Ladies and gentlemen, thank you for standing by. Welcome to the Domo fourth quarter fiscal year 2021 earnings call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any operator assistance, please press star zero. With that, I will hand the call over to Peter Lowry, Domo's Vice President of Investor Relations. Good afternoon, and welcome. On the call today, we have Josh James, our Founder and CEO, Bruce Felt, our CFO, and Julie Kehoe, our Chief Communications Officer. Julie will kick off with our safe harbor statement, and then on to the call. Julie? Thanks, Pete. Our press release was issued after market close and is posted in the investor relations section of our website, where this call is also being webcast. Statements made on this call include forward-looking statements related to our business under federal securities laws, including statements about financial projections, the plans and expectations for our go-to-market strategy, our expectations for our sales and new business initiatives, the impact of COVID-19 on our business, and our financial position. These statements are subject to a variety of risks, uncertainties, and assumptions. For a discussion of these risks and uncertainties, please refer to documents we file with the SEC, in particular today's press release, our most recently filed annual report on Form 10-K, and our most recently filed quarterly report on Form 10-Q. These documents contain and identify important risk factors and other information that may cause our actual results to differ materially from those contained in our forward-looking statements. In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Domo's performance. Other than revenue, unless otherwise stated, we will be discussing our results of operations on a non-GAAP basis. These non-GAAP measures should be considered in addition to our earnings press release for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measure. With that, let me hand it over to Josh. Over to you, Josh. Well, thank you, Julie, and hello, everyone. Thanks for joining us on the call today. I hope that everyone and their family is in good health. I am grateful for every member of our team who, over the last 12 months, found the dedication, creativity, and resolve to support our customers and our business, which helped team what was really an outstanding year. I am optimistic about the macro recovery that is in front of our entire society as we all focus on getting back to normal. Now, to Domo's performance, we really had a breakout quarter and year, and I am so proud of our team and really the decade of work from so many people. Q4 capped a tremendous four quarters from Domo. In Q4, we posted 28% billings growth, 26% revenue growth, and 23% total revenue growth. Over the last four quarters, that's billings growth that started at 13% in Q1, improved to 20% in Q3, and now, we set ourselves up to really execute well as we enter into this new fiscal year. Digital transformation initiatives remain a top IT spending priority in 2021. Over the year, we've seen that demand for modern BI has accelerated, and it fits strongly into our value proposition to help customers leverage their existing BI investments to work at a massive scale in the cloud and at an unbelievable speed. In many cases, businesses want data faster than ever, and are embracing transformation for all parts of their business, from machines to end users. As an example, a cold chain equipment manufacturer needed to closely monitor sensors for temperature-controlled refrigeration units housing COVID vaccines. This customer is connecting to IoT data, regulatory data to effectively manage safe vaccine. These examples are becoming more and more normal. Just last week, a CIO customer proactively reached out to us to let us know how ecstatic they are with Domo. They're innovating with the company with Domo to create a new service that is the insurance industry's first true aggregated view of the entire insurance experience between the insurance consumer, insurance agency, and the insurance carrier, all seen, analyzed, and dynamically presented by Domo. To put some of this to numbers, Domo is helping this company bring together 143 cloud data connections across 17 different Salesforce orgs, creating over 7 million rows of data representing over $170 million in insurance premium. As he said to us, this is only the beginning. We also introduced several new product capabilities to make it easier to put any data to work more effectively, and we've seen a market that is moving in that direction, resulting in better recognition of Domo's unique value. Building on this point, as we've seen with much of the consolidation that's been taking place in our space, Domo was way out in front of building the future model for modern BI. We're now seeing this come to fruition as not only have we been copied by many others, but finally the market's coming to us and recognizing that leadership and our vision. Finally, we've dramatically improved our analyst rankings. For instance, Domo moved into the challenger quadrant in the ever important 2021 Gartner Magic Quadrant for Analytics and Business Intelligence Platforms. This is due to the recognition of the quality of our product, particularly in the areas of data preparation and manageability, which give line of business, IT, and data leaders more capability and confidence to put data to work at scale in record time across the entire business. This improved ranking in the Gartner Magic Quadrant will certainly have an impact on our business. Given our reputation for delivering easy-to-use solutions that appeal to line of business executives, we believe our full end-to-end capabilities should really be a tailwind to our sales efforts. On our go-to-market, we're finding that our message of delivering BI leverage at cloud scale in record time continues to resonate. In addition, led by our sales leadership of Ian Tickle, Jeff Skousen, and Jim Kowalski, but also led by many other sales leaders throughout Jeff's and Jim's U.S. organizations, and also led by our sales leaders in Europe and Asia, our sales rigor and our sales force productivity have significantly improved, resulting of course, in better new business cadence throughout the year. I'm really proud that we achieved our strong top-line performance while driving operating expenses down year-over-year. This has also put us in a much better position financially. We reached the adjusted operating cash flow positive milestone in Q3, and in fact, we were free cash flow positive in Q3 and Q4. We also ended the year with more than $200 million of ARR across more than 2,000 customers and more than $90 million of cash in the bank. We've also made strong progress with our Domo Everywhere solution. This is our offering that helps customers extend the value of their data outside their organizations to their customers, partners, and suppliers. Domo Everywhere isn't just embedded analytics. It also allows a full Domo experience to our customers' customers, helping them deliver new data experiences and creating new revenue streams by monetizing data that they already have. We have a very strong pipeline of Domo Everywhere deals heading into fiscal year 2022. Last year, in fact, we closed more than 200 deals with Domo Everywhere, with over 10 of them north of $100,000, and two of them that were seven-figure contracts. Let me talk about some of the Q4 business highlights. Q4 was driven by continued strong customer count growth, significant new wins, and continued expansion with existing customers. One highlight was a seven-figure upsell at a global health enterprise for company-wide analytics to help improve the patient experience. We won this deal because we were able to solve their data integration issues and get the right data to the right people across the organization better and faster than any other solutions they looked at. Before Domo, this process of getting the right data together and making it actionable used to take them weeks every time they wanted to run the data. Now, with Domo, seconds. Another highlight was a seven-figure deal with a partner that is bringing next generation health products to market with Domo's intelligent apps. Additionally, in the public sector, we also signed a state expansion worth more than $500,000 and to provide analytics around vaccine distribution. We're proud of the value we've delivered to state governments, which has also resulted in expansions outside of COVID use cases. We had significant new logo wins as well. We won a new $500,000-plus ACV deal with a leading omni-channel retailer. Domo was chosen after a POC to support their CEO's goal of creating a more data-driven and action-oriented culture. Domo won because we demonstrated the record speed at which we could deliver self-service insights to decision makers across their entire company to support a more agile business. Additionally, we won a new logo deal with a Fortune 500 restaurant corporation. We won this deal based on our ability to merge online and offline sales data across dozens of point-of-sale systems from tens of thousands of franchises to deliver uniform analytics, visibility, and transparency across all of their brands, all of their geographies, and all of their segments. We won this contract with the support of a C-level executive's prior experience with Domo at one of the nation's largest media groups. Let me talk about some of our plans for our upcoming year. We've executed well over the last 12 months. Now that we're in a much better financial position, we are able to think about how to invest for growth. Let me tell you, I'm very excited to be able to finally start playing offense. We've been playing defense for the last few years; now we get to really focus on playing offense. We'll do it diligently, we'll do it responsibly, it's a mindset shift, we're very excited about it. We are looking to accelerate our long-term sustainable growth, the progress we've made across the board over the past year gives me confidence in the investments we're making. Let me share with you some of these investments. Hiring: W e've been hiring salespeople over the past several months and plan to increase our sales capacity to support at least 20% longer-term growth just to start, as we've been growing faster, and we have aspirations to grow much faster than that. We are also investing in sales enablement and customer success initiatives to drive customer satisfaction, of course, retention, renewals, and new business. We've also made some key leadership hires we believe will help us accelerate some very important initiatives for us this year. First, Vita Shannon joins us from KPMG and Oracle to lead our partnership and ecosystem efforts. Also, Shelley Morrison has joined us to run our demand center, bringing her expertise in leading global demand programs for companies such as Adobe, Amazon, and SAP while she was at Accenture Interactive. I'll close with some of our recent industry recognition and company progress, as I think they speak to our relevance and our commitment to our mission of transforming the way business is managed with Modern BI for All. As mentioned earlier, Domo was named a Challenger in the 2021 Gartner Magic Quadrant for Analytics and Business Intelligence Platforms. We feel this signals a strong product- market fit for our solution and validates the investments we've made to deliver end-to-end BI capabilities that help companies accelerate their digital transformation initiatives. Domo was also named a multiple- category winner in the Dresner Advisory Services 2020 Technology Innovation Awards for being a top-ranked solution in multiple market reports throughout the year. Domo was also honored as the 2020 - 2021 Best Cloud Business Intelligence for Analytics Solution by The Cloud Awards. As you saw yesterday in our announcement with Snowflake, Frank and I announced the advancements in the Snowflake-Domo partnership, where we've achieved Premier status in Snowflake's Partner Connect Program, and on the product front, a native integration that allows Snowflake customers to better leverage their data that's in Snowflake. You'll hear more product news like this at Domopalooza later this month. On another front, we are very proud to be a strong corporate citizen in our community. Locally, we've led out on a number of DEI initiatives, and more globally, the ParityPledge that I helped found with Cathrin Stickney to achieve gender parity at the highest levels of leadership has now been taken by close to 500 companies that represent more than 1 million employees on six continents. Also, of everyone I've recruited to our board, a full 50% of them are women. This past year, in addition to the ParityPledge for just the senior levels of leadership, we extended that ParityPledge out to every position that we hire in the company. We created a second ParityPledge for ethnic diversity and are now interviewing a broader slate of diverse hires for every single position that we hire in Domo. Of course, not by chance, with great effort, and also with great pride, in the second half of the year, women and underrepresented minorities represented almost 40% of our new hires. In closing, I'm thrilled with our Q4 and full-year results. I'm incredibly proud of the progress we've made across the board over the past year, and I'm thrilled to be playing offense. This is when things get fun, and I'm so excited about that. I feel great about how we're positioned heading into fiscal year 2022, and I certainly look forward to updating you as we execute against our plan. We're hosting our annual user conference, Domopalooza, March 24th. We'll be virtual again this year, and I look forward to sharing more about our vision of Modern BI for All and exciting product news that will continue to deliver on this vision. With that, I will now turn the time over to Bruce. Bruce? Thank you, Josh. We had a strong Q4, and I'm pleased with our execution throughout fiscal year 2021. I'll review the details behind the performance and then discuss first quarter and fiscal year 2022 full year guidance. Our Q4 billings of $82.8 million, a year-over-year increase of 28%, was driven by strong new customer account growth, upsells and expansion, and high retention rates, with gross retention approaching 90%. We continue to invest in retention, as our long-term target is 90% or better. Net retention remained above 100%. At the same time, our billings terms strengthened, even against the backdrop of pandemic-driven challenges in some segments of our customer base. We had 62% of our customers under multi-year contracts within the Q4. Our remaining performance obligations, or RPO, grew 21% compared to the same quarter last year. Current RPO, or RPO expected to be recognized as revenue over the next 12 months, grew 23% year-over-year. Q4 total revenue of $56.8 million, a year-over-year increase of 23%, with subscription revenue of 26% year-over-year, and represented 88% of total revenue, as we continue to focus on our recurring revenue. International revenue in the quarter represented 24% of total revenue, consistent with Q3. Our subscription gross margin was 82%, up more than 5 percentage points from 77% in Q4 of last year, and up over 1 percentage point from last quarter. We continue to be successful managing our data center costs, even as volumes increase. The Q4 operating expenses decreased by 5% from last year, even though revenue increased by 23%, with an improvement in our operating margin of 33 percentage points from the same quarter last year. Our net loss was $9.8 million, and our net loss per share was $0.32. This is based on 30.2 million weighted average shares outstanding, basic and diluted. In Q4, we reported cash flow from operations of $3.5 million, as no adjustment was necessary for an employee stock purchase plan, an improvement of $2.1 million over last quarter. We generated $2.1 million of free cash flow this quarter. This performance contributed to our cash balance increasing by $7 million this quarter to approximately $91 million. Now, to discuss what we expect in Q1 and the full year FY 2022. For Q1, we're expecting billings of about $54 million, up 16% year-over-year. Note that this guidance is against a tough compare, as Q1 of last year included $6 million of billings from three COVID-related state deals we closed. For the current fiscal year, we expect billings growth of about 16% year-over-year. Let me explain some of the thought process behind the 16% growth guidance. As mentioned in previous quarters, we have been building our sales capacity, and we are continuing to build our sales capacity going into fiscal year 2022. The goal is to build enough capacity to support sustainable 20%+ longer-term growth. We have aggressive short-term hiring goals, and our experience has shown that hiring at these levels causes productivity of the onboarded reps to decline. We have modeled in a decline, but if we are able to maintain our productivity rates through the onboard process, we have upside to the guidance. Similarly, we don't factor in a large contribution from hiring, onboarding, and ramping new reps. However, if we have early hiring and onboarding success, that could provide upside as well. Partnerships is another area of focus and possible upside. As Josh mentioned, we have hired a new head of partnerships. We had meaningful help on new business from partners in fiscal year 2021. We intend to put even more focus behind this effort in fiscal year 2022, as we view this as a significant longer-term growth driver. On expenses, we're planning for Q1 operating expenses increasing from Q4 levels, primarily as we invest in sales capacity, host our annual user conference, and have higher payable-related expenses in Q1. For the year, we're also expecting operating expenses to increase, with the largest increase in sales and marketing as we invest in our growth initiatives. We expect Q1 and full year adjusted net cash provided by operations to be slightly positive throughout the year. Now, the formal guidance. For the first quarter of fiscal 2022, we expect GAAP revenue to be in the range of $56.5 million-$57.5 million. We expect non-GAAP net loss per share, basic and diluted, of $0.43-$0.47. This is in 31.1 million weighted average shares outstanding, basic and diluted. For the full year of fiscal 2022, we expect GAAP revenue to be in the range of $240 million-$245 million. Representing year-over-year growth of 14%-17%. We've got non-GAAP net loss per share, basic and diluted, of $1.53-$1.63. This assumes 32.2 million diluted average shares outstanding, basic and diluted. In closing, we're pleased with our execution in Q4 and are optimistic about our financial position and growth opportunities ahead of us. With that, we'll open up the call for questions. Operator? As a reminder to ask a question, you'll need to press star one on your telephone. To withdraw your question, press the star pound key. Please standby while we compile the Q&A roster. Our first question comes from Sanjit Singh with Morgan Stanley. Your line is open. Thank you for taking the questions, and congrats to the entire Domo team. Pretty incredible year. Congrats all around. Thank you. My question is for Bruce. I appreciate the context around the guidance. I wanted to introduce a couple elements to help understand the guidance for next year. One, the impact from the sort of COVID command center asks, how much of a tough compare does that represent? Two, if you could comment on the renewal base next year. Is the renewal base larger going into next year versus last year on a year-over-year basis? The third element is your view on the spending environment. What's the underlying assumption there? How is that looking for Q4, and what's the assumption on the spending environment as we progress next year? Sure. On the COVID-related one, and specifically for the comment about Q1, we definitely have headwind in Q1 just because we had the $6 million we've been voicing, $2.5 million recurring, $6 million in total, and the narrative that is COVID- driven, that was the three state deals. We fully expect those to zero, but we have to get $6 million more too to keep the growth rate going. That's the tough compare in Q1. On the renewal base, and actually, really, it applies to the whole year if you think about it, because we had quite a bit of COVID-specific deals throughout the year. The good news is we actually see some of that continuing, so that kind of mitigates full-year kind of tough compare. We're able to help people roll out vaccines, for example. On the renewal base, the base is certainly higher this year. It's the classic SaaS start with beginning ARR, add a new recurring factor in the churn, and then you have your kind of ending renewal base. Yeah, the renewal base is definitely much higher than last year because you're able to add to it the new recurring revenue that was generated this year. In our case, really, the new recurring, or the new ARR, I guess we'll call it. That's true. On the spending environment, generally speaking, we still see difficulties from some of our customers, too, who are still in challenged industries, and it hasn't quite turned yet. Brick-and-mortar retail, certainly transportation, hospitality, just more generally. We did, however, have some success with those customers simply because they just had to get to the data to understand the ramifications of COVID on their own business. Because we can move so fast at scale, and we can distribute it so quickly and in the cloud, we were a preferred vendor. People just couldn't wait in line the old-fashioned way to get the data. They really had to cut through that. That's what Domo does. Obviously, we read the newspapers same as you, the stimulus plus the vaccinations, we think will bring optimism to the business community, and we very much look forward to what we hope is a much more robust environment next year. We couldn't really factor that into our numbers, I would say, but everything seems to be pointing that way. We certainly hope it plays out that way. Great. No, I appreciate the thoughts there, Bruce. Josh, maybe comment on partnership, starting with Snowflake. Obviously, there's been a press release for everybody, that was certainly nice to see. Maybe talk about what the team is building with Snowflake, then to what extent do you think that'll help you sort of as an entry point to the pretty fast-growing Snowflake customer base to help serve out some of their data to those business users, and then those customers? What's sort of the roadmap for Snowflake? If you want to comment on the broader partner strategy, feel free to do so as well. Yeah. I mean this definitely was a breakout year for us in terms of partners this year. It's been a multi-year effort in trying to find the right relationships and how we fit into the ecosystem most effectively with the other players. Snowflake's been a really healthy relationship. We sat down with them early on. I sat down with Frank, and he basically laid out a blueprint for things that we could do that would be differentiated in the marketplace. We did some of those things at the very beginning, engaged with the sales organization, and it's helped us with our deals, especially where Snowflake is already installed, or where someone's making a Snowflake purchase. There were other things that they asked us to do that truly would be differentiated. Some of that relates to being able to take that data that's in Snowflake, also take our entire backend and have it run on Snowflake. It's all still in the cloud, but it's all in Snowflake. Our entire backend can be in Snowflake, that's something that really helps the relationship that they have with their customers. It increases the speed; it certainly increases the reliance that those customers have on both us and Snowflake in a world where CIOs are trying to figure out how to make sense of the tech partners they want to be their data platform. It's been a healthy relationship, I think Frank appreciated what we've done relative to the strategy that he laid out in that meeting. We were certainly appreciative of him being on that press release and helping us go to market. I think broadly speaking, with partners, in fact, while we were on this call, and with COVID now being able to be in the same room, we pre-record our prepared remarks. While those prepared remarks were being read, I got a text message from one of our partners who just had a big opportunity with a federal deal. Having that breakout year that we had, where we went from basically zero in partnerships to having about $10 million or so in new deals between two partners this year, and hoping to see what that turns into next year. We have these great relationships that have brought us new revenue and new logos, and certainly want to improve on that this year. Great. Appreciate the thoughts, Josh, on a productive year. Thank you. Our next question comes from Derrick Wood with Cowen. Your line is open. Thanks. Hats off to you guys for just an incredible transformative year and exiting the year with 26% subscription growth. Pretty, very impressive to see. Thank you. Thank you. Yeah. Josh, I'll start with you. You've made this pivot to be more interoperable with the analytics ecosystem, like what you're doing with Snowflake and cloud data warehousing. I'm curious, when it comes to selling your whole platform, kind of giving companies a single vendor serving many analytic needs, and I think you mentioned some on the call, where are you seeing demand for that? Is that more in the commercial or international markets? Do you see enterprise opportunities as well? How do you balance the opportunities between the capstone approach and the full platform approach? That's a great question. Thank you for asking that. It's something that I've mentioned at a few of the investor conferences, and I think it's really important that our investors understand. We have a full end-to-end, full stack because our enterprise customers have asked us for it. Almost every feature that we have came from the enterprise customers asking for it. You're right, they don't come to us at the beginning saying, "We want a full stack purchase. Let's rip and replace 19 different things that we have here." That's not how the relationship works. That's why I think it's important that we keep on repeating the messaging, that we are BI leverage at cloud scale in record time. That leverage, to your point, if it's a small commercial company customer, yeah, it can be the full stack. If it's a large enterprise customer, then basically what we can go to them and say is, "We can evolve and grow with you. We can be your data platform." We have many customers that'll come back to us and be like, "I thought I was just purchasing some visualization for some executives that we needed to get information to, and here we are a year later, and we have more data in Domo than we do in our own data warehouse, more than we do in our data lake." When they see this evolution with their organization and how they just trust us more and more, they really start to look beyond just that initial capstone or that initial contract, and that's why we've seen more and more of this. We're going to continue to go straight down the middle, straight up the middle. We'll keep going there. We'll keep offering the full stack. These new logo relationships, where we'll go in with one solution, we'll go in with a part of the stack, we're more than happy to do that. It's BI leverage. Whatever you have, we can help make it faster. We can help get you a lot more data. We can get it into people's fingertips. We can turn it mobile for all the data that you have in your organization. We can help you connect to things that you're not connected to right now, because we have a thousand connectors. It's really something that we can get in there and get started in a variety of ways, and then evolve with that customer over time. That's great. Maybe one for Bruce. It sounds like it was another strong quarter of customer generation. Last quarter, you called out 50% growth. Anything to call out this quarter in Q4? I know it may be early, but when you look at the strength in new customer activity, are they going as it's just they start small, and they're going to expand bigger in the upcoming year? Do they look more like they went big out of the gate, and so less expansion? Just curious how you're thinking about that cohort and how meaningful they could be in terms of expansion next year. In terms of the first part of the question, this was just a strong, what we call new logo year. We added a credible number or more customers than I've seen, certainly since we've gone public and before then. That was very promising. We like it because almost every customer, even small ones, it's almost an endless opportunity for us to provide solutions to them, where they could just keep generating business for us. The one thing I'll point out is we basically focus more on getting new customers and less on the dollars. The average deal size went down. That's not a reflection on the opportunities we still could fit. It didn't go down by much. Every one of these customers is usually, well, now almost all of them, just by the way we sell our platform, is pretty much set up for an upsell on day one. We've been tweaking our pricing, we've been tweaking our messaging. Well, Bruce, I would add that that's one of the things that we've seen with, because we've been evolving these relationships with customers, we will have other very large companies in the ecosystem approach us and say, "Hey, with this large company that we're both involved with, we should partner together and bring a joint solution and jointly try to be their data architecture of record that they can evolve with for the long haul." That's interesting in terms of you build these relationships out, you start getting brought into new customers that weren't customers of yours before that, and are able to increase your new logos, then it's kind of funny, but that's also how acquisition conversations certainly start. We get overtures all the time. I always welcome the overtures, and I'm always open to a conversation. You're not going to get a real strong acquisition premium unless you're building relationships with big companies, because those things don't just happen overnight in places where there's no relationship, at least not if you want to get the right price for your shareholders. I think that's a really important component of all these conversations as well, is just making sure that people know you're open to building out your ecosystem and your relationships because you never know what's going to happen over the long haul. I think that's been, I guess, starting to be recognized as an important part of the ecosystem with some of these really big customers that we have, because it shows you that the big companies are hearing our name, and they're being told if they want to be more successful with that customer, then they need to integrate well with us. That's I think we're seeing a little bit of the power changing to our side as well, which is a great reward for us. Yeah. Well, it sounds like you had a big breakthrough in market awareness this past year. Thanks for the color. Well done. Thanks. Our next question comes from Patrick Walravens with JMP. Your line is open. Oh, great. Let me add my congratulations. It's great how the billings kept accelerating. All right, Josh, you opened the door, so I'm going to step through it. Under what circumstances would this business be sold? I don't think nothing's changed in terms of I've tried to say it many times, it's just anytime you get an offer where someone's willing to pay you for your future efforts, that's something that you have to evaluate and bring to your board and have conversations about what's the right thing for the shareholders. I didn't want to sell Omniture. I got an offer that felt like it was the right thing for the shareholders; it was the right value relative to the risk/reward that we were presented at that point in time. I think the same thing is here. Of course, I'd love to do this for a long time. It's fun. The most important thing to me is winning, for sure, by far. I do not really want to play second place and be stuck there for a while. That sounds stupid. We want to keep on trying to win. If someone's willing to pay for those future out years, then great. That's a real conversation to have. If it feels like that's a way to accelerate things and make sure that you're winning, your people, that they have great experiences with great customers, then that's something I think you have a responsibility to. We're not looking to sell. It's not for sale, but I'm definitely always open to having conversations. All right. Great. Thank you. Our next question comes from Jennifer Lowe with UBS. Your line is open. Great. Thank you. I'll echo the congratulations on the quarter and a strong finish to the year. Maybe just starting with some of the investments and the shift into offense mode. It sounds like you're, in terms of getting the sales capacity up, you're looking to get unloaded on that. Maybe two questions. One, is it reasonable to think that you've kind of identified candidates at this point, or people have actually come on board, or is it still sort of in the recruiting process? Two, let's say six months down the road, everything's going as well as hoped, if not better. With the inclination and revenues are coming in ahead, billings are coming in ahead, would the inclination be then to kind of continue to hire at that pace? Or let it sort of digest for a bit? I know it's hard to know what the future holds. How would you think about a scenario like that? Is it put more money in or kind of let it gel before taking the next slug? Yeah, that's a great question, and that's definitely what we're focused on, and I appreciate the nice comments at the beginning, Jennifer, and hopefully they make it into the report as well. I'm waiting for that massive overweight from Jennifer. I'll know we've reached mecca. I think the call about the question about hiring that's definitely right on. We have been really successful so far. We really challenged the team, especially as it looked like we were doing well at the end of last year. Let's get these recruits on board. Let's get them on board ASAP, because if we want them to have a chance at really adding value and adding revenue this year, then we've got to get them on in Q1. That doesn't mean they're going to have impact, but it means they have a chance. We've already identified and hired a couple dozen. That's been something that we're really excited about and really proud of that management team in sales. They're just all doing a fantastic job. HR and everyone that's been. It's kind of student body right? Here's a new thing we need to focus on, and God forbid, it's offense. That's so much more fun than, who do we need to stock rank and figure out that maybe shouldn't be here? It's so much more interesting and so much more fun. You're excited when you wake up. So I think we're making some good success there. Bruce, of course, if you want to add any color. I'll just add, first, I'll reiterate your comment about Jennifer. I'll also add that if we do see success in the first batch, we're going to keep going. What's nice about now being cash positive, we feel like we can afford it, and we have not been in that position since we went public. We don't know yet for sure. We want to see how this first batch of hiring goes. I would love to just keep it going and, therefore kind of set up a nice growth profile for next year. Okay, great. Maybe just one more from me. If you look at where those investments are going, specifically, you've got this great enterprise sales motion. You've also had a lot of flow of business on the corporate side. Is it going to be sort of evenly distributed across those cohorts, or is there a particular focus in where the sales are going to go? Just anything there would be great. Thank you. No, it's across the board. What I was going to add, just that one area that we haven't been as successful, is that it doesn't make sense, just that we haven't been successful there; the companies kind of in that $1 billion-$5 billion revenue range. We have plenty of customers over $5 billion. We have plenty of customers under $1 billion. That $1 billion-$5 billion, we've taken some of our better reps and had them focus on that section, starting with last year, and started to make some good progress there. Hopefully, we'll be able to continue that progress and then double down because there's a lot of companies in that space that need our product. We've been successful at servicing customers that size. We think that's an opportunity, but certainly, more in the corporate and enterprise business, more in strategic. We had a little bit of a pause in APAC for a while. Now we're ramping that back up, and we're starting to see the performance metrics that we need to see. Performance metrics last year were really strong. We don't need stronger performance on a per- rep basis. I'm sure we'll increase their quotas. We don't need stronger performance on a per- rep basis. I think there's still a lot of opportunity in Europe. We've closed some really big deals over there. We've got great lighthouse customers, and same holds true for Japan. I mean, Japan, geez, you can go look at the top couple hundred companies. The penetration that we have there is dramatically outsized relative to the size of business that we have. There's a huge opportunity there for us as well. Great. Thank you. Our next question comes from Jack Andrews with Needham. Your line is open. Well, thanks for taking the questions, and I'll add my congratulations on all the progress you've achieved thus far. Just continuing with the theme of moving to offense. Josh, you talked a lot about what's happening on the sales side. I was wondering if you could just talk about maybe some of the product advancements that you're looking to make to your portfolio of the product side of things. Yeah, for sure. Really, it's across everything. You think about HR and what everyone in HR is doing, this year compared to what they were doing in Q1 and Q2 of last year. The most important task that I gave HR last year was everyone that we had to let go of, making sure that we're doing everything that we can to help them get jobs, and we paid recruiters to place them. That's what we were focused on. That's not helping drive the business. It was the right thing to do, but it's not helping drive the business. It's defense. Now HR is trying to figure out, "All right, who are the top performing people? What kind of training can we get them?" Where are the opportunities to promote additional people that are here? How can we improve our diversity so that we are even more qualified to talk to customers? From a product perspective, you look at okay, we're just kind of settled with product that customers do not complain about. There's hardly any. I would say there haven't been any, but there's hardly any, if any at all, customers that have quit paying us and didn't renew because of a product issue. It's just we're blessed with a fantastic team, and that doesn't happen. Being able to take that team focused on offense and say, "Hey, what are other things that we can do to increase revenue, to increase cross-sells, to increase up-sells? What are new products that we can bring to bear that leverage the platform that we have? One thing that is very unique about us, I don't think there's another company in the world that has as much data at any of the customers that we're at, where that company knows what all of the data is, and our machines know what that data is too. We know what their sales are, we know how many employees they have, we know what is converting well. All of that data is sitting there just ready to have AI and predictive applied to it, or another app that pulls that information out and presents it in a way that helps them run their business more efficiently and effectively. I was talking to a customer yesterday who said that they just spent a bunch of money on diversity and inclusion, and they were challenged. They were going to pay $2 million-$3 million to solve the problem, and our customer raised his hand and said, "Guess I can do this with Domo." Everything that that customer needed to pay, they literally were going to pay; they were about to close a $2 million deal. Everything that they needed, he was able to do in two weeks with Domo. That's without us having a diversity and inclusion offering, because we're already connected to the data. That's what he said. He said, "I think Domo has all the connections that we need for all of those Oracle things that we're going to query. Let me see what I can put together, and if I can build the app that you guys want to see. He built a really rudimentary app in two weeks and saved them $2 million. What if we went to market with a diversity and inclusion app that, because we know it connects to everything, and we brought some best practices to bear. Should we do that? I don't know. There's lots of opportunities like that, but we haven't been able to even think about that. If we have, and all my salespeople were armed with an additional product to go to market with that we can go and sell as an upgrade for $100,000, $200,000 a year, who wouldn't buy that? There's a lot of opportunities like that we just continue to evaluate. We've had several of them that have been in data internally at Domo that we are just getting ready to bring to the market, and we hope that we're able to do that this year. Thanks. Really appreciate the commentary around that. Just as a quick follow-up question for Bruce. I just wanted to make sure we get maybe an update in terms of your view of multi-year contracts. I think you've mentioned you've reached the 62% threshold now. Are you actively looking to steer customers towards more multi-year contracts, or are you effectively agnostic on that front? No, we very much like multi-year contracts. The average has been 18 months, 20 months. We'd like to get it to 36 months. We think it's good for us, and we think it's good for the customer. Particularly, the larger customers are the ones that are betting on us. They kind of want to go ahead and lock in price. We incentivize our sales force to get multi-year contracts. We've been making that evolution for the last couple of years, and we want to keep doing that. It's just good for the business. In the end, I think it's good for our customers, too. Got it. Thanks, and congrats again. Yeah, thanks a lot. Thank you. Again, if you'd like to ask a question, press star one on your telephone. Our next question comes from Kamil Mielczarek with William Blair. Your line is open. Hi. Thanks for taking my question. Congratulations on the great end to the year. I just want to start by sharing competition. Domo addresses so many layers of the stack, and it's somewhat unique in its ability to provide this comprehensive end-to-end solution. Can you maybe tell us on who are some of the companies that you see as your biggest threats over the coming years? In recent months, have you seen any changes in the competitive environment? We certainly hear Tableau's always been there. Power BI has always been there. I'm sure both of them will continue to be there. I think ThoughtSpot and Sisense have done a really nice job building their businesses and being relevant in their own unique ways. Those are the companies that we see, but it's not usually in head-to-head situations necessarily, just other people that are making noise in contracts. I'm sure the majority of our customers have purchased stuff from everybody. It just shows the real opportunity that we have. I think one of the things that's exciting is the apps that we have, and that's where we don't compete with anybody. When we're in an account, and we're just sitting there talking to them about a solution, we like to call them the apps that fill in the gaps. When they have a need, and they don't know where to get it, and they have to go outside to have someone do that for them, to have some kind of consulting relationship, or they're getting custom software. We can put together an app in a couple of weeks, charge 10% or 20% or 30% in contract and services, and then get a renewable $100,000, $200,000 contract for an app that we just configured. That's really exciting. It's fun because I got a notification on Domo last night, and I looked at it, and it was this enterprise customer that continues to buy apps from us, and I got another one last night. I texted our Head of Enterprise, Jim Kowalski, and I said, "Who are these guys? What are they doing? They keep buying more apps." He's like, "Oh, yeah. They bought five, and they're going to buy two more. Those are things that we're doing that. It's not competitive in the slightest, and we're offering a great value to our customer and making great money off of it. It's truly a win-win, and it's just leveraging this amazing platform that our people have built. That's great color, Josh. Thank you. Just as a quick follow-up, how much of your recent margin improvements are attributable to factors like working from home and travel? As we look out for the next one to two years, and specifically in FY 2022, as you try to continue to expand margins while growing revenue, how much of a headwind will that return in paying expenses to investments back into the business as we get to a more normalized environment? Thanks. Well, we didn't save any money on T&E because Bruce already made us all pay for travel out of our own pockets. That was just kind of a company policy that he instituted, right, Bruce? Yeah, I think I'm going to keep it because it's working. That's the real answer, Bruce. Yeah. Well, I don't know that we really have a lot. It's really T&E savings, and I'm not sure it just jumps back to normal anytime soon. I don't really see headwind there. I think we just overall still have a lot of leverage opportunities within our cost structure. If we can keep growing the business at our goal of 20% +, we don't have to have expenses grow at the same rate. I don't see a step function. Well, I mean, gross margin. As low as leverage. Is one area, right, Bruce? I mean, gross margin, I mean, I remember the conversation with Bruce and I, three, four years ago. We were talking about what gross margin could get to. I was definitely wrong, and he was definitely right. I couldn't imagine it getting to these levels. It's been awesome to see what the team's done there, just finding more and more efficiencies, what the finance team's done with really driving the right kind of relationships with our vendors. Yeah, there's definitely some more opportunities to squeeze and get more juice out of this thing for sure, from a cost perspective and efficiency perspective. That's great to hear. Thanks again, and congrats. Thank you. There are no further questions at this time. This concludes today's conference. You may now disconnect. Good. Thank you, everybody.