Okay. Thank you, everyone. I'm Shaan Tehal from the Morgan Stanley Investment Banking Group. I'm delighted to be joined by both Amit and Mike McLaughlin of Informatica. Informatica has been, you know, it's been at the forefront of innovation probably for 25 years. Maybe to start with, you've won a lot of awards recently, both in leadership in Gartner and other awards. Give us a bit of the history of what Informatica was, how it's transitioned and what it is today, to start us off. Yeah, sure. A lot of you may or may not know Informatica, but the challenge of a company that has been around 25 + years is, and that makes a massive transformation, is that you have to... While you talk about where we are and where we are going, you have to sometimes peel the onion of where we were so that elephantine memory doesn't carry into the future. I'll give you a very simple. We were, in the old days, actually, we were a public company, went private in 2015, and that was a very innovation-led privatization. Think of it pre-privatization, we were a 1.5 Product, on-premise licensed software company doing ETL for data warehouse analytics, if I can use through all those words. We had a fundamental choice to make as to where are we gonna go, and our sponsors were long-term investors, so we made a very innovation-led journey. I used to be the head of products that time, so. We built everything from scratch. Our thesis was that in the world of digital transformation, which was in its very infancy, there will be a very broad use case for data management. We believe that we had a good idea of what that can be, and let's go build that. What we did from there is, that we started building not just ETL in the cloud, but many, many more flavors of that, which is ELT, many such things. Mm-hmm. Things like master data management, data governance, data cataloging, that were all not known. We started building them out. At that point, the goal was, look, we'll build it out cloud, but customers are not ready to go to cloud. Many of our new products came in the context of, hey, they can be on-prem or cloud, but all subscription. Mm. We killed the license business, went all into subscription. Some of the products had to be on-prem subscription because customers with data were not ready, but we built out the cloud platform. Where we are now, when we went public last year or 2021 rather, we had finished the subscription transformation. Mm-hmm. Because data has its gravity to go to cloud over a period of time, where we are now is we are in the second mile where we are saying, "Hey, everything new is gonna be in the cloud," and we have the IDMC platform that has all of these services on one platform. Mm-hmm R unning at scale, industrial scale, 53 trillion transactions a month globally, serving the Global 10K kind of customers. That philosophically is the from-to in two minutes. Wow. That is extremely interesting in the sense that you now have this very fast-growing cloud business. You have an install base that is... No one can really rival right now. How do you think customers now view Informatica? Where do you fit in there? You know, we talk a lot about the future of the data landscape and where you fit. How do you think you fit within your customers' data landscape? I'll begin with some examples. Take a customer like Unilever. First of all, if you step back, I said, like, we've built out many new capabilities. What people knew Informatica for ETL is less than 25% or less than 20% of our business. Mm-hmm. We built out many flavors of integration, ELT, mass ingestion, so on and so forth, MDM, governance, and all that. Rough and tough, 50% of our business is non-integration. In integration, we have Application Integration and many such things. You can see the many of the new franchises we built. If I give you a few customer examples. A customer like Unilever, they use us to run their supply chain across the globe. 96 countries. What do they do? They use a master data management to run and make sure they can onboard suppliers anytime, anywhere across the globe. Mm. Manage every product that goes through any supplier in any country. Turn around, you go to a CVS Health. When all of us go to CVS, you give our insurance cards and everything, there's a massive data quality problem. Mm-hmm. If they actually have wrong data, they can actually be sending wrong data to the insurers, and they may get not reimbursed. We save them $200 million a month by actually running data quality at scale. On the third side, when you come to analytics, which what everybody gravitates towards, there also there are industrial-grade projects where customers are taking us and running Snowflake for data warehousing or Snowflake for ELT-ing. You can bring clickstream data into your warehouse, which is just ingest, do ELT, or if I'm connecting to my mission-critical apps, I will do ETL and run. Those are the kind of use cases we run. We focus on the Global 10K. Our mission has always been wherever there is massive complexity which exists, we basically go in and help customers reduce that. Today, where we are with the cloud platform, across the globe, our cloud is now $450 million we ended last year on ARR, grew 42% last year. The most important metric to note is that the usage of that platform. Mm-hmm G rew 93% last year year-over-year to $53 trillion. Wow. It doubles every year at that industrial scale. Those are the use cases we see, and we partner with all of the hyperscalers, AWS, Azure, GCP, Snowflake, Databricks. Mm-hmm. We were the partner of the year with AWS last year. We won those awards with all of them. Ultimately, a customer is in a multi-hybrid world, multi-cloud. Yep A nd ground and cloud. We, through our cloud platform, can manage that multi-hybrid. That's the world we live in. Let's talk a bit about partnerships, because I would love to make it even clearer to the audience, which is the value you drive to these partners. When someone can get more value out of the data, they should drive more cloud consumption, or they should drive more usage of their platforms. Is that the major use case you do for them? Any ideas of how much you're doing for these customers and what else you add value for them? That's exactly why they partner with us. It's a bidirectional partnership. They need us as much as we need them. These are large companies, so we work very closely with them. We drive consumption for them. I'll tell you, take an example of Kroger. Kroger is a large customer, and Kroger uses Azure and GCP and Snowflake. Basically, in that case, they are using us to bring a lot of real-time point-of-sale data to drive warehouse stocking real-time decisions, and for that they're using GCP BigQuery. Mm-hmm. For the analytics that goes to the CEO, CFO, which like somebody like Mike and me would make decisions, that goes into Azure. Mm. All of them are getting consumption by putting more and more data into it. You can see multiple clouds used for different purposes. That's what they like us. By the way, we are available on all of their marketplaces as well. Yeah. They actively put in front of their customers that they can draw down their commits for AWS, Azure or GCP by drawing on Informatica. We just don't have a go-to-market partnership. We have deep product partnerships. Mm-hmm. We just won the design partner of the year with AWS. Why? Because we are natively integrated in things like SageMaker. Yeah O r a Redshift or a Synapse or a Snowflake. Those become very easy to use for customers. It's not just draw down credit, but I can just whip up a data warehouse or a data lakehouse, and I can just start using Informatica from that console. Mm-hmm. That's how we think of those partnerships. You can look at our conference. In the last three, four years, you can see all of them have landed up at our conference. We had Guthrie last year. We've had Ali come. We have all of them. We We have Thomas come. Why? Because our customers end up being very. Yeah. You know, one part of it is on the partnership side, where you've done great product partnerships as well as go to market. The other is the work you've done as becoming sort of the centerpiece for integrations, for connectors. Do you wanna talk a little bit about what that's done in terms of the network effect you've built, the scale and the advantage that gives you against competitors and anyone else out there in the market? Yeah. I think it's a great question. If you think of our market for a minute, we are the only one at scale. If you turn around and look at the competitive dynamic, you will see everybody. By the way, we have seven product categories. If you go to our webpage, you'll see IDMC has Data Integration, Application Integration, Data Quality, MDM, Catalog, Governance, Data Marketplace. Even that little box of Data Integration has 30 people running around trying to out-compete each other. Of that, maybe five of them are relatively at any scale. There's no one that can bring it all together. The other beauty is that one single cloud-native platform with a single consumption-based pricing mechanism. We sell IPUs. Customers can draw down anything. Like I give you the example, I'm doing ELT on Snowflake. Mm-hmm ... and I now I want to actually do ETL. Sure. I want to add Data Quality. Sure. I want to put governance on top. Sure. You don't have to come back. You just keep consuming our IPUs. Mm. The centerpiece becomes that, A, it's a multi-cloud world. We don't see a single cloud world anywhere. Mm-hmm, mm-hmm. It's also a multi-hybrid, as in customers are gonna be, large customers are gonna be ground and cloud. Morgan Stanley is not putting all the metadata in the cloud. Correct. Goldman Sachs is not doing that. They want to put some metadata over there, some on the ground, and we can connect the two by keeping our cloud in the cloud, and also we can take our cloud and put it behind your firewall. Mm-hmm. That creates that centerpiece nucleus for us and a bit of a network effect where we can connect the dots enough, generally for global 5,000-10,00 0. Mm-hmm A complex architecture. What about, I want to double-click on that a little bit on the integration part, 'cause you see a lot of startups coming up. They've got X amount of connectors and X amount of sort of, you know, you'll have Fivetran coming in saying what they've done. What advantage do you think that you have by, A, connecting all those products which you mentioned, but also within each product, the time and the history you've had to build multiple hundreds and hundreds of connectors out there? Two-part answer. First of all, we have 50,000+ connectors. Mm-hmm. A connector is a connector is a connector until it is not the same connector. The word connector is a printer. We have to, first of all, the scale is ridiculous for us. Yeah. Number two is that our connector is our metadata aware. I'll give you one line. There is gonna be no single system of record for data in any enterprise ever. Mm-hmm. Ever. However, given the fragmentation of the enterprise, there is a very strategic situation that's playing out, and you can watch it for the next couple of years, it'll happen. What we are placing our platform in the middle is to be a system of record for metadata. Okay. Take the data wherever it is, but we understand your entire metadata. Whether your customer data is sitting in Snowflake, Databricks, Azure, Salesforce, we understand wherever it is. Move what you want to move when you want to move. Our goal has been to do that. It's connectors is one thing. Mm-hmm The richness of the capabilities is another. In the middle. The third one is for global 5,000, 10,000, are you gonna take 20 products and stitch them all together to do one simple workflow, or you're gonna basically let me choose something which is not only a single unified platform, but as you said, best of breed by any Gartner Magic Quadrant we see? That's a decision customers are making. You know, there's all this growth. It's such a broad market. Somebody can, a data engineer can swipe a card, buy a $300,000 transformation product. That's fine. Mm-hmm. We just launched our free version. Our belief is in the next couple of years, we'll commoditize that. We'll give it away for free. I'm more interested in that the Global 10,000 have tremendous amount of complexity. How do I reduce that for them? While as we launch the free and pay-go, we're gonna go after our competitors and commoditize. Their entire base is built on that which they think they have commoditized, we're gonna commoditize. Well, let's go, let's talk more about that. Let's talk about go-to-market. You have the enterprise over there, and you have the free product growing. How do you think that's gonna evolve over time? How do you go to market today? Is it, you know, A, is focused on the top customers and it's very much a value-based sell and the cross-sell motion as well would be super interesting. Today we're a direct sell company, and we have deep partnerships with GSIs and the cloud hyperscalers, and in a lot of cases we go together. Yeah. We just had three customers, right, EBC this week, where we brought in, for one customer, we brought in Snowflake on day one, AWS on day two because it was a joint customer. We do that. That's our primary go-to-market motion. Partners obviously bring in a bunch of deals to us, and obviously we can draw down marketplaces. Of course, digital has played a big role for us. We have grown. cloud has allowed us to go down to the commercial segment a fair bit. Mm-hmm. We were good with that. At $1.6 billion revenue, we add more ARR in one year than some of them have in their lifetime. I mean, we guided to $600 million of cloud ARR. Mm-hmm. All the names you talked about, you add their entire ARR, they don't add up to that. It's gonna grow 635% is what we guided. What our goal is, now that the cloud is fully ready, we basically said, "Now we're gonna go completely downstream." We launched our free version and our pay-go version. Mm-hmm B efore customers can even buy the consumption-based version, for anybody to be able to swipe a card and just go begin. Our goal is that for the other ones who have built their empires on $300,000, $400,000, $500,000 deals, we're gonna go out and actually absolutely commoditize because I am not dependent on those to drive my business. Mm-hmm. They are dependent on those to drive our business. We've been very thoughtful of making sure we capture the enterprise, then go down and not dilute our focus trying to do everything at the same time. We can do it. May I add something on the partner front? Don't forget that our partners are not just the cloud service providers. Correct We also have really productive and important partnerships with the global service providers, Accenture, Capgemini, Wipro, and we've got hundreds, if not thousands, of local and regional VARs and systems integrators that have Informatica practices. Yeah T hat give us tremendous leverage both in the sale of our product and the implementation of our product. That is a chicken and egg business, or it's a scale benefiting businesses, that if you're small, like some of the competitors you mentioned. Yeah Y ou're not big enough for Accenture to build a practice around. Correct. We are big enough, and it's just this flywheel that just keeps going. Mike, maybe turning to you a little bit. You know, you've had a successful career as a CFO of a public company as well as, you know, technology investment banking. What attracted you to Informatica? What got you excited here? It was a multitude of things. The first being, simply put, data. Data as a theme in the technology landscape is a great place to be. There's other great places to be like e-commerce and AI and what have you, but data is the lifeblood of our economy. It's the lifeblood of the digital transformation that's going on. Being a part of that was appealing. The second thing was where Informatica plays in that data theme. Right. We sit between as the largest player, as the independent player that connects the producers of data, the Oracle and the Salesforce and the Workday, the places where you store and secure and curate data, the Snowflake, the AWS, the Teradata of the world, and the analytical tools that use that data and create insight out of it. Every good day for any one of those three folks or categories of the of that universe is a good day for Informatica, which is super appealing. The third part is the products. As Amit mentioned, when Informatica went private in 2015, it wasn't a cut costs and raise price, go private. It was invest in the product, without the spotlight of public quarterly reporting on you, so that you can make the investments that you need to do the hard decisions that are gonna take some lead time to develop. The products that we are now in the marketplace with are modern architected, they're fresh, they're best in class, and you can see that from the Gartner and other third party research. I think the final bit of it is just the transformation itself. I mean, it is a complicated story to understand. The license to subscription transformation is done, but the on-prem to cloud transformation is in flight and with a lot of products, and there's a lot of value to be created from that. Particularly as a finance professional, being able to, you know, use the tools of finance to help accelerate and create value out of transformation is also really compelling. Great. Let's talk more about the model here. You've got this incredibly fast-growing cloud business. It grew, you know, 42% and at scale at $450 million ARR. You've got a bigger revenue base, well over $1 billion and going on more. As a result, you know, I think guidance is coming up to 5% roughly for next year. Help us unpack that and the complexities of this business model, because we've got this incredible story right now, which is disrupting everyone and going to the biggest customers, but the model is not as easy to understand. Yeah. Thanks for the question. It's an important one, and I think there is some lack of understanding amongst the investor community about what the pieces are and why the great story that we feel as though we have looks like a middling story if you just look at the total ARR growth rate, which is 5% is our guide next year. Think of our billion and a half, roughly it's $1.6 billion or a billion and a half of ARR into three buckets. A third of it is maintenance. It's the power center maintenance from the products that we have sold over the last 20+ years. That is super profitable, it's incredibly sticky, but we're not selling any more of it. It's gonna decline at a steady rate forever. At a pretty slow rate with a really admirable renewal rate, I would add. It's not growing. It is a pool for some upside in our growth in the future as that converts. I'll talk about that in a second. The other $1 billion. Two-thirds of our business is the modern product. It's the stuff that was developed while Informatica was private. It's what we've been actively selling for the last five, six, seven years. That's about half and half on-prem and cloud. What we've been seeing in that mix, the half on-prem, the half cloud, is that our new business over the last two years has been shifting more and more to cloud. In 2021, it was roughly 40% cloud, 60% on-prem in terms of new bookings. In 2022, it was roughly 70% cloud, 30% on-prem in new bookings. What we're doing this year and what is obvious from our cloud-only consumption-driven strategy is we're essentially ceasing to sell the on-prem by choice. Focus exclusively on the cloud. We will sell it if the customer insists on it, and we're not end of selling, we're not end of supporting or doing anything dramatic to, you know, abandon those customers. Because of the operating leverage, because of the present value of a cloud sale versus an on-prem sale, we're all in on cloud. That third of our business is also declining at a renewal rate of, you know, roughly 92%-93%. Again, that's very good, but it's gonna be declining because we're focusing all of our attention. Where we're actually putting our sales attention, where the future of Informatica is in that about $451 million of cloud ARR that we've guided is gonna be $600 million by the end of the year at 35% growth rate. You add all that up, it ends up being a 5% ARR growth rate at the top, which doesn't sound all that exciting. The pieces, the new business, which is the $1 billion, that grew at 19% last year. Mm-hmm. Which is probably faster than what the overall market would grow. At least Gartner would tell you that data management is growing kind of mid-teens. We grew at 19%, if you include the on-prem subscription and the cloud subscription. Going forward, with the focus on cloud, we think that's gonna continue to grow at, you know, market-beating rates. As that mix becomes bigger, our total ARR growth rate will get into the high single digits, low double digits, you know, mid-double digits, and potentially beyond. Okay. No, I think. I would not forget that what it allowed us to do is, at the same time we went to cloud only do all the things Mike said, create tremendous amount of operating leverage this year. Mm-hmm. We were able to simplify the business model. Obviously, we had multiple things running around to sell the new products on-prem, new products cloud. We could simplify the go-to-market, simplify a lot of stuff, and you see the amount of operating leverage we created this year that the guide that we gave for non-GAAP, OPEX, and cash flows of the world. While we are not selling net new on-prem, which is our ASC 606 hit on the revenue line, we are improving the profitability under the covers without degrading gross margins that are still at 80%. Mm-hmm. That's a pretty impressive P&L to run, and I think that, to Mike's point, just gets lost sometimes because just people just gravitate towards maybe one bucket and just get stuck on that point. Yeah. What we're not factoring into all of this stuff is the massive opportunity of migration. Okay. We have the on-prem to cloud migration, our maintenance still in its infancy. 3.6% of our maintenance has gone to cloud, and it has gone at north of 2x multiple. $1 of maintenance is converting to more than $2 of cloud. That is an immaterial part to our story so far, and we definitely believe that over the long term will actually grow faster. Mm-hmm. be more accretive to the overall. There's one very, very important follow-on to Amit's comment, is our 35% growth in our cloud business is not cannibalization. It's not migration of that maintenance base. There's a small portion of it. Single-digit percentage of the 100% of the growth that we're saying is anticipated migration of the maintenance base to our cloud product. It's immaterial. The faster that moves, the more upside there is. Right. That's not the core of our growth. The core of our growth in our cloud business is new customers, new workloads. Great. You've got a cloud business that's growing extremely quickly. You've got a renewal business that's still, you know, incredibly high renewal rates, while also giving you access to all the enterprise clients that you can go sell your cloud business into, and massive operating leverage coming with high gross margins. It's a pretty powerful financial model. The model's probably gonna evolve as the mix shift determines. How do you think maybe within that model pricing will evolve and expansion rates within cloud might evolve over time as well? I think one of the biggest changes in the cloud that has allowed us in pricing. When you have many products in the world of on-prem, pricing is a bear. You have multiple metrics, and you basically try to maximize all of it and, you know, customers like you don't want to like it. In the world of cloud, that does a simplification of cloud. One single pricing metric. It's consumption, it's IPUs. Now, our consumption is slightly different, and Mike can elaborate on that one later. IPUs, you buy IPUs, you draw down by using any capability of the cloud. You don't have to come back and get into another sales cycle. Simplification of that is very easy. Those are discussions. See, imagine the selling cycle becomes easy and the discussion's more about how do we get you to value, not how do you come back and keep buying more. Second is cloud, we said that the net retention rate of cloud, we shared the subscription net retention rate last year. Mm-hmm. We started seeing as more and more was going to cloud and less was going towards self-managed, our cloud net retention rate inside the covers is higher than self-managed. Mm-hmm. We are not paying attention to self because self-managed does not have the natural accretiveness of more upsell, cross-sell. That degrades. We've talked about this year sharing with the investment community our cloud NRR. That's the number we're gonna anchor ourselves because that has the natural upsell, cross-sell, metrics. That is higher than our self-managed. Mm-hmm. One of the reasons why our NRR for subscription was flattish or slightly degraded, because as cloud was growing off a small base. Mm-hmm. and self-managed was not accreting off a big base, that number looked weird. You say, "Why is it going down?" It's not going down. Under the covers, cloud is growing off a small base, and that has a higher metric. We'll unpack that. That allows us to kind of do a lot more of cross-sell, upsell in a much easy way and create more operating leverage than adding more selling capacity. Let me address the consumption-driven part of it. If you ask any Informatica employee what's 2023 about, they'll say cloud-only consumption driven, COCD. It's the mantra. Our consumption driven, though, is a little different than what you see at some of the other more, what I would call, direct drive consumption companies, where consumption can go up one month and it can go down one month. It can go up one day, it can go down one day. That's not how our IPU consumption model works. When you contract with Informatica for IPUs, the IPU is basically like a subway token, and it takes a certain amount of subway tokens to go to Coney Island and a certain amount to go to South Station, a certain amount to go to Grand Central. You can use those tokens for data integration, for data ingestion, for governance, for catalog at a certain rate. You buy a minimum amount of IPUs that you get to use over the multi-year contract, two, three, sometimes longer. We bill those customers upfront for that minimum in advance, a year in advance, and we recognize that revenue ratably monthly as we go along. The only way the consumption changes our P&L, our revenue or ARR is if they go over, they buy more. If they go under, they don't pay us any less. It's one directional in that respect and a renewal. If they get to the end of the three-year deal and they need more IPUs to meet their needs, they're gonna buy more. If they decide they need less, then we gotta, you know, we gotta just convince them that there's other use cases or whatever, or they downsell themselves. We do not have a direct drive consumption model that's gonna move our P&L in the short term at all. Beyond that, we've introduced the Flex IPU model, which is a new, announced two weeks ago, which gives the customer even more flexibility on how to use their IPUs and when. Again, that's a minimum plus overage model, not a direct drive up and down month-to-month model. One of the questions and some of the points we touched upon was some of the stuff investors have misunderstood around the story. Other stuff do you think investors have misunderstood that's worth clarifying? I think there are maybe three buckets. There's a business model which I think we covered quite a bit that Mike gave great details. I think the second one that I touched very early, but I think people get lost on that one, is that it's ETL. That's in Informatica. If ETL gets commoditized, it's all over and so on and so forth. I first said ETL is less than 1/5 of our business. There is Data Integration, which has ELT mass ingestion, so that's that. Second is a good part, more 50% of business MDM and data governance that's growing handsomely, by the way, that has nothing to do with Snowflake, nothing to do with Databricks, nothing to do with the data warehouse. That's like, as I said, the chief supply chain officer of Unilever deciding that I need a supply at 360. There you go. Or the CDO of VMware deciding that I need to understand my customers better and I need to find a way to cross-sell us better. I need a MDM. It's not a warehouse that I can dump data. It's a very complex analytical app and data governance. The third one is that somehow basically in the world of cloud, that the new business versus just moving from left pocket to right pocket, as Mike said, 95%, 97% of our cloud business has just come from net new workloads. If I really zoom back and ask everybody in this room a single question, 2015 we went private, 2015 fall. Pick 2016 as a time frame. 2016 to 2022 is what? How many years? Seven years roughly. In seven years, we built out these new products. You know, like any startup that started, you have to do product market fit and everything. Presume that was also happening. In that period, we created $1 billion of subscription ARR and $450 million of cloud ARR. These are all net new workload. This was not maintenance moving over here. This was all maintenance was just churning down. That's what we did. I think it gets lost sometimes because there's multiple things. People were like, "Oh, somehow left pocket moving." None of that stuff. Maintenance migration is a massive new journey. These are the three things that are unique, distinct, and just sometimes get lost. Can I add one other thing that I think is getting lost? You referred to it earlier, but a little bit quickly, so let me just emphasize it again. You may have heard at other presentations around the conference about the importance of the hybrid world and how the Global 2000 is hybrid now. on-prem workloads are gonna be there for a long time. They're not going away. Some companies are, you know, being loud and proud about the fact that they embrace the hybrid world. They're not just cloud, which sounds a little different than our cloud-only strategy, right? One could take from that we're leaving behind this big part of the market. In fact, we embrace the hybrid world, and we work with the hybrid world just as well as anybody. We actually do it better now because we work with the hybrid world from our cloud platform. We're not controlling the hybrid world from an on-prem platform and a cloud platform. We can control and integrate with your Salesforce, your Oracle, your Teradata using our cloud-based metadata platform. We're not leaving on-prem behind per se. We're just pulling it all together into a unified cloud platform. We're there for any type of workload that the existing base needs. Any questions from the audience? Okay. The one other one I wanted to bring up was what about priorities for the next year? Especially the, you know, the other big topic beyond the hybrid world is also growth and profitability. Priorities for next year and how you think about the famous growth and profitability question. I'll give you the business priorities, and I think they back that. Look, first of all, we have an incredible opportunity in front of us from an innovation point of view to continue to scale it out. There is tremendous amount of work to do on the IDMC platform for each individual service. I think I can spend hours on that one, but continue to out-innovate anybody else. There's tremendous amount of good work. We launched our AI, by the way, back in 2018. CLAIRE, look it up. IGA did in 2018. We spent two years in the labs to hone it. It's already running at pretty significant amount of scale, like. Now if you get this Informatica, we'll share with you where generative AI can go with CLAIRE also. That's like innovation and making sure we can drive huge, more growth in our adoption and usage of the cloud platform, the consumption part. That trickles into what we want to say, look, we want to have a balanced growth company. We're a scale company. While we grow our top line, especially focused on cloud, this being the year where we decided that it's the right thing to do, take one shot in ripping the bandaid on self-managed, take a mid-single-digit ARR growth, allows us to set us up for the multi-year growth that Mike talked about. Get to the next generation profitability curve. That is a big step function, and then we can take it from there. We're gonna manage both. We feel pretty good about our stickiness with our customers, our great partnerships, our own raw engine working very well. Those are our key priorities, and I think we're right there executing against. The growth and profitability piece for you, Mike. Well, obviously important. You know, that's my background in terms of what I did as a banker. That's what my old company was all about. Given the setup that Amit described so well, for me, it's all about execution. This is a really well-run company. I inherited a great team from my predecessor. We have got really good in-informatics about the business and telemetry about how it's going and focusing on using that to execute and meet the expectations is my number 1 priority. Amazing. Well, I know we're short of time, so thank you guys for both being here. Thanks, everyone.