“So that gives me the confidence that 2026, although the operating margins are relatively flat, we will be set up to deliver expanded margins moving forward.”

In context

“investments, particularly, as I called out in the prepared remarks, in marketing in particular, to really take advantage of this dynamic in this environment we are in right now and look to really spend more than we have in the past on marketing and really kind of lean into our go-to-market positioning. So that is different. Some of the investments that Tianyi alluded to, both technically for our development teams but even operationally, we are making investments both in 2025 that just passed but also in 2026. And those investments will not really pay significant dividends in 2026, but we are talking about operational efficiency from a technology point of view, AI adoption, and those will have benefits going forward. So some of our scalability moving forward should be much more efficient. So that gives me the confidence that 2026, although the operating margins are relatively flat, we will be set up to deliver expanded margins moving forward. Erik Suppiger: Okay. Very good. And then your growth in your larger customers was very good. Can you comment as to whether or not that is coming more from seat expansion at those customers, or is that layering on new services, or is it the combination of the two? James Caci: Yeah. So, historically, if you look at our NRR, it is mostly coming from cross-selling activities of customers consuming additional products more so than seats. Now, the only exception to that is our MSP channel. So, generally, our MSPs—or more successful MSPs—obviously, they are expanding. They are adding seats that they are managing for their customers, and so we see seat expansion there. But, generally, the driver has always been and continues to be adoption of additional components in our platform. And that has be”