Good morning, welcome everyone to Via's second quarter 2026 earnings call. I'm Noah Silver, Via's Head of Investor Relations and Corporate Development. With me today are Daniel Ramot, Via's Co-Founder and CEO, and Clara Fain, Via's Chief Financial Officer. During today's call, Daniel will review our second quarter 2026 business update before handing it off to Clara to discuss financial results and our guidance for the rest of the year. We will then open the call to Q&A. In addition to prepared remarks on this call, additional information can be found in our investor presentation, press release, and SEC filings on our investor relations website at investors.ridewithvia.com. Before we get started, we want to draw your attention to the safe harbor statement included in our press release and investor presentation. Items we discuss today will include forward-looking statements about topics including, but not limited to, our future financial performance, projections, and management's plans and objectives for future operations. Actual results may differ materially from those presented in the forward-looking statements and are subject to risks and uncertainties described more fully in our SEC filings, including our quarterly report on Form 10-Q. Any forward-looking statements that we make on this call are based on assumptions as of today, August 6th, 2026. Unless required by law, we undertake no obligations to update or revise these statements as a result of new information or future events. We would also like to point out that our discussion today will include certain non-GAAP financial measures in addition to, not as a substitute for, financial measures calculated in accordance with generally accepted accounting principles. Definitions of these non-GAAP financial measures, along with reconciliations of non-GAAP to GAAP financial measures, are provided in our press release and our investor presentation. Now I'll hand it over to Daniel. Thanks, Noah, thank you everyone for joining us today. We're delighted to report another outstanding quarter for Via. In Q2, our revenue grew 27% year-over-year to $136 million. The number of customers on our platform grew to 847, up 23% year-over-year. Q2 adjusted EBITDA was - $3.4 million, and adjusted net loss per share was - $0.01, a major step towards our target of Q4 adjusted EBITDA profitability. Our pipeline doubled year-over-year for the second quarter in a row, laying the foundation for accelerating revenue growth in the coming quarters. The public transit market is at a moment of inflection, Via is perfectly positioned to capitalize on the moment and capture this enormous market. The need for transit has never been greater. For many households, the rising costs of car ownership have become untenable. Aging populations are increasingly dependent on transit for their mobility. In the U.S., our transportation infrastructure is falling further behind that of our economic peers. Nearly 40% of roads in the country are graded as being in poor or mediocre condition. At the same time, public transit budgets are not growing fast enough. There's tremendous demand for transit, but also powerful pressure to provide it ever more efficiently. There is a growing recognition that America can no longer afford the status quo. Historically, transportation investment has been measured by inputs, such as dollars spent, miles of track built, buses deployed, rather than outcomes. That accountability gap is real and has fed legitimate skepticism about the value of public transit spending. Today, the technology exists to build public transit systems that are not only smart, data-driven, and efficient, but also deliver outcomes that can be clearly measured and tracked. AI is accelerating that development, allowing for the creation of systems that work proactively to optimize the delivery of transportation. Via is leading the charge to build efficient, outcomes-based public transit. We are both the catalyst of this transit revolution and the ones powering it at scale. We have achieved this position through relentless focus on the execution of a simple strategy: to build the world's most intelligent and most complete end-to-end platform for public transit. At the core of our platform is our purpose-built AI-powered software, which leverages proprietary data and expertise we've amassed over more than a decade. While we have built the most advanced software platform for public transit, we are not solely a software company. We offer a full stack transit solution with a broad suite of technology-enabled services that allow us to directly participate in the delivery of transit services to end customers. Importantly, our software is embedded in every aspect of our services, driving significant efficiency over legacy transit providers who make limited use of technology in their operations. Our services create a powerful data feedback loop that supports continuous improvement of our software and AI models. Via's rapid and durable revenue growth is a testament to the success of our strategy. As we look ahead to the second half of the year and to 2027, we're encouraged by the fact that our pipeline doubled year-over-year for the second quarter in a row. Our pipeline is measured in growth annual contract value. This is the annual contract value of opportunities with both new and existing customers that is incremental to our current revenue. The rapid expansion of our pipeline is a strong indication that we're just getting started on unlocking our huge market, and that we have an exciting opportunity to accelerate revenue growth in the coming quarters. A significant portion of our pipeline growth is driven by network opportunities, where we leverage our end-to-end platform to take over entire transit networks. Network deals are incredibly energizing for our team, as they allow us to drive greatly improved outcomes for customers. In Q2, we continued to see strong progress with network deals at all stages of the pipeline, and these deals continue to represent a key opportunity for growth for the company. For example, a city in Alabama that started with Via's microtransit solution is now leveraging our full network solution to completely transform their entire transit system. Prior to Via, the city's transit network ran on a piecemeal system of legacy software, making it difficult for agency staff to perform their jobs and providing a lack of visibility into performance. A combination of driver staffing shortages and lack of transparency led to 20% of scheduled buses failing to run as planned. For residents across much of the city, fewer than one-sixth of the city's jobs were reachable by transit in an hour or less. Leveraging Via's technology, the city was able to digitize and automate driver recruitment, vetting, and onboarding processes, reducing the costs associated with workforce management and closing the staffing shortages. A redesign of the entire network is rolling out that, for the same annual budget, will extend transit access to 20% of the city's population that previously had no transit access at all, connecting residents to vital economic, healthcare, and educational opportunities. I also could not be more excited by the growth of our schools vertical. In Q3 2025, our first quarter as a public company, we identified school transit as a vertical that we believed had tremendous opportunity for growth. As we approach the new school year, we're seeing a large number of new projects slated to launch this summer and fall. Our schools product is primarily focused on providing alternative transportation services. These programs transport students who are poorly served by traditional yellow school buses, students in foster or shelter housing, students with complex custody arrangements, and students with disabilities. For a school district in the Midwest that implemented Via's student transit solution, the results were transformative. While we may take it for granted that we can track our pizza from the moment it leaves the oven, for the parents and caregivers who rely on these programs, there was previously no way to track pickups, drop-offs, or view their child's upcoming ride schedule. For the district, the ability to monitor these trips and ensure reliable on-time performance has completely transformed their ability to guarantee students arrive at school safely, on time, and ready to focus on learning. AI is at the core of our strategy and is transforming our business. We are embedding AI throughout our platform to deliver better outcomes for our customers. We are deploying new AI-native products at an accelerating pace, from our voice AI system, which now automates passenger calls in dozens of cities, to AI-powered dispatch, planning copilots, and proactive network optimization. These products drive immediate ROI for our customers and increase the stickiness of our platform. We are also leveraging AI to drive internal efficiency. With 95% of our code now written by and with AI, our engineering team is able to ship new features and products at a pace we could not have imagined two years ago. AI is also accelerating our operations, from how we respond to RFPs, to how we manage fleets and dispatch rides. These efficiencies are directly contributing to our operating leverage and our path to profitability. Lastly, but certainly not least, we're delighted to report we've successfully launched our first projects with AI Labs. The power of Via's platform is in the ability to intelligently join troves of local, disparate, and in many cases, analog data sources scattered across different verticals and leverage AI to generate actionable insights. We've seen strong demand from our municipal customers for AI solutions that can similarly unlock powerful optimization across the siloed data and cumbersome operational practices of local government. Our goal is to amplify the capacity and capabilities of the employees who are tasked with performing critical government services, democratizing access to the models and agentic capabilities that are becoming ubiquitous while ensuring that critical government data remains protected. The AI Labs projects we've launched range from agentic workflows to informed citation decisions, to snow removal optimization, to automated permitting. One customer was able to reduce the manual time spent on the processing of public records requests by 92% with the agentic solution developed by our AI Labs engineers. We're incredibly excited about the potential for AI Labs as we scale it across cities and government functions. With that, I'll pass it over to Clara to review the financial highlights for the quarter and our guidance for the year. Thank you, Daniel. I'm happy to report that Q2 was another very strong quarter for revenue and profitability. This is our fourth quarter as a public company, and for the fourth consecutive quarter, we demonstrated a commitment to consistent execution and durable growth. Over the past quarter, we not only achieved robust revenue growth and record pipeline, we also continued to make significant progress on our path to profitability with adjusted net loss under $1 million, or about $ 0.01 per share. Let's start with the top line. In Q2 2026, our annual run rate revenue, which is defined as our quarterly revenue multiplied by four, was $543 million, representing a year-over-year increase of 27%. Our growth was once again fueled by strong momentum in the U.S., which represents 76% of our total revenue, and where revenue was up 35% year-over-year. Pipeline continued to grow very rapidly and surpassed $ 700 million in growth annual contract value. We closed the quarter with 847 customers, representing a year-over-year increase of 23%. We continue to benefit from flywheel effects, where the success of existing customers drives referenceability and allows us to rapidly grow revenue without a corresponding increase in sales and marketing investment. We continue to benefit from flywheel effects, where the success of existing customers drives referenceability and allows us to rapidly grow revenue without a corresponding increase in sales and marketing investment. Our largest customers continue to drive strong growth. We ended the quarter with 114 customers with annual run rate revenue over $1 million, a 36% year-over-year growth. This growth in large customers contributed to higher annualized revenue per customer, which now stands at $641,000, its highest point in Via's history. Our significant momentum with network opportunities gives us confidence in our ability to continue growing our base of large customers. Let's dive into our margins and expenses presented on an adjusted basis. Our adjusted gross margin was 41% this quarter, up from 40% in Q2 2025, thanks to a more favorable revenue mix. In particular, non-subscription revenue came in at the high end of our typical range and contributed favorably to the higher gross margin. We expect gross margin in Q3 to be more consistent with prior quarters and non-subscription revenue to revert to a lower level within our typical range. In Q2 2026, we spent 13% of our revenue on sales and marketing, compared to 14% in Q2 2025. We continue to benefit from flywheel effects and AI-driven initiatives that are enabling sales and yielding measurable efficiency gains. We also spent 15% of revenue on G&A, which was consistent year-over-year. R&D expenses represented 16% of revenue, compared to 20% in Q2 2025, demonstrating effective leverage in the business despite the continued strength of the Israeli shekel, which is the currency of our largest R&D center. The shekel had a negative impact of approximately $2.2 million on adjusted R&D expenses when compared to Q2 2025. We wrapped up Q2 2026 with a - 2.5% adjusted EBITDA margin, our narrowest loss on record. This is a meaningful improvement over - 8.5% in Q2 2025 and demonstrates significant progress on our path to profitability. Finally, our balance sheet remains robust with $336 million of cash and no outstanding debt. It is also worth noting that adjusted net loss per share was on the edge of profitability this quarter at -$0.01 per share compared to -$0.72 per share in Q2 2025. Over the past few years, we have been able to drive significant operating leverage while generating rapid revenue growth. Quarterly platform revenue has grown from $53 million in Q1 2023 to $136 million in Q2 2026, while over the same period, non-GAAP quarterly operating expenses grew from $47 million to $60 million. We believe that we can continue to execute with the same level of discipline for the remainder of the year. Let's turn to guidance. For the third quarter of 2026, we expect revenue to be between $137.6 million and $138.2 million, representing a 25.5%-26% year-over-year growth. We expect adjusted EBITDA to be between -$4.5 million and -$3.5 million. Our Q3 adjusted EBITDA guidance reflects typical seasonal patterns, as many of our customers operate at lower volumes during the summer months, as well as deliberate investment in launching new network and school transportation customers that we expect to contribute meaningful revenue growth in Q4 and beyond. For the full year 2026, we are raising our revenue guidance to $550 million-$553 million, representing a 26.6%-27.3% year-over-year growth. We're maintaining our adjusted EBITDA guidance of - $12.5 million to - $7.5 million. Additionally, we reiterate our goal to deliver our first quarter of profitability in Q4 2026 with positive adjusted EBITDA, which will be a major milestone for Via. Looking through the end of 2026 and beyond, we feel very good about our trajectory heading into 2027. Our pipeline is at record levels, our sales team is executing, and the pace of launches ramping into next year is paving the way for accelerating our durable growth trajectory. With that, I'd like to thank you all again and turn it back to the operator so we can take some questions. At this time, if you would like to ask a question, press star, then the number one on your telephone keypad. We'll pause for a moment to compile the Q&A roster. Your first question comes from the line of Michael Turrin from Wells Fargo. Your line is open. Hey, great. Thanks. Good morning. I appreciate you taking the questions. Nice job with the two key results. I think just to start, maybe if you can go back, Daniel, Clara, maybe just expand on the drivers of pipeline expansion. We certainly appreciate you quantifying pipeline, just what you're seeing there, how it's evolved since Via became a public company, maybe just if you could expand around the visibility that gives you into forward growth, if we're thinking about how far into the future some of that near-term engagement could extend and what it means for durability of growth from your perspective. I think that's all useful. Hi, Michael. Good morning. Thanks for the question. I think it's a great question. If I take a step back and look at where we are since we've gone public, what's driving the growth in particular in the pipeline, I think there are a few factors that as I think about sort of the near term and then looking further out. In the near term, what we're seeing, if you sort of think of, say, today, tomorrow growth, this is driven by the traditional growth vectors that we have, microtransit, paratransit planning, all of our usual products. Really where you're seeing some of this really strong growth that's coming through in the pipeline, this doubling of the pipeline, a lot of that is coming from our increasing ability to sell the entire platform, which we talked about over the last few quarters as well. It's what we're referring to as network opportunities or network deals where we're able to approach agencies and cities with the proposition that we will be able to take over their entire transit network and really transform it in a meaningful way. That's something that we've been working towards for several years. First of all, of course, on the product, to build out the entire product, on the suite of services that we've developed, and through the sales process, developing that credibility that's so critical because these sales are so dependent on references. As we've put together that program, that's starting to translate into real results. You're seeing that in the pipeline. We're starting to see that it come through in the revenue, some of the wins, the network wins that we've been driving. That's sort of where a lot of the growth is coming from. That's the core of the growth today and tomorrow. As we look a little bit further, if we're layering sort of S-curves of growth, I think that's what's driving the current S-curve. The next S-curve is coming from schools, in our view. That's where we believe it's coming from, the schools vertical. We have a huge opportunity. We're seeing really nice traction, some new launches coming up. Obviously, it's tied to the school year, so that's going to come up over the summer and in the fall. Very excited about the opportunity there in schools. If you look further out, and that's obviously very early stage still, but exciting. We're starting to see some real traction. That's where we're expanding beyond transit and schools into the broader GovTech space with Via Labs, starting to sell solutions at the municipal level that span a broad range. There we see a remarkable opportunity in the long term. Thanks so much. Just as a follow-up, if I may, Clara. Daniel touched on a little bit with schools, but maybe just also if you could remind us on seasonality, if there's anything to be mindful within some of the key sub-segments, specifically on the bigger network decisions or within schools, if there are seasonal buying patterns for us to be mindful of at all. Thanks, Michael. Yes, that's a good point. There's some seasonality for the school business where the school contracts tend to launch at the end of Q3, so in September. For next quarter, we expect some school adds on the customer account, and that tend to drive a little bit of seasonality on the revenue per customer as they only have one month for the quarter. Other than that, as a whole, we believe that it will continue to help drive growth. Thanks, Mike. Thanks very much. Your next question comes from the line of John DiFucci with Guggenheim Securities. Your line is open. Thank you. I think Michael asked the most important question. I'm going to expand on it a little bit. Daniel, on that pipeline, and Clara, to be clear, because, Daniel, you talked about network deals. Is that pipeline going to change your mix of product and services? As you know, there's a keen eye on your gross margins and the services are lower gross margin. If you're selling these network deals that are everything, is that going to change your mix going forward and pressure gross margins? Hey, John. Thanks for the question. Good to see you. Listen, what we're doing right now is that we are in the process of transforming this legacy industry with our technology and our platforms, the technology and tech-enabled services. We're seeing tremendous results and with the growth in the pipeline, the growth in the revenue. As of today, we don't see any change in our mix overall. We're confident in continuing to be able to execute on our gross margin plan. As a reminder, we laid out a plan to expand on our gross margins. Obviously, this quarter was a step in the good direction. The plan relies on launching new solutions that are accretive. Obviously the full network solutions can have different margin profiles, but some of them are accretive, some of them less. It really depends on the exact deals. The schools tend to be quite accretive, of course, AI Labs is very accretive. I think going forward, there's definitely an opportunity to continue to expand gross margins, and we're very much focused on that. That's great. That's great to hear, Clara. Thank you. I guess on a similar path here, that pipeline increased $ 50 million sequentially year-over-year doubling. Just want to make sure, that's all new ARR. Does that include renewals at all? I think I know the answer to that, but I want to be clear that everybody does. Yeah, to be clear, it does not include renewal. It's all net new ARR, so annual revenue from existing or new customers. Just one last one on this, a little one. Usually, most companies want to see a one to three ratio of close to pipeline. If I'm right, I think yours is actually typically a higher ratio of close, which is a good thing, and I think that has to do with sort of what we call the intimate relationship you have with your customers. Forget about that for just a second. I just want to make sure that, because I know your sales cycle can be up to nine months, and then could be two or three quarters before it's implemented. Is this pipeline typically about a year pipeline? Of course things can expand out, and they can come back in. When I look at your rate, when I look at that pipeline, relative to what's implied in new ARR coming online this year, it's very different. It's a very different ratio. It's like half that. It's like one to six versus one to three. Of course, numbers are going to go up a little bit after this quarter. Nice job on that. Am I thinking about all this right? I think you're thinking about this right, John. For us, this is a leading indicator of a step function increase in revenue and a potential acceleration of our revenue. We're very excited about it. As you said, we have to execute on it and at the right win rate, which we're confident we can do, that's definitely a leading indicator for acceleration and growth. Perfect. Thank you very much for taking my questions. Thanks, John. Your next question comes from the line of Chris Quintero with Morgan Stanley. Your line is open. Hey, good morning, everyone. Thank you for taking the questions here. I wanted to ask another question on the pipeline that you called out. Can you remind us again what's the typical conversion timeline from when you sign that, when you have that pipeline, to when that actually translates to contracted revenue? Hey, Chris. Good morning. We typically see from a sales cycle about 9-10 months, as John mentioned. That's pretty typical and been very consistent for us for quite a long time. The implementation, on average, is two to three months. You're looking at about a year from when a deal enters our pipeline until typically we start to recognize revenue. Got it. That's very helpful. Chris, I was going to add, it's maybe worth mentioning that when you think about the pipeline, of course, those are the averages, so you have a distribution, right? Some deals are going to start to contribute revenue sooner, and other deals are going to take longer. These are maybe this obvious, but it's just the average that we're talking about here. Got it. That's very helpful. I know we saw some regulatory developments over the past few months. U.S. Conference of Mayors, they passed a resolution. There was also, I believe, some funding from the Federal Transit Administration that got approved. Just curious what you're seeing from maybe some of those recent regulatory government changes in terms of your pipeline and what you're seeing there. Yeah, that's a great question. Our feeling is that the overall climate for public transit continues to be very positive with bipartisan support, certainly in the U.S., with bipartisan support across the country, both at the federal level and at the local level. You're absolutely right that there's some encouraging signs. Certainly, the Conference of Mayors was very encouraging. I think particularly at the mayor level, if you're speaking with mayors, there is real need. Affordability is such a huge issue these days politically, and there's a real need if you're an elected official to show that you are doing things that support affordability. While housing, groceries certainly are key, I think oftentimes transportation is underestimated how much that contributes and drives affordability for folks. As that becomes a bigger and bigger political issue across the country, certainly at the local level, we're seeing transportation elevated, the conversation about transportation elevated, and the understanding that we need to put money into affordable means of transportation growing. Of course, that's a very big positive for us. Excellent. Thank you so much. Your next question comes from the line of Brad Zelnick with Deutsche Bank. Your line is open. Great. Thank you so much for taking the question. It's great to hear the update on student transportation. Can you expand more on the incremental TAM that you see here, the pipeline and anatomy of these deals, and just maybe how the funding of these initiatives compares and contrasts with securing funds for transit modernization? Yeah. Hey, Brad. Thanks for the question. I'll try to go through this in order. On the TAM side, we believe the school's opportunity is very large. In the U.S., from a sort of asset class, if you look at the number of buses, there are more school buses than any other kind of bus across the U.S. combined. From an opportunity size, we feel this is a very large opportunity. Now, within this opportunity, we're particularly focused at the moment on a particular specific kind of transportation, which is the sort of specialized transportation serving students for whom your traditional yellow school bus that you imagine is not very effective and serves them pretty poorly. That turns out to be a very large opportunity and also quite accretive, as Clara mentioned, to our business. As far as the pipeline, the pipeline looks very strong. We're pretty excited about where this is going. It requires very high level of execution, certainly when you think about the population that we're transporting. These are very important populations to handle extremely well. The level of execution that's required is really high, but we believe we're in a good position to provide excellent service here and grow that part of the business. Great stuff. That's it for me today. Thank you. Thanks so much. Your next question comes from the line of Brian Peterson with Raymond James. Your line is open. Hey, guys. Thanks for taking the question. Clara, the RPO number was up a decent amount sequentially. I'd love to maybe understand from your perspective how good of a leading indicator is that number? Any significant drivers in the quarter to call out that drove the sequential increase? Hey, Brian. Thanks for the question. The RPO number is obviously an important number, but for Via, it does not fully track the business as most of our contracts get federal funding and then they include a termination for convenience clause that in practice is never utilized, but makes them not includable into this metric. The metric as a whole is trending in the right direction. I agree with you, but it does not reflect the entirety of our book. It's actually a small subset of our book. However, I will say that we are seeing obviously a significant increase in pipeline and had very strong execution from the sales team last quarter, which is giving us very high confidence into this year, as you can see in the guidance and the acceleration of the growth. Thanks, Clara. Maybe just a follow-up. I know it's been a couple quarters since Downtowner, anything you guys would call out in terms of synergies and the ability to cross-sell there? Thank you, guys. That's fully integrated into all the numbers and the operations that we have. We're super excited and pleased with that. We're continuing to look at M&A very selectively and continue to be very disciplined, but overall super pleased with that acquisition and continue to look at the market there. Thanks, Brian. Your next question comes from the line of Scott Berg with Needham & Company. Your line is open. Hi, everyone. Nice quarter. Thanks for taking my questions here. I just got a couple, one more on the sales pipeline. It's a pretty big number. We're all interested. As you look at the pipeline today, does the mix of deals between new customers and expansions differ maybe from what you've seen over the last 6, 12, or 18 months? Thanks, Scott. That's a really good question. Historically, the growth has been driven, a third of the growth has come from new customers, and two-thirds of the growth has come from expansion with existing customers. We're continuing to see a pretty similar pattern in the pipeline with maybe a slightly higher weight for new customers. As we continue to land new logos, we are seeing the flywheel impact of our results and the referenceability of the platform, and that's attracting new customers to the pipeline. Helpful, thank you. On the AI Labs side, a question that I fielded a couple times this last quarter since you've announced that product is, with all the use cases that you're looking at for your customers for your AI technology to potentially leverage and work with, how many of those projects are relatively repeatable, or these cases are the applications that you're helping develop? I think there's some questions on long-term margins on that. Is it customizable software, or is it something more off the shelf that can drive great gross margins for the model over a period of time? Just I'm curious to know what you're seeing for opportunities there in the short timeframe that you've had it heavy operating out there. Thanks. Yeah. Hey, Scott. Thanks. What we're seeing at the moment, again, it's a bit early, but what we're seeing is extremely exciting in the sense that there's a broad range of application. We can deliver them pretty quickly and efficiently. Once delivered, especially the way we're building them, we're trying to create a real platform that's agentic, and you can take that one application and the platform and deploy to another city very quickly and have it really pick up the sort of the operating environment, the requirements of that city, very quickly, we believe. The initial indications on that area of how quickly you can scale that across cities once you build a specific application feel very good. Understood. Thanks for taking my questions. Your next question comes from the line of Jonathan Ho with William Blair. Your line is open. Hi, good morning, and congratulations on the strong results. One thing I wanted to better understand is how should we think about the average ARR uplift provided by network solutions relative to some of these more piecemeal type deals? Does this maybe put you into competition with a different group of type of vendor out there? Hi, Jonathan. I think what we're seeing, you can see it in the revenue per customer, the revenue per customer is trending up. In our pipeline, those large whole network opportunities are definitely quite large. As we disclosed last quarter, we had four for about $40 million, so that was on average $10 million each. I would say that they tend to be over $1 million, over multimillion, so they tend to drive up the revenue per customer. That's a fair observation. As we continue to execute, we hope to get to an average of a $1 million per customer, which was an internal target that we're focused on. On the competitive landscape, nothing has changed compared to what we shared before. There's three types of competitors. We have some kind of new, I would say, innovative and tech-forward companies. We have some legacy software companies that have a lot of market share, and then we have the transit operators, and together, they provide these whole network opportunities that tend to partner with one another, and we tend to disrupt them altogether. That makes a ton of sense. Just from a high-level perspective, Daniel, I think in your prepared remarks, you referenced the fact that there was some more pressure on transit agency budgets, and that's causing them to actually look for more efficient solutions. Can you talk a little bit more about this sort of pressure dynamic, and does it end up being a double-edged sword if it pressures existing projects as well? Just want to get some more clarity around how to think about that. Thank you. Thanks, Jonathan. I think that's a really important point, thank you for asking that. Overall, from a budget perspective, if you look overall for public transit, there hasn't been much of a change, versus historical patterns. We're still seeing budgets grow fairly slowly, low single-digit percent year-over-year on the whole. You have certain local dynamics where perhaps you're having more pressure in certain areas and actually, faster growth in other areas. On the whole, I think the picture is pretty consistent. What we are seeing though, and I tried to touch on it in the prepared remarks, is that there is just a lot more focus on what are these systems delivering? Where is the taxpayer money going to? Is it having the positive impact, with the right level of efficiency that folks expect? You are seeing populations aging, and that means that there's a lot more need for paratransit. These are expensive services, that's creating pressure, reducing the available budget, perhaps, for the general public transportation services. Of course, what I mentioned earlier, which is just a real desire to address affordability that's pushing elected officials and transit agency officials to have to rethink, in some cases, what they're providing. All of those combine to what I refer to as the real beginning of a public transit revolution that I think we're extremely well-positioned to capitalize on. We're really, I believe, in the right place and the right time to help solve this problem, where the budgets are available, there's a really strong focus and pressure on making sure they're used effectively and efficiently, and that there are metrics and they're tracked, and there's accountability. Really, I think we are uniquely positioned to tackle that. Thank you. Thanks. Your next question comes from the line of Alex Zukin with Wolfe Research. Your line is open. Yeah. Hey, guys. Sorry. I apologize if this question was asked. I jumped on a little late. Maybe, can you guys talk about was there anything that pushed any deals? I think the pipeline commentary is fantastic, but maybe anything about linearity in the quarter relative to previous periods? I've got a quick follow-up for Clara. This quarter was exactly as we previewed the last quarter, Alex. Very strong indeed. You see really strong growth in the U.S. It's 35% year-over-year, the U.K. and the rest of Europe is also doing extremely well. Nothing new there. We are, as you can see, we're kind of raising the guidance for the year as follows, considering the pipeline that we're seeing and the consistent execution. Perfect. Clara, obviously, really nice to see gross profit dollar acceleration and better gross margins this quarter. Maybe help us on the shape of that for the second half of the year. Was there anything one-time in nature, from a mix perspective that drove that, and anything that we should bear in mind for the second half? Thanks. Great question. Overall, we're very pleased with the progress on the gross margin. It's a step in the right direction, and the progress on profitability overall this quarter, which is very strong from our perspective. On the gross margin side, it was driven by a more favorable revenue mix, with slightly higher one-time revenue, as you mentioned. We expect that to revert to a slightly lower level next quarter. Overall, we feel kind of committed to expanding our gross margin, and as a whole, I think this was a positive in this quarter. Perfect. Thank you, guys. Your final question comes from the line of Patrick Walravens with Citizens. Your line is open. Great. This is Kincaid on for Pat. Thanks for taking this. Daniel and Clara, congratulations on four quarters public at this point. I just wanted to ask, how has being public changed the business and how you operate, and what opportunities has it brought or taken away? Thanks. First of all, it's been really fun, I want to say. As we expected and previewed at the IPO, I think that's played out really nicely, being public has given us a certain, in the market that we operate, it's turned out to be important. It's given us a level of credibility that I think is helpful overall when we're trying to sell to our kind of customer, that's quite risk-averse, wants to know that they're buying from a company that's going to be around for a long time, wants to understand the financial stability of that company. Having that position as the public company that's coming in to sell to them, I think has been very helpful, particularly as we've been going after these larger opportunities where we end up being potentially the sole vendor for them, providing the entire public transit network. They want to know that on the other side of that deal, they have a company they can really rely on. We had this hypothesis coming in that it would help us, and I think it's playing out pretty nicely. Great. Thank you so much. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect