Executive Briefing: Quarterly Results

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CEO: Good afternoon, and thank you for joining us. I'll keep my remarks brief so we have plenty of time for questions. Revenue for the quarter came in at four hundred and twelve million dollars, up six percent year on year, which is at the lower end of the range we guided to in April. Our subscription business continues to be the bright spot, growing eighteen percent, and it now accounts for just over a third of total revenue. Hardware, on the other hand, declined nine percent, reflecting weaker consumer demand and, candidly, a product launch that did not land as well as we had hoped. Operating margin was eleven percent, down from thirteen, largely because of one-off restructuring costs in Europe. Excluding those, margin would have been broadly flat. Looking ahead, we are maintaining our full-year guidance, though I would say we now expect to finish in the lower half of that range. With that, I'll open it up. Analyst: Thanks. You mentioned the launch didn't land as hoped. Can you be more specific — was it pricing, the product itself, or timing?