A：Revenue grew by double digits with a strong gross margin and profitability, cash flow was solid, and the company provided revenue guidance of $448 million for the fiscal year ending January 2028.

A：The market is characterized by the strengthening of underlying drivers, more complex threats, sophisticated adversaries, and an exponentially growing volume of data. Decisions need to be made faster, driving demand for mission-critical intelligence technology.

A：The company's solutions are deeply embedded in customers' workflows and operational systems, creating durable relationships, high switching costs, and a strong competitive position.

A：The three primary growth pillars were install base expansion, adding new logos, and US market scaling.

A：Significant deals included a five-year subscription agreement worth $12 million with a national security customer in EMEA, multimillion-dollar deals across multiple regions, and a $5 million deal with a state law enforcement agency in the United States.

A：The company's platform is purpose-built to support complex operational environments, aligned with immediate and long-term priorities as agencies modernize and scale, and incorporating AI to address the increased scale and sophistication of threats.

A：The critical challenges for operationalizing AI in investigative environments include integrating documented and sensitive data, applying domain-specific intelligence methodologies, operating within security and compliance frameworks, and embedding AI into workflows that produce actionable and auditable outcomes.

A：Agencies at the Intelligence Summit emphasized three priorities: connecting fragmented data into a unified intelligence picture, reducing time from data to decision in live investigations, and enabling collaboration across units, agencies, and countries.

A：The keynote speaker at the Intelligence Summit was Joans Stock, former secretary general of Interpol and former vice president of Germany's Federal Criminal Police Office. He spoke about the importance of sharing intelligence across domains and the need to partner with the private sector, specifically in technology, to accelerate innovation and operational effectiveness.

A：The company is performing strongly in a growing, high-barrier, mission-critical market, expanding with both new and existing customers. They are focusing on execution and long-term value creation, and are well-positioned for continued growth by connecting advanced technology to operational realities.

A：For the fourth quarter of fiscal year 2026, the revenue was $106.2 million, up 12.4% year over year. Software revenue grew by 22.6% to $45.9 million, and software services revenue increased by $3.4 million to $49.3 million. Professional services revenue was similar to the prior year, and total revenue increased by 5.6% to $50 million. Non-GAAP growth margin reached 74.7%, and non-GAAP gross profit grew by $11.8 million to $79.4 million. GAAP operating income was $12.1 million, doubling year over year. Adjusted EBITDA was $15 million at 62.5%, up from $9.3 million in the prior year. GAAP net income was $5.1 million, compared to a net loss of $0.2 million in the same period last year. For the full fiscal year 2026, revenue was up $400 million, or 14.1%, and non-GAAP growth margin increased to 73%, up 200 basis points year over year. GAAP operating income reached $13.3 million, and GAAP net income was $4.6 million, compared to a net loss of $7.2 million in the prior year.

A：RPO, or Remaining Performance Obligation, represents contracted revenue to be recognized in future periods. It is influenced by sales cycles, subscription deals, deployment timelines, contract plans, renewal timing, and seasonality. The strength of the company's RPO is an important pillar of its near and long-term visibility, providing solid visibility into revenue over the next 12 months.

A：The year-over-year revenue growth for the full fiscal year 2026 was 14.1%, with revenue up $400 million.

A：The company maintains liquidity and working capital to operate the business and, after covering operational needs, allocates excess cash to areas like acquisitions and share repurchase programs. A recent Board approval added an additional $20 million to the share repurchase program, reflecting an ongoing commitment to long-term shareholder value creation.

A：As of the latest update, the company has increased the share repurchase program by an additional $20 million, bringing the total authorized for share repurchases to $14 million. Since the initiation of the first repurchase program in November 2024 until Q4, a total of approximately $26.7 million worth of shares has been repurchased out of a total program authorized for $60 million.

A：For fiscal year 27, the company expects full year revenue of about $448 million, plus or minus 3%, representing approximately 12% year-over-year growth. The revenue mix between total software revenue and professional services revenue is expected to remain similar to the previous year. The company also believes that the strong short-term RPO of $369.5 million and the continuing favorable demand environment support this outlook.

A：The non-GAAP gross margin is expected to increase year over year to approximately 73.5%, above the target for fiscal year 28. This represents an improvement of 40 basis points. Fluctuations in gross margin may occur based on revenue mix, but the improved margin is expected to help offset foreign exchange rate headwinds.

A：For the full year, non-GAAP operating expenses are expected to grow slower than revenue, reaching approximately $273 million, an increase of about 7%. Non-GAAP operating income is forecasted to be about $56 million, representing more than 50% year-over-year growth.

A：The company expects adjusted EBITDA to be about $68 million, representing about 40% year-over-year growth at the midpoint of the revenue range. Non-GAAP taxes are expected to be about 27% or $15 million, and non-economic minority interest of about $5 million. Consequently, annual GAAP net income is anticipated to come in at 47 cents at the midpoint of the revenue range, based on a weighted average of approximately 75 billion fully diluted shares in fiscal year 27.

A：The company experienced strong bookings growth based on the RPO number disclosed. The LPO is strong with a CLP near $370 million and a total LPO over half a billion dollars, which provides visibility into fiscal year 27. There were several large deals closed in the quarter, including a 10-plus-million-dollar deal with a security customer in EMEA and a five-million-dollar subscription deal in APAC with a customer that has been with the company for two decades.

A：While specific details on the mix of the US business from a revenue or bookings perspective are not provided, the company's guidance suggests an approach to reach the $448 million target in the next fiscal year and the $500 million goal in the following fiscal year. The company is expanding its partner network in the US market, and the anticipated mix would contribute to reaching these revenue targets. However, the exact assumptions and projections for the US business mix in the coming years are not detailed in the provided transcript.

A：The company expects an incremental revenue growth of $100 million, with 50% coming from expansions and upgrades of the existing customer base, 25% from new customers outside the U.S., and the remaining 25% from the U.S. Expansion plans include hiring a new general manager for North America and increasing efforts in sales and marketing.

A：The difference between adjusted EBITDA and free cash flow is primarily influenced by tax payments and other expenses. Despite generating $40 million in cash from operations and $30 million in free cash flow, the company came short of its initial expectation of $45 million in free cash flow due to certain collections taking place early in the quarter.

A：The company is guiding for 15% adjusted EBITDA growth next year, which is expected to increase to 20% in fiscal year 2023. Growth margins are anticipated to continue to drive leverage, with the growth segment of the business expected to create additional leverage. The Opex leverage is also projected to improve, with Opex expected to grow 7% while the top line is forecasted to grow 12%.

A：The growth margin is a key area that is expected to continue creating leverage, with the company having achieved a 73% growth margin two years ahead of the initial plan. The conversion of CLP (Customer Purchase Orders) to revenue is also anticipated to contribute to meeting the fiscal 28 targets.

A：Customers in the company's domain require continuous upgrades and expansions to keep up with rapidly growing data, new functionality, and technological advancements such as AI-powered analytics. The company expects that the upgrade and expansion activities, which are considered repeat business, will continue to be a strong baseline for the business. Additionally, the acquisition of new customers is part of the company's land and expense strategy, which typically starts small and grows over time.

A：Certain customer delays in payments led to the collection issues. The company collects payments at the beginning of each quarter. They rely on customers' payment schedules and anticipate that as they scale towards their EBITDA targets, the conversion rate will be consistent with the guidance provided for $45 million in cash flow from operations and an adjusted EBITDA of $68 million.

A：The seasonality in cash flow from operations, which was heavily weighted towards the second half of the previous year, is not expected to repeat. The company anticipates a more consistent distribution throughout the year, guided by their expectations for $45 million in cash flow from operations.

A：The seasonality in cash flow is mainly due to certain expenses in Q2 and the mix of deals in a given quarter. Additionally, the seasonality observed in Q1 revenue suggests it could point towards the lower end of the overall full year guided growth range.

A：Seasonally, Q1 is slightly below Q4 revenue growth. Growth can fluctuate between quarters depending on certain dynamics, but when looking at the overall year, Q1 starts slightly below Q4 and growth typically increases over the following quarters.

A：The preference for subscription over perpetual licensing is influenced by market dynamics and geopolitical situations. Despite the potential impact on revenue over time, the strong customer retention rate (CPR) gives confidence about how the year will look. The company has $370 million of contract renewal probability (CRPO), which covers a big portion of their guidance. The choice between subscription and perpetual is market-driven and influenced by the current environment.

A：Geopolitical conflicts generally lead to increased demand in specific areas and use cases as security concerns translate into customer demand. The impact varies by territory and use case but there are tailwinds for certain areas. For example, there is growing demand in military intelligence, including NATO countries, due to the need for improved border security and use by special forces.

A：The company has taken a balanced approach to investing in shareholder value creation by implementing incremental buyback authorizations. They aim to execute on their buyback plans while also investing in growth and expansion. With the additional $20 million authorization, they have a total plan of $60 million since November 24, with around $33 million remaining available for execution. They intend to continue assessing their capacity for the upcoming quarters and utilize regular open market purchases and a 10b5 plan during blackout periods to execute their buyback strategy.

A：The key drivers behind the gross margin improvements are the consistent investment in research and development (R&D) and the resulting ability to sell premium solutions to tier 1 customers. The improvements are also a validation of the value perceived by customers. The company believes the trend of improving gross margins will continue as the combination of total software growth and professional service increases drive the margin. They have guided for a 73.5% gross margin for the year and believe there is more room for improvement in the long run.