Thank you for standing by, and welcome to Skillsoft's second quarter fiscal 2027 results conference call. At this time, all participants are in a listen-only mode. After the speakers present, there will be a question and answer session. Please note that today's call is being recorded, and a replay of the call and webcast will be available shortly after the call concludes for a period of 12 months. I would now like to hand the conference over to your first speaker today, Nick Teves, Investor Relations. Thank you. Please go ahead. Thank you, operator. Good day, and thank you for joining us to discuss our results for the second quarter ended July 31, 2026. Before we jump in, I want to remind you that today's call will contain forward-looking statements about the company's business outlook and our expectations that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements concerning financial and business trends, our expected future business and financial performance, financial condition, and market outlook. These forward-looking statements, and all statements that are not historical facts, reflect management's current beliefs, expectations, and assumptions, and therefore are subject to risks and uncertainties that could cause actual results to differ materially from the conclusions, forecasts, estimates, or projections in the forward-looking statements made today. For a discussion of the material risks and other important factors that could affect our actual results, we refer you to our most recent Form 10-K, the Form 10-Q filed today, and other documents that we file with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statements or information which speaks as of their respective dates. During the call, unless otherwise noted, all financial metrics we discuss, other than revenue, will be non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles, and except with respect to consolidated free cash flow, or otherwise noted, refer to continuing operations. For example, listeners should be cautioned that references to phrases such as adjusted EBITDA and free cash flow denote non-GAAP financial measures. Non-GAAP financial measures do not have standardized meanings, may not be comparable to similar measures presented by other public companies that describe similar metrics, and should not be considered in isolation or as a substitute for GAAP financial measures. A presentation of the most directly comparable financial measures determined in accordance with GAAP, as well as the definitions, uses, and reconciliations of non-GAAP financial measures included in today's commentary to the most directly comparable GAAP financial measures are included in our earnings press release for second quarter fiscal 2027, which has been furnished to the SEC on Form 8-K and is available at www.sec.gov, and is also available on our website at www.skillsoft.com. Note that we do not provide reconciliations for forward-looking non-GAAP financial measures as we are unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Following today's prepared remarks, Ron Hovsepian, Skillsoft's Executive Chair and Chief Executive Officer, and Ron Kisling, Skillsoft's Chief Financial Officer, will be available for Q&A. With that, it's my pleasure to turn the call over to Ron Hovsepian. Thanks, Nick, and good afternoon. Thank you to everyone for joining us today. Over the past several quarters, we have simplified Skillsoft, sharpened our focus, and concentrated our investments on the areas where we have the greatest opportunity to differentiate and deliver measurable customer outcomes. With the completed divestiture of Global Knowledge, we are now centered on our core mission, helping enterprises build workforce readiness through an AI-native skills management platform. The platform connects trusted learning content with skills and work, helping customers develop capability faster and deploy talent where it creates measurable business impact. Today, I'll cover three priorities. Our sharper focus after the sale, our AI platform investments and growth opportunity ahead, and our plan to address our capital structure. Let me start with our strategic focus. GK played a meaningful role in Skillsoft's history and will remain an important partner for customers that value instructor-led training. But ownership of that business added complexity, diluted our growth profile, and required management attention that can now be directed toward our enterprise platform opportunity. We now have a simpler story, a cleaner operating model, and a clearer path to improving growth, predictability, and free cash flow visibility over time, all of which is contributing to the stability of our business. By concentrating our capital, talent, and investments, we are better positioned to serve our customers, driving recurring revenue, and expand margins over the long term. For the consumer business, our objective entering the year was to maximize profitability and cash generation, and that strategy has remained unchanged. While broader consumer weakness and the growing impact of AI on the coding-related learning demand have increased top-line pressure in the segment, we are proactively adjusting our investment profile to preserve margins and deliver against profitability objectives established at the start of the year. Shifting to our enterprise offering, AI is changing job requirements, operating models, and the mix of human and AI skills that organizations need. Skills connect people to roles, projects, and business priorities. Yet we believe most organizations lack a consistent way to understand the skills they have, the skills they need, and whether their workforce is ready. Skillsoft brings content and an AI-native technology platform together around skills management to address that gap. We have added new content creation capabilities. Our trusted learning content helps organizations build the leadership, technology, compliance, and the AI capabilities strategies require. While our platform helps them identify gaps, focus development, and assess readiness. Customers can begin their skills management journey by integrating our differentiated, interoperable platform with their own data and current point solutions. We believe that this combination uniquely positions us to help customers translate AI disruption into workforce capability in a secure, measurable, and scalable way. We are now seeing customers respond to our broader value proposition. New platform activity continued to expand during the quarter. Retention remained healthy, with dollar retention of 95%, and our pipeline reflecting growing interest from organizations working to identify and quickly close skills gaps. We continue to see our customers validate the incremental value created by new AI capabilities in the platform. We remain on track to hit our goal of $5 million in platform bookings by the end of this fiscal year. Two recent developments show how AI is creating greater value across our platform. We are helping customers create company-specific content faster and expand access to personalized hands-on development. First, our next-generation AI-based LX Design Studio platform capability reached general availability. LX Design Studio enables customers to turn their own expertise into custom courses, assessments, and interactive practice experiences within the Skillsoft platform. In early adopter testing conducted from February through June 2026, the LX Design Studio capability reduced production time of comparable interactive courses from a typical two to three weeks to three to five days. In addition, 80% of the participating customers designed and published a custom CAISY Conversation experience in just 15 minutes. A global IT and business consulting firm shows how customers are putting this capability to work. The customer used LX Design Studio to create and publish more than 70 interactive courses and assessments by combining its internal expertise with Skillsoft's unique instructional design expertise and trusted content library. In more than half of these, employees leveraged CAISY simulations to practice high-stakes conversations and receive feedback on their performance. Second, we are expanding access to personalized hands-on development. In July, we launched early access for AI Coach. AI Coach brings personalized coaching into the Skillsoft platform, expanding access to a service historically reserved for a limited employee population. It helps employees reflect, set development goals, and act on what they have learned. This creates a more continuous and personalized development experience. More than 30 customers were identified for early access. Early customer traction continues to build, with seven organizations already piloting the solution, including top-tier global technology, telecommunications, and financial services companies. Customers consistently cite AI Coach's ability to scale expertise across complex organizations as a key driver of interest. While its alignment to the International Coaching Federation standards continues to resonate as a differentiator. AI Coach builds on the momentum we are already seeing for AI-powered practice through CAISY, our conversation simulator. CAISY enables employees to practice role-specific scenarios in a safe environment and receive immediate, actionable feedback before applying those skills on the job. By the end of Q2, the number of CAISY learners increased 23% year-over-year, while the number of organizations using CAISY grew 9%, reflecting the growing demand for AI-enabled practice in skills development. Our work with a global professional services firm shows the enterprise value behind that growth. The customer used CAISY to scale its cybersecurity expertise through personalized hands-on practice that prepares consultants for client conversations. This work was recognized last month with a Silver Award for the best use of AI for learning in the 2026 Brandon Hall Group HCM Excellence Award. Our enterprise-first strategy is paying off in demand and competitive displacement. We are winning against competitors while we stay disciplined in our focus on the enterprise. Most recently, a global reinsurance company became a new customer, selecting Skillsoft over a content-focused competitor through a three-year agreement. The customer is working to become a skills-based organization with technical capability and AI fluency at the center of its strategy. The decision to choose Skillsoft followed a six-month evaluation that extended beyond content to include skills, AI-enabled learning, enterprise integration, and the requirements of a highly regulated organization. This win illustrates where our strategy is resonating. Customers continue to need high-quality content, but they increasingly want that content connected to a broader skills strategy. Our combination of trusted content, custom content creation through LX Design Studio, and enterprise platform capabilities differentiate Skillsoft from providers primarily focused on content access. Trusted content remains a key driver in our growth strategy. In June, Skillsoft received six Telly Awards, including three gold awards for scenario-based training developed as part of our compliance solution. This recognition reinforces the quality of our content and the expertise we bring to critical workforce needs. Looking ahead, we believe the opportunity to connect content and development more directly to how organizations plan and execute their work. That is why we developed the skills supply chain, a framework that begins with a business outcome and connects it to the human and AI work, skills, and workforce readiness required to deliver it. Skills intelligence will be an important next step in bringing that framework to life. New capabilities coming to our platform will turn learning and assessment activity into skills evidence, giving customers a more current view of workforce proficiency and readiness. This will help leaders embedded in the business identify skills gaps earlier, prioritize development investments, and make better-informed execution decisions. We expect to share more soon. What differentiates Skillsoft is our ability to not only identify skills gaps, but also help customers close them. By connecting skills intelligence with trusted content, AI-powered content creation, and the learning experiences required to build capability, we help organizations move from understanding workforce needs to preparing the workforce to meet them. The strong customer momentum we are seeing from early acceptance of our new AI platform capabilities, combined with improvement in our go-to-market motions and pipeline expansion opportunities with large existing customer base, gives us confidence that we are approaching growth in our enterprise business. That brings me to our up-and-coming debt maturities, which remain management's top financial priority. The completion of the Global Knowledge divestiture is an important milestone that further simplifies the company and enhances the stability, predictability, and visibility of our cash flow profile. It allows us to engage with our lenders from a position that more clearly reflects the business we are today and the business we are building. We have put the appropriate governance and advisory framework in place to support this effort, including the formation of a special committee of our board and the engagement of experienced advisors. We are ready to approach this process with discipline. While we are not going to speculate on the timing or potential outcomes today, our objective is clear: to establish a capital structure that better supports Skillsoft's long-term strategy, strengthens financial flexibility, and provides the foundation to continue investing in the growth of our skills management platform. Before I turn it over to Ron, I want to give a quick update on our guidance. As a result of the accelerating dynamics in our consumer business, we are reducing our fiscal 2027 revenue guidance to a range of $380 million-$390 million. Most importantly, we are maintaining our full fiscal year adjusted EBITDA and free cash flow from continuing operations guidance, reflecting the continued focus on profitability and disciplined management of the business. Ron will provide additional detail on our updated outlook in a moment. To close, there is still work ahead, but the direction is clear. We are building a simpler, stronger Skillsoft with a platform increasingly relevant to the enterprise needs created by AI disruption. We are addressing our capital structure with discipline, and we believe product innovation, improved retention, early strong customer indications of platform adoption, and better go-to-market execution position the business for a more durable growth trajectory. We believe that position helps us create value for our customers, employees, lenders, and shareholders over time. With that, let me turn the call over to Ron Kisling to cover our financial results in more detail. Ron? Thank you, Ron, and good afternoon, everyone. Before I move into the financials, as a reminder, and as noted at the beginning of the call, consistent with prior quarters, our discussion will focus on non-GAAP financial measures, unless otherwise stated. As we pointed out last quarter, the former Global Knowledge business is classified as discontinued operations. As a result, except for consolidated free cash flow, and unless otherwise stated, the financials discussed today relate to our continuing operations, which are comprised of our Talent Development Solutions business, which is more simply referred to as Skillsoft. Now turning to the results for the second quarter. Total revenue was $98.2 million, down 2.9% compared to Q2 2026. While our dollar retention rate, or DRR, improved to 95% from 94% in the prior year quarter. Our LTM DRR was 98% compared to 99% in the prior year period. The decline in our GAAP revenue was largely attributable to our consumer business, and excluding consumer revenue, our core enterprise business was roughly flat year-over-year, with a decline of approximately 1%. With respect to expenses, we continue to see year-over-year improvements. Cost of revenue was $15.1 million in the second quarter, or 15.4% of revenue, compared to $15.8 million, or 15.6% of revenue in the prior year period. Cost of revenue is largely variable and generally moves with revenue volume and product mix, as different offerings carry different margin profiles. The year-over-year decline primarily reflected lower revenue, partially offset by a greater mix of lower margin labor-based offerings. Overall, adjusted total operating expenses of $64.8 million in the second quarter, or 60% of revenue, were down $5.1 million or 7% year-over-year. Looking at operating expenses by functional area, content and software development expenses were $11.5 million in the quarter, down approximately 8% year-over-year at 11.7% of revenue. Our selling and marketing expenses were $25.4 million in the second quarter, down approximately 12% year-over-year or 25.9% of revenue, reflecting the benefit of lower spending due to a redesign of our go-to-market. General and administrative expenses were $12.8 million in the second quarter, flat year-over-year at 13.1% of revenue. Our adjusted EBITDA from continuing operations was $33.4 million, up 7% compared to $31.2 million in the prior year's comparable quarter, with adjusted EBITDA margin as a percentage of revenue for the quarter improving to 34% from 31% in the prior fiscal year period. Our GAAP net loss from continuing operations was $15 million in the second quarter, compared to a GAAP net loss from continuing operations of $18 million in the prior year period. GAAP net loss per share from continuing operations was $1.67, compared to a $2.10 net loss per share in the prior period. Our adjusted net income was $10.5 million, or $1.17 per share in the second quarter compared to an adjusted net income of $13.6 million or $1.59 per share in the prior year fiscal period. I will now discuss our cash flow and balance sheet highlights. GAAP cash equivalents, and restricted cash were $93.1 million at the end of Q2, and our consolidated free cash flow for the second quarter was negative $20.5 million, compared to negative $22.6 million in the prior year period. As a reminder, due to the seasonality in our cash collections, we typically consume cash in our fiscal second and third quarters and generate positive cash flow in our first and fourth quarters. Total gross debt on a GAAP basis, which includes borrowings on our term loan and accounts receivable facility, was $575 million at the end of Q2, down from approximately $579 million at the end of the prior year period. Total net debt, which includes borrowing on our term loan and accounts receivable facility, net of cash equivalents, and restricted cash, was approximately $481 million, up from approximately $475 million at the end of the prior year period. Lastly, as Ron mentioned, we've seen an acceleration of negative impacts in the consumer market, as well as an increasing impact from AI on our consumer business, which is primarily focused on coding. As a result, we are revising our full year fiscal 2027 revenue guidance to a range of $380 million-$390 million from our previous range of $388 million-$406 million. We continue to be very focused on running our business with a strong operating discipline. As a result, we are maintaining our adjusted EBITDA and free cash flow from continuing operations guidance, with adjusted EBITDA from continuing operations expected to be between $108 million and $116 million, or approximately 28% of revenue. We expect free cash flow from continuing business operations to be in the range of $14 million- $22 million. As we discussed in prior quarters, we expect to generate free cash flow from continuing operations in the fourth quarter of the year, all of which is reflected in the guidance range we have provided. As a reminder, when we originally issued our free cash flow guidance for fiscal year 2027, it was for the go-forward Skillsoft business. At that time, we were unable to estimate when and if Global Knowledge would be sold. With the completion of our sale of Global Knowledge during Q2, we are now able to estimate the impact of Global Knowledge on our cash flow and liquidity. For our fiscal year 2027 free cash flow, we estimate the impact of Global Knowledge disposal will consume about $15 million of cash attributable to cash burn from operations, transaction-related costs and stranded costs, $12 million of which was incurred through July 31st, 2026. Our Q3 cash from investing activities will also include approximately $4 million of cash used for third-party advisors attributable to the sales process. Outside of cash flow, the structure of the Global Knowledge transaction included approximately $13 million of deferred proceeds, subject to customary closing adjustments, including $4 million due this fiscal year, $6 million due in fiscal year 2028, and the remainder due in fiscal year 2029. We received a payment during Q3 and continue to work closely with the buyer to ensure all remaining payments are collected in accordance with the sale agreement. That concludes our prepared remarks. Operator, please open the line for questions. Thank you. We will now be conducting a question- and- answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Thank you. Your first question comes from Ken Wong with Oppenheimer & Co. Please proceed with your question. Thank you for taking my questions. Ron, I wanted to dive into the consumer segment first. Acknowledge that that business remains weak. It looks like it decelled from the Q1 softness. Can you maybe just elaborate again in terms of what's happening there? Do you see a potential stabilization in sight? Do we just need to burn off specific product lines? What's the path to hopefully get that business back on track? Yeah. This is Ron Kisling. I think what we've started to see is, which we described on the call, is an acceleration in the decline. What we're seeing is an impact in the consumer segment overall. We're also seeing an accelerated impact of AI on the consumer business. Our consumer business was focused around code development, which is an area that's been transitioned a lot of that work to AI and AI agents to create that. Our strategy on that business from beginning of the year is to really run that business with a focus on profitability. We continue to do that. But the acceleration has accelerated. We do think that acceleration is going to continue, but we do expect that business to continue to be, unlike the GK business, a profitable business, continue to contribute to the bottom line. So while we see dislocation in the top line of the consumer business, the profitability remains intact and allows us to maintain our total company outlooks on profitability, adjusted EBITDA, and cash. Understood. Appreciate the color there. Then perhaps on the enterprise side, while that did improve slightly as far as the decrease year-over-year, again, business still downtick year-over-year. I guess what are some of the puts and takes there? Do you feel that that business is in a good place from a stabilization perspective? I recall last quarter you guys touched on how at least bookings were a source of strength, so something that might not be obvious in the revenue figures. Can you comment on Q2, whether or not we're seeing maybe a similar dynamic as far as leading indicators of the enterprise side? Yeah. I think there's a couple of dynamics. First and foremost, I think we are seeing a real stabilization in the enterprise business. It was down a little less than 1%, actually. A lot of the impact we're seeing, even through Q2, we talked about on the Q1 call, stems. We have an annual business from our contracts from some bookings impact we saw in the first half of 2026 due to some federal cost cutting, and you're seeing that sort of play out. So that's still impacting Q2. That pretty much goes away as we exit this. So we're starting to see that stability and the impact of that go away. That headwind should be behind us as we move into Q3. Yeah. This is Ron. I will add one thing on top of that. We are seeing good early acceptance of our AI products that we have brought to market on the platform side. We are in the early acceptance phase, as I mentioned in my prepared remarks. That to me is where myself and Ron are focused. We are seeing those pieces bridge together with the content and telling a much stronger story in those examples we gave you. Got it. Maybe diving into that piece of it. Seeing some initial adoption, when we think about where we are today, early acceptance phase, to what I am sure a lot of investors are hoping to see down the line, which is improved monetization, hopefully better attach, better customer wallet. Any rough sense for when we might start to see some of that trickle through? Yeah, I think part of us sharing with you that we set a target, as we deliver these products for the $5 million of that AI native platform, that is all new stuff built on the foundational models construct. That is all new technology. As we deliver that to the market, we wanted to set a target so you could see that separate recognition of value in the platform separate from everything else we are doing. We thought we would give that as a starter, that we are able to get value in the market for what we are doing, and we thought that was just a good spot to start as we roll out these things. Then obviously, as we get predictability behind that, we can then layer that in there. We will give you the right update as we head into next year on what we see that being, and we will try to be as forward-leaning as we can on sharing those growth vectors. We are not ready to share any of those pieces just now, but I thought it was important that you understood we are getting value. We are getting value for new AI-based products incrementally, is the key takeaway, and we set that target, and we have a good pipeline behind it, as I mentioned. So I have good confidence that we are going to be able to deliver that number. Okay, perfect. I think we all can see the pressures of AI on the consumer business. At least from the outside, it looks like it hasn't had as much of an impact on enterprise. Although in the software ecosystem, we have heard of some peers where customer sales cycles have lengthened, whether it's customers trying to figure out what their AI strategy is, whether or not that roadmap makes sense. Have you guys encountered any impact to sales cycles or any changes in customer conversations on the enterprise side of the business when thinking through some of these AI initiatives? Yeah. We've seen a significant impact, actually, and that's why I'm excited about what I see, and that's why I put in the comments around the pipeline expansion that we're seeing in the enterprise side. Those are very good indicators of what that is. Now, we have to convert those, but you got to have the pipe first before you can convert them, right? Just taking it one step at a time. The conversations have absolutely changed, Ken, to your point. For us, we're seeing ourselves elevated in those conversations to have a discussion along the skills supply chain that we mapped out last September as we introduced that approach to the market around skills intelligence and what we're doing inside of that space. We really thought that has allowed us to have a bigger conversation. The bigger conversation is really tied around how content and how the management system operates within HR and skills across the company. That's what's exciting. That's what's changing our role in the market. These customers that we're doing these things with, as we've shared with you, these are the ones that are now taking us into a different level, and I'll share one of them with you. Again, this is now going into the pipeline, but just recently over in India as an example, a very large company, they explained what their strategy was right from the very top of the company. That's all I'll say. The very top of the company. A very large global player. I can't go in the industry because you'll guess it quickly. The conversation, when we put up what we were doing with our skills supply chain, the person just looked at us and said, "You're a mind reader. That's exactly what I need across my company." That's the kind of messaging that we're seeing and reaction we're getting. Now, we have to take that through and communicate that much more loudly as we get it validated further and further these next six months and really get those references and then bring them back into the market as proof points and really crank up the selling engine right behind that. We're selling hard, but right now you're in that very initial phase. Everyone's trying to figure out what does AI really mean? How does it play a role? When we explain how we see it unfolding in learning, because learning is in our core DNA as a company, tying together the workflows of how skills run across everything is going to be the big key in the market from our perspective. We've taken that very measured approach. We began on it some 18 months ago, and we're really focused on it now you're seeing the products get delivered. Now with customers acknowledging it, a little bit of revenue on the bookings now, we're seeing that piece of it. I like what I see so far. Early at the moment, but I like where we are. Then maybe following up on that, and look, I don't know the answer to this, and maybe you guys have a perspective, but is there a certain sequencing of events that must happen before it gets down to refreshing or adding on to the Skillsoft platform? Do you need to see customers maybe refresh, reimagine their HCM systems and their LMS systems? We hear that in broader enterprise where people are sorting out either moving to cloud or getting their data ready and then maybe upgrading an ERP system first before maybe getting on to some of the other application layers. Anything that we should be thinking about as far as bottlenecks before customers get to refreshing their Skillsoft? Yeah. It's a really great question, and it's a loaded question, so I'm going to pick my words very carefully here on a recorded call. First and foremost, most importantly, those conversations are happening, as you highlighted. Two, your point is what systems actually have to be sunset or moved before you can go through a replacement cycle? This is one of the big call-outs we've made with the skills supply chain. The skills supply chain represents a missing management system. Those pieces aren't all glued together in most companies. That means there isn't a classic platform replacement. We've identified three points of entry at the customer where we can come through any one of these three doors, so to speak, where the customer could have a problem in this area, this area, or this area. We've taken those, and we've matched those to our selling motions, and that's what we're building as products right now into the market. Those are the things that I'm referring to that we're very satisfied with what we're seeing in the reaction from the customers, and they tell us what's missing and what else we got to improve. But we feel really good about it. I don't see a massive weight to your question of having to do that. Now, different players are going to try to come at it from different angles, and they're going to try to tell a story there around that. One of our key things is going to be making sure that we maintain our historical view of interoperability and integration of those point solutions coming together are going to play a role. Why I think that wind is with us, and this is the awkward part of the conversation, I, as a CEO in a learning company, in a place that really cares about employees, really cares about their growth, one of the challenges you always have as a CEO or on any board is you put your money behind your go-to-market and your products. When I'm doing my capital allocation, certain functions, I won't pick on HR, I'll pick on finance or other functions, IT, may not get as much money, right? Thankfully. Yeah. I put more of my money behind those other pieces. That bodes well for the need to buy a good valued system that lets me go on an incremental journey on that building out that supply chain. I don't have to do it all at once. It's not a Big Bang theory, which was at the essence of your question. Do I have to replace someone else, or is it something we can do incrementally? We can do it incrementally for our customers. Okay. It's going to be an open format. Super helpful, Ron. Ron K., maybe kind of diving into one of your top priorities, which is kind of sorting out the debt. Any additional roadblocks that you guys need to clear before you guys can make serious progress there? I know GK was the first big roadblock. Are you guys pretty much in the clear, or you guys still have to sort through some other dynamics that we on the outside might not be aware of? Yeah. No, that's a good question. I think what I'd say is we've had a plan in place. As you mentioned, GK was one step in that plan. As Ron mentioned on the call, we have set up the advisors, the board committee in preparation for that. We expect that we'll be engaging very soon. We don't have a public timeline, but we expect to engage very soon. I'd say from that corporate debt piece, the precedents are behind us with the close of GK, and we're prepared to engage very soon. Okay. Perfect. On the expense side, again, another really good quarter as far as managing that spend. It looks like at least on the GAAP OpEx side, you guys trimmed another $8 million. I feel like I ask this every quarter, but do you still feel there's capacity to trim there? Typically, the easiest path to margin expansion, obviously, is to kind of get the revenue to kind of flow through and let that trickle to the bottom line. You guys are doing it from a slightly disadvantaged position, but doing it very well. Any thoughts on kind of whether or not there's still fat remaining should revenue continue to trend in this direction? I think from my perspective, being fairly new and really focusing on kind of from an operational perspective, I do think there are meaningful opportunities, particularly around the operations in the company, if you want to think about some of the core processes, to leverage AI, streamline some of our processes, and leverage other systems, that would drive meaningful efficiencies, economies and allow us to scale and drive growth without having to add, but actually seeing some economies there. I think that's probably one of the bigger areas, if it's left to opportunities. I think the other thing that I would say that's going to allow us to move forward very quickly on that is, GK, while a smaller piece of the business, was enormously complex, both from an operational perspective and a geographic footprint. We now have a substantially less complex business, much more straightforward business focused around an enterprise product, that's really going to enable us to deploy these systems, AI, and process simplifications. Yeah. And I think, Ken, the only part I'd add here is, listen, as Ron said in his comments, we've got a good financial stability occurring in the company now. That stabilization is here. As you pointed out, and he pointed out, we're right on the edge of that inflection for growth at a point off, less than a point. We're right at the right spot here. And having the capital, the way Ron described it appropriately, to be able to put back in the business through those AI catalytic moments is allowing us to do those things now. And I'm right with him. I think Ron's close around simplification of the company, simplification of the business models. Those are going to be big things that will have a continued impact on simplifying the company, allowing us to run this place much more efficiently from my perspective. I think there's still room to go there. I wouldn't say there's any fat at this point. It's pretty trim. But what I would say is there's huge opportunities for us to be more effective and efficient through that simplification process that Ron had highlighted. Got it. And not to put you on the spot, Ron, and look, you are new, so I guess you could say we're early in the process. But yeah, where are we on that process to try to be more efficient, be more effective with the existing resources? I would say from an on the operations side that I was speaking to, I'd say it's very early days. I'd say GK was a bit of an unlock, in terms of simplifying the business. It didn't make sense to build a lot of processes around that business given that it was held for sale. I would say we're very early in the process of identifying exactly what processes, deploying AI and systems to drive that efficiency across operations. I would say that those are one of the highest internal priorities that I have. We have engaged cross-functionally across the organization, and specifically identified a number of initiatives that are underway that cross the product organization, go-to-market back office. I mean, a lot of these operational processes are very cross-functional, and we've already identified those processes, engaged where those intersect with other operational teams, and have those teams engaged in these initiatives. A good example would be a SKU rationalization as an example. We've begun all that work. We've done a ton of work around that. Now that we're rolling out the new capabilities on the platform, we can take that a step further, and literally we're looking at a 95% SKU reduction/simplification of that in the business as we enter into next year when we really get going. Now imagine the systems implications, the contractual implications. All these pieces tie together, Ken, and that's when we say simplify the business. I want you to get a little feel for what's underneath that and the investors to understand that that's why we see the headroom that we see in front of us by just simplifying the place further. Understood. Super helpful. Yeah, that's it for me on my questions. I'll pass the mic. Thank you, Ken. Thank you, Ken. This now concludes our question and answer session. I would like to turn the floor back over to Ron Hovsepian for closing comments. Thank you, operator. I greatly appreciate it. Thank you for the continued support to all of our shareholders and other stakeholders. We are seeing strong momentum in that enterprise platform space as well as the overall enterprise business based on that value proposition that we had highlighted to you. We are focusing on the core operations of the company. Continued platform innovation is going to be where we are focused, and that AI-driven transformation we just wrapped up on is giving us much more confidence in the road ahead, as we think about our ability to deliver that long-term value as we look at that pipeline and what we can drive for our shareholders, as well as our customers, most importantly. With that, thank you all for attending, and we will talk soon. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines and have a wonderful day.