Similarweb Reports Q1 2026 Results: Full Earnings Call Transcript

Similarweb (NYSE:SMWB) held its first-quarter earnings conference call on Wednesday. Below is the complete transcript from the call. This transcript is brought to you by Benzinga APIs. For real-time access to our entire catalog, please visit https://www.benzinga.com/apis/ for a consultation. View the webcast at https://event.choruscall.com/mediaframe/webcast.html?webcastid=TpCPNTaR Summary Similarweb reported a 10% year-over-year revenue growth to $73.9 million for Q1 2026, at the top end of their guidance range. The company announced a leadership transition, with the CEO planning to step down by mid-2027 as they reach a 20-year milestone. An increased focus on AI-related revenues and partnerships with LLM platforms has led to strong customer adoption and expanded commercial opportunities. Net Revenue Retention (NRR) has stabilized, with a 98% overall rate and 103% for customers above $100,000, indicating strong customer retention. Similarweb raised the lower end of its 2026 revenue guidance, expecting $307 million to $315 million, citing a strong commercial pipeline and improved fundamentals. New product launches, such as Retail Intelligence and Ad Intelligence, are expected to drive growth by leveraging AI-driven insights and expanding market reach. The company maintained a positive normalized free cash flow for the tenth consecutive quarter, emphasizing profitability and operational efficiency. Management expressed confidence in the second half of 2026, driven by a strong sales pipeline and improved sales productivity. Full Transcript OPERATOR Greetings and welcome to the Similarweb first quarter fiscal year 2026 earnings call. this time all participants are in a listen only mode. A question and answer session will follow a formal presentation. If anyone should require operator assistance, please press Star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Rami Male, Vice President, Investor Relations. Please go ahead. Rami Male (Vice President, Investor Relations) Thank you operator. Welcome everyone to our first quarter 2026 earnings conference call. Joining me today are our CEO and co founder Ofer, our Chief Financial Officer Ron Verid and Marles Yakovsky, our Chief Business Officer. This morning we released our results for the first quarter and published an investor presentation with a strategic overview of the business as well as a summary presentation of first quarter results on our Investor Relations website at ir.Similarweb.com certain statements made on the call today constitute forward looking statements which reflect management's best judgment based on the currently available information. These statements involve risks and uncertainties that may cause actual results to differ from our expectations. Please refer to our earnings release and our most recent annual report filed on Form 20F for more information on the risk factors that could cause actual results to differ from our forward looking statements. Additionally, certain non GAAP financial measures will be discussed on the call today. Reconciliations the most directly comparable GAAP financial measures are available in the Earnings release and the Earnings presentation. We will begin with OR and runs highlights of the quarter and then we will open up the call to questions from Sales five analysts. With that I'll turn the call over to Ofer. Please go ahead. Ofer (Chief Executive Officer and Co-Founder) Thank you Rami and welcome everyone joining. the call today. Just before I start reviewing Q1 results, I want to address the announcement we made this morning. Today is a symbolic date for me. Today is exactly five years since our IPO and running Similar web as a public CEO. This is also my 19th year of service since start working on similar web in June 2007. My promise to myself and to my wife was always that When I reached 20 years of service, I realign my priorities and spend more time with my family. This moment is about to be reached as I enter my 20th year leading similar Web next month. Similar web has been my life's work. I founded this company nearly 20 years ago and as I approach that milestone, I believe this is the right moment to begin identifying the leader who will take the company forward. The board and I are fully aligned on the timing and the process and we have initiated a search with a leading executive search firm. I will continue to serve as the CEO through the conclusion of the search and the transition period with my successor. With the leadership transition expected to be completed by mid-2027, I remained fully focused on the execution of our strategy for our shareholders, our customers and our employees. We came out with a great Q1 result and I have a very strong confidence for this year's performance. There is no change in our strategy, our operation or our financial outlook. I'm proud of the business we have. Once again we demonstrated our ability to deliver and the resilience of our business. Turning to the highlights of the first quarter, revenue and operating profits came in the top end of the guidance range. We delivered a 10th quarter of positive normalized free cash flow. Our NRR has stabilized and we expected this metric to improve in 2026 driven by execution of our customer expansion playbook. Growth retention trends in the quarter were excellent. The pipeline of the commercial opportunities is very strong, growing and providing confidence for the remaining of the year and beyond. AI related revenues continue to expand and adoption of our AI solution is growing. First quarter performance provide a solid base for 2026 and we have decided to raise the lower end of our guidance for 2026 to reflect increased confidence. Turning to our Results, revenue grew 10% year over year to $73.9 million. At the top end of our guidance range, we are starting to see tangible returns on the investments we made in the salesforce and product portfolio in 2025. Sales productivity increased for the third quarter in a row and this is contributed to the best Q1 increase in ARR since 2022. We reported non GAAP operating profit at the top end of our guidance range. We generated $6.6 million in normalized free cash flow in the first quarter, reinforcing our commitment to profitable and durable growth. Net revenue retention for all customers was 98% and 103% for customers above $100,000. We are very encouraged that those metrics have stabilized in the first quarter and that growth retention continues to improve. We are focused on driving an improvement in NRR specifically in the upsell motion in 2026 by executing our customer expansion playbook and leveraging our diverse product portfolio. Demand for our Genai data and solution is truly amazing. Our AI revenues continue to expand and we are engaging with more AI native companies as well as companies of all sizes that have realized that they need to understand what's happening in the new digital world. During the quarter we signed one of the large LLM contract the that were pushed back from the fourth quarter of 2025. We continue to progress on the second, the third deal as well as on multiple deals for our unique digital data and view of the digital world. We believe we are well positioned to be an AI winner with multiple commercial opportunities across data, product and distribution partners and we are excited about the potential. Let me run through our AI data and product strategy how we power the ecosystem, build an AI first solution and expand distribution at scale first, we are powering LLM and AI agents. We are seeing strong traction in licensing our data directly to leading LLM companies for both pre and post training use case. At the same time, autonomous agents require trusted structured digital intelligence to operate efficiently that exactly what we provide our data is built for both humans and agents and we see accelerating demand for both. Second, we are building our own AI native solution with Genai Intelligence. We are helping brands to improve their Genai visibility and sentiment. We are seeing strong market validation on this front, including recognition of our leadership by G2. We believe our data provides an important competitive advantage in this new market and we are on a journey to become a market leader in this category as well. Last quarter we launched similar web aistudio and the response from the customers has been truly amazing. Aistudio is an AI powered interface that allows users to ask business questions in plain language and multiple languages and instantly receive actionable insights. What used to take time and specialized skills can now happen quickly and easily across all of our data sets. AI Studio expands the number of users who can leverage similar web increases engagement, enables faster and smoother insight generation and unlock a new consumption based monetization model. We are seeing strong adoption and utilization across our customer base. AI Studio represents a huge shift in how users interact with similar web data. Third, we are expanding distribution at scale through partnership with leading LLM and agent platforms such as Manos and through MCP integration we are embedding similarwell directly into AI ecosystem. We want to meet our users where they are and increasingly research and decision making is happening inside the new AI platform. Last quarter we shared that our MCP was available in CLAUDE and today I'm super proud to share that we have launched McP integration with ChatGPT. This integration is the same as our MCP CLAUDE connector providing seamless access to our data and tools. Claude and ChatGPT are two of the largest AI platform in the market and today hundreds of our customers can plug in similar web directly into them, building automation, powering agents and asking complex questions on the fly and receive insight, recommendation and action wherever they choose to work. Yesterday we announced an expansion of our partnership with Manos which we told you about last quarter. This partnership has been a big success and we are glad to expand the data Manus user can access and also enable our customer to connect to Manos via an MCP to generate even more valuable Seamlessly combining our data and Manos tools and capabilities, this ecosystem partnership unlock new customers, expand our time and position our digital data as critical ingredients for AI driven research and decision making. Our AI pipeline is expanding rapidly with a healthy combination of large deals and continued expansion across our enterprise customers. We're excited about the potential. As part of this mission, we continue to develop and launch innovative products that empower our customers with the tools and capabilities to win in their markets. In March, we launched similar web Retail Intelligence, a new product that combines Amazon data and cross retail coverage of more than 650 online stores and marketplaces. Retail Intelligence gives brand, sellers and retailer a unified view of shopper behavior, digital sales performance, product mix availability and pricing across fragment e commerce channels. It also adds keyword optimization, competitive benchmarking and digital shelf automation as AI reshapes product discovery and retailers expand marketplace and retail media networks. Retail Intelligence help customers understand where demand is forming, how brands are winning and which action can improve sales performance so that they can win in a highly competitive e commerce market. Also during March we also launched similar web Ad Intelligence, leveraging the synergies with the Ad Metric which we acquired in 2024. AD Intelligence delivers a unified view of paid media across search, social and display and soon LLM ads revealing who investing what's bringing more traffic and who gaining share across every channel and region and help brands understand paid marketing roi. The solution addresses the most severe pain points advertising face today. Knowing what competitors are spending and where if ad spending is due, generating the decent return and helping advertisers identify where they are overspending, underspending or missing opportunities across channels. Until now advertisers had to rely on fragment data that leads to inefficient ad spend and wasted budget. With this product we empower brand agencies and publishers to work smarter, helping them to spot growth opportunities, benchmark performance and optimize spend across every channel and market. To summarize, during the first quarter we have taken action to improve our performance. We are sharpening our go to market strategy, refining processes and building scalable playbook to drive cross sell and expansion. We are seeing encouraging signs of improvement across the business and this has increased our conviction. In 2026 we believe that we are well positioned to capture long term AI driven opportunities. Our AI first portfolio is scaling, ecosystem partnership are expanding and we are targeting high growth segments like LLM companies, large big tech players and OEM with our own dedicated go to market teams and focus. We remain focused on disciplined execution and acceleration and with that I will hand it over to Juan. Juan Thanks all. I'll provide highlights of our financial performance and guidance for the second quarter and full year of 2026. Turning to our quarterly results, we generated $73.9 million of revenue in Q1, a 10% increase relative to Q1 2025. At the top end of our guidance range, revenue growth was driven by good performance across our business including new sales and upsells as well as growth in AI related revenues. Non GAAP operating profit for the quarter was $2.4 million reflecting a 3% margin compared to loss of $1.3 million in the first quarter of 2025. Non GAAP operating profit was also at the top end of our guidance range thanks to top line growth and disciplined cost control. Non GAAP interest expense was $3,000 and the non GAAP tax expense was $1.3 million in the quarter compared to 0.1 million and 1.2 million respectively in the first quarter of 2025. To help with remodeling, we expect these items to remain at approximately these levels on the quarterly basis for the rest of the year. Non GAAP diluted Earnings per share was $0.01 compared to a loss per share of $0.03 in Q1 2025. We are proud that 64% of our ARR is contracted under multi year contracts up from 52% last year. We believe that this metric coupled with strong demonstrates the durability of our revenues. It also provides us with confidence in the value we provide to our customers. Good cash generation and a strong balance sheet are critical for business at any stage of life cycle. We generated $6.6 million of normalized free cash flow reflecting seasonal strength. We believe we will generate positive normalized free cash flow on a quarterly basis going forward. Although we are aware of seasonal fluctuations, we ended the quarter with approximately $65 million of cash and cash equivalents and no debt. We also have availability and the financial flexibility to weather market headwinds while staying focused on our long term goals to maximize shareholder value. Our remaining performance obligation totaled $298 million at the end of Q1, up 18% year over year. We expect to recognize approximately 70% of total RPO as revenue over the next 12 months. The growth in RPO provides us with confidence in our full year guidance in Q1 overall NRR was 98% across all customers and 103% for customers with over 100k of ARR. We are encouraged by the stabilization in NRR in the quarter which reflects an improvement in GRR and quarterly NRR. We expect an improvement in NRR over 2026. The trend in GRR continued to improve and in the first quarter we reached a new two year peak. Customer count increased by 5% year over year to 6038 but declined sequentially by 1% from 6128 in the fourth quarter. The decline was mainly due to self service customers that have not renewed their annual subscriptions or have moved to monthly subscriptions. We have reviewed this KPI and compared it to the self-service customer count that are above 25K ARR. This accounts for 86% of our ARR at the end of Q1. Customer count of this cohort was 1840 increasing by 2% year over year. Average account value for this cohort was 132,000, up 9% compared to 2025. We believe that the number of accounts generated more than $25k and $100k of ARR demonstrate that Similarweb is an enterprise focused company and provide a more meaningful representation of of the underlying trends of the business. Accordingly, we plan to disclose these cohorts going forward and will no longer disclose total Logo count. Moving to Guidance for the full year of 2026 we are raising the lower end of our revenue guidance and expect total revenue in the range of $307 million to $315 million representing 10% year over year growth at the midpoint of the range. In Q2 2026 we expect total revenue in the range of 74.5 million to 76.5 million representing 6% year over year growth at the midpoint. I would like to remind you that strong revenue growth in the second quarter of 2025 benefited from a pull forward of one time revenue from the third quarter of 2025 and provides a tough comparison for this quarter. As or mentioned, the solid pipeline provide us with confidence in the revenue growth acceleration during the second half of the year. For the full year we are raising our guidance for non GAAP operating profits to be between $17 million and $19 million. Non GAAP operating profit for the second quarter of 2026 is expected to be in the range of $3 million to $5 million. We continue our efforts to offset the headwinds to profit presented by the strengthening of the Israeli Shekel versus the US Dollar. Approximately half of our employees are based in Israel. The expansion of our R and D center in Prague, which provides an excellent source of high quality talent, is helping diversify our cost base. With that, org and I are ready to answer a question following Q and A or will share some closing remarks. Operator, Please open the line for questions. OPERATOR Thank you. We'll now be conducting a question and answer session. If you would like to ask a question, please press Star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. One moment please while we poll for questions. Thank you. Our first question is from Arjun Bhatia. Arjun Bhatia The IPO milestone and the run as CEO. I know it's not you're not leaving yet, but it's been great working together. Maybe one question on just the guidance and the LLM contract that you closed. I assume that's in the numbers yet, but as I'm looking at sort of the back half ramp in implied in revenue, it still seems quite steep. So I would love to hear just your confidence in the the ramp in the second half of the year. How much of that is still dependent on the second LLM contract closing and just maybe where we are in sort of, you know, that process at this point. Thank you. Ofer (Chief Executive Officer and Co-Founder) Of course, thank you Arjun for the kind words. And yes we're seeing a very strong pipeline this Q2. We are already in the middle of the quarter and we have very strong confidence with the second part of the year and the team did an excellent job in the past few months not only closing the one deal that slotted also continue to have in the pipeline, the second deal and open the pipeline with many other deals. So we're seeing a very strong traction. We started the year with a dedicated team only focusing on this large language model (LLM) and original equipment manufacturer (OEM) opportunities and they really executing very well. So we have a very strong confidence for the year and for the second part of the year. Arjun Bhatia Okay, perfect. And then you sounded quite bullish just on Net Revenue Retention (NRR) trajectory going forward. How much in that increase? And you know when you're looking at the upsell, what are the main sort of changes that you're seeing that are giving you confidence that you can drive more upsell and cross sell with your existing customer base? Because I think generally that metric has been sort of flat to down over the last several quarters. So curious on the inflection there. Ofer (Chief Executive Officer and Co-Founder) Yes, of course. I think it's an excellent question. The NRR we reporting to the street is the four-quarter average of NRR and we're already seeing an improvement with our NRR and Gross Retention Rate (GRR) in the past two quarters. That is not fully seen yet in the in the average. So we already know that the NRR is going to be better going forward and we also see the great pipeline being built on the current customer want to buy more and more of our data. So we think and bullish on the NRR improving going forward. Just to conclude, Arjun, the GRR that we saw in Q1 was the strongest in the last two years and we also, we didn't of course share Q2 yet but we also seen the strength of the GRR continuing to be very strong in Q2. So we are quite confident that along the year the NRR metrics are going to improve. Arjun Bhatia Very helpful. Thank you so much. OPERATOR Our next question is from Scott Berg with Needham and company. Lucas Good morning. Lucas on for Scott here. Thanks for taking the questions. Maybe to start could you just talk about the sales productivity during the quarter. There's obviously been a lot of go-to-market (GTM) changes over the last year plus so just curious if productivity is beginning to normalize. Ofer (Chief Executive Officer and Co-Founder) Where you would like to see it at. Yeah, we track this metric closely and overall in the past three quarters we're seeing a nice increase. Every quarter is getting better. We're very happy. There's two commercial teams, one driving new sales and the other one driving expansion. We're very happy with expansion progress in the past quarter and and also the new so that expansion was remarkably well and hopefully continue to get better productivity going. Lucas Any thoughts on a potential share buyback just given kind of where the current stock is trading at? Ofer (Chief Executive Officer and Co-Founder) I think it's a good question. We did discussed it. We don't have a specific decision yet and it's a good stuff to think about going and seeing how the year is progress but it's definitely something that can be on the table. Lucas Understood, thank you. Ofer (Chief Executive Officer and Co-Founder) Just to complete on that, I think we're very focused on the operational areas of our business. Generating normalized free cash flow is a top priority. So we focus on that once we see also this trend picking up, as as mentioned earlier, we will consider all available options of capital allocation. Lucas Thank you. OPERATOR Our next question is from Adam Hotchkiss with Goldman Sachs. Adam Hotchkiss Great. Thanks so much for taking the question. I guess or to start on the on the AI front and MCP front, in particular. I'm wondering if that is playing a role at all in your new customer conversations and AI expansions at renewal, lowering the barrier to agents, does that actually improve your win rates, bring more requests for proposals (RFPs) to the table? I'm just curious how that's how that's sort of played out in your customer conversation so far. Ofer (Chief Executive Officer and Co-Founder) Yeah, it's a good question. I think it's mostly improving our Gross Retention Rate (GRR). You know we going to our existing customers and present them the opportunity to their data for MCP connection if it's through cloud integration or OpenAI and then suddenly they're getting much more ROI from our data and much more users upsell from the new sales. I think our new solution for Genai visibility that help Brad understand and measure their visibility on chatbots. This is driving the win rate more this specific solution. Adam Hotchkiss Okay great. That's really helpful. And then as we think about customer growth Ron, and I fully understand the sort of 100k customer cohort seems to be continuing quite strongly. Just anything to call out on Q1 and the marrying the high gross retention comments with sort of that lower end sub 25k ARR customer cohort and some of the churn we saw there. Ofer (Chief Executive Officer and Co-Founder) Yes because so first of all we are introducing a new metric that we are going to share is about the customers that are above 25k which means that this cohort is a cohort that only our go to market can sell below 25k. We have a motion of the no-touch or self-serve. So we decided that this is not really resonate with our focus on enterprise in terms of the GRR we see very good traction and you can see it also on the average account value that we shared on our presentation in terms of the 100k. So you can see that those customers the 100k plus or 25k plus are generating better average account value and this is why the GRR returns of the dollar value is much better. Adam Hotchkiss Okay great. Thank you both. Thanks. OPERATOR Our next question is from Austin Cole with Citizens. Austin Cole Great thanks for taking the question and or my congratulations to you on announcing your next chapter here. It's been great to work with you. I did want to ask you a more high level question around pricing because it just it seems that Similarweb is changing a lot just with the LLM deals and MCP connectors, new partnerships and even your own tools like AI Studio that are based in natural language and actually one of your competitors earlier this Week announced that they're shifting to more of a platform fee plus consumption structure. I'm just wondering what your thoughts are on all this and whether a seed based model or shifting more towards consumption over time is going to be the Ofer (Chief Executive Officer and Co-Founder) better way to leverage overall trend. In the industry of AI taking more place and more agent to agent, I think it makes sense to move to more consumption base. You can really charge the outcome and we're selling data but online and the more data will give and more usage they have, they get more ROI and for us it's much better to price like that. So it's overall trend and we follow with that and see good success. And I think that over the next few quarters this will become bigger and bigger and maybe Mose, if you have anything to add. Mose Yes, maybe just to add. I mean we don't price by seats even today. So we made this transition actually a while ago and the way we monetize is by data access, so you can buy different data that you want to use and then consumption on top of it. Some of our products are more data oriented, less platform oriented and are definitely leveraging this already. I think we're also seeing kind of big potential with the distribution channels with AI chatbots and how users can use us within this kind of environment. And it's definitely a consumption play and it's very evident also from our NRR improvements. So we have the right infrastructure from a data access and consumption and we Austin Cole are definitely set today where maybe some of those gaps if they exist. And where do you see the most opportunity to kind of widen that moat in 2026 and what maybe opportunities are you evaluating, in the market? Ofer (Chief Executive Officer and Co-Founder) I think all of the new solutions have great coverage but as long as we continue to increase our data coverage we can able to monetize more if it is on our app Intelligent and to add more countries. All the two new products I discussed in the earning the Retail Intelligence, we are covering 650 different retail. The more we add more retailers in different countries we can can sell to more customers and send for Ad Intelligence that we just launched and it's very exciting and it's mostly web advertisement and now we're adding the new LLM advertisement. You know ChatGPT has announced that they're going to include ads in their free products and they are scaling it and I think we are the first company in the world now to bring this data into the market and this quarter, we're going to start selling and bring it in front of customers. So it's very exciting. Austin Cole Great, that's helpful. Thank you guys. Just wanted to go back to kind of it looks like total customer count. That growth decelerated quite a bit in the quarter. But I guess would you say that's more of a function of focusing more on growing with the existing accounts that you have or would there be anything to call out with pain points in adding new customers? Ofer (Chief Executive Officer and Co-Founder) No, not exactly. The number we provide to the street is combination of touch customer and sales customers that come into the website and buy with credit card if they decide to pay yearly. So they've been counted in this 6,000 plus number because this is this number that we reporting from 2021 is yearly paying customer. And over the years we started yearly self serve customers. So it starts increasing this number. But as we go and marketing start to do a lot of ab testing to see if they want to charge the self serve on monthly or yearly. You know you can offer the customer what is the default and then it's changing those numbers and every time they do a test they test that it changed those numbers. So realize it's not a good indication and it's not gonna help you understand the performance of the business. So it's just better for us to focus on the, on the enterprise, the sales motion customers. And so we're gonna start reporting the $25k customers and above to remove this noise. Austin Cole Okay, got it. And then also just wanted to ask on the search process for a new CEO congrats, by the way, Ofer, for almost 20 years here and getting similar web to where it is but I guess specifically are you guys looking internally for a potential new CEO or would this be an external hire or I guess just any more details around the Ofer (Chief Executive Officer and Co-Founder) process that you could give? Yes. So it will be external search and now that we announced to the street we can probably start the search. We're ready. And top executive search firm is starting work today and we will report to the street as it will get progress. Austin Cole Okay, great. Well thanks for taking the questions and congrats on the quarter. OPERATOR Thanks. Our next question is from Tyler Racy with Citi. Andrew Girard Hey, thanks for taking the question. This is Andrew Girard on for Tyler Radke. So just a couple quick ones. So on the customers above 100k saw the net adds kind of stabilize here from 4q so just kind of wanted your puts and takes on kind of what it will take and which products will help kind of re accelerate this net add number going through the rest of the year and then just a really quick follow up on on MCP and kind of your consumption based revenue. Just understanding that it's early. Any kind of details on the margin structure there for those types for those revenue streams compared to kind of some of your core seats would be great. Ofer (Chief Executive Officer and Co-Founder) Thanks so much. Yeah. I would start with the second question about the margin. I think the margin are similar or even better in this consumption model because there's no ui. So every time historically when customers used to buy data from us or API first they become more sticky and retention was better. But also they're much more profitable because it's more integrated into the workflow. So you need less customer success people to support those customers and they're more sticky and there's no UI on top of that. I think margin will get will be better. And regarding the 100k account this year we have good momentum there. I think the team is focusing get the bigger account get bigger like our top account to get bigger. Because in those giant customers we are barely penetrated as we should be. So we focus on increasing those. But I think it will continue to grow nicely over the year we start seeing more and more new lends at six figures with a very strong quarter of lending. A lot of six figures. OPERATOR Thank you. There are no further questions at this time. I would like to pass the floor back over to management for any closing remarks. Ofer (Chief Executive Officer and Co-Founder) Before we conclude, I would like to highlight four key takeaways. The first quarter was solid start to the year and came in a better than expected. And we are raising the low end of our guidance for both revenue and non GAAP operating profit for the full year to reflect the improving and the fundamentals. Second, we are witnessing improving fundamentals and growth drivers. NRR has stabilized growth, retention is strong and sales productivity continue to improve. Multi year ARR increased and we extended our track record of profitability and free cash flow. Third, our leadership in digital data has become even more valuable as AI adoption accelerates. And fourth, we're remaining focused on disciplined execution and scaling what we have built. AI is a magnificent tailwind for data companies like us. Thank you everyone on the call for your continued support. We look forward to speaking to you again over the coming weeks. Thank you. Thank you. Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.