Good evening, and welcome to NIQ's second quarter 2026 earnings conference call. This call is scheduled to last approximately 1 hour. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. With that, I'd like to turn the call over to Will Lyons, Head of Investor Relations. Please go ahead. Thank you. Hello, everyone, and welcome to NIQ's second quarter 2026 earnings call. Joining me today are CEO, Jim Peck, and CFO, Mike Burwell. Following Jim's and Mike's prepared remarks, we'll open the line for Q&A with Jim, Mike, and our Chief AI and Product Officer, Troy Treangen. As a reminder, today's remarks will include forward-looking statements regarding our expectations and outlook. Actual results may differ materially from those expressed or implied in these statements. For information about factors that could cause actual results to differ materially, please refer to today's earnings press release and our SEC filings. We undertake no obligation to update any forward-looking statements made on this call except as required by law. During this call, we will also discuss both GAAP and non-GAAP financial measures. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included in our earnings press release, which is available on our investor relations website. A replay of this call will also be available there. Finally, unless otherwise noted, revenue growth rates mentioned on this call are compared with prior year period. With that, I'll turn the call over to Jim. Thank you, Will. Good afternoon, everyone. Before we begin, I just want to apologize. I have a cold, and so I'm sure my voice is a little bit raspy, and we'll just do the best we can. Q2 marked our fifth consecutive quarter exceeding the top end of our guidance across all key metrics. We accelerated organic constant currency revenue growth to 5.8%, grew adjusted EBITDA nearly 22%, and expanded adjusted EBITDA margin 270 basis points to 23.3%. Adjusted earnings per share came in at $0.27, well above the top end of our range. Levered free cash flow inflected positive at $74.1 million, and we reduced leverage to 3.1 times. That's progression from top to bottom line. We are raising full-year 2026 guidance across the board, reflecting our upside performance and positive outlook. It's been a year since our IPO and several things stand out. Strong demand for our solutions, our structural advantages, and our strengthening financial profile, including durable growth and retention with 10 consecutive quarters of 5%+ growth in organic constant currency and strong Q2 retention at 105% NDR and 99% GDR. This is a strong core with emerging AI growth opportunities. We are also seeing expanded margins approaching our mid-20s target with a longer-term path into the 30s. Increased profitability, tracking to more than $1 billion of adjusted EBITDA and more than $1 of adjusted EPS this year. Inflecting cash flow in our raised outlook for $245 million-$255 million. Continued deleveraging on track to achieve our sub 3x target. We are delivering results today while reinvesting in competitive differentiation in our future. AI native innovation, consumer panel expansion, technology platform enhancements, and disciplined tuck-in M&A. As I have described on our recent calls, NIQ sits on one of the world's most defensible data assets in our view. Decades of permission, harmonized data, and vertical specific context layer across consumer, retail, and market intelligence. We believe that combination is impractical, if not impossible, to replicate. Last quarter, I outlined how NIQ intelligence drives client decision-making and how AI adoption is creating additional growth opportunities. Today, it is about progress we are making on our innovation roadmap. Optiq Bridge and ConnectAI deliver NIQ intelligence, the ground truth layer that enterprise AI runs on, into clients' decision flows. Whether through our tools and LLMs or their own, we are moving up the AI value chain from informing decisions to executing them. The balance of my remarks today will cover three areas. First, how a broadly healthy client demand environment is driving our core growth. Second, our progress laying the foundation for additional AI-powered growth. Third, our progress expanding profitability by embedding AI across our organization. On point one, clients are buying more NIQ. Looking at our regions, America's OCC growth led the way, growing 8.3%. EMEA OCC growth accelerated to 4.9%. In both, we saw new wins and strong upselling of our intelligence solutions. In the U.S., a leading coffee manufacturer consolidated onto NIQ from two incumbent providers at once. They told us why. Our AI capabilities and product roadmap, as well as the seamless unified Full View experience across every data set. In EMEA, leading Swiss and U.K. grocers paired measurement with consumer panel to get the Full View. A major U.K. grocer came back to us from a competitor on that same value proposition, choosing our new product granularity and e-commerce expertise. APAC returned to 1.9% OCC growth. Here we saw strong activation, cross-sell, and early improvement in China, Japan, and Korea from the retailer relationships and partnerships we outlined last quarter. In Vietnam, we won back a global CPG manufacturer from a competitor mid-pilot by designing a tailored measurement plus field solution in weeks, not quarters. That is the pattern across the region. We start with granular measurement data, then expand into analytics to power go-forward decisions. We also beat two major global incumbents to win the largest going global contract in that market to date, helping a major automaker expand overseas. We also recently acquired YiMian, an e-commerce data and insights business in China and Southeast Asia. It strengthens our digital commerce capabilities, accelerates the Full View, and extends NIQ into adjacent opportunities like agentic commerce in these markets. We also opened new categories and buyer types that were not NIQ's a couple of years ago. A global ad tech platform licensed our purchase data to power privacy-safe campaign planning at scale, selecting NIQ over a direct competitor and traditional panel providers. Unlimitail, a leading European retail media platform, chose NIQ to measure business outcomes across its multi-retailer, multi-country network, our first client of its kind. Ad tech and retail media are newer adjacent demand pools prove our data travels well beyond CPG. Growth was not only strong by region but by product. Q2 intelligence growth re-accelerated to 5.7% on new wins and strong upselling motion, particularly in e-commerce and consumer panel. Annualized intelligence subscription revenue, our version of ARR, grew 5.8% in Q2 and eclipsed the $3 billion mark. Activation OCC growth accelerated for a second straight quarter to 6.1%, signaling our commercial and go-to-market efforts are working. A few proof points. In North America, a global convenience retailer expanded its renewal into SKU level analytics, price and promotion, and category management across more than a dozen countries, adding over $5 million of incremental value. In the Middle East, a regional manufacturer layered shopper and consumption analytics onto its core measurement subscription, and we took that work back from a competitor across three markets. A global personal care leader extended its worldwide agreement, adding analytics and servicing on top of core measurement. Within activation, demand remained strong for our analytics and innovation-based solutions. Year to date, these solutions were nearly 60% of activation revenue and grew low double digits. Looking deeper, our AI native solutions, BASES AI and NIQ Activate, drove meaningful share of that growth. This growth isn't a one-off. It's driven by newer AI native offerings that feed directly from our proprietary core data, and that data is growing fast. We added 4.3 trillion consumer transaction data records per week in Q2, 23% faster than last year. This spans 260 million product items with 10.5 billion product attributes in our 160 petabyte data engine, all rooted in NIQ's vertical specific expertise. That granularity benefits our entire portfolio. In fact, more than 90% of our revenues derive from this proprietary data, and our capabilities are increasingly at the fore as client AI adoption accelerates. Let me share some proof points from our first wave. Data point consumption on our platform grew 25% year-over-year. Roughly 51% of our top 100 clients now use at least one of our AI native solutions, and the number of clients using them has grown 64% year to date. This is also translating into financial results. Revenue from AI native solutions grew by 34% in Q2, and more than 80% of AI native revenue comes from recurring clients, a good sign of stickiness and long-term value. Clients are at the center of everything we do, and we're focused on doing more. In June, our annual flagship client event, C360, drew more than 600 CPG tech and durables and retailer decision-makers from across the globe. Their message was clear: help them cut through the fragmented data and disconnected systems and decide faster in a fast-changing consumer landscape and help them capitalize on their AI strategies. Which brings me to my second point, our progress laying the foundation for additional AI-powered, profitable growth. Last quarter, I described our three-pillar strategy to fuel the future of trusted AI. In Q2 and year to date, we accelerated innovation to deliver AI native value for clients and our business. In our first pillar, building NIQ AI applications for smarter outcomes, at C360, we announced Optiq Suite, our insight assistants, and NIQ Cadence, our GenAI native marketing effectiveness platform. Aligned to our second pillar, NIQ IP that fuels AI, we announced the launch of Optiq Bridge and Connect AI Suite, which embed decision-grade NIQ intelligence directly into market leading applications, AI-powered workflows, and the enterprise. We have also progressed MCP access and integrations with all of the leading AI platforms so clients can reach secure governed NIQ intelligence directly through these platforms. These launches let us meet clients exactly where they are, whether they are an AI buyer of NIQ solutions directly or through an LLM or an ad builder embedding NIQ within their own AI environment. Importantly, every solution has permission service layers built in. Clients can embed NIQ intelligence into their AI use cases while keeping the NIQ decoder ring, the IP, methodologies, and models that power our differentiated analytics. Last week, we announced the first charter clients for Connect AI. These include Purina, a global personal hygiene company, a leading beauty company, and two global beverage companies. Each is working with a dedicated NIQ engineering and data science team to build AI-ready intelligence infrastructure and decision workflows inside their own environment. Early client demand has been strong. Our pipeline has grown quickly to 49 live opportunities, including our charter clients and active discussions with many of our top clients. It is also broad-based across FMCG and tech and durables, as well as with clients large and small. We plan to add more charter clients, including retailers, in the next phase. We are also in active discussions on several AI partnerships with major players that can accelerate our objectives. These include a partnership leveraging forward-deployed engineering expertise to accelerate deployment of Optiq Bridge, and discussion with multiple partners around our agentic commerce measurement launch targeted for later this year. On our third pillar, powering commerce intelligence and agentic commerce, we see a long-term growth opportunity. AI is playing a bigger and bigger role in consumer shopping, moving from answering questions to influencing commercial decisions, to helping execute them. As that happens, NIQ's granular content on product attributes, availability, pricing, and consumer preferences moves directly into the commerce flow and rises in value. Our capabilities span product intelligence and availability, channel and media measurement, and agentic transaction integration, positioning NIQ, we believe, to play an operative role in the next phase of AI-powered commerce. During Q2, we built toward that future. NIQ Commerce Lab is establishing the data, API, and measurement infrastructure for AI-driven commerce. We launched Product Intelligence, the first offering in our commercial intelligence portfolio. It resolves fragmented product data under a single structured layer. This allows AI commerce systems to accurately identify, compare, and recommend products to drive shopping conversion. Taken together, we believe this wave of AI launches positions us for significant growth. 2026 is a foundation-building year, driving early adoption, expanding partnerships, validating monetization models, and scaling our first client implementations. Over time, we look to layer on additional revenue streams, premium AI-ready data, usage-based AI services, AI-native applications like Optiq, Bridge, and Connect AI, as well as AI deployment services. While we expect these initiatives to contribute some revenue in 2026, our raised 2026 outlook does not assume a material contribution from them. This year is about building. We expect to begin scaling commercially in 2027 and beyond. Leading that effort is Irina Stoian, who joined us as our Chief AI Commercial Officer in July from Palantir, where she scaled technology and analytics businesses. She is partnering with Troy and the team to drive our next chapter of AI-powered client value, and I look forward to you meeting her in the future. Our core revenue base is strong, and we are building AI value on top of it. Which brings me to my third point, the benefits of AI-led operating efficiency. AI is accelerating our ability to build, deliver, and support our products and our clients. We are seeing AI-led productivity gains across data operations, engineering, commercial, and support functions, contributing roughly half of the 270 basis points of year-over-year margin expansion in Q2. In the first half, we completed the vast majority of actions under our 2026 restructuring program, achieving most of the $70 million to $80 million of expected run rate savings. These are structural efficiency gains with less than one-year payback, and we believe we have only scratched the surface. We are pursuing additional efficiencies across our largest expense areas, prioritizing these that carry little to no one-time cost to achieve. We will remain disciplined, harvest efficiently, reinvest a portion in long-term growth, and expand profitably. As I outlined last quarter, the path from the mid-20 margins into the 30s is fundamentally about flowing durable revenue growth across a largely fixed cost base that we are making more efficient. As a result, every incremental dollar of revenue should carry higher margin than the last. To close, we are doing what we said we would do, and as I have said before in a previous call, we are going to show you that we are an execution machine, driving our core algorithm, expanding margins, raising EPS, inflecting cash flow, and laying the foundation for AI-native monetization and operating efficiency into 2027 and beyond. Thank you to NIQ associates worldwide for delivering a great quarter. I am excited about what we are building. With that, I will hand it to Mike to cover our detailed Q2 financials and our raised full-year outlook. Thanks, Jim, and good morning, everyone. As Jim outlined, it was a stronger quarter. Results exceeded our expectations and our guidance across every key metric. Revenue grew 5.8% in organic constant currency. Adjusted EBITDA grew 21.9%, and margins expanded by 270 basis points to 23.3%. Adjusted EPS was $0.27, and leverage-free cash flow improved by $137 million to positive $74.1 million. Taken together, these results reflect disciplined execution, improving profitability, and continued progress toward a stronger balance sheet. Our raised guidance reflects continued strength in our core business and AI-driven efficiencies from our 2026 cost program starting to ripple through our cost structure. I will cover the details after walking through our strong top and bottom line results. Q2 reported revenue accelerating to 8% growth or $1.1 billion, 5.8% in organic constant currency. This growth came from execution of our revenue growth algorithm, strong retention, pricing, and cross-selling and upselling with contribution across intelligence and activation. Net loss was $30.5 million, while adjusted net income improved by $80 million on a year-over-year basis to $78.7 million. Consolidated adjusted EBITDA grew 21.9% year-over-year to $262 million, and we expanded margins 270 basis points to 23.3%. This came from increased operating leverage as well as AI-enabled automation benefits and our 2026 productivity program, making our largely fixed cost base more efficient. From a segment perspective, our largest markets continue to lead the way. Americas grew 8.3% on organic constant currency driven by intelligence and cross-selling our activation solutions. In the U.S., a global personal care company consolidated its retail analytics work with NIQ, displacing a legacy provider on the strength of our data quality and analytical depth. Americas adjusted EBITDA grew 10.5% to $143 million with margins of 31.4%. Our EMEA segment grew 4.9% in organic constant currency with the same drivers as we saw in Americas. EMEA adjusted EBITDA grew to 26.1% to $179 million with margins expanding 550 basis points to 35.3%. Our APAC region returned to year-over-year growth, up 1.9% in organic constant currency, a meaningful sequential improvement from Q1 and in line with the trajectory we outlined in May. Growth was driven by improving commercial momentum and cross-sell for our analytics and innovation-based activation solutions, as well as improvement in key markets that Jim cited earlier. APAC adjusted EBITDA increased 9.2% to $32 million, with margins expanding 120 basis points to 19.8%. Strong results. Americas and EMEA signal competitive strength, and APAC is recovering. Outside Americas, performance remains solid despite the ongoing conflict in the Middle East. We believe Q2 demonstrates healthy client demand for both our measurement and analytic solutions in any macro backdrop. We believe our top-line results demonstrate that our revenue growth algorithm is working. From a product perspective, Q2 was our 10th straight quarter of intelligence revenue growth above 5% and annualized intelligence subscription growth above 5.5%, extending our performance track record. As Jim highlighted, annualized intelligence subscription revenue exceeded $3 billion, up 5.8%, and continued strong net and gross dollar retention underscores our mission criticality with our clients. Activation revenue improved for the second straight quarter, growing 6.1% in organic constant currency. Looking deeper across all regions, we have seen low double-digit growth in our analytics and innovation-based offerings. This has been driven by traction scaling our retail analytics wins in Americas, as well as high single-digit growth in APAC. Overall, we see broadly healthy client pipeline for our activation solutions. Looking down the P&L, Q2 operating expenses increased by 5.7%, driven primarily by targeted investments in data coverage and granularity, and to a lesser extent, by one-time costs related to our 2026 restructuring program. Excluding these charges, operating expenses grew much slower than reported revenue growth, demonstrating the ongoing cost discipline and increasing operating leverage across the business. One-time restructuring costs totaled approximately $36 million in the quarter. $15 million came from our 2026 restructuring program, and the balance from our legacy NIQ and GfK transformation initiatives and one-time deal-related cost. These legacy transformation programs continue to roll off as per plan. As Jim mentioned, we have completed nearly all of our 2026 program actions in the first half, and we are tracking towards a $75 million cost to achieve target for 2026. These actions, which have less than one-year payback, are setting us up for increased structural cost efficiency for years to come. From a cash standpoint, we incurred $20 million cash outlay for this program in the first half. We expect the majority of the balance to be paid out in the second half of 2026. This program has less than the one-year payback, and we expect to continue to identify additional efficiency opportunities as we move forward. Depreciation and amortization was $154 million for the quarter, approximately 14% of revenue in line with prior quarters. If I look below the operating line, GAAP interest expense was $55 million, $40 million lower than the prior year, reflecting lower debt balances and our transformed post-IPO capital structure. Changes in foreign currency result in a de minimis gain in Q2 compared to a $57 million gain in Q2 of 2025, a period that contained significant FX volatility. The lower gain primarily reflects less foreign currency impact on the remeasurement of foreign currency denominated debt. Income tax expense was $38 million, or approximately 14% of adjusted EBITDA, roughly in line with expectations we've provided. The net loss was $30.5 million, primarily reflecting lower FX gains versus Q2 of 2025. Adjusted net income improved by $80.3 million to positive $78.7 million, driven primarily by higher adjusted EBITDA and lower interest expense. Correspondingly, Q2 adjusted EPS came in very strong at $0.27, well ahead of our guidance and consensus. If I turn to liquidity and free cash flow, as of June 30th, we had $417 million in cash and cash equivalents and $747 million available revolver capacity, resulting in total available liquidity of approximately $1.2 billion. We remain undrawn on this revolver during the quarter. Cash flow from operating activities was $140.1 million, versus a use of $80.6 million in Q2 2025. Capital expenditures were $66 million, reflecting continued investment in strategic growth initiatives such as building our AI capabilities, expanding our technology platform, and growing our data assets, such as our omni-channel consumer panels. Leverage-free cash flow inflected positive to $74.1 million in Q2, up $137.3 million on a year-over-year basis and $197.3 million versus Q1. This is driven by revenue growth and stronger flow-through, given prudent cost management, as well as improved working capital and lower cash interest expense. I'd also note that we saw particular outperformance from net working capital execution versus what underpinned our Q2 guidance in May. Our 2026 is the strong cash flow inflection we've previewed since our IPO, and our raised full-year 2026 free cash flow guidance implies approximately $300 million of leverage-free cash flow generation in the second half alone. This factors into our strong Q2 outperformance from working capital execution and aligns with our broader guidance philosophy of providing expectations we believe we can achieve, if not outperform. Net debt was $3.1 billion at quarter end, and our net leverage ratio improved to approximately 3.1 times, down from 3.4 at the end of Q1. We remain firmly on track to achieve our net leverage target by the end of 2026. A quick note on capital allocation. Our capital priorities of the business are unchanged: fund growth, expand margins, and particularly pay down debt. We have successfully reinvested some of our cost program savings to fuel our AI growth strategy, and will continue to pursue strategic tuck-in M&A where we see compelling returns. As cash builds, we gain capital allocation flexibility. This is strengthening ahead of expectations in 2026 and positions us well as we head into 2027. We will update you on our 2027 priorities as those plans firm up. Now, before getting into guidance details, a quick reminder about our guidance philosophy. The strong back half and higher full-year 2026 outlook is grounded in our first half overperformance. If that momentum continues, we expect to finish at or modestly above the top of our ranges, and we've set that range at the level we believe is appropriate. For the third quarter, we expect reported revenue growth of approximately 4.9%-5.3%, organic constant currency revenue growth of approximately 5.2%-5.5%, adjusted EBITDA growth of 15%-17%, driving margins of 23%-23.5%, and adjusted EPS of $0.22-$0.24. Our raised full-year 2026 expectations include reported revenue growth of 7.1%-7.4%, organic constant currency revenue growth of 5.2%-5.6%, adjusted EBITDA growth of 15%-17%, driving margins of 23.5%-23.9%, adjusted earnings per share of $1.08-$1.12, a more than 13% increase at the midpoint, leverage free cash flow of $245 million-$255 million, up approximately $8 million at the midpoint, and we expect to be below three times net leverage by year end. Our raised guidance reflects our business outperformance and favorable foreign currency from Q2, as well as our YiMian acquisition. I'll also note that we hit the ground running, integrating YiMian into our business and their solutions into our distribution channels. Based on our reported results and our Q3 and full-year guidance, our implied Q4 outlook reflects OCC growth in line with our Q3 expectation, EBITDA margin expansion on a year-over-year basis implying approximately 370 basis points of improvement versus Q3 2026, reflecting our typical Q4 revenue and cost seasonality, and adjusted EPS nearly double our Q3 expectation. I'll note that our full-year 2026 modeling assumptions remain unchanged. Depreciation and amortization of $614 million-$619 million, GAAP net interest expense of $230 million-$235 million, income tax expense of $165 million-$170 million, diluted share count of approximately 300 million, and CapEx of 6.5%-7% of revenue. In closing, it was a strong quarter. We're delivering on our promises. Our financials are strengthening. We're executing well on our core offerings, and we're building additional monetization opportunities on top. With that, operator, we're ready for Q&A. Thank you. We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Manav Patnaik with Barclays. Your line is open. Please go ahead. Thank you. Good evening. I just wanted to ask about just the general trends in the quarter. If you look, I think the intelligence subscription growth remained strong. It was really activation, and I guess the transaction piece of intelligence that really did well this quarter. So just trying to appreciate how much of that pull forward you talked about last time, or push forward rather, in April, and how sustainable these kind of growth rates are in activation, maybe for the second half of the year. Sure, Manav. This is Jim here. We're going to let Mike take that one right out of the gate. Thanks, Manav. We're excited about the growth that we saw in both intelligence and activation for the quarter. In intelligence at 5.7% and activation at 6.1%, we're continuing to see that momentum build. In particular, when we look at our APAC business, we saw it improve to 1.9% here in Q2, and we expect that to continue to contribute overall growth, which will help both on intelligence and activation as that continues to grow overall. As I highlighted, our e-commerce and TPS growth rates are very strong, call it north of 30% in terms of the growth rates associated with those two areas in particular, and we should see those continue to move both our intelligence, in particular, and to some degree, activation. So we're very excited about it, and as you know, 80% of that, our business is three to five-year contracts. We are continuing to grow that in terms of win backs in the marketplace as we highlighted in the course of our prepared remarks. We are very excited about what we are seeing in the business. Appreciate the question that you have asked. We continue to see real good results as it relates to both intelligence and activation. Okay, got it. Jim, maybe just on ConnectAI, just help me visualize exactly what you are building for clients and perhaps how that gets monetized. Sure. Manav, I will give you a little lead in. We have Troy Treangen here, our Chief Product Officer. I want to make sure you get to hear directly from him. What we started seeing really later last year, and then as we came into this year, just being in conversations with our clients is they were trying to figure out how to accelerate their ability to innovate, of course how to save money, how to do better price and motion, how to do everything better than they had before by using all the assets at their disposal. What they clearly understood is they need our information and our models inside their world. What we started finding out is they also needed our knowhow on how to integrate information together. They were finding this out because they were coming to us and saying, "Hey, the X integrator needs help." These charter deals that you heard us announce are a lot about that. They are about new use cases, by the way, with new budgets inside our clients' world, where we are helping them do the things that they normally do every day, just better, faster, and cheaper. I will turn it over to Troy to give you more color. I think this is a really important thing for us to spend time on. Yeah. Our Connect AI services are specifically for one of our AI segments, and that AI segment is our AI Builder segment that Jim just talked about. These are a series of clients that want to bring insights and analytics into their environments and use that NIQ intelligence to amplify those workflows. Jim mentioned, we announced our first charter clients last week. Purina was the first one that is named, but that group also includes a global personal hygiene company, a leading beauty company, and two global beverage companies. We are going to be adding more charter clients through the end of this year, which will include retailers. Each charter client ultimately gets dedicated engineers and data scientists that help make our intelligence work within their workflows. What this means is they actually help write code and connect their environments to ours. Jim also mentioned it in his remarks, that our new products have permission service layers built in. This creates additional value, and we are the decoder ring and the certified answer for things around our data and our intelligence. Like it was already said, but I will resay it again, demand has come fast, 49 live opportunities in the pipeline. Many more active discussions are in process, and I think soon you will see retailers and other clients into the mix. On top of that, we also have active discussions on several AI partnerships to scale this even further. One, leveraging four deployed engineers' expertise to speed up our development for our solutions that we will bring to market. We have multiple partners around agentic commerce measurement and touchpoints, and that product will be launched later this year. More to come on that soon. The charter phase is all about proving the value and hardening a repeatable model. It is deep, it is sticky, and it is where we see the biggest middle to long-term opportunity in our space. Thank you. Thanks, Manav. Your next question comes from the line of Kevin McVeigh with UBS. Your line is open. Please go ahead. Great. Thanks so much, and congratulations on the results. Hey, I wonder just, given the trends in the organic constant currency growth, maybe just talk to activation because it. And because that looked really good. And on the intelligence side too, even off a tougher comp, you saw real nice re-acceleration. I think it is really, really important. So maybe you can just revisit that a little bit. Kevin, you broke up just a tiny bit in there. This is Jim. Your question Hey, Jim. Your question in essence is, tell me about intelligence and activation growth and how you feel about it. Is that? Yeah, that is exactly right. Okay. Even off tougher comps, just saw real nice re-acceleration. Maybe just a little bit on that, because it is just really nice to see that. All right. Yeah. Great. So appreciate it, Kevin. It's Mike. When we look at intelligence, I mentioned we saw the rebound associated with APAC at the 1.9% growth. One of the things that we did, and we mentioned this a bit in Q1, was we improved our coverage. We signed up a couple more retailers that we specifically talked about in Q1, and we're starting to see that starting to pay off and see it in the growth that we're seeing in intelligence. We're continuing to win in the marketplace. Those are continuing to add, and as I had mentioned a little bit during my prepared remarks, and to Manav's question, when you look at really what's been happening in e-com and our panel on demand, has just really been very attractive to the marketplace and have been growing at +30%. All those are contributing to our intelligence growth, and we're continuing to see that happen. On the activation side, people are very interested in our analytics solutions in particular. Our BASES AI Screener is just one example that's happening in our BASES portfolio as well. As I said in my comments, both of those business lines are growing at greater than double digit overall. The demand's been very strong for activation. That's what we're seeing overall, Kevin, and we're very excited about what's happening in both of those areas, as well as what Troy had mentioned previously. Super helpful. Just real quick, as you're phasing in the AI, any way to think about where it is from a geographical perspective in terms of just coverage and how we should think about that over the balance of the year? You are talking about maybe where is the most initial penetration, is that fair? Yeah, that is exactly right. Yeah, for sure it is in the U.S. but not exclusively at all to the U.S. I think the bigger, more like at our C360 conference, which is mostly a U.S.-based conference, the theme, both formally and informally in our little conversations, was our clients were like, "Help us move faster. We see what you can do. We like what you are doing, what you told us on stage. Now, how can you help me move faster internally to navigate what I have got to navigate to use these AI tools, not only on your data, but your data combined with our data?" I think they are much more in a position, as Troy said, with the builder. They are our builders, and they are in a position to move quickly. The pipeline is there in Western Europe for sure, in Asia for sure, even in MEA, because these tools work. Our data is primed to be able to be used to take advantage of it. It is not just in our builder products, but it is also in our Optiq products within Discover, and we are releasing some new capabilities yet this month that people are going to be able to take advantage of if they so choose, and we believe they will. It is really broad-based. The whole world is dealing with AI, as you know. But as far as the charter things that we talked about, that is primarily U.S., but the pipeline has plenty of global opportunities as well. Super helpful. Congrats again. All right. Thanks, Kevin. Your next question comes from the line of Alexander Hess with JPMorgan. Your line is open. Please go ahead. Thank you, operator. Hey guys. Wanted to maybe just dive into something, maybe to start with the call-outs that CPS, which I understand is the consumer panel business, and then e-com grew north of 30%. With intelligence growing in the mid-single digits, does that imply you have products in sort of traditional measurement and in retail analytics that are maybe growing below that number or notably below that number, or is that just not the right way to think about it? Just want to clarify how you guys bucket that call-out specifically. The core business, what we call our RMS business, is primarily in intelligence. I think the number is the number there. Of course, CPS and e-com are portions of it that are growing faster. But as a percentage of the total revenue, they are much smaller. I would not think of it that way, Alex. I would say that the number you are seeing kind of stands on its own, and it reflects what I believe is a good, healthy, recurring revenue stream. I will just remind you that none of that number, while there is a little of our AI-based revenue in that number, none of our guidance forward is really reflecting that yet. We are being cautious to see how fast the stuff is taken up. We consider that intelligence revenue, by the way, for the most part. That will just take that number up. Awesome. Can you give us an update on a Full View measurement client count, any recent traction? Obviously, you guys put out some press releases about integrating some more Amazon 3P data in certain categories, but just anything on Full View measurement in Q2 and your outlook for beyond Q2. Yeah. I do not have the exact number in front of me, but we know that it is more than 200 clients now have taken up the Full View measure. That strategy, which we have embarked on five years ago, is much more expansive than just Amazon sales and share or Costco or whatever. It is the foundation of what we do, not only driving, we are getting more adoption, but it also helps us with our annual renewal cycle, and it is proving to be quite good. I think the insight behind that question is we have our foot in that world, and it is important that we always have what we call the Full View. So the most holistic view of this consumer shopping behavior. If we lose that, we lose what is the essence of who we are. That is what enables AI. If we have our foot in the other world firmly now, I think trying to demonstrate that it is the Full View plus these AI capabilities that are going to keep us super relevant to our clients and also allow us to grow. The root of that is we are now in even more use cases. I think there was a theory it would be in less. No, we are in more use cases, and they are obvious use cases now. We are also getting access to more budgets within our clients, so we are not arguing over the same dollar. I like to talk about both those things together now. Makes sense to me. Thanks, Jim. We do have multiple product enhancements that are coming for Full View measurement. You referenced one, there are many more coming in the back half of this year. Your next question comes from the line of Kyle Peterson with Needham. Your line is open. Please go ahead. Great. Good afternoon and nice results. Wanted to start off on the data consumption disclosure, I guess, at +25% year to date. It is really good to see. I guess, how can we think about this over the medium term? Is this something that drives higher consumption across the product base and then pushes revenue higher? Or, is this a more highly correlated thing with AI products and just trying to, I guess, parse through Yeah the link between consumption and revenue over the medium term? Sure. Kyle, first, thanks for noticing our results, and good question. What it really does, in my view, is measure our relevance with our clients. Any notion that it is not relevant, I think is just proven by that. They are only consuming more and more and more because the more granular the data, the more depth in the data, or breadth I should say, in the data, the better any tool is going to work. They continue to use Discover in its, let us say, the more traditional analytics, which are quite powerful, but they are also experimenting in some cases, or actually doing in some cases, and using our data points inside their world if they are sophisticated enough to do that. I think it is an overall measure of how our relevance continues to grow within our clients. I do not know if we measured that thing that far in the past, but I can tell you that that number has not been that high. I think it is just showing how, in the double digits, or kind of high double digits. I think you will see that trend continue. There is an insatiable demand for what we have. As they are seeing their results get better, especially combined with some of their own assets only they have for themselves with our data at a granular level, they are seeing that they can make pretty profound changes, either making themselves more cost efficient or innovating more quickly and driving their top line. Great. That is really helpful. And then, I guess, maybe if we could switch gears over to how some of your client conversations are evolving. Are you guys seeing any change or growth in budget for demand-based solutions, maybe away from traditional marketing or SKU-based placement? Obviously, things like agent of commerce and data-based product development decisioning is definitely becoming increasingly prevalent. I guess, is that playing out at all in your kind of client discussions? And if so, how is that potentially translating into deal conversion or demand? Yeah. Yes, for sure. And this gives me a chance to mention Irina Stoian that we have just recently brought in. She used to work for Palantir doing a lot of the same things she is going to work with us on, and that is a direct Reaction/anticipation of the demand for what is now being called forward deployed engineers, but engineers who are in our clients' world helping them use our core services in new ways, integrated with theirs. So that conversations are new, they are new budgets. I have been in many, but Troy has been in even more than I have. Maybe Troy, you can elaborate on one or two. Yeah. So it is a different client base. So typically it is not the market research teams that are using these types of resources. It definitely comes from the chief data officers, chief technology officers. And that is what these products, this whole series of ConnectAI services with the deployment plan around it, is intended to go after. Completely different, like I said, completely different budgets. They are enabling multiple different workflows throughout a client's organization, and that is the untapped demand that has been talked about a lot here today. Excellent. Thank you, guys. Nice results. Thank you. Your next question comes from the line of Andrew Nicholas with William Blair. Your line is open. Please go ahead. Hi, good afternoon. I wanted to ask about AI as a benefit to the data assets that you have specifically. I hear you on the prioritization piece, the efficiency piece, and this insatiable demand from clients. Is the product or I guess the data estate that you have being augmented by the technology, are you able to gather more information, more detailed, more attributes? I would imagine that would be beneficial long term as well, and hoping you could speak to that specifically. Yeah. You hit on one of the core key strategies here. When we talk about these AI set of components, there is four buckets of product capability that we have beneath it. One of them is all around, which you referenced the last second here, was premium AI-ready data solutions. This is all about collecting data faster and coding and characterizing them faster, getting more breadth and depth. I think a couple of questions ago, we talked about a Full View measurement, and that is how you expand out to even 3P coding that was referenced and some of these other things. You can do it at faster scale and get more breadth of depth of characteristics and facts around the data sets we have. The more you get, the more AI tools can filter and do correlations and causations on consumer response and sales and all the things you would imagine. The second tier is all the series of services that use those data attributes to help harmonize and enrich data within their environments. We combine those characteristics and further enrich. That is the second part where AI comes into play because it can do it at faster scale, whether that is using web content or other sentiment data that exists, bring those in and can add it to the product. Then the third, which we talked about, that we put it in our applications and solutions like Optiq Bridge, NIQ Cadence, ConnectAI services. Lastly, it is the AI deployed engineers and data scientists that sit on top that we just mentioned in the last question. It is all four of those things coming together to create and optimize a workflow, and that is the end-to-end product design. Very helpful. Thank you. For my follow-up, a few, well, a multi-part question maybe on margins. I guess first, Mike, is there anything you could say about what was realized in terms of synergies in the second quarter? In MEA in particular, like a really, really nice step up year-over-year. It looks like that margin profile is higher than the other two segments. If you could just speak to the strength there, the drivers, and any reason for that to be structurally higher than U.S. or APAC long term, or I should say Americas or APAC long term. Sure. On the overall margins, up 270 basis points, the 23.3%. When you look at it, the 26 restructuring actions, the flow-through that we had had on the NIQ transformation, in aggregate, those drove about half the improvement in margins, and the other half has come from the revenue growth on our fixed cost base. Roughly 80% of our costs are fixed, and you are getting that margin flow-through to that 23.3% overall that we had for the quarter. Embedded in that is MEA at that 550 basis points improvement. We have continued to manage our cost base effectively in that market, which has been a key view of us overall for the company, but specifically that it being our largest business and therefore we have been very focused on managing. That team has done a great job in terms of managing costs overall. The other thing I would say, there is a little bit of timing that has happened in our activation solutions there, just in terms of the cost associated with the variable costs associated with those projects. Just a little bit of timing that has benefited us in Q2 overall. Hopefully that gives you some insight to it. As you did see, we did raise our full year guidance on our margins as well. Yes. Thank you. Your next question comes from the line of Curtis Nagle with Bank of America. Your line is open. Please go ahead. Okay, great. Thanks. First, a more short-term question, then a longer one. First, would you be able to clarify just how much of the cash restriction costs you will bear in Q3 and the free cash, and just how to think about the flow from Q3 to Q4? I just want to make sure we get the puts and takes there, right? Yeah. If you look at the cash spend that happened, Curt, as it relates to the programs, there was $28 million in Q1 and $24 million in Q2. I would say that $50 million rough spend that you are looking out over the rest of the year, think about 70% of that is probably going to land in Q3 in terms of thinking about the numbers. Okay. Very good. I guess just the next one, just thinking about, and I think you had mentioned potential scope for more AI efficiencies in the cost space. I just think about long term and how much quicker does that potentially pull you to your above 30% EBITDA target margin range? Yeah. This is Jim. I do not think we have put an exact timeframe on the above 30%. We do have line of sight to it, and it is definitely driven by the continued understanding, practical understanding, and use of AI, among other efficiency programs within our company. AI is a big part of it, and it makes sense for us, as you can. It is kind of logical. We do a lot of work with data, and the more we automate that, the cheaper it is going to get, or the more we use AI, let us call it, to do things, it will be faster and cheaper. We write a lot of code, so the more we use AI, the more we are going to be able to write code faster. We do have a people-heavy company where a lot of the things that we do can be made more efficient through the use of AI, whether it is customer success or even the administering of the sales process itself, or HR and hiring. I can keep going on. It affects every part of our business. We are in the very early innings of taking advantage of that. It has already shown up, as you have seen, in some pretty juicy jumps in our EBITDA margins. You can just say there is. I do not think we have exhausted anywhere near our ability to generate more margin going forward. Okay. Very clearly. Appreciate it. Thanks, Jim. Your next question comes from the line of Shlomo Rosenbaum with Stifel. Your line is open. Please go ahead. Hi. Thank you very much. I want to focus a little bit more on the cash flow. Your cash flow clearly did well. Actually crushed it. For the rest of the year, you are talking about another $50 million of cash restructuring payments in the second half, yet still generating $300 million of free cash flow. If I am thinking about the business in a longer term, can you quantify the total, what you would call one-time-ish cash payments that are going to be absorbed in the guided free cash flow that we should not see on a regular basis? I mean, the $240 million-$255 million, is that with these restructuring payments, without the restructuring payments, and how should someone be thinking about the cash flow when they move into 2027? Because pretty strong, even with a bunch of these one-time-ish stuff. Yeah. Shlomo, the numbers that we guided to for the full year include those payments. Okay in those numbers overall, which just to remind back is $300 million over the second half of the year. We increased it as part of our improved guidance for the full year by roughly $8 million in terms of delivering it, and it does capture the spend associated with it. Look, right now we're continuing to drive our one-time items down. That's been our stated goal and consistently, and going back to our overall capital allocation view, which is first is make sure we're paying down our debt, and that we're getting it below 3 times, and that's generally from that cash. The NIQ GfK integration is really behind us, so that really winds itself down. The 2026 program is efficient, and really kind of picking up on Jim's comments back. We're going to continue to look at efficiencies across the business with one-year paybacks. I think it's just a prudent thing to do. We're going to continue to evaluate those types of items. I think it's difficult to say with any certainty at this point. We'll talk about 2027 when we've firmed up those plans to it. But we're going to be smart about it. We've had a people-intensive business, and we've got great people, but we may not need as many, and so as we have turnover, we may not be filling those spots in terms of thinking about it going forward. Not all actions carry OTIs, and so that's what we'll continue to evaluate. I'm trying to give you as much color as I can, Shlomo, in terms of thinking about it. Hopefully, that's helpful. Okay, thanks. What I'm trying to bridge and think about the guidance versus the last quarter on the revenue side, just in general, how much of the guidance change is FX versus how much is the acquisition that you've made? It looks like you raised the organic by 20 to 30 basis points. But beyond that, could you give us a little more color so we can kind of track FX changes? The FX impacts, when you look at Q2, obviously we are way down from where if you looked at it in the prior years. Q2, America's impact from FX was 3%, EMEA was 2%, APAC was basically flat. They were pretty really minor FX impacts in Q2. And right now based on when we are looking at the forward rates, we do not see a big FX impacts really through the rest of the year. As opposed to Q2 of 2025 when FX was jumping around pretty good with some of the policies that were happening in the world. That is what I would say. Okay. Thank you. Thanks, Shlomo. Your next question comes from the line of Jason Haas with Wells Fargo. Your line is open. Please go ahead. Hey, good afternoon, and thanks for taking my question. I am curious if you could give us a sense for what percentage of your data is now available for MCP consumption, and what does the pricing model look for that? Are you charging customers more for access to the data via an MCP? Is there a consumption-based pricing model there? If you just unpack that a bit. Thanks. Yeah. I will just, Jim, we will start with pricing. We are going to be experimenting with several different kinds of pricing models. Some are consumption-based, some are not. I think that is as far as I will probably take that one right now, because I am sure we will be explaining to that more and more as we learn. But we know the demand is there, and that is part of these charters that we are doing. They are just the beginning of an engagement with these clients to see how much value we are creating inside their world, which we believe is going to be very meaningful and big TAM for us. Troy, I do not know if you want to give more about the actual data that is touchable? Yeah. Our product for MCP consumption, that is Optiq Bridge. That is the product that we announced at C360. It is being launched in full product mode here at the very beginning of September with our official launch. We are in beta right now. The data that is in there is primarily U.S. in beta mode, but we have releases scheduled throughout the rest of this year to get all of our retail measurement around the world. Also our consumer panel data as access through that mechanism. So that is part of the product launch, like I said, in early September. Then continue to have releases every few weeks with the goal to get ultimately all of our data assets set up through the core platform, but across NIQ. Okay, that is great to hear. As a follow-up, it sounded like you teased a product that is going to track agentic commerce measurement, I think is what you referred to. Can you just explain what that is? I am trying to envision when consumer shop agentically, how are you going to go about collecting that data? Thanks. Yes, we will. I think you guys know agentic commerce is an emerging channel. We measure the market, so we will be having products that we will be launching here that cover that channel as it is just another channel. Within that, though, we are also going to measure share of prompt, share of discovery. We will also have share of accuracy of those results, clicks, and then ultimately conversion. That is the product that I guess I teased a little bit. More to come shortly. Okay. We will look out for that. Thank you. Your final question comes from the line of Jeff Meuler with Baird. Your line is open. Please go ahead. Yeah, thank you. Can you just go into more detail on the retailer monetization opportunity? My understanding is that historically it has been more of a value exchange and you are getting data, so you are monetizing the retailer side of the equation less. But is that changing because there is an opportunity for you to provide significantly more value for them through the AI solutions and other things you have been doing as part of the transformation? Yes. The short answer is yes. It is not just AI, it is the consumer panels, it is other data sets that we do not necessarily highlight in these calls. As they are trying to build their own, let us say, right to win in agentic commerce, they are seeing the value of having the kinds of information we have about characteristics of products, understanding consumers better. These are the big players, where there has been more of an exchange, I think, is what you are calling it, of trade and barter or whatever you want to call it. We also are seeing good engagement with mid-size to smaller players who are also going to be able to make use of our tools. I think our value with these clients is just increasing just like they are with the CPGs and the tech and durable guys based on the kinds of data we have and now the more use cases that they can apply it to. Agentic commerce is still figuring itself out, but we are right in the middle of that, and we are kind of learning with them as we go. Our conversations now are much more strategic versus transactional. Then they are saying, "Wow, I did not realize you could do this." That is driving more penetration in almost every retailer. Got it. On the AI monetization strategy, I get that it is going to be evolving, and you are going to be experimenting, and you are focused on driving adoption. On these early adopters, is there some sort of short duration trial period where they are capped on volumes, or there is heavily discounted pricing, and then at some point in 2027, it flips to more normal monetization levels? How should we think about that? We are very interested, that is the right word, in ensuring that they do use the tools, and they do see the power of the tools right away. Not getting somehow caught up in some of the way the LLMs are doing their thing, which are scaring folks and using too many tokens or whatever, right? Our experimentation is at first saying, is it generating the value for them? Then we have various ways, based on all the different kinds of work we do with them anyway, on contract negotiations or otherwise, where we can say, "If you want to continue using these kinds of tools, of course, there will be the compensation for us for you to use them." That is the way you should think about the consumption base. That comes really in two ways. One is using it online and transacting, or having access to our information through, let's call them APIs, where they can get at our data, but then they pay for it for that particular use case for that particular point in time. Got it. Thanks, Jim. You are welcome. There are no further questions. Okay, great. Thank you all for joining. It has been about a year now since our IPO, and certainly, the world has changed quite a bit, and I think we have anticipated some of it, reacted to some of it. You are seeing it not only in our results financially, but in the way we are able to talk about our business with real-world examples of what we are doing to serve our clients in this world where we are providing both the Full View and these AI capabilities to become even more relevant. We look forward to the next call. This concludes today's call. Thank you for attending. You may now disconnect.