AppFolio (APPF) Q2 2025 Earnings Call July 31, 2025 05:00 PM ET Speaker0Good afternoon and thank you for standing by. Welcome to AppFolio's Second Quarter twenty twenty five Earnings Conference Call. Please be advised that today's conference is being recorded and a replay will be available on AppFolio Investor Relations website. I would like now to turn the conference over to Lori Barker, Investor Relations. You may now begin.Speaker1Thank you. Good afternoon, everyone. I'm Laurie Barker, Investor Relations ...

Financial Data and Key Metrics Changes - The company reported total revenue of $3.2 billion, a decline of 4.3% year-over-year on an organic basis, which was at the high end of guidance [20][5] - Adjusted EBIT margin was 6.8%, down modestly by 10 basis points year-over-year [21] - Non-GAAP diluted EPS was $0.68, down from $0.75 in the first quarter of the previous year, primarily due to lower adjusted EBIT and higher taxes [22] - Free cash flow generated was $97 million, compared to $45 million in the same quarter last year [25] Business Line Data and Key Metrics Changes - Consulting and Engineering Services (CES), representing 39% of total revenue, declined 4.4% year-over-year on an organic basis, but bookings grew by 32% year-over-year with a strong book-to-bill ratio of 1.2 [22][23] - Global Infrastructure Services (GIS), which accounts for 51% of total revenue, declined 5.7% year-over-year organically, with a book-to-bill ratio of 0.7 due to deferred large deals [23] - Insurance, representing 10% of total revenue, grew 3.6% year-over-year organically, driven by growth in software and volume-based increases in existing accounts [24] Market Data and Key Metrics Changes - Strong bookings were observed in Europe and Asia Pacific, with book-to-bill ratios well above one, driven by public sector strength and solid deal flow in manufacturing and retail [6] - The company expects to maintain a trailing twelve-month book-to-bill ratio above one, supported by a healthy pipeline and steady deal inflows [6] Company Strategy and Development Direction - The company is focusing on integrating AI into client operations, ensuring it is a core component of business strategy [10] - A strategic partnership with Boomi was announced to enhance AI-driven integration automation, aiming to streamline operations and improve decision-making [13][14] - The leadership team is being strengthened with experienced talent to drive growth and sharpen market focus [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance despite economic uncertainties, with expectations for narrowing declines in CES as larger contracts ramp up [42][43] - The company is committed to sustainable profitable growth and is taking deliberate steps to strengthen its balance sheet while minimizing new financial lease originations [25][26] - Management acknowledged the need for improvement in organic revenue growth and is focused on driving consistent bookings growth [16][17] Other Important Information - The company has been recognized by Gartner as an emerging leader in generative AI consulting and implementation services [11] - The company is investing in training over 50,000 engineers in generative AI to enhance its capabilities [10] Q&A Session Summary Question: Can you discuss free cash flow expectations for fiscal 2026? - Management expressed confidence in the guidance provided, noting improvements in working capital and potential benefits from new tax legislation [32][34] Question: What are the expectations for bookings in Q2? - The pipeline for Q2 is strong, with solid growth expected in non-mega deals, particularly in CES [36][37] Question: Can you elaborate on the fiscal 2026 revenue growth outlook? - Management maintained a cautious outlook due to economic uncertainty but expects narrowing declines in CES and solid performance in insurance [40][43] Question: How is AI impacting competitive positioning? - AI presents a significant opportunity for the company, enhancing its ability to deliver value to clients and improve operational efficiency [50][51] Question: What is the company's strategy regarding low-margin contracts? - The company aims to negotiate better terms during renewals rather than exiting contracts, focusing on mutual benefits [68] Question: How is the company approaching AI investments? - The company is pursuing both organic and inorganic strategies, focusing on learning and scaling AI applications across operations [70][71] Question: What is the readiness of enterprises to leverage AI solutions? - Many enterprises are still in the early stages of readiness, requiring significant work on data and processes before fully leveraging AI [86][89]

Financial Data and Key Metrics Changes - The company reported revenue of $167.7 billion, a 12% increase year over year, excluding foreign exchange impacts [5][29] - Operating income was $19.2 billion, up 31% year over year, exceeding guidance by $1.7 billion [5][30] - Trailing twelve-month free cash flow was $18.2 billion [5] Business Line Data and Key Metrics Changes - North America segment revenue was $100.1 billion, an 11% increase year over year [30] - International segment revenue was $36.8 billion, also an 11% increase year over year, excluding foreign exchange impacts [30] - Worldwide paid units grew by 12% year over year, with third-party seller unit mix reaching 62%, the highest ever [31][32] Market Data and Key Metrics Changes - The company experienced strong customer adoption of perishables, with 75% of users being first-time shoppers [7] - The Prime Day event saw record sales and sign-ups, indicating robust customer engagement [8] Company Strategy and Development Direction - The company is focused on improving delivery speed and efficiency through regional inventory placement and automation [10][12] - Investments in robotics and AI are expected to enhance operational efficiency and customer experience [13][25] - The advertising segment grew by 22% year over year, highlighting its importance to profitability [36] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty regarding the impact of tariffs on pricing and demand but noted no significant demand decline in the first half of the year [9][46] - AWS revenue grew 17.5% year over year, with a strong focus on generative AI and cloud migration [18][38] - The company anticipates continued growth in AWS and overall business, driven by modernization efforts and AI deployment [88] Other Important Information - The company is expanding same-day and next-day delivery services to more rural areas, enhancing customer convenience [11] - Project Kuiper aims to address broadband connectivity issues for underserved households, with significant enterprise interest already [70][73] Q&A Session Summary Question: How are tariffs being absorbed across suppliers, Amazon, and consumers? - Management indicated uncertainty about future tariff impacts and noted that demand has not diminished in the first half of the year [46][47] Question: Concerns about AWS falling behind in generative AI? - Management emphasized that it is early in the AI space and highlighted AWS's strong partnerships and infrastructure advantages [78][81] Question: What is the backlog number for AWS? - The backlog was reported at $195 billion, up 25% year over year [56] Question: What is the status of Project Kuiper? - Project Kuiper is progressing towards a commercial launch, with significant enterprise agreements already signed [73]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $401 million, representing a 19.5% year-over-year increase [19] - Gross margin improved to 28.2%, up from 21.8% in Q2 2024, attributed to mix and level loaded manufacturing [19] - Operating income was $28.6 million compared to a loss of $3.2 million in Q2 2024 [20] - Adjusted EBITDA reached $41.2 million, up from $10.2 million in the previous year [20] - Earnings per share (EPS) was $0.10, compared to a loss of $0.06 a year ago [20] Business Line Data and Key Metrics Changes - The service business has been profitable for six consecutive quarters, achieving double-digit percentage margins for the first time [12][20] - The company is experiencing strong demand from commercial and industrial customers, particularly in the AI sector [12][11] Market Data and Key Metrics Changes - The company has seen a significant increase in demand for clean, reliable power solutions, particularly from AI data center operators [6][7] - A strategic partnership with American Electric Power (AEP) has led to deployments with Amazon Web Services and CoreLogics [7][8] Company Strategy and Development Direction - The company plans to double its factory capacity from one gigawatt to two gigawatts by the end of next year [16] - The focus is on rapid deployment and scalability to meet the urgent power needs of AI data centers [12][16] - The company is committed to maintaining fiscal discipline while scaling operations [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for their products, driven by the need for rapid deployment in the AI sector [12][34] - The restoration of tax credit benefits for fuel cell systems is expected to provide a tailwind for growth [13] - The company reiterated its 2025 revenue guidance of $1.65 billion to $1.85 billion [21] Other Important Information - The company has generated over 40 terawatt hours of electricity and deployed more than 22,000 energy servers since inception [14] - The company has collected over 4.5 trillion data points from its fuel cell stacks, which are being used to improve performance and reduce costs [15][91] Q&A Session Summary Question: Can you elaborate on your recent success with hyperscalers? - The Oracle deal marks the first direct interaction with a hyperscaler, and Bloom will serve as the primary power source for a significant AI data center project [26][27] Question: What gives you the confidence to double your production capacity? - Confidence stems from strong commercial activity and a robust pipeline, with large hyperscalers expected to spend significantly on CapEx [31][34] Question: How long do you expect it to take to build out this capacity? - The company can increase capacity in six months and is prepared to meet customer timelines [38][40] Question: What is the estimated cost for the expansion? - The expansion to two gigawatts is estimated to cost around $100 million, spread over several quarters [41] Question: Can you discuss the improvement in operating margin? - The improvement is driven by fiscal discipline and effective cost management, with expectations for continued growth in operating income [46][47] Question: What is the status of international opportunities? - The company is actively developing markets in Taiwan, Germany, Italy, and the UK, while maintaining a strong domestic focus [71][72] Question: How does Bloom's solution compare to natural gas turbines? - Bloom's solution offers lower operating costs, easier permitting, and faster deployment compared to traditional gas turbines [99][100] Question: Can you confirm the status of the recent projects with AEP? - The projects with AEP are part of the existing pipeline, contributing to the overall capacity goals [103] Question: Can you provide clarity on the Oracle deal? - The Oracle deal is a confirmed purchase order, with power expected to be delivered within ninety days [107]

Financial Data and Key Metrics Changes - Hub Group reported revenue for Q2 2025 at $906 million, an 8% decrease year-over-year and a 1% sequential decline [12] - Adjusted operating income decreased by 7% year-over-year, with an adjusted operating income margin of 4.1%, which is a 10 basis point increase from the previous year [16] - Adjusted EPS for the quarter was $0.45, down from $0.47 in Q2 2024 [17] Business Line Data and Key Metrics Changes - Intermodal Transportation Services (ITS) revenue declined 6% to $528 million, with intermodal volume growth of 2% offset by lower revenue per load and dedicated revenue [12][17] - Logistics segment revenue decreased 12% to $404 million, primarily due to lower brokerage load counts and revenue per load [9][13] - Final Mile division showed significant growth, onboarding $150 million of net new annualized revenue in Q3 and Q4 [10][45] Market Data and Key Metrics Changes - Intermodal volume increased 2% year-over-year, with local East down 1%, local West down 2%, TransCon down 6%, and Mexico up over 300% [7] - The company anticipates strong near-term demand trends off the West Coast, indicating an early peak season [6][20] Company Strategy and Development Direction - Hub Group is focused on executing a strategy of delivering best-in-class services while continuously improving productivity and investing in high-return initiatives [5] - The acquisition of Martin Transport's refrigerated intermodal fleet is aimed at enhancing scale and capacity in a high-growth segment [5][26] - The company plans to continue deploying capital towards long-term growth opportunities and has raised its cost reduction target to $50 million [6][24] Management's Comments on Operating Environment and Future Outlook - Management noted that the second quarter faced challenges due to tariff-driven adjustments and slower import volumes, but contractual services performed well [4][5] - There is uncertainty regarding the duration of elevated import demand, but management believes they are well-positioned to support customers [7][20] - The company expects full-year EPS in the range of $1.80 to $2.05 and revenue between $3.6 billion to $3.8 billion [18][19] Other Important Information - The merger between Union Pacific and Norfolk Southern is seen as a potential growth catalyst for the intermodal industry, with opportunities for improved service and asset utilization [26][27] - Hub Group's strong balance sheet provides flexibility for value-add acquisitions and investments across business lines [24][25] Q&A Session Summary Question: How significant is the potential for intermodal share gains? - Management indicated that over 30% of their business currently moves in a transcontinental fashion, and they see significant opportunities to improve service and reduce transit times, which could unlock additional value [30][31] Question: How does the company view the guidance for the second half of the year? - Management expects the second half to show similar quarters, with intermodal volumes anticipated to return to a seasonal pattern, supported by new business wins in Final Mile [32][34] Question: What is the impact of the new business onboarding on profitability? - The Final Mile wins are expected to be accretive, with significant revenue contributions anticipated towards the end of Q3 and into Q4 [45][49] Question: How does the company plan to manage costs while preparing for market recovery? - Management emphasized the importance of maintaining a competitive cost structure while identifying additional cost-saving opportunities, ensuring flexibility to respond to market changes [66][67] Question: What is the outlook for the Dedicated segment? - The Dedicated segment faced challenges due to lost sites and equipment count reductions, but management is optimistic about upcoming onboardings and service quality improvements [68][70]

Universal Display (OLED) Q2 2025 Earnings Call July 31, 2025 05:00 PM ET Speaker0Good day, ladies and gentlemen, and welcome Universal Display Corporation's Second Quarter twenty twenty five Earnings Conference Call. My name is Sherry, and I will be your conference moderator for today's call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded for replay purposes.I would now like to turn ...

Financial Data and Key Metrics Changes - The company reported net sales of $55.2 million for Q2 2025, a slight increase compared to the same period last year [4][30] - Consolidated gross margin for Q2 was 35.6%, down from 36.1% in the prior year [31] - Adjusted EBITDA for Q2 was a loss of $2.1 million, reflecting a negative adjusted EBITDA margin of -3.8% [34] Business Line Data and Key Metrics Changes - The Adventure segment experienced an 8% decline in sales year-over-year, primarily due to reduced demand from a global OEM customer [23][30] - The Outdoor segment saw a 1% increase in sales, with North American wholesale up 1.6% and European wholesale up 4.8% [16][31] - Black Diamond's revenue for Q2 was $36.5 million, up 2.1% from the prior year, with gross margin at 34.9%, an increase of 80 basis points [15][18] Market Data and Key Metrics Changes - North American digital direct-to-consumer sales were down 20.1%, reflecting a strategic shift towards full-price sales [16][70] - International distributor markets saw an 81.3% increase, indicating a shift in delivery timing [17] - The company faced a $3.9 million consolidated headwind from tariffs in 2025, despite mitigation efforts [38] Company Strategy and Development Direction - The company is focused on simplifying its organizational structure and product offerings to drive sustainable growth [5][8] - A divestiture of the PEEPS brand for $9.1 million aligns with the company's simplification strategy [6][37] - The company aims to maintain a nearly debt-free balance sheet while prioritizing reinvestment in existing segments for organic growth [8][39] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding macroeconomic conditions, consumer sentiment, and evolving tariff policies impacting future performance [9][21] - The company is optimistic about its positioning compared to a year ago, despite ongoing challenges [21][43] - Management refrained from providing specific guidance for Q3 or full-year 2025 due to uncertainties [39] Other Important Information - The company has initiated a review to evaluate opportunities for shareholder value creation, including further cost reductions [8] - The sale of PEEPS is expected to be accretive, as it previously incurred losses [74] - The company is focused on improving inventory quality and reducing exposure to discounted merchandise [6][20] Q&A Session Summary Question: What is the status of the Adventure segment's vehicle fit growth? - Management confirmed an increase to 579 vehicle fits, focusing on the top-selling vehicles in both the Australian and U.S. markets [46][49] Question: Can you elaborate on the promotional actions taken in the Adventure segment? - The company has moved inventory that was previously written off, recovering costs but impacting margins [50][52] Question: How does the Outdoor segment's discontinued merchandise sales compare year-over-year? - The decrease in discontinued merchandise sales is attributed to less PFAS inventory being sold compared to the previous year [53][55] Question: What are the trends in outdoor revenue and growth expectations for the rest of the year? - The wholesale business is expected to show low single-digit growth, while direct-to-consumer sales are anticipated to remain soft due to a shift towards full-price selling [63][70] Question: What is the cash flow outlook for the remainder of the year? - The company aims to improve cash flow through working capital management and does not anticipate share buybacks, focusing instead on organic reinvestment [82][84] Question: Can you clarify the company's exposure to tariffs by country? - The Adventure segment sources most products from China, while Black Diamond sources from various Southeast Asian countries, with ongoing efforts to mitigate tariff impacts [88][89]

Financial Data and Key Metrics Changes - Lumen reported total revenue of $3,092,000,000, a decline of 5.4% year over year, while business segment revenue decreased by 3.4% to $2,490,000,000 [26][21] - Adjusted EBITDA was $877,000,000 with a margin of 28.4%, down from approximately $1,000,000,000 in the same quarter last year [33][21] - Free cash flow was negative $209,000,000, with expectations for improvement in future quarters [34][36] Business Line Data and Key Metrics Changes - Total IP sales increased nearly 38%, with IP revenue up in the mid-single digits [21] - North American enterprise grow revenue increased by 8.5% year over year, while nurture revenue decreased by 18% [30][27] - Mass markets segment revenue declined by 12.8%, but fiber broadband revenue increased by 19.9% year over year [32][26] Market Data and Key Metrics Changes - Public sector revenue grew by 8.2% year over year, driven by a 9.4% increase in grow revenue and a 49% increase in harvest revenue [27] - Wholesale revenue declined approximately 5% year over year, with harvest revenue contracting by 6.2% [28] - International and other revenue decreased by 10.9%, primarily due to VPN declines [29] Company Strategy and Development Direction - The company is focused on transforming its network to support the AI economy, emphasizing the construction of new infrastructure and digital platforms [20][7] - Lumen aims to leverage its physical network and digital platform to create a scalable commercial ecosystem for customers [20][19] - The company is committed to maintaining discipline in deal-making, ensuring that new contracts are value-accretive [10][4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to EBITDA growth and highlighted the importance of modernization and simplification efforts [37][38] - The company anticipates continued lumpiness in cash flow related to PCF contracts and the sale of its consumer fiber business [36][34] - Management noted that the recent reconciliation bill will significantly reduce tax liabilities, providing additional financial flexibility [25][36] Other Important Information - The company successfully refinanced $2,000,000,000 in debt, extending maturities and reducing annual interest expenses by approximately $100,000,000 [24][23] - Lumen's free cash flow guidance for 2025 has been raised to between $1,200,000,000 and $1,400,000,000, primarily due to expected tax refunds and lower CapEx spending [36][34] Q&A Session Summary Question: Performance of North American enterprise segment - Management highlighted that the grow bucket is performing well at 8.5%, which is crucial for future revenue inflection, while nurture revenue is expected to decline [42][43] Question: Expectations for 2026 EBITDA - Management indicated that there are no changes to the expectations for 2026 EBITDA, which is still anticipated to inflect next year [56][57] Question: Incremental costs and their impact - Management noted that there are about $100,000,000 in costs related to forced disconnects and cloud workload transitions, which will impact EBITDA in the second half [64][65] Question: Drivers of PCF sales - The recent $500,000,000 in new PCF contracts is primarily driven by over pull work, which is lower risk and higher margin [62][63] Question: Complexity of building new routes - Management explained that the complexity of building new routes is a significant factor affecting CapEx guidance, but it does not impact revenue timing [80][79]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $9,300,000 or $0.48 per share in Q2 2025, an increase from a net loss of $8,000,000 or $0.46 per share in Q2 2024 [22] - Non-GAAP net loss was $6,700,000 or $0.35 per share in Q2 2025, compared to a non-GAAP net loss of $5,500,000 or $0.31 per share in the prior quarter [22] - Cash burn decreased to $7,100,000 in Q2 2025 from $8,100,000 in Q1 2025, despite one-time expenses [20][22] - The company ended the quarter with cash, cash equivalents, and marketable securities of $19,200,000, which has since more than tripled [22][23] Business Line Data and Key Metrics Changes - The company has signed six revenue-generating contracts in Q2 2025, tripling the number of contract wins from two in the previous quarter [19][40] - The sales funnel has grown significantly, leading to 30 new potentially high-value customer engagements [7][19] - The launch of Optus, a next-generation platform, has been deployed to multiple customers, enhancing the company's ability to scale efficiently [7][12] Market Data and Key Metrics Changes - The company is seeing strong traction in various sectors including defense, smart infrastructure, rail, trucking, aviation, and security, indicating a diverse market presence [16][40] - The integration with NVIDIA's DRIVE AGX ecosystem is expected to accelerate OEM collaborations and expand market reach [17][30] Company Strategy and Development Direction - The company aims to transition from product development to active sales and deployment, focusing on delivering differentiated products that gain market traction [25] - The capital light financial strategy allows the company to maintain low operating costs while driving significant scale [13][20] - The focus on physical AI and the integration of third-party software solutions through Optus is expected to enhance market opportunities [12][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pipeline, with over 100 potential customers actively engaged and 30 in advanced negotiations [19][60] - The company anticipates modest top-line revenue growth for the remainder of the year but emphasizes the importance of accelerating customer engagements [19] - Management highlighted the importance of maintaining a disciplined approach to capital allocation while scaling operations [23][86] Other Important Information - The company has secured a $30,000,000 opportunity with a top global transportation OEM, expected to contribute to revenue this year [6][48] - The total potential liquidity, including cash and credit facilities, is approximately $126,000,000, providing a strong foundation for future growth [23][84] Q&A Session Summary Question: Can you provide more details on the Navidion integration? - The integration with NVIDIA has positioned the company at the top of performance benchmarks, simplifying conversations with OEMs and enhancing credibility [29][30] Question: Can you elaborate on Optus and its role in the broader strategy? - Optus combines sensing and analytics, allowing for tailored AI solutions and rapid deployment across various markets, filling the gap while automotive ramps up [34][35] Question: What is the status of the customer pipeline? - The company has over 100 engaged customers, with 30 in advanced negotiations, and is seeing traction across diverse industries [40][60] Question: Are there additional deliverables for the $30,000,000 opportunity? - The company is on the customer's timeline for integration and deployment, actively working on the project [48][49] Question: Can you provide insight into the sales and marketing expenses? - The increase in sales and marketing expenses is primarily due to reallocating funds from G&A and R&D, rather than new incremental spending [53] Question: What does "physical AI" mean in the context of the company's strategy? - Physical AI refers to the interaction of AI and sensing with the real world, extending beyond automotive applications [70] Question: Is the company looking to partner with defense contractors? - The company is open to partnerships with defense contractors and is actively pursuing opportunities in that sector [76][81]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 reached $58.4 million, representing a year-over-year increase of 79% [6][16] - Adjusted EBITDA grew 375% to $13.2 million, reflecting an adjusted EBITDA margin of 23% compared to 9% in the same quarter last year [6][16] - Net income was $7.2 million, a significant improvement from a loss of $14,000 in the same period last year [16] - Cash increased from $56.6 million at the end of Q1 to $59.8 million at the end of Q2, with an additional $8 million collected shortly after the quarter close [7][17] Business Line Data and Key Metrics Changes - The company reported strong performance from its largest customer, generating approximately $33.9 million in revenue from this account in Q2 [33][34] - New projects with the largest customer are expected to significantly increase revenue, with forecasts indicating $10 million from another Big Tech customer in the second half of the year [10][33] Market Data and Key Metrics Changes - The company is experiencing strong demand across a diverse range of existing and new customers, positioning itself well for future growth [8][11] - The competitive landscape is shifting due to the acquisition of Scale AI by Meta, which may create new opportunities for the company [22][23] Company Strategy and Development Direction - The company is raising its full-year 2025 revenue growth guidance to 45% or more, up from 40%, based on a robust pipeline of new deals [8][57] - Investments will focus on custom annotation pipelines, agent development, and expanding global delivery capabilities, particularly for LLM testing and deployment [14][18] - The company aims to align with the growing demand for high-quality complex training data and agentic AI, which is expected to drive future growth [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business momentum, describing it as "nothing short of amazing" and indicating a strong outlook for the second half of the year [17][18] - The company is committed to investing in capabilities that will compound value over the next decade, despite incurring approximately $1.4 million in operating expenses viewed as investments in Q2 [14][18] Other Important Information - The company has not drawn on its $30 million credit facility, providing additional financial flexibility [7][17] - Management emphasized the importance of organic growth, distinguishing it from inorganic growth strategies employed by other companies [44] Q&A Session Summary Question: Impact of Scale AI's acquisition by Meta - Management congratulated Scale AI and noted that their success highlights the importance of data in model performance, suggesting that the shift in focus could accelerate market opportunities for the company [22][23] Question: Timing of business shifts post-acquisition - Management indicated that they are actively engaging with market participants and have stepped up outreach efforts, anticipating exciting opportunities in the coming months [24] Question: Variance in revenue expectations - Management clarified that previous guidance was cautious due to dependencies on engineering teams, but they are optimistic about the current pipeline and opportunities [31][34] Question: Go-to-market strategy for enterprises - Management stated that they are already targeting enterprises and finding receptivity across various markets, with a focus on integrating new technologies into workflows [36][38] Question: Future investment scale - Management plans to increase investments in sales and delivery capabilities by approximately $1.5 million in Q3, capitalizing on significant market opportunities [39][40] Question: Organic growth and competitive pressures - Management highlighted that while there is competitive pressure, the quality of their data and services is the primary focus for customers, making them less price-sensitive [46][47] Question: Revenue opportunities and customer relationships - Management confirmed that there is a larger pipeline of opportunities compared to the previous quarter, with many projects progressing well [48][49]