Financial Data and Key Metrics Changes - Total revenues for Q2 were $102,000,000, up 31% year over year, exceeding guidance [23] - SaaS revenue for Q2 was $77,300,000, representing a year-over-year growth of 44% [23] - Gross profit for Q2 was $76,300,000, with a gross margin of 74.8%, down from 76.2% a year ago [32] - Operating income for Q2 was $18,800,000, with an operating margin of 18.4%, marking a year-over-year margin expansion of over 700 basis points [33] Business Line Data and Key Metrics Changes - SaaS comprised 76% of total Q2 revenues, the highest quarterly mix ever, compared to 69% a year ago [23] - Term license and support revenue declined 19% year over year in Q2 [24] - Services revenue was $14,500,000, accounting for 14% of total Q2 revenues [26] Market Data and Key Metrics Changes - In North America, SaaS revenues grew 38% year over year, representing 82% of total North America revenues [26] - In EMEA, SaaS revenues grew 50% year over year, representing 91% of total EMEA revenues [26] - In APAC, SaaS revenues grew 48% year over year, representing 52% of total APAC revenues [27] Company Strategy and Development Direction - The company aims to reach $1,000,000,000 in ARR by 2029, reflecting confidence in market opportunities [6] - The platform is built around a unified framework with three core pillars: data availability, security, and governance [8] - The company is focusing on multi-cloud governance and expanding capabilities to support platforms like Google Workspace and Salesforce [62] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand across all customer segments and regions, with healthy growth in North America, EMEA, and APAC [44] - The company is increasing guidance for total ARR, total revenue, and non-GAAP operating income due to positive momentum [36] - Management expressed confidence in navigating potential uncertainties in the public sector for the second half of the year [36] Other Important Information - The company ended Q2 with $430,100,000 in cash and short-term investments [34] - The balance of remaining warrants was exercised in July for additional cash proceeds of $8,700,000 [35] - The company repurchased 414,000 shares in Q2 for approximately $7,000,000 [35] Q&A Session Summary Question: Can you talk about macro for commercial and the government vertical? - Management indicated no significant changes in federal guidance and noted healthy demand across commercial sectors [40][42] Question: Can you discuss your go-to-market investments? - Management highlighted improvements in sales efficiency and a focus on capacity planning for future growth [45][46] Question: What is the biggest theme driving customer conversations today? - The primary focus remains on security threats and AI deployment capabilities [51][52] Question: Can you explain the discrepancy in ARR and revenue guidance? - Management clarified that while ARR guidance remained unchanged, revenue guidance was increased due to operational performance and FX headwinds [54][56] Question: How early are you in the multi-cloud governance opportunity? - The company is in early stages but has already generated meaningful revenue in multi-cloud services [62][63] Question: What is driving the increase in dollar-based net revenue retention rate? - The increase is attributed to strong cross-selling and expansion within the existing customer base [78][80]