Good morning, everybody, or good afternoon, depending on where you're attending this session from. My name is Catharine Trebnick. I am a senior analyst here at Rosenblatt. I cover communications and cybersecurity. And I have with us Barry Zwarenstein, the CFO of Five9, Dan Burkland, the CRO, and Jonathan Rosenberg, who I know for many, many years of my days at Bell Labs, also who's a chief scientist and head of AI. Is that a good way to describe your job there, Jonathan? Yep, close enough. Okay. All right. I'm ready to give you too many. Catharine, before we jump into the actual question, sorry to interrupt you. I'd also like to make a brief safe harbor statement. So today we're going to make comments about events and trends in the industry affecting the company, AI, and the like. Obviously, real results, actual results may differ from what we say. I refer you to our findings with the SEC, 10-K, 10-Q, for factors that could cause such a difference. Thanks, Catharine. Yes, sure. Certainly. All right. So we're going to kick it off. Just one housekeeping session. If you'd like to submit a question, there is a button on the bottom of your screen that you can submit the question for, and then we'll address it. So we appreciate that. And to kick it off with, I thought I'd start with just the sales landscape in general. Could you describe any key changes in the software sales environment over the past three months or even the past year that really relate to the cloud contact center and the solutions and the adoption? Thank you. Absolutely. Hi, Catharine, and hello, everyone. Yeah, I think taking a step back for a second, let's just talk about what Five9 does first. We're on a mission to change the game in customer experience for some of the largest enterprises and the largest brands in the world. We're helping them reimagine the customer experience for their customers. We're doing that by providing what we call our Intelligent CX Platform. You think of our SaaS platform as an AI-driven, very important AI-driven platform. It's a data-centric platform. We're helping, again, some of the largest brands. We'll talk about some of the large wins we've had recently, but we're helping them change the game in CX. We've seen an inflection point in this market to talk about what we're seeing in the demand side of the equation. I'd say about five quarters ago, Catharine, we saw this dramatic inflection in RFP flow. It's a perfect metric to really think about the top of the funnel activity and demand in the market. Again, five quarters ago, we saw the RFP flow double, literally double overnight, and it's maintained that high watermark for the last five quarters. To us, that was the first indicator that this shift to the cloud and the catalyst that AI is providing, especially for companies like ours that are AI-led, it's a wonderful time to be in this market. I'll give you a couple of metrics that kind of we talked about on our last earnings calls. In Q4, we had 17% of our ACV bookings. Those are dollars. 17% of our bookings were AI and automation. And in this last quarter, in Q1, we talked about AI and automation bookings actually increasing 15x, 15X on a year-over-year basis. So AI is becoming a huge part of our business, and we're really excited about the long-term durable growth opportunity in customer experience. And again, it's not just contact center. It's AI as well. So as long as you brought up AI, let's flip it over and look at some people predict human agents will be replaced by AI. And Jonathan, what do you think about that? I'll hand that one to you. Well, Catharine, can I start? Yeah. Sorry, but I'm Jonathan. I want you to double-click on this. But Catharine, I think the simple answer is, what do we think about that thesis? We actually hope it comes true. We're very excited to see AI take over interactions because guess what? We sell software that provides that AI solution set to these large brands. And our revenue per interaction for AI software is actually double that of a software revenue for powering a human agent. So we actually kind of take this to the extreme case. Let's assume for a second that that thesis is taken to its extreme case where 100% of customer interactions are automated with AI. Our TAM goes up by double. Our addressable market doubles if that happens. So we are so excited about this AI opportunity. I think there's some confusion in the market as to whether or not Five9 and, quite frankly, other CCaaS providers are going to benefit or not from AI. We're here to tell you it's a huge tailwind. It's a huge TAM expansion for us. Again, double the revenue per interaction. That means double the revenue per brand or enterprise as we provide AI software instead of software for human agents. Then the next question is, okay, so why is Five9 going to win its fair share of that AI opportunity? I guess I'll turn it over to Jonathan to actually talk about our competitive differentiation. Yeah, so this is really important too. And I think it's really the fundamental question for people to answer is, given it's a TAM expansion, what is the right to win and why do we at Five9 think we're going to claim a significant amount of the share in this market? And it has to do with this fundamental observation that in order to deliver this, in order to bring this generative AI capability to customer experience, there's got to be this platform in the middle that sits between the large language model, like the raw engine that everyone's all excited about, and the brand and their customers. And there's three big things that you have to do in that platform that we think we have extreme competitive differentiation. And the first is you have to have access to channels. The end of the day, customers are going to reach out. They're going to place a phone call. They're going to go to a website and click on a button. They're going to send an email. They're going to send a text message. They're going to communicate through WhatsApp. These are what we call channels in our industry. And those channels route to our platform today for the 20 years of install base that Five9 has been accumulating and the many more yet to come. And these form and these are changed, difficult to move, extremely difficult to implement, especially as you get into the voice area. And voice just got accelerated with the recent announcements. You saw this ChatGPT 4.0, sorry, really bring voice to the forefront. We looked at that and we're like, holy cow, this even double-clicks on the importance of voice access to communicate with this technology. Vendors who are able to connect to those channels and bridge them into the AI have an advantage. And we have a massive install base and technology stack that we think is a really serious form of differentiation. That's one, access to channels. Number two is access to contextual data. This GenAI is only as good as the data you feed it in the prompts. It's probably something people are hearing a lot about this prompting and prompt engineering. It's giving the GenAI, sort of training it on real-time data meant to answer the to drive that particular interaction. And a lot of where that data comes from or sources that Five9, that our platform plugs into and has been plugging into, a lot of it is integration with back-end systems. So for example, let's say a customer wants to call and have a conversation with an AI about their most recent bill. Well, you got to plug into the billing system. That's not magic. I mean, all the AI in the world doesn't do anything if you can't feed it the bills. So Five9 has a technology platform that's all about these integration to back-end systems. And not just a tech stack. We have decades of install base of existing customers that we've done all the heavy lifting. Other solutions and our implementation of GenAI sits on top of that platform, leveraging that for customers to access to contextual data. And then the three is access to experts because at the end of the day, customers don't want an LLM or a GenAI. They want a business outcome. And it takes people to understand those business outcomes, understand how to set up the system, train it, monitor it, track it, configure it, make it work, and deliver those outcomes. And it doesn't just require people to do that. It requires a software that those people can use. That's what our product does. Everything from configuration to reporting to analytics to measurement. And Five9's high-touch capability provides the humans that do that for the customer to achieve those outcomes. We think you need those three things. And those are three incredible strengths that Five9 has that we believe give us a significant right to win in this market. Is there any unique use cases you're seeing from all these RFPs that are coming in that have to do with incorporating this AI that you're providing? Yeah, there are several, Catharine, and we probably don't have the time today to go into details. But again, suffice it to say, the customer experience is becoming more and more dependent on AI technologies to provide personalization. So I'm going to answer your question a little more generically and say, when it comes to, we're all consumers, right? We all interact with brands all the time, digitally, voice, websites, mobile apps. We want a personalized experience with that brand, no matter what. We want the brand to know who we are, what products and services we've purchased from them, what our problems have been in the past, who we interacted with, what the problems were in the past, whether, again, regardless of the channel. These are all very good examples of the need for personalization. The only way to deliver that personalized customer experience through AI is to have the contextual data, as Jonathan said, and have access to all the channels and have the experts. I think it's just a wonderful setup in terms of the way this market is setting up and our position in it. Would you say then that would contribute to the latest deal that you announced in May, that your breadth of capabilities were much broader than the five competitors that you beat the market with? Yeah. I mean, I think our recent announcement of GenAI Studio, for example, is a perfect example of us getting out further ahead in AI. And again, we started this journey well over four years ago. Four years ago, we acquired Inference, right? That was the leading IVA solution. But we were already in the lab. Jonathan and his team were in the lab developing AI solutions for CX even before that. And GenAI Studio is just the last of a number of AI innovations that we've delivered to the market. I think we're up to nine separate products that are AI products in our portfolio. GenAI Studio is just the latest. And again, it's a first industry first that allows enterprise brands to combine the best-in-class engines, whether that's, again, the latest and greatest GPT-4o or other engines with the contextual data in real time that's running through our platform that leverages all the integrations that our platform already has to back-end systems. That is just an example of our leadership in AI. And by the way, don't believe us. I mean, look at all the surveys that are out there, industry surveys, channel surveys, industry analysts. Everyone's putting us on top, well on top in terms of AI leadership in this industry. Are you seeing any change in your sales elongation or shortening of the sales cycle because there's more interest in AI from the buyer side? How are you seeing that evolve in the next year? Yeah, Catharine, that's a great point. There's offsetting factors here in terms of AI and sales cycles. And again, the offsetting factors are these enterprise brands do need to look at the AI solutions from the various vendors, and it takes extra meetings to do that. And we love having those meetings, obviously. We just talked about our leadership. So yes, we have more meetings, but at the same time, there's an offsetting factor in that sales cycle, and that is the sense of urgency, which has absolutely increased. And it's increased for multiple reasons. They want to get deployed with AI, for one, but it's also there's a push. There's a pull from AI in terms of urgency, but there's also a push from the legacy on-premise end-of-life announcements from some of our on-premise competitors that have, again, end-of-life to their on-premise solutions, which is another great trend for us. So there's more competitors, obviously, in this space. And then how are you addressing some of the competitors? Yeah. So Catharine, it's interesting. From a competitive standpoint, look, for large enterprises like the Fortune 50 bank, the large financial institution, we just announced a $50 million ARR win with. And that's ARR, not TCV, not total contract value, which is much larger, obviously. We're winning those in large part because of our leadership in AI. And it's front and center. It's a big differentiator for us. And then now that you brought up the large bank, can you differentiate for us why you were selected over a host of competitors? I believe there were four or five other legacy vendors in there. And I know that they had a strong relationship over the years with Google. So there's probably another competitor by the name of UJET that might have been in there. So elaborate on why they selected you over the cast of characters that were also responding. Sure. Happy to, Catharine. I would say three main reasons. And again, we're being redundant here, but AI leadership was a big part of why we won that deal. I would say scalability and reliability, right? I mean, it takes years to deliver a platform like we have. And we're on top in terms of scalability, being able to handle tens of thousands of human agents as well as virtual agents, as well as digital interactions. That scalability of our platform and reliability of the platform is showing through in these large enterprise wins. And I would say the other factor, well, there's two others. Actually, I'm going to go four total. It's AI, scalability, reliability as two. The third is referenceability of these large enterprises. We've talked about the parcel delivery service company. We've talked about the healthcare conglomerate and the insurance conglomerate. I mean, these are massive customers that are highly referenceable, and that matters. And then I would say fourth is our people. As Jonathan said, you need the experts to do the implementation for these large brands. They're trying to, I've talked about this a lot, about I equate a migration from on-premise CCaaS to any cloud platform as a heart transplant. And think of it actually as the heart transplant while the patient's still up and walking around. They've got to keep running their business while they make this migration. And our professional services team is second to none. We have expertise. We have track record. We have Aceyus, which helps us from a technology standpoint. So think about it as if we're thinking about the analogy of heart surgery or heart transplant, you have to have the best surgeons, and you have to have the best operating theater, as Barry calls it, the operating room. And we've got the best in the world. And that really does show through in these sales cycles and these competitive situations. And that's also why we win. I'll give you a fifth from what I've heard from one of the channel partners gave you guys compliments. You don't take on more than you can deliver. It's very true, Catharine. We really pride ourselves on not, we underpromise and overdeliver. You've seen others in the industry do just the opposite. So we're proud of that track record. Again, it gets back to kind of Five9's culture and our values and how we operate. I'll stop there. So the other question is, so another question I got the last couple of days was really having to do with the fact that you have talked a lot about the mega deals and done well. But what about the mid-market? I mean, are you moving away from the mid-market and just focusing on market? I mean, can you give us some reassurance that that's still a real piece of your strategy and what's your approach? Yeah, Catharine, very good question. I'm really glad you asked it. If you look about, we talk about move up market, but that doesn't mean we're abandoning the, as we call, commercial portion of the market or the mid-market or the bread and butter enterprise. This is like any other market. There's a bell curve, right? And these mega wins, these $50 million ARR deals are at the tail. They are the largest of the large CCaaS opportunities. There's a lot more opportunities right in the middle of that bell curve, the $1 million-$5 million enterprise that are, again, there are many more of those opportunities. We're closing a lot more of those, obviously. That is how we drive revenue growth. And that is what's in that backlog that we're so confident about our second-half guide at this stage. By the way, there's the other end of that tail, which is truly small businesses. We still do very well in SMB and commercial. It's a very diverse business from a target market perspective, which is good. Which brings up Barry's favorite topic, consumer sentiment. So there's been a lot of discussion from Target, McDonald's, Walmart about how they're bringing their pricing down. And do you think this will improve some of the consumer sentiment that you've seen in some of your credit card reporting? Yes. So first, let me set the stage. 17 verticals within Five9, third biggest and most exposed in terms of the macro and in terms of seasonality is our consumer vertical. And we've seen some weakness there. There's just no question about it. In the fourth quarter of 2023, we saw a contraction on the discretionary part of that consumer vertical for the first time ever. Never seen that before. And we expected, based upon the credit card and debit card data, that Q1 would be weak. And it was weak. And if you look at that JPMorgan data, one of the biggest credit card issuers, it was nominal growth of 1%, 2%, actually negative in January. And on a real-term basis, which matters for us with transactions, it was negative. So what did we assume for the rest of this year? We've assumed that it'll be somewhat middling, no big step up, no big step down. We've done everything we possibly can. We've tortured that data. Is this a company that's providing services versus goods? No conclusion. Is this somebody, is this a company that's got discretionary versus non-discretionary? No particular gleanings there either. Is this somebody who sells full price versus discount? Also no indication. So we've done the best we can. We think we've been prudent. Provided the economy doesn't take a step down, then we're in pretty good shape for the rest of the year. Of course, should the economy do better, if that eventuality were to occur, we are spring-loaded to take advantage of that. We're spring-loaded because our logo retention on our enterprise size of a business, which is 88% of the total, is in the mid-90s. People don't do this heart surgery, even with the best surgeons, unless they really, well, when you don't have the best surgeon, unless they really need to. That just does not happen that often. Longer term, we've got strong confidence in the dollar-based retention rate going back up to the 120s. Our reduction is mimicked by a lot of other software companies. Why do we feel so good about the long term? Because, of course, we're going further up market, international growth, FedRAMP, etc., new market for us. But in particular, the $1 million-plus customers, which already is more than half of our recurring revenue, they consistently, currently, and in the future, grow faster than the last quarter reported 109%. They just can afford to take advantage of all the AI opportunities. They make acquisitions. They grow organically. That is going to be. It's the fastest growing part of our business. We'll, by a mix, help us get to that high 120s that we've been talking about before. I understand. Then AI billing models and pricing. So there's just a lot of them that are evolving. I'm just trying to understand, typically, when we've spoken to you and on different earnings calls, you've discussed how you have $400 a seat versus maybe $200 for a typical CCaaS seat. Do you see that sustaining? I mean, that's one of the questions I get quite frequently is, won't that price come down as more AI is offered? So that's another. Yeah. Thank you for asking that, Catharine. In fact, we see upside in that doubling, if you will. It really comes down to ROI. Think about the labor arbitrage ROI. It's very simple. It's a no-brainer. When you're talking about the cost of a human agent, let's just say, again, it depends on geography, right, in terms of the cost to the brand for a human agent. In many markets, that cost can be $40,000-$50,000 in annual compensation, right? You look at the, even for a virtual agent, at $400 per port, which, by the way, we're pretty flexible on consumption-based pricing as well. We're working on that on a case-by-case basis with many clients, which will actually result in probably more revenue per port. But even at $400 per port, you do the math, multiply that by 12, it's a 10-to-one ROI immediately, right? If you're saving that labor cost and you're replacing it with software, that's a 10-to-one ROI for our customer. So if you think about this AI opportunity and the price points, we actually believe that $400 could easily go much, much higher because most software companies don't do this philanthropically. When a customer sees an ROI that's even a two-to-one or three-to-one in the immediate, that's very compelling. So I think that's the most important data to pay attention to. Reminder also, we're adding AI products to the AI portfolio. We've got nine SKUs today, and we're adding more and more every day. So that just takes up the revenue per interaction for us and the revenue per enterprise brand. It's going to be a great opportunity. I think the other way to think about this is, I said this to Barry a few minutes ago, we look at this as a win, win, win. In the end of the day, it's a win, win, win. Got it. And then the other last week, Friday, I called you, Barry, to talk about the Microsoft entry. So would like to hear for the audience what your take is on their entry and do you think it will be competitive or not with your capabilities? Yeah. I'll start, and Barry, feel free to chime in, or Jonathan. But look, we respect the heck out of Microsoft, right? They are a behemoth. They're a large company with a lot of resources. They've announced that product. But I guess there's a reality in CCaaS that is really best illustrated by a couple of examples, a couple of data points for everyone. And again, I'm not going to mention names here, but there was a hyperscaler that announced their entrant into the CCaaS market seven years ago, seven. It seemed like yesterday, but it's been seven years. There's another company, a collaboration company, that announced their entrance into the CCaaS market three years ago. And neither of them have the feature set that's required to win in these large mega enterprise replacements of on-premise Avaya, Cisco, Genesys, and deliver AI, obviously. But it is a high, high bar. We've seen this movie so many times, Catharine. And I think, again, in the end of the day, it's kind of the ultimate endorsement of our market opportunity. If everyone wants to get into this space, even though it's that hard, and they're going to learn how hard it really is. We're talking about thousands of features, hundreds of integration points, and many configurations of each of those features that you have to be capable of. And the bar is very clear. If you can't replace that on-premise technology, you're not going to win in these large enterprise mega deal opportunities, nor even in the $1-$5 million deals. And again, neither of those companies that announced three years and seven years ago is competing with us head-to-head with an off-the-shelf CCaaS solution today. So those are good data points for everybody to just keep in mind. Now, Microsoft is Microsoft, but we'll see as they mature their solution. But I think it's safe to say that they're going to probably be a similar moat to what we've seen in the past. I would say a couple of other things, Catharine. Contact Center is different than UC. Microsoft commoditized the UC market because really for two reasons. Low barrier to entry. It's very simple to build a UCaaS solution. So therefore, it's easy to get into that market with a viable solution. And it's a very price-sensitive market. In other words, CIOs will select a UC solution just purely based on price because it's a commodity. The UC market is the opposite end of the spectrum. I mean, sorry, the Contact Center market is the opposite end of the spectrum from UC. It's a high barrier. We just talked about that, right? The barrier to entry, these thousands of features and hundreds of integrations and all the other things that we deliver, cross-channel, etc., as well as the AI. It's just a high, high barrier to entry. And that creates a very difficult opportunity for someone to come in and try and commoditize the market. It's a very good protective mechanism. It's why there are still only three of us competing for these large enterprise wins. And I would say, secondly, that decision makers, Contact Center, CCaaS, and CX decision makers do not make decisions based on price. We actually see some of these very large wins that we're having. And again, there's, yeah, they're going to negotiate, but price is not the deciding factor in the end of the day. And that is also something that is very different than the UC market. So we see this, again, this announcement for what it is. Again, we take it seriously. But the third thing I'll point to is, look, we talked about professional services and implementation expertise, right? And we talked about the heart transplant and surgeons and the necessary expertise to do this properly. I would just say this. I haven't seen that in Microsoft's DNA. It is a huge, huge part of why we win these large enterprise opportunities. And we'll see. It's just not something that they've shown a history of delivering. So I'll stop there. Yeah. If I could add just a couple of things to echo what Mike said, it's because just saying we're going to beat them because we have more features, when you look at a hyperscaler like Microsoft, that's something that's just a matter of time and money. And they clearly have more of that than we do. But it isn't just that, right? It's the expertise and the folks who use that software. And in many ways, the product we deliver is a combination of the software we write and the people who take it and work it to make it work for the business. In fact, much of the software we write, the user interfaces and the technology are used by our own employees to set the system up for usage by the customer, right? That's really unique and really hard and difficult to just throw software development money at. The second thing I'll say is, on the UC side, it wasn't that easy for Microsoft even to get into the UC space. I mean, Teams is like attempt number 3 at their efforts to do this. We had Lync, and that didn't work out. And then I was at Skype, by the way, when Microsoft bought Skype. And so then they built Skype for Business. And well, I didn't quite get there. Third time's a charm, I guess. So if history is a predictor of the future, this is attempt number 1 of 3 for them. So I mean, again, we're not resting on our laurels. Make no mistake. We always have to continue to innovate and invest to compete and win. But I think we're well positioned. So if I look at your funnel and I looked at the top of the funnel, would you say who do you compete against the most? I think that would be one thing I'd like to understand. And then part of the question is, there's a lot of thought leaders out there that I went to the Avaya conference and said, "Oh, yeah, they're not going to be on-premise anymore. They've really changed things up." I'd just like to hear your opinion on the top of the funnel, who you compete against, and where you really see your opportunities in the on-premise world coming from. Yeah, Catharine, I'll net it out for you. It is still a three-horse race in CCaaS and large enterprise CCaaS. It's the same competitive set that has been there for quite some time, day in and day out. When we're talking about this Fortune 50 bank or any of these other large deals, again, even the Dolphins, even the $1 million-$5 million deals, it is the three of us that you've heard about over and over and over. Everyone is investing heavily in AI amongst the three of us. Again, we got that lead four years ago with the Inference acquisition. We've been building on top of that lead. It is a key differentiator for us. But it is still a three-horse race today. Now, again, there are AI point solutions. We don't compete with them. We actually partner with some from time to time. If a customer wants to plug in a point solution, we'll charge a connector fee. We monetize that. But they have to be connected to a platform, as Jonathan already described, to really provide personalized CX across the entire CX journey, as opposed to just being a tunnel vision chatbot, if you want to call it that, right, that only knows what it knows. You have to know everything to breed that AI brain. You have to have access to all the platform entry points and communication channels and integration points. Speaking of Avaya, I would just say, look, the on-premise market is still predominantly the market share is Avaya, Cisco, Genesys. You've seen Avaya go in and out of bankruptcy over the years multiple times. I've heard this same narrative from them. I've been here 16 years, Catharine, and I've heard that narrative for a long time from Avaya. The challenge that they have, quite frankly, comes back to talent and being able to hold on to talent. They change their strategy every couple of years because there's a bit of a revolving door there in terms of top talent and leadership. So it is one of those situations where we're going to continue to get a lot from Avaya. Genesys is end of life there, on-premise solutions. And that announcement actually is what drove a lot of the inflection in our market opportunity about five quarters ago. And Cisco continues to not prioritize cloud. And so again, it's going to be an exciting, I'd say, five to seven years. With this acceleration that's happening in the market, it may happen a little faster than that. But make no mistake, this is not a 1- to 2-year land grab. Now, we're going to grab more than our fair share of what comes up in an RFP or what comes up for grabs. But we do expect that to be a durable growth opportunity for several years. Yeah. One of the theses for me has always been international expansion for you all. So can you highlight where you are on international expansion and some strategy behind your sales motion and what key partners you'd like to work with to expand overseas? Thanks. Yeah, sure, Catharine. International expansion is one of our three growth strategies. It's working extremely well. Our international revenue growth is significantly higher than our domestic revenue growth, mainly because it's a wide open market in many cases. Again, our competitors are there. They got there arguably before we did. Again, we're leveraging a lot of channel partners in Europe, Latin America, to name a couple of international territories. Again, we're now supporting so many multinational global companies that are also operating around the world. It's been a very productive expansion opportunity for us over the last couple of years. We still got a long way to go internationally in terms of that TAM that's available. We're doing it through some key partners like BT, for example. We announced the BT partnership. That's a two-way partnership. And they've been leaning in, closing business with us, building pipeline with us, and walking us into a lot of opportunities. And they're just one of literally hundreds of channel partners that we have globally. If I were to tick off your top three growth strategy, international is one, AI. Yeah, I would say platform. Platform Platform includes AI, right? But it's platform, international expansion, and march upmarket. Those are the three growth drivers that we've talked about for the last several quarters. And they remain. Obviously, AI becomes front and center in that platform growth driver. And we've been investing aggressively, as Jonathan and his team have just been continuing to come up with new innovations like GenAI Studio. Again, we talk about having the best surgeons and people in professional services. I would argue that we have the best minds in our engineering and product organizations when it comes to AI as well. And that is a big advantage. Well, on the last earnings call, you also, I was pretty impressed with how well your system integrator work is going and the opportunities going through there. And can you describe some of the changes you've made to that program and why you're seeing like six years ago or even three years ago, you didn't have the same volume going through there as far as opportunities? And what's changed that accelerated? Yeah, Catharine, thank you for asking that too. About, I'd say, 18 months ago or so, we initiated a project called Project Pull Through. What that is designed to do and has been working extremely well is to enable SIs and other third parties, VARs included, to actually do some of the implementation work, this professional services we're talking about, right, that heart surgery. Now, obviously, we don't want to just give anyone the ability to hold a scalpel and do that open heart surgery. We're very selective. We demand that these SIs and VARs invest and become experts in our platform and are able to do it at the same level in terms of customer sat and NPS scores, for example, that our professional services team delivers. They're doing it. We're actually seeing a majority of the implementations being done internationally or being done by partners now, many of them SIs, and a growing number here domestically as well. So it's working. And the reason we call that Project Pull Through is because when these SIs and VARs know that the services revenue opportunity exists for them, that helps their business. And our partnerships become tighter. And they often now are leading and pulling us into opportunities, hence Project Pull Through. So it's been a very successful program, but we're still ramping it in all territories. Wouldn't you also say, though, the fact that you moved up market, like maybe after the FedEx deal and the healthcare deal, that you attracted some of these larger VARs like CDW, etc., and Accenture, and maybe that helped bring them to you and you to work with them? Would you say that was a piece of it? It's absolutely true, Catharine. I mean, there's a chicken and egg element to this, right, in terms of breed success, if you will. And the more we have success up market, the more people notice, and SIs included, right? So these large mega wins are very good from not just customer reference checks, but also partner reference checks. And the fact that we're having success up market really helps these SIs realize how big this market opportunity is. And they, quite frankly, want a piece of it. And they want to go to market with the best partner. Okay. For the last question, what keeps you up at night? Well, just I would say general insomnia. I'm kidding, Catharine. As we all age, it gets harder and harder to sleep at night. I would say not a whole lot. We are so excited about where we sit in this market opportunity. We do believe that the market is going to become efficient very soon around this AI opportunity and the fact that this is a tailwind for us. I'd say the one thing that keeps me occupied at night is just trying to help people understand the reality of the tailwind for our business from AI. I think, again, I expect the market to become efficient over time. It always does. The herd mentality exists in a lot of places. It definitely exists in the markets. I think there's going to be a flip of the switch here at some point very soon. I hope so. I always enjoyed working with your team. So thank you for your time today. Jonathan, nice to see you. Thank you, Catharine. We really appreciate your time and energy on this.