All right, I think we're ready to get going. I'm D.J. Hynes. I'm the senior software analyst here at Canaccord. We're delighted to have the ON24 team here with us. Sharat is the CEO, Steve is the CFO. This is the 44 year we've done this conference. We couldn't do it without the support of the corporates that come and bring the growth and the content. So thank you guys very much for being here. The plan, Sharat's gonna run through maybe 10 minutes worth of slides, and then we can do some Q&A to kinda hit on some of the finer points. But I'll turn it over to Sharat, and run through an intro to the ON24 story. D.J., thank you. Thank you for having us, having us. As D.J. said, I'm Sharat Sharan. I'm founder, CEO of ON24. With me, Steven Vattuone, CFO. Just a quick high-level update for people who don't know that much about ON24, and I'm gonna rush through this pretty quickly because we want to get into a kind of a discourse with D.J. So first of all, what is ON24? It's an Intelligent Engagement Platform for sales and marketing. What does that mean? Thousands of customers use our product. They engage with their prospects using these experiences at scale. Our platform takes all that engagement data, converts that to first-party data and insights, and transforms that into revenue. Now, what kind of experiences are these? These are a suite of experience. Could be, could be, webinar experiences, virtual events, hybrid events, multimedia hubs, personalized landing pages. With the launch of AI, AI is going to fundamentally change sales and marketing. We have launched, and I'm gonna talk about that. We've got hyper-personalization at scale, and other AI advantage to make the platform a lot more differentiated and intelligent. Just high level, the company revenue grows $150 million, $131 million in that one ARR. We have been EBITDA profitable for five quarters in a row and high, high margins. The company is enterprise-focused. 75% of our business, 75% of our business is enterprise-focused. And if you look at our top customers who are over 100K and above, they spend approximately $800,000 in ARR with us. Our customer list, as you will see, is a who's who. We focus on six or seven core verticals. In technology, you will see three of the five largest technology companies are standardized on ON24, from Salesforce to Microsoft. Microsoft has Teams, but they use ON24 for all of their webinar marketing, and also for partner enablement. SAP, ServiceNow, NVIDIA. You look at manufacturing, three of the five largest manufacturing companies. Asset management, I talk about digital transformation, use cases, and compliance. We have got Vanguard, Morgan Stanley, Fidelity, et cetera. Life sciences, we do a good amount of business there. Professional services and media information technology, a who's who of companies in these areas. Why do these companies work with us? Because we deliver tangible ROI for them. ServiceNow, we are the number two pipeline-generating channel for them after their website. AbbVie, on the life sciences category, 200% increase in healthcare professionals. AAA, compared to the previous company that they use, 40% more sales from the ON24 channel, and the list goes on and on. That's the reason why ON24 exists. And, you know, for many of you who know ON24, I recognize there are some immediate term headwinds because of the marketing budgets and the state of the macroeconomy. That being said, we've got sustainable tailwinds after these headwinds abate. And if you think about this, according to Gartner, by 2025, that's only next year, 80% of sales interactions will happen over digital channels. According to Forrester, 70% of B2B buyers are self-educating before they buy. Of course, the AI, the impact of AI on sales and marketing is going to be very, very strong. Ladies and gentlemen, these are sustainable tailwinds that are gonna be very important for ON24's evolution. Talking about our product, you know. One second. Talking about the product and our history of innovation. In 2013, we created this category of webinar-based marketing, webinar engagement, webinar marketing. What does that mean? A typical ON24 webinar experience has 200-300 people who spend 50 minutes, approximately. We take all those minutes of engagement, convert that to first-party data that helps us drive revenue, and the ROI that I shared with you about. By 2018, we expanded the platform. We added always-on and personalized landing pages, multiple products, made it an ON24 digital engagement platform. And earlier this year, we launched Intelligent Engagement Platform with the launch of AI-powered ACE, make our platform more personalized and more intelligent, again, with the foundation of first-party data. I talked about the ON24 experience. Typically, 200 people attend, spend 50 minutes, 20+ data points. Last year, we delivered over 1 billion engagement minutes on the platform, and on an average, more than 2 million professionals per month spend time on ON24. And when you think about from an intersection of engagement and data, there's no other technology that provides you cost-effective engagement with first-party data at that price. Yes, you can look at physical events. It's great to be here, but it's expensive, and there's no data. Same thing here. This further highlights the fact that every ON24 experience, whether it's a webinar experience, engagement, or personalized landing page, everything has over 20 different engagement tools and buying signals, data points that our customers get out of the ON24 platform. Look at physical events, only that you've attended. Look at email marketing. It's seconds of engagement. Only ON24 provides you over 50 minutes of engagement. With the launch of the intelligent engagement platform I talked about, we've got the best of breed experiences, webinar experience, hybrid and virtual events, content hubs, and landing pages, and the list goes on. We're gonna continue to add more experiences that allow our customers to engage with their prospects at scale. We take all that, convert that to first-party data, and integrate that with the sales and marketing ecosystem. And now with the launch of AI-powered ACE, we've added personalization and ability to automate content to that, again, to really capture more and more data and drive revenue. This is an example of the data. Once a prospect engages on a platform for one of your companies, this is just an example of the kind of data that you're able to get about and learn about the prospect. Initially, you probably don't know anything about this person, but you can figure out. You can see the level of engagement. On top, you have the engagement. On the right side, you have the buying signals, how many meetings, free trials this person has done. You can learn through our machine learning, you know, what business interests this person is interested in engaging with our platform, and of course, that allows the salespeople, and the SDRs, and the marketing people to provide recommended content to this particular person. AI-powered ACE, we'll, we'll talk a little more about that, but this has been... Ladies and gentlemen, sales and marketing is gonna be transformed by AI. Why is that? First of all, we've launched hyper-personalized experiences, engagement at scale. In one, if you're trying to reach institutional investors, within one live webinar experience, you can have separate experience for a Fidelity, for a Vanguard, for a BlackRock, completely separate experiences, and you just have to set it up once. And then on the other side, you can take a live webinar experience and, and create derivative content. You can have e-books, and blogs, and takeaways, and all that stuff. Imagine, it's just not about an event, it's, it's continuous engagement. We'll talk more about this shortly. And finally, our focus, whether we are talking to a technology company, our focus is we may get into demand generation, but is to expand into multiple use cases, partner enablement, customer marketing, get into life sciences, but, you know, healthcare professional engagement, member and broker enablement for insurance and asset management, and professional certification, professional certification for companies. So again, one platform for digital engagement, that's our focus, that's our future. Thank you. Awesome. It's a great overview and a good intro, and maybe we can unpack some of the details now. Sharat, I wanna do, like, a little revisit of history just to set the context for where the business is today, 'cause I think it's important, right? COVID hit, your business absolutely exploded. On the, on the back end of that, I think you would admit it was challenging to predict down sells and churn as budgets were right-sized and kinda life got back to normal. Where are we in that process today, and what are you seeing in the business from a retention standpoint? Okay. So, let me start, and you've asked a few questions on that. Of course. Every analyst asks, like, four questions at once. So yes, D.J., we've been impacted in the last 3-4 years by the pandemic boom, the post-pandemic normalization, and yes, we had to deal with the marketing budgets with and front-end software, you know, limitations in organizations due to the macro. That being said, we are in very early innings of this, and I'll talk about how, you know, where we are. But we are in early innings of companies engaging with millions of prospects, using engagement and converting that to first-party data and driving revenue growth. Now, let me talk a little about where we are. We believe we have turned the corner. In the last earnings call, that's what we talked about. And there are 3-4 things. First of all, you talked about gross retention. Q2 was one of our best retention quarters in the last three years. If you unpack that between churn and down sell, in terms of dollar churn, it was the best churn quarter in the last three years, and in down sell, it was one of the best quarters in the last three years. The reason this is important, because we had an issue with that, you know, before. And in 2023, the market was a lot more frenetic, also, so we feel quite good about it, and we expect to consolidate that as we move forward, okay? Next thing, we launched AI-powered ACE in January last, January this year, and only in the second quarter since we launched AI-powered ACE, it began as high teens from an ARR percentage as part of the total growth ARR, okay? And it doubled compared to Q1, so we are quite encouraged by that. Third, and you've heard, you know, four years back, our technology and manufacturing business ARR was about 50%. Now, you know, those got impacted, but we made a conscious decision to really focus on these, compliance-driven, mission-critical digital transformation use cases, like life sciences and financial services. And I'm happy to report that Q2, both of them grew quarter-over-quarter and sequentially, and they are now 33% of our business ARR, compared to 20% before. So, and on top of that, we have now, you know, reduced significant amount of costs and made the company a bit more profitable. So with all those changes, and we expect that we are gonna continue to build on that in Q3 and others. We provided guidance that Q3, we expect to be breakeven to -1%, ARR, from an ARR perspective. So, that's where we are. We believe we have turned the corner. We are very focused on getting this company back to ARR growth, and eventually, in due course, double-digit revenue growth and EBITDA margins. Yeah. Yeah, and I would say execution in the last couple of quarters against financial targets has been much, much better, which signifies kind of the stability and the visibility that you guys have into the business now. Let's talk a little bit about AI-powered ACE, because I think it's an important part of the growth story. Maybe just help frame the most significant differences as you see it, relative to the prior generation platform and kind of why that's driving customers to ON24. Yeah, so, one thing which, which I mentioned in the presentation also, I, I think if you ask any of the analysts, they'll tell you that AI is going to fundamentally change sales and marketing. There's a lot of inefficiency in the whole process. There, there's cost savings, and there's revenue growth, and I'll talk about that. And what we are focused on is to be the AI platform for intelligent digital engagement. Now, when we specifically talked about AI-powered ACE, and this is just our first offering, and what we did, we took two or three new capabilities or products and put that under the umbrella of AI-powered ACE. ACE means Analytics and Content Engine. First, you know, we have, we have the best-in-class experiences, the first-party data, and their deep integrations with the sales and marketing ecosystem. So AI-powered ACE builds on top of that. What we are able to first do is, like I just talked about, you've got 10 different channel partners. Within one live experience, you can, you can provide hyper-personalized and segmented audiences. You don't have to have 10 different experiences. You can, you can do that. I believe we are the only company in the world that can provide that for live experiences. You can set it up. Second thing is, you know, in a live webinar experience, it's like 50-55 minutes of dense content. Now, imagine taking that content, and within, with one click, you're able to get five different pieces of content. You're able to get e-books, blogs, all that stuff, and, you know, marketing teams, they would start from scratch to build these things. Right. Now, they can create or have all that. We can take it almost 90% of the way there, okay? And then they can do some more work. So they spend so, so much less time and effort to do that. And the other thing, which is even more exciting, is now using the same thing about having a 50- to 55-minute live webinar experiences, we are able to create these very small snippets, key moments, the most important things that come off that, and then after the event, you can continue the engagement with your customers and prospects. All these things within the platform, with a click of a button, that you're able to do. So very, very exciting. Very, very exciting, and that's why what we are being here today is, I think we are one of, one of the important products in the sales and marketing universe that is seeing such significant traction because of the ROI it is producing for our customers. They're saving time. Yeah. They're getting more revenue based on how they're implementing the ON24 product. As I said, in only the second quarter, the ARR became high teens as a percentage of growth ARR. We expect that this is going to continue to ramp this year and provide significant tailwinds into 2025. As you think about the near to intermediate-term opportunity for that, in your eyes, is it a tool that will give you leverage to cross-sell and upsell on the installed base, or is it more something that's differentiated enough that's gonna attract new customers? I think all three things. First of all, you know, it's gonna help, it's helping in retention, it's helping in expansion and cross-sell, it's helping in new customers. So let me explain that. One of the things we did as we launched AI-powered ACE, you know, you're always wanting to interact with your customers at senior levels. Now, we had something that we could basically tell them, show them: "Hey, how AI is transforming sales and marketing and other stuff." So we had a program to reach one of our top 390-300 customers above a certain thing at senior levels. And what that does is, companies like to work with people who are driving the future. Yeah. Right? What it does, it also helps you on retention side, and that's part of the retention is improved story. Now, on expansion and cross-sell, we developed a SKU that customers who are already there, they can upgrade to the platform. Now, that helps. I think that's where we see the maximum traction because these are already customers who are more mature, right? Yeah. You expect mature customers to adopt it faster. We are seeing, by the way, in the enterprise, like data security and other, some level of AI compliance. It somehow creates a little roadblock. Sure. But again, we know how to sell into enterprise. And then also, a new business, from a new business point, the way we priced and packaged it, we have, in January, launched three different pricing packages. One was, you know, essential, standard, and advanced. Standard and advanced, both have AI-powered ACE right in the bundle. Yep. We are seeing traction, D.J., on all three categories. Probably a little more on expansion, j ust because of the maturity of the customer. Yep, yep. Makes sense. One of the things you alluded to in an earlier answer to a question was the go-to-market focus on the regulated industries. Can you just talk a little bit about why ON24 is resonating so well in life sciences and financial services, and kinda how that informs the growth strategy? Yeah, so, you know, as we looked at our business, you know, as we faced some of the, some of these headwinds, we saw that our business in pharmaceutical and life sciences, in asset management, and in insurance, and financial services was quite strong, and we had the who's who of those. And as we looked at more and more of that, it is because there are two things that happened. One, these are very compliance-driven organizations, like, you can't really have a life sciences webinar unless it's gone through compliance, and there are requirements and things, but they have to do it. Yeah. Because you can't go and keep doing those Morton's The Steakhouse dinners and other stuff, right? Right. You've got to do it. You've got to track it. So we, so we saw the elements of compliance with, you know, must-do kind of nature of this thing, and also that they're in early stages of the transformation. So we started focusing on these categories similarly in financial services. And so very encouraging to see that that business has gone from 20% of the ARR four years back to 33%, at the end of this. So what that has allowed us to do is, in this time, you know, yeah, we've got this, we've got the stability, we've got the new product and all that stuff, but our business has also become more broad-based. As these headwinds abate and people start investing in more revenue-generating activities, I'm gonna have a much more broad-based platform. Yep T hat is not that dependent on the technology sector as we move forward. So that is exciting. Yeah. Hope you didn't think you were gonna get off easy, Steve, and not have to say anything. We're coming for you. So another big change, for the positive in the business has been the evolution towards more multi-year deals. It's probably worth highlighting some of those numbers and talking about whether that's kind of a concerted effort on your end, whether that's some buyers getting more comfortable with the environment and willing to make multi-year commitments, just kinda what's behind it. Yeah. So, it has been a concerted effort on our end, very much so. In fact, our multi-year ARR, the percentage of our ARR multi-year deals was 29% at the end of 2020, and in three years, at the end of 2023, we got that up to 49%. So that's a 20-point increase in three years, so it was very much a concerted effort. It's also a result of, you know, customers getting more comfortable with the platform. They're making multi-year commitments with us. These are major customers, as Sharat pointed out. They don't do that unless they're pretty comfortable with the platform and the technology, and they're getting good ROI out of it. So we've definitely seen a huge increase in the percentage of our multi-year deals. We don't disclose that annually, but we did just tell people on our earnings call that that number was north of 50%, was its highest number ever, so it's continued to increase since the end of the year. So we're definitely continuing to see more progress there. Now, that's showing up in a positive way in the retention numbers and ultimately the ARR numbers. We talked on our earnings call, and Sharat talked about this as well, how our gross retention was better than it's, you know, been, on average for the last three years, and a part of that was we're having more customers in multi-year agreements. So, A, they're locked in, and B, when they come up for renewal, these customers tend to churn at a much lower rate and renew at a much higher rate. It's definitely been a net positive for the business, D.J. Yeah. Yeah, perfect. Sticking on the numbers topic, the business is in a much better, more stable spot now. The operating metrics probably aren't where you want them, meaning there's room for improvement. One of the questions I often get asked is, like, what does ON24 look like in a more normalized environment? How would you frame that for investors? Well, our target operating model is to have top-line growth, gross margins of 78%-80%, and an operating margin at the bottom line of 20%. Now, we're working to get back to growth, as we discussed. In terms of the gross margins, we're at 77% the last three quarters, so we're pretty much there on the gross margins. On the operating margin, we were EBITDA and EPS profitable for the last five quarters, and we're actually free cash flow positive for the last two quarters. So we've still got work to do there, but we're definitely making progress. Now, we're always, you know, prioritizing to return to growth and balancing profitability with that, so we are making some key investments in things like, you know, R&D around generative, around the AI products. ACE is a good example of that. Also, around the go-to-market investments we're making in the regulated industries, and as Sharat discussed, we've had a lot of success there. Year-over-year and quarter-over-quarter growth in terms of absolute dollars in those two verticals, and we've grown those out. Now, as we, you know, look forward, you know, we believe we can grow the top line, keep our, you know, cost structure relatively close to where it is, and also improve the bottom line over time. Now, in terms of the macro, when we laid out the guidance for the rest of the year, we assumed no increase in the macro. So if the macro does get better, that'll of course be a net positive to the guidance that we've provided. Yeah. If you had to key investors in on kind of a KPI or two that would be significant for you guys to improve growth, right? Drive that re-acceleration. Like, where would you focus folks? What should we be paying attention to? You know, the key KPI, which we disclose each quarter, is ARR. You know, ARR precedes revenue, and, like we said, we made sequential improvement from Q1- Q2. We expect further improvement in the second half of the year. The guidance that we provided was, we expect it to be between break-even and -1% in Q3 and Q4. So break-even's getting pretty close to growth, and once ARR gets back to growth, that's really the key metric. Revenue growth will follow, and that, of course, will also help the bottom line. Yeah. Where are we from a buyback perspective? I mean, the stock's cheap. The message I'm getting from you guys is, things are getting better, and we're positioned to drive growth. This would seem like an opportunistic time to be buying the stock. So what, what, what are we, what are you guys doing? Well, first off, in terms of capital return, prior to the current share buyback, we've actually returned $166 million to shareholders between December 2021 and Q1 of this year. So we announced a new $25 million share buyback program in March of this year. It runs for one year until March of 2025. Through the date of our last earnings call, which was about a week ago, we have returned $8.3 million or used $8.3 million of it. So we've returned a fair amount of capital. We're buying back more stock because we believe the stock is undervalued at the moment. And even with this, our balance sheet continues to remain strong. At the end of Q2, we had, you know, about $194 million of cash and investments on the balance sheet and no debt. Free cash flow generative as of the last couple of quarters. We did generate positive free cash flow for the first two quarters of this year. Yep. Our shot clock is winding down back there, so maybe we'll leave it with a parting thought. Sharat, as you speak to investors, like, if there's something that you think is underappreciated about the opportunity or the business or the message that you want to leave them with, as it, you know, pertains to investing in ON24, what would that be? Well, I think the problem we are solving for customers is a massive opportunity. How do you engage thousands and thousands of companies, engaging prospects at scale and making them customers using engagement and data? And second, ON24 has a very unique solution. Nobody does what we do. We use first-party data to drive demand generation and partner enablement from our technology, healthcare professional engagement for life sciences, broker enablement for, for financial services, and professional certification. And AI is fundamentally gonna change sales and marketing, and we're gonna be, be in the front end and, and, and drive that stuff. I think there's a tendency many times from these investors, and we understand this, to look at ON24 from the prism of post-pandemic, and the immediate headwinds from the macro on front-end software. I think what I'm happy to report is, I believe we have turned the corner. Stability, we have diversified our business, profitability, strong gross margins, and we believe that as companies start investing in growth, they have to use a revenue-generating platform like us to drive that, and I'm very focused on driving the company towards double-digit growth and double-digit operating margins. That's a great message to end on. Steve, Sharat, thank you guys very much for doing this. Thank you. We appreciate it. Pleasure. Nice job.