Operator: Good day, and welcome to Definitive Healthcare's Q1 Fiscal Year '26 Earnings Call. [Operator Instructions] Now I'd like to turn the call over to your host. You may begin.

Jonathan Paris: Good afternoon, and thank you for joining us to review Definitive Healthcare's financial results. Joining me on today's call are Kevin Coop, our Chief Executive Officer; and Casey Heller, our Chief Financial Officer. Before we begin, I'd like to remind you that today's discussion may include forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. These statements include, among others, statements about our market opportunity, future performance, growth and financial guidance, the benefits of our data and health care commercial intelligence solutions, our competitive position, customer behavior, adoption, growth, renewals and retention, planned investments and operating strategy, value creation for customers and shareholders and the expected impact of macroeconomic conditions on our business, customers and the health care industry. Forward-looking statements are based on our current expectations and assumptions as of today and are subject to risks and uncertainties that could cause actual results to differ materially. For more information, please refer to the cautionary statement in today's earnings release as well as the risk factors and other information included in our filings with the SEC, including our most recent Form 10-K and Form 10-Q. You should not place undue reliance on forward-looking statements, and Definitive Healthcare undertakes no obligation to update them, except as required by law. During the call, we will also discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures, along with related definitions and the limitations are included in today's earnings release and investor presentation, each of which is available on the Investor Relations section of our website. For any forward-looking non-GAAP measures, the earnings release also explains why a quantitative reconciliation is not available without unreasonable efforts and identifies the relevant unavailable items. With that, I turn the call over to Kevin. Kevin?

Kevin Coop: Thank you, Jonathan, and thanks to all of you for joining us this afternoon to review Definitive Healthcare's first quarter 2026 financial results. On today's call, I'll provide highlights from our first quarter performance and give an update on the progress we continue to make on our key strategic priorities for this year. Let me begin by reviewing our financial results for the first quarter, which were at or above the high end of our guidance ranges on both the top and bottom line. Total revenue was $55.9 million, down 6% year-over-year. The adjusted EBITDA was $15.3 million, representing a margin of 27%, which was $2.3 million above the high end of our guidance. The outperformance is a reflection of our ongoing success in driving expense discipline across the business while investing in initiatives that we believe will return the business to top line growth. Additionally, the quarter benefited from a timing benefit that will be neutral to the year and slightly lower R&D expense in the P&L as we shifted more investment to innovation, which is reflected in the capitalized software development spend. We continue to generate solid cash flow, delivering approximately $50 million of unlevered free cash flow for the trailing 12 months. We are off to a solid start for 2026 that puts us on track to meet or exceed the full year financial targets we provided to investors at the beginning of the year. Before getting into specifics, let me give you a high-level overview of where the business stands. Our Diversified and Provider businesses, which combined represent over 60% of total revenue, have again demonstrated modest growth after returning to growth last quarter. This is an important achievement and gives us confidence that our efforts are having the expected impact, and we are investing to make this growth durable. Conversely, our Life Sciences businesses, which make up the remaining portion of revenue, continued to decline and is seeing slower response to the changes we are making. This segment has disproportionately been impacted by the claims disruption we've highlighted in the past as well as a challenging macro environment. We continue to see positive data points in critical areas. First, net dollar retention rate improved year-over-year in the first quarter on a trailing 12-month basis, and we are increasingly confident that this will continue to be sustained for the full year. Second, we had our highest win-back quarter in over 3 years in the first quarter, which we believe is another positive sign that our product, go-to-market and customer success investments are making the expected impact. Several 6-figure win-backs in diversified and med tech highlight common themes we see emerging. First, other vendors continue to fall short in matching the breadth and quality of our data sets, leaving customers with an incomplete view of the market and an unacceptable trust deficit. The second, that even customers who are particularly price-sensitive and thought alternative vendors would be good enough, recognize that the cost of an inferior data set far outweighed the trade-off, and this reinforces the need to remain vigilant on both data quality and service. While there is still more to be done to achieve our complete objective of returning to overall growth, these data points strengthen our conviction that we are focusing on the right things and that those areas of focus are responding. Importantly, these are areas of focus that are within our control. I would like now to provide an update on our operational progress against our 4 strategic pillars. As a reminder, these pillars are data differentiation, integrations, customer success and innovation. Let me begin with data differentiation. Our fall expansion pack release improved the breadth and quality of our claims data and its release was met with overwhelmingly positive feedback. As you know, data is at the heart of our value proposition, and we are continuing to make investments to source new proprietary data types and extend our lead with our core reference and affiliation data sets. We are increasingly focused on leveraging AI to increase the velocity of data collection and quality assurance. Our data differentiation was key in a 6-figure multiyear win with a life sciences customer who had previously been using a generic multi-vertical data source to target providers treating oncology and rheumatology patients. This customer was frustrated by its limited visibility into affiliation data, prescription patterns and key opinion leader identification. By deploying Definitive, they have meaningfully reduced the time spent on research, improved its KOL identification efforts and improved its sales strategy through better physician targeting. Our second pillar is focused on seamless integrations. Making it as fast and simple as possible for customers to access our data alongside any other data source they need is critical in delivering value and creating durable customer relationships. In the first quarter, we completed nearly 50 new integrations for customers and reduced the time to integrate by nearly 50% year-over-year. We are continuing our investments in developing new and enhanced integrations. We recently introduced a new HubSpot integration that will enable HubSpot users to access Definitive Healthcare's reference affiliation, financial and clinical data directly within their HubSpot CRM, giving sales teams a detailed view of contacts and accounts. This is in addition to the enhancements we added in Q4, where we enhanced Salesforce integrations to include our health care provider data directly into a customer's Salesforce instance, thereby improving their sales team's ability to identify, segment and engage physicians. Our data continues to show that customers that integrate Definitive directly into their systems of record and systems of insight utilize Definitive more often, and we become a stickier, more strategic component of their day-to-day operations, which in turn strengthens our renewal rates. Turning to our third pillar, customer success. We are also witnessing the impact of investments in this area bear fruit. The alignment of all functional teams that support the customer journey has led us to be a more proactive and engaged organization with our customers, which in turn has led to earlier identification of issues before they become problems and a better understanding and responsiveness in identifying opportunities where we can do more for customers. A great example of this in action was an upsell win this quarter with a biopharma customer who is an existing Monocl user. This customer was recently acquired by a larger organization, which gave our team the opportunity to educate the acquirer on the value we are delivering and how it can help the integration efforts of the 2 organizations by streamlining data sharing across the 2 groups. Finally, we continue to make progress against our fourth pillar, innovation and our focus on digital engagement, which is a critical component to our return to growth strategy. With the progress made in our first pillar, which fortified our foundation in quality and service, we are shifting more effort to this pillar in 2026. We continue to make progress developing our AI capabilities and expect to launch our first AI-enabled solutions to market later this quarter. Our focus is on embedding a next-gen AI-driven interface in our existing platform that will leverage natural language to allow customers to simply and intuitively query our data to uncover new insights that can then be actioned through our persona-driven workflows. Let me give you a couple of examples. To effectively identify top physicians, a requirement is access to highly accurate reference and affiliation data to resolve treating doctors and verification of roles. Then claims data, leveraging both Rx and Mx data is needed for procedure volumes and patient journeys. Our human-in-the-loop research data, which is also being enhanced with AI, confirms the HCP and HCE status and job functions. It is this breadth and depth, coupled with our contextual expertise that makes this possible. Claims vendors alone, which use modeled represent affiliation data tied to billing IDs not treating MDs or horizontal data vendors, which lack clinical activity entirely, would not be able to achieve the same result. To give customers the right answer to these type of questions they need requires that contextual expertise as well as longitudinal data and only our data can provide. This is the foundation on which our AI native investments will begin to enhance this coming quarter. In the digital activation area, we now have more than 30 agencies signed up with more than half of them actively generating bookings for Definitive. This is up from roughly 1/3 over the last quarter. Importantly, we are also seeing increased utilization from existing direct and agency customers alongside continued new customer adoption. We are encouraged by the very positive market feedback on audience performance and with a recent benchmark by a leading biopharma solutions company, which showed our audience has delivered a 63% higher click-through rate than a leading competitor. While it takes time for this agency activity to generate revenue, the growing number of active customers gives us confidence that we will be able to start scaling our activation business later this year in 2026 and beyond. To summarize, we are off to a solid start in 2026, and we are tracking well against our full year objectives. We remain focused on those things within our control, and we are driving improvement across all aspects of the business. We will continue to be opportunistic in investing in high-value areas that we believe will best position the company to improve retention and return the company to consistent predictable revenue growth over time. With that, let me turn the call over to Casey to review the financials in more detail. Casey?

Casey Heller: Thank you, Kevin. In all my remarks, I'll be discussing our results on a non-GAAP basis, unless otherwise noted. As Kevin mentioned, we delivered a solid quarter with our performance at or above expectations across our key metrics. I'll walk through the financial results in more detail, including our revenue trends, margin performance and outlook. In the first quarter, we delivered revenue of $55.9 million, down 6% year-over-year. Adjusted EBITDA of $15.3 million, reflecting a 27% margin and expanding approximately 260 basis points year-over-year. And adjusted net income was $8.5 million, resulting in $0.06 of non-GAAP earnings per share in the period, all of which were at or above the high end of our guidance for the quarter. We also delivered $18 million of unlevered free cash flow in the quarter and nearly $50 million on a trailing 12-month basis. Turning to our results in more detail. Revenue of $55.9 million was at the upper end of our guidance range and represents a 6% decline year-over-year. Consistent with last quarter, the revenue decline is driven by life sciences. Both diversified and provider end markets, which make up 60% of our business continue to grow year-over-year. Overall subscription revenues of $53.6 million declined 7% year-over-year. Given the timing of when we began revenue recognition on our data partnership agreement last year, we still had about 2 points of benefit in the first quarter and will be fully wrapped on the benefit in Q2. We did deliver improvement in our renewal rates in the first quarter year-over-year and quarter-over-quarter. And we're pleased to share that we saw improvement year-over-year in our net dollar retention on a trailing 12-month basis, as Kevin mentioned earlier. Professional services revenue in the quarter was strong, up 25% year-over-year, driven by a combination of delivering on traditional analytics engagement as well as a ramp-up in our digital activations activity. Adjusted gross profit in the quarter was $45.2 million, which is down 4% year-over-year. As a percentage of revenue, the adjusted gross profit margin of 81% expanded nearly 150 basis points year-over-year, primarily benefiting from the short-term gap between removing one data source and onboarding an additional source that I mentioned last quarter. And as I mentioned earlier, adjusted EBITDA was $15.3 million and reflects a 27% margin, expanding 260 basis points versus prior year. Despite the continued top line pressures, we've continued to prudently manage the business and focus investments on the initiatives that will return Definitive to revenue growth over time. Q1 adjusted EBITDA margin expansion was driven by the timing gap on the data source changes I mentioned just moments ago and a shift in our product development efforts, which is driving a reduction in R&D expense but an increase in capitalized software development spend. Broader operating efficiencies also supported margin expansion and exceeded expectations. This provides additional flexibility to accelerate investments for growth as opportunities arise as we move through the year. Turning to cash flow. Our business continues to generate strong free cash flow due to our high-margin model, upfront billing and low recurring CapEx requirements. Operating cash flows on a trailing 12-month basis were $39.3 million, and we generated nearly $50 million of unlevered free cash flow over a trailing 12-month basis. Our conversion rate of the trailing 12-month adjusted EBITDA to unlevered free cash flow was 70%, which is down about 20 points year-over-year, primarily reflecting unique items that benefited the prior year. This cash generation provides flexibility to continue investing in growth. Consistent with last quarter, we continue to make organic product investments with an emphasis on expanding our AI capabilities and saw another quarter of increased capitalized software development spend, totaling nearly $3 million, up over $1.5 million from the prior year. And at the end of Q1, deferred revenue of $99 million was down 12% year-over-year and total remaining performance obligations declined 18% year-over-year. Current remaining performance obligations of $161 million declined 12% year-over-year. The total remaining performance obligations and current RPO year-over-year declines are similar to what we reported exiting Q4 and continue to be impacted by the shift towards single-year deals versus multiyear commitments that we discussed last quarter. To quickly recap the drivers behind the RPO declines. In 2025, we saw a greater percentage of our new logo additions signed 1 year versus multiyear commitments than in prior years. This impacts both RPO as well as cRPO. Last quarter, we explained that if you went back to the end of 2024, there was approximately $100 million of RPO on our books related to commitments that extended beyond 2025. As the year progressed, a portion of this would flow into cRPO this quarter as the contract progressed. Now as we fast forward to a year later at the end of 2025, we have $15 million less cRPO tied to multiyear deals expiring after 2026. This makes up a substantial portion of the cRPO year-over-year decline, and this dynamic holds true as we exit Q1. Before moving to our guidance discussion, there's one additional accounting item to mention. The recent stock price decline has caused us to book a further $197 million goodwill impairment charge as of March 31. That write-down also generated approximately $6.6 million of gain on the remeasurement of the TRA liability and a $3.6 million deferred income tax benefit. As a reminder, these are noncash accounting charges and do not impact our debt covenants and are excluded from our adjusted earnings. We had a solid start to the year and continue to make progress against our financial and operational objectives. Now turning to guidance for the second quarter. We expect total revenue of $55 million to $56 million, a revenue decrease of 8% to 9% year-over-year compared to Q2 2025. The year-over-year decline worsens modestly versus what we just reported for Q1, largely as a result of the full wrap on the initial contribution from the data partnership. Within the revenue guide, we expect to continue to deliver double-digit professional services revenue growth through the year. This results in expected adjusted operating income of $10.5 million to $11.5 million, adjusted EBITDA of $13.5 million to $14.5 million or a 24% to 26% adjusted EBITDA margin in the second quarter and adjusted net income of $5 million to $6 million or approximately $0.03 to $0.04 per diluted share on 144.2 million weighted average shares outstanding. For the full year 2026, we expect revenue of $220 million to $226 million for a 6% to 9% decline year-over-year. This remains consistent with the guidance provided on our last call. And we have continued to proactively manage our cost base while making targeted investments in growth areas. As we just discussed, higher capitalized software development spend is shifting costs from development spend to CapEx. This is a classification shift and is cash neutral. And translating that into dollars in 2026, we now expect adjusted operating income of $43.5 million to $47.5 million, adjusted EBITDA of $55 million to $59 million for a full year margin of 25% to 26%. This guide increases the midpoint by $1.5 million and reflects the strong start to the year and our ongoing commitment to maintaining strong margins while investing in our key growth areas. Adjusted net income is expected to be between $23 million to $27 million and earnings per share are expected to be $0.16 to $0.19 on 144.9 million weighted average shares outstanding. As we wrap up, I want to reiterate that while we are navigating ongoing top line pressures, we remain focused on sustaining non-GAAP profitability and strong margin profile while continuing to invest thoughtfully to support a return to growth. We believe our strategy is sound, and we are making steady progress against our key initiatives, which we expect will enhance retention, reaccelerate growth and drive long-term shareholder value. And with that, I would like to open it up for questions.

Operator: [Operator Instructions] Our first question today comes from Craig Hettenbach of Morgan Stanley.

Jialin Jin: This is Jay on for Craig Hettenbach. Just on the growth side, I understand that life sciences continue to be pressured while diversified and provider has seen some modest growth. So just wondering if you can share your thoughts on whether, I guess, 2027 could be like a return to growth and if you expect some margin improvement from there?

Kevin Coop: Yes. So our growth prospects and the progress that we've made on our strategic pillars gives us a great deal of confidence that we're focusing on the right things, and that progress is most readily seen now in -- while it's actually improved across all verticals, it's especially showing up initially here in provider and diversified, and that reinforces that confidence. And while that's taking a little longer, we do think that the shift now that we are making from our original focus on data quality integrations and service and success, which is translating into these improved results, moving to the innovation and digital efforts will help us address some of the challenges that still remain in our Life Sciences segment. In particular, we think digital is going to start to impact that. And then also the claims remediation that we've spent several months repairing with our claims fall pack going into the data supply chain, which now has put us back to at or above historical levels on claims data. That will start to show up in that channel as well. So as Casey was mentioning, we've seen the early indications most pronounced initially now in provider and diversified, and we expect life sciences to be a fast follow.

Operator: Next, we have Brian Peterson of Raymond James.

Johnathan McCary: This is Johnathan McCary on for Brian. So one for you, Kevin. I wanted to ask on the integration front. It's good to hear the HubSpot progress building on the Salesforce work last quarter. How far or what inning are we in, in terms of taking care of those integrations? Are we basically through the low-hanging fruit and now we're in the later stages of that? Or how would you characterize the progress thus far?

Kevin Coop: Yes. So as you know, obviously, we've talked about the materially higher retention rates in customers that are integrated versus those that are not, which is why we made this such a big focus area. I think there's a couple of data points that are particularly helpful in that area. And I'll talk about the productizing integrations in a second. But -- first was improving the speed of our integrations. And last quarter, we mentioned that we had made progress in that area, and we have brought down the average days for integration from what was over 100 days to 73 days in Q4. And we're pleased to be able to report that, that continued to improve. And our average number of days in Q1 was approximately 45 days. So we've radically improved the integration time line from over 100 days now to 45 days. In addition to that, by making this more of a focus with our go-to-market and customer-facing teams, our velocity has also improved. And we've completed 75% more integrations over the last 6 months than we had the prior 6 months before that. So not only are we doing more integrations, we're doing more faster and getting that in the hands of our customers, which is super helpful. And then more directly to your question was the investments that we're making around productizing those integrations, most recently with HubSpot that enables HubSpot users to access Definitive Healthcare's reference affiliation, financial and clinical data directly from their HubSpot CRM. That gives a much quicker visibility or a detailed view of contacts and accounts. That adds on to, for example, bringing physicians data into Salesforce last quarter, and we're continuing to make that a priority going forward. So I think it's a combination of all 3 of those things. Speed and velocity of getting more people integrated, making sure that when they are integrated that, that happens much, much faster. And then lastly, increasing the number of ways so that the customers can access our data in the most effective and efficient way possible the way they choose.

Johnathan McCary: Very helpful. And then maybe this could be for Casey or Kevin. But on the new AI tools or AI-enabled platform you're talking about rolling out, I think you said later this quarter. How are you thinking about that? And I realize it's early, but from a monetization perspective, do you think that is more of a retention driver? Is that an incremental SKU or kind of a pricing lever? Just curious how you're thinking about that in the early stages here.

Kevin Coop: Yes. So I think that the initial -- the good news inside that, and I think that's exactly the right question. We know that this will allow us to, number one, democratize access more effectively across our users because even though the product is very intuitive, it still requires some level of training and access to be able to use our UI/UX today or if you're getting it through a more sophisticated API or lake-to-lake, that's a little bit different story. But talking about the SaaS access, it still requires some level of training. The AI agentic layer now allows more people to more easily access that data, which that democratization will allow more people to more easily use it, and that will unlock more value. So I think that the most reasonable impact is going to be that will improve retention and it will increase value. And since we've always licensed our products based on value, that actually is in our sweet spot. The second stage, though, is as you bring out more feature functionality over time, I think that's where you're going to see more likely the pricing power to increase. But that being said, the democratization layer of just getting more value, even more value with just the renewal actually has a positive impact to the revenue profile as well. So I don't really see any -- there's no downside to it, right? So it's going to -- our retention rate gets improved and you bring up more value, which allows you to retain your customers with extracting higher value for their existing solutions. And at the same time, you're bringing on new solutions over time, which are easily integrated into your existing installed customer base, which is going to give you upsell, cross-sell...

Operator: From BTIG, we have David Larsen.

Jenny Shen: This is Jenny Shen on for Dave. Just wanted to ask a little more about that biopharma demand environment. We recently had one of our large CROs that we cover report, and they commented that they're seeing green shoots on the emerging biopharma side with some of the smaller players with funding good and more conservative spending and decision-making with the large pharma companies. Have you seen that dynamic or any notable dynamic on your side? Or has it been pretty consistent throughout?

Kevin Coop: Yes. So thanks, Jenny, for that question. I think it's helpful initially just to remind folks that the segmentation to appropriately compare kind of apples-to-apples in the space is there are certain providers in the space that have both first stage and second stage clinical assets. So that would be more R&D, early stage drug trial and then later, where we, Definitive primarily play in second stage, which is more around commercialization. We happen to have a very marquee installed customer base with very large biopharma customers, which is great. And so the challenge, though, even if you're seeing some green shoots with smaller emerging providers, that is difficult to offset the larger customers that are actually shifting dollars from commercialization to that first stage clinical investment in R&D. So what we're still seeing is we're seeing the second stage commercialization efforts are still somewhat muted. That's natural in this type of macro environment that happens cyclically with the biopharma industry. We do see more incremental dollars are being invested in R&D budgets to bulk backup product portfolio. And there's a couple of minor things inside there, for example, patent expirations and that type of thing, which also impact it. And then what this does, though, is it does actually present the potential growth opportunity that as those assets move towards commercialization, which takes time, especially with the larger biopharma customers, which are investing heavily in the short term, that will actually be demand for us later. And sometimes when you're comparing in that peer group, you have to look at where and what stage they're in, if it's in that R&D stage, which is helping to offset the second stage impact if they have both first and stage clinical assets. And in our case, we do not. So I think that, again, coming back to where we think the opportunities are is that because of our focus on the integration pillar that we were just talking about earlier, which seamlessly integrates our data without sacrificing data quality, that's allowing us to start to show, especially with the increased data quality to offset that bundled offerings from other vendors by combining higher quality with ease of use. And the fact that we've been able to successfully integrate 160 customers last year and move more than 50 this quarter is demonstrating that, that strategy is working. And we know that those integrated customers over time, as they move into commercialization, that will start to show up in our Life Sciences business -- our Life Sciences segment as well.

Operator: Next, we'll hear from Jeff Garro of Stephens Inc.

Jeffrey Garro: I want to go further on the life science end market. The 2 highlighted wins in the release are both life science or biopharma related. And you also gave several more examples on the call. So I think clearly, you have some proof points of value with those kind of large and sophisticated customers. And it all kind of contrasts with the broader decline you've described for that segment. So I was hoping you could elaborate on the Life Science segment, the kind of overall demand environment, the recent win rate that Definitive has had within that segment? And lastly, just when the claims disruption will stop being a factor for that segment?

Kevin Coop: Perfect. So I will start with the last first, which if you think about the likely -- the cohort cycle that we'll be in. So having returned to historical levels of claims data, and in fact, now in the first quarter, we're now above historical levels. And often, those customers were buying data based on records and size of data payload. So when you have potentially, let's say, a 30% decline in records, that was what was the factor pushing on our downsell pressure, which we've largely worked through. Now that we've returned to those historical levels, we expect that the customers that we are now entitling today will actually not experience the same level of down pressure when they come up for their renewals. We started to see that shift as we were repairing the claims data set later last year. But unfortunately, a lot of buying decisions are made earlier than we were able to get that in market. And so we are -- we think we're seeing the tail of it now, right? It's not a perfect science, but we believe that we've sort of experienced the worst of it. We're out of it. We've repaired the data supply chain and that, that should -- going forward, it should be significantly improved. In addition to that, the core question about the commercialization, you've got to work your way through the R&D Stage 1 cycle to get to Stage 2, and we don't really control that. So that's the one thing that's outside of our control. But what we can do is we can make sure that those customers that are still actively in the business of working with our data today to commercialize current products in market, including through our digital activation and ad tech assistance that we're maximizing the relationships the best that we can in the short term while we wait for that to return.

Operator: From Deutsche Bank, we have George Hill.

George Hill: Just -- there's a lot of talk about AI. I was wondering if you could talk about how you guys are using AI to change how you package and product the data assets that you have? And can you talk about how it changes how your clients will consume or ingest that data? And kind of one of the things I wanted to talk about is, do you expect AI to have an inflationary or deflationary impact on like your [ HCP? ]

Kevin Coop: Yes. So the first thing I would say about AI in general with health care, which we think is a -- it's why we believe that this is a tailwind is that the technology itself isn't sufficient to effectively maneuver inside of the complex environment that is health care. So understanding the domain, it's very different than other vertical applications and understanding the -- including with the data that we have, much of which is proprietary, that contextual expertise combined with our data, we think is a very durable advantage for Definitive. Then you have to look at why that complexity -- it's relatively straightforward as an executive to a company is less so understanding the relationship of a physician to a practice location to the affiliated practice locations, to the reference pathways of affiliated surgery centers and other care sites and then ultimately, the reference data that needs to be mapped to both technographic data, insurance networks and consumer personas. So just as a sort of like high level, it's super complex. So now when you have that domain expertise and that contextual expertise along with differentiated data, we're basically applying the AI initially in order to allow us to go to harness that and to accelerate both internally and externally what we already do today. So the deep vertical data assets based on curated proprietary and domain-specific data sets are not easily replicated and that longitudinal data that we have, which requires if you wanted to do any kind of time series analysis or historical understanding of patterns or market analysis, you wouldn't even be able to get access to that. So the first thing that we're doing is we're using AI internally with our engineering and development teams, which are already massively using it. We've been using it in some areas through machine learning and whatnot for a while. But that is now a major part of our internal commercial and engineering effort. The second thing that we've done is we've deployed that now in our operational efficiencies for things like our customer success, call centers and to make our internal teams more effectively. And then the third is the product, which we haven't really talked about in too much detail, but the first elements that are coming out this quarter, so that's soon to be discussed in greater detail is what we expect to be coming out later this year. So we've got this tremendous amount of diverse data. It's used in multiple ways. Example, HCP targeting or market share analysis, our next-generation product architecture that leverage AI will enable customers to more rapidly unlock the insights that they already rely on today in a more democratic fashion. And we believe that this is going to not only increase usage and the ability for people to access that platform, but it's thereby going to drive more value, which will, at the very least, protect our current revenue rate. And ideally, as we bring more online, it will allow us to price in and more cross-sell, upsell.

Operator: [Operator Instructions] And we'll hear from David Grossman of Stifel.

David Grossman: Sorry to ask you to repeat this, but I think there are various dynamics that are affecting year-over-year compares as we migrate through the year, both on revenue margin and I think also on the cRPO and RPO. Can you just briefly -- very briefly just summarize what those are just to make sure that we've got them all?

Casey Heller: Sure, David. So let's start with kind of the cRPO element. So really what's driving a significant portion of that decline, so it's declining 12 points year-over-year. That's consistent with what it was when we exited Q4, is this dynamic of having sold fewer multiyear deals and seeing a shift towards single year deals. So that's creating about a $15 million headwind year-over-year, which is about half of that total cRPO decline. So that kind of shows why cRPO is demonstrating a decline at a greater rate than what we're expecting from a top line standpoint. The other component that I would say drives a bit of the disconnect between cRPO and our revenue outlook is that we're continuing to expect double-digit growth throughout the year in professional services revenue, and that's a combination of our professional services and analytics work in addition to the digital activation revenue stream, which has been ramping up here. And those are components that just really aren't going to show up in cRPO. Some of those -- we don't really kind of see those bookings until we're much closer to recognizing that revenue. So that drives another little bit of that disconnect on that standpoint. The other thing to just recall from a top line perspective, in Q1, I mentioned that we got a couple of points of benefit from the data partnership that we had signed back at the end of '24. We didn't start the revenue recognition on that until partway through Q1 of last year. So there was a little bit of lift here in Q1, but we've now fully anniversaried that. So that's no longer a compare element as we hit second quarter and beyond.

David Grossman: Okay. Got it. No. I mean if that was everything, I just wanted to make sure I have everything. So is that reflected then in the sequential revenue growth in the second quarter, the 2-point benefit that you had in 1Q, right? So you're losing about what, $1.2 million in revenue sequentially. Does that sound, right?

Casey Heller: Yes, we're not actually losing revenue sequentially because that's more of the way it showed up the last year. So it was just from a compare standpoint. But if you look at kind of the midpoint of our guide has total revenue roughly flat essentially as you move through the remainder of the year. So there's a stability there at the midpoint of the guide. And then there would be more of a sequential increase as we get up to the higher end of the guide.

David Grossman: Right. I got it. Okay. So that's just in the base last year had nothing to do with the first quarter, right?

Casey Heller: Correct. Correct.

David Grossman: Okay. And then on the cRPO, when do you think you comp out the first part of your explanation in terms of duration -- duration of deals?

Casey Heller: Yes. We definitely expect to continue to see that live with us for the next several quarters. And we can provide more color on what we think that's looking like as we get closer to the end of the year, but that is a dynamic that we do expect to see and do continue to expect to see double-digit declines in cRPO for the next couple of quarters, given the multiyear dynamic and when that pops up.

David Grossman: So does that mix shift though, continue into 2027, though, in terms of how you -- the year-over-year compare?

Casey Heller: Yes. I think there's an element here, too, that's going to depend on the mix of the signings that we deliver in the back end of this year and if there's more kind of multiyear components within that. But so it's a little hard to say like when you're going to fully kind of anniversary because there's a mix element there. But if we kind of assume that the shift that we've seen now lives through, then we'll probably have another couple of quarters of this, and then I would expect to see a little bit more of a stabilization and a tighter correlation of cRPO to revenue.

David Grossman: Got it. And then just the final one, I think it was claims disruption, Kevin, I think you said that you're back above historical levels. So does that suggest then that that's no longer a headwind as we migrate through '26?

Casey Heller: Yes. I would say that the way we think about the claims data disruption is we got the new claims data source in the initial line in early part of Q4. And at that point, a lot of customers had already made kind of their renewal decisions. And we think about the timing of -- we do over 30% of our annual renewals in December and January. I don't think that us getting that new data source and really have the ability to impact and influence that -- those decision points. So it's something that in addition to bringing on an additional new data source that will come into product here shortly, we think that it will certainly won't be the headwind that it has been as we move forward. But I think we need to see how kind of the next couple of quarters of renewals play out, but we're confident that we've taken kind of the right actions to get the incremental claims data like back into a product and back into customer hands.

Operator: We have no further questions at this time. I'll turn the program back over to our host for any additional or closing comments.

Casey Heller: Thank you, everybody, for joining this afternoon. We appreciate the questions and looking forward to talk to you again in 90 days.

Operator: That concludes our meeting for today. You may now disconnect.