Shares fell sharply by 8.9% as investors reacted negatively to an unexpectedly cautious outlook and signs of deceleration in key contract growth metrics, despite reported revenue and margin beats.

• Revenue grew 20% year-over-year, beating the high end of guidance, driven primarily by 21% subscription growth.
• Non-GAAP operating margin exceeded 18%, representing a 240 basis point beat on guidance and a substantial 1,600 basis point improvement from last year.
• Large contract cohorts showed strength, with contracts above $300,000 and $500,000 increasing 38% and 39% respectively year-over-year.
• Multiple new and expansion deals highlighted ongoing demand in regulatory, financial, and sustainability reporting solutions, supported by partnerships with Big 4 firms.
• Despite these positives, market reaction suggests concern over guidance tone, potential deceleration, or margin sustainability not fully captured by reported figures.