All right. Good morning. Welcome to DocuSign's investor Q&A Session at Momentum. I'm Matt Sonefeldt, interim investor relations lead, while Heather Harwood is on parental leave. Joining me today are DocuSign CEO Alan Thygesen and President and General Manager of Growth Robert Chatwani. I get to read the really exciting piece here. So before we begin, let me remind everyone some of our statements in today's conversation are forward-looking. We believe our assumptions and expectations related to these forward-looking statements are reasonable, but they are subject to known and unknown risks and uncertainties that may cause our actual results or performance to be materially different. In particular, our expectations regarding the pace of product innovation and factors affecting customer demand for our new agreement management products are subject to revision. Please read and consider the risk factors in our filings with the SEC together with the content of this presentation. Any forward-looking statements are based on our assumptions and expectations to date, and except as required by law, we assume no obligation to update these statements in light of future events or new information. Okay. Today's conversation will focus on the product roadmap and Intelligent Agreement Management platform we just discussed in the public Momentum keynote. Given the proximity to our quiet period, we won't discuss financial and monetization topics during this conversation. More importantly, this is an awesome opportunity to learn more about our first and foremost important strategic pillar accelerating product innovation to increase the value DocuSign offers to our customers. Be curious. Ask questions. We're excited to spend this time with you. We have about 30 minutes for the session live in the room and on the webcast. So let's begin. Many investors actually haven't had a chance to meet you both, so I'm excited to have this opportunity. I'm going to ask the first question, which is, can you both just take a couple of minutes and briefly introduce yourselves, kind of how your journey to DocuSign, and why you're excited for what was announced this morning? Yeah. I'll start. Hi. I'm Allan Thygesen. Grew up in Denmark, came to the U.S. in 1986, went to business school, and had three phases to my career pre-DocuSign. First, 12 years of a series of startups in Silicon Valley. So I'm an entrepreneur at heart. I love innovation. I love the pace and decision-making that comes with being in a startup. Then I spent 10 years as a VC. I spent time at Carlyle, so I'm very familiar with thinking about investments at different stages and built, I think, a pretty good network in Silicon Valley during that time. And then for 12 years, I was at Google, where I led various parts of the ad business. First, the SMB part, which is actually the very large and the fastest-growing part of Google's ad business, and then the enterprise business in North and South America, which, of course, is the heart and the soul of Google and the pivot point for all of Google's strategic relationships with customers. What attracted me to DocuSign, I think I've spoken about this before, it's an iconic brand with incredible customer loyalty and affinity. Very rare to find a company that solves a pain point that well. Tremendous internal talent and culture. And yet, two things that I felt I could help impact. First, low-hanging fruit. There was an opportunity to get a lot more efficient. I think we've done a lot of that. We've seen that in our P&L. And then in the long run, I felt there was a significant opportunity in the agreement management space. I didn't have a fully articulated plan, but I was very confident, based on my experience from the past, we were big CLM and eSign users at Google, that DocuSign had a tremendous amount of white space and was the best position to exploit that. And what we announced today is really the culmination of 18 months of work and things that we've done before to articulate a fresh, new vision of an integrated platform for agreement management. Thanks, Alan. Robert Chatwani. I lead our growth organization here at DocuSign. Been here just over a year. What brought me here was a lot of what Alan described, including Alan. He's very convincing, and I really fell in love with the vision for what this company could be. In terms of background, most of my history is in e-commerce and, frankly, in consumer. And so I had my own companies. I went to eBay for 12 years, where I was the chief marketing officer. We took that company from just over $1 billion to close to $15 billion in revenue with eBay, PayPal, and all its global e-commerce properties. Then went to Atlassian for six years, where I was chief marketing officer, and where I first had the chance to take some of the powerful principles that drive the world's most kind of compelling consumer platforms and build those engines within a B2B software company. We kind of put those two things together. You rewind back to 2016, 2017. That really hadn't been done yet. But this consumerization of technology, and particularly software, especially on the go-to-market side, I think is really powerful. We grew the Atlassian business from about $500 million in revenue to close to $4 billion. And when I started, we spent about 15% of revenue on sales and marketing. When I left, I think that number got up to 17%. And so a hyper-efficient business. What drew me to DocuSign was the mission and the purpose. I love purpose-driven models, but also the opportunity to create a new chapter, not just from the product strategy perspective, the brand perspective, the customer impact, but to really evolve the go-to-market model and to take the best of direct sales, channel motion, and self-serve, and put that together. And I don't think that playbook has really been written at scale. Start? Okay. Cool. I'll ask the first kind of real question. And then what we'll all do is I've got a handheld mic. Just raise your hand. I'll bring it over to you. If you could just say your name, your firm, and your question, that would be great, just so we get to know you a little bit better. So total softball. But can you, maybe Alan, talk a little bit about the Agreement Trap and then how the three products, in particular that we just launched, kind of address or begin to address the Agreement Trap? And then, Robert, maybe you can talk a little bit more about kind of the solutions that we're creating for different customer segments? Yeah. Well, I think you all work for firms that have a tremendous number of agreements. You could argue many of your product is agreements. That's true for businesses all around the world, in fact, to be every vertical. And we've digitized agreements, right? We've taken them from a piece of paper to a digital representation. We are routing them electronically now via email instead of through the mail. And yes, you can sign them. And that's about it. We've really done nothing else from an innovation perspective. Agreement processes are just as cumbersome now as they were 30 years ago, perhaps even more, given compliance requirements. We felt there was an opportunity to really reimagine that, but do it in a way that was both lightweight, so it could be adopted seemingly in a very rapid time to value, tailored for individual functions and industries, and then scaled. We have been a player not just in the e-signature space, but in CLM, and continue to lead in that space. A lot of this inspiration comes from some of the early value props in CLM, but really completely reimagined on a brand new platform. In terms of the agreement trap, we've had tremendous feedback from customers and partners about this pain point. You want to be able to quantify it, right? We partnered with Deloitte, and we are previewing a study that will come out in a few weeks here at the conference. The numbers are, I think, even bigger than I had dared imagine. They've sized the total value loss annually to mismanaged agreement processes and systems at close to $2 trillion. And look, obviously, DocuSign's not going to capture $2 trillion. But the point is, if you are a software vendor that attacks the heart of a problem of that size, it's a good starting point. And I think we are well poised to begin to do that. And so that's very exciting for us. It echoes with customers. We are in beta now with hundreds of clients on various parts of the product suite that you saw today. And they are parroting back to us this notion of the loss internally, not just of time, but of value embedded in these agreements that they cannot unlock today. These are flat, dumb files, the way corporations treat them today. We believe we can extract the most essential data from those agreements and put it to work in the business, both vis-à-vis other agreements, vis-à-vis renewals, and most importantly, via performance against the agreements. So that's what the agreement trap is. That's the size of the opportunity. And I think we're the best-positioned company to pursue it. Yeah. No, I'll share a quick story, Matt. So a few months after I joined, we have an executive briefing center in our San Francisco office, and I met with a customer. I won't name them because I haven't asked, but it's the world's largest restaurant chain. They have tens of thousands of franchisees, tens of thousands of restaurants. The woman who was the head of franchising was in our office with their technical team and program management team. They have hundreds of thousands of active agreements in force. She couldn't even tell me the exact number because they didn't know. One of the things that they do is they use 20 different tools to manage all of those agreements: real estate agreements, transfer of ownership agreements, royalty payment agreements. Every restaurant franchisee they have has 5-15 agreements. Some of them in Word docs, some of them in PDF. Some of them, she said decades ago, were on paper napkins. They've scanned them. Their CFO always asks how much revenue is coming in. Oftentimes, they can't answer that question with accuracy because the agreements are disconnected from their revenue systems. So they have to go back to the original agreements to make sure they get the renewal dates right and the accurate revenue data. This is a global company with $ billions in revenue. This is at scale. I talk to small, midsize companies. They have the same challenge. They are unable to deploy what we typically offer, which is CLM. It's too cost-prohibitive. So I think the trap problem is as relevant for a very small to medium-sized company as it is for some of the largest companies in the world. That's, I think, what's exciting about this category is that the surface area we can cover is huge. Announcements from this morning was talking about not just launching new products and Maestro and Navigator, but solutions for customer experience and from a sales standpoint, which kind of play right into that example that you talked about. Yeah. Well, one comment I'll add on that. That's sort of what I said about surface areas. It's certainly the spectrum of companies. But Dmitri talked about IAM for sales, for procurement, for customer experience. One of the things this does for us is it gives us new land vectors inside of companies. So as opposed to just a horizontal solution or something that was for the legal teams or the IT teams within a company, having line of business owners as personas who have this problem and are often the ones who need a solution, it just gives us a new way to enter a lot of these companies. And one of the most powerful things at Atlassian was sort of the land and expand business model. And I feel that this really gives us an opportunity to evolve how we've thought about our sales and marketing motions here. That's great. Let's get questions from the group. Yep. Hey. Chris Quintero from Morgan Stanley. Thanks for having this event. Actually, I got two questions. First, you're clearly going after a broader set of use cases and teams within organizations. So just curious if you think that changes who the buyer of DocuSign ultimately is. And then second question, at a high level, how are you thinking about product innovation for your admins, your power users, who I think can kind of evangelize the solution across the entire organization? Is Navigator a key component of that, of making a better product experience for those types of users? Thank you. Yeah. So on the first question, today, I would say we sell primarily to IT organizations because e-signature has reached a level of maturity. We're at 93% on the Fortune 500. It's something that people are already buying. And in many large companies, there's a center of excellence, and we work with them. And this, in a way, takes us, I think, back to the original endorsements of DocuSign because, of course, when DocuSign was first adopted, it was driven by the business side. It was driven by sales VPs, sales ops leaders, and maybe legal leaders, even procurement leaders or HR leaders. And this gives us an opportunity to go back to that. And the agreement management problem and the agreement trap that I described, that's a CFO/CEO-level topic. That's a board-level topic. I hear this. I spend, obviously, meeting with the lower-level folks. But what I hear in the C-suite is acute pain and awareness around that. And so I think we have a C-suite's pitch and a functional pitch to a much greater extent than e-signature offers us today. But starting, I want to just acknowledge with having the incredible positive experience and NPS and adoption and just the way people talk about DocuSign, it's a privilege to be walking in with that on your back. Yeah. I mean, what I would say is we're fortunate enough, as Alan said, to have these relationships. And so we have customers who have tens of thousands, hundreds of thousands of agreements they've already signed with DocuSign. And so the IAM story is really unlocking even more of the value that's in those agreements. To your second question, you saw some customers on stage today. A couple of them had never been to New York. Most of them have never been on a stage. But it was really important for us because they're the process builders, the admins, the power users. And they're the champions within their organization that are actually transforming and coding and developing the way that agreements get deployed because every company has different workflows, different ways of deployment. And putting that spotlight on them was really important because they're the real heroes. That doesn't change. If anything, it gives a stronger connection between their work when the C-suite now has direct sponsorship of some of the things that we're trying to do. Hi. Kylie Tobin. I'm here for Tyler Radke at Citi. Thanks for taking the time. Sort of piggybacking off that question and asking about pricing, in the past, it's often been envelope pricing. And I was wondering with the evolution here maybe to different buying centers if that could evolve to ELA agreements and how that sort of evolves with the context of new products. It's a great question. Yeah. We've obviously had a lot of discussion about that internally. The short answer is we are evolving from envelopes towards a seat-based model. It'll be a journey, and there'll be customers who are just interested in continuing to buy on an envelope basis. And we'll certainly let them do that. But this broader suite that we're talking about today, this platform, is principally sold on a seat-based basis. And there'll be different seat categories, right, for admins versus people who are just accessing information. And then you can layer in advanced services that are sold at a premium, either because they're part of a premium bundle or because maybe they drive additional costs like more advanced AI modeling where there's some compute and AI costs that come with that, or you are including third-party solutions that we resell. Those are the types of things that would then be sold in an add-on. But the core pricing model is evolving from envelopes pre-bought to a seat-based model that's, should we say, discriminated by the type of user. Yep. Thanks. Scott Berg, Needham, two questions for me. And first of all, thanks for joining us today. I guess the first one is you kind of announced but didn't really announce what these industry solutions are. How should we think about those from a high level? If I think about different kind of industries, there's some nuances, but I don't think they're necessarily that different from an agreement standpoint. And then second question, probably for Robert. When I think about selling this new platform relative to the envelopes that you sold previously, it's a significantly different sales cycle, mindset, how the sellers work in that environment's probably different. How do you think about augmenting your sales force to sell what's really a different type of product at the end of the day? Yeah. I'll take the first one. Take the second one. Yeah. So on the industry piece, well, let me use an example that I think everyone in the room would be familiar with. In financial services, an example of what could be financial services or even within that, wealth management, which is a high-volume, significant application area for us. And there are both workflows for account signups, authorizations, transaction approvals, and all of those can be preconfigured interfaces to a variety of, should we say, financial services-specific tools. So we're announcing both some general API players, but you can also imagine, whether it's FIS or nCino or things like that, that comes preplugged in. So you have basically things that right out of the box are optimized specifically for the workforce in that industry with the interfaces preconfigured. If there's regulatory compliance, that's handled. Maybe even the geography pieces, that's handled automatically. So you can imagine a tremendous amount of customization. At the end of the day, of course, it's all built on a single core platform. We're just trying to templatize and ease adoption. It's actually quite remarkable how much wait it is for corporations to create new workflows and new processes. By having all this stuff preconfigured and making it really easy to consume, we're moving it from, "Oh, God, I got to have a six-month IT project," to, "This is something that a business owner can deploy." That just lowers the friction and the time to deploy, the ease of proving the value. I think both pre and post-sales, very, very helpful. Historically, we've had much more of an all-you-can-eat, lots of itemizations, you pick your adventure. It was flexible, but it wasn't packaged for consumption the way this is. Yeah. The go-to-market side, I'll just be very direct. One of the most powerful assets we have is our sales force. We just haven't given them enough to sell. It's quite remarkable. We've largely been an e-signature company with some CLM. They have been hungry for the opportunity to tell a bigger story. A few things that are happening. One is we've invested a tremendous amount in sales enablement. So everything leading up to today, we've had just a constant drumbeat of really helping our sellers tell that bigger story of the new DocuSign. That's been received very well in training and certification. But look, there is a difference between selling to a director or a senior director in IT versus engaging the CIO's office. One of the things that we've done is really built out our leadership team. In fact, just this past month, we have a new enterprise sales leader working for our President of Field Operations. J.P. Westwood joined us from Microsoft. Incredible background in driving enterprise growth and sales. I'm going to be announcing somebody on my team in just a few weeks joining from Salesforce. Incredible background in enterprise sales. Helped run the Dreamforce event. And so I would say we are evolving the capabilities we have today, blending that with new talent that we're bringing into the organization because it is a bigger story, especially as Alan and I were at the financial services firm this week and speaking to the C-suite. And it's a different type of conversation. I have no doubt that we're going to knock it out of the park in terms of enabling our sales force to do that really well. At the same time, there's another dynamic happening, which is ensuring that we can reach as many customers as possible as efficiently as possible through our channel partner network. We had our partner day yesterday and really building out and scaling our channel partners combined with our product-led growth and self-serve capabilities. And so the transformation you're seeing is certainly one around our platform vision but also in our go-to-market model. And we want to fire on all cylinders across self-serve, channel, and direct sales. And it's actually just exciting to see all of that start to form and how we take advantage of each of the kind of unique aspects of each of those go-to-market capabilities, so. Yeah. Just to add to that, I think that's very well said. I just want to acknowledge we've come a long way from a product roadmap perspective and product execution innovation velocity. We're at the beginning of the journey of the go-to-market transformation. That will not happen in one quarter. But I think when you have the kind of opportunity that we have and we now have the kind of products that we have and we have a team that's incredibly hungry and excited and waiting for this, I think it's our moment. We got to go, but we got to go do it. That's what the next year or two is going to be about, is going and pursuing that. That's what I came here to do. So can't wait to get started. Hey, guys. It's Peter Burkly from Evercore ISI. I'm here for Kirk Materne. So a lot of excitement today around the IAM platform and a noticeable buzz in the room when talking about Navigator and Maestro. So you guys have been a leader in the CLM space for a number of years now. So just curious if you could help us understand the interconnectedness between these two solution sets and maybe sort of what's additive here in terms of use cases and just broader market opportunity. Thanks. Yeah. I'll take Craig. Mm-hmm. Yeah. Jump in. So we are continuing to sell our industry-leading CLM product. And in fact, I think there's more innovation velocity and product release for CLM this year than there has been since the big acquisitions 4 or 5 years ago. A couple of examples of that, all of the party and obligation management stuff is really rolling out this year. Our integration on the procurement side, and particularly with SAP and Ariba, is really getting a major overhaul. And there's a reason why we featured that. And we're going to have a lot of presence with SAP and a number of their partners as a result. So CLM will continue to be, let's say, our premium enterprise product, I think, for several years. What is happening is, I think, two things. 1, we're gradually replacing some of the plumbing to make it much more scalable and more easily deployable, more easily configurable, and of course, more integrated with other parts of DocuSign. Yeah. I'm embarrassed to say today, kind of disparate experiences. Our famous e-signature product isn't even that well integrated into our CLM product. We're fixing that. And it's going to be 1 plus 1 is 3, I think. So there's the ease of configuration and scalability and deployability which CLM has suffered from. The other part is just the breadth of functionality goes well beyond what CLM systems have had historically. So all of the stuff around creating custom workflows, CLM is very focused on the legal and ops persona and their work but not on the broader constituencies, not on anything exposed to the outside world, the consumers, and very poor, quite frankly, interfaces for any users outside of that power community to access, for example, the insights that Navigator brings. I think it's both a breadth, a depth, and a flexibility story. But we are continuing to sell our CLM Plus product. It's doing very well. It's been driving growth. We are going to gradually, essentially, provide more functionality and value to those customers. Ultimately, yes, I expect CLM will be subsumed, if you will, as part of IAM. But that's a multiyear step. The last thing I would just say about CLM is we have a few thousand customers in CLM, more than other CLM vendors, but still a tiny number compared to our 1.5 million monthly-paying eSign customers. And so the opportunity to bring some of that CLM value prop to a much broader set of customers at scale is something that DocuSign is just uniquely well-positioned to do. And that's a big part of the vision and why I'm so excited about all that Robert is bringing to the company because, I mean, that's a tremendous upsell opportunity for us. Yep. You said it. Hi. Sonak Kolar here on behalf of Mark Murphy at J.P. Morgan. I just wanted to double-click on the AI features that you showed in the product today, specifically any context on if you're using a DocuSign-built LLM or pulling on an external LLM through some of your partnerships with Microsoft and OpenAI, for example, just anything that you can share on that front. Thank you. Yeah. I can take an example. So we are using a combination of GPT on Azure and our in-house-built models. And we run scoring to see what creates the best vision and recall. But we are certainly using Microsoft's platform significantly. And they've been a fantastic partner. We're thrilled with their engagement and depth here. And I can't say enough good things about how engaged they've been and how excited they are about our vision for agreement management. Now, in terms of the data side, obviously, DocuSign is uniquely positioned in having relationships with customers and the trust people have given us their agreements over time. I want to be very clear. We are not training on customer agreements without explicit written permission. And there's opt-outs in product at any time. They can pull out and not be part of that. We are seeing a lot of interest in what AI can bring to agreement management. We're pretty excited about that. That's a huge enabler for what you saw today. But we want to proceed responsibly. We have a high-trust brand. We want to keep that. Thank you, Andrew Howard from Coatue. Just wanted to ask, what are the one or two KPIs that we should look out for over the next six or seven quarters to monitor as you start this? I'm sure it'll be a multiyear journey. It's very exciting. What should we be most focused on? Yeah. I'm not quite ready to give that. Look, I think I'm sure we'll be talking about customer adoption and usage and cross-sell rates and all that stuff. But look, it's just too early. We're shipping the products at the end of May. We're just at the starting line. We've been, I think, careful to really manage expectations and focus on what we know and what we have. And that's what we've guided to. And this stuff here is upside. And we're very excited about it but are not ready to put numbers on it yet. Yeah. The only thing I would add is over time, when customers come up for renewal, I think that's a good leading indicator for their excitement of continuing with DocuSign and seeing them renew not just with traditional e-signature plans but with IAM plans, I believe, is going to be probably one of the best leading indicators for us internally. And look, there are lower-cost e-signature competitors out there, perhaps not with the same feature set or capabilities that DocuSign offers. I think this really allows us to have a different kind of engagement and conversation with customers as they see that there's a lot more than just signature capabilities that they can get from us. And so for me, that'll be over time, you guys will talk more about sort of the adoption and growth. But the renewal measures, I think, will be a good leading indicator for us. We're making good progress on that front already. Yes. I'm sorry. It's pretty ingenious. Is the redlining capability going to be enabled for the consumer-grade product? You mean the ability to redline an agreement in DocuSign? Yes. Yes. No. I don't think we're going to do that. We have some very basic tagging capability in the consumer-grade product. We may offer some basic Navigator-style functionality. As you know, we don't currently monetize the consumer side. But yeah. So there's a few people working thinking about who come next there. But it's way too early to think about how that exactly would work, so. We want to make sure we gauge functionality appropriately, right, so there's an incentive to put yourself in the right bucket of features at the right price point. We will have quite a range from your basic eSign to the full IAM suite, appropriately so, I think. There is something there that I don't know. Oh. Let's get the mic up here. Yeah. With this chat, typically, is that the breadth that you mentioned, the NPS score earlier, the breadth and the virality of actually the brand DocuSign and where you can go with this and having a passionate global voice of everyone, "Just use DocuSign," right? There is something to that. There's something to the grassroots human aspect of DocuSign. I've been fantasizing about that since before I joined. But I think the first thing we had to do was really reimagine what our B2B proposition was going to be. And by B2B, I mean selling software to businesses. That's in our monetization model. I think that's where there's the clearest path. There's really interesting ideas. And we, of course, already have a network effect from the fact that consumers are so comfortable with DocuSign. We already give people yeah. I mean, amazing. And we have functionality, frankly, that people aren't even aware of. I mean, how many of you are aware that you get a document in your email today? You can import it into DocuSign, have it scanned, and you can sign it in DocuSign. It doesn't have to come from DocuSign. Yeah. This is an example of a great consumer feature that because we don't have a clear monetization path, stuff just hasn't been fully exploited. So we have a lot of opportunity there. That's all gold. But focus-wise, start with the customers who we're confident will pay us. And then we'll have to think about various consumers' monetization models. There's some obvious ideas there. Thanks for spending some time with us. This morning, you alluded to this idea of making sure that someone delivers on the terms that are in a contract. So if you have 100,000 contracts, I assume keeping all your suppliers honest is really hard. Can you just talk about that because it involves some amount of integration and. Thanks for that question. I'd say I'd love to talk about that. I think a lot of the work in the CLM category to date has been about making agreement workflows for people whose full-time job it is to work on agreements more efficient. And look, that's good. We all want to save lawyer time and reduce friction in that process. But I think that's actually the baseline and the ticket to the much bigger opportunity of unlocking the value in the agreements. And a prime example of the value in the agreements, exactly what you're talking about, which is to say every business does procurement. Those procurements agreements are B2B contracts that have expected performance in them, whether it's professional services or products or whatever it is. And today, there's literally very limited connectivity. It's entirely manual in nature to try to compare what actually happens to what was negotiated. Our opportunity, and the reason I say a system of agreements, is we can connect the metadata from the agreements, what was negotiated, to actual outcomes through our interfaces with the SAPs and Salesforces and Workdays of the world. That is a harder problem but a tremendously valuable problem, right? So I think you can sort of see just how much headroom there is there. Literally, nobody is doing that today. I think that's ours to lose. So that's where we're going. That's why these interfaces are so important. That's why we talk so much about agreement data because unlocking that data is the ticket to both making the agreements better when you're renegotiating them or when you're negotiating a new agreement with a party that's similar to the one you previously negotiated with and comparing to what actually happened. That's the rainbow. We get to that. We become the system of record for agreements. We become a place that other systems connect to to understand what's in agreements and to report on what happened with them. Allan, for those who didn't see it, we showed some of that capability in the presentation this morning, specifically in Navigator. Maybe you can just talk a little bit about a couple of features. Yeah. So I mean, you saw both in the sales example and the procurement example, you saw that we give you what's the tabular view, essentially, of your agreements. You can imagine any number of attributes, a set of attributes that are relevant for the legal teams, a set of attributes relevant for the ops teams, a set of attributes relevant for an area director in sales or for a particular category manager in purchasing. That's not just about what's in the agreements. But that's then about connecting that data to outcomes. We saw some examples in the procurement area where we already have meaningful obligation management capability. We're now going to be able to surface that in a very structured view of all of your agreements. I think that's just the beginning of what's to come. But I think the Navigator interface is incredibly evocative for exactly that, not just for understanding what my agreements look like but for then starting to incorporate data about what's actually happening. One of the powerful things, and I can't remember if Dmitri showed this. But you heard Flowserve, Dundi talk about, "Hey, my stakeholders inside of" she's in legal operations at Flowserve. "Stakeholders are asking for something like this. Consolidated organizations' agreements, you also want access control, right? And so the admin and the control rights to unlock visibility to different types of agreements for different profiles is something that's really important for customers. So having both the ability to unleash the power of democratizing access to data while still maintaining the controls is something that's a really important part of Navigator. And then there's customers in our data. There's sort of this aha moment when they see all of their agreements in one place that they can synthesize, search, filter. And agreements typically contain data about spend or revenue. To the sales conversation earlier, it's a very different type of conversation where you can unlock that versus just a traditional e-signature transaction capability. We're moving from just productivity and efficiency and digitization of signatures to now a revenue conversation. When we talk about ROI measurement and the value that gets created when IAM is deployed, it's really shifting the dialogue and conversation with customers. Let me just make one other point. I want to come back to the AI question that was made because it connects to this here. So when people think about AI and agreements, we all think about, "Oh my God. The AI could write an agreement or it could edit and review for me." And we are doing that. And you'll see, I think, very, very robust agreement creation and editing capabilities from DocuSign. But actually, extracting the data, the metadata from the agreements is also AI. And it's relatively lightweight. And we could do it at tremendous scale. And so literally, what we'll be able to offer an e-signature customer is, "Everything that you've ever signed with us, you want to turn it on. I can now give you the tabular view that you saw now." That is just an earthquake moment for people, whether you're in ops or you're a frontline leader in sales or HR or procurement. And that's AI. And it's remarkable because it's actually a very solid. I mean, if you think about what we're doing, we're looking for certain terms or synonyms for terms. And the accuracy level that we can generate with the combination of OpenAI models and our work and our expertise in agreements is really quite remarkable. And then, of course, we let people correct it if they want to and that the model learns from that. But that's why Navigator is incredibly exciting and AI-enabled in a very lifelike, easy, lightweight way. We have time for one more question if anybody has one. Hi. This is Rich Poland here from RBC on Rishi Jaluria's team. So you talked a little bit about Navigator there. It sounds like the play there can be a little bit of creating yourselves as that system of record. I think right now, sometimes with Salesforce, for example, a lot of contract data will go in there. How do you kind of what's kind of the idea to shift customers' mindset on that? And then kind of a follow-up to that would be, why not give away some of the Navigator functionality for free so you can help drive that platform vision? Yeah. On the first point, our experience in CLM and really more broadly, even beyond customers who are currently consuming CLM, is that agreements are a horizontal problem, that companies really want a unified agreement solution. 70%, I think, of the RFPs that we see now for CLM are multifunctional across procurement and sales, being the two biggest use cases. So I find that most CFOs and CIOs and chief legal officers that I talk to want to look for a holistic solution to their problem. And DocuSign is very well positioned to do that. Now, we obviously partner very closely with Salesforce. They're our longest-standing partner. It's an incredibly important ecosystem. We integrate with them. We continue to iterate on that integration. And I expect that they will have some baseline functionality for storage and contracts. But it's not their core business to enable agreement workflows across the enterprise. I think they're very happy to partner with us for that. I think it's the same for SAP and the same for the other companies I mentioned, same for Microsoft and Google who are our fantastic partners. We're releasing some very advanced new integrations with Google here in the next month or two. I think it's a very complementary specific space with very specific attributes that the big horizontal players or the people who are single-function tend not to either want to or be able to pursue. Yet, it's large. I think it's pretty Goldilocks in that respect. All right. This is a customer conference. So I'm going to ask the last question, which is, what's your favorite customer story's impact from the last 24 or 36 hours since we've been here and you've been dealing with customers? I'll share one. It's a partner and a customer, the company organization called Velatura. I think you've met them before. Yeah. They're great. Yeah. It's a good story. So I'll tell it quickly. State of Michigan digitized a lot of their capabilities for their hospital systems in the state. They created a nonprofit entity that's technology-centric to be able to do that. Insurance companies saw how that brought costs down. And they started to ask hospital systems in other states to replicate what Michigan did. Michigan turned this nonprofit into another nonprofit organization that could serve hospital systems outside of Michigan. They're now working across 8 states. And they are starting with consent. There's hundreds and hundreds of millions of times that patients have to sign consent forms when they go to doctors. And none of that is connected. They've chosen DocuSign to both partner with, resell, and then enable across the healthcare industry and hospital systems in these 8 states. They have a vision to go nationwide. We talked about IAM for customer experience. This is a really specific patient experience example. They believe that by enabling a better experience, removing that friction, it could dramatically help reduce costs in the healthcare system. They're thinking really big. I love that story because of sort of the force multiplier effect. They're fully in with, in fact, they're here today, fully in with DocuSign to bring this to scale. I mean, I think we're all healthcare consumers, right? There's a lot of opportunity in healthcare. But even beyond the most obvious things like patient login to registration, consent, I think is a perfect one. But also the entire ecosystem between the providers and the payers and so on, the amount of paperwork that goes back and forth and then the detail of those agreements and the opportunity for efficiency there is just incredible. And so we have a huge opportunity in the health space. There's been so many. But I think one of the customers that we featured on stage today was Santander. And when people think of DocuSign, maybe they think of wealth management or real estate. But there are so many analogies to that. So buying a car is essentially very similar in terms of the process steps but just in a different industry with different sequencing and different paperwork and different regulatory requirements. And so they automated their entire automotive loan program with DocuSign. And it was astounding, the efficiency savings and the customer experience benefit. There are so many opportunities still for us to do that. It's kind of shocking. I think you probably all feel this way. But if I get something that I need to sign or print and sign and scan, it drives me crazy. And yet, it happens all the time. So that just tells me we have just tremendous opportunity in every industry to go in and partner with them. We can lower the bar, as we're, I think, doing today, to adoption and to implementation. If you want to count envelopes, you're going to drive more envelopes. So it has tremendous, tremendous opportunity. That's great. Thank you, everyone, for joining us today. I really appreciate it. Alan, Robert, thank you.