EBITDA GuidanceEBITDA guidance came in soft at $375m at the mid-point, 5% below consensus due to continued investments.
Margin TrendsIncremental margin trending lower (3Q 8.0%, 4Q 7.7%, 1Q 5%, 2Q guide 2-5%).
Operational ExpensesRising operational expenses and platform costs are attributed to the focus on engineering talent, impacting the EBITDA margin.