### At a GlanceQ2 results fell short of expectations due to delays in several large transactions and lower-than-expected Insights conversion pricing, though core business trends remain healthy.

Key data: ARR grew 21% year-over-year to $508M, missing the low end of guidance; revenue increased 16% year-over-year to $131M; adjusted EBITDA was $31.8M, with a margin of 24%.

Business progress: New products contributed 25% of quarterly net new ARR. Genesis, launched in June, quickly secured over 6 customers, contributing approximately $0.4M in ARR. Guardian Investigate and Advanced Unlocks also made notable contributions. U.S. Federal business performed steadily, with Defense & Intelligence ARR growing 25%. The first FedRAMP Guardian large deal was closed, with an order value 35 times the SLG average. Insights conversion rate reached 65%, but price increases fell short of expectations.

Guidance and outlook: Full-year ARR guidance was lowered to $550M-$560M, and revenue guidance to $555M-$561M. Full-year adjusted EBITDA target was raised to $153M-$159M (margin 28%). Q3 expects ARR of $524M-$528M and revenue of $145M-$148M.

Risk/highlight signals: Management's tone was candid, acknowledging execution missteps and committing to improvement, while emphasizing that long-term opportunities remain unchanged. Negative signals include lower-than-expected Insights conversion pricing and extended procurement cycles for government clients.