All right. Good afternoon and good morning, everybody. Thanks again for joining the next session at our virtual software event. Dan Jester, BMO Software Research, here again, and happy to have BlackLine with us today. We have Owen Ryan, who's the Chairman and Co-Chief Executive. We have Patrick Villanova, who is the CFO, and Matt Humphries, who I'm sure everyone on this line knows, who runs Investor Relations. Thank you to the three of you for joining today. I really appreciate it. In terms of logistics, if you're on the line and you want to ask a question, send me an email, or you can use the feature in the web browser to hit and send me a question, and I'll do my best to get those answered. With that, Ryan, I think it would be a great place to start the conversation, kind of stepping back and helping people understand where we are with BlackLine today. You and Therese came into the business a few years ago and have done a lot of work re-engineering what BlackLine is. Maybe just we could start there. What have you done that's been most impactful? Maybe we just start there. Sure, Dan. It is good to be with you again. Thank you, everybody, for joining to listen today to Patrick, Matt, and myself. A couple of things. Dan just hinted at it. Therese and I have been in our roles a little bit over two years at this particular point in time. Really, what we focused on in the first year was taking a very hard look at our strategy. We made a lot of hard choices about things that we would do and things we would stop doing, so choices in and choices out. We also took a very hard look at our operating model and how we would run the business and where we run the business from. That was a critical piece of work that we did throughout 2023. We went live sort of with that model in 2024, and then also beginning in late 2024, throughout or excuse me, early 2024, and throughout 2025 so far, we replaced basically everyone on the leadership team except for the Chief Administrative and Chief Legal Officer. She is still in that role, and then even sort of the level one down. The reason we had to do that is because I think we recognized the people that we had, we really appreciated, had gotten the company to a certain point. As you have been around long enough, you know what got you here does not get you there. We had to really take a fresh look at the team, the people, the processes, the technologies that would allow us to re-accelerate the growth and drive up the operating margin of the business as we move forward. We made really hard choices, but good choices around the industries we would play in, where our geographic footprint would be, how we would price for our product, would we go into the public sector markets, what we would do around the platform and innovation, where we would double down and sort of record to report and invoice to cash space, how we would deal with ERPs. We made this decision, which we think was very important for us, about being partner-powered with the big SIs as well as with certain SAP players or ERP players and things of that nature. All those choices really we put together, began to work through them in 2024, and we're beginning to see the fruits of that labor now as we've gotten into 2025. We feel pretty bullish about the plan that we shared with Wall Street back in November of last year, and looking forward to share more of that as we move forward throughout this year. That's a really good overview. I think one of the things that's underappreciated, at least when I talk to investors, is the change management that you've done in terms of bringing in new leaders and a fresh set of eyes. Is there any common themes in terms of what you were looking for to bring in folks to surround you and Therese and Patrick to sort of get the company to the next level? No one's asked me that question before, Dan, so I really actually appreciate it. It's what we call internally lunchbox leadership. We wanted people that would show up with a lunchbox wearing overalls with a pitchfork, a shovel, and ready to work. We were not looking for people that could sit up in a tower and sort of tell people how to do things. We wanted people that would get in the trenches and really lead by example. I think that is what we've built. We've coalesced. It's a really great team. They work very, very well together. They're not afraid to challenge one another, push one another. By the same token, they understand our success is driven by the success we help our customers with. That's ultimately the outcome. It's not selling them software. It's helping our customers get the most out of the software they buy from BlackLine. That's been refreshing. I think one of the things that Therese and I take a great deal of pride in is the culture that we're creating. By the way, it's not for everybody, right? We've been very clear, very, very clear. If you want a job, BlackLine is probably not a place for you. If you want a career, BlackLine is a great place to be. One of the things that we track very closely is our voluntary turnover of our top performers, and that's almost nonexistent. That tells us we've got the right people wanting to do the right things for the right customers at the right time. Okay. So one of the new people joined is you have a new Chief Revenue Officer. And so when you go back a couple of years ago, you made some changes that you thought in terms of the go-to-market and kind of where you were playing and how you were playing. Can you give us an update now that we have a new senior leader on your revenue operations? What kind of changes is he sort of embarking on, or what should we be thinking about potential changes in the future? It is only four months in, but the changes have been extraordinary. I will go back to sort of what we were saying about the kind of leader we wanted. Stuart Van Houten joined us from SAP. What he has really brought to the organization is a rigor and a discipline and a reporting cadence that has got the team really on their toes and moving. He drives harder than anyone I have ever come across of how to get deals closed. I really appreciate the way that he goes about that. I think that the reporting that we are beginning to see and how we sort of figure out discovery for our customers, one of the things I have been very impressed with him is how he is teaching our people to listen even better. I've been out on enough sales calls for our people who very much want to start talking about what BlackLine does versus listening to what is your customer's problems and how might we be able to help solve that with software being part of the solution, but not the only part of the solution. I think just watching him with the team and then some of the people that he's brought in, we have really great new leaders both in Europe and Asia-Pacific. I don't think we could be any more confident in the kind of people that we now have helping to drive success in the marketplace. It's rigor, it's discipline, it's passion, it's reporting, it's accountability, and all the things that I would have wanted to see, and now we have them. Okay. That's fantastic. Maybe we can spend a little bit of time on the different parts of your business. I guess starting with SAP, which comes up, I suspect, very frequently in your conversations with investors. Can you give us an update in terms of what you're seeing today or now in terms of the transformation that's happening in SAP and what specifically BlackLine is doing to capitalize on all the things that are happening in the customers' net ecosystem? Yeah. If you don't mind, Dan, I'm just going to give a little bit of context because. Of course. Right? So we've had this, what we call SolEx relationship since 2018, which gave us really preferred status within the SAP walls. It is not that we were not doing business with SAP prior to that, but it was sort of the change relationship. It has been a good relationship overall. Last year in 2024 was a tough year for us, though. SAP announced a major layoff reorganization at the beginning of last year. 8,000 people left that organization, many of whom we worked with in the marketplace. About six months later, our executive sponsor left. You could either pout over that or you could make lemonade out of those lemons. What Therese and I did was we sort of reached out to Christian Klein, who was the CEO of SAP, and said, "Let's take a step back and figure out where this relationship's going and how do we really maximize value for each other and ultimately for our customers more than anything else." Coincidentally, at the time, ExxonMobil was going through a major SAP upgrade. Christian happened to be the executive sponsor for the SAP side. I was the executive sponsor for the BlackLine side. The SIs had recommended, and which is something we've been saying for a while, if you start with finance first, you can create much more value for your customers. It's not just a lift and shift, but there's a whole bunch of value. Patrick can walk through all the details of how that creates value for customers versus just doing a lift and shift. I think that was a seminal moment in the relationship. There were things that we just knew we needed to do around getting the one we now call a golden architecture. You could see BlackLine and SAP on one piece of paper. Before, you could not really tell how it all fit together. Changing the incentive and the compensation system so that they were better aligned, that you have to sort of opt out of BlackLine versus opt in. We used to be like the last item potentially on the bill of materials. Now it is like you are going to use BlackLine because it is so powerful to getting you on your journey. Trainings. There is just a whole governance. There's a whole bunch of things that we've done. So then where does it show up, right? Because it's nice to say things out of Walldorf in their headquarters or Los Angeles and ours, but the reality is on the front lines where it really matters. I think for us, we started to see some good progress at the end of last year. Then the first quarter really picked up nice. When Stuart joined, that was an accelerator. SAP just had their Sapphire conferences both in the U.S. and then in Europe. If I told you last year, maybe a couple of years before, it felt like we were banging our shoulder to try to get the door open. This time, the door was wide open. I joke, but it's somewhat true. Our booth was overrun by SAP reps and SAP customers with their reps who are listening to the Exxon story. They're listening to the Delta story. They know all the other things that are in progress that are working. You are starting to see a very nice uptick in pipeline. You are seeing people using the Golden Architecture now in conversations with customers, the so-called power of three of SAP, BlackLine, and a system integrator. They are using that in the marketplace. I could not be more pleased with the progress we are making other than I always want it faster. From that perspective, we feel really good about what is going on. I do think that SAP is recognizing it is hard to convince a customer to go spend $50 million-$100 million on an S/4 upgrade if you are not going to get anything else different out of it. I think that's where BlackLine has really begun to show its value. Unsolicited, if you listen to the ExxonMobil earnings call last month, the CFO talked about the power of BlackLine and what it has done for them. I don't know that we've got better commercial advertisement than that. We didn't pay for it. We were just as stunned as everybody else when she said it. It's great acknowledgment of what, when done the right way, the power that BlackLine and SAP can deliver for customers. Long answer, Dan. I'm sorry. No. It's really important to what we do. Great context. And sort of unpack that. You have both, there's the opportunity with current BlackLine customers who are going through the migration, and then you have the opportunity to win new BlackLine customers as they go through this migration. Can you help us think about the parallel streams there? Is the pipeline that you're creating more existing? Is it more new? How should we think about those pieces? Yeah. Just to give you an order of magnitude, let's just for round numbers say BlackLine has about 1,000 customers run SAP, some version of it, whether it's the old ECC or they're in their version of S/4HANA. That's out of 30,000 SAP customers that would sort of fit our ideal customer profile. You could say we've got 3% penetration. Even within that 3% penetration, there's many of these customers. When you look at how they use us, we have customers that will spend $5 million or $6 million with BlackLine, and then their peer customer who also runs BlackLine is spending $500,000 or $600,000. A lot of what we're trying to do now is show how the power of BlackLine can help these customers achieve so much more if they use other parts of our solution, working with a partner, working with SAP to really drive and create value. The opportunity is quite large in front of us. There are markets like Germany where SAP is incredibly dominant, where we're just still scratching the surface of that. When we look at what's going on in the pipeline, it's certainly expansion within our 1,000+ customers that we already have running SAP. What we're really beginning to see is also more of these net new where these reps are going, "Hey, we've got opportunities. BlackLine's not in there yet. S/4HANA is a good solution, but it doesn't solve for all the things that BlackLine can do. Certainly, compared to the legacy on-prem solution, BlackLine is light years ahead. You're seeing just much more uptick. I think the challenge for us this year is going to be figuring out how to pursue all these things because they are a much larger organization than we are, and we're going to have to pick our spots appropriately. Okay. Just to clarify, do you think that when you look at some of these new customer opportunities, do you think that these are going to be big bangs where you're going to be able to sell a lot of the suite because they're doing a lot of the transformation all at once? Is this going to help them as part of the transformation, and then you can come back, and then you can sell them in the future intercompany or Invoice to Cash or something like that? Yeah. Okay. And Patrick, please keep me honest here. I think what we're seeing in the pipeline, and it's always—listen, I hate to equivocate, right? Because you want a black-and-white answer, and I'm going to say it depends. I think the reality is we're starting to see bigger opportunities that are earlier in the process because of the value proposition. Again, when you get to this golden architecture and you know that you can capture much more value on the upfront, we expect to land earlier and bigger than we have historically. I think the other piece of this is there's a lot of advice you give to companies that are going on a finance transformation. It doesn't happen in six months, right? It's a multi-year journey. Part of this arises how best can we advise them based upon their own capabilities, their own pain points, what SAP and what the SI are trying to help to fix. I wish I could say it's one size fits all, but definitely, I believe we're going to be landing bigger and earlier because that matters. Patrick, I do not know if you want to add anything to that for Dan to give more specifics and less generalities of what I just said. Yeah. I mean, Dan, the way I would view it as a practitioner, somebody that's done ERP migrations in a previous life, I would say landing with Financial Close is table stakes, the entire suite. That's a no-brainer. I would say for the most part, landing with Intercompany early concurrently makes sense if you're a multinational organization. You look at these 30,000 customers, at least 10,000 of them are enterprise class. That's typically an indicator that they're multinational, probably public. If you're doing that, then you should land with our Financial Close and our Intercompany solution concurrently. Okay. So maybe we can contextualize how important the SAP opportunity is to the broader company, right? You've given guidance for this year, and maybe we'll talk a little bit more about it. The aspiration certainly is over multiple years to re-accelerate the business. How important is SAP in that re-acceleration journey? Then we can talk about maybe the other factors we should be considering as we think about the multi-year trend here. If you do not mind, Patrick, and I will probably tail a little bit. I mean, just starting, SAP is about 25% of our revenue. Maybe they have a third of the market. We see that there is upside there. We also have a big footprint with Oracle customers, big footprint with Workday customers, big footprint with some Microsoft Dynamics customers. We have always been ERP agnostic, and we take advantage of that. We have this, what I would call, a blossoming relationship with Workday. We would say that seems to have been driven more by their people in the field who were trying to pitch Workday with who was their preferred provider. They were not winning as much because BlackLine is a superior solution. We are seeing more uptake from that. Oracle is always a little bit tricky. They sort of say they can do it all. The reality is in the financial close space, it's a different model. We think we've got something that's very, very distinct from what they have. We will continue, we believe, to have success there. It's interesting. We sort of lost a couple of customers in the last few years that are now deep into the throes of coming back because the auditors can't trace what Oracle is doing in their systems. It just doesn't work as well as what a BlackLine did. We're seeing real progress in that front. Patrick, do you want to pick it up from there? Yeah, Dan, if you're driving more towards target model and how we're going to get to where we are and the inflection point that we've signaled for the second half of this year, I think one key takeaway here is while this SAP supercycle, as they're calling it, over the next five years, these 30,000 customers represent a pretty huge opportunity for us as a company. When we built our target model and went out and messaged it during Investor Day last November, we built it in a way that was 100% within our own control. So we targeted over the next three to five years to get to 13%-16% revenue growth with that inflection from where we are today being signaled in the second half of this year. When I say signaled, I'm saying leading indicators such as billings, CRPO, ARR growth, and then revenue will follow in 2026 and beyond. When we build that, though, we want to say we want to control our own destiny. We want to be 100% in control of what we're signaling to the marketplace. The path to 13% is basically, from a partner perspective, reflects the 25-30% mix that we're seeing from SAP today. It does not contemplate above and beyond this 30,000 ERP migration opportunity. As that gains momentum, which SAP will lead that, right? They lead that conversation, but they're with us now side by side with this joint architecture with a much stronger message that can push our growth rate above and beyond 13%, up towards 16% and beyond. It's a tailwind to our overall model. Right now, and this might open the door to more conversation or more questions, but good questions. Our investments are in our pricing strategy. It is in our innovation and technology. It is in our partners. It is in our location and geos. It is in our industry. These are things that we control. These are investments that we control that are growth levers that build upon themselves over the next three to five years to get back to that mid-teens double-digit growth. Okay. That's really helpful context. On the pricing strategy, very new, so very early days. As we think about sort of that contribution to 2025, are we on track with regards to your expectations? How should we be thinking about this sort of on a longer perspective? Yeah. Just to hit the nail on the head there and then maybe unwind it a little bit in terms of how it's going, we are slightly ahead of our own expectations on the pricing strategy. I think it's important, context is very important when we talk about this. We went through a very robust analysis in 2024, reaching out to all of our customers. We even reached out to former customers just to understand how our pricing is viewed, how it's digested, where the value proposition is. The working thesis coming out of that analysis, where we used a third-party expert as well, was that an overwhelming majority of our customers would embrace a platform pricing structure and to get away from these seat licenses and user licenses. Just to be clear, the one market segment that we saw or one cohort that we did not see that strong majority that would potentially embrace was lower mid-market. We have signaled over the last several quarters that lower mid-market is a place that we are not overly investing in. We have seen some churn there. These are very small customers, five users, things of that nature. If they want to stay with BlackLine, great. If they have IPO potential, we will work with them. Our bread and butter, where we are investing, is the upper mid-market and enterprise. That is where the pricing strategy gained a lot of momentum. In the first quarter, we launched the strategy in North America. In this quarter, second quarter, we have launched it in the rest of the world. Eventually, Solex will follow as we align this platform pricing with SAP. What we've seen so far is exactly what the thesis said or the analysis said over a year ago, that CFOs and CAOs and controllers are embracing this approach. There's strength in simplicity when you're talking to an accountant like myself. What's great about this pricing model is it's a placemat. It's a one-pager. On the left side, there's a platform fee. That platform fee, there's about 20-25 levels or tiers. That fee is based upon your revenue as a company. Your platform fee only goes up if your revenue goes up. Your revenue goes up, our revenue goes up. It's a great handshake out in the marketplace. You succeed, we succeed. On the right side of this placemat, this pricing placemat, are all of our consumption-based products: journals, matching, intercompany, I2C, high-frequency racks. Then eventually, off to the far right, we're building out agentic AI and how to build out the consumption-based modeling for that. On these consumption-based products, the more you use, your per-unit price goes down. That is more revenue for us, but your ROI as a customer goes up because your per-unit cost is going down the more you consume. It went from a conversation that at times was a bit awkward, like how many accountants do you have, how many people in your GL team, how can we over-rationalize how many seat licenses you have, to something more transformative where we're approaching senior leadership now and saying, "Look, we're delivering you a platform powered by Studio 360 with four solutions connected. We want you within the office of the CFO. We want everyone logging into our platform. We want this transformation to be your entire office, not just pockets of accountants throughout your org around the world. You have everybody on the platform. You have everybody using it, which drives more consumption, drives more adoption. It is a strategy that not only resonates with the buyer from a value and ROI perspective, but it also pairs very well with where we're going with our product and where we're going with our solution. It is early. We're five months in, five plus months in. So far, we are slightly exceeding our expectations. It's going to take about three years to get through our entire renewal space. We are pulling that forward to the extent possible if there's interest. All new logos, all new customers, they see the new pricing strategy. Maybe this is a related but somewhat different topic about the amount of AI innovation that has been launched by the company over the last six months. A lot of that is probably still to come as well. Does that offer an opportunity for customers to accelerate their adoption of the new pricing strategy? If they're interested in AI, you can use that as a carrot to sort of make the transition as well or parallel streams. Yeah. That is a part product question, part pricing. It is absolutely an opportunity, right? Now it is early from our AI journey. We do not have a lot built into the 2025 plan, but it is obviously part of our future. That is intentional as we roll out this new technology. The way I would characterize AI, everybody dives right into AI. The first thing you have to do, though, from an AI perspective, is set the foundation. Because if you are a company that has 15 ERPs and they are all siloed and you release AI, you are going to get 15 different answers every time you run it. The key, the baseline key or foundational element to AI is uniform data or data throughout your entire platform, throughout your entire ERP and your financial ecosystem. You have to have a single source of truth. The first thing we did over a year ago, two years ago, was start building that platform that enabled that. That is Studio 360, which connects our four solutions together to make sure that data over here in I2C is identical to data over here in Financial Close. That is key. That is step one. That is foundational. There are very few other companies that we do that have that, actually, none that I can think of. Now you have this foundational element of a unified platform with unified data and a single source of truth. Now you can release your AI technology, your AI agents into this environment. They are looking at data that is uniform across the entire platform. That is the benefit. That is the selling point to our customers. That is what builds confidence that it is going to work. You get to, okay, you used to use this product over here that was high levels of automation, but required some manual intervention. You had to click this, do this. It was 98% automated. What if we take the hands completely off the wheel? What if we allow agentic AI to do that? It will do that prudently. It will do it with an audit trail. It will do it in a way where you have complete visibility, not just for you and your own confidence as an accountant or a finance person, because we have to see it, right? It is in our DNA, but for our auditors, for our regulators. That is what we are doing. We're building product and technology that is allowing for the highest levels of automation through agentic AI, but we're doing it very prudently in a way that practitioners and regulators will embrace because it will have that audit trail and have that assurance. It's something I joke about with my team, with my coworkers. When you're an accountant, 99% accurate is 100% failure. It's not good enough. You have to be 100% accurate. We are keeping that in mind when we design all of this technology. That's fantastic. It's a great overview. As a practitioner, I suspect that you have at least some insight into how all of these are going to get adopted. As you put on maybe your customer lens, Patrick, having done this as your Chief Accounting Officer before this, now CFO, how do you see that adoption journey evolving? What's the one or two? Once you have the single source of truth, what's sort of the next stage in terms of where you see opportunity for your customers? I like telling this story. It comes down to proving it. I mean, it seems the statement of the obvious, but right now, agentic AI, I'm personally saying, is the third generation of technology within accounting and finance. When I started my career 25 years ago, there were some more senior partners at PwC, and they joked about that when Excel came out in the early 1980s, there was reluctance to use Excel. People didn't trust the floppy disk. They didn't trust it on the computer. They wanted their 10 key and their Green Ledger paper. I'm dating myself here. That is crazy when you think about it, because Excel is such an embedded part of our lives. You fast forward to the early 2000s, and you had the advent of the BlackLines of the world, where you start letting systems and technology do the processing for you. That took time, right? The key in generation one and generation two and now eventually agentic AI, there is one uniform thread throughout these last 50 years of innovation. It is that once you prove that technology works, once you get a comfort level with practitioners, once regulators, they are always a little behind, but once they follow and get on board, that flywheel is going to become exponential. The rate of adoption will become exponential because we all want to do things faster and more efficiently, but with accuracy. Once you prove you have something out there that works, that is where we are going to get to. That is where we are. We are in this. We're releasing it. We're proving that it works, and we're building that momentum. We have a few minutes left, and I want to get through a couple of quick hitters that have been emailed in. Speed round. GCP migration, what's the latest, and what should we be thinking about with regards to gross margin opportunity once that's beyond us? Yep. GCP migration, we are almost through the entire migration. It should be completed early 2026. It is going well. That is one of the core components to the expanding gross margin that we signaled back in Investor Day. Gain is from our current 80% to 85%. That is a core component because the finalization of that migration not only will remove redundant costs, but will allow for greater optimization of the cloud itself. It is two parts in that. Then the other element. That's great. Yeah. The other element of gross margin, of course, is AI, internal use of AI, and bringing more efficiency to our support and our support systems and how we interact with our customers. Okay. Second quick hitter on partners. This is for you, Owen. You've streamlined the partner ecosystem. It sounds like you've been very positive on it. Any updates in terms of what you're hearing in terms of their hiring within the BlackLine ecosystem to support your future growth aspirations? Yeah. I'll focus on what I would call our Baker's Dozen. So it's 13 of them. At least 12 of the 13 seem to be sold out from a resource perspective because we've been trying to subcontract some of their people to us, and we can't get anybody that's available at this point in time. They all seem pretty bullish. They're busy. They're looking to hire. They seem to be hiring out of companies and from each other. They're trying to take people that have real BlackLine experience. That is one of the interesting things. We talk about we have 400,000 users of BlackLine. There's probably double that many that over the years have worked on BlackLine and maybe gone to different companies or whatever that you can still pull those resources in. Demand from our partners has never been stronger. Now, a lot of that is because of the way we're sharing information and accounts and everything else. I think 2024 was a little we announced Partner Power at the end of 2023. 2024 was a year, "Let's see what they really do with this," like if they were going to really walk the talk. We did that throughout 2024. They are seeing that in 2025. Our partners are really leaning in the right way. Okay. Thank you. Strategic products. If you go back maybe a year ago, this was growing, or this was maybe like 20%-25% of sales in a given quarter. In the last couple of quarters, we are in the high 20s and sometimes north of 30. Have we reached sort of a new threshold in terms of the mix, given the momentum of the underlying business? I know there are several products there, but just high level, how do you feel about this improvement? Owen, if you want me to take that one. So. Oh, you go ahead, because I'm waiting to hear what you're going to say, because then I'm going to answer the second half of it. Go ahead. Yeah. I would say maybe I'll tackle the financial side of this. Dan, I would say that number is going to continue to grow. Going back to the answer or the conversation we had earlier around pricing and pricing strategy, that right side of the placement, those are all strategic products. They're all consumption-based. I would expect, or we are expecting, that over the duration of our target model, the next three to five years, it'll be the majority of our revenue by the time we reach that target. That's intentional because consumption-based products drive the ROI, drive the value proposition more so than anything that we offer. We expect that to continue to grow over time. I think I don't disagree with what Patrick has said, but when I look back at how our pipeline has been building in the last six months, there's been a resurgence in the core Financial Close. Some of that is more user-based versus consumption-based, but that's been an encouraging sign. I think that's a lot of credit to our team that's really out there. It's a credit to our partners who are going into our customers and saying, "Look, you're using BlackLine like this. This is how much more you can get out of it." There are those opportunities to expand. I don't know what the percentages will be, but I think it's going to be interesting because the core of the business is picking back up in a way that is very encouraging in what we're strategically trying to accomplish. Okay. That actually leads to the last rapid-fire round question, which is around the seasonality of the year. I mean, you've clearly several times in this conversation indicated that forward-looking indicators of the business are primed to improve this year. As we think about the cadence, anything that we'd be thinking about in terms of seasonality or when more precisely do we think that you should start to see these leading indicators show up in the results? Go ahead, Patrick. How about? Yeah. I mean, I would not pinpoint a specific date or time, but everything that we are seeing right now in terms of our pipeline build, in terms of our demand generation, is following the model and following the expectations that we set forth in February. When you look at our pipeline build, that has been very strong and above plan for over three quarters now, or three quarters, that converts into bookings. Smaller opportunities are within our base in six months. Bigger, seven-figure opportunities may take 12 months. The fact of the matter remains is the demand is there, the excitement is there, and then that will start converting in the second half of this year. You will see that inflection point in the second half of the year, but not going to pinpoint an exact date, but every leading part of our business indicates that we're about six months out. We have to try. All right, Owen. Really appreciate your time this morning and this afternoon. It was great talking to you. Thank you so much. Yeah. Great to talk to you. Any follow-ups, please let me know, and I'll be happy to pass them along to the team. Okay. Great. Thank you. Thank you, everybody, for listening. Have a great day. Thank you. Thanks.