Operator: We'll now hear prepared remarks from the CEO.
CEO: Thanks. Revenue grew 18% this quarter, ahead of our guidance, and we signed two of the largest contracts in company history. That said, we are seeing elongated sales cycles in EMEA, and we think it is prudent to assume that persists through year-end. Gross margin expanded 240 basis points on mix.
CFO: Operating cash flow was a record. However, I want to flag that the contract assets balance grew faster than revenue, and DSO ticked up six days. We are also carrying higher inventory ahead of the product transition, which we expect to normalize - though the timing is admittedly uncertain. We are reiterating full-year revenue guidance but bringing the low end of the margin range down by 50 basis points.
Analyst (Q): The guidance cut on margin - is that EMEA pricing or the inventory?
CFO (A): It is predominantly mix and some discounting we chose to do to close the two large deals. I would not characterize it as broad-based pricing pressure - yet.