We continue to invest in the businesses to support growth with disciplined expense management, and we do not provide forward-looking guidance. We would note that the year-over-year change in adjusted operating income (AOI) margins has been relatively modest: Q2 26 Direct Platform AOI margin was 45.2% versus 46.0% in the prior year period, and PitchBook Q2 26 AOI margin was 30.3% versus 31.7%. We view these changes as largely reflecting the normal ebb and flow of operating the business and investing for growth. We monitor metrics such as licensed users and net revenue renewal rates, although some of these metrics may become less meaningful as pricing models change and as we move toward more firmwide, value-based pricing structures. We’ll continue to evaluate and consider enhancements to our disclosures.
Examples of recent investments in Direct include expansion of our AI-ready data, supported investment types, portfolio X-ray tool, broader data distribution through cloud-native environments such as Snowflake, and new turnkey integrations with Perplexity and Microsoft. We also launched our first publicly available skills (specialized capabilities that enable AI-driven workflows), making it easier for investors using our Model Context Protocol (MCP) server to conduct full investment screening and investment comparison workflows. In PitchBook, recent investments include daily valuation estimates covering more than 15,000 VC-backed companies, late-stage private-company research, the LCD Default Predictor, StepStone deal-level benchmarks, and expanded AI distribution through Navigator and third-party integrations.