Good morning everyone, and welcome to Workiva's 2026 Analyst and Investor Day. Thanks to you who have joined us all here in person. It's great to see you all, and thank you to everyone who's joining us on the live stream. I'm Katie White, Workiva's Senior Director of Investor Relations. Before we get started, I'll lead off with our Safe Harbor statement. During today's presentation, we will be making forward-looking statements regarding future events and performance. These statements are subject to known and unknown risks and uncertainties and reflect our expectations only as of today, September 15, 2026. We undertake no obligation to update them. We will also reference certain non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. Reconciliations are available in our materials. We have a full agenda for you today. Julie Iskow, our CEO, will kick things off with our strategy and the opportunity ahead. Deepak Bharadwaj, our Chief Product Officer, will take you deeper into our platform and the innovation driving it. Mike Rost, our Chief Strategy Officer, will walk through the growth opportunity in front of us. Barbara Larson, our CFO, will close with our financial framework and 2030 targets. We will then open it up for a Q&A sssionsssion. With that, let me turn it over to our CEO, Julie Iskow. Thank you. Thank you, Katie, and good morning everyone. For those of you who joined us at Amplify this morning, welcome back. For everyone joining us for the first time today, including those of you on the live stream, thank you for being here. We have a lot to share with you. Workiva hits $1 billion in revenue in 2026, and at the same time, our operating margin is expanding. In fact, we're now on track to hit our 2027 non-GAAP operating margin target a full year early. We have a strong business, a clear strategy, and significant opportunity ahead of us. In case you haven't noticed, enterprise software is having a moment. We all know AI is changing what's technically possible. So it's changing what customers expect from software. It's changing what we can build and how fast we can build it. For Workiva, that creates a significant opportunity, because we don't have to choose between continuing to grow the business that we have today and building what comes next. We can do both. We have the customers, the platform, the domain expertise, the distribution and the trust. Today, we're reaffirming our 2030 revenue target of $1.8 billion-$2 billion. We're raising our 2030 non-GAAP operating margin target to approximately 26%. Barbara will take you through the financial framework and provide more detail on the path to achieving these. But first, I want to show you why we're confident in our ability to deliver on our targets. Let me start with the strategy. It hasn't changed. These four tenets have guided our growth for years, and they continue guided today. We build fit-for-purpose, high-value solutions that solve important problems for our customers. We deliver these solutions on an open and intelligent platform. We continue to expand globally and extend our reach and our capabilities through a growing partner ecosystem. Together, these four tenets continue to define how we grow Workiva. What's changing is our ability to create more value from them. AI is expanding what's possible for our products, for our platform, for our customers, and for our partners. That's giving us new ways to execute on our strategy and drive growth. Why? Because enterprise software itself is changing. Now there are three important changes happening at the same time. First, software can now do more of the work. For most of the software era, applications were built to help people do their job. With agentic AI, software can now take on more of the work. Second, customer expectations are changing. Finance, risk, audit, and sustainability leaders are being asked to move faster, to manage more complexity, to govern data and AI, and to do more with their teams. They're going to expect more from their software. Not just better tools, but technology that can actually take work off of their teams' plates. Third, the role of the business user is changing. Users aren't just using software anymore. They're becoming builders. They're building agents and automating processes and connecting systems and creating new ways to get work done. They need more than just applications they can use. They need a platform that they can build upon. Put these three changes together, and enterprise software has a much bigger role to play, and that requires a different kind of enterprise platform. For Workiva, that means transforming our platform. This transformation enables us to do two things, protect and grow our core, which makes the business we have today stronger and more capable, and use that same platform to build what's next. So what has to change in the platform to make that possible? It starts with understanding the customer's business. Today, Workiva understands the documents and the spreadsheets and the reports and the data and the processes our customers work with. Now we're building the platform to understand the business itself, its entities and its accounts, its people, its risks, its controls and policies, the regulations that apply to it, and how those things relate to each other. That's the business context that AI needs to take on more of the work. We're not just asking customers to recreate their business inside of Workiva. We're already connecting to so many of the systems where their data already lives, and we connect that data to the customer's business context. So the platform doesn't just have the data, it understands what the data means. There's another critical piece, trust, traceability, defensibility, and auditability. These capabilities have always been essential to the work our customers do, and as software takes on more of that work, they become even more important. Getting an answer isn't enough. You need to know where it came from, you need to know you can trust it, and you need to be able to prove it. So we're bringing together an understanding of the customer's business with the trust that's required for consequential work. There's another benefit to building that understanding at the platform level. The more that a customer does with Workiva, the more valuable the platform can become. Think about a customer using Workiva for financial reporting. We've connected to their source systems. We understand their entities and their data relationships, their permissions, and the context around their financial reporting. Now when they add GRC or sustainability or another regulatory reporting solution, they don't start from zero. The new solution can build on the business context, the data connections, and the platform capabilities that are already in Workiva. As they do more with us, more of their work becomes connected. Their financial data can connect to their controls. Their controls can connect to their risks, their risks can connect to their policies, and their policies can connect to the regulatory requirements. Now you start to see why one platform matters so much. These solutions aren't operating in isolation, and as more of that work comes together, the platform becomes more valuable to the customer. We're already using that platform to make our solutions more capable and take on more of that work. A few examples of our agents that are doing just that. Tie-out agent, it automatically validates numerical consistency across financial reporting documents, and it routes exceptions straight to reviewers. Our sustainability disclosure agent, it can gather relevant information, it can draft and check and improve disclosures directly against sustainability frameworks, and prepare the disclosure for review. Our automated testing agent, it runs end-to-end control testing, validating samples, generating test attributes, executing procedures, surfacing annotated results, expanding coverage, and accelerating review. But the bigger opportunity is to go beyond individual agents performing individual tasks. With agentic AI, Workiva's platform can take on more of an entire process. As I reassured the Amplify audience this morning, the customer determines the level of autonomy. They stay in control. In some cases, they may want to stay closely involved. In others, Workiva can do most of the work and bring them in for exceptions or approvals. It is their choice. This is where we're going. Workiva taking on more of the work with the customer in control. Taking on more of the work opens up much broader opportunities for Workiva. Earlier this morning at the product keynote, we demonstrated one example of how we're beginning to expand our regulatory business. We already do a significant amount of regulatory reporting today. Our customers use Workiva to bring data together to apply controls and to produce filings and disclosures for regulators around the world. But the customer problem is so much broader than producing a regulatory report. Companies have to stay compliant with a vast number of regulatory requirements and obligations. They have to understand which regulations apply to them and what they require. They need to monitor changes and make sure they continue to meet those requirements, and they need to be able to demonstrate that they did. This is the opportunity we're beginning to go after. We're starting by expanding the regulatory reporting we do today. As we do that, we're also building more regulatory knowledge and capability into the platform, and we can reuse that knowledge and those capabilities across customers. Over time, the platform can understand what's required, it can anticipate what needs to happen, and it can gather and validate the information and execute more of the work, and continuously monitor as requirements change. So we'll be able to do that regulatory work for our customers to help them stay compliant, not just generate a report. That's our vision: to become the platform that organizations rely on to manage their regulatory work. Why are we so well-positioned to be a leader in this market? Because we have a combination of earned advantages that are incredibly hard to replicate. Trust, governance, traceability, they're already at the core of our platform. We understand regulatory work, and we have extensive experience delivering it. We have distribution. We have more than 6,000 enterprise customers that already trust Workiva with some of their most important data and regulatory work, and we're already part of our customers' technology ecosystems, and we're connected to many of the systems where that data lives. Agentic AI makes all of these earned advantages even more valuable. It gives us the ability to use what we already have to not just help customers do the work, but to take on more of the work. That's why I believe we're uniquely positioned to lead in this market. As we create more value for our customers, we have opportunities to monetize that value. We're already doing that today. You can see it in our Good, Better, Best monetization framework. Advanced AI capabilities are included in our premium tiers, which customers pay more to access. As a reminder, our business is not seat-based. We already price based on value metrics, so our model isn't dependent on how many people or agents are in our platform doing the work. As AI allows Workiva to take on more of the work, our value-based pricing model becomes an even greater advantage. Over time, as we build new offerings and solve new problems for customers, that creates additional opportunities to monetize the value we deliver. Mike Rost will take you deeper into our pricing and packaging framework and the additional growth opportunity that we see there. As we continue to pursue what's next for Workiva, we're also focused on growing and strengthening the business that we have today. You can see that in the strength of the relationships that we're building with our customers. I want to give you two examples. One customer that's been with us for over 12 years, and another that's joined us more recently in the past few years. Both are continuing to expand their use of Workiva. A leading global investment firm became a customer in 2014. In the early days, we typically landed with one solution, and that's exactly how this relationship started with our core offering, SEC Reporting, at well under $100,000 in ACV. For nearly a decade, that's where things stood. Single solution. Then in 2021, they began their first expansion, adding Investment Reporting. Shortly after that, in 2022, they added Sustainability Reporting and expanded their Investment Reporting solution. Once they saw the platform value, they continued buying and adopting more solutions. In 2023, they expanded upon their platform-level commitment, adding five more solutions: Multi-Entity Reporting, Bank Reporting, Operational Reporting, Management Reporting, and Policies and Procedures. That momentum carried into 2025. They added Enterprise Risk Management and Insurance Reporting, and they didn't stop there. This year, they expanded with our Fund Reporting Suite. Today, they use 11 Workiva solutions representing over $5 million in ACV. That's 55x their initial investment. Now, let's look at a more recent land. In 2023, this customer came to Workiva not for one solution, but for a platform, landing with five solutions on day one: SEC Reporting, Sustainability Reporting, stress testing, Living Will, and Bank Reporting. They began with Workiva as a multi-category customer with solutions across financial, sustainability, and financial services reporting. Increasingly, this is how we do business today. Rather than land small and expand solution by solution, customers are choosing Workiva as their reporting platform from the start, spanning multiple categories at once. They landed further into GRC, adding controls management and Policies and Procedures, bringing them to seven solutions total. That's 2x ACV growth in just two years. The customer's ACV grew to over $1.7 million today, powered by a platform-first approach from day one. We're currently working an open opportunity with this account to expand with Management Reporting, Audit Management, and a broader regulatory reporting solution. This will take the account to more than $2 million in three years. This is the opportunity. We can bring a new customer onto Workiva to solve one or more important problems, and then earn the opportunity to do far more with them over time. As that relationship grows, more of their trusted, connected data and more of their critical work comes onto the Workiva Platform, and their trust in our platform grows with it. We're already seeing this happening. Over the past four years, customers above $300,000 ACV have grown at a 36% CAGR over the past four years. 95% of customers in that same cohort have more than one solution as of Q2 2026. Customers above $500,000 ACV grew 39% in Q1 and 33% in Q2, and they've grown at a 35% CAGR over the past four years. In addition, more than 35% of the customers in this cohort have six or more solutions. Well over half of our customers still have only one or two Workiva solutions. Think about that. We have roughly two dozen solutions today across financial reporting, GRC, and sustainability, and more than half of our customers have only one or two. This is why we're confident there's significant opportunity existing within our customer base. We're also continuing to add new customers. We're landing larger relationships with more customers, starting with multiple solutions. Our average deal size has increased over 50% over the past three years, and we're landing multi-solution deals roughly 50% of the time when we sign a new customer, compared to about 25% three years ago. We're not only adding new relationships, but more of these relationships are starting from a larger base. As I showed you earlier, our platform transformation will make expansion easier over time. Once we've connected to a customer's systems and understand their business, they shouldn't have to start over every time they add Workiva solutions. Easier onboarding, faster time to value, getting even more value from what's already connected in Workiva. This makes it easier for customers to do more with us, and it gives us more opportunity to grow these relationships. That's a lot of runway. New customers, larger initial relationships, and significant opportunity to expand within the customers that we already have. We have a significant opportunity to reach more customers across the globe. We have built a strong business in the U.S., but we are still much earlier in many markets outside the U.S. Europe is the biggest opportunity for us today. Many of the challenges we solve are especially relevant there, including multinational organizations that need to bring together data across entities, systems, and jurisdictions. There is tremendous regulatory complexity. We are seeing that translate into growth. Revenue outside of the U.S. has grown at a 37% CAGR over the past four years. We are not simply interested in replicating what worked in the U.S. market by market. We are focused on where and how we invest. We are concentrating our resources where we see the strongest opportunity. Partners are an important part how we extend our reach. We have worked with the Big Four for years, and those relationships remain important, but our partner ecosystem is becoming much broader. We are doing more with other global firms, with regional firms, and specialized partners with deep expertise in areas like financial services, tax, risk, and regulatory compliance. Until recently, many of these firms built their Workiva practices around one or a few solutions. Now they are developing expertise across more of the Workiva platform. Some are building centers of excellence around Workiva. That means that they can bring Workiva into more customer conversations across more of our portfolio, and increasingly source more opportunities for us. This gives us more expertise in the market, more ways to reach customers, and more opportunities to grow without having to reach out ourselves. We are seeing that pay off with strong performance in partner source bookings, up 62% year-over-year for the first half of 2026. As we go after these opportunities, we are doing it with discipline. We see significant opportunity, and we are investing to capture it. For us, growth and discipline are not competing priorities. We expect to do both, and we are demonstrating that we can. In the first half, subscription revenue grew 20%, while non-GAAP operating margin expanded more than 1,400 basis points to 18%. We are doing that while continuing to invest in the business. We are investing in the platform and AI capabilities that we talked about. We are investing in the commercial capacity to capture the growth opportunities I showed you. The discipline is making sure those investments translate into growth and leverage. We are simplifying how we operate. We are using AI to make our teams more productive, and we are making thoughtful choices about where we invest. The goal is to continue getting more productive as we scale, and you are seeing that in our financial performance. As we shared on our second quarter earnings call, based on our current outlook, we now expect to achieve our 2027 non-GAAP operating margin target at 18%, a full year early. The mandate for us is clear: Invest behind the opportunities that can drive growth, keep raising the bar on productivity, and improve the economics of the business as we scale. That is how we are running Workiva. I will leave you with this. We have a strong business, a trusted platform, deep domain expertise, thousands of enterprise customers, and a growing partner ecosystem. These are earned advantages, and AI makes them more valuable. They give us the ability to make the business we have today stronger and more capable, and to expand what Workiva can do. That is why we do not have to choose between winning today and building what is next. We can do both, and we can do it from a position of strength, creating more value for our customers, expanding the opportunity for our partners, and driving significant growth for our shareholders. That is why I believe the opportunity in front of Workiva is bigger than it has ever been. Our strategy has not changed. Our ability to execute it has. Now you are going to see what that looks like in our products. Deepak will take you deeper into the platform and show you what we are building for our customers. Over to you, Deepak. Thank you. Morning. I am Deepak Bharadwaj, Chief Product Officer here at Workiva. It is great to be here today. Julie just spoke about how we are becoming a different enterprise platform, one that can take on more of that work with the customer in control. That platform does not just strengthen the business we have today. It expands our opportunities. Today, I am going to show you what this looks like, and we will go deep on product because the innovation that is happening right now is radically changing how our customers get their work done. I consistently hear from our customers that they want us to partner with us on their AI journey, and not just help, but accelerate that AI journey. I am going to start by building out our product strategy framework, and this framework really guides our investments and prioritization so we can maximize user value and adoption. Let us start at the foundational core of our platform. Customers trust their most sensitive data with Workiva, and we earn this trust every day because our platform delivers on the three core principles that Julie just spoke about. Everything on our platform is traceable, defensible, audit ready. When AI does that work, those principles cannot bend or break. They are all the more important. On our platform, AI actions must be traceable, carry lineage, link back to the source. AI actions must be defensible, run under our customer's authorization, and explain rationale, and then defer to human judgment when customers want it to. AI actions must be audit ready, logged, timestamped, with evidence of human oversight as needed. This is AI our customers can trust, working with data that they already trust at the core of our platform. To build on this core, there are three categories or three ways in which we are approaching how we deliver AI and agentic value to our customers. Let us walk through that. First is fit-for-purpose agents. This is how we help automate tasks. We have already launched a number of these agents across financial reporting, Sustainability Reporting, and GRC, and we continue to do so at a rapid clip. Here are some of the agents we have rolled out for our customers, and they are available now. Great examples of how we are delivering assistance and automation for repetitive tasks across our customers' workflows. These agents perform their actions on trusted data. They produce outcomes that humans can verify, supervise, trust, and then they take action on their behalf within the platform. The second category is agent orchestration. So one agent doing one task is useful, but the real change comes when they all coordinate. Humans can still engage at the decision points. Our customers decide which those are. So humans are always in control. This is where AI dramatically moves from individual productivity to transforming processes across teams and organizations, which brings us to the third category, agentic applications. All about outcome-driven execution. Give it a goal, and these applications will reason, figure out how to accomplish the goal, and then do the work under human supervision and control. These agentic applications, they can understand your business, understand regulations that you are subject to, and figure out how the two connect. Then all the decisions that teams make along the way, across controllership, legal, compliance, operations, they become context, so these applications can use it in the next cycle. I am going to come back to showing you our innovation and progress across these three categories from a solutions lens. But before that, I want to spend some time on what makes what we do even more valuable for our customers and our partners. That is platform extensibility. So we are giving our customers and partners the ability to build on the Workiva Platform and extend our capabilities into their enterprise AI and tech ecosystem. Every user can now become a builder, creating their own agents with a solution that is both powerful and easy to use. Our customers know their business, they know the specific steps their team takes every quarter, and they can describe these processes literally in their sleep. As Julie highlighted in the Amplify main stage keynote, today, we are announcing a new offering, Agent Studio. Now, our customers can describe their process or their goal to Workiva Agent Studio instead and have it build agents for them without having to write a single line of code. Agent Studio empowers our customers and partners to build in two ways. First, users can create their own purpose-built AI agents. Second, users can tailor Workiva's pre-built agents to match the way their business operates. Let us take one example use case. Month-end close, and you are getting ready to produce what is called the period-end flash report. So somebody typically spends hours gathering the data, building and formatting spreadsheets to compile it, then somebody spends days chasing people for explanations and putting it all together. Then there is the painstaking process of making sure that it is all accurate and ties out. That goes on month after month. So let me show you how Agent Studio can change all that. And what you will see is how you describe your goal, create an agent, connect it to the platform, and have it create the report. Right. Let us go to the demo. So this is Agent Studio, and we are going to build a flash report from scratch. You can start with a plain language description of what you want. In fact, you can simply use a starter prompt that ships out of the box. So let us click Flash report here, and it says something like, "Automate our period-end flash report, calculate variances, pull out the key metrics, flag what actually moved." So now based on this simple goal, Agent Studio will prompt you for the rest. Where should the flash report be written to? Not only will it do the analysis, but we ultimately want it as an artifact in the platform, just like any other Workiva asset, so teams can then work with it. Okay, a few more questions, data sources, some detail on analysis types, and then now you will see an outline for your review. Goals, steps. Then once you are good with it, Agent Studio starts to build. Okay, this is one of my favorite parts of Agent Studio, build mode. You have a couple of options to get started. To the left, you can continue to instruct Agent Studio through a chat interface. To the right is our no-code canvas, where you can visually inspect the steps and optimize the instructions for each one. Agent Studio just took everything you described and then turned it into an actual workflow right in front of us. Any AI model can generate a series of steps, but this one needs to run on our customer's data in their workflow. Let's hop over to the Details tab, and this is where AI connects to the platform. At the top, there is your goal. You can make changes if you want, but let's leave it as is for now. Then you have knowledge. Knowledge is a brand-new feature we announced in July. With knowledge, you can curate specific intelligence to provide context to the agent. AI can reference them again and again within the Workiva platform. This is really where the deep context that is specific to a customer's team or enterprise gets used in their work. Some examples of knowledge would include internal policies, regulations, style and brand guidelines. The list is endless. With knowledge, users can build a smarter agent that knows a lot more about their business and how they want to work. Let's look further. Capabilities. Think about all the actions our users take. Searching, reading, writing, tagging. All of these tools are available as capabilities directly within Agent Studio. To get you started, Agent Studio is intelligent enough to automatically pull in the capabilities you need based on the goal you described. All right. Let's do a review now to make sure we have no logical errors or if we need to further optimize the workflow. Then you are ready to go live. You hit Run, and the AI companion opens right alongside, showing every step the agent is taking. You see every file it pulls, every calculation it makes, and you can chat with the agent at any time. Here it is, period-end flash report that you asked for. Check this out. Every number in that report is linked to its source. You click it, and you are back at the exact cell in the trusted data it came from. That is traceability. Because now this is a Workiva document, you can now share it with any of your team members with permissions, approvals, and sign-offs. That is defensibility. When auditors want to see evidence, audit trails capture human and AI actions. That is audit-ready, all happening here inside the platform. Now that you like this agent and what it does, you can schedule to run it from your calendar automatically month after month. All right. Let's go back to the slides, please. Now imagine how many other agents you could build with just a few clicks. Accruals review agent, management package agent, board prep agent, comment letter prediction agent. I want to share a quick story. Last month, we put Agent Studio into Workiva's own production environment, and this happened on a Friday. By Saturday morning, our sustainability team had built three agents in it: an environmental management systems prep agent, a stakeholder communications agent, and a reporting assessment agent. By the time I heard about this, one of these agents had already run, and it completed work that would have taken months of back and forth with an outside vendor. That work was done by a team that had Agent Studio for less than a day. It was done by a team that didn't need to write any code. That is the transformative power our business users all now have in their hands, and the possibilities are endless. That's Agent Studio, a plain language agent builder integrated directly into the Workiva platform. This is not the only way our customers are extending the value of our platform. We recognize that our customers have always used the Workiva platform alongside office productivity tools and now increasingly with their favorite LLMs as well. To optimize how Workiva works alongside these new tools, we recently introduced Workiva MCP. With Workiva MCP, approved external AI tools and agents can now reach Workiva through a secure permission channel. Let's say you want to ensure that any copies of financial information floating around in SharePoint or Google Drive are reflecting final filed versions within Workiva. You could very easily write a few prompts or build skills in Claude to validate and update that information in those downstream systems. MCP is available to our customers today. Read access with permissions inherited from the person who's initiating the request. Why is platform extensibility important? Platform extensibility has always been important for any software vendor because it's just hard to build everything that every user at every customer in every industry vertical in every part of the world wants to get done. Time, resourcing, product load, they all point to platform extensibility as the solution. Our platform has been open and extensible historically. We have document templates, APIs, Python scripting, integration and workflow tools. Until now, this has needed technical capability that our business users don't really have. Today is a very different world. We build our capabilities leveraging AI and our accelerating engineering velocity. The capabilities we build are agentic, and thus inherently solve for a wide variety of user needs. By making all of this extensible to build your own or to customize without needing any technical skills, our ability to deliver customer value gets compounded. They can focus on the business and solve for their needs in their way. Tribal knowledge can become institutionalized assets, and work can be faster and higher quality. The best part is they don't have to worry about what we would call regulatory work infrastructure. That infrastructure is the trust and the tooling needed to do high-stakes work. Workiva is the place to manage high-stakes work, the safe place to adopt AI for high-stakes work, and to do it your way. Okay, we just covered our product strategy framework with the foundation of trusted data and trusted AI. The three investment categories, fit-for-purpose agents, agent orchestration, and agentic applications. Then platform extensibility with Agent Studio and MCP. So let's move on to how all of these things I just talked about come together across our portfolio of solutions. Now we go to market with financial reporting, sustainability management, and GRC. Let's start with financial reporting and sustainability. We have announced a long list of capabilities for financial reporting, Multi-Entity Reporting, and Sustainability. And this list shows you how we are making rapid progress towards enabling our customers to do their work faster, with less effort, and higher quality with AI. Let's dive into another demo here. I want to show you how our AI capabilities are transforming the 10-K filing experience for our users end-to-end. But let me first do some quick context setting. One of the fundamental concepts in financial reporting is continuity. So every quarter and every year, companies are not starting from a blank 10-Q or 10-K. They are taking the prior filing and moving it forward. In Workiva, that process is called roll forward. As they get ready to file, our customers organize their working documents in folders and workspaces. And every team and every enterprise does this their own way, and this evolves. So no surprise, because this is not very rules-based, it is highly manual. What you will see now is how we orchestrate agents that do the roll forward, then draft disclosures, validate the numbers, tag it, and get ready for the filing. Let's check out the demo and see how the Workiva Platform can now transform this 10-K process. Let's start the demo, please. Workiva's new roll forward capability automates what you choose to bring forward using a recommended blueprint, but you have the ability to describe how your process works in plain language. So you guide the agent, hit start, and you can see how it is rolling forward folder structures, labels, figures, comments. Day one of the cycle, you are already ahead of the game. Now, let's take tariffs. Big topic this year. We want to update our tariff disclosure in the 10-K. It is all still new and everyone is trying to figure this out, so you want to know how your peers are disclosing. So we can run a peer benchmarking comparison, and AI surfaces a summary of the comparison and recommends edits that you can review and insert into the document. Let's now move to tie-out. Here it is analyzing the report, and the tie-out agent surfaces internal numerical discrepancies automatically and explains exactly what it found and where. You are still the reviewer. You can verify or override each finding, but in a few minutes, you can be confident that the numbers tie out. Next, let's validate our XBRL tags before we file it with the SEC. And those validation messages are notoriously cryptic. They come from the XBRL standards definitions. But now AI reads the context of your filing and then tells you in plain English what the issue is, why the rule exists, and the steps to resolve it right there next to the validation. And we are not done. Questions start rolling in from the company leadership and the board, and you go to Agent Studio. With Agent Studio, you can build a management Q&A agent that provides answers grounded in your own variance reports and trends from prior filings. That is how we orchestrate agents to work together and complete an end-to-end 10-K workflow. Agents doing the heavy lifting and humans engaging as needed. Let's get back to the slides, please. Now I'd like to move on and talk a little bit about the regulatory opportunity that Julie introduced you to earlier. As we've discussed, Workiva powers critical reporting workflows from 10-Ks to 10-Qs to global statutory filings. Every organization also manages hundreds of other reporting obligations, government surveys, Country-by-Country Reporting, inherited entity filings, and jurisdiction-specific forms that are often tracked across disconnected systems, or worse, only in someone's memory. Today, we are expanding the Workiva platform to support broader regulatory work. Our new agentic capabilities continuously monitor regulatory change, determine which entities are affected, translate new requirements into reporting obligations, prepare and map the required data, and then manage the workflow all the way through submission. Instead of reacting to compliance requirements, organizations can automate the entire regulatory reporting life cycle with governance and traceability built in. This morning, we announced our first three agentic regulatory solutions, BE-11 survey, Country-by-Country Reporting, and U.S. Census surveys. Let me walk you through the BE-11 example so you can see how our platform capabilities extend to new use cases. The BE-11 is the annual survey of U.S. direct investment abroad, administered by the U.S. Bureau of Economic Analysis, or BEA, and this is a mandatory annual survey for substantial U.S. businesses with majority-owned foreign affiliates. Let's see how this works. Within the Workiva platform, you can see that the dashboard is telling me which reports I need to file, and that's based on my regulatory reporting requirements. The platform automatically maps the financial and operational data that is already available within the Workiva platform to the BE-11 form and flags any additional fields that need human review. If each foreign affiliate requires roughly 12 hours of effort per the BEA, then a multinational organization with 100 reportable entities is looking at approximately 1,200 hours of reporting effort. Most of that time and effort is really spent in gathering data, validating it, reconciling, and reviewing exceptions. With our platform, once the data is mapped, it can be rendered into the form, tagged, and sent for submission. This is just one example. Julie talked about how companies need to stay compliant with a vast number of regulatory requirements. This is how we can now take on more of the work and help our customers stay compliant, not just generate a report. The three agentic solutions we announced today, they're just the beginning. We will continue to expand our regulatory solution offerings over time. Let's move on to governance, risk, and compliance. We have been busy, very busy innovating in our solutions that support GRC. Today, many of these GRC processes are manual but repeatable. Let's focus on control testing, which is the bottom half of this cycle. The testing of evidence for processes like Sarbanes-Oxley has historically been time-consuming and painful. Let's say that internal audit teams want to look at invoices and purchase orders to ensure compliance with policy. That evidence typically arrives as screenshots and PDFs, emails, spreadsheets, or some unstructured document. This is a business process that is ripe for AI to solve. I'm excited about agentic automated testing, a new solution that will free up all those hours of manual work. Agentic automated testing is supported by the orchestration of three AI agents, each with a specific job working together across the testing process. It starts with the evidence agent, which automatically classifies uploaded evidence and extracts key data, invoice numbers, purchase order details, dates, approvers, amounts, into structured audit-ready information. So instead of spending hours now manually organizing evidence, auditors can immediately focus on validating the control. The attribute agent takes a control test described in natural language and translates it into a reusable testing tool. So once defined, that rule can be applied consistently across the process, improving testing quality. Finally, the testing agent allows you to scale by running that defined rule across not just a few samples, but a larger set of transactions, delivering consistent, traceable results in minutes instead of hours or days. With agentic automated testing, we have broader control testing coverage, earlier issue detection, and higher assurance with significantly less manual effort. Now, when you start testing at that scale, you will likely find more issues. So I am also very excited to announce our new remediation agent. The platform can orchestrate agents in parallel, so the remediation agent can start detecting patterns in test failures, help investigate root causes, draft management responses, and assign remediation tasks to the right owners. We help our customers accelerate the speed of resolution of control test failures while reducing manual effort. In addition to automated testing and remediation, we announced more new capabilities in GRC. Policy management, which lets our customers convert static policies into enforceable rules that connect to risks and controls. And GRC reporting with Workiva MCP, visual interactions with smart charts, and automated audit report generation. As you can see, we have fully embraced AI across our GRC solution set. Let us go back now to where I started. Julie said earlier our strategy has not changed, our ability to execute it has. As you have seen, we are moving on all fronts of our product strategy at once. Fit-for-purpose agents, live today. Agent orchestration, starting to coordinate agent runs across end-to-end workflows like 10-Ks, 8-Ks, statutory filings, controls testing and remediation. And agentic applications are opening up opportunities to do more of the regulatory work for our customers. Last but not least, platform extensibility means our users are becoming builders. Our customers now benefit from our pace of innovation as well as what they can do on their own. This is how product strategy and innovation are shaping our ability to execute the Workiva strategy. But everything I have shown you today, the solutions we have built, Agent Studio, Workiva MCP, the new regulatory opportunity, none of it works without a trusted platform earned over years with data our customers rely on and controls that do not bend. So let me close with this. The core of who we are is not changing. This is a platform built to deliver trust. Our AI is not bolted on. It is AI built into a foundation our customers already trust with traceability, governance, defensibility. Trust has always been what has made us different. And as we innovate, it will continue to be. Now, let me turn it over to Mike, who is going to talk about Workiva's growth opportunity. Over to you, Mike. Thanks, Deepak. I am Mike Rost, Workiva's Chief Strategy Officer. Julie set the stage today with our strategy and vision. Deepak showed you the innovations that are driving it, and I am here to connect you to that growth that is an opportunity that is in front of us. I will cover four areas: the addressable market, our portfolio of solutions and specific performance metrics, and the new logo and account expansion opportunity. Finally, our monetization framework. As we focus on the growth, we believe AI expands, not disrupts Workiva's opportunity. Every major technology shift has rewarded the companies that executed well through it. As we accelerate into the era of AI, Workiva is in a position of strength to capitalize on this growth opportunity. That growth opportunity is supported by a wide portfolio of solutions. Here is a view of that portfolio framed by our total addressable market. We have communicated a TAM of $35 billion, spanning four categories. The mix of that TAM is financial reporting at 50%, GRC and sustainability each at 20%, and vertical-specific solutions at 10%. That $35 billion TAM remains intact, and we are still in the early innings of penetrating it. We do see the addressable market expanding, and there are two primary drivers of that. The first is our expansion into new solutions that support regulatory work. We announced three of those today. This launch is a signal that the scope of the work that we can do around regulatory is broadening. The second market expansion is AI and agentic automation. Software can now do the work, not just help people do it. That changes what is addressable for every solution in our portfolio. AI is expanding our long-term opportunity, but the impact is not just ahead of us. It is here today, driving growth across our portfolio. Let us take a look at that growth with the performance of some of our solutions, starting with financial reporting. It is easy to associate financial reporting with SEC Reporting. That is where Workiva first established its leadership. That category has expanded well beyond a single filing. We are solving a much broader set of financial reporting challenges and creating new opportunities for growth. Let me highlight a couple examples. The first is Multi-Entity Reporting. This solution addresses the growing complexity of statutory reporting for multinational organizations. It is also one of our strongest growth engines. Subscription revenue has grown at a CAGR of 32% over the last four years, with customer count growing at 36% CAGR over the same time period. These are strategic enterprise deployments, oftentimes tied to transformation and ERP modernization. We are winning here with a modern platform built for reporting complexity. Another financial reporting area for growth is capital markets. We look at the capital market solution in the context of the broader private-to-public journey, and we believe this remains a solid growth market for three reasons. First, a healthy IPO market creates demand long before a company files an S1. This is a great market for private company reporting. The dream of someday going public creates a great selling environment for this solution. As companies stay private longer, they face increasingly complex reporting and governance requirements well before the IPO. For some companies, before IPO may be even five or 10 years. A long time. Second, the IPO itself is a powerful Workiva use case. Preparing an S1 is complex. We bring the deal team together in a single platform to reduce that complexity. Third, IPOs create a long-term customer opportunity. Once a company is public, its reporting and governance obligations expand. That opens the door to SEC reporting, GRC, and sustainability, and much more. For S1 filings, we are benefiting from two powerful trends in 2026. First, a stronger IPO market. Second, we are increasing competitive share within that market. Over the past four quarters, our capital markets customer count has grown 26%, while average contract value has increased 44%. These numbers reflect both a larger initial ACV for S1s and a broader solution platform adoption. Let us turn to GRC. GRC represents a fantastic growth opportunity for us. Our GRC portfolio includes solutions for managing audit, controls, risk, policy, and compliance. As you saw earlier, these solutions are now supported by many new agents. This broad set of GRC solutions creates multiple entry points for customer expansion. One of the strongest growth stories within GRC is Audit Management, where Workiva's Audit Management solution is designed to manage the end-to-end internal audit life cycle. These are rarely standalone deals. We typically win an Audit Management deal as part of a broader GRC transformation initiative, and these typically replace legacy point solutions, spreadsheet-driven processes, or some things that are just completely manual. The growth path for this solution has been exceptional. Over the past four years, subscription revenue has compounded 39% annually, while customer count has grown 28% annually. Turning to sustainability, this solution remains a growth driver despite the regulatory shifts over the last 18 months. Demand continues to be driven by CSRD, ISSB, and emerging regulations such as California Climate Disclosure Rules. These regulations reinforce the need for a governed enterprise reporting platform. While sustainability remains a long-term growth opportunity, we have experienced some moderation in demand, particularly in the U.S. In Europe, however, we continue to see steady market adoption. Although the European regulatory landscape has evolved, companies continue to buy. That trend is reflected in our results. Over the past 12 months, our European sustainability customer growth base grew at 34%, while subscription revenue increased 64%. Let us turn to our vertical solutions, where we apply the power of the Workiva Platform to some of the most highly regulated industries. In banking, we support regulatory work for stress testing, capital planning, risk, and treasury. For insurance, we help customers solve for regulations for actuarial, risk, and group reporting. For investment managers, we support the full Fund Reporting life cycle from fund financial statements through shareholder reporting. In the utilities, we streamline the FERC reporting process from data collection and review to electronic filing. Let us drill into one of the specific examples. This one is one of our highest growth solutions in this vertical solution category, which is Fund Reporting. This solution modernizes investor and regulatory reporting for asset managers, private equity firms, and fund administrators. This is another market undergoing a shift away from manual spreadsheet-driven processes and legacy on-premise solutions. That demand is translating to strong results. Over the past four years, subscription revenue has grown at 54% CAGR, while customer count has grown at 33% CAGR over the same time period. While today's announcements introduce a new generation of agentic solutions for regulatory work, our leadership in this market is already well-established. This slide highlights the breadth of our regulatory reporting portfolio across banking, insurance, and utilities. These are all industries with complex regulatory reporting requirements. Our experience with this broad set of regulations provides the foundation for what's next, support for expanded regulatory work. The solutions I just highlighted and those across our portfolio fuel deeper account expansion, new customer acquisition, international growth, and new monetization opportunities. Let's go into this in more detail. Let's start with account expansion. Our expansion opportunity remains substantial. Today, roughly 60% of our 6,700 customers generate less than $100,000 of ACV, and that's actually an improvement from a year ago, which was 65%. These customers already trust Workiva, and our opportunity is to expand that trust across the platform. Our expansion opportunity is also highlighted by looking at our solution count by customer. Today, 51% of our customers use just one Workiva solution and another 25% use only two. In other words, three out of four customers have only begun to leverage the platform. We're making progress. The percentage of customers using two or more solutions has increased from 45%- 49% over the past year. Even with that progress, we have significant room to grow in this solution expansion opportunity. Let's look at the solution count for some of our largest customers. This chart shows solution adoption across the 89% of the Fortune 500 that are Workiva customers. The numbers in this customer cohort highlight both proof and potential. First, the proof. We've demonstrated that large enterprises will standardize on the platform. 27% in this group have adopted five or more solutions, and when we drive solution density, the ACV potential is meaningful. Second, the potential. Our expansion opportunity, even with this largest customer cohort, is still significant. 43% of this large customer cohort use only one or two solutions, which leaves substantial room for expansion even within this largest customer category segment. Account expansion remains one of our most important growth levers, and we believe that this is a 3x ACV opportunity. This isn't theoretical. It's already happening. We're winning more platform deals, expanding within the customers that we have, and increasing customer value all at the same time. Let's move on to new logos. New customer acquisition is becoming an increasingly powerful growth lever. We're landing larger with broader platform deployments from day one. Today, the majority of new customer wins include multiple solutions, and 17% include three or more solutions, generating an average ACV of more than $200,000. That's a meaningful evolution in our go-to-market strategy. We're landing larger, landing broader, and establishing strategic platform relationships. One of the questions we're often asked is, "What are you landing with new customers?" While 70% of our new logo wins still include a financial reporting solution, we're increasingly landing accounts through other parts of the platform. More than 32% of new customer deals include GRC, sustainability or one of our vertical solutions. We now have multiple entry points into new accounts, creating more opportunities to create strategic relationships from the outset and expand those over time. In Europe, our new customer growth is increasingly driven by multi-solution deals. 1/3 of new logo wins span multiple solution categories. One quarter combine financial reporting and sustainability together, which reflects the growing demand for integrated reporting. In Europe, when customers adopt the platform from the outset, they generate an average ACV of more than EUR 200,000, demonstrating both the strategic nature of these deployments and the strength of our platform. Let's move on to another growth lever in our kit here, which is our monetization framework. As a reminder, Workiva does not use a seat-based pricing model. We moved away from that approach more than six years ago. Instead, each solution is priced on the value that it delivers. We use business-specific metrics such as the number of controls, the number of legal entities, the number of funds, or other operational drivers that align with the value the solution delivers. This metric-based approach has served us very well, especially in this new era of AI. Beyond value metrics, our framework provides us the flexibility to monetize innovation. Tiered pricing enables customers to adopt the capabilities that best fit their needs while creating clear pathways to higher value offerings. That is especially important as we introduce new premium AI capabilities. As customers increase usage and adopt advanced AI capabilities, our monetization framework is designed to capture that incremental value. A recent customer expansion illustrates the strength of this metric-driven approach. This global PE firm initially purchased a single solution in 2024 with an ACV of $156,000. In 2025, they expanded to two additional solutions, increasing their annual spend by nearly four times. One of those solution additions was Fund Reporting, which is priced on the metric of the number of funds managed on the platform. This customer initially deployed the solution for only a subset of their funds. This year, the customer expanded with one additional solution and increased their adoption of Fund Reporting in just a few quarters. They more than doubled their spend on that solution, which was driven entirely by this increased platform usage. That's the power of metric-based pricing. As customers expand usage, they realize more value from the platform, and their investment naturally grows alongside their business. In just two years, this customer expanded its investment by 7x, growing to more than $1.2 million in annual spend. Another important component of our monetization framework is our tiered pricing model, which we call Good Better Best. Tiered pricing provides us a disciplined way to capture more value as the platform becomes more capable. It also offers a natural path to monetize our latest innovation. The tiered pricing model is working, and we're seeing measurable results. A great example is SEC Reporting, which is our top solution in terms of customer revenue. SEC customers seeking the most advanced AI-powered trade capabilities have the option to move to a higher value tier that delivers this value. When we introduced SEC Advanced, our premium tier for SEC Reporting, we said we expected meaningful price uplift and a durable trend of customer adoption. That's exactly what we delivered. Customers upgrading from our SEC standard offering to SEC Advanced are generating contract value increases well above 20%. We've seen nearly 15% of our SEC customers take advantage of this opportunity. This is another strong example of both proof and potential. We have proven premium tier adoption and price uplift, and we have the potential in this case to go after the other 85% of this SEC account base. With our product launches today, we are delivering more and have increased value for these premium tiers of our solutions. That is the strength of our tiered pricing framework. We monetize innovation by delivering meaningful customer outcomes. Our metric-based approach and strategy has been very deliberate and one that has served us well for years, and it has also provided us a great foundation for monetizing AI. In our approach to delivering AI, we break pricing and packaging into three categories. The first is core AI. These are the standard AI capabilities included as part of the platform for all pricing tiers, for all solutions, for all users on the platform. Second is premium AI. This is what we are monetizing in our premium pricing tiers today. For example, the new agents and platform capabilities announced today further strengthen those premium offerings and we believe will increase adoption of those premium tiers. We will continue to monetize new innovations as they are delivered. Finally, a new category. This is what we are calling AI for builders. This is a new offering we are launching today with the release of Agent Studio. This optional add-on is focused on our premium pricing tiers and focused on those that want to build their own agents. This is a new additional solution SKU for customers to go purchase. There you have it, a simple, flexible, yet powerful monetization framework. A framework that enables us to capture more value as customers consume more and their value increases. Let me close by bringing this all together. We believe Workiva is entering its next phase of growth from a position of strength. First, we are operating in a large and expanding market, and AI is increasing what Workiva can address. Second, we have a significant account expansion opportunity. Our customers trust Workiva and most have only begun to leverage the full breadth of the platform. Third, we are building a stronger new logo engine, landing larger multi-solution deals and accelerating global growth. Finally, our monetization framework is built for the AI era. Put it all together, a growing market, multiple growth levers, and a proven monetization framework, and we believe we are exceptionally well-positioned for long-term growth. With that, I will turn it over to Barbara, who will show you how these growth levers translate into our long-term financial model. Barbara? Thank you, Mike. I am excited to be here today. I am Barbara Larson, Workiva's CFO. Julie just laid out our strategy. Deepak walked you through the product driving it, and Mike showed you the opportunity. Now I will show you the numbers, where we are today, where we are headed, and the discipline we are applying to get there. Top line growth and expanding margins aren't a trade-off here. They reinforce each other, leading to a long-term, durable, profitable growth company. First, let's take a look at where we are today. This is the year Workiva crosses $1 billion in revenue. It is also the first year that we will achieve GAAP profitability on a full year basis. Through operational rigor across the business, we expect to achieve our 2027 non-GAAP operating margin target a full year early. We are a stronger, more agile company than we were a year ago. As you've seen today, our platform and AI capabilities are unlocking new growth opportunities on top of a durable base. Let's start by looking at how we got here. Our subscription revenue has shown strong growth of 20% over the last four years. Through multiple macro disruptions, our trailing 12-month subscription revenue growth rate has consistently remained above 18% since 2019. It's that consistency and the growth levers still ahead of us that give us confidence in our long-term growth potential. Our total revenue has grown at an 18% CAGR over the same four years, proving that we can adapt to changing market conditions and customer needs. We've been able to maintain that durable top-line growth because of our strong growth algorithm. First, we're adding hundreds of new customers every year. Our market opportunity is growing, and we're expanding internationally. Second, our platform is sticky. Customers stay, and they grow with us. That shows up in best-in-class retention. Third, a growing portfolio of solutions priced on value gives us the ability to continue expanding within our customer base and also monetize AI as we go. So let's dig into that a bit more. Over the last three years, we've added roughly 300 net new customers a year. As Julie showed you earlier, we're landing bigger. Each new customer contract today is about 50% larger than it was three years ago. In fact, over the last three years, new customers have driven, on average, 45% of the growth in our subscription revenue. We're also growing outside the U.S. Non-U.S. revenue was 28% of our total revenue over the last 12 months, up from just 16% four years ago. Europe remains our biggest regional growth driver outside of the U.S. Revenue from Europe has grown at a 42% CAGR over the last four years, more than two times our overall total revenue growth rate. Once we land a customer, our retention is best in class. We model the business at 96%+ gross retention and 110%+ net retention. That hasn't changed from prior years. In fact, our gross retention rate has remained at or above 97% for the past 19 quarters. There are three ways we grow with our existing customers. First, we sell more solutions. Our cross-sell motion is moving the needle on single-solution customers to multi-solution customers. Second, customers grow within the solutions that they already have. We price on value metrics, more entities, more controls, funds, and complexity. So as our customers grow, we grow with them. Third, we capture more through pricing and packaging. We've always had price escalators built into our contracts, and now with our Good, Better, Best pricing rolled out to more solutions, that's yet another lever for growth, especially as we monetize more of our AI capabilities. Put all three of those together, and that's how we continue to grow within our existing base. Now, this slide is one of my favorites. It shows retention isn't just a number. It's a pattern that we have across every customer cohort. Take our 2010 cohort. Those customers have grown their spend with us at a 23% CAGR through 2025. Over a decade in, and they are still expanding. That really comes down to two things, the value that they see in our platform and the people behind it. We don't just sell a product and walk away. We help our customers build Workiva into how they actually run their business. For those of you who have joined us in person and you have had a chance to talk to any of our customers, you have probably already heard that in the way they talk about us. We have also shown strong growth in every large ACV cohort. Customers above $100K ACV have grown at a 23% CAGR over the last four years. Customers above $300K, 36%, and customers above $500K, 35%. Today, we are sharing our million-dollar-plus ACV cohort, and we now have more than 80 customers spending over $1 million a year with us. That group has grown at a 36% CAGR over the last four years. You can see here the average annual contract value in each of these cohorts. Customers above $100K spend $250K+ on average. Customers above $300K spend $600K+. Customers above $500K spend over $1 million per year. In our million-dollar-plus cohort, average annual contract value is over $1.5 million. You put that all together and the story is simple. Average contract value has increased 40% over three years. That is every cohort, every lever, adding up to one clear trend. That is the growth side of the story. Now let us talk about how that growth is translating into margin. Here is what that has looked like. This shows our non-GAAP operating margin over the last four years, and you can see the real inflection over just the last 12 months. This reflects our commitment to operational discipline and rigor as we scale. Our strong growth fuels our productivity, and that fuels profitability. At the same time, our productivity fuels growth. We have long said that we can do both, and we are executing on both from a position of strength. Our margin expansion comes from disciplined execution across the business. AI is helping us too. How we build, how we sell, and how we operate. We can continue investing in growth and innovation while finding leverage in other parts of the business. Underneath all of this is a strong, experienced leadership team that can execute at scale. Let us go through each of the spend areas and how we expect to gain leverage over the next few years. Starting off with gross margin, which we continue to believe we can improve by two points between 2026 and 2030. First, as our mix continues to shift towards higher margin subscription revenue, that is a natural tailwind to overall gross margin. Second, our support org rolls up to cost of revenue. As AI enables us to scale digital support, our team can focus on the more complex escalated work. We do not need to hire at the same pace as growth. Third, I know we get a lot of questions on how LLM usage will affect gross margins over time. We do not expect that spend to meaningfully change our trajectory. Let me go a little bit deeper on that third point. First, we purchase our LLM compute through our broader infrastructure contracts, so we get favorable terms, and we do not expect our spend to increase at the same rate as usage. We are also optimizing which model handles which task on the back end. That keeps our compute costs in check, and customers do not have to be experts in this. We handle it for them. Our pricing model sets us up well for the AI era. Our premium AI capabilities are built into our Good, Better, Best tiers, our more premium tiers. Our customers, as they move up to unlock that value, they are also paying for the AI that comes with it. That is why we still expect gross margin leverage even as AI usage grows. Moving to R&D, we expect two points of leverage between 2026 and 2030, even while continuing to invest in innovation. AI makes our engineers more productive, improving both speed and quality of our products. We are bringing solutions to market faster. We are deliberately hiring for quality over quantity, engineers that can harness AI to speed up the pace of innovation. That is the mechanics behind the number. Every solution we build should cost less than the last one. Next, sales and marketing, where we expect three points of leverage between 2026 and 2030. This comes from a continued evolution in how we go to market, focused on three areas. First, platform selling. More sellers focused on the full platform, fewer overlay specialists, higher productivity per seller. Second, AI efficiency. We are putting AI directly into the seller's workflow, account research, deal prep, forecasting, so our sellers can focus on customer conversations. Third, partner leverage. Our partners are sourcing and delivering a growing share of our revenue, extending our market reach. That is growth that we do not have to staff ourselves. On to G&A, where we expect one more point of leverage between 2026 and 2030. Technology and AI drives efficiency across the organization, reducing manual workflows. Our head count scales in a disciplined way. Finally, stock-based compensation. This continues to be an important part of our compensation philosophy and a lever to attract and retain top talent. That said, we expect to reduce stock-based comp as a percent of revenue by one point between 2026 and 2030. Two things are driving that leverage. First, leaning more into AI means natural hiring discipline. Second, we will remain thoughtful in how we approach compensation design and equity allocation, striking the right balance between competitive pay and dilution. Moving on to cash flow. As our margins grow, that naturally drives more free cash flow. Our free cash flow margin has trended ahead of our non-GAAP operating margin. The GAAP moves around some from year to year, but the direction has not. This year, we expect 18% in non-GAAP operating margin and 21% free cash flow margin. As our operating margin expands toward our 2030 target, we expect free cash flow to grow right alongside it. It is not just the margin that matters, it is the dollars. As we scale, that free cash flow turns into real capital we can deploy to invest in growth, pursue M&A opportunistically, and return capital to shareholders. That is the flexibility growing cash flow gives us. Let us talk a little bit about how we think about that. We have a clear framework for how we think about capital allocation. First, organic growth. That is our primary investment focus. We are innovating and growing our platform and driving value with AI. Second, strategic M&A at disciplined valuations where it accelerates our AI roadmap or expands our TAM. Third, returning capital to shareholders through share buybacks. On that third one, it is a balance, not a formula. Since the program's inception, we have repurchased $244 million against our $350 million authorization through Q2 2026. In 2025, we repurchased approximately 850,000 shares, partially offsetting dilution. In the first half of 2026, that increased to approximately 3.3 million shares, nearly 4x 2025, and reducing share count. Our focus is on offsetting dilution from equity compensation and being opportunistic. When we see value, like we did in Q2, we lean in. The constant is discipline, not a fixed target. I walked you through the drivers of growth and profitability. Now what does this mean for our 2030 targets? We have a 2030 top-line target of $1.8 billion- $2 billion in revenue. When this target was first set in 2024, the path looked different than it does today. Sustainability demand has moderated from those 2024 highs. AI is enabling us to bring more solutions and value to market faster. We are just getting started offering our agentic capabilities and additional solutions in the broader regulatory opportunity. As Julie said, we are early. We do not expect this to be a meaningful contributor to revenue in 2027, but this opportunity will continue to layer on over the next few years. The path to our 2030 revenue target will not be linear. On margin, our 2030 model now reflects the leverage I just walked you through across gross margin, R&D, sales and marketing, and G&A. We are raising our 2030 non-GAAP operating margin target from approximately 24% to approximately 26%. Stock-based compensation is expected to decline to approximately 11% of revenue, down from 12% at last year's Investor Day. We believe these numbers are not a limit to our upside, but they also thoughtfully reflect the investments we still plan to make to go after the growth opportunity. This model reflects our confidence in our strategy and the opportunity ahead. We are investing in the platform and AI capabilities while delivering improving profitability. Let me bring this together. This year, we are crossing a billion dollars in revenue, achieving GAAP profitability, and delivering our 2027 non-GAAP operating margin target a year early. Our growth engine is durable. New customers, best-in-class retention, and expansion within our base. Our margin story is just as strong. Operational discipline and AI-driven productivity working together across every part of the business. Growth is fueling profitability, and profitability is fueling more investment in growth. That combination is what gives us confidence in our 2030 targets, conviction in our revenue range, a higher margin target, and the flexibility to keep investing, pursue M&A, and return capital. AI only amplifies that opportunity. We are a stronger, more agile company than we were a year ago, and we are just getting started. With that, I would like to invite Julie, Deepak, and Mike to join me back on stage, and we will open it up for your questions in just a moment. First, we will take a brief pause to go ahead and set up the stage. Okay, awesome. We will be passing around the mic to open it up for questions in the audience. We also are allowing people to ask questions over the live stream. I will kick things off with a question that came in while the live stream was going while the mic is making its way around the room. The first question is, how do you size the broader regulatory work opportunity? You did not quantify the size of the TAM increase, so just wondering how big you think this opportunity could be. You are right. We didn't put out a specific TAM today, but we do see the opportunity as significant. We're starting, of course, with regulatory reporting, which we have strength in today. We have our financial reporting and non-financial or sustainability in GRC. We know though that the report itself is one part of compliance for a company. There is a broader opportunity with the problem for customers staying compliant. We see the opportunity as twofold. One, we're now able with our platform and agentic AI to handle more use cases than ever before across an organization, not in those necessarily three categories, but we're also able to, again, do more of that regulatory work. We showed you several examples today here, the BE-11 report. We showed others on stage at Amplify, and this is just the beginning. We're just getting started. It's early. As we make progress, we will provide additional visibility into the opportunity and the size of it. Steve. Great. Steve Enders from Citi. Maybe to start with Barbara, just on the guidance framework. I think you made the comment about you're not expecting growth to be linear from here to 2030. Could you just give a little bit more clarity on, I guess, what exactly you mean by that? Similarly, with the operating margin framework, should we expect that to be linear, or are there any kind of moving parts in there to keep in mind for the next few years? Yeah. Thanks. Thanks so much for the question. Your question is around linearity. We are focused on both growth and profitability. In terms of the 2030 target and our path to there, we talked a lot about the fact that we have a very durable growth algorithm, right? On top of that, we are really excited about the new capabilities, especially the expanding regulatory opportunity and the AI capabilities that we announced today. But we just announced them today, so we're early. We'll expect those bookings to ramp over time. Given the fact that we're a subscription model, we don't expect that to have a meaningful contributor to revenue in 2027. 2027, we've got that durable growth engine, and then beyond that, really starting to see those new capabilities around regulatory, as well as AI starting to ramp in. And then on the margin side, continued steady expansion as we go towards those 2030 targets. Really, really pleased with the progress we've made thus far. Thank you. Hi, Pat McIlwee. Sorry. Hello? Yeah. There you go. Hi, Pat McIlwee with William Blair. Thanks for doing this. A lot of really good information today. Mike outlined this a little bit on the capital markets side. I understand the direct monetization of that via S1 is a pretty moderate portion of the overall revenue base. As we think of the more indirect impact of that activity, the pickup in deals we saw coming to market in the first half of this year, how substantial can that be in terms of a growth lever for your business as those companies come public and kind of open the aperture to the entire Workiva product set? Barbara, maybe what kind of expectations have you baked in on that front as we think about the revenue outlook? Yeah. I will start off with just kind of the broader opportunity. Yes, we have seen an increase in IPOs this year. I outlined it in my remarks from the size of it. We do see this uplift in broader capital markets activity as I frame up the dream of going public does provide that rich opportunity for us to go sell into that private base. We do not have a particular size on it. What I can say is the market sentiment is significantly greater than it was a couple of years ago, where we had a significant stabilization, I would call it, of IPOs. No specific numbers, but I will just frame it up as it is definitely better than 2024 and better than 2025. We are optimistic that we have continued market activity, and really, again, I think it is more the conditions around the markets for people to go public. Dan. Good morning, everybody. Dan Jester, BMO Capital Markets. Thank you for taking my question. In the keynote, Julie, you said that you do not want to put AI just on top of Workiva. You want to build a new Workiva. I understand on the revenue side that we are not necessarily going to see a direct impact in 2027 from a materiality. But in terms of rebuilding Workiva internally and putting all of the AI technology in place today, where are we in terms of that rebuilding process? Is this something where maybe you are more advanced than on the revenue side, or is this something that we should still see re-engineering happening over the coming quarters and years? Thank you. Sure, and it is a great question. Yes, the transformation of Workiva and our platform towards agentic first, it is not a one and done. It is a continuum. We have been doing this now for many months, a year plus. Again, doing what Deepak described, which is ensuring that we are able to handle an understanding of what the customer's business is like, and we have been doing that more and more. The agentic capabilities that we are rolling out today already leverage that transformation in the platform. The way we are working is transforming operationally. It is a continuum and we are continuing to evolve. It is not a one and done. We are going to continue to do that as we progress. But we are seeing our ability to leverage that today, and you will see more and more of that. Andrew. Thanks, Kitty. Andrew DeGasperi from BNP Paribas. I wanted to maybe follow up on the question on AI monetization, but maybe taking a different approach. I think you said earlier that SEC Advanced drove up ACV by 20%, which has some AI capabilities. If I were to look at Agent Studio, which is a premium SKU that you put on top of it, and the other premium tiers that you would need to buy in order to get those AI capabilities, would those theoretically be above that 20% that you get from SEC Advanced? Yeah. SEC Advanced, when we take one solution, it provides an easy metric of doing the percentage uplift. Yes, across some of our other advanced SKUs, we are also seeing meaningful uplift on those components. Specific to Agent Studio, it was just launched today. We are going through the initial pieces of that, and as highlighted, we are licensing this under a separate builder SKU. That solution will be monetized similar to our other solutions based on a metric or complexity-based approach for the organization. I would probably say stay tuned for what we get in our first 12 months here on the monetization. But I think the more important piece I want everybody to take away is when you look at this broader monetization framework, first off, the metric-based approach, second off the tiering, and third, this new introduction of a builder solution, that provides us the flexibility and the optionality for our customers to each go on their own journeys. So yes, we're very intentional about that, and yes, we would hope for meaningful uplift across all of our new things that we deliver from an innovation perspective. Thank you. Thanks. This is Alex Sklar with Raymond James. For Julie or Mike, just following up on the platform of regulatory work. I know when you launched FERC several years ago, it was in response to some new requirements that came in and had an XBRL component in place. Maybe help walk through if you see any catalysts for the new solutions coming in, and then just for the three solutions launched today, what's the right way to think about incrementality of those? So, FERC is an outstanding example of what we're talking about. It's in the energy vertical. It addresses some regulatory requirements, and that is exactly what we're talking about, and you can think about so many of the regulatory requirements that companies have. So yes, on FERC, it is exactly what we're doing, expanding across an organization inside first, but outside of the three categories that we play in. So we will continue to build capabilities around these solutions. But what we're really doing as we handle these use cases for customers and the requirements, we're building a platform capable of handling regulatory requirements and regulatory work. So we're not building it product by product, solution by solution, use case by solution. We're getting better at handling regulatory work with the platform. So yes, you asked about incremental abilities with these three new capabilities. We do plan to put them in the seller's bag and go out and sell them, will be incremental to our growth. The plan is to have a platform capable of handling multiple, not just regulatory boards, but multiple areas of regulatory work. Awesome. While we are waiting for the mic to make its way in the back, I might sneak in one from online. This is from Rob Oliver at Baird. He said, "Barbara mentioned that one of the drivers of growth is more sellers-focused on the full platform. How far along are you today under the new sales head?" Michael Pinto, "And what are some of the challenges that you face from here? I will take that one initially. Michael came in, and it was not a redo, it was a refinement of the strategy that we had in place. He is contributing to the acceleration of executing on our building our go-to-market machine. We have been continuing to make progress on that, improving on productivity, and we are going to continue to evolve. Last Investor Day, we laid out specific actions around staff, around strategy, around the structure of the organization, and we are continuing to make strong progress on that. Michael has come in to accelerate that progress. And I'd say it probably never ends, right? We're always fine-tuning. So really focusing on platform, AI to driving efficiencies as well, and then really leaning into our partners. It's a continuous evolution. Awesome. Thanks, Rob. Can you hear me? Okay. Peter Ablasi with PB Partners. Thanks for the opportunity to ask a question. I have a two-part question on AI. You guys gave a great presentation. The keynote was spectacular. And I appreciate that you don't want to talk about the value capture from AI. But what do you see in terms of value creation? Deepak, when you're in the lab looking at the product, what are you guys seeing in terms of customers? How might the office of the CFO change with all these AI tools? How much value creation could there be? And then on the risk side from AI, I think all investors are worried about replication risk, that with AI coding tools you can just replicate any enterprise or any set of software. What about the Workiva Platform, and I appreciate what Julie said about trust and stickiness, and ingrained, but if somebody tried to replicate your platform, whether that's a startup backed by Andreessen or a lateral incumbent who wants to enter your space, what difficulties would they find? Why are you robust to those types of competition? Thank you. Great questions. Yeah, sure. Absolutely. Great question. So, maybe on the first part of the question, the value is really there's two parts. There is one is taking the work that they do today. So there's existing workflows that they do, and as I shared, a lot of it is manual. How do we help them either automate that, and/or provide assistance, and then they can figure out how much control they want on that process. So that in itself, as I shared, you can take any process. Look at the amount of manual work that exists, so take peer benchmarking as an example, and just look at that manual work. You can easily see how AI can reduce that burden by a lot. We're still going through these customers adopting these solutions. So that's one piece. The second piece really is with Agent Studio. What else can you go after. The more data you have, and they already have a lot of data over the years that they have used the platform for. So what can you do with that now. Then who else can now use the platform. So we have this concept of core users and adjacent users or occasional users. Can we provide more value to these occasional users. So we definitely see that value expanding to not just what's happening today within the platform, but what else can they imagine. So that's how we think about the value capture and that's an opportunity for us to go and drive more stickiness and adoption within our customers as well as future customers. On the replication risk, I'll go back to what I said earlier. This notion of what we call the infrastructure, regulatory work infrastructure. If you think about really everything that happens to do the regulatory work that we spoke about and get it through the way to the filing of that report and that cycle that we spoke about, that is non-trivial. I mean, that's our expertise and we build technology that is very foundational. That's the infrastructure that not just has the tooling, but now as AI operates, it has to be trusted as well. So data is trusted, how do you trust the AI. So we're providing the capabilities to do that, and we believe that happens in the platform as close to the data and the work as possible. That is, in our opinion, very, very hard to replicate. Truly, and it is that. That is the core, but it is also the earned advantages that we talked about earlier, right? It is the distribution, it is that we have already connected to the customer's ecosystem where the data is accessible. It is that we have an increasingly larger understanding of the work they are doing, and it makes it incredibly easy for them to onboard and for them to expand with us. The combination of all of these earned advantages are really what separates us. Now, I will say when we typically get that question, what is in mind is a startup can go faster. We are ensuring that that is not the case at Workiva. We are moving quickly. Our technology organizations are rapidly adopting AI and capabilities to move more quickly, organize differently so we can move as quickly as a startup, but we come with the earned advantages that we have gained over the last decade plus. Dan? Dan Jester again. Thanks for taking a second question. Partners have been a huge portion of the go-to-market strength of Workiva over time. I would just love to hear your feedback that you have heard from them about Agent Studio. Ostensibly, if a customer can build more of the solutions themselves, maybe that is taking some dollars out of your partners' ecosystems. Maybe kind of share how your partners are thinking about Agent Studio and any implications we should be considering. Thank you. I mean, to be fair, we just rolled out Agent Studio, so their partners are learning about it as well. But they internally, the Big Four and the next layer are consulting and advisory partners. They are going through their own changes. The billable hours was their model, and that is disrupting their model. What they have begun doing is starting to look at building and packaging their own agents. Those partners that we have discussed with this and done a preview of Agent Studio provide some enthusiasm and excitement for them because they can build agents for our customers with that trusted data. The ones that we have spoken to and the ones that have been brought under the tent with us as we think about Agent Studio are enthusiastic about the opportunity because otherwise they are building agents for those customers without the trusted data and the traceability and the defendability. It truly is an incredible partner opportunity for Workiva and our consulting and advisory partners that are stepping forward and building agents to help their customers, our joint customers. Great. Thanks. A go-to-market question. I do not know who wants to take this one, but 15% adoption of the advanced packages in SEC reporting. Now, you have got a growing amount of functionality you are putting into those bundles, a lot more agentic than there was a year ago. Does that change that math on what the uplifts could be, or does that change the impetus to push harder for the sales team going to the back half of the year on trying to drive more advanced adoption? Yeah. I think first off, when we talk about that adoption, typically it happens at renewal time or a contract renegotiation. Again, we are just 12 to 18 months into this process of doing that, and we have introduced it to many customers at renewal. Not everybody has the budget and/or approval maybe at that initial time. We do believe that by adding incremental value, that that does make that offering more attractive and, with all that we announced today, are optimistic that, yeah, we can increase that adoption rate there and across our other solutions. I think the other piece of that is also where do we land bigger as well, right? So, where we have utilized, for example, with SEC, more as an uplift from existing customers. What we have seen in our sales cycles is we are also now landing with our premium SKUs, right? When you think about it, most if not all incremental software purchases have a discussion of AI around them, right? Every incremental unit of software we sell today is, whether it is for a specific AI feature, there is an AI conversation around every software sale. Yes, having more AI capabilities in there we believe will help us also land with more advanced SKUs as opposed to going through the journey as we have done in the past. And we will take our last question from Andrew. What an honor. Thank you. Andrew from BNP again. I wanted to ask a question earlier about the 62% of bookings were partner-sourced in the first half. You switched from EY in May to Grant Thornton, and EY has a $16 billion services or software implementation practice. Should we see this number grow faster since now they have become a GSI for you? Thank you for highlighting that we have a new partner now that we have moved far. We did that for governance reasons, of course, but it really does open up an opportunity for us to have yet another Big Four consulting and advisory partner everywhere we want to be in large organizations. Because partners, of course, help us sell higher up, help us sell broader, improve the cycle time, and truly, yes, bring source deals and sell more multi-solution and multi-category deals. Yes, you should see us working more closely with EY, and you should see more acceleration on those partner source deals. Awesome. Well, thank you guys so much for the great questions. Thank you to all of our presenters today for a wonderful presentation. We would love to keep the conversation going, so please feel free to follow up at any time if you have any questions on anything that we presented today. Thank you all for joining us.