Thinkific Labs Inc.

Good afternoon. My name is Ludi. I will be your conference operator today. I would like to welcome everyone to Take and Keep Week's first quarter fiscal 2026 financial results conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on May 4, 2026. I would now like to turn the conference over to Johan Kim, Head of Investment Relations, East Coast.

Thank you, and good afternoon, everyone. Welcome to Thinkific's first quarter fiscal 2026 financial results earnings call. Joining me today are Greg Smith, CEO and co-founder of Thinkific, and Kevin Wilson, Interim CFO. After the prepared remarks, we will open up the call to questions. During the call today, we will discuss our business outlook and make forward-looking statements that are based on assumptions and therefore subject to risks and uncertainties that could cause actual results to differ materially from those projected. These comments are based on our predictions and expectations as of today. We undertake no obligation to update these statements except as required by law. You can read about these risks and uncertainties in our regulatory filings that were filed earlier today. Our commentary today will include adjusted financial measures, which are non-IFRS measures. They should be considered as a supplement to and not a substitute for IFRS measures. Reconciliations between the two can be found in our regulatory documents, which are available on our website. In addition, our commentary today will include key performance indicators that help us evaluate our business, measure our performance, identify key trends affecting our business, formulate business plans, and make similar strategic decisions. Such key performance indicators may be calculated in a manner different to similar key performance indicators used by other companies. I should also note we have a slide deck that supports our remarks. available to download on the webcast interface or on our website. And finally, all dollar amounts discussed today are in U.S. dollars, unless otherwise indicated. I will now turn the call over to Greg Smith, CEO and co-founder of Thinkific.

Thank you, Jihan. Good evening, and thank you for joining us. I'm pleased to report we delivered a solid first quarter while continuing to execute on the transformation across Thinkific. I want to take a moment to welcome Lee Ramsden, our new CFO to Thinkific. Lee will be joining us effective June 1st, 2026. He brings great experience to the team, and I'm very much looking forward to working with Lee on our leadership team. Kevin Wilson joining us on the call today has been serving as an exceptional interim CFO for us. I'm very grateful to Kevin and his team for the amazing work they've been doing. I also want to acknowledge that we're currently undergoing a couple of significant changes at Thinkific. The first is our shift up market, and as much as I remain confident in this choice and the eventual results it will bring, like most changes of this nature, the path to success is rarely a straight line. We're in the midst of that journey now. I continue to see an excellent opportunity for us to perform better, having chosen this path. The rapid evolution of AI and its effects on our industry and SaaS are no less than the single greatest change we've experienced since inception, and probably in the history of technological advancements. While AI is a massive rising tide, it won't lift all boats. Some will sink. I am positioning Thinkific to be one of those that rises, and potentially significantly so. We are all in on AI at Thinkific. Our entire team is now leveraging it in every role. From sales and support to go-to-market motions, I'm seeing teams adopt and evangelize the power of AI to help us grow faster and deliver more value for customers. Most importantly, in R&D, we're moving faster than ever. In this area, I have seen teams deliver in days what once took months to build. This opens a world of opportunities for value we can create for our customers and ultimately revenue growth opportunities. But we are still in the midst of this change as well, and we still have work to do here. My specific intents for the use of AI focus around the accelerated achievement of actual outcomes, specifically prioritizing revenue growth, while EBITDA improvements are also an opportunity here. I've taken a personal role in driving this forward across the company with specific focus on R&D, where I think we can see the biggest gains. Evangelical AI adoption and use combined with an intense focus on velocity are now absolute requirements at Sankific. Similar to our shift up market, we're now in the midst of this change, and I hope to be generating improved results from both later this year. I see these two vectors of change as very complementary. I've spoken before about the need to accelerate our product roadmap to better serve our larger customers. AI empowers us to do exactly that. Additionally, as the AI era evolves, moving to larger customers positions Thinkific to capitalize on this evolution. Larger customers have both larger revenue opportunities and larger expense buckets. Both are areas that Thinkific can leverage AI to help them with making us inherently more valuable. I think there's fear out there about the effects of AI on software, and I'm very aware of this. At Thinkific, we are constantly asking ourselves what our moats are and what significant value we bring in a world where software is significantly easier to develop. We have identified some key areas where we'll be deepening these strengths. Focusing on value, we can provide that others cannot build on their own. I believe there's opportunity here for us not just to survive, but ride the wave that AI is bringing to our industry to set ourselves up so that as each new model drops, we get exponentially better. Q1 marked the release of our new AI product, Thinker. As a reminder, Thinker is Thinkific's agentic product that allows any customer to create their own custom agents based on their own proprietary data and content. and to deliver those agents to their customers. Thinker agents differentiate from others and they're focused on teaching and learning. They specialize in specific topics offered by our customers and they're customizable and are highly reliable and accurate. This accuracy is increasingly important, both to our larger customers and as learners come to expect accuracy from their agents. Unlike generalized models, Thinkific agents are trained on our customers' data and further refined by Thinkific's own large data sets. Customer feedback has been very positive, reinforcing our conviction in the direction we're taking. While the benefits of Thinker are clear, its adoption raises new considerations for our customers. Pricing is primarily outcome-based, and as AI consumption scales, so do associated costs. While this means initial usage is muted, it also represents one opportunity for us to scale alongside the wave of AI advancements. We are working with our customers to design the right commercial models to ensure that token billing ties directly to financial outcomes of revenue or cost savings. in order to ensure customers are happy to scale their Thinker usage to any level. Thinker is also just one product area where we're leveraging AI. There are a number of others. We continue to make steady progress in executing against our new ideal customer profiles. We continue to see larger customers at the top of the funnel and improve our ability to close those larger names that have significant expansion potential in the future. One example from Q1 is a large online real estate marketplace that selected Thinkific to support continuous learning for its broker network while maintaining a strong sense of community. The initial rollout will focus on a subset of brokers with significant room to expand over time, given that their broader community is orders of magnitude larger. Notably, this opportunity came to us through word of mouth within the real estate ecosystem. Word of mouth referrals like this represent a strong signal for the strength of our offering. In Q1, at a customer's request, we advanced our work to ensure Thinkific aligns with HIPAA requirements. This work landed us a new and rapidly expanding customer, and it also strengthens our ability to expand in healthcare and adjacent segments where trust, privacy, and reliability are essential. As I shared at the start, we're in the midst of two critical changes, our upmarket focus and the opportunities that AI represents. What excites me is the urgency I see in the team. We've accelerated our execution, and will continue to do so. This energy and mindset shift combined with the powerful AI tools we're leveraging present real opportunity for growth. I'm confident that Thinkific has the ability to not only capitalize on these changes, but set ourselves up to be competitive in the AI era. With that, I'll turn the call over to Kevin to walk through the financials.