Okay, thanks everybody for coming. We have Domo today, CEO and founder, Josh James, and SVP of Finance, Todd Crane. Thanks for coming. Thank you. Thanks for having us. Excuse me. Just a reminder, Q2 starts next week. We appreciate your support. With that, we're gonna get in. Let's just dive into I think the macro is probably the, you know, number one question to start with. What have you guys seen over the last year, just from a macro standpoint, how buying behavior has changed? Yeah, there was a, you know, a year ago, we looked out on the landscape and definitely saw there was a bunch of customers that we were worried about, that were they going to churn, were we going to be able to save them? And I feel like there was this big wave of vendor consolidation that was happening. And whereas now, we look out and that feels like that, you know, we've made it through that. And the ones that are left standing are left standing, and it feels back to normal, I guess, from a, you know, a renewal perspective. I think new logos are still depressed like they were a year ago, and, you know, we're still waiting for that to change. But people are definitely making investments when it comes to AI, when it comes to increasing revenue, when it comes to saving expenses. So we're still seeing a healthy number of logos from that perspective. Great. I didn't say it before, I'm Derrick Wood, senior analyst covering enterprise software at TD Cowen. So, get that in there. I did. So, okay, so you've had, I mean, walk us through, you've had a couple larger customer losses that has put pressure on the growth profile. Yeah. It sounds like you think you're through that now. Give us some context on, kinda why you think we're through that and what that means for the model? Yeah, I think so. There were definitely, when we looked, you know, again, a year ago, the ones that we were worried about were ones that had single use cases. And, you know, we had this model before that we'd go in, and we'd just charge for that seat and charge for that seat and charge for that seat, and if these seats wanted to join in, they had to go get an RFP, they had to go get approval, they had to go to procurement, and it just prevented us from getting a lot of site-wide installations in the enterprise. So there were a lot of enterprise customers where we literally would only have one department, one use case. The ones where we had multiple use cases and multiple departments and multiple installations, they all did really well. So, we really focused on switching our model over to consumption. All the seats are included, and, you know, that's a much healthier profile. And for this quarter, actually, for the first time, we guided to a retention number. So for a long time, we were in the, you know, 88%-91% retention situation, and then for the last four quarters, we bumped down to 82%-83%. And we've guided this quarter that we'll be back up 87%-88%. So we really, truly have seen a shift. There's another important metric that we saw, when it comes to consumption. If you look at our consumption cohort, it's now been around long enough that we're going through a whole renewal cycle. This last quarter, we had, if you looked at just the cohort of renewals, we had 96%+ gross retention, which, you know, we haven't seen that kind of gross retention from any cohort in our, in our business. And furthermore, our net retention from that cohort was north of 115%. So it was funny, we got really excited internally. We're like, "Oh, this is great!" We're like: Wait, wait, before we talk about it-... we better, better look at next quarter. And we looked at this next quarter as well, and it looks like numbers should be about the same. So, and, and this quarter, it'll be well over 2x, almost 3x the size of last quarter. So it seems like that number's holding. Yeah. So to date, you've seen the similar behavior, or you're, you- Yeah. Yeah. Very similar. But, yeah, as you get more volume and more data points, then you're gonna have more confidence in that direction. But so far, so good? Correct. Yep, so far, so good, and, you know, we're talking sample size of, you know, 150 customers. Yeah. So it seems like it's a big enough customers, customer base that- Uh-huh ... you should, you should be able to get some confidence from that. You mentioned gross retention having kind of bottomed in the low 80%, now back up to high 80s%, around 90% in terms of your guidance. What, remind me, net revenue retention rate—like, where is that bottoming? That's, I think, calculated in a different way. Yeah. Maybe that's gonna take longer for that to see improve. Yeah. Where would you like to get those numbers? Yeah, exactly, Derek. So we didn't provide formal guidance on net retention this quarter, but given the change of trajectory on the gross retention, you can expect the net retention to follow suit. Like we talked about, Derek, the net retention is a twelve-month, trailing twelve-month calculation. We look at a cohort from a year ago, look at what they're doing now. So that one will take a little bit longer to turn around, whereas the gross is an in-quarter metric. But it will start heading in the right direction, given the change of direction on the gross. I guess given that, like, that confidence and improvement, you guys withdrew fiscal year guidance, at least on the revenue side. Walk us through why you did that and what it'll take you to get back to giving full year guidance. Yeah, I mean, there's just a lot of moving pieces right now. And frankly, a lot of them we're very excited about. You know, particularly the partner play. Josh, I'm sure will talk more about that here in a minute. But with the cloud data warehouses, we got a huge opportunity there. We're seeing a ton of traction. We listed out kind of a number of different metrics on the call, dozens of really great, exciting conversations we're having with these companies. So that's one thing that we're seeing a lot of early positive signs, but it's really difficult to tell exactly what kind of traction we're going to get from that during this fiscal. You know, we've also, you know, with the gross and net retention rate, we're seeing positive signs with these consumption customers, but that's gonna, you know, take some time to play out and kinda flow into our billings and revenue as well. So, we just felt it was best to give that some time to play out. Mm-hmm ... and see how things go. Hopefully, here in a few months, we'll have more, you know, more color to provide on that. Got it. And Josh, how are you thinking about managing growth versus margins? There was a bit of step up in some costs in Q1. Maybe some of that was one time, but how do you wanna thread the needle on managing the two? Yeah, costs for the most part, we should be able to maintain relatively flat. Definitely not. We, we feel like we have a pretty healthy level of investment, actually. Yeah. You know, we could, I'm sure, crank out another 20% margins if that was... Mm-hmm ... if that was the, you know, marching orders for the day. But we feel like this is the right level, given all the opportunities in AI that we're seeing, especially with these new cloud data warehouse partners that we're getting. You know, we look at the cloud data warehouse partners, it's really been fascinating, actually, because we were one of the very first ones to in the space, and we built the full stack, before Microsoft had the full stack, before Salesforce acquired a bunch of companies together to get, you know, have a semblance of the full stack. And, you know, we were right for sure. We were early, and we probably tried to do too much, but no one else was doing it, so we had to do it. It's been really cool to see the last little bit that these cloud data warehouse companies, as they've moved in and then also grown up so fast, Snowflake, Databricks, and others, that they've really become a center of gravity in the space. Mm-hmm. So, you know, before it was like, ooh, are people gonna rally around AWS? Are they gonna rally around, some of the visualization layer? Mm-hmm. Are they gonna rally around ETL? There just wasn't a center of gravity, and all of a sudden, these CDWs started emerging, and every CIO out there wants to have a CDW strategy, cloud data warehouse strategy. And you go, and you talk to 'em, and the CIO is almost like: "Yeah, I don't care, I just wanna get all my data in that one spot. I just wanna know all my data's there. I wanna be able to have command and control. I wanna be able to have the governance," and it has become a center of gravity. And so, when it first happened, we had a CDW as well. Mm-hmm. We didn't call it that. Mm-hmm. It was just one of the things in the stack. And, because of that, we were at odds with the CDW. So you'll remember, you know, several years ago, we started talking about Snowflake, and things just didn't really go anywhere because a Snowflake rep would start to say: "Hey, a customer is taking data out of Snowflake, and they're putting it more in Domo because there's some things that Domo does that are more efficient than Snowflake, and some things that Snowflake does that are more efficient than Domo," but this conflict taking money out of the, out of the Snowflake reps, you know, it's taking, taking their dollars. So that was the end of that. That was the end of that traction. Whereas now we said: "Okay, we're gonna go and rearchitect the back end." So now it literally is our full stack sitting on Snowflake, our full stack sitting on Databricks, our full stack sitting on Redshift, sitting on BigQuery, and we've launched one completely, you know, end-to-end. Everything happening in Snowflake was the first one, and that's only been about three weeks. We got Databricks coming online in the next month. We've got Google BigQuery coming online in the next month. We've got IBM, Oracle, and others that are all coming along over the next two months. So we're very excited about the traction that we're seeing there. Yeah. I was at Domopalooza and talked to some Snowflake partners, and they were certainly very excited and said, "There's something different- Yeah. this versus what had been maybe tried to put together the last couple of years," and there's a real commitment on both sides. I guess, what about from a go-to-market standpoint? Like what - so, so you've made some good technology investments to be able to kinda be more natively built in against that, against the Snowflake. Talk about the business side and where the investments are coming from, both you and Snowflake. Yeah, I think, one of the things that we've seen, you know, when it comes to these CDWs is, that really resonates is with these reps. You know, these reps are out there, and how do you sell a CDW? You know, the pitch is, to the CIO, you know, it's all your data in one spot, and you have governance, you have transparency. You know, when people leave, you know where it's at. It's not sitting in different apps and different spreadsheets. All the data's accessible in the CDW instead of all the different apps. And, the rep, when they're trying to close a deal, to make the solution, whatever pitch they've made in that company, to make the solution, you've gotta have an ETL engine, you've gotta have a visualization layer, and actually, we've got some slides. Yeah. Can we pull up the slides, please? Can you pull up the slides, please? So this is what it's like right now. You know, if you're selling a cloud data warehouse, and this is true for all of them- Mm-hmm ... you know, the cloud data warehouse makes the pitch that here's the stuff that we provide: marketplace, data lake, all your history, your reporting, analytics. And in order to make that work, you first have to connect your data. So, you know, whether it's a Fivetran or a Stitch, then you've gotta have an ETL layer. You have to have it. So Informatica, Matillion, Alteryx, you've gotta get it from somewhere. And then you've gotta have visualization layer. And so if you're and then a lot of times they have a partner that kinda spans this whole process. Mm-hmm. And so literally, every single rep is bringing in- Mm-hmm ... five deals that have to get signed at the same time in order to get the Snowflake deal or in order to get the Databricks deal. And because of what we do, and now since we can say: "Yeah, cloud data warehouse? Sure, that's all on Snowflake." If you'll click once more on the PowerPoint slide, that's a heck of a lot easier for a rep to go and close, to be like: "Hey, it's just us and Snowflake. It's just us and Databricks, and your deal's closed." And so now that we have no conflict, the reps are seeing this, and they're like, "Yeah, all day long! Mm-hmm. So, you know, in terms of go-to-market, we have had... I think we mentioned this on the call, but just we've only been doing this, again, three weeks. Mm. You know, we had a deal close with one particular rep, and the rep was so excited, he called us back the next day and said, "I'm walking you into more of my deals." And he did. He's walked us into more of his deals. So right now, you know, we're working the pavement. Yeah. We're talking with a lot of the different leaders in these organizations, you know, starting with the highest level, and they're introducing us to the other executives and CXOs. They're introducing us to the right go-to-market people. So, in most cases, you know, we'll go and we'll start like with a vertical, so a VP of SEs for retail, for instance, and, you know, kind of seeing how that goes and then expanding from there. So- Yeah. Just starting. Yeah. Now, what area are you guys getting pulled in more often in one of the visualization ETL connectors? Do you see, as you're starting to kind of build pipeline with Snowflake, is there one common use case- Yeah ... part of the platform? I'd say it seems like it's really all three. I think a lot of the feedback we've gotten initially is specifically on the connectors and ETL. Yeah. We got feedback recently from one of the reps where they said, "Your ETL goes head-to-head with any of these other, you know, other, the other people we had in that box there." We've been at this a long time, so we've been- Yeah ... we've been working on this product a long time. Yeah. It's a mature product, really good functionality. So, you know, not only do we, you know, cover off on these three categories, but we do it really well. We- A lot of it has to do with the solution that they're trying to solve, so. Correct. If they're newer to cloud data warehousing, they're trying to figure out how to get the data in. Yeah ... so then there'll be a connection layer. Yeah. If they're filling a full solution, we have a customer, a really large pharmacy company, if you will, and they have a lot of retail pharmacy outlets. We're helping them. They need to measure the exact temperature of a big chunk of their drugs through the entire supply chain, including, you know, monitors on the refrigerators in the retail stores, and does it ever change? There's a lot of liability associated with understanding the exact, you know, history of what the temperature of that drug was, and if it ever did fail, knowing the actual end customer that has it and being able to contact them and say, "Hey, we need to replace it." That whole process is all sitting on one of these cloud data warehouses, and so, you know, for them, they were filling a full solution. Mm-hmm. So all the stuff that we do from a visualization and app perspective really drove that one. There's other customers that come to us and say, "We're not seeing a lot out there." You know, Snowflake and Databricks are the ones that have the most momentum. But we definitely have a subset of customers that are like, "We're Google. We're BigQuery. Mm-hmm. We're looking for vendors that really support that." And we're like, "Hey, yeah, we're in. Let's go." And so we have customers that are really excited about working with us because we can take our entire back end and keep it on Google, and so their data doesn't move anywhere. Now, this whole, this whole thing looks like Domo platform, including the cloud data warehousing part that you guys can do. Mm-hmm. Have you... Do you still provide that, like, smaller customers full platform, or have you really pivoted away from that? Yeah, for smaller customers, we still have full platform, and, you know, we'll maintain that. And as you know, we don't understand how the market's gonna all play out, and we talked about that. But, you know, I think for us, what we can do is say any customer that we get walked into with any of these partners, our back end doesn't exist. And we keep it all right there on Snowflake. There's zero conflict, and we definitely, you know, over the coming years, as these partnerships play out, we could definitely go and say, "Our back end is now 50% on Snowflake, and it's 50% on somebody else." We could easily do that. Mm-hmm. So, you know, options are plentiful right now. Okay. And I think the consumption, maybe one of the other challenges historically has been the pricing model didn't align with the cloud data warehousing consumption model. Like, how important has that been to align people? Well, I think there's been two things that have been important. Number one, you know, this has really allowed conversations to flourish because our customers. We've had plenty of customers that were, you know, we. They were a customer for six years, and the contract size didn't move. And it's because, you know, we had a marketing use case, and, you know, maybe we had a finance use case, and sales was stuck on one of the other vendors that was one of our historical competitors, and they weren't gonna move off. And so every time someone in their organization said, "I really want to work more with the marketing use case, you know, Mr. Head of Sales, can you please start paying for this?" And, you know, the head of sales would be like: "No, we're not doing this. This is our. We've already made a determination." Well, now no one has to ask for permission. It just bleeds over there and virally spreads. So that's been the best part about the model. And then we're seeing these contracts, you know, increase from there. So I think that's one, that's been one thing that's been really nice from an alignment perspective. Let me call it out. Yeah, you know, absolutely. I mean, we're seeing obviously more users. They're adding more users 'cause there's no barriers to add 'em, and we're seeing similar login rates. So similar login rates with more users equals more people in the product, and we're, we're definitely excited about that. And, as we mentioned earlier, we're already seeing, you know, concrete signs with our retention rates with that cohort. Yeah, you'd think that new users- Yeah ... would mean lower login rates. Exact same login rates. Yeah. Double the users, exact same login rates. Yeah. So that's what's gonna drive, you know, that. We haven't talked about as a company the overusage that we're getting in a quarter. Yeah. That's coming, though. Yeah. And we're seeing, like, you can look at all of our- Yeah ... consumption customers, extrapolate out the behavior that's happening right now, and you know, in month 8 or month 10, there's gonna be overages. And so that's gonna be something that's gonna be this nice underlying drive of revenue growth in the future. So can you walk us through that a little bit more in terms of... I mean, you are very focused on, at renewal, getting customers to move to a consumption model. I think you're kind of, at first, you're kind of maybe the contracts are similar when you shift over. Maybe there's a little bit of a bump up, and then you try to drive usage, and then ultimately, the monetization is gonna come in in a more powerful way down the road. Can you just kind of walk a little bit more through how that, how we should think about that? Yeah, I think, you know, some of the things that are fun to think about, especially for folks in this room, is just the modeling. You know, what does it look like when you get a customer in there, and you're uncapping the number of users, and they're willing to pay a rate? You know, all they've committed to is a minimum with a correlating rate. And then as they go past their minimums, we get to go back in and say, "Hey, customer, why don't we help you out? You're paying this rate, but you're at this consumption level. Why don't you bring your rate down and just commit to the new level that you're at? And, you know, we're gonna, we always do at least a three-year deal, so we're gonna extend out your, your contract by, you know, another nine months, so you're on a three-year deal. And it's just like this great collaborative interaction with the customer that's so different than selling seats, where you're like: I know you don't know the use case yet and the value you're gonna get out of the sales organization or out of the finance organization, but just commit to paying for the seats, and I promise you're gonna get the return on investment. And now it's, "You got the seats, you're starting to get the return, so will you pay for the return that you're getting?" You know, and if they don't want to, then they cut, they cut the usage. It's, you know, they've already done that before we get to that point in the conversation. That 115% net revenue retention rate, I think, is what you're seeing out of- Yeah. Some of the renewals north of that. Right. So a year after making an initial contract with the customer, that's kinda, you're seeing that kind of uplift. That's right. So if you continue to see that as you move more customers over, that's gonna do something pretty positive for your overall growth. Yeah, I don't think we've had... At Domo, I don't think we've ever had a quarter where we had more than 105, 110. I don't know if we ever hit 111, but it's been- Yeah ... 105, 110 net revenue retention. And that's, you know, we and even with that, we got to growth rates of 30%. So, you know, if we, if we have north of 115 as a, as a baseline, it's gonna get pretty interesting pretty fast. And the best thing is the stability of those relationships is just dramatically different. And we've kinda gone through painstaking efforts to read out a bunch of customer examples in the earnings call. Mm-hmm. Because it's really fun. Like, we're cutting, you know, 15 of them 'cause it'd, it'd go on forever and ever. But it's fun to see, you know, here's customer A on Databricks, here's customer B on Snowflake, here's customer C on Google, here's customer D on Oracle. And, you know, you talk to those companies, and of course, they wanna keep—for the same reason the CIOs wanna keep the data inside one of these CDWs, these CDWs certainly wanna keep the data- Right, right ... in one spot, especially if it's part of a big conglomerate that might own other software applications. Yeah. Those software applications are taking their data and sticking it in a CDW that's not part of the software conglomerate. That's not good- Yeah ... for that company. We can come along and kinda be this knight that says, "Hey, we'll help you keep it right there. Yeah. We've got all the ETL, and we've got the connectors, and we've got- Yeah. We can sell you the solution. So it really has been a good mix. And by the way, Snowflake did mention you on their last earnings call. It was live earnings call. Stop it. I had to double take a little bit like that. So that was, yeah, good validation that- Yeah ... there's some real partnership going on there. Yeah, Snowflake's got a big, their big summit next week. Yeah. You know, we're gonna be at a lot of the events. We're actually hosting an event, a CIO event, with Deion Sanders. He's agreed to come out, and we've got these CIOs that are coming to learn more about Domo and Snowflake and how we all work together, and we've got some great- Nice ... names that are attending. And, you know, again, for, you can go back to a bunch of earnings calls and when we were private, we were trying forever to figure out, how can we get in front of CIOs? And we just couldn't get in the conversation. And, you know, number one, CIOs didn't understand what this thing was gonna look like. They didn't know what the full stack was. We did, 'cause we were just trying to build solutions. And, you know, then all of a sudden, all these conversations were happening. We weren't in them because of a conflict. We changed the conflict, and actually, it's, it's exciting and also a little bit depressing because we look at- we go on Gong, and, you know, we search for Snowflake. Mm. Then we search for it six months ago, and, you know, all of a sudden, we're in all these conversations that you know were happening six months ago. We just weren't in them, and it's dozens and dozens per day. Yeah. And that's one vendor. You know, look at the other ones, add it all up, it's like, oh, my gosh, how did we, how did we miss it? But, you know, we're here now, and we've made it through the hard part, so hopefully the CDWs will continue to drive. And that's just the beginning of the partnerships. There's a- Yeah ... there's a whole slew of other types of ecosystem partners that we're signing up and seeing progress from. You've mentioned Snowflake and Databricks and Google and Oracle. Microsoft wasn't mentioned in there. Is that just? Are they not willing to work with you because, 'cause they're competitive? You know, Microsoft, Microsoft says the right things. And, you know, we actually can retire spend. Customers can retire- Mm ... spend their Microsoft spend on Domo. So, you know, there's not a lack of alignment there. But I will say that every single vendor that's out there is trying to fight against Microsoft- Right, right ... every single one of them, which also, you know, again, going to that whole thing, every single vendor on there is fighting against Microsoft. So, you know, we also have customers that, we had one big customer come to us that's a Fortune 100, Fortune, I think Fortune 100 customer, maybe 150, and they said, "Microsoft came in..." This is actually a crazy story. Microsoft came in, a year ago, and this is a holding company that owns five different brands, and, the chief data officer of the holding company doesn't control the decisions that get made, unless it exceeds a certain budget. And he said that Microsoft went to each of the brands and replaced what they were doing with-... A bunch of the visualization layer custom alternatives, because they had like, you know, five different things in there. They said: "We'll just build this all on Power BI for free." It never went to the chief data officer because it was for free, and so they built everything. Then they came back a year later and said: "Hey, you need to switch everything over to Fabric." These guys are like: "What? We're not switching to Fabric. We've got our strategy in place." "Well, we built that for you for free, so it's all on Power BI, and we weren't charging you for Power BI, but now in your renewal, we're charging you for Power BI, or you're putting your data in Fabric. It's up to you guys." And the Chief Data Officer said: "No way we're putting it all on Fabric, because we know this game. You're going to bend us over later. We're not doing that." And they said: "Well, then here's your fee for- Yeah. for a Power BI. I heard that. Which is 3x what we would have charged him. Yeah. So it's like, you're gonna pay one way or the other, and most vendors are, you know, are privy to understand that and trying to figure out how to avoid that. Most customers are. The vendors definitely understand it. So, you know, I think you're seeing customers rally against that, and it's not cheaper, it's not faster, it's not better. It's more expensive, it's slower, it's more cumbersome, it's more difficult to use, you know, but they, they get people initially on- Mm-hmm. Well, you're paying for Office, so Power BI is included." No, it's not! You're either pay now or pay later. So... Yeah. Okay. Good color. Any questions out there? Go ahead. I know nothing about your company, but Josh is the sort of founder, and having run this company for a while, and just would be interested in your perspective on what you've learned over the last two years, couple years here. Yeah. You were rewarded handsomely for growth, and growth at all costs, which was reinvested back into the business, and, you know, so there wasn't much profitability for the period of time. How has that, your thought process, your management style, capital allocation strategy changed? Yeah, I mean, I would, I had another company before this, that I would point to, the way that we ran that, pretty very similar to how I plan on running this. Get to the right size, get to the right scale, and you can drop quite a bit to the bottom line. And, you know, I think for this company, the right size and the right scale is 300. My last company was about 100. This company, because of the different things to do, including investing in AI, all the investment they're making to partner, it still feels right to be at the level that we're at, and as we grow from here, drop a big chunk of that to the bottom line. So, you know, I'd say when we're at $500 million in revenue, hopefully we have a profile where we're kicking off $100 million in cash. Seems like that's very possible. You know, we can go kick off $100 million in cash today, but it'd be very different growth profile and growth trajectory in the future. So in terms of the number of strategic things that we need to do and invest in, this feels like the right level of investment. If, if it was like, you know, the best alternative for the company is to optimize the organization to sell to a private equity shop, well, then it would be a different profile, and we'd go and crank out an extra $100 million of cash flow right now. That doesn't feel like that's the right profile. So, you know, we've got optionality when we've committed to free cash flow positive, and that creates optionality in terms of, you know, what we manage and how we do things. Given the size of the space, the opportunity of the space, and the fact that all the progress we've seen with CDWs over the last, just literally over the last month or two, it's been an effort that we've been investing in for 18 months, but- Yeah ... given all the opportunity we're seeing there. The other thing that happens is we're the only big independent company that, you know, spans across this. So if you're one of these CDWs and you're looking to make a play, and you wanna make closing deals more efficient, then there's definitely one shining star that makes the most sense. And so we think, you know, optimizing for the go-to-market right now makes the most sense, but I like having the optionality and the free cash flow positive optionality that's created. Right. I guess two follow-up. I mean, it looked like you had cut some costs, so I guess, based on your answer just there, are you not really pursuing too much in the way of further cost cuts? And then secondly, like, based on what you have done in the current market dynamics, is getting to $500 million a lot harder, will take a lot longer? I don't think it's gonna- Okay. I don't think it's gonna be a lot harder. I think we just had to make it through this phase of some vendor consolidation that was happening. You know, and when that's happening, you definitely don't have incremental dollars to invest. And I think as our retention return to 87%-88% from a gross retention perspective, and I think that'll climb from there. And as you're seeing this cohort of, you know, our consumption business, which is now over a third of our business, we think it's going to be over half by the end of the year, there's an opportunity for it to even go faster. I think it puts us in a good spot. Yeah, what I was gonna speak to on the cost reduction side of that. We're, we're continually evaluating our spend, looking at the ROI, particularly on sales and marketing, and, and making optimizations that are like, as you referred to, we've made optimizations in the past. We're continuing to make those optimizations, and as Josh said earlier, we're, we're committed to being free cash flow positive for the, for the fiscal year, so we'll continue to optimize as necessary to hit that. Yeah, one thing that's changed. I'll add just 10 more seconds. One more thing that's changed is the go-to-market motion's a little different, because now with consumption, we're trying to help customers adopt and create different use cases, and that's different types of folks than sales reps that are, you know, pitching seats before the use cases happened. Now we're shifting more to adoption-type folks, and when we look at the investments of the different go-to-market regions, anytime a partner needs a dollar, we take the dollar from one of the less efficient places, for sure. Great. Thank you. We're at time. Appreciate it, gentlemen.