Financial Data and Key Metrics Changes - Revenue from the core platform, including services, was $34.2 million, representing a decrease of 7% year over year [24] - Total revenue for Q1 was $34.7 million, with total subscription and other platform revenue at $32.3 million [24] - Annual Recurring Revenue (ARR) related to the core platform totaled $125.9 million, a decrease of approximately $1.4 million compared to Q4 of 2024 [25] - Gross margin in Q1 was 77%, consistent with previous quarters [29] - Operating loss for Q1 was $2.1 million, compared to an operating loss of $800,000 in the same period last year [32] Business Line Data and Key Metrics Changes - Professional services revenue was $2.4 million, representing approximately 7% of total revenue [24] - The percentage of ARR in multiyear contracts increased to over 50% at the end of Q1 [26] - The average core ARR per customer was approximately $78,000, up slightly from year-end 2024 levels [27] - The contribution from customers with ARR over $100,000 remained consistent, representing about two-thirds of total ARR [27] Market Data and Key Metrics Changes - There was softness in the international and commercial business segments towards the end of Q1 due to increased macroeconomic uncertainty [26] - The company experienced the highest number of win backs from previous customers in the last five quarters [26] Company Strategy and Development Direction - The company is focusing on AI innovation, improved enterprise go-to-market execution, and maintaining positive cash flow [11][12] - A new global integrated marketing campaign called "Propel Forward" was launched to enhance demand and brand awareness [16] - The company aims to diversify its customer base beyond technology and manufacturing to include life sciences and financial services, which now represent a third of the business [72] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased macroeconomic uncertainty and decided to take a more conservative approach to near-term revenue guidance [36] - The company expects to be adjusted EBITDA positive in 2025 and aims to deliver positive free cash flow [39] - Management expressed confidence in the company's long-term growth potential despite current market challenges [22] Other Important Information - A new $50 million share repurchase program was announced to enhance shareholder value [23][41] - The company has returned a total of $191 million to shareholders through various capital return programs [35] Q&A Session Summary Question: Insights on the decline in the $100k ARR cohort - Management noted that they are close to turning the metric positive, with a modest decline in the number of customers contributing over $100k in total ARR [45][46] Question: Softness towards the end of the quarter - Management indicated that while there are good signs in the business, macro uncertainty has increased, leading to a more conservative outlook for annual revenue guidance [51][52] Question: Marketing plans with the new CMO - The new CMO is focused on transforming the go-to-market strategy with an emphasis on outcome-driven actions and strong ROI stories [66][70] Question: Performance of different verticals - Management highlighted that life sciences and financial services are performing better in terms of retention and are now a significant part of the business [72]

Core Insights - Radware is implementing an aggressive growth strategy in the U.S. market, focusing on expanding its cloud services and enhancing its application security solutions [1][2] - The company has reported strong first-quarter financial results, which supports its expansion efforts [1] Leadership and Team Expansion - Radware has appointed new U.S. executives, including Constance Stack as chief growth officer, Randy Wood as senior vice president of North American sales, and Joshua Bafalis as director of acquisition sales [3][4] - The new leadership team is tasked with driving revenue growth and increasing market share in the U.S. [2][8] - The company has filled over 30 new positions across various departments to support its growth initiatives [5] Strategic Partnerships and Technology - Radware has formed a new partnership with SUSE to enhance its Kubernetes Web Application and API Protection (KWAAP) solutions [6] - The collaboration aims to provide a comprehensive security solution for modern application developers [6] AI Innovation - The company has launched AI SOC Xpert, a next-generation cloud service designed to combat AI-driven threats, which significantly reduces the mean time to resolution by up to 95% [7] - This service is part of Radware's EPIC-AI™ platform, enhancing its capabilities in threat detection and response [7] Market Positioning - Radware's leadership emphasizes the company's unique ability to provide both on-premises and cloud solutions, addressing the needs of enterprises transitioning to the cloud [8] - The executives express confidence in Radware's technology and its potential to outperform competitors in the application security market [8]

Financial Performance - Udemy's Q1 2025 revenue reached $200.3 million, a 2% year-over-year increase, despite a negative foreign exchange impact of 2 percentage points[16] - The company's gross margin was 65%, up 400 basis points year-over-year, while non-GAAP gross margin was also 65%, up 300 basis points[16] - Udemy reported a net loss of $1.8 million, a 90% improvement year-over-year, and a non-GAAP net income of $17.9 million, a 236% increase[16] - Adjusted EBITDA for Q1 2025 was $21.1 million, a 227% increase year-over-year, with an adjusted EBITDA margin of 11%, up 800 basis points[16] Enterprise Business - Udemy Business Annual Recurring Revenue (ARR) reached $519 million at the end of Q1 2025, an 8% year-over-year increase[16] - The company added 120 net new enterprise customers in Q1 2025, a 7% year-over-year increase[12,28] - Udemy closed over 40 new business deals exceeding $100,000 in ARR during the quarter[12] Subscription Model - Subscription revenue accounted for 68% of total revenue in Q1 2025, a 500 basis points year-over-year expansion[12,20] - Consumer subscriptions revenue now accounts for 13% of the segment's revenue mix, a 400 bps YoY expansion[16] Future Outlook - Udemy projects Q2 2025 revenue between $195 million and $199 million, with an adjusted EBITDA between $22 million and $24 million[43] - The company anticipates full-year 2025 revenue between $772 million and $794 million, and adjusted EBITDA between $77 million and $87 million[43]