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CEO Tomer Weingarten described Flex as a major step forward with an 'outstanding' reception, noting it simplifies the adoption of the platform's 30+ capabilities. CFO Barbara Larson clarified that from a financial perspective, Flex deals are treated like other ARR contracts, with revenue recognized ratably over the contract's duration.

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CFO Barbara Larson clarified that the outlook accounts for potential future macro disruption, despite seeing improved trends in May. She confirmed that the slight reduction in the full-year revenue guide implies that internal expectations for net new ARR have also been modestly lowered.

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CEO Tomer Weingarten attributed the momentum to market disruption benefits, a record pipeline, strong win rates, and accelerated endpoint growth, leading to more engagement with large enterprises. CFO Barbara Larson noted that while it's too early to provide a specific FY26 forecast, the company is pleased with the reacceleration of net new ARR in the second half of the year.

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CEO Tomer Weingarten noted that Microsoft has attempted to move vendors away from the kernel for over a decade with limited success. While encouraged by the renewed discussion, he anticipates a multi-year transition at best. He affirmed that SentinelOne would welcome and adapt to standardized, non-kernel APIs for system monitoring, as it has already done on macOS and Linux. He suggested that any move away from the kernel could pose significant re-factoring challenges for competitors more deeply embedded in it.

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CEO Todd McKinnon provided high-level remarks on the company's solid execution and strategy. CFO Brett Tighe then explained that while macro effects from the 'COVID cohort' are expected to diminish, he anticipates NRR will fluctuate slightly around the current level for the rest of the fiscal year. Tighe noted the macro caveat was removed from guidance as Q2's environment was largely consistent with previous quarters.

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CEO Todd McKinnon affirmed that Q1 was a solid quarter and the company is on track for the year. CFO Brett Tighe clarified that macroeconomic pressures were not felt in Q1 but are being prudently factored into future guidance based on customer conversations and the general economic tone. He emphasized that despite this new factor, the guidance model still contains less overall conservatism than in previous years.

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CEO Todd McKinnon explained that while the macro environment of cautious buying persists, the headwind is abating as multi-year contracts from the "zero interest rate era" are renewed at more rightsized levels. CFO Brett Tighe clarified that the primary driver of strong results was customers buying more products, as evidenced by the new product bookings percentage, rather than an abatement of the seat-based headwinds.

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CFO Sandeep Aujla clarified that the confidence stems from the tremendous learnings gained during fiscal 2025's successful tax season. Key drivers that will be enhanced include a localized marketing approach, extending the TurboTax brand equity into the assisted tax category, and optimizing the seamless 'better together' experience with Credit Karma, which successfully drove new customer adoption. The plan is to execute this playbook even more effectively in the coming year.

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CEO Sasan Goodarzi explained the growth came from three areas: retaining existing customers through life changes by offering expert help, breakthrough adoption of full-service by new customers, and a successful go-to-market campaign that drove unprecedented traffic. He identified an area for improvement in the initial customer interaction, noting that requiring authentication upfront created friction for new assisted-tax customers, a key learning for future seasons.

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CEO Sasan Goodarzi explained the growth came from retaining existing customers through life changes and a breakthrough in acquiring new full-service customers for both consumer and business tax. He identified a key area of dissatisfaction and opportunity: reducing friction in the initial customer journey. For instance, requiring authentication upfront for new users from the assisted category created falloff, an issue they are now addressing.

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CFO Sandeep Aujla explained that confidence in the GBS guidance is reinforced by strong customer engagement, low attrition, a favorable mix shift towards the mid-market (which grew 42%), and strong services adoption. Regarding marketing, he noted the earlier start for the consumer campaign is a strategic move to disrupt the assisted tax market, which has shown strong early ROI. He expects the full-year consumer marketing budget to be up only slightly.

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CEO Sasan Goodarzi emphasized that the decision was difficult but necessary to position the company for the future. He confirmed that all resulting funds are being reinvested into five key growth areas previously outlined, including AI, live services, and mid-market. He clarified that the FY25 guidance does not depend on these investments yielding immediate returns. CFO Sandeep Aujla added that hiring for these initiatives was already underway before the announcement.

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CEO Carl Eschenbach and President of Product & Technology Gerrit Kazmaier described Paradox as a key addition that rounds out their AI-powered talent acquisition suite. They highlighted its strengths in high-volume, frontline hiring and its mobile-first, conversational AI approach that improves the candidate experience and delivers significant ROI. CFO Zane Rowe confirmed the acquisition is larger than recent deals and that the company is excited about its growth potential and synergies.

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CEO Carl Eschenbach stated that 25-30% of sales back to the customer base have included an AI SKU in recent quarters, and he sees this continuing as new agents are released. CFO Zane Rowe clarified that the 'tenant' contracts were not included in prior forecasts and will be included prospectively. He noted the contribution was 0.5 points in Q1 and is expected to be about 1 point per quarter for the rest of the fiscal year.

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CEO Carl Eschenbach expressed confidence in continued AI adoption, noting that 25-30% of sales to the installed base in recent quarters included an AI SKU and that customers view Workday as a strategic AI partner. CFO Zane Rowe clarified that the CRPO contribution from tenants was not in the prior forecast and will be included prospectively, expecting about a 1-point impact for the rest of the year.

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CEO Carl Eschenbach acknowledged macroeconomic headwinds and deal scrutiny in EMEA but maintained that the long-term opportunity is intact. He stressed that Workday's win rates in the region remain very strong when customers do commit to large transformation projects, expressing confidence in the European business.

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Co-President Doug Robinson highlighted Accounting Center's expansion into innovative use cases across all industries and pointed to Workday Student as a key driver in higher education. CEO Carl Eschenbach added that workforce planning, an Adaptive Planning product, is another area of strong momentum that tightly links HCM and Financials.

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CEO Nikesh Arora attributed the success primarily to the platformization strategy gaining traction with customers and strong sales team execution. He stated the macro environment is "fine" and was not a significant factor in the outperformance. Arora emphasized that Palo Alto's innovation roadmap and the resulting customer conviction in their evergreen platform were the key differentiators, culminating in strong "Q4 magic" as the team accelerated execution.

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Chairman and CEO Nikesh Arora stated that he views competitor refresh cycles as a significant opportunity for displacement. He noted that customers who adopted Palo Alto's SASE solution are now standardizing on their hardware firewalls due to the consistent management interface, leading to steady, evolutionary market share gains of 200-300 basis points annually.

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CEO Michael Intrator stated that under CoreWeave's long-term contract model, the economics for inference and training are identical. He explained that while the spot product is crucial for attracting new users and use cases, its availability is limited because new capacity is immediately consumed by large, long-term customer contracts.

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CEO Michael Intrator explained that under CoreWeave's long-term contract model, the economics for inference and training are identical. For the new flexible products, he noted that the primary challenge is that available capacity is almost immediately consumed by large clients for long-term contracts, but the company is committed to expanding its spot offering to attract new users and use cases.

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CFO Nitin Agrawal advised that cash flow is best understood by analyzing capital expenditures and the profile of new customer contracts. He emphasized that both of these drivers can be 'lumpy' due to the variable timing and size of deals and deployments, but the company would strive to provide advance visibility when possible.

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CEO Henry Schuck explained the landmark deal involves standardizing ZoomInfo as the enterprise data foundation for a major client, displacing legacy tools and embedding Copilot. CFO Graham O'Brien characterized the workforce reduction as a proactive measure to enhance efficiency and position the company for improved margins in 2026.

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CEO Henry Schuck explained the landmark deal standardizes ZoomInfo as the core data and intelligence platform for a major enterprise, replacing legacy tools and embedding Copilot. CFO Graham O'Brien characterized the workforce reduction as a proactive efficiency measure aimed at improving margins in 2026.

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The company described the Intuit partnership as broad and a good example of the large, underpenetrated opportunity that exists across their enterprise customer base. They clarified that the cautious guidance is due to general macro uncertainty, not any specific negative changes in close rates, pipeline, or other recent business trends.

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The company clarified that the Q2 charge addressed past P&L volatility, but a new growth headwind exists from actively disqualifying more high-risk new SMB sales ($2M+/month in Q3). This headwind will persist until it is lapped in Q2 of the following year, though it is expected to improve the quality of revenue long-term.

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CEO Jay Kreps clarified that the operational enhancements, such as improving coverage ratios and building a DSP specialist team, are focused on what Confluent can control: driving new use case adoption. He noted early positive signals, including a greater than 40% sequential increase in late-stage consumption pipeline progression. CFO Rohan Sivaram added that the back-half guidance for Cloud assumes month-over-month growth rates will be notably below prior years, but this is partially offset by strength and visibility in the Confluent Platform business, leading to a raised full-year subscription revenue guide at the midpoint.

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CFO Rohan Sivaram explained that OEM partners, particularly internationally, help amplify Confluent's sales reach and were a factor in Q1's strength, alongside large multiyear deals. He advised looking at CP performance over a 12-month period. For free cash flow, he reiterated the ~6% margin goal for the year and stated that, excluding the one-time compensation change, FCF should track closely with operating margin.

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CEO Jay Kreps stated that the 2025 go-to-market strategy involves minor 'tune-ups' to incentives rather than a major overhaul, with a focus on driving consumption of specific DSP components. CFO Rohan Sivaram explained that the addition of Enterprise, Freight, and WarpStream clusters expands their SAM by providing optimal TCO and ROI for a much broader range of customer workloads and deployment models.

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CEO Jay Kreps acknowledged positive signs like stabilization in digital natives but avoided broad predictions on IT spending. He expressed confidence in their current sales capacity, citing good rep ramping and low attrition. An executive noted that while not providing formal guidance, Q3's solid momentum carried into Q4, highlighting DSP, GenAI, and FedRAMP as future growth drivers.

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Chairman & CEO Bill McDermott identified a massive opportunity in reimagining CRM with agentic AI, highlighting immediate traction in sales order management and CPQ. President, CPO & COO Amit Zavery added that the strategy focuses on complex, outcome-driven workflows across customer service, sales, and industry-specific solutions like insurance claims.

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CFO Gina Mastantuono confirmed the headcount increase, particularly in quota-bearing reps, reflects confidence in future opportunities like Now Assist and the new data fabric, with similar growth expected to continue. CEO Bill McDermott attributed "elite-level execution" to hiring great leaders, fostering a collaborative and communicative culture, and the collective will of 26,000 employees to win. He asserted the company is not close to its peak and that constant innovation will prevent any reversion to the mean.

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CFO Gina Mastantuono confirmed the headcount increase, primarily in quota-bearing reps, reflects confidence in the forward-looking opportunity and that similar growth levels should be expected. CEO Bill McDermott attributed the company's sustained high performance to hiring great leaders, a clear and well-communicated plan, and a culture where employees are driven to win. He emphasized that the company is not near its peak and that new innovations will continue to fuel its growth.

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CTO Lawrence Ellison responded that the full stack is a key strength, not a weakness. He explained that building applications on their own database improved the database, and that superior database technology (specifically the Autonomous Database) makes their cloud more reliable, scalable, and secure. Having expertise at all layers allows Oracle to innovate and build an integrated solution that is faster, cheaper, and more reliable than competitors can achieve.

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Executive Chairman and CTO Lawrence Ellison stated that Oracle's key advantage is its superior technology, which runs AI clusters faster and more economically, translating to a significant cost advantage for customers. He noted the current $130 billion RPO was achieved even before any Stargate contracts. CEO Safra Catz added that Stargate deals will flow through the financials in a standard, transparent manner, without complicating analysis.

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Chairman and CTO Larry Ellison explained that AI training speed depends on both larger GPU clusters and, critically, faster networks to feed them data. He emphasized that Oracle's key differentiator and area of heavy investment is its high-speed networking infrastructure, which prevents data bottlenecks. Ellison believes that by continuing to speed up its networks, Oracle will avoid diminishing returns and maintain its performance advantage in AI training.

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Chairman and CTO Larry Ellison outlined a four-part, next-generation security strategy. He announced Oracle is eliminating passwords in favor of biometric authentication, introducing 'Zero Trust Packet Routing' to secure data from the user to the database, leveraging automation to eliminate human error, and using AI for code generation to prevent security vulnerabilities from being written into programs. He positioned these AI-based systems as essential for winning the 'cyber war' against increasingly sophisticated threats.

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CFO Remo Canessa confirmed that Zscaler plans to transition from billings to ARR as its primary metric in fiscal 2026, stating it better reflects the company's platform sales model. CEO Jay Chaudhry added that Z-Flex provides customers flexibility with pre-agreed pricing and that contract durations are lengthening, with more deals extending to four or five years.

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CEO Jay Chaudhry pointed to a growing pipeline, double-digit new ACV growth, and strong C-level engagement as proof of successful GTM changes. CFO Remo Canessa confirmed there were no changes to billing assumptions, stating the full-year guidance was raised due to increased confidence from a strong pipeline and improved visibility.

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CEO Jay Chaudhry confirmed that firewall refresh cycles are a significant opportunity that Zscaler is now actively targeting with its Zero Trust SD-WAN and device segmentation solutions. CFO Remo Canessa attributed the strong 30% bookings growth to the 20%-plus growth in unscheduled billings and pointed to strong underlying metrics like 22% CRPO growth and 26% RPO growth as evidence of healthy demand and execution.

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CEO Jagtar Chaudhry explained that the outages have heightened customer focus on resilience, which is a core strength for Zscaler. He noted strong interest in Zscaler's Business Continuity Plan (BCP) service, which was introduced in January 2023. Chaudhry also observed a growing sentiment among customers to avoid single-vendor dependency for both applications and security, which positions Zscaler favorably.

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CEO Marc Benioff highlighted international customer demand, such as from Fujitsu, and embedded use cases like in Smartsheet, where AgentForce acts as 'digital labor' for support and license changes. He noted that the current rate of innovation exceeds customer adoption, reinforcing his strategy to aggressively expand the sales organization into high-growth markets after a period of financially-driven restraint.

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Chair and CEO Marc Benioff described the broad, international demand for an 'agentic layer' around entire companies, citing Fujitsu in Japan as an example. He also highlighted how customers like Smartsheet are embedding AgentForce for digital labor tasks like support and license provisioning. He emphasized that the current rate of innovation is outpacing customer adoption, creating a significant opportunity that justifies aggressive investment in distribution.

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CEO Marc Benioff explained that "More Core" is a multi-year effort to integrate all applications, including formerly separate ones like Commerce and Marketing, into a single, unified platform. He stated this integration is critical because effective AI requires seamless access to a comprehensive set of data and metadata. This initiative ensures all products, from sales to Slack, operate as one piece of code, which is a key enabler for the Agentforce strategy.

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CEO Sridhar Ramaswamy confirmed Notebooks are doing well and are increasingly used for ML model training for use cases like next-best-action prediction. EVP of Product Christian Kleinerman added that Snowpark is also heavily used for unstructured data processing. Regarding guidance, CFO Michael Scarpelli cited confidence from observed customer behavior, good visibility into new workloads going into production, and an uptick in usage of the SnowConvert migration tool.

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CEO Sridhar Ramaswamy explained that Cortex Agents' key differentiator is its position as a horizontal platform, enabling the creation of novel applications by combining structured and unstructured data from various sources, unlike function-specific agents. CFO Mike Scarpelli commented that momentum with large customers continues to be strong, driving revenue growth. He expressed pleasure with the growth in customers spending over $1 million, $5 million, and $10 million, attributing success to the sales organization's ability to identify new workloads.

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CEO Sridhar Ramaswamy and EVP of Product Christian Kleinerman explained that Cortex enables new text, image, and video analytics use cases that were previously impractical, driving incremental consumption. CFO Mike Scarpelli confirmed the guidance factors in all business dynamics but will no longer break out specific headwinds. He reiterated his belief that growth from new data engineering features will more than offset any potential storage revenue loss from Iceberg, viewing it as a net positive opportunity.

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CEO Sridhar Ramaswamy explained that Snowflake is evolving into a unified data backplane where AI will naturally gravitate due to data's gravity, with ease of use being a key differentiator. On NRR, CFO Mike Scarpelli stated he would not guide the metric but said it will converge with revenue growth over time and he was 'happy with it' at its current level.

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CAO and incoming CFO Christiane Ohlgart stated they see little direct competition for their end-of-support cohort and highlighted new multi-product channel incentives. Regarding Linksys, COO John Whittle called the financial impact immaterial, with Founder, Chairman, and CEO Ken Xie positioning it as a long-term growth opportunity.

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CEO Nadav Zafrir described the M&A criteria as straightforward: acquisitions must align with and fulfill the company's core strategy, with a focus on areas like SASE and AI. He confirmed that Check Point has a 'very real appetite' for deals that can accelerate its roadmap or provide novel technology.

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CEO Nadav Zafrir stated that channel partners are 'imperative' for scaling the business and that he is actively engaging with them. CFO Roei Golan explained that the increase in sales and marketing expense was driven by the Cyberint acquisition (about 3 percentage points) and higher incentive commissions from strong new business growth.

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CEO Gil Shwed attributed some softness to seasonal challenges in Europe but emphasized overall positive results and market share gains against some competitors. CFO Roei Golan explained that the shift to Infinity (now 15% of revenue) creates revenue recognition volatility, as revenue is recognized upon utilization, not upfront, which can defer product revenue recognition despite strong orders.

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CFO Kiran Choudary and CEO Bipul Sinha explained that the shift to an annual comp plan aligns the sales team's incentives with how the business is managed and planned, which is based on annual net new ARR. They noted this is a common practice for companies at Rubrik's scale (over $1 billion in ARR) and that the sales leadership has experience with this model. The primary driver is to better align field execution with the company's annual business objectives.

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CEO Bipul Sinha positioned Annapurna as a multi-year strategy to provide the secure data infrastructure for generative AI applications. He noted it is an API-first platform designed for multi-cloud environments and that monetization strategies will be developed through market experimentation over several years. Regarding competition, he stated that Rubrik continues to win the vast majority of deals due to its unique Zero Trust architecture that integrates DSPM and cyber recovery.

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CFO Kiran Choudary expressed strong confidence in the raised outlook, attributing it to double-digit growth in net new ARR during the first half. He noted that the guidance for second-half net new ARR was increased by over 5%. While acknowledging the macro environment requires prudence, he affirmed confidence based on the visible pipeline and the company's strong execution.

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CEO Amit Walia stated that the company is implementing non-disruptive process and incentive changes rather than making wholesale organizational changes, expressing confidence in the tenured renewals team. CFO Mike McLaughlin added that the guide does not factor in disruption risk. Regarding churn risk, the executives differentiated the two scenarios, explaining that self-managed products are at their end-of-sale with no new innovation, whereas the cloud platform is where all new innovation, including GenAI capabilities, is focused, making it inherently stickier.

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CEO Satya Nadella highlighted recent moves to drive broader adoption, such as introducing Copilot Chat for all enterprise users and making the advanced 'Think Deeper' feature free for consumers. He explained that as inference costs come down, Microsoft can make premium features more ubiquitous across its entire portfolio, including M365, GitHub, and Security Copilot.

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CEO Yossi Carmil asserted that historically, changes in U.S. administrations have not impacted the business, as the need for digital transformation in law enforcement is a consistent, non-partisan driver. He added that new sales headcount is being focused on specialists for Investigative Units (IU) and on expanding the Customer Success team to drive upsell and cross-sell opportunities.

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CEO Rick Stollmeyer stated his confidence stems from strong inbound lead generation, which he views as a measure of brand and industry health. He asserted that he does not see significant competitive threats and believes the salon and spa market is poised for a generational technology shift. CFO & COO Brett White declined to provide a specific timeline for when legacy subs would bottom out, stating they are not providing guidance on total subscribers at this time.

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