Good day, and thank you for standing by. Welcome to ZoomInfo Second Quarter 2026 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference call is being recorded. I would now like to hand the conference over to your first speaker today, Jerry Sisitsky, Vice President of Investor Relations. Thanks, Stephanie. Welcome to ZoomInfo's Q2 2026 Financial Results Conference Call. With me on the call today are Henry Schuck, Founder and CEO, and Graham O'Brien, Chief Financial Officer. During this call, any forward-looking statements are made pursuant to the safe harbor provisions of U.S. security laws. Expressions of future goals, including business outlook, expectations for future financial performance, and similar items including, without limitation, expressions using the terminology may, will, expect, anticipate, and believe, and expressions which reflect something other than historical facts, are intended to identify forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors sections of our SEC filings. Actual results may differ materially from any forward-looking statements. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law. For more information, please refer to the forward-looking statements in the slides posted to our investor relations website at ir.zoominfo.com. All metrics on this call are non-GAAP, unless otherwise noted. A reconciliation can be found in the financial results press release or in the slides posted to our IR website. With that, I'll turn the call over to Henry. Thank you, Jerry, and welcome everyone. We exceeded our guidance coming out of Q1 and are making good progress on our path forward that is centered on building innovative enterprise-grade solutions that drive customer value, driving free cash flow and profitability, and getting back to durable growth. GAAP revenue for the second quarter was $310 million, up 1.2% year-over-year. We remained focused on profitability and cash flow outcomes, leading to an adjusted operating income margin of 35%, up 130 basis points year-over-year, and $107 million of unlevered free cash flow, an increase of 7% year-over-year. During the quarter, we repurchased equity and began retiring outstanding debt at a discount to par, demonstrating both our confidence in the company and our willingness to invest across the capital structure when opportunities present themselves. In the second quarter, we launched GTM.AI, the headless GTM context layer and home for API, MCP, and other connectors that allow our data and insights to be seamlessly embedded into agentic workflows. These expansions allow ZoomInfo customers to utilize our context layer wherever and whenever their go-to-market work is getting done, by people, by agents, or a combination of both. Our always-on, constantly refreshed data can power all of our customers' go-to-market work. Starting later this quarter, customers that have historically used our per-seat model will be able to access ZoomInfo's data, insights, applications, and agents via more flexible pricing and packaging built around pre-bought consumption. We're testing a range of migration approaches with select customer cohorts to find the fastest path to the new experience and ensure customer value. We haven't finalized timing, pricing, or packaging, and we're being intentional to prioritize long-term customer health and the growth potential embedded in a hybrid consumption model. While many companies on their AI journey are experimenting with building and maintaining their own custom applications and workflows, our customer conversations reveal a world where even the most AI-forward operators are looking for software relationships that are multi-headed and not fully headless. Our customers want seats, but expect our platform to extend into LLM, coding agents, and other custom-built applications and workflows. Our product and engineering teams are delivering into and ahead of that future, embedding ZoomInfo's data, applications, workflows, and skills natively into Codex, Cursor, Claude, Gemini, Amazon Q, Copilot, Vercel, Perplexity, Zapier, and dozens more. In the quarter, we closed our largest ACV deal ever, a multi-year renewal with a preeminent software customer that expanded their ZoomInfo implementation with both data and seats. That expansion included integrating our data natively inside their headless experience and expanding their seat implementation. Our ZoomInfo Operations business, which is primarily data and not tied to seats, continued to perform well, delivering 20% growth and underscoring the durability of that business. 76% of our business is now upmarket, resulting in a healthier and more resilient customer base. We now have 1,891 customers with at least $100,000 in ACV, a year-over-year increase of nine customers. Our million-dollar customer count also grew year-over-year, with ACV from that cohort up 16% as our largest customers continue to expand with ZoomInfo. During the quarter, we closed up-market opportunities with Legora, an agentic operating system for legal work, Cohere, a leading enterprise AI company developing foundation models optimized for business, Bank of Montreal, one of North America's largest financial institutions, and Korn Ferry, a global organizational consulting firm. At a leading financial services company with more than $2 trillion in assets, we expanded beyond our existing relationship with their commercial banking department and into their investment banking division. The deal was driven by the strength of an already exceptional relationship, years of consistent satisfaction with ZoomInfo's data and platform, with the team able to point to tracked success stories, and measurable revenue impact as our data became the backbone for important internal initiatives. One example that speaks to why our security, compliance, and governance posture matter as much as our data platform and integrations was with a leading cloud connectivity company. We went through a full vendor review following a data breach. Because of our many investments in data governance, compliance, and security, we came through that strategic review as a stronger and more trusted partner, and it reinforces the pattern we're seeing across our largest customers. Customers aren't just buying data or seats from us, they're buying enterprise trust. Beyond these highlighted deals, nine out of the 10 Fortune 10 companies, nearly 70% of the Fortune 50, and every B2B company in the CNBC Disruptor 50 list runs on ZoomInfo. Over the second half of 2026, we have many of our most ambitious and innovative product releases lined up and are gaining more confidence each day that we are on the right track to drive durable long-term growth for ZoomInfo. We execute against that transition, which we acknowledge creates near-term uncertainty, we will continue prioritizing profitability and a rigorous risk-adjusted approach to capital allocation. We are laser-focused on driving the maximum long-term free cash flow per share, the key output we can control. Our competitive position is getting stronger, our assets are durable, our path forward is clear, and we are playing to win. With that, I'll turn the call over to Graham. Thanks, Henry. Q2 GAAP revenue was $310 million, up 1.2% year-over-year. Adjusted operating income was $110 million, up 5% year-over-year, with a margin of 35%. Unlevered free cash flow is $107 million, with $10 million in interest paid in cash during the quarter. Up-market mix of ACV is now 76%, and up-market ACV grew 3% year-over-year. The environment in Q2 was similar to what we saw at the end of Q1. Software is still challenged, in particular in the lowest end of up-market. The trend of longer sales cycles that started in Q1 persists, which is impacting our up-sells and ultimately Net Revenue Retention. Down-market ACV declined 12% year-over-year in Q2. We took out more down-market sales resources and are shifting more to a PLG-led motion down-market. Gross retention improvements kept down-market from declining more in the quarter, indicating that our more selective customer onboarding is delivering positive renewal results, but we still expect to intentionally make down-market a smaller piece of the overall business faster with the diminished resources focused there. Customers with at least $100,000 in ACV increased by nine year-over-year, while decreasing by nine sequentially, with ACV from that cohort continuing to increase as a percentage of our total ACV, now comfortably more than half of total company ACV. The sequential decline was concentrated in software consistent with the vertical softness we've discussed, as non-software cohorts posted solid growth in ACV and logos from both a year-over-year and sequential perspective. Henry highlighted, ZoomInfo Operations had another strong quarter with ACV growth of 20% year-over-year. Net revenue retention was 89% in Q2, a step down from 90% the prior three quarters. Gross retention held in well, supported by improvements outside of software. We believe the flexible pricing and packaging options that we are testing and introducing later this quarter will help provide retention improvements longer term. This quarter's results also reflect two significant items. First, a non-cash goodwill impairment charge of $651 million, primarily driven by the decline in market capitalization following our Q1 financial results. This charge does not affect our cash position, taxes payable, liquidity, debt covenants, or non-GAAP results. Second, we incurred a $35 million charge primarily for severance and employee benefits under the restructuring program announced in May and other related expenses. Headcount is lower by approximately 350 people sequentially and down 15% year-over-year. We expect headcount to decrease by several hundred more as employees impacted by the restructuring program complete their transition plans later this year. We expect the remainder of the charges and related cash outflows associated with the restructuring to be incurred over the next six months. Turning to cash. GAAP operating cash flow was $87 million in Q2. Unlevered free cash flow for the quarter was $107 million, 98% conversion from adjusted operating income and representing a margin of 35%. GAAP stock-based compensation expense was $25.7 million, down 13% year-over-year and representing 8% of revenue. As a percentage of revenue, adjusted expenses combined with SBC improved approximately 270 basis points year-over-year, reflecting a significant improvement to the quality of our earnings. Particularly given the reduction in our share price, we are further prioritizing performance-based equity and cash compensation, further aligning our team with achieving rigorous financial objectives. We continue to believe we can run rate at least a $1.25 of adjusted levered free cash flow per share as we enter 2027 across a range of scenarios due to our proven cost discipline and in the context of the expanding opportunities within our capital structure. Shifting to capital allocation. In Q2, we purchased 6.3 million shares of stock at an average price of $4.51 per share for a total of $28 million. We also purchased our outstanding debt for the first time, retiring $58.5 million in aggregate principal of our senior notes for $48 million. This results in a gain on debt extinguishment of $11 million and is expected to reduce future cash interest payments by $2.3 million per year due to the lower outstanding principal. We will continue to allocate our capital opportunistically to generate the most impactful risk-adjusted returns for shareholders, leveraging our free cash flow to enhance our capital structure and provide maximum financial flexibility. Weighted average diluted shares outstanding for the quarter used in calculating non-GAAP diluted earnings per share was 314 million, and the non-GAAP share count exiting the quarter was 316 million. We ended the quarter with $151 million in cash equivalents, and investments, and we carried $1.27 billion in gross debt. As a result, our net leverage ratio is both 2.3 x trailing 12 month adjusted EBITDA and 2.3 x trailing 12 month cash EBITDA, which is defined as consolidated EBITDA in our credit agreements as compared to 2.4 x as of Q1. The aggregate remaining balance of $592 million in senior notes mature in 2029, and the $579 million first-lien term loan matures in 2030. The $100 million balance under the first-lien revolver is due in 2028. We are comfortable with our current maturity profile, and we believe we have sufficient liquidity and cash generation to manage our obligations as we approach their maturities. With respect to liabilities and future performance obligations, unearned revenue at the end of the quarter was $465 million, and remaining performance obligations, or RPO, were $1.17 billion, of which $849 million are expected to be recognized in the next 12 months. In the past year, we have transformed the business significantly. We have shifted more of the business upmarket, created healthier upmarket customer relationships, evolved our pricing model, and driven efficiencies across the organization, allowing us to prioritize profitability, free cash flow generation, and reduce financial leverage. We are a more efficient business as we navigate our path back to sustained growth. Shifting to guidance. For the third quarter, we expect GAAP revenue in the range of $298 million-$301 million, adjusted operating income in the range of $113 million-$115 million, and non-GAAP net income in the range of $0.28-$0.29 per share. For the full-year 2026, based on our overperformance in Q2, we are raising the full-year guidance and now expect GAAP revenue in the range of $1.207 billion-$1.217 billion, representing a 3% year-over-year decline at the midpoint of guidance and adjusted operating income in the range of $446 million-$451 million, representing a 37% margin at the midpoint of guidance, up 130 basis points year-over-year. We expect non-GAAP net income in the range of $1.12-$1.13 per share based on 318 million weighted average diluted shares outstanding, and we expect unlevered free cash flow in the range of $403 million-$423 million. Now I will turn it over to the operator to open the call for questions. Thank you. At this time, we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. We will limit time enough for one question each, and please stand by and we will compile the Q&A roster. Our first question comes from the line of Jaden Patel of JPMorgan. Your line is now open. Hey, guys. Congrats on the quarter. It seems like the second half deceleration we'd expected following last quarter seems to be a lower magnitude than expected. Can you walk us through what's driving that and what gave you the confidence to raise both the second half and the full-year? Sure. Yeah. I think raising the second half and the full-year is a reflection of the overperformance that we had in Q2. I think the assumptions we had coming out of Q1, we're still baking those in from a downmarket growth perspective. Some of the headwinds that we're seeing in software, giving ourselves some room around the updated pricing and packaging that we're going to be rolling out later this year. Really, we're just taking overperformance in Q2, maintaining kind of a consistent thought pattern as we develop that guidance and rolling that over into the back half of the year. Got it. Okay. No, that makes sense. Then on the upmarket ACV growth, it looks like it's gone from 6% to 5% to 3% over the last three quarters. Is there a way to break out what the upmarket software ACV growth looks like versus other verticals? What I can say is that we do have a significant software footprint in the upmarket business, largely in the lower half of that upmarket business, and that is creating a headwind to upmarket growth. If you back that out, the non-software verticals in the upmarket business continue to grow at consistently healthy levels. Great. Thanks for taking the questions. Thank you. Our next question is from Allan Verkhovski of BTIG. Your line is now open. Hey there. Thanks for taking the question. I know it's early, but can you talk about what you're most excited about in terms of customer feedback to GTM.AI thus far, and how that is impacting your confidence in revenue growth accelerating in the second half of 2027? Yeah, I think that what we're hearing from customers who are using the set of tools that we've made available on GTM.AI is that, number one, they're plugging it into key go-to-market work and key go-to-market workflows. That might be inside of internal applications they've built or within their LLM, and it's given them a flexible way to get access to ZoomInfo's data and insights anywhere that they're operating go-to-market. We've seen really healthy consumption growth within those channels that we're really happy about. We are going to continue to get more and more of our customers leveraging our data and insights through our API, our MCP, and our CLI, which are available on GTM.AI. Perfect. Oh, yeah? I would also add, we're not baking any upside into our numbers from either new products or the growth from GTM.AI as well. That's helpful. Graham, maybe just a follow-up for you. Given we're over a month through Q3, can you unpack what your Q3 revenue guide assumes as it relates to customers starting to convert into consumption-based pricing? Any incremental color, such as assumed downselling or however you're looking at it, would be helpful. Sure. Yeah, we're not assuming much impact from that in Q3. When we think about the updated pricing and packaging, and then some of the product changes, we'll largely be rolling that out, starting with new business at the end of Q3. Approaching the customer base opportunistically and when those customers are ready to migrate later this year and into 2027. We would not expect significant impact to revenue from that in Q3. Got it. Thank you, guys. Thank you. Our next question comes from Billy Fitzsimmons of Piper Sandler. Your line is now open. Hey, guys. Appreciate you taking my question. It doesn't sound like it based on the prepared remarks or guide, I think one of the big questions from some investors coming out of last quarter was if what you saw in the tech vertical last quarter could spread to other verticals. Can we just double-click on what you're seeing broadly across verticals ex tech? It sounds like continued seat growth expansion. Then can you guys just comment on confidence that as we move to consumption from new customers, you'll be able to capture, call it, similar pricing on the other side of that. Thanks, guys. Yeah, I think outside of software, we're seeing consistent performance from those verticals, and we're actually seeing improvement across a set of non-software verticals as well. year-to-date, we've seen gross retention improve year-over-year in our non-software verticals. Our assumption around software is similar to what it was last quarter after what we saw at the end of Q1, is that it doesn't get better near term, and that's really informing the conservative posture that we continue to take as we head into the back half of the year. From a pricing and packaging perspective and the product design that we're envisioning as we get into the back half of the year and into the next year, that's aimed at going out and optimizing for growth opportunity across all verticals. I think it's too early for us to take any credit for that. Again, that's just going to inform our conservative posture. Thanks, guys. Appreciate it. Thank you. Our next question is from Jacob Gideon at Bank of America. Your line is now open. Hi, this is Jacob Gideon on for Matt Bullock. With all of the headless MCP modes and AI use cases that are driving a lot of the conversation around go-to-market data, are you seeing any new use cases that could be a leading indicator for the shape of demand as go-to-market orgs become AI first and more programmatic? Yeah, I think the first thing that we're seeing is that customers are building their own interfaces which bring together their data and our data to drive some key internal go-to-market dashboard or workflow. We're only really seeing that in the top less than 1% of companies who are doing that and are investing there. They also tend to be the companies that have the best engineering talent in the world and effectively unlimited investment to build that. Downstream of those companies that are building sort of their own full applications, you're just seeing more enrichment use cases in a programmatic way. I have some pocket of my TAM that I want to get enriched every day with new signals, new executives who are coming into those accounts, and then I'm building some sort of signal infrastructure downstream of that. We see a little bit of that as well. We have a number of product releases towards the back half of the year that we think meet our customers where they are, where they want to be able to build custom workflows, build custom interfaces on top of our data and their data, and they won't need months-long IT projects and multiple GTM engineers and data engineers to do that. That will give them the tools and the platform to be able to do that themselves. We think we'll be in a good place in the back half of this year to release that and be ahead of the curve. Great. Thank you. Thank you. Our next question is from Jackson Ader of KeyBanc Capital Markets. Your line is now open. Great. Hey, this is Nate Ruoss on for Jackson Ader. Thanks for taking our questions. Regarding Workspace, as customers begin to test or adopt the product, what's been the clearest sign that it's actually changing how reps work on a day-to-day basis, whether it's something like how they prioritize accounts or prepare for meetings, and what needs to happen for this to become a system of engagement that reps build into their daily routines rather than it just being another tool? I think every company wants to be able to centralize data in one place, all of their first-party data, their CRM data, their calls, with ZoomInfo data to build really unique audiences and then workflow downstream of that. Our expectation, and where you see customers getting the most out of GTM Studio and Workspace, is when they're delivering unique audiences that are specific to them with unique data attributes that they're able to build in Studio and then delivering that into Workspace where their sellers operate and work out of. That is the key use case that we're seeing from our customer base, where I have something very specific to my go-to-market workflow. I want to be able to action on that. I want to be able to do it with governance and auditability and logging. I want to be able to do with reporting so that I know my sales team is taking action on those very specific signals and audiences that I'm building. GTM Studio gives you the ability to build those really unique audiences. We're really happy with the growth of GTM Studio and the customers we have on it today. Workspace is the place where sellers can act on those audiences that are being built. Got it. That's helpful. On the hybrid pricing model, most discussions around the hybrid pricing model tend to focus on a monetization uplift. Oftentimes the more important outcome is the behavior that the pricing model encourages. As you guys roll out the new hybrid pricing model, what specific customer behaviors are you actually trying to drive? Consumption. It's just about consumption. Got it. Clear enough. Thank you. Thank you. Our next question is from Brian Peterson of Raymond James. Your line is now open. Hi, thank you. This is Johnathan McCary on for Brian. Henry, sometimes you'll give us an update on kind of win backs you saw in the quarter. I just wanted to ask through that lens, do you see any changes in the competitive environment as you roll out the GTM.AI approach, and then any commonality in boomerang customers to the extent you saw any in the quarter? I think the trend in win-back customers is very similar to what we've seen over the last number of quarters. Customers who move to a lower price, lower quality, competitor down-market come back. We see still pretty limited churn upmarket. We see more downsell upmarket than we're seeing churn, particularly in the software vertical. From a win-back perspective, it's about quality data, connectivity to CRMs and first-party systems that are less than desired at lower price, lower quality competitors. We see those customers coming back after their go-to-market strategies have failed to deliver with lower priced, lower quality competitors. That's clear. Graham, any help on Net Dollar Retention between the up and downmarket performance versus your internal expectations, and then any change to the way you're modeling that for the balance of the year? The downmarket Net Dollar Retention held in pretty well. Most of that came from gross retention improvements as we continue to benefit from being more selective on the new business front downmarket. In up-market, it's kind of split between the high end of up-market and then the lower end or the smaller customers in our up-market base. At the lower end of up-market, we continue to see headwinds, again, kind of isolated to the software footprint in the lower end of downmarket. At the very high end, our largest spend customers, the largest enterprises in our customer base, the net retention performance there actually improves year-over-year. Okay, thank you. Our next question is from Patrick Walravens of Citizens. Your line is now open. Great. Thank you. Hey, Henry, what's going on? How would you characterize the competitive environment for you guys these days? In particular, how are you differentiated from Clay? I think the competitive environment is noisy. There are a lot of people claiming to be able to do a lot of things in go-to-market. That created some of the confusion that we saw in Q1. We're still seeing that sort of confusion in Q2. Against all of our competitors, I would tell you that our new set of products, Go-to-Market Studio and Agent Teams that we've built on top of Go-to-Market Studio, drive the ability for our customers to build unique audiences with unique data attributes. We have connectivity into 300 different data integrations where customers can marry third-party data with ZoomInfo's trusted data foundation. Then build agents on top of it. We feel really good about those solutions. Their competitive parity in the market. We're excited to get that in front of more and more of our customers. We launched GTM Studio to GA in February. We have increased our velocity in GTM Studio each quarter after that release. We believe that that'll continue. It'll continue in earnest as we continue to build agentic workflows on top of that. I'm really confident about our competitive positioning. I mentioned it in the prepared remarks. We have a number of releases coming out in the back half of the year that I'm more and more confident completely change the game for go-to-market practitioners. It's incumbent on us to go and execute against that. Awesome. Thank you. Graham, for you, can you just walk us through what the components of the debt are when they come due, what the plan is to meet those? There's a lot of confusion, I certainly don't understand. There's a lot of confusion around the TRA. Does that actually impact your ability to repay the debt in any way? Anyways, if you could just walk through that would be super helpful, I think. Yeah, sure. From a debt perspective, we have our first lien term loan that has $579 million balance. That comes due February 28th, 2030. We have our senior notes with a $592 million balance. Those come due on February 1st, 2029. We have our first lien revolving credit facility of which we've drawn $100 million. That is due February 28th, 2028. I'll just say kind of upfront, we feel very good about our ability to generate cash flow and meet those commitments and maturities over time. As it relates to the TRA, the TRA is paid out based off of the utilization of the tax assets related to the TRA, and that is dependent on the taxable income that we generate in future years. We continue to not expect to have significant TRA payments over the next several years, it is a financing use of cash in those periods that effectively needs to be considered when we look at our cash available for capital allocation on an annual basis. That's very helpful. Thank you. Thank you. Our next question is from Surinder Thind of Jefferies. Your line is now open. Thank you. Just starting with maybe a big picture question here. As you kind of undergo the current strategy in all the recalibration you are doing, Henry, when you look out two, maybe three years, what is your assumption for what you are building for? Meaning that, what does the sales force look like? Fewer headcounts at most organizations, or just bifurcations, maybe the way that tech operates versus maybe the rest of your clients. Just to get an understanding of that, the direction you are headed in and if we make these changes today, are we looking at maybe more changes a year from now? Just trying to understand the strategy and the vision that you are heading towards. Yeah. I think, look, first of all, if you look at, I talked about 27 of the 50 top CNBC Disruptors are ZoomInfo customers. There are only 27 B2B companies on the CNBC Disruptors list. These are the most AI-forward companies in the world, and they all run on ZoomInfo. We have numerous AI-first AI native businesses that use ZoomInfo today. The reason for that is you cannot token your way to building the data asset that we have built. That is a durable, long-term asset. In any world in the future, companies are going to need to identify their total addressable market, they are going to need to identify the companies that are in market for their products and services, and they are going to have to engage with them for them to become customers. While many companies are recalibrating, particularly in software, the size of their teams and the way that they go-to-market, finding new customers and selling your products and services is not going away. What is changing, particularly with the most AI-forward companies, is where they do go-to-market work. They still need our data, they still need our insights, they still need our signals, but they are working out of different interfaces, whether that's in an LLM or their own homegrown applications. We want to be in a place where, one, we deliver our data and insights to any interface where those companies work. When we are tied closer to go-to-market work, we see better net retention outcomes, we tie closer to value, and go-to-market work is increasing. Historically, I could only focus on the top X amount of companies in my total addressable market. With agents, I can focus on the longer tail of great fit companies in my market, and that is more consumption of our data, more consumption of our insights, more consumption of GTM.AI, and we want to be in a place where our pricing and packaging is flexible because go-to-market work is increasing, and we can be at the center of where all go-to-market work happens. The other thing that I'll tell you is, unlike just about any other player in the market, we own our data asset. When you compare our pricing for enrichment or go-to-market work or AI agents on top of data, our pricing is meaningfully less than any of the competitors in the space that are providing that same type of enrichment or that same type of agentic workflow, and we're going to go flex the power that we have that's been built on top of the fact that we own that data asset. Number one, I would tell you, where go-to-market work is happening is changing. The pricing, packaging, the new products that we're releasing are designed to meet our customers where that go-to-market work is happening. When we're closer to go-to-market work, we're closer to value, and our net retention rates are higher, and we're going to be really flexible with our packaging and pricing so that we can be everywhere go-to-market work happens. As that go-to-market work increases, so does the value to ZoomInfo, and that's what we're building against. Very helpful. I appreciate that. Then Graham, as you think about the changes in the workforce and the new footprint and where the organization is going to be at year-end, I assume that you guys will be at your operating target by year-end. Are there other things that you're thinking about, just from a cost perspective, or should that effectively be the run rate heading into 2027? I think that's right to think about that as the run rate heading into 2027 by the time we get into the back half of the year here, where I continue to expect that while our cost of service could grow with revenue or even a little bit faster than revenue, the G&A sales and marketing and R&D expenses should continue to grow slower than revenue. Thank you. Thank you. This does conclude the question and answer session. Thank you for your participation in today's conference. This does conclude the