Research Reports

Prepared Highlights

Consolidated revenue Q1 2026: $88.5M, +1.5% YoY, fourth consecutive quarter of YoY consolidated revenue growth (CFO).
Corporate channel revenue Q1 2026: $58.7M (record), +8.2% YoY vs $54.3M in Q1 2025, highest growth since Q4 2022 (CEO, CFO); driven by record usage and customer acquisition (CEO).
SoHo channel revenue Q1 2026: $29.7M, -9.5% YoY, an improvement from -11.1% in Q4 2025 (CFO; Johnny Hecker).
Adjusted EBITDA Q1 2026: $47.9M, +$0.6M YoY; margin 54.1%, consistent with Q1 2025 and above midpoint of 50%-55% range (CEO, CFO).
Adjusted net income Q1 2026: $28.9M, +7.3% YoY (CFO).
Adjusted EPS Q1 2026: $1.52, +10.9% YoY, share count ~19M (CFO).
Free cash flow Q1 2026: $38.5M, +14% YoY (CFO).
CapEx Q1 2026: $7.4M, in line with prior year (CFO).
Corporate customer base Q1 2026: ~65,000 customers, +7% YoY; Corporate ARPA $306, +3% sequentially YoY (CFO, Johnny Hecker).
Net Revenue Retention (NRR) Q1 2026: >102%, +76 bps vs Q4 2025, highest since Q4 2024 (CFO, Johnny Hecker).
Debt & liquidity: Total debt ~$560M ($348M 6.5% notes, $148M delayed draw term loan, $64M revolver); net debt/EBITDA 2.5x, total debt/EBITDA 3.0x; cash $92.3M (CFO).
Share repurchases Q1 2026: 600,000 shares for ~$17M; $28M remaining under $100M program (CEO, CFO).
Full-year 2026 guidance reaffirmed: Revenue $350M–$364M ($357M midpoint); Adjusted EBITDA $182M–$193M ($187.5M midpoint); Adjusted EPS $5.55–$5.95 ($5.75 midpoint); tax rate 19.7%-21.7% (CFO).
Q2 2026 guidance: Revenue $87.9M–$91.9M ($89.9M midpoint); Adjusted EBITDA $46.4M–$49.6M ($48M midpoint); Adjusted EPS $1.43–$1.53 ($1.48 midpoint) (CFO).

Prepared Metrics

Metric	Value	Speaker/Context
Consolidated Revenue (Q1 2026)	$88.5M	CFO
Corporate Revenue (Q1 2026)	$58.7M (record)	CFO, Johnny Hecker
SoHo Revenue (Q1 2026)	$29.7M	CFO
Corporate Revenue Growth (YoY)	+8.2%	CEO, CFO
SoHo Revenue Decline (YoY)	-9.5%	CFO
Adjusted EBITDA (Q1 2026)	$47.9M	CFO
Adjusted EBITDA Margin (Q1 2026)	54.1%	CFO
Adjusted Net Income (Q1 2026)	$28.9M	CFO
Adjusted EPS (Q1 2026)	$1.52	CFO
Free Cash Flow (Q1 2026)	$38.5M	CFO
CapEx (Q1 2026)	$7.4M	CFO
Corporate Customers	~65,000	CFO, Johnny Hecker
Corporate ARPA	$306	CFO
Net Revenue Retention (NRR)	>102%	CFO, Johnny Hecker
Cash (end Q1 2026)	$92.3M	CFO
Total Debt (Q1 2026)	~$560M	CFO
Net Debt / EBITDA	2.5x	CFO
Total Debt / EBITDA	3.0x	CFO
Full-year 2026 Revenue Guidance	$350M–$364M ($357M midpoint)	CFO
Full-year 2026 Adj. EBITDA Guidance	$182M–$193M ($187.5M midpoint)	CFO
Full-year 2026 Adj. EPS Guidance	$5.55–$5.95 ($5.75 midpoint)	CFO
Q2 2026 Revenue Guidance	$87.9M–$91.9M ($89.9M midpoint)	CFO
Q2 2026 Adj. EBITDA Guidance	$46.4M–$49.6M ($48M midpoint)	CFO
Q2 2026 Adj. EPS Guidance	$1.43–$1.53 ($1.48 midpoint)	CFO

Mgmt Quotes

"Our Q1 financial results were driven by an 8.2% revenue growth in our Corporate channel, driven by record usage as well as a continuation of customer acquisition across our continuum." (CEO)
"Our adjusted EBITDA margins remained consistent with Q1 of 2025 and above the midpoint of our range of 50% to 55%." (CEO)
"We started the year with a strong Q1 free cash flow of $38.5 million, which allowed us to repurchase approximately 600,000 shares of our stock during the quarter." (CEO)
"The Corporate channel delivered record revenue this quarter, generating $58.7 million... a significant acceleration from the 7.3% we reported last quarter." (Johnny Hecker)
"Our Q1 results give us confidence that we can meet or exceed the $9 million VA contribution to 2026 revenue we projected last quarter as that engagement continues to scale." (Johnny Hecker)

Q&A Batch (1-1 of 1)

Q1 — Jenny Shen

Topic: 全年指引未上调的原因与年内业绩节奏
Key points:
- 2026全年指引（营收、EBITDA、调整后EPS）维持不变，因管理层仅在对某个指标将超出范围“高度确信”时才会调整指引。
- 一季度调整后非GAAP EPS已向区间上限移动，但认为目前上调指引“为时过早”，此决定并非出于保守主义，而是基于年度指引构建的哲学原则。
- 一季度EBITDA利润率高达54%，但管理层强调该水平“不会重复”且“不希望重复”，因为计划中的招聘（主要集中在销售运营和产品工程）将在Q2及以后加速，新员工在2026年不会立即贡献收入，主要用于2027年布局。
Mgmt stance: 中性偏谨慎 —— 强调当前指引区间足够宽，但主动压低市场对利润率持续性的预期（因招聘加速将拉低短期利润率）。