000 or a lower dollar value relationship up into a higher dollar value relationship, that's probably, I would say, Ken, maybe medium maturity. Yes. The cross-sell multi-product relationship is in its early days, but we're seeing great promise there. Great. Next question has to do with the enterprise business as well, and it is: How do you typically see average number of users or seats per enterprise customer trend and grow over, say, a 36-month period? Well, I don't know, Justin, you may have some more details. I can give you sort of the directional view of that. As I talked about earlier, we have a motion that really engages in understanding what use cases a customer is most excited about and how we can expand those. The entire focus of that relationship is then to add to those use cases as well as doubling down on the ones that we're already working on. Our trajectory is generally north, and our trajectory is consistently north, as evidenced by the net revenue retention rates that we're showing. You know, I don't know that we've done work to do a kind of average across the entire business, but we don't see the sort of downgrades or other situations that would make us concerned about the direction in general. Great. Let's see here. Next question is a bit of a trivia question. Gary, Oprah doesn't read the questions. What's going on here? Well, we couldn't afford Oprah. Her job stink. To be clear. The question has to do with the number of 100,000+ customers. What share of the number of customers came to us new- Yeah Versus expanded over time? Yeah. We don't disclose the number of $100,000 customers. We do like this metric of $25,000 customers. If you look at historically, you know, our web-based product, which was a sub $1,000 product, our Teams product, which is just north of a $1,000 SKU, that $25,000 product is a really good signal to me of how good of a job we're doing on the sales assisted motion and expansion efforts. That number is now up to 2,200, growing at a really, really healthy clip. Obviously, there are, you know, a good number of $100,000 plus customers, not one we're comfortable yet disclosing and then tracking quarterly. You know, as we deliver richer solutions to the market, which deliver more value, it gives Ken and the sales team an opportunity to get more of those six-figure customers. One way to think of it, too, is many times, just given the breadth of the SurveyMonkey brand, I would say in 90% plus of cases, when we go in and Ken's organization goes in to sell, you will almost always have a SurveyMonkey self-serve footprint, whether it's five, 10, 15 or 20 users. They're just not quite yet working together on one contract yet. When we think about it is much more about identifying those users and use cases where it makes more sense for them to be in one central relationship, and then that gives us a great basis to expand from there. Great. Next question has to do with sales cycles within the sales assisted channel. How long in terms of months or weeks is the typical sales assisted sales cycle, and should we expect that to lengthen as we go into a potential recessionary environment? For you, Ken. I'll hit it. Well, Should we expect it to lengthen? We should not expect it to lengthen. We're gonna be focused on making sure that we really drive efficiency within our organization, and part of that efficiency is being really consistent in the way that we identify opportunities and close them. Our sales cycles have been, you know, pretty consistent, I would say, Justin, over the last year and a half I've been here for sure, and I think a couple of years before that. We see sales cycles in the sort of six-month range for most of our solutions or less. With our high velocity teams, we're seeing sales cycles that are significantly lower. You know, you have to remember that we sell across a large number of price points. When you're talking about the enterprise and you're dealing with real business issues, you expect to have to go through the process, including procurement that it takes. We've optimized our motion to also be able to close our solutions very rapidly using high velocity and other motions, which have significantly lower sales cycles in the, you know, much more like two-three week, one month cycle size. It's a broad question, and it differs by solution as well as differs by size of offering that we have. One area that's critical as we set out on this journey to get our operating margins up into the low- to mid-20s% is to make sure we meet the customer where she is, and that is for the vast majority of our customers on the web. The vast majority of our customers will always come to www.surveymonkey.com and transact. Today, 1/3 of our self-serve users are on a teams plan, which we launched just after the IPO. That's been a very successful motion for us. As we graduate more and more customers up to the sales cycles, as Ken mentioned, you know, we love our high velocity customers. Those sub-$10,000 customers that close in a few weeks and then expand over time are great customers for us. They're often startups that, you know, many of which will grow into larger companies. For the larger six-figure customers we referenced earlier, the multi-product customers, the insights customers that have six-month sales cycles, you need more senior sales people, professional services, solutions engineers, more time with legal. We just need to make sure that we are transacting with customers in the appropriate places, not spending too much on low value contracts, but also tending to the bigger companies that do necessitate more touch. Great. One more on the sales assistant side, then we'll move on to everybody's favorite subject, modeling, financial modeling questions. This one's from Brian Fitzgerald from Wells Fargo. You've talked about sales productivity improvements. How much more productivity is there to be realized? In other words, how should we think about the sales assistant growth targets coming from sales headcount growth versus further productivity improvement? Yeah, it's a good question. I mean, for the last four years, five- years, we've had the benefit of John Schoenstein's leadership, to really help us on that new expansion motion. As many of our investors know, we spent a ton of money going after that motion. We've hired aggressively, to support the selling motion against all these great products that our product and engineering teams have built. Under Ken's leadership, as we consolidate that org, I think you're gonna see productivity metrics that are less aligned with headcount growth and more aligned with expansion efforts, pricing, and just getting more and more focused and meeting those signals that we mentioned from our AI and ML efforts. I don't know if, Ken, if you wanna talk any more about it. I'd just add productivity, right? AE productivity is something that we're obviously gonna focus really heavily on. One add that I would put in there just to contextualize it a little bit for folks. When you move into an expansion motion, think of it this way. The win rates are approximately 2x what they are for a new business customer. If you are an AE who is going in and hunting and expanding within an existing account, that means your time is effectively double leveraged at that point. That will drive a significant amount of productivity going forward. We also know that if this macro environment remains, you know, unstable, or if we do move into a protracted recession, we've got to really hug our customers, our existing customers who are garnering great value from our products and are retaining well. We wanna make sure they continue to see great value. We also know we have a lot of higher-priced, slower competitors that Pri mentioned in her prepared remarks. We wanna be there for the rebounds, and many of those will churn, and they will still be looking for solutions to get the insights they need to grow their business. We wanna be there to capture it. Great. Okay, modeling question time. The first one is, does it take until 2025 to get to the 13%-17% revenue growth, or is that a compound annual growth rate? Great question. It is not a compound annual growth rate. Today we're giving those long-term operating model targets. Just given, we referenced this at the beginning of the section here. Given the macro environment right now, you know, we're not gonna come out and give 2023, 2024 specific guidance to date. Effectively, if we can get to those growth targets earlier, we certainly will do so. Today we're putting out 13%-17% target growth in that terminal year. I never like putting out targets that are in excess of our current growth rate. You're not here unless you believe we can restore growth to our top-of-funnel traffic in self-serve. We are winning in the sales-assisted motion. We are renewing. We are expanding. Our teams are doing a great job. We are all laser-focused on continuing to expand, and that sales-assisted business will comprise a larger percentage of our revenue in 2025. Today, right here, right now, it is about restoring traffic to that top of funnel and seeing growth in that self-serve business, which still comprises just over 60% of our business. If we do that well, then targets are well within reach. Great. The follow-up is, the interim periods, should there be a fairly consistent acceleration growth each year, or is it more of a back-end-weighted, dynamic? I mean, I'll take it. You know, our self-serve base is over 900,000 customers. You don't turn that tanker on a dime. As I said, Pri and team have done a great job diagnosing the problems. We understand exactly where we have hotspots in top of funnel. We have deployed more resources and our brightest people against restoring traffic and driving SEO, SEM, brand health. You'll see a new campaign, as she mentioned, in Q3. This isn't a light switch kinda moment. I think you're gonna see smooth acceleration on that self-serve channel, and hopefully that will culminate in hitting and beating growth rates that we've outlined. Great. Let's switch to the bottom line. The question changed. Okay, thank you. There's pretty material margin profile improvement implied in the Q4 2022 guidance, right? What's the key factor driving that? The follow-up is the path towards the low 20s target op margin by 2025 fairly linear on a quarterly or annual basis. I doubt we're gonna talk quarterly between now and 2025. That's great. Perfect setup, Gary. You already hit the beginning of one of the answers there. As we set out and charted a course, even in Q1 of this year, we said that we were taking proactive steps to drive increased leverage throughout the year. Ultimately, we started taking steps related to headcount, focus within both our R&D and sales and marketing organizations, and, you know, really doubling down on the areas of the business that were working. You start to see that pay off in the second half of the year. The guidance for Q3 is approximately 6% at the midpoint from a non-GAAP operating margin perspective, and Q4 implies approximately 14% non-GAAP operating margin. As we go into next year, and you think about the trend between here and the operating model, what I would say is always remember there is a little bit of seasonality in our business model. The first half of the year tends to be the better point of the year to spend on search engine marketing, specifically for that self-serve driven channel. The second half of the year will always have a little bit more leverage. On a quarterly basis, you can expect things to bump around a little bit, but the trend should be relatively consistent. Then over time, I would expect this to continue driving more leverage in a linear fashion. Like we stated, a little bit earlier today, we will drive at least 500 basis points of leverage in 2023 as well. What I love about it is, you know, there are times, especially macro times like this, where you have a little bit less control over revenue growth drivers. We have control over our spend. Yeah. Our employees, despite a lot of press about other companies and pushback and entitlement, our employees have jumped in the fight with us, and I am feeling a whole lot of tailwinds from folks who don't view the lower hiring numbers as a threat. In fact, they're excited about making sure we can be more productive, efficient, find ways to iron out OpEx, deliver more value to our customers to help the business model. You know, we wouldn't be putting targets out there if we didn't have a lot of conviction in it. That's great. One larger picture question, why is this the right time in the development of the company to push more aggressively for margin expansion versus growth investment? Classic push/pull. We have invested a ton since 2018, and I'm well aware that we've got accountability to shareholders, and we need to deliver more to the bottom line. I think we can deliver that balanced growth profile on the top line via the two channels we go to market with, as well as significant operating leverage. Again, when you have a product like our core product and gross margins in the you know north of 80%, we've got to be super efficient to make sure that part of the value we deliver shareholders comes via cash flow, and there is a ton of cash flow to be had. We've scaled our employee base to 1,600 people over the last few years. We've invested significantly in product development and go-to-market motion, and I think over the next few years, you're gonna see us do a great job of driving productivity and free cash flow. Great. Back to the operating margin expansion expectations for 2023. You expect to drive at least 5 points of operating margin expansion in 2023. How dependent is that expansion on a recovery in the macro environment, and what top line growth rates would that assume? The way that we've thought about it's a really good question. The way that we've thought about the macro environment in this long-term operating model is we believe the macro environment, or at least the assumptions we've made, is macro will be challenged as we go throughout the rest of this year and really throughout the rest of next year as well. Like Zander said, we have great control over our cost profile, and so we will drive that leverage, irrespective of what the top line is and what the macro environment is. Great. A bit of a detailed question on the sales and marketing expectations in the long-term model. Expectations 33%-35% of revenue over the long term. Where do you expect that leverage to come from? I want to hear a little bit from Pri on what she's excited about in terms of using other marketing channels to drive growth. Yeah. We have a long, long history, and we're really investing right now in our durable user growth, and these are the organic channels, right? We can pay a lot of money to Google on SEM and keep kind of, you know, feeding that ad a little bit. SEM is going to be part of our strategy. It is not our only way of actually achieving marketing growth, and durable user growth. There are tactics like account-based marketing and really investing in organic channels, using the community that Ken alludes to actually, that we've built through our customers to become really great sources of marketing, our partners, where we have very rich integrations to serve our marketing channels. We have a lot of leverage available to us to expand our marketing channels over time and attract more and more users in an increasingly cost-efficient way back into our user base. The great point of that is those are even higher intent users. They are the users that have seen the value from other customers or from our partners, and they're gonna be the more retentive users in our base, adding to our ability to grow in there. Lastly, expansion marketing. This is something that Ken has talked at length about, our potential in expansion. A lot of our customers that we are going to sell future solutions to are already using our products. Using the signals from our product, using our contact with those customers already to then market future solutions, higher value solutions to them, that is going to be a key part of our marketing strategy, and it is a far more cost-effective way to deliver on marketing growth without increasing costs as by the same amount. Pri and Dennis Scott, our marketing leader, SVP of Marketing, have done a great job, collaborating on some new ways to go to market. One of the exciting attributes of marketing for us, first off, we don't have a competitor who's taking all the air out of the market. We compete with Qualtrics on the high end. We have some lower-end competitors who bid against our keywords. As we are going to market with new, channels for attracting customers, our LTVs continue to grow. As Ken's team is cross-selling, upselling, it gives us more leverage and freedom to be expanding in new marketing channels because we know that the ROI on landing that first customer on the web will go up in the future given the family of SKUs we have. I'm pretty excited about the new areas we're going after, and you'll see some of those campaigns this fall. Great. The next question is a little spicy. Why is there a disconnect between your impressive story and the top-line growth and the cash conversion? Said differently, do you have sufficient scale to compete in the target markets you've selected? Spicy. I. You know, the market is never wrong. I, you know, as disappointed as I am with kind of investor reaction, we know we have better execution to deliver. Given our scale approaching half a billion dollars of revenue, 900,000-plus paying customers, we're growing, we're generating free cash flow. We are moving into an era of accountability where we now need to re-accelerate our growth rate. We talked about how we're gonna do that, to do that, top of funnel on the web, expansion in the sales system motion, significantly increase operating leverage, 5 points this year, another 500 basis points plus next year en route to the 20%+ margin, and really to showcase the full breadth of our product offering. I, again, I wouldn't be sitting here if I didn't have huge conviction. We can deliver acceleration in top-line revenue. We can deliver significant expansion in operating leverage. I believe that shareholders are going to reap the benefits of that good execution in the years to come. Great. We've got time for one more question, and this is a competitive landscape question, and the question is as follows: How do your products stack up competitively in each of the use cases that you shared with us today? Yeah, I'll take that one. You know, I shared with you why customers choose our products all of the time, and at the heart of it is our speed. We deliver insights in breathtaking speed. It is faster than any of our competitors out there. We deliver products that are intuitive. SurveyMonkey is familiar to a lot of individuals, and we invest heavily in our design and our UX flows that exist in our products so that it's adoptable by everyone. In each of those solution categories, this plays out all together to really actually say we can deliver really affordable solutions that give you outsized value to the price that we charge you overall. This plays out in our market research or our insight solutions areas as people are trying to build market leadership. With over 175 million panelists, our average project fields in an hour. This is an industry that is usually served by sluggish services. It takes you weeks, months to get some insights back. It's instantaneous in our products that delivers, and that's why customers choose us repeatedly. We're not a good solution offering for someone who wants a heavy consulting project. That is not the market that we are aiming at, but we are aiming at the market where you want, and our customers who want insights quickly to take decisive action that changes the course of the business, and we see that repeatedly in all of our customers choosing us, and we see very strong win rates in this market. In customer experience, we really focus on the digital forefront. That is our strength. Customers who are trying to transform the digital experiences. We have dozens of channels to collect digital feedback, and we're deeply integrated with the front line that can actually act on that feedback. That is why customers choose us, and that's why they keep choosing us. You saw that in the example we gave of Auth0, of a customer choosing us over Qualtrics because we were able to deploy in less than two weeks, and they were taking action and improving their NPS in months, not years, which our competitors would be doing. Lastly, in employee experience, that's a much more nascent area for us. It's actually not a solution category fully built out yet. It is on our core platform. The reason our core platform is so well-adopted and loved by over 900,000 users is because of its flexibility, its security, and how much expertise we've taken those 50 billion pieces of data that Zander mentioned earlier, built it into the product to build expertise in there. HR is a space where you're asking sensitive questions. You don't know how to do it well. You don't know if people are gonna respond to you. We actually make that seamless, so that every manager can actually create a great employee experience and get the productivity from the team that they deserve. Those are the core reasons people choose us. We deliver great insights at very fast speed, and we do it at a price that is affordable and accessible that gives everyone access to insights at a great value. I would encourage any investors on the buy side and sell side, reach out to Ken or Gary if we can help you in terms of proprietary research, tracking companies, longitudinal tracking of their brands, asking potential questions of customers, price differentiation. Some of the world's biggest, best private equity funds, venture capital funds, hedge funds, have used our products to garner incredible insights. It's also a great way to showcase the quality of our products and help you assess whether this is an investment you wanna hold for the long term. That's great. Thank you very much. We are out of time. We'd like to thank you for spending some of your day with us. On behalf of the executive team and all the employees at Momentive Global, thanks very much for your attention. The presentation replay of the presentation will be available on the investor relations website, by the end of today. Thanks very much for your time. Have a good day. Thanks for being here, everybody. Stay healthy. Brighter days ahead for sure.