“And, importantly, as I mentioned, we expect that stock-based compensation will further decline as a percentage of revenues in 2026 and thus GAAP operating margins will, in fact, expand this year.”

In context

“presents an acceleration over 2025. Third, the delta between our guidance for ARR and revenue growth is driven by two factors: our services business, which is excluded from ARR and which we expect to grow at a slower rate than in 2025, and our term license revenue, where we expect growth to be roughly flat versus 2025 and thus we will realize less upfront revenue in 2026. Lastly, with regard to margins, we expect that 2026 will be an investment year, specifically focused on strengthening our go-to-market strategy through meaningful increases in marketing spend. I want to reiterate that there is no change to our long-term target of 25% to 30% non-GAAP operating margins, while reminding you of our prior commentary that the margin trajectory between now and 2029 will not be perfectly linear. And, importantly, as I mentioned, we expect that stock-based compensation will further decline as a percentage of revenues in 2026 and thus GAAP operating margins will, in fact, expand this year. In summary, we are proud of our fourth quarter and full year 2025 results, which are a testament to the execution of our teams and the growing demand for our platform offering. As we look ahead, our conviction in the market opportunity and our ability to capitalize on it has only grown, and we are excited for another strong year. Thanks for joining us today. And with that, we would be happy to take your questions. Operator? Operator: We will now open for questions. To ask a question, you may press star then 1 on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then 2. To assemble our roster, the first question comes fr”