Good afternoon and welcome back to Needham Tech Week. My name is Matt Dezort, Senior Security Analyst here at Needham, and it's my pleasure to welcome next to the stage the management team of AvePoint. This will be a fireside chat format, so I will run through a list of my own questions, but we'll also be working in live investor questions as they come through, where you can submit those in the queue below or email me at mdezort@needhamco.com. With that, it's my pleasure to welcome CEO T.J. Jiang, CFO Jim Caci, and Head of IR Jamie Arestia. Guys, welcome. Thanks, Matt. Good morning. Thanks, Matt. Great to be here. Always a pleasure to have you guys. I guess let's start really high level, T.J. Maybe give us a quick overview for those that are less familiar with AvePoint, what problems you're solving within the enterprise today, and what sort of solutions that you're offering to customers? Good morning, Matt. Thank you for having us. So today, AvePoint is a global leader in data management and data governance software. We offer a cloud-based platform to customers in the enterprise as well as in SMB. And also, we're very global in North America, EMEA, as well as APAC. So we help organizations control and secure information running through their digital systems, such as Microsoft 365, Google Workspace, Salesforce, and so on. And we started in the Enterprise Content Management space, working on Information Lifecycle Management, and we grew alongside and expanded in the Microsoft ecosystem, which offers a variety of digital workloads. Today, we offer the end-to-end information management capabilities that help organizations prepare, secure, and optimize data for use. This is now especially important in today's AI age, where everyone's trying to deploy AI capabilities. They realize that the quality of their data estate is more important than ever, because otherwise, if you have bad data, it will result in bad output from any AI models. Yeah, totally makes sense, the garbage in, garbage out effect. I guess, Jim, shifting to you, you guys recently reported some Stellar Q3 results, I think, very strong ahead across the Board, impressive SaaS growth, record net new ARR at $19 million you added in the quarter. Maybe give us a recap of Q3 and the two or three KPIs or metrics that really stuck out to you as encouraging. Yeah, thanks, Matt. Yeah, like you said, very strong quarter, seven straight quarters of outperformance, so we're really pleased with that. Again, we raised full expectations for the full year. So again, we feel like the teams are actually executing on all cylinders, which is really good. And then maybe just a couple other key, as you mentioned, key metrics, gross retention rate improved to 88%, so the highest we've had so far. That's really good. We added 35 accounts of 100K or more in ARR this quarter, which again was really impressive. And then even generated $56 million of operating cash flow. Again, that's very strong for us and really 4x what we did last year. So again, really strong performance. And then maybe just a couple other key notes. Really, when we talk about growth, year-over-year ARR growth, 23%, and revenue accelerated 22% year-over-year. So again, we're really pleased with not only our continued consistent execution, but with that growth rate itself. And then we've talked a lot about operating efficiency in terms of this profitable growth. I think you and I have talked about this a bunch. And we wanted to grow, but grow responsibly and really work on improving our operating efficiency. And I think we're seeing that really over the past two years, and that really showed up in Q3, where, again, strong expense management. We see operating margins in Q3 reaching 20% and total OpEx of only 57% of revenue, which again was our best ever. And then we actually achieved GAAP profitability in Q3 and for the full nine months. And if you remember back at our Investor Day in March of 2023, we kind of committed to get to that GAAP profitability in 2025. So we're really pleased that we were able to actually accelerate that and pull that goal forward really by a full year. Yeah, no, that GAAP profitability pace is definitely impressive, and I want to double back to that later. I think you touched on a couple of points that I wanted to ask more on. I guess, firstly, the gross retention rates, you guys have been talking about improving those for a while. Great to see it tick up, I think, to 88% this quarter. What are some of the drivers here, the puts and takes, and how do we feel about gross retention continuing to improve from these levels? Yeah, so great question. So I think our longer-term target, so you're right, 88%, best we've achieved so far. Our longer-term targets are to get that above 90%, 90%+. So again, making nice progress toward that. I think a couple of things to call out in Q3 specifically is Q3 for us is a heavy public sector, kind of U.S. public sector year-end being September 30th. So it's a heavy renewal quarter for us. Public sector for us has even higher retention rates than the rest of our population. So we saw a nice strong quarter again in terms of retention rates from the public sector. So that would be one to call out. The second is really something we've been working on, really started at the end of last year and the beginning of this year. So if we think about our pool of ARR, we've really got almost two buckets. We've got that group that's covered by customer success, and then we've got another group that we kind of refer to as the long tail. So this would be the group of accounts that are maybe smaller ARR balances individually, and therefore we don't have dedicated customer success resources on those accounts. But in the aggregate, that group makes up a fairly substantial portion of ARR. And so what we really focused on this year was what I'll call a pooled CS concept, where we didn't have dedicated reps, but we had individuals who were responsible for that pooled or that group cohort of ARR. And so, with the combination of using technologies as well as this pooled group, we were able to identify and really target those accounts that maybe we saw where the adoption wasn't where it needed to be, or we were able to intercede in situations that otherwise we would have missed without that dedicated CS. And so that focus and attention, I'm pleased to report that by the time we got to the end of Q3, we're seeing nice improvement in that cohort in terms of the ARR and the gross retention rate related to that group. Historically, it's been below what that customer success managed and dedicated team focused on. It's been below that. And we saw a nice improvement really ending in Q3 as it relates to that cohort. And that definitely contributed to the overall improvement from that 87% to 88%. So again, we think we're in the early stages of seeing improvement there, but we're encouraged by what we saw. And again, we would expect that to continue moving forward. That's great color, Jim. I guess staying with you and the 100,000 net adds that you had this past quarter, I think it was a record most you've added in one quarter. What's driving that momentum with larger ACV lands? Is it pricing? Is it bundling? What's sort of giving you this axe to grind up market with larger lands in the enterprise? Yeah, I think you hit right on it. I mean, I think the beauty of what we're able to provide customers is that we do have a platform to our customers, a platform play. And so many of our customers or competitors actually are just point solutions, and we actually offer a platform. So we have customers that start with us maybe with one solution and ultimately increase that. We have others that start with maybe a full suite where they're consuming multiple products. So either way, we've had in those numbers that you talked about, that increase of 100,000 customers, some of those came as new customers where they would be what you talked about, maybe coming in in a bundled solution or multiple products. Or we've had existing customers expand the relationship and go from maybe a one product customer to now multiple products and seeing that expansion lead to obviously the increased ARR. So I do think that it's a combination of both of those components, both new customers coming in with expanded expectations and demands, and then also our existing customer base expanding. And the beauty of those numbers, which is, I think, a little bit more unique to us, is that we saw that growth not only in North America, we saw it in EMEA, and we also saw it in APAC. So I think one of the uniquenesses of AvePoint is that we do play in all three geographies, and we see nice growth in all three. So it's a nice balance and healthy growth in all three segments. Definitely. Really good SaaS growth in all three theaters, too, I should add. I did get a question come in from an investor who wants to shift back to the profitability conversation. So Jim, maybe sticking with you, I guess, how should we think about long-term realistic profitability targets, whether it be EBITDA margins, free cash flow? How do you think about long-term margin targets for AvePoint at this juncture? Yeah, it's a great question. So I will highlight we do have a slide in our investor deck that talks about some of our long-term targets. And I think it's a good slide, so I recommend everybody take a look, because it does highlight everything from our gross margin targets, longer- term, all the way through all our operating expenses, the percentage of where we think they're headed in terms of percentage of revenue. So I think it'll give you some nice color as to where we're expecting not only our operating profits to head, but the components of how we get there, driven by gross margin expansion and also more efficiency around our operating expenses. You'll be able to see in there the progress we've made to date, which is, I think, fairly substantial in terms of where we started as a public company, where just by example, our sales and marketing were roughly about 44% of our revenues. In this past quarter, in Q3, they represented about 31% of our revenue. Again, I think we've made substantial progress in our kind of goal and kind of the mission that we were talking about two years ago of we want to grow responsibly and we want to demonstrate profitable growth and not just grow at all costs, but really do it in a very conscious and very measured way to be able to both show that there's scalability in the business, but we can do that profitably. I think over the past two years, we've been demonstrating that and obviously leading to Q3 demonstrating the GAAP profitability a year earlier, as I had mentioned. But coming back to that long-term target, I think what you'll see is we're right now at about 14% operating margin for this year. And we're guiding to ending the year at about 14%. But in Q3 alone, we achieved 20% operating margin. And right now, our long-term targets are between 20%-25% operating margin. So again, I think that's not necessarily a ceiling, but that's where we're guiding to right now in terms of those longer-term targets. And I think the progress we're making on managing our operating expenses, improving our gross margins, continuing to grow responsibly, we're again growing the ARR at about 23% year- over- year. So we feel good about not only the short- term, but our long-term prospects of getting to that 20%-25% operating margins. We feel really good about that. Definitely. Yeah, the execution has been impressive. T.J., maybe shifting back to you, I guess shifting gears to customer conversations. I know you talk to customers a lot. What are you hearing from customers these days in terms of how they're thinking about 2025 budgets and what areas they might be prioritizing into next year? Yeah, that's a great question. In the enterprise segment, we see a ton of experimentation around AI continuing to be that. When that happens, there's a net new budget that directly from the boards that want IT and businesses to leverage and experiment with AI, but of the organizations that have made the transition, it becomes part of the overall IT budget, and that eats into some of the potentially legacy vendor displacement. So overall, we do see that customers needing to prioritize the issues that we address, which is need to secure data before implementing AI strategy. That positions us well and also seeking to optimize costs, and this is where we partner with them to optimize, whether it's a multi-cloud deployment or managing and governing data across different data estates in hybrid scenarios or multi-cloud scenarios. Data estate readiness continues to be the theme, and this bodes well for us. I'm here in Chicago. Microsoft is doing their big Ignite event. New tech releases such as its data keynote. Even Microsoft is still saying 80% AI projects are ending in failure due to complexity or AI readiness being a key issue. This is the type of problem we help customers address. Got it. I guess staying on Microsoft, that partnership has been huge for your guys' growth. I did have a question come in that I want to lob to you. I guess, does the history that you have with Microsoft color perceptions with prospects surrounding working with other platforms? Or how do you think about that dynamic or friction, or is there no friction? So today, just under 10% of our revenue comes from non-Microsoft ecosystems. That includes Google, Salesforce. And we run our SaaS platform on AWS as well, especially in government data centers. We actually see that the fact that we are very strong in the enterprise space, in the Microsoft space. Of course, now we're also very fast growing SMB. It makes us very welcome in the other ecosystems because we add that enterprise credibility. Today, we touch 500 petabytes of data we manage on a daily basis. And we do that enterprise grade. We've been doing this for 12 years. And that capability is actually very welcome in other multi-cloud hyperscaler ecosystem. So in the coming quarters, you will hear more from us in our intentional investment and expansion into this multi-cloud reality. Every customer is multi-cloud. So as we continue to better serve our existing customers and acquire new customers based on our platform play, multi-cloud is key for our success. Got it. Thank you for that, T.J I guess related to this, your platform obviously addresses needs around data protection, governance, security. Where are you seeing the highest levels of interest and demand today? How has that changed versus the past few years? And where do you sort of expect that to trend over the next couple to three years with AI, especially with AI coming to the forefront? Yeah, we think data management, governance, and security continue to be at the forefront of customers' concerns and prioritization. It's that something we've been doing for the last 20 years. We started with enterprise and started with regulated industry and government agencies. Something we've been doing that for the last 20 years also becomes mission critical for other industry as well. So that's where we see the new shift of this conscious awareness of how one's data estate qualities and governance and lifecycle management and all of that becomes imperative necessity to essentially eventually deploy usable AI. So I think that's the shift. It's a tailwind for us. It's not something that fosters today's high profitable growth that we're experiencing, but it's something that we think from a monetization perspective will be well into the next few years. Yeah, maybe let's stay on AI because there's lots to talk about with you guys and your positioning as a beneficiary of AI. How do you guys view your AI opportunity broadly, and where does AvePoint fit in as we move from this stage of experimentation to broad AI deployment over the next couple of years? Yeah, this is a very active topic. It's something that we have our portfolio of products anywhere from lifecycle management to permission management to data security. And that's necessary for AI deployments. So as you know, my background is in machine learning and data mining. I have a doctorate in that. So this is near and dear to my heart. We are doing internal AI projects as well as infusing into our products. So our tyGraph for Copilot, our MyHub for Copilot, Opus, all capabilities. We actually made a press announcement today about our new product releases timed with Microsoft Ignite conferences and their product announcements. So you will see more and more AI-infused capabilities across our portfolio, one to measure adoption and two to measure change management. And lastly, of course, to ensure this baseline capabilities so that you can benchmark yourself against your industry peers. So all these, it's a continuous motion of AI adoption, rollout, and change management. Of course, wrap all of that around data governance and security. It's a huge topic. We'll continue to invest into this, both organically as well as inorganic expansion. I guess staying here, which products, T.J., do you offer that specifically cater to AI? Any early anecdotes or wins that you can talk about across the three pillars and how you're positioned to benefit as enterprises roll out AI? Yeah, the Control Suite is definitely a key component to this. We actually are preparing remarks for earnings two quarters in a row now where we quoted financial institutions turn on our governance solution within the Control Suites in order to turn on Microsoft Copilot. So that's a very important aspect of it. So this Opus product line as well from a record management storage optimization, that's something that also it's in high demand and we see high growth there too at the same time save customer costs as well as have the right classification, labeling, and management of that data estate. So on the resiliency side, our portfolio actually detects ransomware attacks and then be able to do recovery. But now we're getting into more advanced data analytics because attackers often get into the environment well before the actual attack happens. So there's a bit of forensics and remediation needs out there across our customer base. And that's something we're actively working on as well. I appreciate that color. I guess we'll ship it back to Jim. Maybe coming back to Q3 results and the profitability, like we talked about, stood out there meaningfully ahead of the guidance. It looks like sales efficiency continues to improve. I guess what are some of the other drivers there that you'd call out as we continue to look for expanding operating margins? Yeah, well, I think when we think about the overperformance in Q3, I think it started with the revenue beat. So we obviously delivered better revenue than we had guided to. And I think that was a combination of, as we talked earlier, really the performance of all three of our theaters of operation. North America performed well, EMEA, as well as APAC. So all delivered strong growth for the quarter ahead of what we guided. So again, it started there in terms of delivery, just in terms of top-line numbers. And then second, we saw expansion in our gross profit in terms of improvement in our gross profit margins. Again, a nice contributor right off the bat. So not only did we beat on the revenue, but we exceeded our expectations on gross profit. And that came really twofold. Number one, it was a mix, a product mix in terms of less services, more subscriptions. And therefore, our product margins are in the 80% and our services margins are in the teens. So if you just think of any dollar shifting from services into subscription is going to have a positive impact on the overall gross profit. And we saw that continue in Q3. We've seen a nice progression really over the past several years of our services becoming less a percentage of the total revenue, still increasing in terms of dollars, but becoming less a percentage of the total, which inherently is improving our margins. So that's been a real positive. And then, as you pointed out, our operating efficiency has continued to improve. I think it starts with sales and marketing, but I think it's a kind of company-wide initiative where we've really focused on profitable growth, not only at a senior management level, but really pervasive through the organization and really looking at things through that lens of, hey, we want to grow, but we want to grow responsibly. We want you all to be treating this company as your company. I think that mantra echoes really well through the whole organization, and people take it seriously. We're seeing the benefits of that through every line item from sales and marketing, where we've seen significant efficiency improvement, partly aided by our continued shift to more and more channel focus, where channel continues to be a larger contributor to our overall growth and by so doing becomes a much more efficient go-to-market motion. Our G&A continues to be leveraged, and we see continued improvement in our general and admin expenses, and I would expect we continue to see that moving forward, and then R&D, we continue to believe that obviously R&D is the lifeblood of the company, we're committed to investing between 10% and 15% annually of our revenue back into R&D, and right now, we're at about 12% and have been for the past couple of years, so we feel good about the investments we're making there, and when you add up all that kind of progress in terms of that operating leverage, it resulted in, obviously, this quarter having 20% operating margin, and overall, we feel good about that, every quarter is not going to be completely linear, that's just the nature of our business. But we feel good about the progress we're making toward those longer-term targets we talked about earlier of ultimately getting to that 20%-25% operating margins consistently. Got it. I guess I want to feather in a investor question I had come in. What does the mix of products currently look like across backup, migration, governance, administration, and AI? And how will this mix change into the future? We actually don't call out specific products. If you think back to our Investor Day, and we've kind of committed to share these mixes on an annual basis. But we really think about things in terms of product suites and not so much on an individual product basis, more on a suite basis. And there we see kind of the breakdown amongst the kind of three different suites. Really, in the 50%+ would be in the Resilience. Control is in roughly high 20%-30%. And then our third suite being roughly a little less than 20%. That's kind of what we see. We believe that across three suites, we have nice diversity. We see nice growth in all three suites. But again, we don't specifically call out products. We think as we're moving forward, there's elements of each of those suites that our customers are taking advantage of and are actually helping them as we think about this AI readiness and them taking advantage of AI. There's components of each of the suites that are helping them do that and be ready to take full advantage of AI in the future. We expect to see kind of continued growth in all of the suites and, again, helping our customers be ready to take advantage of all the value that AI has to offer. Got it. T.J., maybe for you, I think you guys have close to $250 million cash on the balance sheet now. You're generating cash today. You're almost a year ahead of your profitability timelines. How are you thinking about M&A at this juncture? What areas of the platform make sense to focus on with tech tuck-ins or what have you? And how big could these acquisitions potentially be? That's a great question, Matt. So far, our growth has been pretty much organic growth, and we've done four small tech acquisitions since three years ago, and we have a very active pipeline. There are three major areas we're looking at for potential inorganic growth, if you will. The first is the MSP segmentation, where it's really our way to grow the SMB, small to medium businesses, and that's growing fantastically well. We are mission-critical. The MSP is managed service provider. They're using our software to essentially build their business to be more profitable to scale. There, we're looking at both, you will hear in the coming month, new product releases to extend our capabilities, as well as we're actively tracking a number of opportunities where we can get into the operational criticality of these MSPs to further make our solution highly sticky and value-adding for the MSPs. So that's one area. The second area is multi-cloud. So one of the questions earlier was about non-Microsoft Cloud, and we're actively investing there. You'll hear more from us there. But we think that there are opportunities, certainly opportunity there to pick up a few million seats through inorganic ways. That's a faster way to go to market while we have great products. We also still need to make sure that we have the right channel in those ecosystems to speed up our market spread. And then the last one is leaning further into the governance and security angle, like I talked about earlier around cybersecurity attack. One is remediation, and two is post-analysis and even more proactive detection ahead of time. So we have a ton of data. And today's PR announcement, you see that the new product releases we do today are based on those data, whether it's benchmarking, whether it's measuring adoption, whether it's doing change management. So based on those things, per tenant, we collect about well over 1 TB of data signals. So there, I think there's opportunity to both organically develop additional security capabilities or also to expand into additional inorganic expansion because security is a huge space and continue to be a high priority for our customers. Got it. Jim, maybe similar question to you. Remind us on your priorities around capital allocation today and how might those be changing as you guys sort of ride this glide into profitability ahead of your own timelines? Yeah, great point, Matt. So we've kind of looked at it as three different pillars. First and foremost is to continue to invest in the business and continue to make sure that we're giving the teams the resources, the technologies, really equipping them to deliver outsized performance. That's first and foremost. We're going to continue to do that. And then the second is the M&A that T.J. has just touched on. Obviously, we've done a number of acquisitions over the past several years, all relatively small. But that's obviously an area of focus, including the three areas that T.J. mentioned. And then maybe the third pillar that we look at is, again, how we're thinking about share repurchases or just returning capital to shareholders. And so what we've done so far is we have essentially a $150 million repurchase program that we enacted a couple of years ago. We've been executing on that. We've used about half of that so far to date. That's an active program. We would expect to see usage of that in the future. Then, as you mentioned, we are in a very fortunate position where we've got $250 million of cash on the balance sheet. Through the first nine months of this year, we generated $56 million of cash. I think we're in a very good position in terms of strong balance sheet, strong generation of cash flow, which puts us in a very strong position that gives us options. We like to have options to do a variety of things. I do think that the M&A that T.J. referred to. I think we've done a bunch of tuck-in acquisitions. I do think we're poised to do potentially something larger. We're actively engaged in reviewing lots of opportunities. But again, I think having, again, strong balance sheet, significant cash flow generation gives us a lot of avenues to pursue, including just, again, reinvesting in the business and ensuring that we're continuing to develop effective products. So again, I think we're in a very strong position. Definitely. I guess I want to shift to public sector. I think you called out strong growth. Obviously, Fed fiscal year-end was this past quarter, but I think it is your largest vertical. How do you see growth in this market? And remind us where you are at with your FedRAMP certifications and how you see the forward opportunity within Fed across between U.S. and international and SLED even. That's a great question. Overall, public sector globally is a quarter of our total business. And this is U.S. government. This is also in New Zealand, Japan, Singapore government, European, EU governments. So it's a very, very strong vertical for us. Q3, obviously, is U.S. federal government year-end, but we also do a fair amount of state and local. That also includes education. So yeah, government side, it's continued to be a very strong demand sector. We started there with regulated use cases. And we see as more regulations come to be as the macro environment becomes more complex. This is actually our wheelhouse, something we've been operating for the 20-plus years. So you spoke about FedRAMP certification. That's a three-year process. And we're doing really well in the prepared remarks. Latest earnings, we actually quoted the court system buying additional products through that FedRAMP because we're one of very few SaaS companies to have listed platforms in the FedRAMP certified data centers. We're about to complete our Japanese government sector. We're about to complete a very rigorous multi-year ISMAP certification process as well that will further extend our footprint. So yeah, all these compliance certification requirements just further strengthens our competitive moat. Got it. That's exciting stuff within Fed. I know demand has been really strong there, especially as those organizations shift to cloud. I guess I want to move to the sales efficiency. Jim, you talked about the sales efficiency. What sort of metrics or KPIs are underlying that improvement that you're looking at? And I guess how should we think about growth of sales and marketing headcount over the next year or two, given you are talking about some more operating leverage coming from that line? Yeah, no, it's a great question. So maybe there's a couple of different questions in there. So maybe share some of the underlying metrics that we look at. I don't think we publicly disclose them, but I can share some of the things that we do look at. And then you're right, as we think about further efficiencies, we can touch on that a little bit. So on the first one, in terms of, again, how do we measure some of that efficiency? So obviously, the scorecard at the end of the day is looking at our sales and marketing as a percentage of revenue. So that's kind of our North Star and what we're trying to get to. And we've publicly said long-term, we want that to be around 30% of revenue. And so we'll end this year. I think we're probably for the nine months in that 34% range, which is significantly down from the 44% when we went public. So making really good progress toward that. I think underlying that, what we kind of look at are several factors. When we think about our salespeople, we do track, obviously, attainment on quota in terms of we've got quotas for individual people, how we're doing against those quotas. We look at that within each region. We look at it within each segment. We look at it at cohorts in terms of start dates for people. So we're pretty rigorous in terms of evaluating and looking at performance across the Board. We also measure when new people start. We track really the onboarding process and how quickly our sales teams are ramping up. It was interesting. One thing that we noticed back in COVID is that it was very difficult for new salespeople to ramp up and achieve their first sales, and I think that's a function of, obviously, everyone was remote, and it was just very tough for salespeople to learn from the people sitting next to them, so one of the things that we've implemented is, obviously, we have kind of mandatory requirements for in-office activities, particularly for salespeople, because there's nothing more effective for new salespeople coming in than spending time with more senior and experienced sales reps to learn, to listen, and absorb how we market the products, how we communicate the effectiveness of our products, and how we talk to prospects and customers. And so what we track also then is a variation on that: how quickly new salespeople ramp up to their first sale and how they're effectively doing against a, say, ramping quota. And so we measure all of those stats. And fortunately, over the past two years, we've seen nice improvement in each of those stats, which, again, I think goes to some of the changes we made in the onboarding process, getting back to the office. I think that's been a plus, the mentoring in place and ensuring that we're disciplined around how people are trained and how they're properly onboarded and ultimately educated and brought up to speed on the products. So those are kind of some of the underlying metrics that we're analyzing. And we do that in each region. And again, that's worked very effectively. And we're seeing nice progress in all of those. And then when we think longer- term in terms of some of the other productivity, I think, again, that long-term target of 30% is our North Star in terms of trying to get there. We are ramping up in the future. For example, we're adding salespeople and targeting in, let's say, 2025 as we finalize our budgeting process that we don't expect we're adding them in 2025, anticipating they're going to produce in 2026. So despite the fact that we're focused on efficiency, we do not believe that we are sacrificing the future. And so this is a question that often comes up, Matt, right? It's like, okay, well, you're showing efficiency, but are you sacrificing the future? And I think we've done a really good job of trying to balance those couple of factors in terms of ensuring that we're adding the appropriate resources that we need, building our channel strategy so that we're not only executing and being efficient in delivering this year's results, but building for the following year's results in plenty of time to achieve that. So again, we feel good about the strategy we have in place. We feel like we've executed really well for the last two years. And there's nothing that right now is impeding us from continuing to execute. Awesome. That's great color, Jim, and I think that brings us to time. So I want to thank you and T.J. and Jamie for joining us today for the conversation and the insights, and to all those clients that tuned in, thank you for the questions and for your attention, and hope you enjoy the rest of Needham Tech Week. Thanks again. Thank you, Matt. Thanks, Matt. Thanks, Matt.