Financial Data and Key Metrics Changes - The company is transitioning to a predictive revenue model, providing better visibility into future performance, including 2026 [1] - The implied guidance for Q4 revenue is expected to be slightly down year-over-year at the top end of guidance, reflecting a more conservative approach to revenue visibility [7][9] - Adjusted EBITDA guidance indicates a potential slight decline or narrow increase, with conservative gross margin assumptions [14][16] Business Line Data and Key Metrics Changes - The company has seen outsized growth in Direct-to-Consumer (DTC) and Audience Creation Platform (DAP) segments, contributing to smoother revenue streams [22][43] - Managed services revenue normalized in Q3, with only recognized contracts included in forecasts, reflecting a conservative approach [28][30] Market Data and Key Metrics Changes - The RFP (Request for Proposal) cycle has shown strong performance, with an increase in relevant RFPs and improved win rates due to better client engagement [39][40] - The mid-tier segment of clients is growing, as the company provides capabilities that allow them to compete effectively against larger manufacturers [34] Company Strategy and Development Direction - The partnership with Lamar Advertising aims to transform their business model, focusing on patient finding and precise message deployment across digital platforms [50][52] - The company is committed to a patient-focused strategy, with confidence in achieving both near-term goals and long-term growth objectives [73] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting strong operational and financial momentum, and the ability to achieve growth plans [73] - The company is taking a conservative approach to guidance, focusing on signed contracts and existing visibility rather than speculative opportunities [9][30] Other Important Information - Gross margin expansion in Q3 was driven by product mix and improved negotiations with channel partners, with expectations of stabilizing in the upper 50s to low 60s range [55][56] - The company does not currently factor in contributions from new partnerships into their 2026 guidance, indicating a cautious approach to forecasting [54] Q&A Session Summary Question: Can you discuss the implied guidance for Q4 revenue? - Management indicated that the guidance reflects true visibility and is based on contracted revenue rather than speculative pipeline [9][12] Question: What changes have improved visibility in the business? - The company noted that a shift towards subscription-based models and a focus on renewals have contributed to better visibility [21][25] Question: How is the managed services business performing? - The managed services business returned to a normalized rate, with only recognized contracts included in forecasts [28][30] Question: Can you elaborate on the partnership with Lamar Advertising? - The partnership aims to enhance patient finding capabilities and is in early testing stages, with no current contributions factored into forecasts [50][54] Question: What drove the gross margin expansion in Q3? - Gross margin expansion was attributed to product mix and improved channel partner negotiations, with expectations for stabilization going forward [55][56]