Tech Conference here. Today we are happy to host Alteryx CFO, Kevin Rubin, and we're happy to have him to come to our tech conference pretty regularly for the last few years. Thank you. Thanks for coming! Thanks for having us. Appreciate it. Yeah. So my name is YC. I work with Tyler Radke. He's stuck in the traffic for a little bit, so I'll get the ball rolling, and then we'll see what happens from here. So, Kevin, thanks for coming again. Can you give us, like, some of the newer folks in the room that is not familiar with the Alteryx story, kind of get started, how is the evolution? You've been with the company for a long time, especially with a lot of things going on, with the change in management the last couple of years and the past quarter. Yeah. So maybe, let me start with, a level setting on just, Alteryx kind of core value proposition, if you will, and then we can get into some more details. So Alteryx is a analytics platform. Today we live both, on-premise and in the cloud, and the core value proposition, if you will, is the notion of democratization of analytics, so analytics for all. Being able to, allow your organization to upskill and provide anything from fairly simple analytic processes, all the way up to, sophisticated, complex analytic processes, traditionally in the line of business. So selling to an analyst who's sitting in finance, sales, operations, marketing, supply chain, manufacturing. Somebody who, is generally not a sophisticated, coder, a data scientist, or statistician, but really somebody who is sitting in the line of business, in service of the line of business. One of the differentiators, if you will, for Alteryx is the notion that we typically deal with very fragmented and a variety of data. So if you think about the day in a life of an analyst, maybe it's a marketing analyst they're doing, you know, funnel or conversion analytics on various different demand gen activities. They typically don't have a large tool set available that to them to do what they're doing, and they're often pulling data from a variety of different places. So they may be pulling it out of core legacy systems. There may be prior proprietary systems, or they may be using, you know, email and other types of interactions with customers and prospects to be able to score and gauge performance. And so the more that an environment is fragmented, the more that the data is distributed, the stronger the value proposition, if you will, is for Alteryx. There's been a lot of talk more recently about generative AI. We do have generative AI built into our platform, both with capabilities today, as well as some capabilities we've talked about that will be coming later this year and early next year. And so being able to really take advantage of some of the newer technologies and capabilities that will make it easier and faster for our users to be able to upskill and get competent in data analytics, and be able to do more and more of their workloads in an easier and faster way is something we strive for. Yeah, I mean, since generative AI started, I guess back in November when ChatGPT launched, with all the buzz going on, I think Alteryx is kind of seen as like a... I don't know, not like a biggest beneficiary in the view of investors. Can you kind of go through the view, what you're hearing among investors around, and then what potentially actually Alteryx can kind of boost from, get some tailwind, or what do you see in the market from generative AI? Yeah, I think generative AI, just as a set of technologies, is going to be incredibly transformative. I don't think there's any question that what we've seen from some of these large language models and the abilities that or the promise of what could come is pretty exciting. And we've got a variety of technologies that we think will be differentiated in the marketplace. We don't believe that generative AI as a basic technology is a replacement for Alteryx, right? It's an evolution that will allow more people in organizations to be comfortable working with data. It'll make it easier for those folks to work with data, but it doesn't fundamentally solve or eliminate the reason that Alteryx gets adopted, which is still the fundamental notion that data is fragmented, data is disparate, and data is constantly being created. And so if you look at just like a large language model by way of example, it's really a sophisticated predictor of words or phrases that you know would be used together. So it's going to be very good at abstraction, it's gonna be good at assisting in code writing, it'll be good in certain other areas as it relates to copy. But when it comes to analytics, we think that the opportunity and the value is really to leverage internal data that is proprietary and unique to a customer, which is an area that we think we have an advantage. And then also just the ability to get more and more people comfortable with abstracting the sophistication of analytics. But we think it more complements the application than it does disrupt. Yeah. I mean, traditionally, we see, like, the BI market as getting, like, probably disintegrated a couple times throughout time. Like, do you see LLM coming out, taking some use cases away that you guys typically address with the core designer product? I think it's gonna evolve the nature of analytics. So if we look at kind of the progression of analytics over time. You know, 15 years ago, people that were actually working in analytics had to code. You had to be able to write SQL, you had to be able to understand data structures. Yeah. and be able to to be able to produce analytics. Alteryx abstracted a lot of that and created a drag-and-drop environment, where less sophisticated users could get comfortable working with more sophisticated analytics because they didn't have to write code, they didn't have to know SQL. You could use Alteryx, connect to the data sources that you had permissions to, build out a workflow with confidence. You'd be able to, you know, drag and drop tools, configure tools that were, in effect, abstracting code writing. So we think taking that to the next level and being able to leverage these foundational models, and then more specific models that would be unique to our customers, is just the next level of abstraction. So if you think about the population of users that, that can comfortably use analytics today, we think that that can increase pretty significantly as you go forward, if you can provide the capabilities. So, we have a whole, branded tools of AI and ML products called AiDIN, that we announced at our Investor Day back in May. One of the things that we're really excited about is something called multimodal. It's an environment that will allow different personas to interact with models in the way that's most comfortable for them. So if you're a data scientist and you're comfortable in Jupyter Notebook, we would have a representation of the model in Jupyter Notebook for you, and so that data science can go, you know, review a model, interact with that model, and then, you know, in effect, collaborate and share it back with another group of, of participants. If you're comfortable in a drag-and-drop environment, you'll continue to have the canvas experience. But if you're less sophisticated and you don't understand those things, we'll represent it to you in natural language so that you can interact with the model through basic querying, if you will. And that's, that's one of the areas that we think GenAI is gonna be pretty disruptive. Yeah, that's definitely exciting. I guess we get our favorite topic out of the way here. Let's go to maybe something that's about the result. I think in the latest quarter, you guys kinda have a tough start to the year- versus what we've seen from you guys, like the good momentum from last year going up to Q4. Can you kind of walk through what are you seeing in the market in Q1 and Q2, and then why was there a change in momentum since what you guys seen from last year? Yeah. So it certainly has been a challenging 2023 for us. You know, Q1 was a little bit more specific to the singular event that was the regional banking crisis, and we did see some deal slippage in Q1 as a result of that. The dynamics that we experienced in Q2 were very different. Especially in the last couple of weeks of the quarter, we did see a change in customer behavior, specifically with respect to budgetary pressures. And so there are things that, you know, we've taken from Q2 that we can do better. So thinking about certain areas of execution, making sure that as we enable the sales organization, that they understand how to navigate a more challenging environment. There's some blocking and tackling opportunities that we've identified to be able to execute better. But fundamentally, it's just—it's a challenging market, and customers have more budgetary constraints this year than we've seen in prior years. And, so we are, you know, we are focusing on execution item areas. We are adapting to the current environment so that we can execute better as we go through the back half of the year. Okay. Are you saying there's a change in trend since you guys reported in Q2, in the last couple of months? No, I was just giving a general summary of what we experienced in Q2. We are expecting, from a guidance perspective, as we think about the back half of the year, we're assuming that those challenges persist. We are making execution changes and making changes in the organization to be able to adapt to the current environment, and in some cases, those changes do take time. But no, I was just providing a view of- Okay ... the experience in Q2. How are you feeling now that you have another month in the bag for Q3 and towards the back half of the year, just in the environment and among customer conversation that you've been having? Yeah, I would say this: I mean, our business, as we have increasingly been more enterprise-focused over the last several years in our business, that has had the effect of changing linearity. So we do more of our quarters are typically done in the third month of a quarter, and more of the year is typically transacted in Q4. That's that has been our traditional seasonality, but it has gotten more pronounced, if you will, as we've been more enterprise-focused. So, you know, we'll have to see where ultimately this year shapes out. I do think we took a lot of that into consideration as we reset guidance going into the back- Yeah Half of the year, so. Yeah, that's, that was the nice segue into, like... The updated guidance kind of came down meaningfully in Q2. Can you kind of walk us through, like, what's baking, and help us understand all the moving parts with, like, early renewal, with all the slip deals that you've seen in the H1 of the year? So the real, the real softness that we experienced at the end of Q2 was expansion opportunities that did not have a compelling renewal event tied to them. So there's always been a portion of our business in any given quarter, where we're engaging with customers, we're expanding customers, and sometimes that happens at the time of renewal, and sometimes that would happen in the middle of a contract cycle. And in Q2, where we struggled was upsells as it related to independent or standalone, not attached to a compelling event. So as I've thought about the back half of the year, we've particularly been very conservative as we think about customers' buying behavior outside of a renewal event, and then we have taken an element of prudence across the business in totality. If I reflect on what we've seen for the first half of this year, we've had incredibly strong renewal and gross retention rates. We've seen net expansion continue to hold. So as I think about the business, we still have incredible commitment from customers to continue to maintain and expand their estate. We're just struggling a little bit with the ability to upsell when there isn't a renewal event, and so we've taken that into consideration as we've thought about the back half of the year. Yeah, just on the renewal base, I think you guys mentioned this, like, one of the biggest renewal base for the year, and then you have, like, 70% more back half load, right? And then just looking at the expansion rate that you guys are seeing, even in the first half, it's been steadily among G2K, still around 130%+. So it's kind of sustainable. How, how sustainable this net expansion rate is going to the back half, and then given the renewal base, and can you walk us through what's the expectation here going to back half? I mean, I would say this: we've been incredibly encouraged with the strength that we've seen and the stability in the renewal base. To your point, this is the largest renewal cycle the company has experienced. Each year has been increasingly larger renewals, so we do have a very large opportunity to prosecute this year. We've seen continued strength in the renewal base, so I expect, you know, we should continue to see that level of performance in that segment of the business. But again, as we think about the back half of the year, given what we experienced in Q2, we are being conservative in terms of how we think about the different elements of the business. You know, I don't know what else to offer there. Okay. Yeah, that's helpful. I guess operationally, can you talk about what are the changes that you make, just given what you've seen in the first half, and, like, how do we—what are you doing to ensure you guys execute better or, like, turn things around, so to say, for the back half of the year? Yeah, so I touched on some of it, but maybe as a recap. So look, coming through Q2, we did identify that there was opportunities for us to execute better. There's no question. It is a difficult macro, but you know, we need to be able to execute through that nonetheless. And so I talked about some of it. We really do. We are focused on and doubling down on making sure that the sales reps are enabled properly to be able to navigate- ... a more challenging environment. We are seeing customers continue to scrutinize deal flow, and so the, the value aspect of the conversation, the ROI capture of the conversation, is increasingly important, making sure that reps are well prepared to have those conversations. Making sure reps understand as customers change their internal processes and expectation on deal flow, that we have a complete understanding of those so that we can, you know, properly navigate and predict the trajectory of deal flow. And then lastly, we've made some changes or are in the process of making changes from some leadership perspectives. We talked on the call about changing out our head of North America sales and as well as the head of our global partner strategy. Got it. I guess just on some of the upside that you've seen previously, like the ELA momentum, the cloud, how de-risked. Like, we've been getting a lot of questions, how de-risked is this guy? What are you guys seeing? Like, how do you want to answer, like, investors? Like, if people are asking, like, "Is this number completely de-risked?" And, like, what's expectation for the cloud? Yeah, so there's a little bit in there. Maybe, you know, with respect to de-risking and the conservative nature of guidance. Look, Q2 was not comfortable. It wasn't a quarter that we hoped to put up, and we got... We were obviously disappointed with the results, and so as we approach the back half of the year, we don't want to be in that situation again. We want to make sure that we've taken a conservative enough approach, given what we're experiencing in the market today, that we don't have to be in that situation again. Obviously, it still requires us to execute through- ...the back half of the year, and that's on us. So, as it relates to that, your question about ELAs, so for those that may be newer to the story, two years ago, we introduced a pricing and packaging strategy. We call them ELAs. It's not all technology for, you know, forever at a single price. There are different tiers of ELAs that are kind of anchored with our Designer product from a seat perspective, and then we add Server, a certain number of servers and cores, and some of the other products in the portfolio as part of the ELA to encourage customers to be able to, you know, more easily buy a large population of our technology. Then in addition to getting whatever technology they choose at whatever level, we have something called Burst, which gives customers the ability to use up to 50% more Designer licenses for the first year of the ELA, more as a proof of concept, a trial, basically an opportunity to go through their organization, identify additional users that could benefit from Alteryx, additional use cases. And it's been a highly successful offering. It's easier for customers to purchase. It gives them flexibility that they may not have had. It is a smaller piece of the business, and each quarter, it has built a larger and larger base. It does roll on a subscription basis, if you will, so they're typically one-year ELAs or three-year ELAs. The Burst is only available for that first year. We had the largest concentration of ELAs sold in Q4 of last year, so we'll expect to see the renewal of those in Q4 of this year, which should prove to be a tailwind to the business as we think about Q4. But it is a growing and more popular offering that customers have adopted, but it is still, you know, relatively early and is not the lion's share of transaction flow. Got it. So the first half of the ELA, what you've seen at ELA was likely slower versus the back half that we're gonna be seeing? I would just- ... generally say we have typical seasonality. It has gotten a little bit pronounced, as I mentioned earlier- Right ... with respect to the enterprise focus. But, you know, Q1 is our seasonally lowest quarter from a booking perspective. Q2 is a little bit stronger historically, and then Q4 is by far our strongest quarter. So when you just think about our traditional seasonal tendencies, Q4 is always going to be the largest. Having said that, Q2 was the second largest quarter. This past Q2 was the second largest quarter for ELA sold thus far, just behind Q4 of last year. Got it. That's helpful colors. I guess maybe turning the cloud upside that you're seeing, that you guys launched Designer Cloud at the beginning of the year. This was like based on acquisition you guys done a few years ago from Trifacta. Can you kind of walk us through some of the new products that you guys built into Designer Cloud, and what are you guys seeing? How is the transition going from Trifacta? Yeah, so maybe starting at a little bit higher level. So, as I mentioned kind of at the beginning, we offer technology both on-premise and the cloud. The Alteryx Analytics Cloud Platform today is the combination of the Trifacta acquisition that we completed last February 2022, and the best of what Alteryx has to offer in a very modular format. So we've got applications that sit on the cloud. One is called Designer Cloud, and it's got some of the initial capabilities that our Designer on-premise has, but it's much more modular in nature. So we have a module that's AI and ML, and it's specifically focusing on the more sophisticated aspects of analytic model building. We've got Location Intelligence, which is essentially the decomposition of geospatial analytics that sits in Designer, and it sits in its own application within the cloud. So as we think about the two offerings, the Analytics Cloud Platform as a whole, over time, will have a wide breadth of capabilities, likely greater than what the Designer product has today. But the comparable is more the on-prem Designer Desktop product relative to the Analytics Cloud Platform. I think we've always been very clear that we view this as a growing opportunity, so it's not material to the business today in terms of contribution to revenue or ACV, but we expect that it will be increasingly more material going forward. The cloud is designed and is focused from a go-to-market perspective on personas and use cases that are more cloud native in nature. So today, the Designer Desktop product is a Windows-based product. So if you're working on a Mac, you either have to virtualize or you can't use Designer. The cloud product is a browser-based product, so you're able to access it in those environments, so just by way of comparison. And we just recently announced that for Designer Desktop customers, you can now deploy your workflows into the Analytics Cloud Platform. So if you think about the overall strategy going forward, what you effectively will have is the Analytics Cloud Platform will be the base level orchestration of analytics, and we will have different applications that you can use from a design time perspective. So if you choose to build your models in the desktop product, you can do that. If you wanna do it in a browser, we have the capabilities for you to do it there, and then you can deploy all of your workflows, regardless of where it's being created, into the Analytics Cloud Platform, and that's where the runtime experience will be. Okay, I guess even the cloud product, there are a lot of questions, I think, even out there for investors. Like, do you see the cloud product that comes out would cannibalize some of the Designer platform licenses that you guys have? And you mentioned, yeah, it's a new persona out there, but what do you see, the opportunity here with cloud Designer? So we've really focused the early capabilities in offering on areas where we think that the cloud is better situated, right? So it isn't a lift and shift, let's go to our existing customer base and, you know, try to move their entire on-premise estate to the cloud. That's an incredible amount of work and cost that it doesn't really provide a lot of value at the end of the day today. Users of the Designer Desktop product, it's a rich experience, and it is... You know, it's kind of like trying to take candy from a baby. I mean, the customers love that experience. So we're really trying to focus the initial cloud opportunities on different personas and different use cases, and we've had success in doing that. Over time, as the platform becomes more feature-rich and more comparable, we will likely see customers that, you know, start to shift users from on-premise to the cloud, but I think we're quite some time away from that. Okay. Yeah, you mentioned the features product of the cloud and versus the platform is still kind of not at parity. Can you talk about what is the plan and what is the features that got built into the cloud? I know it's not everything from the platform gonna move to the cloud. Can you, kind of, go through the differences there? Yeah. So they are two distinctly different products. We don't have an intention to just simply replicate the Designer Desktop product in the cloud. There really is an intent to look at the cloud platform and build modules and applications that we think serve analytic modeling today. And so there's going to be things that are going to be different between the two. It is not just simply, you know, a parity roadmap. ... get the cloud to, you know, to replicate everything that the desktop does, and then again, as I said, migrate. But really take advantage of we are building this today. We innovate on the cloud in two-week cycles. So if you're a cloud customer, you are seeing, you know, rapid innovation being introduced to the environment on a regular basis. We have updates to the desktop products and the server products as well, but you just can't innovate and provide that to customers in the same friction-free way as you can on the cloud. So over time, they're different products serving some different use cases and some common. As I said, I think over time, as the cloud becomes more feature-rich and there are more capabilities in it, it will cover off on many of the things that the desktop product does. But that alone isn't necessarily what's going to make the customer's decision as to whether they deploy on-prem or in the cloud. I think there's other factors: governance, where does the data reside? What are they comfortable exposing outside the firewall versus inside the firewall? So we're trying to address all of those aspects as we go forward to give customers ultimately the most flexibility- ... let them deploy the technology in the manner that best suits them. Yeah, you mentioned just like you sound like you're still making investment on the on-premise side. Can you kind of go through how you think about your costs, your R&D? Like, how do you split between the on-premise side innovation and versus the cloud innovation? How do you see that trajectory going forward? Yeah, it's a good question. I mean, we've continued to innovate and develop on both sides, if you will. You know, the on-premise is the vast majority of our ARR base today, and so continuing to develop those technologies and products for customers is important. A lot of the newer innovation is gonna happen in the cloud, as I described. It can be deployed faster, it can be controlled, it does, you know, provide a lot more flexibility to customers. But, you know, we can't ignore the fact that we have a large install base. So, the focus of the on-premise stuff continues to be governance, enterprise readiness, durability, a lot of the aspects that you would typically expect large enterprises to care about as they deploy large technologies. And then really using the cloud as the opportunity to introduce new innovative rapid technologies. Okay, got it. I guess even in the cloud, like there's lower margin because you have the cloud costs and everything. Like, how do you think about, like, if the customer—do you provide incentive for customer to move through? Like, how is the pricing structure there that you can kind of balance out your cost margin going forward in this journey to move customers away? So there's two ways that we think about the margin profile and cost. First of all, for the larger deployed customers, we don't want them to be incentivized to choose one deployment method over the other simply because of price. We really want them to choose the deployment method that works best in their environments. And I think over time, you'll increasingly see more companies be comfortable with analytics in a cloud state. But today we're finding that it really is hybrid in nature. We introduced this year the ability to separate the design time, so the ability to build models in the cloud, from the runtime, which is where the data gets processed. We call that Private Data Handling. And so being able to separate that gives customers the comfort that you could build a model in a browser experience, you're not exposing data in that environment, and you can run it behind the firewall so your data doesn't get exposed. And that has two effects: one, the consumption is happening on the customer's instance and environment, so we're not having to pay for that consumption. So it should have a positive impact on margins. And then again, you know, ease any friction that customers may have in terms of exposing data into public environments that they wouldn't want to. So look, the long-term model has an assumption that gross margins do come down a bit. We're not gonna enjoy, you know, 90+% gross margins on a cloud-oriented product, but we do believe over time that the blend between those and being able to introduce things like Private Data Handling will allow us to continue to enjoy, you know, 80%-85% gross margins on an overall company basis. Okay, I guess that's a good continuation into some of the long-term targets you guys put out, previously, like approaching the Rule of 40, and then maybe more a balanced approach. Can you kind of help us understand, are you guys still on pace, just given what we've seen the first half, and what are your expectation towards that target? So a couple of things. The long-term model we talked about at our Investor Day in May. It was built on the basis that we would expect to achieve the long-term model in fiscal 2028, assuming that we maintained a 20% or greater growth rate. On that basis, we committed to delivering 3-4 points of leverage each year between now and then to achieve it. This year's growth is obviously coming in under that, and my commentary on the call is, you should expect us to deliver a greater level of leverage in 2024 as a result of lower growth this year. So that is something that we are committed to doing, and we'll continue to calibrate, you know, each year, how we, you know, what is the expectation from growth, and how do we balance growth and profitability? We also have said that we are committed over a longer period of time to Rule of 40. So making progress there is something that we are committed to doing. Okay, I guess, just given the margins coming in better and then the changes that you guys did, and then the restructuring announcement a couple quarters ago, can you give us a sense of how's the progress going, and what are you seeing from those changes that you made? We'll see the full effect of the cost adjustments that we made, represented in the full guide for next year, which we obviously haven't provided yet. But, you know, there are savings that we anticipated that have been included in the guidance for the activities that we've done thus far. But the full annual effect of those will come into play as we go into 2024. Okay, obviously, you're not gonna provide guidance, but do you see, like, a similar trajectory that we saw on margins improvement, on, like, free cash flow going to next year? ... Well, again, I mean, my, my commitment and comments on the Q2 call were, you should expect us to deliver 5+ points of leverage going into 2024, given the lower growth rate that we experienced this year. Okay. I guess we still have, like, a little more than five minutes here. I still can keep going, but I just want to see on the floor, if anyone want to ask a question, feel free. Okay, I guess we can keep going. I guess, like, in some of the conference that inspired that you guys are now a lot of new partnership going on with GSI, with ISV. Can you kind of walk us through how has this partnership evolved, in the past year or so, and then what changes are you guys making? Yeah. So one of the changes we're making, we announced a new leader for our global partner program, so we're excited with those changes. Partners fundamentally are a meaningful and important part of our go-to-market and this ecosystem as a whole, right? The ability to leverage the global GSIs and the relationships they have in the C-suite and some of the initiatives that they're driving from a global perspective has been important and valuable to us. As we think about being able to continue to grow at a more efficient rate, leveraging partners to do that is important. And I think we've commented over the last, you know, several quarters that partners have influenced over 50% of the new ACV that we book in given quarters. So they're very important to both the customers, but as well as our business, as we think about continuing to grow and expand. So I think there's opportunities for us to continue to execute well with partners. I think they're incredibly important to this ecosystem. They can do a lot of the solutioning, implementation, provisioning, support with these large customers that we don't do, and so it really is a very complementary environment. When you think about partners from a technology perspective, so you know, we've announced relationships with many of the hypers- Snowflake. With Snowflake, Databricks, Google more recently. You know, those really are in service of customers. If you think about, you know, just the disparate analytic stack that exists within large organizations, they're expecting companies like us to be able to integrate and be compatible with all of the other technologies they have in their environments. And many of these technologies require orchestration layer technologies like Alteryx, to be able to get the benefit out of it. So to build an Alteryx workflow, leveraging Snowflake data, and then be able to actually push down and process in Snowflake, is incredibly valuable to many of our customers. And so, you know, fostering those types of partnerships is also very important. Got it. I think at the beginning, when the IPO, there's some concern that Snowflake might, I don't know, take some workload away or there's this intermediate, what you guys doing at the core design and platform. Have you seen any changes, what customers are using, how customers are using this collaboration with Alteryx and Snowflake customers? We haven't, and I think some of the realities here is that Snowflake is a data repository. It's a cloud data warehouse. It's intended to store and process data. That is not what Alteryx is built for. We don't store, we don't persist data. We build models. Most of our models are pulling from a half a dozen or more environments, so they're not getting all of their data from one place. That is a core reality of a line of business analyst's work. They're generally pulling from a variety of different sources. But Snowflake is an important player in the ecosystem. We're seeing customers adopt it, put data there, and it needs to be accessed. A line of business analyst can't generally go into Snowflake, which is an unstructured environment, understand it, and interact with that data without leveraging other technologies. And so we do just look at it as much more of a collaborative relationship and experience than one that is cannibalistic. I don't think that we've seen any cannibalization of workflows or workloads in Alteryx- Right ... as a result of any of the cloud data warehouses. Okay. I guess with this collaboration, have you seen—like, if people are trying to understand, how can you quantify the progress here that you've seen with Snowflake, with Databricks, or with, like, CSP? Like, is there a specific number? I know you talk about the 50% workload from there. Like, is there some, like, dollar amount that you can put it from these partnerships? I mean, outside of how partners influence our business, there isn't another number, per se, that I would offer or that we have offered. I think just overall, the importance of being able to integrate and work collaboratively in this environment, in this ecosystem, I should say maybe more appropriately, is just, I think what we strive to do, and the partnerships that we strike are in service of that. Got it. Okay. I guess with a couple of minutes left here, like, there are some rumors out there a few days ago. I mean, I'll leave it to you if you want to address it or say something, and if not, like, talk about some longer-term trajectory. What are your key priorities for the back half of the year here? Yeah, I'll take the last one. We don't obviously go comment on rumors, and those are for other people to, I guess, create, if you will. Look, our priority as we think about the back half of the year and going into 2024, as I mentioned earlier, we know there's areas of the business we can do better and execute. It doesn't... You know, so if we think about, you know, we are trying to control what we can control. We can't control customer budgets. We can't control macro. We can't control those things, but we can control how we go to market, how we engage with customers, how we understand their cycles, and attempt to execute as well as we can through that. Q2 was rough, and nobody was happy with the outcomes, and so we're working really hard, putting our head down, and we'll take it one quarter at a time and try to put up, you know, results that are more indicative of what this company has done historically. Okay. Thank you, Kevin. Thank you.