Good morning. Thank you for joining us on day three of the Goldman Sachs Communicopia and Technology Conference. I'm Gabriela Borges. I cover the emerging software vertical here at GS, and I'm delighted to have on stage with me, Yancey Spruill, CEO of DigitalOcean, and Matt Steinfort, CFO. Thank you for joining us. Thank you for having us. Thank you. Good morning. Yancey, I want to start off with the news from the last two weeks o n the leadership transition at DigitalOcean. We've spoken about how there's never really a right time to hand over the reins. Would love to get your perspective on how you're thinking about the timing of the transition, and why now is the right time for a fresh perspective at DigitalOcean? Yeah. I think, you know, as I reflect on where we've come from, where we are, and where we're going, you know, there's never a good time in a company until they get to $2 billion. You could look at a chart and say, "Well, it became at $200, and it ten years later, it was $2 billion. What was the right time in there?" So let's just say that in terms of timing. We transformed the company. When I reflect on where we were four years ago in terms of you know... We more than tripled the company in terms of revenue. Every metric has been transformed. You know, 50% of every incremental revenue dollar has gone to incremental free cash flow. So free cash flow margin has gone from - 25% to mid-20%s. EBITDA margins in high teens to the low 40%s. Employee attrition's down, you know, engagement's up. We've gone from a pure infrastructure-as-a-service company to having platform-as-a-service, software capabilities, managed hosting, you know, like Kubernetes and our native databases, Kubernetes, and now an AI platform, as well as managed hosting. So we have a more complete platform, and we have a great balance sheet and a good team. And so I think when we look at the next several years, which this decision was all about, was the future, you know, this is a good time from a fresh perspective, for me to get some rest and, you know, I think for the team to move forward for the next push, because I think in four years from now, someone will be talking about different metrics that are also up and to the right. And, you know, the job from all of us is to give the keys to somebody in a lot better shape than you could took it, and, you know, I think that's the case here. You referenced transformation a number of times c ertainly, the company has hit some tremendous milestones during your tenure. Yeah. What are the one or two big strategic questions that you have been spending time on over the last year, and that you think will be important for the next CEO to spend time on? Yeah. I think the, the big... Our differentiation is pretty clear. Simplicity, our support model, our documentation, the fact of, of how we help customers remove barriers to them getting their ideas on the internet and starting a business is real. I think the question now becomes, as we serve ever larger customers, who have growing needs, how do we maintain the simplicity of the experience, while, while also meeting their growing needs? And, I think that is the central question for us, because as long as we can do that, this is a massive market, a $100 billion annual spend, very fragmented. We have a good position in that, but we will need to keep maintaining that differentiation of simplicity and the experience. I think as we do that, there's just a limitless sort of growth opportunity. I'll touch on this idea of simplicity of experience in the context of some of the more sophisticated use cases that customers are asking you to solve. Yeah. What are the one or two biggest technical challenges that you think customers are looking to DigitalOcean to solve, and how is that shaping the way that your R&D team is spending their time? Yeah. So, you know, it's amazing to talk to our customers, which I encourage all of you to do, because it's... You'll hear it live from them. You don't have to hear it from us. And I was having dinner last night with a customer here, you know, rapidly growing business in the, you know, marketing automation world. And the amount of effort that we remove from their system with our serverless products that allows their team to focus on innovation velocity for their customers is massive. And I was joking with the sales guy last night. I was like, "Wow, we're really underpriced," because they're saving a lot of money, real dollars, that they don't have to spend building and maintaining an application that's fueling their business. We call it our platform. And so, you know, I think that's what they want from us. They want... And, you know, I think a lot of times people conflate the word simplicity with sort of low functionality, you know, below a threshold in terms of quality. It's not. You know, we're frequently ranked as the fourth cloud behind the three hyperscalers, so the capability is, is substantial. But what they're looking for is, I wouldn't use the word sophistication. They're just looking for us to take burden off their plate so they can have more development of velocity, more velocity to focus on their customers and, and serving customers and growing their business. And, that's what's one of the most unique things about DigitalOcean, is you talk to your customers, and in five minutes, they say back to you what your mission is, which is to simplify the cloud, so we can focus on building software that changes the world. And that's what we do. And you hear it from... I heard it last night over pizza, you know, five minutes from here last night, and it's amazing that that's what we do. And that is a superpower as it relates to the competitive landscape out there. I want to bring it back to this idea of R&D priorities, which is, if I think about what DigitalOcean has excelled at, it's that simplicity, taking the more, complex functionality that one of the big three hyperscalers would typically provide a nd making it accessible. How do you balance the nuance between being a fast follower and also being innovative so that, especially with what's happening with artificial intelligence, you're capturing more sophisticated cases as well? How, how does that push and pull work within your R&D funding? Yeah, I think it's important to understand what we're not a pure technology company, we're a services company. And so the innovation for us is the simplicity, the experience that we create on the platform by making a lot of complexity, which the cloud is extremely complex. We talk about it, it's a buzzword. It's a very complex interweave of systems and processes that allows people to share in a completely different way than has ever occurred before. And so, you know, I think for us, the priorities are going to come down to enabling small businesses to get big, to become big businesses, in a nutshell. We've talked about it in terms of storage, we've talked about it in terms of security, but if you zoom out to a much higher altitude, what does that really mean? It means as companies go from a two-person team to a 10-person, 100-person, 1,000-person team, as their customers go from one to 5,000, their needs evolve. And what they want to run it on DigitalOcean, but they want that consistency of the experience and the barriers to be removed at each level of scale. So the priorities are really around SMB enablement, I would say. And, you know, storage is within that, our security tools, some of the other aspects of integrating the functionality. So if you want to manage hosting or you want to do it yourself, that experience, we're integrating that. So a lot of it is enabling small businesses. I'd say the second big one is obviously AI. We made a big investment in a platform, in a cloud infrastructure platform that enables people to create, whether it's language models or inference models, or run a business leveraging AI. That's called Paperspace. And so that's obviously a big priority for us as well. I'll stay on Paperspace, which is... Matt, this is, this is relevant, I think, for you as well. What are the guidelines or the framework that you're thinking about when deciding how much to invest behind Paperspace? Yeah. So we think, as Yancey said, it's a tremendous growth opportunity, and we were able to get a small company that had market traction and some real good customer base. But it was underfunded and hadn't been taking advantage of the opportunity, which is a great way to buy a company. And so we're pretty excited about that. We've already seen more demand at that business than we had expected in our deal model. We already doubled the amount of capacity that we were planning to invest in 2023. We said it's not going to be a material impact on revenue this year. It'll be kind of sub $5 million, but we think it could contribute up to 3% of growth next year. So I'd say we're being cautious and optimistic about the investment. So we will put additional capital to work if we see the growth, but we have clear milestones we need to see in terms of customer traction and, you know, the build of the funnel before we would do that. I don't think you'll see us going out there like some of the other competitors that are in the pure kind of bare metal market, the size of those commitments. I think we'll be more moderate than that, but we certainly see a big opportunity. You said up to 3%. I think it's at least 3%, is what we said. Yeah. And it's probably more than that. The only thing I would add is, I think the part of that caution is, as we're learning and unpacking, double-clicking, you know, we've supported the inference market. There have been businesses who run on AI inference for years on our platform. I think the new news, and we didn't have a, you know, P aperspace gives us a platform to enable people to create models much more effectively with a higher capacity GPU. I think what we're really trying to discern is, what is the sort of run rate opportunity or long-term opportunity for language model building versus the run rate opportunity for the inference, and for what do you do with that? Once you have a model, you have to run it on an infrastructure platform. And, I think that's a nuance the market doesn't yet know, and we're still figuring it out. But, we're going to invest aggressively, as Matt said, but I think the question is, how do those two align in terms of what our longer term vision is to... So I think we'll be cautious in terms of commenting on longer term until that, is sorted out. So that's a really interesting observation on the nuance between language model training and the inference use cases that are already being done on the DigitalOcean platform. As you did your due diligence on Paperspace, and as you talk to your customers today, would love if you could educate us a little bit on the differences between those two use cases? And you mentioned it's still early days. What are some of the factors that will influence whether large language model building becomes a bigger opportunity for you versus the inference side? Well, I think the language model is sort of... You have to build a model, and these are large, complex data sets that require a lot of compute intensity over a very short period of time. And then the question is, what's the maintenance and run rate, and where does that actually run? It doesn't probably need to run on H100, right? There's a mad dash for the... So we're trying to figure that out, but there's endless amounts of use cases. It's an open-ended growth opportunity because these models will transform sort of almost every discrete aspect of work with life, et cetera. But is that a big one-time event? And then what's the main-- And then there'll be a-- there's a maintenance. You have to tune it, et cetera, on an ongoing basis, which plays into our infrastructure platform. And as does inference, which is just running a model on infrastructure, needs core compute and, et cetera. And so I think the diligence proved that the capabilities on their platform can support a lot of the applications use cases, and that's why as we've been putting more wood behind the fire in the last two months since we've owned it, as Matt mentioned, the pipeline has, you know, more than doubled in terms of the revenue outlook from when we first bought it. So, but that's what our diligence is focused on. Can this scale? You know, it's a lot of small companies have interesting ideas, but you put 10x on it, and they break down, and, fortunately, that is not what we saw here, which is what we got incredibly excited about. I think it leads nicely to the bigger question on the business model between balancing growth and profitability. There's been so much progress on free cash flow margin, EBIT margin for DigitalOcean over the last three years. How do you think about the risks that perhaps the balance could have been more towards growth, given the opportunity that you see ahead of you? And is there a scenario where you think that balance shifts more significantly towards growth and away from margins over the next four years? And maybe that's a question for Matt as well, given that you're staying on. I'd say that over the long term, you know, one of the benefits of the work that Yancey's done over the years is we have a tremendous free cash flow margin. Absolutely. So we have, we did 27% in the, in the second quarter in the core DO business, and we were, you know, headed towards 30%. That affords us the ability to invest without materially backing off the free cash flow margins. And so while we said Paperspace is gonna cost us, you know, call it 300 basis points, we were still able to maintain our guide for the full year at 21%-22%. And so we like to think that we can manage through that balance, still generating very strong free cash flow margins while still investing in growth. When you see big opportunities like we did with Paperspace, and you have the ability to accelerate, dramatically accelerate the growth, so that we can invest a little bit behind that to take advantage of it without sacrificing kind of the, the principle of we need to be running a healthy business that generates material cash flows in any market environment, which is really the, the thesis that, that we've been operating under. Matt, as you've spent time with the P&L and as you've gotten familiar with the business model, how do you think about the amount of progress and heavy lifting that's already been done on the cost structure versus what's still to come? What are your observations on? Are there still meaningful categories where you can move the needle in terms of margin improvement? Absolutely. One of the things that most excited me about joining Yancey and the company is it feels like there's a tremendous amount of opportunity to drive continued operating leverage. And so there's a couple of areas where we would see potential. One is, we announced in February of this year that we were reducing some headcount, but at the same time, and probably more importantly, that we were shifting some of our resources to global capability centers in Pakistan and India and Mexico. We have the ability to continue to lean into that model, and that's a long-term structural improvement in the cost structure. That's not a one-time, we're cutting costs, trying to accelerate EBITDA. That's a change in the way that we operate, and there's still a lot of room for us to shift in that direction. The other area where I'm in particular very excited, you know, coming from the telecom world, is there's a lot of opportunity on the gross margin side. The data center infrastructure, the way we buy bandwidth, the way we peer. You know, this is a company that was built. You know, it's more of a cloud, it's more of a software orientation. And there's a lot of scale benefits that I think that we can get in terms of how we evaluate and structure our network. And you know, I've owned a data center business as part of Zayo that we sold. We were a cloud provider and sold to the cloud providers. I feel like we've got pretty good line of sight to continue the operating leverage there. So you mentioned the strategic optionality that you'll have with Zayo, and so I'll use this as an opportunity to ask about the strategic optionality with DigitalOcean, given how differentiated the asset is. How do you think about DigitalOcean's future as a standalone entity versus perhaps partnering or merging with another technology provider? Well, you know, I think our job is to operate the company as best we can and manage balanced growth and profitability. We've always had a bias to grow faster than more margin, but it had to be in balance. We, you know, just philosophically think companies should make money. And, as we said, we just accelerated margins this year from into 2023 from 2024, given the uncertainty. You know, we were here a year ago at this conference, and people were like: What's your run rate growth rate? You know, what do you think the sustainable growth rate? Nobody had an answer a year ago. I'm not sure people still know what the sustainable growth rate is in this different economic environment. And, you know, so the right thing to do from a fiduciary is, you know, operate at a different margin profile. That's what we've done, and yet we still invested in new products, new teams, new capabilities, and, you know, longer-term growth layer, levers. So you could do both. We can walk and chew gum, and we're doing that. You know, that, that's an age-old question that, you know, will be decided over time. But this is a standalone business with a strong balance sheet, a strong product set, a strong brand, strong differentiation that can go on for a long time, and a large market opportunity. This debate around normalized and sustainable growth rates, I think, is particularly relevant given... There's both secular tailwinds and the cyclical factors that are outside of your control -- Yeah. .. in the medium term. And so, Matt, maybe a little bit on how the near term, the modern environment is evolving, and a little bit on your perspective on how do you think about when you look at the growth that DigitalOcean has experienced over the last three years, how do you think about what piece of that is secular or structural versus cyclical? Yeah, that's a great question, and as Yancey said, it's unclear how to tease that out of the market to say how much was COVID-related kind of demand, tailwinds and what's the new normal gonna be? So as we think about it, we think about what can we count on? Like, what are the building blocks that we feel like we can rely on as we think forward. And, fortunately, we have a self-serve funnel that generates new customers every year. It's been incredibly consistent over the years. Regardless of whether there was a pandemic or whether there was a recession or there was war, we add new customers at a relatively stable clip, and that'll give us about 5% growth. Like, just did that. We get another 2% from that phenomenon. If you think about the new customers I added last year, still kind of contribute, you know, the ones that haven't hit a full year into the second year. So we get another 2% from that self-serve funnel, from the prior year of sale, so you're at 7%. Then you've got our Cloudways business, which is growing at 45% as of the second quarter, which is incredibly strong business. That'll generate 3%-4% growth for us on a consistent basis. And I can tell you, Cloudways, it's the one business that Yancey and I have seen that wasn't impacted at all by the slowdown. In fact, it's growing faster now than it was when we acquired it in September of last year. So that's three to four points, and then, as we said earlier, Paperspace should be 3% at minimum. That puts you at 13%-14% growth as kind of a floor, but the core of our business, the cohort, the big, meaty part of our customer base, that's really what the swing is at that point. And over the past six months and longer, we've been getting less revenue, you know, year-over-year from that cohort, so it's been a drag. We'll probably exit the year at high 90s in terms of NDR. So that's where we get to the kind of 12-ish% from a baseline growth. Now, if we can get the cohort above 100, now you're building on top of that baseline of 13%-14%. And a lot of the investment that we're making now in new products, the go-to-market motions around sales and partnerships, those are all additive to that base, and that base is really just... What can we wake up and we can be confident will happen every day? We feel like that's the right floor. So whether the new normal is at that floor or whether the new normal is something we hope higher than that, you know, we'll see. But we're planning our business to be able to generate cash flow and thrive in that kind of an environment. As you think about your 2024 planning assumptions, I really appreciate the way that you laid out the building blocks like that. Are you all thinking through scenarios where, okay, what if the core high nineties business, what if macro eases, you end up with something north of, let's say, 15%, versus what if macro remains a headwind, then it's sub 15%? Are those the types of scenarios? Exactly. You're thinking here? Those are exactly the scenarios, and then you'll layer in Paperspace. How big could that be? How much capital would that require? Sure. Those are the exact scenarios that we're looking at, and we're paying a ton of attention to the leading indicators around churn and contraction and expansion, to make sure that we, you know, we have the best view possible of where that NDR is gonna end, 'cause that's the big lever, the big difference maker for 2024. What are the leading indicators telling you about the factors outside of your control? Yeah. Mainly the macro? Yeah. So churn, we've said this, and it's continued to play out this way. Churn has been stable all year. You know, it was a little bit elevated in the beginning of the year. It's stable, and it's stable at historically good, reasonable levels, so it's not elevated. Contraction is elevated. It was elevated by about, call it 400 basis points versus the prior year at its peak, but it's stabilized. So it's in fact both July and August, it got a little bit better, but it's still elevated, so contraction's stable, maybe improving a little bit, but still at an elevated level. And what we said on the earnings call was that the metric we hadn't seen yet bottom was expansion. Expansion continued to drop from the high 30 points a year ago to the low 20 points, but it was dropping at a decelerating rate. August was the first month it was flat, and so it's still well below, you know, 20 points, you know, 15 points, 20 points below what it was last year, but it's started to flatten. So we're in the same as what I think you're hearing from the hyperscalers. Bottoming is an appropriate word. Have we hit the bottom? Hard to tell. I like August results. Looks like bottoming, but, but, you know, we're gonna be very cautious as to when we think that that's gonna kind of return to a, a positive trajectory. Do you have any observations or data that helps you compare and contrast the DigitalOcean installed base with some of the hyperscalers? And what I mean by that is, when you have AWS commenting that they believe they're at a trough in their infrastructure business, and you look at the data in your business, where do you think your customer base leads or lags the broader infrastructure software or the broader macroeconomic economy? I'm curious if you have observations on that. Well, I don't know that they said anything different than we're saying. They use different words, but I don't know that the meaning is different. And, you know, I think the open question is, and this has been a question for 18 months as this happened, is, does SMB behave differently than enterprise? And the markets believed, yes, worse going into it, and we saw it early 'cause of the consumption-based business. So, you know, months ahead of when people were seeing. You know, when you have license revenue early in the year, if there's a slowdown, you don't necessarily see it until the renewals start, which we all saw this time last year. We saw it in April one of last year as the slowdown started. And I think what we're seeing now is we have a window into the slowdown slowing, bottoming. Then the question is: what's the bounce back look like? And is that going to be different in SME? No, I don't think we know the answer to that. What we do know is that, you know, we are a very efficient way for people to run a business on the cloud, and we have been seeing, you know, we have a concerted effort to go into our cohort, and people are very cost sensitive. I think the elevated contraction is related to people being a lot more diligent about their growth in cloud spend because, you know, they've seen a significant slowdown in their top line. And that's been playing to our benefit of getting other workloads over to us. So the question from bigger competitors, I think the real question is gonna be: Is the behavior different? We're certainly slowing in the same sort of way. We slowed down rapidly a year ago. It seemed very similar. We were a little bit early, and everyone saw it as uncertain, and it seems like we're coming out of it. And the question is: Is the bounce different? And that gets to what's run rate, growth rate on the other side of this, and I don't think we know. I do know that when we talk to our customers, despite the fact that they may be growing slightly slower, they're very optimistic. And most of our customers tend to be bootstrapped, and so they run to make sure they have money at the end of the month to pay rent. And, and so I think that plays into the contraction dynamic here, a little bit more. But they're very optimistic, so they're still seeing growth. And, you know, even though it's not 40% growth as it was 18 months ago, it's still over 20%. They're expanding, which is, you know, 5x, 6x GDP, right? So that's still, higher growth than, you know, broadly seen over the economy, even as we're dropping or bottoming, in our language. So, but to go forward, we just don't know. And I think we're gonna be- Okay. .. You'll see much more caution about talking about that, given the dynamics. Understood. Let's pause for a moment and go to the audience. Questions from the audience. Pick it up on the go-to-market, and specifically on the efforts that you have made to build out a direct sales force with quota-carrying reps. Matt, maybe for you, give us an update on how that's going, and it can be a little bit of a, a new motion for companies that have historically had really strong product-led growth, really strong self-service. It's a little bit of a different animal. Would love to hear an update there on how you're approaching it. Yeah, there's, you know, with Aaqib, who was the CEO of Cloudways, joining us and becoming the Chief Revenue Officer, we've put a big focus on trying to build out those other go-to-market motions, the direct sales, which would be, you know, primarily aimed at targeting customers that are already of a size that we can then port onto our, you know, onto our, platform from some of the bigger cloud providers. And then a partner motion, where we're leveraging partners to reach, segments of the industry where we don't typically have, you know, the self-serve funnel doesn't resonate. I'd say both of those are still very early innings. You know, we spend a significant amount of time focused on how do we improve the onboarding process and identify customers early in our self-serve funnel that have the potential to grow. So there's an aspect of sales in that. It's more of an inside sales, more of a nurturing motion than an outbound kind of cold calling motion. And I'd say we're getting really good traction there. I'd say the aspiration when we talked this at the beginning about our guidance range for 2023, it was only gonna drive about $5 million of incremental revenue for the year. And we're a little bit behind that, but not materially behind. I think that it's gonna be a much bigger impact in 2024 and beyond as we make the changes that we need to make. As you said, it's a very different motion, you know, for the organization, so it's gonna take us a bit to get that settled. What are your sales leaders sharing with you in terms of observations on what's been perhaps easier than they expected and what's been more challenging? Yeah, the easier than expected is customers see the value of our platform. They understand the simplicity, they want the higher level of support, and they get the economics. You know, a lot of times we say they can, the cost difference can be, like, 50%. So it's a material story that the sales people have to communicate with those customers. But what's harder is it gets back to the R&D question that you posed to Yancey. SMB-ready, when you, t o be a bigger company on our platform, you need, you know, maybe some different storage capabilities that you didn't need if you were a smaller company, and you might need some access control capabilities that are a bit more complicated than what we had provided. When you have a smaller customer that starts on your platform and they grow, well, they live with what you have, and they, you know, they grow with you. When you have someone you're trying to convince to switch, they may say: "All of that sounds great, but until you get this particular storage capability, I can't move. It's too risky." And so that's the kind of part of the reason why the sales motion takes a little bit, because the feedback that we get, which is really promising, it tells us we're on the right track. We've got to go then, go back to development and say: Okay, well, we got to iron out a couple of these edges so that we can, you know, smooth the process for converting customers to our platform. It leads a little bit to the contribution of upsell and cross-sell, more sophisticated functionality, some of the more sophisticated products you have in your portfolio, and how that contributes to your growth algorithm. How do you think about your pricing strategy holistically? How much do you think it can contribute to that, that 15-point kinda growth algorithm? And is there a risk that you perhaps see more compression in the more commodity products, and you're on, you have to ensure that you're able to capture more value higher up to be able to offset that? I think the opportunity to use packaging and pricing, not pricing like a list price increase, but pricing a specific set of value, you know, capabilities to address a specific value proposition, it's a huge potential lever for us, and one that we've not historically taken a tremendous amount of advantage of. So there's a lot of opportunity for us. You've seen some of the announcements we've made around, like, the Premium Dedicated Droplet, which is a bandwidth-optimized Droplet. Yeah. Those are the kind of things where, as Yancey said, with the customer he spoke with last night, we're saving them a material amount of money by bundling capabilities in such a way that meets the use case that they have. They're willing to pay for that, and they're willing to pay more for that. We've historically had the simplicity of the Droplet. It's a fixed amount of compute, storage, and bandwidth, and if people wanted more of one of those three, they bought more Droplets. And so we've got customers that would buy 2,000 Droplets, but it's really because they wanted a bunch of bandwidth. And so they didn't use the compute, and they didn't use the storage, they just used the bandwidth and a subset. That's a pricing opportunity, where you could say, "I could charge them more and dedicate less kind of capacity to them." That's a huge lever for us. Yeah, the other thing I'd add to that is, when you look at how a customer grows when they go from being a learner, builder to scaler, a big chunk of that growth, at least historically, has come from just organic growth. It's a business that had $100,000 of revenue last year, it had $300,000 of revenue this year, $1 million next year, right? It's just massive growth rates. And so that's been a big part of ARPU growth. It's just there are small businesses that grow much faster. And where we've been able to turbocharge that, you know, we've kind of tripled ARPU over the last four years, is by product mix. And the more extensive the share of wallet that we can capture, whether it's storage, security, databases, Kubernetes, AI, managed—whatever it is, as they grow, every incremental customer they can take on, we can support more of the workloads that they need. That accelerates what's already a naturally organic, growing business. And so I think that speaks to the packaging opportunity versus just the explicit pricing, and also what's the right product and how do we bundle those together? And that's an enormous opportunity as we look at it. Absolutely. The last question I'll ask you is: when you think about your conversations with Cloudways and Paperspace, and when you think about the future M&A strategy of DigitalOcean, what are the one or two questions that you think are most important to spend time with, with the companies that you're potentially thinking of acquiring, to determine whether they're a good fit for DigitalOcean? I don't... I'm just not sure I understand. When you meet with founders- Yeah. ... in the pipeline for your corporate development- Yeah. ... and thinking about M&A? Yeah. What are the one or two questions that you like to ask to determine whether they're a good fit for DigitalOcean? Well, I, I think the first question is, what is our mission? And does this help us simplify. Does adding this to the platform help us simplify cloud in a differentiated way? It's we're adding capability. Can we do it with simplicity? Whether it's day one or day 180, but does that fit? Does that mesh? Will that support the way we have to engage with customers? How they would ultimately use the product, is there something about it that would make it too unwieldy to integrate? I think that's really first and foremost, because if we just go buy technology that actually can't be integrated in a way that preserves the experience, I think that would be that's what we said earlier, that is the ultimate challenge for the business. How do you grow capability over time and maintain this highly differentiated experience that's centered around simplicity? Excellent. Let's leave it there. Thank you both for your time. Thank you. We appreciate it. Thank you. Appreciate it.