Good morning, everyone. Good morning, and welcome to Instructure's Inaugural Investor Day. I'm Matt Wells, head of Investor Relations. It's nice to meet some of you for the first time. We're really excited to have you all here. We have an incredible lineup ahead of us. But before we dig into the content, I want to remind everyone that today we'll discuss non-GAAP measures and provide forward-looking commentary. You can find a full reconciliation of these GAAP to non-GAAP measures, in addition to the risks associated with these forward-looking statements in the presentation we posted to the website earlier today. And without further ado, we'd like to start the day with a video that very much captures the essence of this platform and the company's mission. I was ready for some applause. There we go! ... So, welcome! That's a really hard, that's a really hard video to follow. I sit over there, and I'm like: "Okay, I'm not gonna get goosebumps this time. Not gonna do it." But I can't help it. But at least I'm not tearing up, which, when we first released that video, every time I watched it, I'd get, I'd get tears in my eyes. But the reason I wanted to start with that video is because that really is the reason why I came to Instructure about four years ago, is to, to be able to have an impact on the Justines of the world, which is an amazing mission and makes it just a pleasure to be able to lead this organization. But also, I saw that there was a very unique opportunity with a very unique company that was well-positioned to become the platform for education. And then I saw an opportunity to apply some of my experience in how to grow and scale profitable software companies as an opportunity to create a company that not only could do good in the world but also could do well as a company. And I know talking with a number of our investors, over the last couple of years, that the big question in your mind is: "Okay, you've done well as a company, how are you gonna continue to do well as a company? So what I hope you leave with are a few takeaways today, which is, first, that we are the vertical software leader within education, that is the platform that powers the digital transformation of education, and that we're playing in some really big markets that that support our, our long-term durable growth, and that we have a strategy on how to capitalize on those opportunities. And that that strategy is going to lead us to very profitable, durable, kinda high single digit, low double digit organic growth that we can accelerate on top of with M&A. And then hopefully by watching that video, this vision kinda comes alive a little bit for you in that we wanna be that the ecosystem that powers learning for a lifetime, and that ultimately turns those learning opportunities, learning into opportunities, whether it's, you know, Justine's dream job at NASA, or whether it's her getting into University of the, of the Panda. And this is the vision that powers, you know, the nearly 2,000 employees that we have at Instructure to come in and do their best work every day. And it's why it's such a privilege to work with, you know, over 15,000 schools and universities in helping to make Justine's journey a reality. Our mission is focused entirely on teaching and learning, about that relationship between the teacher and the, and the learner, whether it's a student in the classroom or a remote student. It's that interaction that is what education is about. It is the job of education, and that's where our mission focuses on helping educators to elevate student success, amplify the power of teaching, and inspire everybody to learn together. Now, our mission has never been more relevant than it is today, and it uniquely positions us to address the, you know, the challenges that education is facing. Whether it's the teachers that we can help automate some of those manual tasks that keep them from being able to spend time with students in the classroom, or whether it's helping institutions that are navigating a world now that the pandemic put a spotlight on, that is, you know, the fact that there are so many more options for learning paths. No longer is it just, I'm gonna go to high school, I'm gonna apply to college, I'm gonna go get my bachelor's degree from that college, and then I'll decide if I go to graduate school or employment. It's now there's so many different options for them to gain learning, and helping them navigate that with our platform so that they can reach those students wherever, whenever, and however those students wanna be reached. or whether it's helping as that technology platform navigate the, the changing technology landscape, AI being the latest example of that, how we can help them, in a very intentional, equitable, and safe way, apply those technologies to the problems of education. I know a lot of you have followed us for a long time. In fact, some of you may have participated in our first phase of growth, which was: how do we establish ourselves as the leading LMS? And having obtained that leading position in 2018, we really, we really started to focus on, our next phase of growth, which is then how do we build that ecosystem around the LMS? And you can see from the graph, the success that we've had in the last 4 or 5 years, we've been able to almost triple our revenue. But what I'm most proud about with the team is the team has done this in a way that it... You know, prior to that, this incredible growth spurt, you know, we were burning cash, and now we are a, you know, we have world-class margins and able to generate world-class free cash flow at the same time as growing this business tremendously. And we are the education vertical SaaS leader. We have a scaled, you know, it's a $500 million ARR company with- that's just early penetration into the market opportunities that we have. We have a very loyal customer base that wants us to do more things for them, that has created for us a $2.5 billion cross-sell opportunity into the existing base with the products that we have today, and we've built an operation that generates the cash needed for us to continue to drive that future growth. In order to execute on this mission, you know, we're executing on a clear and very focused growth strategy. The first part of that growth strategy is to scale Canvas to hundreds of millions of learners, and then to expand by building the ecosystem around the LMS, and then to connect all the constituents of that network in a way that marries that learning to those opportunities that we talked about for Justine. So the reason why that we start with hundreds of millions of learners on Canvas is because the LMS anchors the learning system. It is, you know, choose your metaphor, whether you think of it as the nervous system or the connective tissue. It is what connects the learner with the teacher in the education process. And we've been very successful, and our success in landing has, you know, created an opportunity for us to be that leader in LMS. But it also demonstrates that you know what? Students and teachers, they love our products, right? But also the strategic importance of our technology in their environments. But there's still a lot for us to do here, whether it's the 60% of the market in North America, the students that that aren't using Canvas today, or it's the 90%+ in the international markets that that aren't using Canvas. There's a lot of runway for us to continue to drive growth, and we'll talk through some of those strategies. And because this is such a referential sale, our world-class and recognizable customer base attracts more customers and allows us to gain more share of the LMS and has a compounding effect on our ability to gain share with the LMS. Because we are the only LMS that has that leading position across the educational journey, whether it's, you know, in K-12 or higher ed, it has created a moat, a competitive moat, that would take years for somebody to replicate, right? And more and more systems are looking at, okay, if I'm a system of higher education, what are the students looking at? What are they using in the K-12 systems or vice versa? Because what they're trying to do is help reduce the friction at the transition points within the educational journey and make it much simpler. So it drives our ability to... And improves our win rates, but it also sets us up in the pole position to be able to not only address that traditional path, but that nontraditional learning path that may include not going to college right out of high school, or doing some college and then getting other education, or getting those badges that you saw appear in Justine's portfolio after she graduated. And then, because we said we are that technology foundation, right? We are in a unique position to help in transitions. Just like we capitalized on that transition from on-prem to cloud with Canvas, right? We're capitalizing on the next shift into AI as a way to continue to solidify our position as a leader, to continue to innovate and build this functionality into the LMS. But also, when Mitch and Shiren kind of talk through our strategy in a little more detail about artificial intelligence, you'll see that we have a platform strategy that fosters innovation for ourselves, but also for the ecosystem that builds on top of our platform and drives new growth opportunities for us across the markets that we play in. And then, as I said before, that first step of establishing the LMS is so important because the LMS is a platform. It's not just a platform in name only, you know, a platform that allows us to bundle software and sell to purchasing it as a platform, but it is a technical platform. It is built and designed to connect all of the workflows that the LMS touches, which is 90% of all instructional workflows. It's also the place where students and teachers spend their time. So they're spending a full, full time in the LMS. You look at kind of our web stats compared to other social media sites and stuff, the amount of time that they spend on our site is world-class. But also it was built with integration in mind, and so we have over 900 partners that are integrated in it. Almost 4 billion launches of apps on our platform last year. And just to put that in context, that's over 1,700 apps launched every minute of every day last year on our platform. It truly is a platform that scales, and the benefits of that include not only, you know, the visibility we have, but the data and the information that we're able to get. And because of the platform nature of it, we've been able to expand our suite to address more and more customer value over time, and that's what's created this tremendous cross-sell opportunity. We have 11 products now. Shiren will go into more detail about these, you know, which over the last 2-3 years, we've been, you know, pretty successful penetrating from a cross-sell perspective. But there's still... and Chris will go into a lot more detail about how we're organized to go after that 80% that still only has one product in the environment. And then it's not just our own products, right? It's, it's the whole ecosystem that comes, and we've built expanded the number of services that we offer to the partners that integrate onto our platform, which is a new monetization opportunity that we've only addressed opportunistically up to this point. And again, we'll talk about the services that we've built, but also the strategy to go actively sell to those partners and create new revenue streams for us. And then, as that ecosystem continues to grow, bringing together the network of constituents that it brings to us, I'm really excited about the acquisition of Parchment because it, it provides us with the opportunity now to to join that, that platform for teaching and learning with the platform for the evidence of learning. And so what parch... What Parchment is, is it is the software foundation that records those achievements along the way. So for Justine, it was her transcript. That's stored on the Parchment network. Her diploma, stored on the Parchment network. As she got those additional badges or certificates, stored on the Parchment network. And as that is the system of record, and you marry that with the platform that is used in order to create those credentials, it becomes a very powerful opportunity for us. And it's going to become more important as the pandemic really empowered learners to choose their own path through their educational journey. As they do that, it's our belief that that credential will reside. It will have to reside with the learner and not with the institution that issued that. So, as they become much more mobile, we'll be in a position to join to be with that learner along their learning journey, and evidence the work that they do regardless of where they get the learning from. And it creates very powerful and reinforcing flywheel effects as we bring these two together, because as more learners are on our platform learning, it's creating more credentials, drives more need for the Parchment solutions. And then, as we've seen in a much more skills-focused emphasis on education, as employers are looking for evidence of competency or mastery of skills or the proof of those skills, it creates a powerful requirement to bring those two networks together and make sure that those two are integrated in a way that can drive much richer credential information over time. And by executing on this strategy, we've created, for ourselves, a lot more opportunity as we start to connect the different constituents in the network. So you know us as selling primarily to K-12 and higher education. But as we've executed on this strategy, it's opened up, again, those constituents that we can sell to and the budgets that they carry. So we're gonna go into a little more detail about what that does for us, just from an ability to continue to grow our business for decades to come. It has unlocked multiple large markets for us. Mitch will go into a lot more detail about how we build these, you know, build these up for you so you can understand, you know, how big these are, as well as what parts we think we can address today versus those that will be available to us in the future. In order to capitalize on this, we're executing on a playbook that's very proven, right? Our organic growth is driven by land and expand, which you've heard. You know, every software company talks about this. But it's about landing with Canvas. It's about—I'm excited because it also, it—we have an opportunity to land with Parchment now. But it, it's with our existing customer base, as well as all those constituents that I just talked about, that we can land with, as well as coming in and then providing more solutions for our customers and expanding our footprint, either through cross-sell or through relationships we already have, like partners, that we can monetize going forward. And then, you know, build on that, you know, high single digit, low double digit organic growth by layering on very strategic, disciplined M&A. And we believe nobody is better positioned in this industry than we are at Instructure. And I'm, you know, it's really hard to kind of try to capture talent and culture on a slide, but we have assembled, and I'm really proud of the team that we've assembled, that has experience not only in how to scale profitable software companies, but also has the deep domain expertise that is so necessary to be successful when you're selling into education. And so I'm really pleased to be able to turn the time over now to the team, let you meet some of the team. Mitch is gonna go through our corporate strategy. Then Shiren is gonna walk through our innovation. Chris will talk to you about some of the changes we've made to the go-to-market model to be able to capitalize on these opportunities. Then we're going to have... Melissa's gonna come up with some of our customers. We'll have a customer panel, and then Peter will take us home, and he'll explain the business model and what to expect in the future. We'll take a short break after that, and we will invite Matt Petinski, who is the CEO of Parchment, up here with us, and we'll do Q&A. So with that, I'm gonna turn the time over to Mitch. Applause? They're applauding because the time is now mine. Good morning. Good morning to everybody who's joining us on the webcast as well, and to those Instructure employees who are listening from home, welcome to you all, too. I thought I'd take a minute. My name is Mitch Benson. I'm the Chief Strategy Officer. I've been with the company, with the exception of Melissa, who's sitting over here, was sitting to my left, probably the longest tenure on this team of about 10 years now. And I hope by the time that we're done today, perhaps even by the time we're done with the next 20-25 minutes, that you all share this perspective. And the perspective is that now is the time that I personally have been waiting for, for the last three decades of working in this industry. I've had the pleasure of working as a public servant in the public sector, as well as in private industry, and I honestly, I mean, I'm telling you with a level of authenticity, have been waiting for exactly this moment. And this moment is the point in time where there is a company who's assembled all of the right pieces, all of the right people, all of the right customers, and the industry is at a point where it's receptive to a platform that can empower this sort of digital transformation. It's not been the right time before, but I truly do believe, and I hope you will when we're done, believe that now is that point in time. We could talk about sort of the $7 trillion that is spent in education. It's a huge industry. It's hugely resilient over time. But the real important piece here is that it's an industry so early in the digital transformation, right? That there is an enormous opportunity that sits in front of us with the right company, who has the right partners and the right customers to be able to capitalize on the power, and harness the power of that technology to really transform the way that teaching and learning happens. And we also happen to be in a place, this company in particular, that's focused where people's attention and people's dollars are focused, and that is at the confluence of teaching and learning. Not in the back office, not with technology that wasn't purpose-built, but technology that is focused on transforming the experience that teachers and students have inside the classroom and that learners have across their lifespan. There are a whole host of challenges that present opportunities, whether it's that first one, where learning is getting smaller. Just read the headlines, right? People are questioning the value, the ROI on their college education. How much money are we spending? It's about skills, right? The atomization of learning is happening in a way that is really representing a real change in the way that people are showing up and the, the expectations that they bring when they show up. It's no longer about the knock at the front door, the application to the admissions office, the acceptance and enrollment by a registrar, right? There is a whole new way in which learning is happening that I think is going to power, I, I know more than think. I know is going to power the transformation of education, the digitization that we spoke about on the last slide, and certainly the opportunity that we're going to talk about today. With that change in the way that folks are showing up, right, is a new focus on readiness, on skills, and on jobs, the outcomes that they want. Look, I travel all over, as I'm sure many of you do. Certainly, our team does. I meet with customers every week. There isn't a conversation that doesn't happen, or that happens at K-12, with community college leaders, with professional learning organizations, with the chancellors and vice chancellors of the world's most well-known universities, where they're not talking about the skills agenda and what's happening in the ways in which students are expecting, employers are expecting, that the industry is changing to focus on these outcomes, these skills, and the evidence that people have actually developed the skills. Not just simply a transcript that says, "I took a course," or that "I sat in a chair for a certain amount of time," but that "I can actually do what I say I can do." And so with that as the backdrop, there's also this huge challenge, right? We've talked about it for years. You've seen it again in the headlines about the quality, skilled resources in the education sector and how to scale them to a broader population of students. As folks show up differently, right, we are going to need more capability to actually meet the needs that they're coming with, and we don't do that just by putting more people in front of the traditional classroom and on a stage, right? It builds the case that we can all get passionate about, that technology has the opportunity, really, to transform the experience that people are having. On the heels of COVID, where we told teachers, "Go remote," in some cases, we gave them the skills to do so, and many others we didn't, and we said, "Choose the tools that you think will have an impact in your classroom," we're now sitting on the other side of that, where people are saying, "What worked? What didn't work? I have 1,500 tools that are in use in the average K-12 school system. Which of those should we actually use moving forward? Which of those should we not?" Right? So our ability to actually sit at the confluence of this explosion of devices, all of these apps, the concerns that come from that, whether it's about security or privacy or scalability, stability long term, right? Our ability with things like LearnPlatform, to sit in the middle of that decision-making process and to convene and to consolidate the experience that people have into one place is critical. And then finally, you know, some of you in here were probably old enough to have lived through the first internet transition and the wave that came in change. I certainly was. My very first part of my professional career was bringing internet to schools all across the state of Washington. Look, it feels a lot like those days in the early 1990s today, as we talk about artificial intelligence. And I've been a skeptic for a very long time, as it relates to this black box personalization, our ability to feed data into a system, and on the other side, data comes out that's gonna personalize the experience for learners. The reality is, with the technological, that's innovation that's happened over the course of the last couple of years, we're edging ever closer to our ability to put technology to work for us in ways that's ethical, that's equitable, that's safe, and that gives us visibility into how we can personalize the experience for learners, right? And this AI revolution, powered by some of the things that we're going to talk about today, will pay, you know, benefits for us in reinforcing the value of the learning management system, the centrality of the teaching and learning ecosystem, and our role as responsible stewards to help power that sort of revolution. There are six things we're going to talk about to start with before we drive a little bit further into the strategy, and, and these are those things. Look, I'm very proud of the company that we've built. I think that we have, as Steve said, the pole position as it relates to driving this transformation. We benefit from a tremendous customer community that's global in nature, and most of whom are incredibly happy with the services, the capabilities, and the people that are this organization that we call Instructure, which gives us a real leg up in this reference-driven sector. Our Canvas brand is iconic, and we're going to talk a little bit about that as well. The most important piece about that is not that we've built a great brand, but that we have a whole generation of Canvas natives, and we think that that also builds that moat, pays dividends, and helps us be successful. We have the largest partner community, which, as Steve has talked about, gives us the ability, again, to power this transformation. We're the stewards of this differentiated data set that will, in one instance, right, deliver the value of AI. That's really important as we talk about how to make it practical in this sector. And as we add Parchment to the family, we now have to pair with the system for the delivery of learning, the entire platform and network for the evidence of learning, that turns all of those credentials, all of those experiences into the opportunities that those students turn job seekers, turned other college applicants, right? All of the outcomes that they're after, with Parchment. So let's start with the first. We really are the number one player as it relates to teaching, learning, and credentialing. The system of learning, right, that delivers it, and the evidence of learning. These numbers out of context might, might not mean much, but I think what, I want to tell you is that, you know, in the last little bit of time, 2.5 billion enrollments. What that means is students who have actually enrolled in a course and consumed that course content. 2.5 billion experiences, and all of the data that surrounds those learning experiences, augmented by 18 billion partner launches. I mean, Steve talked about it, 1,700 a minute for the last year. This is a platform that operates at scale for a global population of users. And on the Parchment network, right, 25 million credentials exchanged and 15,000 customers. The point simply being that there is no other company that has the footprint, the capabilities, the experiences that are actually being used, producing outcomes for students. There, there isn't another company that looks like this one. And a lot of you - I mean, I've talked to a lot of you over the course of the last few years about, well, what happened during COVID? Was it just a pull forward? Is it going to sustain over time? Is it gonna continue to be the new normal? The reality is exactly that, that COVID, especially in K-12, which was a mightily unpenetrated space, allowed us to secure millions and millions and millions more users, introduce them, and mature them on this platform that is the LMS, right? Then, once they've been well served there, gives us the opportunity downstream to do all of the things that we're gonna talk about today. So, this is the really important number on this slide right here, 24 million peak daily active users. 24 million users on the platform on any given day, which is actually 2 million more than at the height of COVID, right? And they're using the platform, actively engaged, right, about the same as they did during the COVID timeframe. So, we're really happy with the footprint that we have today, which gives us the springboard to do the kinds of things that we're talking about over the course of the next couple of hours. This large customer base is sort of a who's who, right, as it relates to our K-12 systems. More than 4,000 institutions, more than 2,500 higher education institutions. We haven't talked a lot about this last bucket, right? This nontraditional customer, which could be a traditional higher ed institution, could be a community college or a vocational technical system, could be the USA Swimming organization or Special Olympics. These nontraditional institutions represent an enormous opportunity for us moving forward as it relates to that learner who's, again, no longer knocking at the front door. They're coming in the side door. They're coming in a variety of different ways, expecting to take shorter courses, a smaller number of courses, to propel themselves for a certificate, right, as opposed to an actual full-on degree. Those nontraditional students and what we've done there with the existing base of about 400 higher ed institutions, another 1,200 professional learning organizations, about 4 million nontraditional users already under contract. As we talk more and more about this, it's central to the long-term strategy and the growth of the business. This Canvas brand being iconic. Look, I, I've been here a decade. I'm very proud that when I walk into a store and I'm wearing a Canvas T-shirt, that the person who's standing behind the counter says, "I love Canvas. I used it in high school. I used it in college." I'm even more proud of the fact that as we talk about, say, the Virginia Beach Public Schools down here, right? That they are hiring teachers who were trained on Canvas in high school, who went to college and used Canvas, who entered the education practice through the school of education at the college they went to, using Canvas, who did their student teaching on Canvas, who built her lessons for her first year of teaching on Canvas, and when they walked in through the front door at Virginia Beach Public Schools on their first day as a teacher, were prepared to teach using Canvas to the next generation of students. That level of affinity, right, that level of choice is astonishing when you think about the power that the brand has and what opportunity it represents for us moving forward. We have a partner community, which we're going to talk a great deal about today. More than 900 partners strong across every category of service that you can think about that touches teaching and learning, and even some that don't. We could tell you, and we will, about how the growth strategy is directly affected by the things that we do, the things that we build, or the things that we acquire, right? The reality is that the very long-term growth strategy of this business is going to be aligned with the power of the partners that we can bring onto the platform, that can amplify the impact that we have inside the classroom each and every day. The place where every one of them is going to do that is through the experience that Canvas brings to all of the students that it serves. One click deeper gives you some visibility into the partner community. We've chosen some representative names here, whether it's academic integrity up there on the left-hand side, or it's the student information systems that we integrate with, or it's the who's who of your primary content providers or your digital supplemental content providers. There is not a name brand partner in the market who isn't aware that the easiest route to market as it relates to affecting the lives of teachers and students, is through Canvas.... This gives us, here in number five, a really unique and differentiated data set, right? It's enormous in size, the amount of interactions that happen, the data that get produced, the results that get stored, the certificates, the credentials, the badges, the learning experiences. What's really important, and Shiren's going to talk a lot more about this, is that that gives us a bit of a special position. It also gives us a special duty of care as it relates to that data, a lot of it being personally identifiable, being sensitive, being about students. So we've been very careful in our work with convening conversations with customers, with advisory boards, with industry partners, realizing the centrality of the nature, right, the role that we have in bringing all of these things together, and applying those to the most pressing problems, right, in a safe and intentional way, so that we can help teachers be more efficient. We can drive the digitization and the revolution around assessment, and that we can help everybody realize, right, not just us, but the partner community that we bring together, the real learning impact around personalized learning. And you wrap all of that together with the largest global institutional network of senders, issuers, the people who generate the data about a learner, with the receivers, right? And not just within the Canvas or the Instructure ecosystem, but within the entire ecosystem, so that we have, as Steve says, a relationship with that learner from the time that she enters school, all the way through her career, as she threads back into the educational experiences, out of the educational experiences, right? As that whole loop continues to happen, the system, the company, the capabilities that live with them, are not only the system that delivers instruction with Canvas and the surrounding products, but also with Parchment, the network that provides the evidence of all of that learning. Let's talk a little bit about the what we believe is a pretty clear and certainly focused growth strategy. It lives in these three ways. The first is to scale Canvas into the most widely adopted platform in the world. Steve said hundreds of millions of users, right? If we land with Canvas, we have the ability for everybody to become Canvas users. We have the opportunity with number two, right? And number two is to expand the ecosystem that surrounds the LMS, whether that's with products that we own, products that we've built, products that we acquire, but also with partner products, so that the experience that people have solves lots and lots and lots of problems, as opposed to just the one problem that we might be able to solve with a point solution. And then number three, to connect all of the experiences and all of the outputs from those experiences, both ours and our partners, together in a way that it puts us- puts it in service of that learner over time, so that she can achieve the outcomes that she's after, right? Whether it's enrollment in a higher ed institution to go get more skills or that job, the next job, the better job, right? The outcomes that those, that those students are after. We'll talk about each of these in detail. The first, scaling Canvas into the most widely adopted LMS platform in the world. There's a huge opportunity just there, right? About $14 billion worth of opportunity, first on the global scale across K-12 and higher ed with the LMS, and then secondly, all of the non-traditional students that are showing up to enroll in courses at institutions and at professional learning organizations all around the globe. Secondly, to expand those ecosystems. There's a $27 billion dollar opportunity in cross-selling to all of these students, right, who become users of Canvas. And there is an emerging piece of this, which Steve says we have yet—you know, we're still in the very early stages of deploying and monetizing an $8 billion dollar opportunity with these partners. And again, you layer on top of that the $3 billion worth of real opportunity with Parchment and connecting all of the networks of those folks together, and you get about $52 billion worth of total addressable market that's sitting right in front of us, as the business that we have today. We're going to talk about each of these, quickly. So number one, growing Canvas market share across segments and geographies. The global Canvas LMS opportunity, as I said, is about $8 billion. We're going to scope for you today those big numbers down into things that are immediately addressable, that are applicable to the near-term opportunities for this business. So in this case, you see us talking about the geographies down here. There's a $550 million opportunity in North America. Even bigger opportunity as we push out across the globe. And what I'll tell you in the near-term strategy is that we have an enormous opportunity in K-12, right? To continue to grow our share. We can still replace legacy systems in higher education in North America. Fully 40% of the market is still served by those kinds of providers, and we've got, I think, a pretty good track record of converting those legacy providers onto the Canvas platform. We have the ability to surround the freemium solutions. I'm sure when we get to Q&A, there's going to be a conversation about, "What about Google?" I'll save all of the answers until we get there, but this one, which is to tell you, Google's a great partner. We love the fact that they're maturing, the long tail of K-12, and that as soon as everybody are ready in those systems to actually manage at the enterprise level, we're happy to take all of those capabilities and bring them right into the fold, right? We think it's a natural on-ramp to what it is that we do. And Chris is going to talk to you about building our share in the downmarket accounts. K-12 and higher ed are both characterized by a long tail, right? Our ability to build a velocity sales motion that capitalizes on the market that's left, both with the opportunity up above, but also just by their very size, is going to be critically important for our success. As we get to international, we've got, and I think you all believe this already, a pretty good playbook as it relates to displacing largely on-prem legacy providers, right? The international market's characterized by one predominant player. That predominant player is free and open-source software. It's also predominantly deployed on premise. And that playbook that we ran in North America is very applicable to the international markets as well. As we get increased focus and deliberateness in taking international market share, we've got a great deal of confidence in how we're going to get there. And you bolster that, our direct motion here, with an emerging go-to-market channel set of partners, allows us to get scale and geographies beyond those core where we've decided to deploy our own assets in a direct fashion. You compound that with the $6 billion opportunity, which is the go-global nontraditional LMS opportunity, which we think really is a couple of billion dollars in the near term, which is not really well penetrated today. There is a tremendous amount of opportunity in this area that is growing. We'd like to drive maybe a little bit of precision into what we talk about when we talk about this big category around nontraditional. These target customers look like people we already know. They're the higher ed institutions who are taking their courses and atomizing them, right? Who are delivering them online, who are delivering them in omni-channel fashion, whether it's entirely online or whether it's hybrid. They're professional learning organizations, inclusive on a global scale of things like technical and vocational education training partners, regional training organizations. These kinds of entities that we already have relationships with or that we will build relationships with moving forward. Often, these are trade organizations who are delivering skills packages as opposed to full two or four-year degrees. And then finally, we've got an opportunity that's emerging around government as they focus their skills agendas on removing the requirement for a higher ed degree to get a job. Just go look at the headlines. It's happening in states all over this country, saying, "We're going to declassify these jobs in a way that doesn't require a bachelor's degree as the entrance criteria anymore." And what do you do with those folks once they come onto the jobs, and what skills have to be developed? So we take the target customers that many of whom we already know, and we can service them, whether it's in totally online degrees or it's continuing education or it's certifications or it's skills development, right? Content that they already have and programs that are already being built and delivering them in new ways. And we sell them Canvas and Catalog and Credentials and Studio and Impact to give them a complete experience. And Shiren's gonna walk us through what that looks like as we bundle these things together into a solution for these particular markets. So we leverage a strategy that is emerging around bundling these capabilities against particular problems or opportunities that our customers are having to accelerate the cross-sell. The cross-sell opportunity is enormous. And just aside from doing the, you know, the ridiculous math, which says, take all the learners in the opportunity and sell them all of the things that we have today, again, we'll scope it down a little bit to say: Look, there's $1.5 billion of immediate opportunity just selling the things we have to just the customers that are on our rolls today. And that is broken down like this, right? A $684 million opportunity selling our non-LMS products to our existing Canvas installed base, selling assessment, selling Impact, and bringing Parchment and their capabilities into the fold as well. So we've got little penetration, true platform-level integration, a bundling strategy, which Shiren is gonna talk about, a go-to-market evolution, which Chris is gonna walk us through in detail, how we've oriented the company around taking advantage of these opportunities in more direct ways, gets us to a place where we have a comprehensive product portfolio that covers the entire both learning life cycle as well as the life cycle that customers engage with us around, and it gives us the opportunity to engage with them year-round, right? This is not a renewal conversation. This is not a conversation that only happens at back to school. Year-round selling motion to bring all of the other solutions that customers are asking us to provide to them across the calendar as well. So the second piece of that unlocking platform value and expanding the value of we offer, comes from partners. We've got an ecosystem today that's more than 900 partners strong, that you saw on that slide, runs the gamut of the kind of solution areas that we have. We have some things to sell those folks, right? Things that we have opportunistically before only taken advantage of in small doses, that we've got a much more directed motion around. Chris is gonna talk to you about the sales teams that we've created to go after this opportunity. But look, we'll be very clear about the near-term strategy around what we do with partners to take advantage of this $4 billion opportunity. We're going to sell our SaaS-based capabilities to these partners, which are going to accelerate their R&D opportunities, right? We're going to help companies get to market faster, whether it's Canvas, whether it's our data products, whether it's the manageability and the data that gets produced from the actual deployment of these assets so that they can go back and build better products, or whether it's providing the evidence that their products are having the impact in the classroom that they say that they're going to have. That whole set of capabilities is hugely valuable to continuing to drive the innovation in the ecosystem from all of the folks that want to participate, as opposed to just a few of the companies who've begun to consolidate, like Instructure has. We're gonna sell them capabilities to manage the ecosystem. That is, that proliferation, right? The technology estate that's deployed in K-12 systems and higher ed institutions on the heels of COVID is enormous. With LearnPlatform, we have the ability to help institutions rationalize it and for partners to understand how their technologies are being used, how they've been adopted, and the kinds of impacts that they're going to have. And over time, we will, we will share revenue, and we'll do that in two ways. One, by materializing all of these experiences in a marketplace where we can connect buyers at the institution with sellers who are the third-party ISVs, who are building capabilities against the Canvas platform. And we'll also have the ability to resell, to co-sell, to refer, as our sellers bring in more and more and more of these capabilities to solve bigger and bigger, bigger challenges for customers.... Then we talk about finally with Parchment, right? Expanding our white space and buyer segments, connecting the networks in ways that provide value, unlock opportunities for that evidence, for those credentials, for the pieces, that the learner has chosen to represent him or herself over their lifespan. We'll accelerate partners or Parchment's network reach, right? There are nearly 4,000 additional Canvas customers that can be introduced to Parchment services. And Parchment, right, and Matt will tell you if we get into this in the Q&A, is really excited by the fact that Instructure's reach is significantly bigger internationally, right? And through our channel strategy, that has the ability to bring Parchment to more of the globe. I mean, I was in the UK a couple of weeks ago, sitting with 30 chancellors, vice chancellors, provosts from the very large UK institutions. This was a topic top of mind for all of them. How is it that we bring the efficiency, the transparency, the ability for these learners to transport the experiences that they're having across many institutions in a very elegant, consolidated, and by the way, digital way? Because in many places, a lot of this stuff's still happening on paper. Again, early on in that digitization process. Within just Parchment alone, there's a $500 million opportunity, right? For them to sell the other half of the assets that they have, not just simply the movement of transcripts, but how do we connect students with their college experiences across institutions, right? How do we actually help them build a deeper set of credentials that aren't just the transcript? We have the ability here, again, in this two-plus products, right? Grew from 22% to 43% in 2023, but only 6% of that customer base uses 5 or more solutions that we acquired when we brought Parchment into this family. So $500 million just selling Parchment products to Parchment customers, let alone the opportunity to cross-sell into the Canvas base, and that represents for us a real opportunity, which is this last point. You know, you're going to hear from our customers today. Marina is sitting in the back of the room representing the California Community Colleges. We have solved or continue to solve for Marina and her teams the cross-listing and the enrollment challenges as students move from one community college to another to take courses that are relevant that they can't take at their local institution. How do you do that efficiently? How do you do it with a single sign-on? How do you do it in the same platform so that you're not in multiple systems? How do you show all of those courses that are available to those students in one place so that they have the universe of opportunity across the 116 colleges, as opposed to the one that I have a physical relationship with, that I show up at, you know, once, twice, or every day? That level of engagement, whether it's at the system level in California or whether it's at the state level in Montana, is going to be the harbinger of the kinds of engagements that we will have moving forward, because we can bring the power of these two platforms, right? The evidence of learning and the system that delivers learning together in service of the customer's customer's needs. I'd like to resurrect this slide from Steve's presentation for just a second and try to amplify the point for you. The more adoptions that happen, the more courses that are delivered, the more learners that are learning in this system, the more participants that come in from the ecosystem and our partners, this self-reinforcing loop is brilliant for the core business, right? And represents a tremendous opportunity that we've talked about. But when you pair that with what happens on the Parchment side of the equation, right, where there are more issuers... And they don't all have to be Canvas issuers. They can be associations, they can be non-customers, they can be sort of these people who are professional learning organizations. More issuers drives more learners, drives more credentials, drives more receivers. The power of these networks grow with size and scale. And when you bring them both together, and you start to draw that infinity loop, right, or that flywheel around the conglomeration of these two businesses, which are coming together to solve the problem across a learner's lifetime, the power is tremendous. So all of that over time, we will continue to amplify through disciplined M&A, right? We will focus, as we have, on the core problems around teaching and learning, solving real problems for our product roadmap, solving real problems for our customers, expanding our footprint in the kind of vertical solutions that we deliver. Or as we've done with Parchment, we will find the right companies with the right financial profiles and the right strategic alignment, who will amplify our growth. And all of that will be put in service of this platform and network, this flywheel, that continues to spin off value for you, right? For the company that we've built, and certainly and perhaps most importantly for me, for the customers that choose to adopt their way into the kinds of services that we deliver. So I'll leave you with this. I think those powerful network effects are really important, for the continued growth of this business, and it starts with the fact that we are the world's leading company in this space today. That we've got this large referenceable customer base, that we're very proud of and that are very happy to be customers, and get the solution solved with the, the things that we're providing. This Canvas brand is iconic, but most importantly, it's built a generation of natives who are used to doing the work that they do in the systems and the platforms that we provide and have an absolute preference for it. And maybe, Jeff, when you're up here, from the Chesapeake Schools, he'll tell you a quick little story about, his kid, who's having a less than ideal experience, having to leave the Canvas ecosystem, as they've moved on to university, and the sort of preference that we've built in students who then become our teachers, who become our parents, who become learners, right, in this lifelong learning adventure. We have the largest partner ecosystem that's getting larger by the day. We've got a differentiated data set that we believe we're good, solid, trustworthy stewards of, that will serve as a reinforcement for the existing business and create an enormous amount of both known and unknown opportunities moving forward. And as we add Parchment and all of these capabilities together, we produce the world's largest network of learners and evidence of learning, that are gonna stick with these users across their entire life cycle, as they've engaged with us. So that's what I have to share today. Hopefully, at this point, you're excited as I am about, again, number one, that this is the company, and number two, that this is the time. And I'm gonna hand this off to Shiren, who's gonna walk us through each of the product pieces that are relevant to making this real. Thank you. All right. Good morning, everyone. I am Shiren Vijiasingam. I'm the Chief Product Officer here, and Mitch described being a long-time member of the Instructure team, and I'm one of the newer members of the Instructure team as I round out year two. So I thought maybe I'd start with just a little bit of the what drew me in to Instructure. And so I've spent a lot of time in education. I've spent time in every stage of those learning journeys, you know, from the K-12 stage of the journey to the higher ed stage, to the professional learning and the continuing education. And so that's given me an intimacy with the needs of our buyers that really rings true and resonates. And one thing that jumped out to me as I was thinking about the opportunity to join Instructure was that Instructure truly is the only organization that has a solution for every part of that learning journey, right? Every single stage of that journey. And that's paired with market-leading distribution in the segments that it serves. And so when Steve laid out the vision, and Mitch talks about this being the moment, I'm absolutely a believer, right? It was a no-brainer to me to think about bringing the skills that I had to help take this universal portfolio of products and to unify it into a platform offering that sets the company up for the next stages of growth. So I'm excited to share a bit about what that looks like. I thought I'd maybe start first with grounding us all with the foundation of the products that make up Instructure. So the origin story was the LMS, right? Over a decade ago, it was built as a learner-first experience. It was built to be high engagement, and you see that show up in the things that we've done, and is the foundation of the platform that we've built. And in the years since then, lots of time, energy, and R&D has been put into making not only that product, the Canvas LMS, a great product, but also building adjacent offerings around the LMS. Still anchored heavily with the LMS, but building to solve the opportunity to go into institutions with a core LMS and be able to expand with a range of additional offerings. Now, you heard Steve mention, Canvas was built to capitalize on this, the shift in the move to the cloud, and so it was built cloud first. It was built intentionally to be open, to enable an ecosystem of partners that you heard Mitch talk about, to have partners build and extend their products, but still anchor them inside of the LMS. That created a benefit for us in being able to say: We've got solutions that our institutions are looking for, but also continuing to cement the LMS as the core platform, the hub of that learning, the operational operating system for infrastructure and learning. You also heard Mitch talk about partnerships that we forged, and so these partnerships enabled our product to get stronger, but along the way, there were capability needs that we had. And so there were some acquisitions that we picked up that helped strengthen and bolster some of the key use cases that we knew we needed to solve to meet the needs of our customer. And so to talk about this, you'll hear this refrain over and over today, right? This idea of looking at what our customer needs are, spending time with our customers, because that's critical to all that we do. And so if you look at the data that we've gathered from conversations with customers, from the market research, it paints a fairly distinctive picture, right? There is certainly a core need, you know, in the LMS. It's anchored in the LMS, but there are a range of other needs that our customers have, whether they're solving them in their traditional use cases, their non-traditional use cases, increasingly in new segments. There's a whole range of solution needs that they have that require a comprehensive product offering that solves each and all of these things, rather than a combination of different things. It is something that needs to be wide-ranging, and it needs to be able to meet the needs of learners of tomorrow. And so if you think about the suite of products that we built and extended over time, the things that we've enabled through our partners, and the things that we've picked up along the way in acquisition, it's created a really solid foundation, right? Products that can solve every single one of those use cases. Landing first, of course, with the LMS, right? So it was going in with the LMS. Increasingly now, the opportunity with Parchment to be able to land this new beachhead with Parchment, but then being able to expand with those products and being able to solve all of these different use cases for our institutions, and help them create value. And so we had the opportunity to take each of these individually accretive products and unify them into a comprehensive offering that sets us up now, to be able to create a platform solution that's gonna create value and drive growth, right? And it's gonna do so in three ways, that I'll take you through. The first is the scale platform infrastructure, right? A foundation of open APIs, of services, of interoperable standards, of a data substrate that brings all the data together, and now newly, with AI, an AI framework that I'll spend a bit more time talking about. Being able to create all of this creates a differentiated ecosystem that enables a whole universe of partners around us, and that creates a competitive moat. Because, again, the deep usage of partner solutions embedded directly into Canvas reinforces that heavy, consistent usage that you heard some stats on earlier. And we're already starting to see these dividends pay off with the relationships with our partners and how that's driving the stickiness of our products with the unified Instructure learning platform. The second place of growth comes from unifying the software platform, right?... By being able to unify the software platform, we've been able to create efficiencies. We've been able to create space for us to invest R&D in critical drivers of growth, focused on our core product experiences, to be able to drive continued growth in all the segments in K-12 and higher ed globally, as well as accessing some of these new non-traditional use cases as a function of creating a focus on our core products. But being able to also expand the share of wallet that we have by solving for new customer needs, right, with these use cases. And what that's also done is it's created space for us to invest strategically in the things that matter, to invest for growth. And you'll see the strategy drivers for growth that you heard Mitch and Steve talk about. Those are places that we can invest, including increasingly in AI, and those are the things that are going to create the conditions for us to be able to embrace this next horizon shift, where AI is going to change the way education operates by being able to create that space in the way we've invested our R&D as part of this. The third, you heard an allusion to this idea of bundles, so moving from a collection of products, but to a unified platform that allows us to talk about our products as actually solutions, value solutions or bundles that meet each of those needs that every single one of our customers have. This has certainly created a tremendous opportunity that we've seen on the go-to-market side, which Chris is going to talk about. But certainly from a product perspective, one of the things it's done is it's moved us from being a point solution for individual pieces to a unified offering. And you'll see the competitive landscape has lots of point solutions that solve individual needs, but they don't offer individualized solutions for the totality of what our customer needs. Only the Instructure learning platform offers a solution that covers all of the range of needs across every single one of the segments that we offer. And we're already starting to see good traction with the usage of our product bundles in K-12, right? With Clark County, which is the fifth largest K-12 institution in the country, or with large institutions like UPenn in Indiana. We're also seeing the same successes on the ecosystem of the professional learning institutions and with our partners, right? With the Chartered Financial Accountants Institute using the bundle solutions, and with scaled strategic partners like Pearson, also using our bundle solutions. It sets us up to be able to create this value that creates differentiation as we think about how we can land and how we can expand. I'm going to dive into each of these value solutions a little bit more deeply, just to help, you know, sort of set the landscape for what we're talking about. Starting with Canvas, right? The LMS. It's the learning hub. We talk to our customers, and they talk about it being the epicenter. It's where their learners are going to get all of their information. It has to be simple, it has to be intuitive, it's got to be easy for learners to access, and it's also got to be able to support all of those complex use cases that an institution is going to want to solve. So it's got to run that duality. It's got to be accessible to learners wherever and however they choose to learn, and it's got to set them up for that journey that's going to start and is going to continue all the way through. Just like you saw in the video with Justine, all of these journeys that go from their earliest stages of learning all the way through to the finding a job and the career outcomes, and then coming back through and cycling through, this is that platform ecosystem that's hubbed on the Instructure learning platform with Canvas. Because Canvas was built unlike legacy products, cloud first, it's not just about the feature sets and the functionality, but it's actually about the performance of Canvas, right? You heard startling numbers from Mitch about the concurrent use and the volume of use that our product offers. Canvas has been able to stand up to rock-solid performance, even when in 2020, we saw a 5x spike, the COVID-induced spike in usage, in the spring and then again in the fall of 2020. Canvas remained rock solid, and it's that foundation, that scalable foundation, built cloud natively, that has set us up for scale globally, right, to be able to go into new markets and reach them. It sets us up to be able to perform as we continue to grow. And just like the distribution that we see in K-12 and higher ed creates those conditions for Justine to go from her K-12 experience directly into a college, and you heard Mitch talk about this, because these experiences are now turning into generational experiences. Learners are becoming educators. This is that platform that hubs all of it, centered on the LMS. But learning patterns are shifting, right? And so we're seeing a move from the episodic bursts of learning to a more ongoing and a continuous pattern of learning, this idea of lifelong learning or the continuous learning journey. And so we've got bookending Canvas, the LMS, two products in Catalog and Credentials. Catalog, it's a storefront. It's a place where you can go browse, search, filter, navigate, and look for courses, enroll in them, pay for them, and ultimately start the course. And then credentials, which creates the capability for institutions to create and issue verifiable credentials, things that certify learners have a set of skills. And for learners to be able to take those credentials, those badges, and house and maintain them and share them with potential employers, with other educational institutions to showcase that knowledge and that skill. And one of the critical differentiations of the combination of these offerings, the catalog plus the core LMS plus the credentials, is that seamless, interconnected integration. It's the thing that creates a seamless path from the browsing to the learning to the earning journey for an, for a learner. And from an institution, it's the thing that makes it easy to create content once and be able to deploy it in a traditional use case and deploy it in a non-traditional use case. Create it once and monetize it in multiple ways. Obviously, if you think about that end-to-end experience, it makes this the only viable solution to do a true end-to-end offering. The opportunity here, as we see, creates a lot of stickiness for this product in a non-traditional context. Now, the Parchment acquisition closed five weeks ago, so it's still super early days, but one of the things that we do see is an opportunity for Parchment to be deeply integrated with this part of the experience as well, right? All of this represents our opportunity aligned to that playbook, in service of landing. Now let's look at the value solutions in service of expansion, right? We'll start with assessment, which enjoys the same sort of deep integration into the platform experience, as all of our other products. If you think about the idea of evaluating skill, evaluating knowledge, evaluating competency, that's the cornerstone of education, right? It is required in order to understand the performance of learners. Whether it's the formative educational use cases, the classroom quizzes, or the summative educational use cases to the benchmark performance and the predictive assessments, our software platform for assessment supports all of the range of assessment use cases that exist. If you pair that with a rich item bank of tens of thousands of questions and ready-to-play assessments, you create the conditions that make it easy for any institution to be able to understand the performance of their learners. When we talk to our customers who choose our assessment offerings, they talk about how well-tailored and how customized our products can be for their institutional needs. And that's made possible because of a robust taxonomy, and a tagging and standards infrastructure associated with the standards and competencies that are used to map that learning. And so as you, as you do these evaluations, you are fed back with a stream of data, which is critical, right? Data at the learner level, data at the classroom level, data at the institutional level, and increasingly, data at the state and governmental level, because that's a critical part of driving that next action. It provides the pathway to that learning progression. Which takes us to our next value solution, which is our data and insights value solution. Our data offerings are the perfect complement to a learning platform. One of the key parts of a platform is the idea that data from every part of that platform, every single product, can flow into one common data substrate, and that data substrate can then power visualizations, insights, everything from the most simplistic insights and visualization to the robust needs of some of our power users who want a direct stream of that data, but using it in order to make good decisions. And they can explore this data, and it respects the hierarchies and the permissions that exist. But the other benefit of the platform is the ability for this data and these insights to get pushed back into the platform into contextually relevant ways. So just like in the video, when Mr. Terence got that signal when Justine was struggling, the ability to be able to show, just-in-time information, to be able to drive that next intervention action, is what makes the platform component powerful as you think about how data plugs in. It'll allow educators to be able to scale to support multiple learners, yet creating that intimate, personalized connection with learners. Rounding out our opportunity solution here is, if you think about, you've used assessments to evaluate, you've now got data that provides you the insights. What do you do about it, right? Trajectory change is the next logical step for an institution. And so rounding out our value solutions, are our effectiveness offerings that help institutions take that insight and turn it into an action that they can take. So whether it's a simplistic tool tip that just drives learner engagement deeper into the product, or it's an effectiveness report that's showing them how things are working, or being able to pull in one of this universe of 900+ partners to be able to provide that access to a support resource that an individual learner needs, and then being able to push all of that seamlessly. Again, everything embedded into this one experience that just keeps the experience contained inside of the Instructure learning platform. It is clear, right, that all of these pieces become the operating system for learning. So let's look now at the roadmap for product. And this roadmap is oriented towards the 2 vectors of the playbooks Steve talked about, right? The land vector and the expansion vector. So starting with land, we're talking a lot about our expansion in new markets, new geographies, new geos. So a lot of our initial focus is on creating the possibilities and the capabilities to enable that growth, whether it's targeted use cases to serve in specific pedagogies for certain markets or, or specific needs, as well as being able to bring some of the benefits of AI to be able to infuse that directly into the platform. I'm gonna talk a bit more about AI in just a minute, but you'll see them sprinkled through here. As we start to think about scaling up, we wanna continue to provide access to the needs for more, more learners in more regions, and that includes things like being able to provide low and no bandwidth access, being able to support larger and larger course sizes, right, for the markets that have a high student-to-teacher ratio. That doubly benefits us, this, this scaling, to be able to support large course sizes because it benefits our non-traditional use cases, even in the markets that we're in today. And it creates the space for us to continue to build and support all of those different non-traditional use cases as we think about that. I mentioned we're early days here, but as we think about the potential integration with Parchment, it's continuing down this path of turning that learning and getting a learner into job readiness, into skill readiness, and ultimately into a career outcome, which is the fullest execution of that learning success. As we think about that second facet of the playbook, the expansion vector, we are continuing to work on deeper and deeper integration across the product, right? Deeper ways to create a cohesive experience, but also deeper ways for us to surface, contextually, some of the different value offerings, to encourage discovery, to encourage trialing, to help expand how we deliver that, and to drive adoption. We're also using the capabilities that AI is going to do to enable us to scale targeted use cases. Particularly in data, we see a tremendous opportunity for how AI is gonna help bring that to life. And while we do that, equally, we're gonna bolster the experience for our partners, right? Because they're helping us build this ecosystem as part of this. And so we have a mutual incentive for partners to create value for the institutions they're building for, as well as creating value for themselves, and all of that, again, housed and centered in the core of the learning experience. We see here with the demand that our institutions have for great solutions from our partners, and we see here the demand from our partners to be able to plug in and interact with us in a distributed ecosystem that we drive. And so the conditions you see are set.... for what is going to be a marketplace opportunity to broker this. And we've already seen some of the successes that we see that give us confidence that there's product fit here, and we're starting to see green shoots of market fit on this idea of a marketplace ecosystem. So you saw sprinkled through my presentation here AI being mentioned, and so I thought I'd spend just a couple of minutes talking about how we've been approaching AI, right? So you heard me talk about this idea of connecting with our customers constantly, and that's something that's true for AI, too. But we were really early to the AI game. We have an advanced development team that was working with large language models as far back as the fall of 2022, and they've been working on experiments and prototypes to understand what's possible with the technology. But equally, it was important for us to understand what are the durable and persistent use cases for AI in education. And so we spent a lot of time with our customers, speaking with them one-on-one, talking with them, at events that we convened, going out to industry events like ISTE and EDUCAUSE, and our big customer event in InstructureCon, to understand what that context was for how education was thinking about these use cases: administrators, teachers, even surveying students. And a tension emerged, right? There was a tension that was paired fear, fear of cheating, fear of the idea that AI was going to displace an educator, fear that this black box model was going to hallucinate, and you couldn't trust it, paired with optimism, right? This excitement about the fact that AI could help simplify use cases. It could eliminate administrative workloads. It could help educators be more accessible and create targeted intervention with individual learners. And so with that, you heard a couple of mentions of this. We published in June of 2023, our AI principles that govern everything that we've done, and we built this in partnership with an ecosystem of partners who've also adhered to these principles to ensure that everything we did in AI would always keep a teacher and educator intentionally in the loop of AI. It would always ensure the safety of student information and the safety of intellectual property of institutions, and that as we scaled it, because this is really about making this available for every learner, as we scaled it, it would continue to be equitable and accessible for all. So armed with these principles and armed with the prototypes and the experiments starting back in the fall of 2022, we embarked on the continued alpha and beta testing that took up the vast majority of last year in 2023. And we've been working quietly, we haven't talked a lot about it, but we've been working with our customers in the background to refine and iterate these products, in closed alphas and then open betas as more and more customers have been working with us and setting us up to be able to embrace this shift. And you heard Steve talk a bit about this, but just like we did when we went to the cloud, it was important for us to also bring our partners along. And so we created a shared AI, AI framework, that makes it really easy for partners to plug in and integrate with the products that they built. It also gives institutions the confidence to know that when it's a young company that's using this data and AI, that their information, their student information, their IP, is being protected through this shared framework. So this combination of products that we've built ourselves and the ones that we've been working closely with our partners, we're going to bring to general availability. We have a big customer event where we announced what we were thinking about last year, and we in our InstructureCon event, this year in July, we're going to announce the general availability of the products that you see here. Now, that's not going to stop. Obviously, we're going to continue to keep working on the things that are on our roadmap. But as we start to think about how this AI starts to drive the growth for our business, it's really lined up against those same two prongs of the playbook, right? It's going to strengthen the core value proposition of our core offerings. It's going to drive deeper and deeper penetration, and stickiness of the product, and it's also going to create an opportunity for expansion. We're going to create new products that will enable us to expand the offering set, and our partners are creating products that we're going to help bring to market and create the opportunity associated with that. So all of this, again, bringing it back full circle, being done in partnership closely with our customers to set us up for that path for growth, as we think about AI. And so that's my section, and I'm not sure if we're going to a break now or if we're going to keep going. We'll keep it rolling. We're going to keep it rolling? So I'm going to hand it over to Chris to talk to us about go-to-market. Thanks, Jared. Good morning. Good morning. Good. Let's get some energy back. So look, strategy is just words on pages unless you can get it to market, right? Wow! It's true. Wow. You got to get it to market. So my name is Chris Ball. I'm the President here at Instructure. I joined last January, so about a year and a quarter ago. And I came to Instructure for a couple of reasons. First and foremost, I was incredibly compelled by the mission of amplifying teaching and learning. We've talked a lot today about lifelong learning and that many learners will not potentially go in a traditional learning career, will not go to college, and will go into a life of skill-based learning. I have an 18-year-old son who's a senior in high school, and that might be very much the reality for him. So to be at a company that's really has a seat at the table to really innovate around that, really resonated with me personally. But the other reason that I came here is I saw the incredible opportunity. I had the very, very good fortune of spending a good part of my career at a couple of incredibly successful, high-growth vertical SaaS companies in SAP and Adobe. I also spent 4 years at Lightspeed Ventures in their SaaS practice, seeing hundreds of high-growth SaaS companies. What I saw was that for many of these high-growth companies, certainly for SAP and Adobe, there was sort of a winning formula for success. That winning formula was land with a market-leading, mission-critical solution. Land with it and build a huge install base and focus your time on making that install base incredibly successful... and then assemble a portfolio of additional solutions that you can go cross-sell into that install base. Those solutions, hopefully, will help them get more value out of the original investment that they made. Then expand into new segments, segments that are beyond just the core segments that you're in. Then try and create an ecosystem of partners that can create a network effect. So that was the formula for success for SAP and Adobe, and when I got here to Instructure, I saw that there was a very, very familiar playbook that we could run. You know, we've talked a lot today, you know, in Mitch's section and in Shiren's section, we talked a lot about the fact that we do have this very large, very loyal install base, and we take that very, very seriously. You know, the customer satisfaction ratings that we get from them are 97% plus. We have 11 additional products to go sell into that installed base, right? So that creates an opportunity, a real formula for us to go create a durable growth engine here in the go-to-market. The interesting thing is, when you look at our installed base, less than 20% of our customers have 2 products or more. You might say, "Well, what's been the problem?" I actually look at it a little bit of a different way. I say: You know, most of these 11 products that we have added to our portfolio, most of them we've only added in the last 2-3 years. As a matter of fact, many of them we've only added in the last year and a half. So in really a couple of years, we've been able to penetrate 20% of our install base. Part of the reason for that is if you look at our go-to-market that we've historically had, it's a really good, solid go-to-market. We have a very tenured and domain experts sales and go-to-market force. You know, most of our reps have been here on average 4.1 years. More than 30% of them come from education, right? So they are tenured, and they really understand the industry. By the way, if you look at our CSMs, they're even more tenured, and even more of them come from the world of education. But our go-to-market model really was purpose-fit for landing Canvas customers and was really good at doing that. That was really what the model was designed. It really wasn't designed to think about the expansion opportunities. So what we've done over the last year is really made some modifications to the global go-to-market structure to really set us up to leverage the opportunities that Mitch and Shiren laid out for us earlier. And so one of the first things that we did is we sort of organized our entire go-to-market organization around the customer lifecycle. So all of the organizations that you see on the left, sales, marketing, services, support, CX, renewals, all of these were different departments that were disconnected. We brought them all together into one organization that we call Global Customer Operations, and really aligned them on the customer lifecycle. The second thing that we did is we segmented our customers in a way that we never had before. First thing we did is we did an ICP analysis, really understanding what our ideal customer profile is, right? The next thing that we did is we did a white space and propensity to buy analysis, so we could really understand which customers had growth opportunities. Where were they? Which customers had, you know, the most growth, as well as which customers had a high ARR. And what this segmentation allowed us to do was to create different selling motions in different segments. And Mitch talked a little bit about the long tail. You know, there's a huge opportunity for us as we're starting to go into medium-sized institutions and districts, to really leverage the opportunity there. But up till now, most of what we've done has been a one-size-fits-all. We've come with a heavy enterprise motion for every customer, regardless of size and nature of where they are. So this allows us to create different selling motions so that we can scale. The third thing that we did, and this is what we really rolled out, just in January of this year, is we bifurcated our organization into two motions. So we have a land organization. All they do is think about how they land with Canvas and Parchment. And then we created an expand team, that all they do is get up every day and think about how do they cross-sell? How do they defend the existing ARR in our accounts, and how do they grow that ARR? So the other thing that we did is we created these teams, these aligned teams, in each of the segments and aligned their compensation. So, for example, in the expand teams, every single person on that expand team is responsible for pipeline, responsible for cross-sell, responsible for upsell, and responsible for renewals, and responsible for price uplift. And this gives us additional leverage to really focus on that cross-sell opportunity. The next thing that we did is, you know, as we look at the opportunity in these new segments that we talked about, in this lifelong learning segment and in the idea of partners, we actually broke them out into new go-to-market segments with full go-to-market teams, and that had never happened before. Traditionally, lifelong learning was actually part of higher ed, and quietly, it's amazing, we have more than 1,200 customers that we're able to opportunistically get there. But now we're actually going to build a go-to-market around going after the lifelong learners. I'll break down in a couple of minutes a little bit about what that organization looks like. The same thing for partners, right? We had treated partners as partners and not really as an opportunity for us to figure out how to do business with them. So we created a team... a go-to-market team dedicated to just focusing on our partners and that ecosystem. And then third, but not least, is Parchment. So, you know, we acquired Parchment about five weeks ago. For this year, we're going to run their go-to-market as a separate organization. Though we're integrating some of the back-end systems to get synergies, they are going to run as a separate go-to-market organization as we evaluate how and the best way to integrate them. But that doesn't mean that we're not going to be able to get leverage out of it. We've created incentives for our, our sales teams and for the Parchment sales teams, to do referral and cross-selling. We've done joint account planning, and we're starting to see a creative pipeline being generated, where Parchment's bringing us into their accounts, we're bringing them into our accounts, and we're jointly going hand in hand to our, our joint accounts. Shiren talked about bundles, right? And what the bundles allow us from a go-to-market standpoint to do is a couple of things. One, really move and pivot from a motion where we were selling products based on features and functions, to a solution-selling, value-based, approach. So we enabled our entire field at kickoff this year on how to really tell the entire platform story, how to tell the bundle story, and how to move out of feature function selling into use case selling and business outcome selling. And what we're seeing some of the dividends from this is: we're seeing higher ASPs, we're seeing land deals where there's multiple products in our land deals. As a matter of fact, 30% of our deals are— So we launched many of these bundles that Shiren talked about in the second half of last year to kind of get them out into the marketplace, and we witnessed that 30% of our land deals last year included multi-products, which was an increase over prior years. What it also does, this idea of bundles, is it gets us into new buying centers. It expands our opportunity to talk to new constituents that we didn't talk to before and talk to them about bigger issues, not just about feature wars, but about how can we actually go solve bigger issues for them, getting into new buying centers and new budget centers. So we did all of this, all of these sort of foundational changes that I just went through, all were in service of our three-pronged, growth playbook. We did it all to help with the growth. And so if you kind of break each of these down, you know, one of the things that Mitch mentioned is, and I'm very excited about, in the core LMS market, both domestically and internationally, there's still a huge opportunity. There's a massive TAM, and we are the leading solution. And what we're seeing is, one of the things that the bundle really has allowed us to do is to competitively differentiate against our competitors. We can do things that they can't. We have capabilities that we bring to the table that they don't. So we created this land team to really make sure that we're focused myopically on going after that land opportunity. We've put about 30% of our go-to-market capacity around that land motion domestically in, K-12, higher ed, as well as in, our professional learning. And we're seeing real traction. So for example, we did a deal, last year in Q3. It was, University of Manchester. It's a top 35 university in the world. It's part of the Russell Group, which is effectively the Ivy League of the United Kingdom. And we replaced the legacy vendor in a very, very competitive tender. And the reason they selected us, the reason that they chose us, is they loved our platform story. We came in with a bundle, and they said, "You have capabilities to not only deal with our traditional learners, but also with our non-traditional learners." So that we're gonna do this for our resident students as well as our online students, and no other vendor could come in and provide a single solution that provided both capabilities. This was a massive win for us and a benchmark win for international, because this is a reference and showcase account, a lighthouse account that a lot of other accounts look to. Internationally, you know, we've created a beachhead in some countries. We focused traditionally in core markets like the United Kingdom and Ireland, Benelux, the Nordics, Australia and New Zealand. And where we focus, we've done very well. We have very good market share in the UK and Ireland. We have 80% market share in the Nordics. We've got a great market share in Australia and New Zealand. We've got almost all of the major universities there. In the state of Queensland, which is the largest state in Australia, we've got all of the K-12 districts. So we continue to focus there, and in that opportunity, we're gonna focus on that install base with a cross-sell opportunity. But we see opportunities for massive expansion. There is a huge TAM in international, and we have very low penetration, especially in some of the countries like Italy, the Philippines, Spain, and Dock, and we see a very familiar playbook for us. There is an incumbent, you know, generation one, on-prem, open source vendor that has massive, dominant market share. We see an opportunity to go and displace them, and we're starting to see that happening. So in those growth countries, we're gonna go direct, and run the play to go land with Canvas and leverage the opportunity. But beyond that, we see an opportunity to expand even further. So we see countries and regions like Latin, places like Japan, the Middle East, Africa, India. There's 22 countries that we've determined that we're gonna leverage a channel in. And so we have, over the last two years, built out a channel. We've learned a lot along the way and made some modifications to our channel strategy. But we really feel that the channel strategy has finally gotten to a place where we can really start to get some leverage out of it, and it allows us to really expand into these emerging countries in a very low cost and scalable way. I think we have 40 channel partners that are now fully on board and enabled, and they're generating pipeline for us, and these are VARs. These are not, you know, just distributors. They are finding deals, they are closing deals, they are implementing our product, they're supporting our customers, and they're renewing them. So if you think about the non-traditional opportunity that we have, there's really two opportunities. One is non-traditional organizations, what we call professional learning. So these are teaching and learning organizations that aren't granting degrees. They're granting the credentials that we've been talking about, badges, certifications. We have 1,200 of those that we currently do business with, and we've broken them out into a new segment, and we're going after it. We've deployed, you know, about 10% of our sales force in the United States to go after these non-traditional institutions. But beyond that, there's another opportunity, which is in our existing higher ed install base, both domestically as well as internationally. More and more of those customers are trying to figure out how to get their programs online and reach non-traditional learners. So that's a huge opportunity for us on the cross-sell side, and that's where we're focused, and we've actually created bundles specifically around that opportunity. So for example, you know, here, here's an example of a non-traditional. So AWS Academy. They provide credential-based online courses, so people can get certified in cloud computing. And they provide this not only to direct learners, so you know you can go to their website and sign up and take their credential-based courses, but they also provide these courses to universities. So the universities can offer to their students and to their online learners the ability to get certified in cloud. They deliver all of this on Canvas. So all of this course content and all of this learning is done through Canvas. We started out, you know, in 2019 with a very small pilot of 400 users. It's now currently 600,000 users, and they've renewed for 1.4 million users next year and 1.5 million users the year after. So this is explosive growth for us and user counts that are—this is one of our larger institutions that's actually deploying users. And then the cross-sell, and once again, the bundles become incredibly important here. We have bundles that are really designed for what's the next best products for customers if they've laid down an LMS foundation. If you're a K-12 district, what do you do next? If you're a higher ed institution, where do you go next? What are the next things that you do to unlock value? We've created, you know, as I said, these, you know, expand teams that are really focused on the cross-sell opportunity and created compensation incentives for people to go out and cross-sell, as well as to really make sure that we take care of our customers and service them and get them to renew. An interesting example of this is Arizona State University. So they started out their journey with us, servicing their 80,000 residential on-prem students. They've now expanded to their ASU online program, which was a cross-sell for us. 450,000 online students they serve, and their plan is to get to 1 million by 2030. In addition, Thunderbird, which is their school of global management, has an initiative called the Hundred Million Learner Initiative, and this is an initiative that's an endowment-based initiative, where they wanna go out and serve 100 million learners globally, most of them women in disenfranchised countries. Right? So this is a huge growth opportunity as well. So this is an example of a customer that started with core Canvas and now has expanded to other parts of the organization. And so, you know, if you look at our cross-sell opportunities, you know, we have shown that when we focus, we can actually grow ARR significantly in customers. On the left is a large statewide deal that we did. So we landed with Canvas in 2020, statewide, for every district in this state. We followed it in 2021 with a cross-sell of Studio and Catalog. In 2022, they expanded the Canvas users because they brought some more districts in and some more of their schools in, and then in 2023, we cross-sold them MasteryConnect as an assessment solution for the entire state. And we grew the revenue from $800,000 to $2.5 million in 3 years, right? In the middle is an example of how we did that at a higher ed institution at one of the major research universities in the United States. You can see, you know, almost double ARR growth in 3-year periods. And then all the way to the right is a really interesting one. We talk about professional learning. Here's another professional learning organization. This is an internationally recognized wine training and accreditation program. They train sommeliers. I wanna go there. And, you know, although the dollars aren't large, you see the growth from $53,000, where we originally landed, to almost $240,000. So a 4x on ARR growth, in relatively short periods of times. And we believe that if we really programmatically focus on this, that there's opportunities to do this across most of our accounts. And then our partners, right? We really believe that there are multiple ways that we can work with our partners to help them unlock new opportunities and make their solutions more valuable. So once again, we created this business unit solely focused on partners. We created an entire go-to-market structure, sales, marketing, salespeople, solution engineers, all focused on our partners, and have deployed a good amount of our go-to-market capacity against that. A few examples: so, on the left is a company called K16. K16 is an important partner of ours. They provide two things. They've built two tools for us. One is a migration tool. And why is that important? Because when we land with Canvas, inevitably we're replacing something, whether it's a legacy vendor or a homegrown solution, and our customers need to migrate that data. So K16's migration tool allows us to do that in a very low-risk, low-cost way, and we resell it. It's a win-win. It's good for us because we get a solution that's really powerful for our customers. It's a win for K16 because they don't need to build out a distribution cycle. They get to leverage our channel, you know, that, that great Instructure brand and, and our, in our field to get their, their solution to market. They liked it so much that they went and built an archiving solution for us as well, an archiving solution that allows our customers to deal with data governance. So that's an example of, you know, one route to market with a partner, which is we resell their solutions. On the right is Discovery Education. They do digital curriculums for K-12 districts, so they sell digital textbooks and other type of content to K-12 districts. Inevitably, those K-12 districts are using ESSER funds to pay for Discovery solutions, and in order to leverage those ESSER funds, the vendors that they're picking need to be able to show evidence of the efficacy of their solutions. So Discovery bought our learning platform Evidence as a Service solution to be able to show the efficacy of their solution and be able to get to market more. So that's an example of how we work with our partners to help them optimize their opportunities. So I'll end where we started. All of this is based on the fact that we've built a large and loyal customer base, and in order to build a large and loyal customer base, you need to make them successful. And so at the core of everything we do is making sure that our customers are incredibly successful and incredibly satisfied. Our CSMs, our customer success managers, are really a competitive differentiation for us. We more and more hear from our customers that the relationship with our CSMs is a defining moment in our partnership. And what these CSMs become are trusted advisors to our customers, and they earn the right to be able to advise our customers on other solutions and other areas where we can help them. So focus on customer success is incredibly important. And hopefully, you know, you may or may not hear that from our customers here today, but we believe that this is part of our secret sauce. So speaking of customers, we thought it would be great for you to have an opportunity to hear from some of our customers from different parts of the market. I'm going to hand it over to Melissa Loble, who's our Chief Academic Officer, and she's going to introduce an incredible panel of customers. Thank you. Feel free to come on up, customers. We'll get you settled. We're going to take five minutes to set up the customer panel. If you need to use the restroom or grab a bite, feel free to do that. Perfect! Thank you. Yeah. Yeah, you're here. Actually, here, I'll sit- Am I the second one? Yeah, you're the second one. Yeah, perfect. You'll cue me. You'll cue me when you want me to go, when you want me to start back. Yeah. ... We'll get started. Good morning, everyone. I'm Melissa Loble, Instructure's Chief Academic Officer. I've been here, as Mitch mentioned this morning, a little over 10 years, and listening to today, I'm as inspired about the opportunity today that we have in front of us as I was 10 years ago when I joined Instructure. I'm even more inspired by this incredible panel that I have here today of innovative leaders in education, taking our technologies and putting them to incredible work. With no more further ado, I'm going to introduce everyone and then jump into some key questions around how platform and the customer experience play in their journeys. On my very far left is Dr. Jeffrey Foust. He is the Chief Technology Innovation Officer for Chesapeake Public Schools in Virginia. Chesapeake serves over 39,000 students, and they've been a customer since 2018 of our learning and assessment solutions. Next to him is Erin Cook. She's the Director of Product Management for Project Kitty Hawk. Project Kitty Hawk is a CARES-funded nonprofit edtech startup in the state of North Carolina, focused on delivering alternative and higher education and workforce-aligned offerings to citizens throughout the state. They're a new customer to Instructure. They selected Canvas in 2022. Next to Erin is Dr. Phil Gradstock. He is the Dean of Students in Education at the University of Wolverhampton in the U.K. The university serves over 31,000 students and has a long history in both traditional academic as well as vocational and technical education. They are one of our very first customers in the U.K., and in Europe as a whole. They joined in 2016 and leverage a number of our learning solutions across our platform. And then finally, next to me is Dr. Marina Ammouny. She's the Associate Vice Chancellor and Executive Director at the California Virtual Campus. The CVC serves the 116 California community colleges that was mentioned earlier today by Mitch, and they have been a customer since 2015 of our learning solutions, as well as a more recent customer of Parchment, and we'll be digging in with Marina a little bit about that vision. So Jeff, if I can, I'm gonna start with you. Chesapeake Public Schools has a long track record of addressing all learner needs across your district. And in that, technology has played a really key role. Thinking about your role as the Chief Technology Innovation Officer, how have you made your decisions around your solutions, and what role does a platform play in that decision-making? Well, thank you. I appreciate the question. I think the thing I wanna make sure that I'm as clear as I can be is that usability drives adoption, period, full stop. You know, doesn't matter what the technology does, as much as it does, how usable the platform is. So, you know, we look for things that we don't have to train our teachers and students on how to navigate the interface, how to get around, how to find their way. Those are all things that should be intuitive in a well-designed platform, so that's number one. Additionally, though, I think that if usability drives adoption, capabilities and features are the reason that we stay or, you know, drive retention, and expansion of a product. So we get into it. It's easy to use. That's great. Then, knowing that it does what we want it to do in the way that we want it to do it, well, that's why we're gonna stick with it, and that's why we're going to even expand it. I think that, you know. When we look at a platform, we say: Okay, well, what does it do? What problems does it solve? What opportunities does it address? We look at that and we think: Okay, well, are they in line with our needs, our current... It could be a pain point, it could be something we want to do, it could be aspirational. But for all of those reasons, we go, okay, well, is there good alignment? That's something we're gonna definitely consider. And then, you know, I think that Shiren mentioned 80% of students prefer a unified LMS. Well, I'm gonna expand that. I think 80% of people prefer a unified tech experience, and that's true of our teachers and our administrators. And so we're looking not just for those students to be happy with that platform, but also that our teachers are happy with that platform, and our staff and our central office are happy with that platform, and they all feel like it's not yet another place they have to go to do their work. So we want it to work with and be interoperable as much as possible. So, you know, maximizing the solution, making sure it becomes fully integrated, making sure that it provides as much features and functionality as possible, and making sure that it feels like one-stop shopping is where we see the benefit, you know. And I do wanna give a nod because Mitch teed me up so well. You know, he talked about, and he used the word Canvas native, and I love that because I will tell you, having been somebody who's used and worked with Canvas personally for 10 years now plus, my own daughter, you know, I... She was in the school division that I was the director of technology for. We had adopted Canvas a while ago. She grew up all the way through high school, learning and using Canvas, and she did. She went to a college where they didn't use Canvas, and one of her pain points, genuinely, you know, adjusting as a freshman to college life, was: "Dad, I don't know what's due when." Like, that was her experience, coming out of Canvas and feeling like it was doing so much of that for her, that she was very frustrated her first semester, and even into her second semester, on how to organize her work and her classes and the things that she had to do. So that, to me, is such a huge thing because you think about not retraining, not retooling our people, but them being able to take the skills they've developed and extend them to the next thing. Those are all things that we would look for in adopting any type of platform. Wonderful. Thank you, Jeff. Similarly, Erin, speaking of a platform, Project Kitty Hawk recently selected Canvas to be part of the core platform of the mission of the organization. How important was the technology stack behind that decision, and how do you see the vision of a platform serving your particular goals for the project? Absolutely. So Project Kitty Hawk was founded in 2022 with a goal of serving nontraditional learners in the state of North Carolina. There's a big opportunity within the state of about 21% of adult North Carolinians have some college but no degree. So really helping upskill the state and serving as a utility to the UNC institutions, which is 16 UNC institutions in the state, to really build a platform that was heavily focused on that nontraditional learner. The learning experience is a huge part of that platform. That's where the majority of the educational experience happens, and so selecting the right learning platform was critical for us to support that nontraditional learner. As we went through our analysis, what we found is first and foremost, Shiren's product strategy is heavily aligned to what we were looking for, which is really thoughtful implementation of new technology in a way that puts their users first and really focuses on that end-to-end experience. In addition, when we entered the campuses, what we found was just a strong proponent of the Instructure products. And so one of the first questions that we got from institutions is: Are you going to use Canvas? We love Canvas. And so immediately, we knew that the Instructure products had such a leg up on adoption for current faculty, who are integral to really delivering the experience for these non-traditional learners. And finally, the Project Kitty Hawk has a really unique proposition where we are able to have a centralized platform that is across the institutions. And so we were really impressed with the architecture of Canvas and the Instructure products, which allowed us to find that healthy balance of the friction between an individualized, unique experience for each campus, each learner, but also in a way that the architecture allowed us to have scalable operations and growth, as well as a centralized data model. So we could really report across these institutions while still delivering on that unique experience. Yeah, it's incredible, and we're excited. You just launched recently. We sure did. Yes, yes. Our first term start was in October, so it's very exciting. So exciting to watch the growth there. Marina, if I can shift to you and keep this platform thread going. There's a unique situation in California where I would say the CVC and the California Community Colleges have long wanted a unified platform, and in fact, I think the state is directing in that direction. As you think about your journey as a customer over the last 10 years, and then most recently, Parchment, how does Parchment fit into that unified vision for a platform and experience across the state? Yeah. Hi, everyone. So I'm from the California Community Colleges. We are 116 colleges and the largest educational system in the world. We have approximately 2 million students that go through our colleges every single year. About 370,000 courses, so not users, courses are offered every single year in the state, and we award around 140,000 transfers to four-year institutions and about an equal number of certificates and credentials. So when you talk about non-traditional students, when you talk about traditional students, we've got all of them at the California Community College system. And really, around 2015, 2016, is when we started thinking we need a unified learning management system. We had a variety of LMSes, some homegrown solutions, and we were really looking for a solution system-wide to get our students on board, to really reduce that cognitive load that students experience in having to learn the mechanics of a new system every time they take a class. Increasingly, our system was also recognizing that students are not wanting to get everything at a single institution. So this is kind of the Parchment product that I would like to highlight is course sharing. 'Cause a lot of times we think about Parchment, it's around credentials, which they do an excellent job at, but course sharing is really a unique opportunity that I think is going to be part of the future and the vision around where students are going. So essentially, think back to Justine's journey that we saw in that video within the learning management system. Justine is going to have to apply to a college, and let's say she attends a remote rural college that doesn't have a lot of course offerings. And let's say, Justine, like a lot of our community college students, is working part-time. She really needs online courses, and her college does not offer the inventory that she needs to get through her classes and transfer in a timely manner. So what's the recourse for students like her currently? Well, they can wait around, and so you're sort of a hostage of the college, and you take the class when one is available and when you can get it on a waiting list, or you have to go through a very onerous, bureaucratic process of applying to another college. She can apply to a college, wait for admission, wait to be provisioned, get assigned a student ID number, an email, and all of that long orientation process that you go through. The Parchment product that we utilize for course sharing eliminates all of that, and within about 2 minutes, a student can take a class at another community college in California and actually be in the class. Not in a queue, not on a wait list, not in some, you know, list, but actually written into the SIS environment of that teaching institution. So it's a really phenomenal way to put that inventory and that option at the hands of the student, and in particular, it benefits, I think, the most disadvantaged students in our system by giving them the opportunity to finish in a timely manner. And so that is a Parchment product that I think is going to blend seamlessly with Instructure, because one of the other features that we use for Instructure is the Canvas Trust relationship. And this is something that I think I don't hear a lot of people talk about, but it was really a pivotal reason as to why we selected Canvas in our system. It allows that student, let's say Justine, she's taking classes at three different community colleges. It allows that student to see all of their Canvas courses on a single unified dashboard at their home institution. So Justine doesn't need to leave her college's Canvas and go log in and remember her credentials at another institution, then log into another and another one. The Canvas Trust allows the student to see everything on a single unified dashboard. It's really a game changer when it comes to the student experience. It's a game changer when it comes to keeping track of our learners and giving them that unified experience. ... Yeah, I love that, that all of you have touched on not only the platform need and the simplification of experience there, but your evolving learner base and how you're needing to address new needs of learners than we did many, many years ago. So, Phil, I want to tack on that a little bit with you. And as one of our first customers outside of the U.S., you're doing also a lot of experimentation, and in particular, you're focused on a personalized, real-world, human-centric learning experience. You're doing some experimentation with AI as well. How does the Instructure platform play a role in that, in serving these new learner needs and the experimentation you're doing in Wolverhampton? Okay. Thank you, and good morning. I think just to give a little bit of context to the university, 'cause Wolverhampton is probably somewhere that many of you probably don't really know about. We're just to the northwest of Birmingham, which is probably the easiest place to locate, and it's a university of the region for the region, where we've got a lot of our sort of students are commuter students. We have a very large proportion, over 70% of our students are first-generation into higher education. And we were voted very recently as the number one university in the UK for teaching those first-generation students in one of the national sort of league tables. So they're a group of students that don't necessarily understand sort of all about higher education, the environment, or necessarily making the most of that. And I think where I really feel this personalization is important is where we can help those students to take them further. Some of the students will have that experience, but a lot of them don't. And I think the way in which we could perhaps leverage AI as part of that process. We may have bots and things like that, but there are a lot of simple questions, a lot of simple queries that can be answered very, very easily. And I think we know from our students there's quite a lot of imposter syndrome. They don't always feel that they should be there, and sometimes it's almost waiting for something to go wrong. Oh, I knew this was the case. I've proved myself right," et cetera. And I think if we can almost get away from that and actually have somewhere where the students can use the environment, use the Canvas environment, which they're in anyway, and within that environment, they can ask the question. We know that they don't always want to go to the support services that we've got provided for them, 'cause sometimes they think that we're watching them or, "Ah, they'll notice I'm there, and I'll be penalized for it." And we know that's not the case, but if you've not been in this, in that environment, you don't necessarily know. So if it's nice and private and secure, and they know they can get those questions answered, for me, that's really important, and it's part of the well-being that we're really trying to support, the mental well-being of our students, helping them to feel part of something bigger. And I think that's particularly true for our growing online environment as well, and our sort of number of online students who may be at quite a distance from the university. How can we make them feel part of that sort of something bigger? And if you're doing group activities or something, almost if there's an AI that might prompt some of those responses. It's not to take over, it's not to dehumanize any of the sort of activities, but sometimes it's almost a little bit of a sort of... You sometimes get some brain freeze, and you just need a little bit of a nudge in the right direction. And I just feel that some of these activities could support the teaching staff, support the online facilitators, in helping just to make that community together. And I think also with our, with that group of students in particular, one of the things that's 'cause they haven't necessarily got the social capital to make the most of their HE experience. This is where we're using credentials, and we've sort of fairly recently brought this. This has been within the last year, and I really think it's important to help students to identify, recognize, and articulate the skills that they've achieved through their studies. And sometimes they concentrate on the discipline. They go, "I'm doing geology," or, "I'm doing economics or something." They don't always realize that by doing that, they're gaining lots of other skills along the way. So we're using credentials as a way of highlighting to those students. In addition to doing all of those activities, in addition to doing your subject, you've also sort of achieved the following. And we're also looking at extracurricular and co-curricular activities as well, so that when students go for a job, they're able to articulate. When they get asked in an interview: "Can you give us an example of where you've done X, Y, and Z?" They'll recognize it from the credentials because we've sort of made it explicit to them, rather than the fact that sometimes our employability skills are so embedded in the curriculum, they don't, students don't always recognize that they've got those skills. So that's where we're sort of building on the credentials side. And going back to Mitch's point earlier, in terms of the U.K., the skills agenda is a really big one for us at the moment. So the government has brought in the lifelong learning entitlement that starts in September next year. And as part of that, we've got... Students will be able to apply for loans for individual modules rather than for courses and qualifications. It's going to be a big game changer for us, and one of the meetings I've been in fairly recently was also with a group of vice chancellors who were quite concerned about this. Because it will mean that students can pick a module from one institution and a module from another institution, and eventually gather those together, and there's a lot of questions about how we're gonna do that. And I think Parchment is a very good way in which we might want to think about how some of those things can be sort of leveraged in the future in terms of getting that holistic picture of what the students achieved, and then taking that further. Thank you, Phil. So inspiring of where we're seeing the future going. In order to get there, you need a good partner, and, especially as a customer outside of the U.S., Instructure has, has really tried to be a good partner for you. How has that experience been? I mean, you've been a customer for over seven years now. It's been a very different experience than we have from most, sort of, educational providers we work with or edtech providers. I think from the start, we had a very small group of UK institutions that sort of formed a UK user group, and I remember meeting in the Instructure offices in London for the very first time, as it were. What I found really refreshing was you were willing to listen. But what I also found refreshing was that you were willing to say, "No, actually, we can't do that because that doesn't suit the global market." There are a number of things, particularly around assessments, that were very different in the UK compared to the US, and I think the assessment side got us quite exercised at the start of the partnership. You were very clear where you could think about making changes, where some of those changes might support the development of that global product. Mm-hmm. I really think that's important, and that's continued. So I'm now part of the EMEA Customer Advisory Board. Mm. And I feel fairly recently had a meeting where we were talking about the AI, et cetera, and the fact that Shiren referred to those discussions. I do feel that we are part of that process. We are feeding into to those developments. And I do think it's really important, 'cause one of the conversations we've had is about thinking about what we would call decolonization in the U.K. Trying to make sure that the iconography of the product is suitable and appropriate, and we're not using sort of icons that are inappropriate for particular cultures. But also, the teaching environment is flexible enough to pick up different styles of teaching. It's not just a Western sort of style of teaching approach, but the product actually allows you to do other things as well. This is really important in the U.K. as we grow our transnational education markets. If you talk to any U.K. institution, the answer you'll get from vice chancellors at the moment is that the fees from students, from U.K. students, is just not enough anymore to sustain the university. We are all looking at the international market. The way that some of the government legislation is going means that it's very hard for those students to come over and study full-time in the U.K., so we're looking a lot at online-type provision. That market is growing in the U.K., and I think it's a really big thing to think about, but making sure that the platform in which we do that is as accessible and coherent- Mm. and as comprehensive as possible. Excellent. Thank you for that insight, Phil. Erin, as you think about the future, and the evolving needs of learners that we've already started to dig into, how do you think about that with Project Kitty Hawk? What kinds of technologies excite you? How do you think about achieving the needs of our learners that are ever-evolving, and in particular, in your state, and aligned to the objectives of the project? Yeah, I love this question, and especially for a non-traditional learner, many of them are actively working. And so the opportunity in things like credentials or skill-based learning alongside the degree allows them to show value throughout their educational journey, and not just by the end, "I have a degree." And so really thinking about how these students are able to show that value, we're really excited about Parchment being a part of the Instructure product portfolio, because that will really enable our learners to demonstrate the skill sets that they're learning along their educational journey, as well as connect any past institutions they may have been attended in the past or other learning experiences. So that gets us really excited. And when I think about the Instructure roadmap and just technology, we're getting really excited about... A lot is around bringing workforce closer to the boat in higher education. And so, when I think about the opportunities to really create contextualized content that's aligned to specific, economic mobility opportunities, new jobs, new skill sets, to really prepare learners for the workforce and not stop at the metric of, did I get a degree or did I not? But really introducing new metrics to higher ed that say: Did I shorten onboarding time for this new employee, so they could deliver value to a company based on the skills or the content that the institution provided? And so really introducing that new persona of the workforce, who's really interested in the success of their employees, their success of potential employees, and really connective tissue between, the adult non-traditional learner and the workforce. I love that. I think the connection is so real from a workforce alignment to learning aspect. One of the big questions that comes is: Now how do we assess that? What role does assessment play in that? Absolutely. Jeff, if I can perhaps ask you a little bit about assessment. You've been leveraging our assessment capabilities for quite a while now. How do you see assessment evolving over the next few years? What technologies get you excited, and how do we think about this gap, potentially, of, you know, this, this alignment vision, but how are we assessing as we go to really demonstrate that alignment for learners? I think if most of us in this room reflect upon our assessment experience, we were accustomed to taking two, three, four, eight weeks' worth of instruction, and then getting a giant summative assessment at the end. Mm-hmm. that said, "You either know it or you don't. Congratulations." Like, "You passed," "You failed." A, B, C, D, F, right? And I think in K-12, what we're seeing is a pretty significant departure from that. If we're waiting two weeks, four weeks, six weeks, eight weeks, only to find out that the students in our class didn't know what we thought they knew, well, then, we've wasted time. Mm-hmm. We've wasted an opportunity. What we're seeing in education, what we want out of an assessment platform is the idea that we can, you know, support a much more ongoing, continuous assessment model. I have a group of students, 20 of them take a quiz. I find out 5 of them didn't learn what we thought they learned. I take those 5 groups, those 5 students, we do some independent group work. I send them back to their seats. Between the time I'm done reteaching and they're back to their seats, I need an assessment ready to let them- Mm. Take a really quick 3, 5, 6-question test that then says, "Boom, they got it," or, "4 of the 6 got it, and the other two didn't get it." So as a teacher, I'm no longer going to be waiting at the end of 2 weeks, 4 weeks, 6 weeks, like, "Oh, it's unit test time. Get out your pencils. You know, get out your blue books," whatever the experience was. "And we're gonna take this giant assessment, and then I'm gonna take 2 weeks to grade it and get it back to you," and we've just lost so much time cumulatively. Mm-hmm. So in K-12, what we're saying is, we need teachers to have access to dynamic systems that allow them to generate standards-aligned assessments that are targeted towards the students and what their needs are. You know, and I think it was Steve, he had a slide up that said: "85% of teacher time is spent in the administration of teaching, not in actually teaching." Like, that's terrible! Mm-hmm. We know that's true. I mean, we, we know that's true. So what we need to do is, we need to, you know, I'll, I'll use the word emancipate teachers from the administrivia of education, and get them so that they can do what they are in the profession for, and that is connecting and building learning experiences for children. Mm-hmm. And so, you know, when we look at an assessment platform, we're thinking, you know, in this critical moment, you know, to give Mitch, Mitch and I- 'cause I could not agree with him more. We're, we're in that critical moment right now. We have teachers who are doing such an amazing job of assessing three, four, five times a day. Now, here comes the hard part: if I give that many assessments to that many kids in the room, you can imagine this group of kids got one assessment, this group of kids got another assessment, this group of kids got a third assessment, all on Tuesday. Now, do I have to go through and grade them? No, please, let's hope not. Let's hope that what I do at the end of the day is I look at the results, and it tells me immediately and informs my instruction for the next day. Mm-hmm. So it's tracking their growth, their progress, their mastery within the platform, and if I then need to reteach yet again, I push a button, it regenerates a 5-question assessment, a 6... whatever is, is necessary to cover the topic that we're trying to cover, and I immediately get a second data point. So it's ongoing, it's continuous, it allows a teacher to focus on teaching, not writing assessments or grading assessments, but gives them formative, actionable data- Mm-hmm All at the same time. And so that's where we're seeing the greatest changes. And as we head towards, you know, truly personalized education, I just see the necessity for this type of a system to support teaching and learning as being more and more critical. Great. Thank you, Jeff. Marina, if I can finish with you. We've heard from the other panelists and you as well this vision for where we can go as an industry, leveraging technology and really impacting education. And I think community colleges are in a very unique place because you're connecting K-12, higher education, workforce, and you also have a very wide range of learners that are coming to you, seeking all sorts of learning opportunities. But in that, I also think community colleges are some of the most challenged resource-wide, from funding to access to technologies and tools and staff. How is the CVC balancing this potential vision, this wide range of learners, with continued challenges around resourcing and funding? This is a really hard question, right? Especially with the economy going up and down, and you all know better than me what the future of that looks like. But really, kind of every decision that we're making is within this larger vision of, like, okay, this old model of every single college has to go at it alone and be the end all be all for a student, that's quickly becoming outdated. It's incredibly hard for under-resourced colleges, in particular, smaller, more remote colleges, to serve all the needs for every single student based on what their, you know, academic plan is, where they're going, what their class needs are, the modality. And so this idea that we are in a system, and we're going to utilize the resources of the system in a more unified way, that tends to guide our purchasing decisions and our spending decisions and where we allocate money. And moreover, since COVID, I think people are increasingly asking, at least in our system: "Do we really need to spend that $20 million on a new building, when it's sitting empty, and we now have 50%, 60%, sometimes more of our courses fully online, and we have fully online students now in numbers that we never experienced before? Do we really need to pay that $20 million for a building?" And I like that. I like that those are the questions that we're asking. So the resources are there. It's more a matter of, like, how we're allocating it and what our vision is around that. And so for the California Community Colleges, you know, we did start with Canvas. I get your whole land and expand stuff here. Thank you. We did indeed start with Canvas because it's an excellent place to land in Instructure, and then we slowly expanded. As our faculty learned about Canvas Studio, it's a video engagement tool that is really hot with educators, we felt increasing pressure to purchase that, and so we have now done a system-wide purchase of Canvas Studio. Then we moved on to Impact. We now have the system-wide buy for that as well, again, for all 116 colleges. And it kind of increases. Now we're looking at a unified transcripting system because we realize that having students pay is not always the most student-friendly experience, and really a vision towards students owning their own records, having easier access, more unified access, really, you know, making that application process unified. So students are not constantly having to put in their personal information over and over again on applications when we know who they are, and we have all their records somewhere in the system. So that's really the vision. If the money is around that, I think people will figure out a way to make that work. And kind of recently, and this ties into Phil and Erin as well, as you know, competency-based education is very big in California, and not as big as it is in other states, but we're quickly growing. As we looked at a platform to support competency-based education, you know, there are several platforms that will do the job, but for us, we didn't want to silo CBE and pick a different platform because we realized that students might go in and out of CBE and traditional classes. And so it makes a lot of sense, if we're already using Canvas, to begin with Canvas as a platform for competency-based education, because we don't want those students to just be limited to one form of taking those classes. And so those are all the reasons where we've expanded a lot within Instructure. And then finally, with course sharing, it's another way to help with, with resourcing. So when we do course sharing, a home college, a home college can really benefit from having other colleges complete degrees for them. Let's say they don't have every single class to offer an AA degree in history, but they can offer half of it. With course sharing, they can find the other half in that inventory in neighboring colleges. As a teaching college, you can now fill courses that you couldn't normally fill in your zip code, and you don't have to cancel those classes because students outside of your zip code can take those classes. So these are all ways that colleges are increasingly generating resources and sharing resources. Great. Thank you so much, Marina, and thank you to all the panelists. Your vision is inspiring, and we're very excited to continue to see you do the work you're doing and spread the work across our customer base. Please join me in thanking our panelists. ... I believe I am passing off to Peter. There you go. Thank you. Thank you. I'm Peter Walker, the CFO of Instructure. I've been at Instructure for about four months. It's been a fast and furious four months. But I thought I'd give you a little bit of background on why Instructure. And so what I wanted to share with you is that I'm an immigrant to this country, and I am here in front of you today because of education. So my parents were born in post-World War II in the U.K. U.K. is very much a class society, especially at that point in time. And at the age of fourteen, you took a test, called your Advanced Level Test, and that determined did you go to vocational school or did you go to college? I was lucky enough to have a father that did really well on that test, went to college, went on to get his PhD, went on to work for Procter & Gamble, and luckily got the opportunity to move to the United States, kinda, you know, mid-seventies, so when I was quite young. But the power of education has been instilled with me since I have been that age, because it has transformed my life, and it is why I am here with you today. That is what attracted me to come to Instructure and be part of the mission and part of this company. That being said, one of the other things that was really attracted to me to the company was the opportunity to tell the company's story to investors. So one of my very early priorities was enhancing investor communication, enhancing disclosure, having an investor day, hiring a head of investor relations. You met Matt Wells this morning. So we're here today, and I'm checking one of my goals off my list, so I'm excited about that. Another thing that attracted me so much to the company is, quite frankly, we are so undervalued today, right? I mean, incredible track record of performance, consistent Rule of Fifty company, yet we're trading at 12 times adjusted EBITDA, compared to, you know, some terrific companies that have similar type performance, executing at much, much higher multiples. So what I would share with everybody listening on the phone today and everybody in the room is, this is a great value. This is a great time to buy into the stock because we are just at the beginning of our next encore of performance. So I'm now gonna go into the numbers side of the strategy, the go-to-market, and the customer side that you heard earlier today. Just a reminder, many of you been following us, you know all of these facts, but I think it's really important to ground ourselves in just the strong financial model of this business that makes this a vertical SaaS business. So we have multiyear contracts, and we've got strong visibility into our revenue renewal. We've got a very sticky business. We have durable revenue. Over 90% of our revenue is recurring revenue, and we have really solid retention metrics. We've 82% recurring gross margin, robust cash flows, and low CapEx. We've also been able to plant the seeds for our future growth because of the financial performance of the company. Next, I want to jump into: what does the future look like for us? We believe that we have created the platform that will evolve us into delivering 9%-11% of organic growth over the next five years. We believe that we'll exit 2028 with $1 billion in TAM, and that is being driven by two sides of, the portfolio here, our core business and our growth business. So let's talk about each of those in a little bit more detail. Our core business represents our LMS North America business. It's about 47% of our ARR, call it about $300 million. We expect that business to grow between 5%-10% over the medium term. Important things to tie back to something that Mitch shared earlier today, and Steve shared as well. We have a 60% opportunity to continue to grow in LMS North America, so there is still white space for us as the number one solution to continue to win in this space. Again, we think that's going to grow mid-single digits. Let's jump over to the core business today. You heard a lot about our core, our growth opportunities today. The growth business actually makes up more of our ARR than the core business, so about 53% of our business, and that's about $330 million in terms of ARR in 2023. Five pieces of the core business that we talked about today, sorry, of the growth business. First is our platform ecosystem, which Mitch talked about, $36 million in ARR, and we expect this to grow in the high teens. This is gonna come from the value that we generate via our partners. Next is our Parchment business, which has about $108 million in ARR. We expect this to grow in the mid-teens, and we've talked today about the value of course sharing. We heard that in our customer panel, the international opportunity here, and also the transcripts business. Next is our nontraditional business. We have about $59 million of ARR in our nontraditional business. We expect this to grow in the mid-teens, and we really believe we're very early on in this segment, and we do feel like we're already the market leader in nontraditional today. Our international business is about $81 million of ARR today. We expect this to grow in the high single digits. We've talked today about the ability for us to win against legacy LMS platforms. We've done that tremendously well in the United States. We plan to execute that same strategy as we go international. Chris also talked about doubling down on our channel partnerships and how we believe that's going to be incredibly fruitful for growth going forward.... And then last is our assessment business. You heard our customer panel talk about how important that business is for them. This is going to grow in the high singles. There's two pieces of business in here, so it's important to point out that our software business is gonna grow, call it north of 10%, and we've got a content business, which we see as less strategic, which is gonna, you know, pull back in growth rate over time. So underneath assessment, there is a high growth business. So all in all, we expect to grow 10%-15% within the growth businesses and deliver that $1 billion of ARR exit rate in 2028. So really exciting growth story for the company. Pulling this all together, we expect double-digit growth in our growth business. We expect mid-singles in our core business. That brings us at the $1 billion of ARR exit rate. It will also deliver about $1 billion of GAAP revenue in 2028. You can see the mix of the business changing over time. Right now, growth is about 53% of our ARR. We see that moving to 60% of ARR over time. The other thing is that we are able to scale the business for organic growth and expand margins. So we expect to expand margins over the next 3-5 years to the mid-40s. And we've been able to obviously do that consistently in our, in our past from a historical perspective. And I think the important thing to point out here, if you use the midpoint of the guides, is we're growing top line 9-11. We'll grow bottom line about 14%. So we'll continue to grow our profitability in excess of our revenue, and as all of you know, our cash conversion metric, about 100% of our EBITDA, converts to adjusted unlevered free cash flow. So again, our cash flow will grow greater than our top line. This is a SaaS business operating at scale. Let's take a quick look at performance, up to today, 'cause I think that's important as we chart our future. So highly recurring and durable revenue profile. You can see that the revenue compounded 21% between 2020 and 2023. So really strong performance. We are reaffirming our 2024 guidance, and that is that we expect organic constant currency to be about 5% of revenue growth, and we expect inorganic to be about 20% of revenue growth at the midpoint. We feel like we've got multiple drivers to drive our growth in 2024 and going further, so new logo, international expansion that we talked about, the momentum we have in cross-sell. We shared on our Q4 call that cross-sell grew 49% in bookings in Q4 of 2023 versus Q4 of 2022. So what Chris talked about in our go-to-market strategy is working, and it's playing itself out really well in cross-sell. And then, obviously, we're growing in new segments and new markets. Wanted to provide new disclosure to all of you today, and this is historical disclosure around ARR performance. So you can see that, again, highly recurring and durable revenue profile, and that from an ARR perspective, historically, this has compounded at 21% growth rate. ARR has compounded at 13% growth rate. This is driven by multiyear contracts, the bundling that we've spoken about, and obviously, the acquisition of Parchment will add to the growth of ARR in 2024. As we mentioned on the Q4 earnings call, we expect high single-digit growth in 2023 and 2024 from the combined, Parchment and Instructure businesses. Take a quick look at our profile from customer type, geography, and customer concentration. I think the key takeaways here is very healthy mix between K-12 and higher ed, a lot of opportunity internationally, and we've got a low client customer concentration risk. Two items that I'd point you to as opportunity is if you look at Instructure under customer type, you can see that nontraditional on an ARR basis makes up 10% of our, customers today. So again, we think we're very early innings here, and we expect this to grow in the mid-teens, but exciting to see that it's a meaningful part of the business today. Then, if you look at geography, you can see that there's a lot of opportunity for Parchment to grow. They're just 4% international today, and so we're really excited about taking the rails that we already have in go-to-market internationally and being able to cross-sell the Parchment product through those rails. Taking a look at our EBITDA margin expansion, our EBITDA margin is driven by the flywheel of growing revenue, being able to increase our gross margin and very disciplined OpEx. And what you can see is that's resulted in a 44% CAGR from 2020 through 2023, so very healthy. You can see we've taken margins at the time of our IPO of about 24%-40% in 2023. We're continuing to expand margins in 2024, and while I'm not giving you guidance for 2025, I do want to share that Parchment will be accretive to our margins in 2025 as we complete the G&A synergies that we're focused on in that business today. Adjusted unlevered free cash flow is another world-class metric for us. You can see from a compounding perspective, this is compounded at 31%. We truly believe this is world-class in terms of cash flow performance. Stability in our top line, favorable contracts, and our cash collections puts us in the driver's seat for capital allocation. Capital allocation. So taking a look at our leverage ratios, historically and prospectively, our capital allocation priorities have not changed since the IPO. Number one is to invest in the organic growth of the business. You saw that as we talked about the growth, portfolio that makes up about 53% of our ARR in 2023, invest in strategic M&A and maintain a healthy balance sheet. Maintaining a healthy balance sheet for us means a leverage ratio of 2-3x, and we're confident that we'll work our way back to that with the acquisition of Parchment. And just another great example of the power of our EBITDA and of our unadjusted free cash flow is at the time we bought Parchment, we went to a 4.1 leverage ratio. By year-end, we'll be at a 3.4 leverage ratio. So even buying such a large acquisition, we're able to work our way back into that 2-3x profile rather quickly. So a recap of where we've been and where we're going. If you look at our performance since the IPO, we've beat every one of our financial metrics. So growing revenue from about $300 million to $530 million, taking our adjusted EBITDA from 24% to 40%. So really, you know, impressive track record of history. As we look forward to the future, we plan to continue to overperform. We've committed to a 9%-11% organic growth rate over the medium term. We think we'll continue to get improvement in our gross margin and in operating expense, and we're committed to a mid-40s adjusted EBITDA target in the medium term. So why should you invest in Instructure? Really, there are four critical reasons. We're on a clear path to becoming a $1 billion revenue company. We're executing on multiple vectors within a $52 billion TAM. We continue to deliver durable revenue growth with compounding profitability, and we need execution, and the way we're gonna execute is with a world-class team that we've put together to execute against these opportunities. Thank you very much, and I'm gonna hand it back to Matt. Thank you, Peter. So we're gonna set up some chairs here and do about 25 minutes of Q&A, and then we're gonna break into lunch. Abby. Is yours... Okay, they're on. There, perfect. Oh, yes. He needs one because he's almost- Okay. Give me the general. Thank you. Get 3 chairs between 1 more. Okay. Well, so we'll go ahead and get started with Q&A. And like Matt said, we have about 25 minutes for Q&A, and then we'll grab some lunch, and you'll have an opportunity to mingle with the management team. And we have other members of the management team with us. Rachel Orston here is our Chief Customer Experience Officer. She's relatively new with us. Matt Kaminer, Chief Legal Officer. We have Michael Lysaght, who's our Chief Technology Officer, who's also fairly new to the company, and so during lunch, you'll have an opportunity to mingle with the entire team. So with that, we're gonna go ahead and turn it over to Q&A. And, Matt, I saw your hand first. You win. Yeah, all right. Alright, so on the international opportunity, We're gonna give you a mic just so, yeah. Matt Van Vliet from BTIG. So I guess on the international opportunity, you talked about a lot of what you're replacing is on-prem, and it's open source. But where we've seen, I guess, friction in other areas of software is that a lot of the international markets aren't as ready to adopt cloud-based services yet. So where are we in terms of the realistic opportunity to sell into, especially in higher ed, but if you're also looking at K through twelve in the international market, is there anything that's unique about how you have to go to market to sort of educate the needs of or the benefits of that cloud-based technology and how you can eventually expand? Yeah. So I'm gonna let, I'm gonna let Chris, Chris answer this, but I, I will say we are primarily focused on higher ed within the international markets for a variety of reasons, including the fact that, K-12, it's a very decentralized purchasing, and it's, you know, you have to go school by school. But it is primarily higher ed, and we have... As we've talked about in the past, with you, Matt, and with others, we got very focused on which markets we're gonna go after, and I'll let, I'll let Chris talk about how we're going after that. ... and some of the evolution as we've learned more and more about those international markets. Yeah, well, so we're seeing a couple of dynamics internationally. First of all, them being more user-friendly toward cloud. As vendors like us have really focused on security and privacy, we've seen, and I see a customer from the UK nodding in the background in affirmation. So take his word for it. Second, what we see is a lot of the Moodle institutions that we're starting to get a lot of traction with. As a matter of fact, we just replaced a Moodle institution in Canada just last week, one of the largest ones, University of Alberta, by the way, in Canada, against a vendor that we competed against. It's a Canadian company. And the conversation was really about two things. One was about the concerns about security in Moodle, right? The opportunities, if there were breaches, what would happen to that institution. And the other thing that they were really concerned about was they wanted a single platform to deal with both traditional and nontraditional students, and they looked at Moodle and the limitations there. And so we're starting to see it tilting in those conversations happening. Fred, just... Yeah. Yeah. Can I use the microphone, or should it just be- Yeah, that makes- Okay. We get people online. Yeah. Perfect. Perfect. So firstly, thank you all very much. This is a very comprehensive Investor Day. Really appreciate all the thoughtful programming that you brought here. I wanted to be the one to ask, I guess, predictably, about churn, because, you know, 93% gross retention rate, it's strong, but I'm just wondering, considering two factors here. Firstly, by independent measures, it looks like your LMS market share continues to rise, and it's been stable. And then, secondly, you're selling to institutions that are very, very stable by all measures, in terms of the overall like, SaaS marketplace compared to other, other divisions. So 93% gross retention rate, where is that seven points of churn going? Okay, thanks, Fred. And you're always very affirming, you know, whenever you, so I appreciate that. Feels, feels good. I try to bring positivity. Yes, it's good. I love it. So maybe we... Let's start with Chris, who has our customer success organization and, and, and- Actually, I think Peter's got the- All right, happy to take it. So we saw our largest renewal class from COVID recently occur, right? And so the fact that we're at a 93% gross retention and a 103% net revenue retention with that class renewing, we're actually really thrilled with where we're at retention. Now, we do think there's opportunity for us to improve retention, and we do think that's in products outside of LMS, and with the new go-to-market strategy that Chris is focused on, we believe that's gonna pay dividends for us there. And then in addition to that, I would tell you that Parchment's retention metrics are accretive to our metrics. So as that business continues to grow, that will also have an uplift on our retention. Let's- Thank you. Maybe, Chris, just spend a little bit of time on some of the organizational things that you're doing. So, you know, we've done some things organizationally to make sure that everybody is involved in the renewal process. It used to just be our renewal specialists who focused on it, and that was much more of an administrative approach. So now our account teams are part of the renewal process. Our CSMs are now part of the renewal process. And once again, the CSMs have the most robust relationships with our customers. And we're getting to our customers much earlier, trying to... You know, we've implemented technology to give us early signals of when customers are at risk. You know, one of the things, I think one of our customers on the panel talked about adoption, adoption, adoption, right? We see signals where there's low adoption, how we can go in and really help those customers course correct so that we can improve the renewal rates. We'll go around the horn here. Okay. Sounds good. Ryan McDonald, Needham. Thanks for hosting this today. Peter, maybe just to focus on one of the slides you put up. I think it's a 2024 organic growth, 5%. Yeah ... versus 10% last year. As you think about the opportunity to get back towards the 9%-11% in the out years towards those targets, can you help us understand what's happening in the market today in 2024? And in order to work back to those higher levels, is it more just a maturation of the new go-to-market motion and that selling process, or is there something that you need to unlock within the customer budget or in the buying process to help sort of return to those growths? Thanks. Yeah, thanks for the question. Great question. So we do see the 5% in 2024 as a trough, and what I would tell you is if you look at our ARR growth rate, which we disclose, it's high single digits. So our recurring revenue is very healthy year over year. So there's some noise in the mix of services. Some of that is due to our channel strategy and that converting from services business to recurring revenue business. We also shared on the Q4 call that 2023, we saw our highest number of RFPs since 2020. So, you know, the top of the funnel is full, and what we're coming to our customers with, as you heard today, is a broader, broader product offering. So what we're seeing in higher ed, particularly, is, you know, the dollars are there, the need to invest is there. They're taking longer to make those decisions, but we're also coming with a more comprehensive offering, which just has a longer sales cycle to it. The other thing to think about, too, is the growth rates of the growth businesses will accelerate in 2025, so we do believe that we can get into that 9-11 range beginning next year. Would you add anything to that? I think that's a... I completely concur. I mean, we are seeing the volume of evaluations. As a matter of fact, it's up. There's more and more conversations going on, and as I said, one of the things that our bundle approach is allowing us to do is to get into higher decision-maker offices, but those decisions are bigger, they're more complicated for the organization, and they're taking longer. And when we're seeing organizations defer, it's deferring for a year. But we have seen some of our higher ed customers that are in evaluation process for us do a one-year renewal with their legacy system, just to kick the can down the road for a while and give them a little bit more oxygen. So, you know, I'm very encouraged by the signals are there. It's just a matter of, you know, when's this trough gonna kinda flatten out? ... Thanks, guys. I appreciate all the numbers and the content. I appreciate, like, a lot of emphasis on cross-sell. I think it's a $1.4 billion opportunity that you guys highlighted. A lot of it's by product. How can we think about that in terms of higher ed versus K through twelve, and where we should see the most traction over the next, like, one or two years? Why don't you start just from a numbers perspective, and then we'll talk about just some of the motions? Sure. So, so I think what we highlighted is 1.4, was the opportunity within Instructure, and then with the purchase of Parchment, that was growing to about 2.2, 2.3, right? And that's the ability of selling LMS in into Parchment. And, and so we, we, we are seeing, you know, progress on that in terms of we shared on the Q4 calls that our bookings were up in cross-sell 49%, year-over-year. So maybe I'd hand it to Chris to talk about- E- what we're doing in motion to change that. Yeah. Well, so, you asked for the distinctions between K-12 and higher ed. I think that the cross-sell opportunity is equal in both. It's different, though. What the solutions that higher ed are buying on a cross-sell motion are different than the solutions that K-12 is buying. You know, we see sort of next best product in K-12 as being assessment often, and then getting into, you know, the ed tech efficiency and effectiveness solutions. In higher ed, we're seeing, as I said, this move towards nontraditional and credentialing. So they're both expanding, but in different ways. I'll point out that, you know, the go-to-market that we talked about today, we implemented in January. So it started in January first. We enabled our entire go-to-market organization. We brought everybody from the go-to-market, not just sales, but the entire go-to-market organization together at our customer kickoff, and enabled them on it. But last year, we sort of piloted some of this, especially the cross-selling motions, in a few of our segments, and actually made some comp plan changes last year. And what we saw is, I think somebody mentioned earlier, I think that might have Peter mentioned in his comments, is we saw a 27% year-over-year increase in cross-sell. And in Q4, when... By the way, we launched the bundles in the second half, and some of these bundles are really focused on cross-sell. The bundles which were launched in the second half really kind of hit their momentum in Q4. We saw a 49% year-over-year cross-sell increase in Q4. We're starting to see some of the fruits of this just from the motion. Those are bookings numbers, so. Correct. They are our bookings. Hi, Noah Herman with JP Morgan. Thanks so much for hosting the Analyst Day today. It was really great. Just a quick question on the product roadmap. You had a few slides rolling out some of the new product features you'll plan to roll out in the medium term, but also the longer term as well. Just curious, you know, how are you thinking about monetizing some of these new products as they're, you know, being layered across cross-sell, nontraditional? How do you just sort of think about the different SKUs and maybe potentially pricing going forward longer term, embedded in the model? Thanks. Yeah, sure. So you'll notice when I talked about the roadmap, I oriented them towards the, both the expand, the land, and the expand portions of, the growth strategy, right? So, with land, certainly, we see, it strengthening the, the value of the core offerings and how we get there. But in cross-sell, you know, the introduction of the bundles creates the facility and the space for us to introduce some of these new offerings, either strengthening the current offerings or introducing, some of these new capabilities, particularly around AI, into the offering set with the bundles. And so that'll create a pathway for us, to go unlock, this opportunity as we think about expansion, as we progress down the later stages of the roadmap. And I think, I'll just- I'm just gonna add a little more color to that, Noah, because I get this question a lot, as well as, with AI, is it gonna be something that just, you know, makes you add to the platform, or are you gonna be able to monetize it separately? So, the answer is we're trying to figure that out, and we're working really closely with our customers. We do believe that the conversational AI analytic solution that is coming out this summer is an add-on. We're gonna charge for it. We're gonna be able to monetize that as a, you know, a growth driver for us. Some of the other things we believe are integral to the platform itself, which, you know, the way we monetize that over time is by, you know, stickier products and in our ability to demonstrate the value that justifies price increases over time. Josh Baer with Morgan Stanley. Great presentation. Thank you. Want to come back to the TAM and some of the differences between the immediate opportunity and the full, the larger opportunity, because there's a big difference there. Just wondering what immediate really means. Is that current products, current markets, current go-to-market? And then in the context of the, the long term or medium-term, targets, 10% organic growth and billion, do you have to unlock the full opportunity to get there? So I'm gonna start, ask Mitch, 'cause he's our TAM master. He's gonna talk through some of the TAM details and then, what's in the guidance so I can- Yeah, and I'll give you just a few examples, right, to sort of illuminate the, you know, the big picture versus the small picture. It really is the latter in what you were describing. The small picture is the immediately attainable. So the best example is, say, international. When we said international was this big, but let's focus on the intermediate or, you know, the near-term opportunity, it's the countries in which we have prioritized our investments, right? Either direct or through channel. So we segmented out, right, the big TAM, that is everyone in the globe, right, down to those places where we have the immediate opportunity to be impactful, right, where we can go in. And that's true across the board when we look at what the opportunity is in cross-sell. Start with the big globe, where it's all higher ed and K-12. What products do we have today? In which geographies are we going to go sell? So that we can get really crisp about what's real and what Peter did not do, right, in building a long-term plan, and he can talk about this, is go build a plan that says we're gonna be a billion-dollar business by 2028 at 9%-11% organic growth. But to do that, you've got to go sell to every K-12 student on the planet. That's not what is designed here. So that as we draw it one level down, right, and talk about the immediacy of opportunity, it was to align it with the way that we think that this business is gonna grow so that the opportunity really is attackable. ... Anything you want to add there? Yeah, so I'd just pick up, right, if we think about LMS, NorAm, and what Mitch laid out there is we've got about 40% market share. That other 60% is there for us to go after and win. That's immediately available. When we think about international, we've got less than 10% market share in LMS, so grabbing that 90% is there and available. When we look at the other growth products, in order to hit the case that I shared today in 2028, it is, you know, less than, you know, 5% or 10% market capture in each of those individual markets, given the size of what those markets have. So the message I would leave you with is that 9-11 and that exit velocity of $1 billion is set around something that's achievable. We're setting ourselves up for success here. Yeah. I think this conversation here is a good segue to a question we had come in online. So this is Terry Tillman of Truist Securities. So what are the macroeconomic assumptions that you're making in these medium-term assumptions, specifically in the core business, and how would you characterize the current macro, macro environment today? You wanna start with the first part, and then maybe, Chris, you can give some color on what we're seeing from a selling perspective. Sure. So, you know, we do assume that there is gonna be improvement in the higher ed sales cycle within the medium term. As we've seen, higher ed is incredibly resilient, but other than that, the macro assumptions are consistent with what we're seeing in the macro today. So it doesn't need a boom in the overall macro for us to achieve the targets we've shared. Yeah, I think, you know, as I said before, we see huge opportunity and huge momentum in higher ed. It's just that sales cycles have elongated a little bit, which we think is a temporary phenomenon. We see great activity in K-12, especially around the cross-sell. In international, we see the opportunities for momentum because, you know, as was mentioned earlier, there's legislation happening, especially around skill-based learning, overseas, that's really driving momentum with our customers. So we see... We're very bullish on the opportunity. Maybe I'd ask Melissa, if you wouldn't mind, just a little bit of color on what you're seeing just from that macro, what's happening in education in general would be, might be informative for this. Yeah. Yeah, I'd be happy to share. So we're seeing, and you saw this with some of the comments on the panel, a focus on operational efficiency in particular. But in that operational efficiency, the continued need for technology to be able to drive the outcomes of organizations. So I think there was a little bit of a pause, of, okay, we need—we have all of these things post-COVID. How do we decide what we use and how do we unify around a platform? And we're seeing now that momentum pick back up to drive to that platform strategy within our customer base. Perfect. Right here. Got it. Come on. He's raised his hand, like, 400 times. You keep skipping over him, Matt, come on. Great, thank you for the question, and appreciate all the great details, and on the temp slides as well. You know, throughout the day, a lot of talks about just the how big the opportunities are within the space, and I think one of the slides also mentioned, you know, the edtech or digital spend growth is around 14%. So I guess my question, I guess, two-parter. First question is, you know, could we see growth exceeding, you know, the 9%-11% towards that 14%? And then the second part of my question is, you know, could we see also you guys, you know, why not sacrifice some margin expansion and maybe step on the gas a little bit to invest in growth just because how big the opportunity is today? You want to start with that first part? Yeah. Yeah, happy to. So I'd say if you look at the model today, the 9-11, where I think there's upside in that model is non-traditional. I believe that we're already the market leader in that space globally, and, you know, the growth rates we gave for it are probably more on the conservative end, so I think there's probably some upside there. I think edtech platform as well, we were hesitant to put a lot in the model for, the monetization of the marketplace because we're early days there, but assuming that takes off, that could be, really strong for us. Okay. Hi, Matt Filek, William Blair. Thank you for having us today. Great presentation. What products do you think will play the largest role in driving average module per customer higher over the coming years? And then how are you thinking about balancing pricing power and driving products per customer higher, especially considering the focus on bundling? Maybe we start with maybe Mitch, if you could start with the first, you know, the first question about the products that are relevant. Yeah. I mean, I think, Chris gave some solid breadcrumbs to that answer. It varies by segment, right? And it's, if you think about K-12, the next logical and best product is assessment, right? And you heard, Jeff talk about it. I mean, we've spent a lot of time talking about the disruption that is likely to happen in the K-12 sector around assessment, the move away from high stakes and summative back to formative and the empowerment of teachers and students. So I think, that's probably the place where we've got the most excitement for the opportunity in the cross-sell in K-12 is immediately with that. And look, some of this is time-phased, too, right? As we're dealing with the ESSER funds and sort of the, the deployed technology landscape or the estate that K-12 systems have, there's a lot of attention and a lot of interest in things like LearnPlatform. But if I take the conversation up just one level, right, to the kinda macro in K-12... The LMS plus assessment gives us the ability to plan, to deliver, to assess, to surface the data, to differentiate and personalize the instructional piece. Like, it's absolutely critical to managing that life cycle. And in higher education, I mean, you heard it from Phil, you heard it from Marina, you heard it from Aaron. All three of those, you know, titans, right, as it relates to what it is that they're trying to do, whether it's 116 colleges in, in, California or it's, you know, the north of Birmingham, with Wolverhampton, are trying to figure out how to serve better with more equitable access and underserved population in an environment where there are plenty of jobs, but there isn't enough skilled labor, right? So bringing to bear the bundle, which is Canvas, plus Credentials, plus Studio, plus Impact, which helps manage the experience. What did I leave out of there? No, you got it. Did I get it all? You nailed it. Right? You bring those things together to bear on a particular problem that represents a really sizable opportunity for growth. Look, we're, I mean, so well positioned, right? We've got staunch advocates for solutions that have already been put in market, and we've got folks who are taking this deep breath in and saying: How do we bring it all together? Let us take a minute to make sure that we do this right. We know who the partner is. We've got to get everybody along for the ride. That's sort of the pocket that we're in right now, and the sort of upside on the other side is pretty tremendous. I would add, you heard Marina talking about, look, there is money there for the things that help us meet our vision and our strategic goal, right? And so from that perspective, as long as we are matching our solutions to the problems that these institutions are trying to solve, right, there's money there for that in that process. It takes a minute to unmake a $20 million building decision, doesn't it, Marina? Right? So that's, that's sort of where we sit, and it's why I've got so much excitement about the opportunity. Like, it's all there. The technology is there, the relationships, the partnerships, the vision. We've just got to unlock the resources, which, you know, thanks for not building any more buildings. You know, if I could—I think there's one other tailwind that, you know, that I think we've been riding, which is the implosion of the OPM market. So a lot of universities that have been doing online through OPMs, now that that OPM market is very opaque, they realize that they need to take it into their own hands and their own control, and those are the conversations that we're having. Yeah, that's a great point. Great point. David, then Joe. Thanks so much, guys. Dave Ostberg from Jefferies. This one's for Matt on Parchment. Sounds like a lot of what you guys are doing is kind of replacing paper and pen and automating and digitizing a lot of that. I'm curious if you think about the badging and credentialing side, how much of that is going to require a buy-in from the industry and from the institutions to create a lot of these badges that are going to live on top of your platform? Thanks. It's a great question. So I think you heard, Dr. Amin describe actually both sides of what we do, and you hit on an important part, which is we are modernizing the way that schools and universities credential. Part of that is absolutely getting rid of paper. It's part of the digitization that Mitch talked about, across all credential types, so transcripts, diplomas, certificates, and now there are new credential types that were never paper-based, like comprehensive learner records and badges. So our first job is to ensure that every credential issued by a school or university is issued through Parchment. And we think that's a natural tendency of the market because they want the learner to be able to collect and manage all of their credentials in one place, and that's the roughly $500 million worth of white space. A big part of that is attaching all credential types within the schools and universities that we work with. But the other half is then allowing the learner to be able to take those credentials and start to assemble learning across schools and universities through dual enrollment, across universities through course sharing, to begin to transfer their credit a lot more efficiently. So it's supporting the student pathways. And I think that's what's so powerful about what California has done, is it's brought those two together. The idea that the network for credential exchange and the network for learning kind of align nicely with each other. Well said. Hi, Joe Baird. One of the things that stood out in the slides, so I think Parchment is actually approaching a majority of business being multiproduct in nature. Instructure, in a lot of ways, began the multiproduct strategy, I think, in 2019. Today, you're kind of where Parchment was back in 2019. I think 2019, it was 20% of Parchment was multiproduct. So is there something that can be learned from Parchment that you can employ? And then is the Parchment persona slightly different? So are you getting into a university in front of a person that is traditionally not a, maybe, a key Canvas persona, and so that helps the cross-selling strategy? Yeah. So let's start... Actually, let's start with Matt. Maybe you can just talk about that motion for cross-sell, and then Chris, you can talk about how we've aligned our models as well as some of that, the second part of that question. Yeah. So we do feel like we're coming into Instructure with really good momentum and a really good playbook, and I think that's part of the logic of kind of crawl, walk, and run when we think about integrating the go-to-market, is to give Parchment the space this year. And remember, we just closed four or five weeks ago. You know, we're putting our data together, kind of customer overlap. There's a lot to kind of work through. But to really take advantage of the momentum in 2024, and then starting with InstructureCon and starting to look forward into 2025 of how we bring these companies more fully together. ... when we did meet and start to compare a lot of the changes that Chris was making, and you probably could pick up here- Yeah. It was, you know, a symbiotic moment. That's not—it was just love at first sight. It was. So the planning of our—so we launched our new go-to-market structure in January of 2024, as I said, but we started planning it all the way back in really January of 2023. And as we were doing the due diligence on Parchment, and as they were explaining the SIS and how they go to market, I was like: "You just described my new go-to-market model." So the synergies were incredible. And so, yes, there is much to learn from the way Parchment is doing it. We're accidentally emulating them. And I think, you know, a lot of the cross-sell motions that we're putting in place are things that they have as well, which, by the way, we see as great synergies when we do integrate them in. To the buying center question, it's a very good question. Yes. We see traditionally that Parchment is sold into the dean of admissions, into the registrar's office, among other places, and that is traditionally a cohort that we have not had a lot of time spent with. So we do see opportunities to expand those conversations, by the way, for them as well, for them to get into places where they haven't been. You know, we're very well placed in K-12. I think one of the big, big opportunities is really helping Parchment get into our K-12 accounts. And then I also see the other massive opportunity for us together is international. You know, we've built out a very well-provisioned international go-to-market strategy with resources in region as well as a fully deployed channel. Parchment's assets, you know, Mitch and I were in. Mm-hmm. in Europe two weeks ago? Was it two Yeah, two weeks ago. Feels like a month ago, two weeks ago. There wasn't a single conversation we had with an institution where it didn't come up about credentialing and, you know, nontraditional. So I think there's a huge international opportunity for us, and a lot of this really hasn't been contemplated in our growth strategy. Like, these are a lot of these are dividends. Yeah, I wanted to make that part of Peter's earlier answer when we talk about where we've been, you know, arguably a little bit conservative. It's, I think, Parchment's kind of been modeled on the trajectory of the business, coming into Instructure, and, and I think there's an opportunity to reflect the upside synergy as we bring these two together, Yes, so maybe I'd just be a little bit more specific. So in 2024 guidance, we've not included the cross-sell synergy opportunity between Parchment and Instructure because we are, quote, "running them separately." That's starting to blend, right? So, you know, it's not if that opportunity happens, it's really when that opportunity happens. Yeah. I gave a wider range on revenue guidance this year to allow me to move within that range. As soon as we see some more, you know, tangible fruits there, which I think we will, that obviously gives us the opportunity to revisit guidance. I want to add just a little color to that as well, Joe. What we have found is, as we are addressing more and more nontraditional students, that the relationship, particularly with the registrar's office, becomes increasingly important. Yeah. Parchment not only has that relationship, but it allows us, as we think about that cross-sell of nontraditional; it's an important relationship for us. We're going to take one last question and then break into lunch, and management will still be available throughout the room. Okay. Mm-hmm. Yes. Cool. We'll squeeze one more in there, Ryan, again. Maybe this is more for Mitch and Melissa. I'm curious. Department of Education has obviously been out with proposed rulemaking on a wide range of areas, gainful employment, financial value, transparency, and obviously- Third-party servicing. Mm-hmm. Yeah, exactly. Exactly. Yeah. Way too many things. And it seems pretty broad-ranging, especially in terms of the implications of, you know, what's being defined as distance learning, what are the requirements around that. As you think about sort of the evolution of your strategy and sort of expanding in this ecosystem, are you finding, in your discussions with university partners, that these rules are more of a hindrance to maybe some of those broader initiatives, or can they create a bit of a tailwind for your initiatives? Should you start? Go ahead. Sure. Definitely see it as a tailwind- Yeah ... for our initiatives. So much of the definitions we're seeing come out of the government is focused on ensuring that every learner has the right kind of equitable access to learning, and that's our sweet spot. So our ability to be flexible in how we deliver learning, the entire bundles, as you've seen, that address the entire learning journey, that all feeds well into this, let's ensure that we're creating a workforce-aligned collection of opportunities for learning. And in fact, we see that in a couple of recent examples of customers that have come together with industry and with the government, either at the state level or even in some country-level activities, where they've all come together and selected our solutions as the deliverer of these larger visions to align to that regulation. Yeah, and I don't want to tamp down that positivity 'cause I think it's absolutely happening, right? Part of this is the time horizon over which you look at these things. It's 100% a tailwind. It's going to be beneficial to our business, the approach we've taken, all of the ways that we engage with customers. The thing that's interesting, you know, Phil mentioned in the UK, right, the lifelong learning entitlement and the government's new programs to get dollars into the hands of learners, but it creates a whole bunch of churn, right, and a whole bunch of friction, and a whole bunch of time that has to be spent trying to unpack what the implications might be and getting people together to talk about it. The same thing's happening here. All of the government regulations coming out of the Department of Ed, right, what do they do? They cause consternation in the psyche of university leaders. And what happens? The conversation that we've been having, which is elongated sales cycles. We have the solution. There are lots of questions, and there's a lot of friction that's being put into the system. Our job is to cut through it as quickly as we possibly can, which is what we're doing. The materialization of that for you is we're telling you that deal cycles take longer. Like, I am so excited about all of the opportunity that's there, about the attention that's being paid to the value of an education, the attention that's being paid to the use of personally identifiable information. Holding people accountable, it introduces friction in the system. We've got to be patient, got to be patient, got to be patient for this business that we've been talking about to materialize over the 4-5 years. The upside is huge, right? Our ability to deliver is really strong. We've just got to navigate what is a particularly difficult set of circumstances in 2023, 2024, right? And we'll get there. Part of Chris's changes are we need to help customers through that friction, too. It's not just the solution we offer, but it's the dialogue and the connection, the community, the thought leadership. Right. How do they navigate these decisions, so that they understand how they can move through it quickly and get to those outcomes? Yeah ... similar to like what Project Kitty Hawk did. I mean, I think that's a really good point. You know, I mentioned our pivot from product selling to solution selling, and part of what that is, is consultative selling, right? We went from coming in and saying: "Look, we've got a point solution, we're going to show you the product," to, like, "Let's talk about these issues. Like, let's talk about the Department of Education. How are you going to respond to these things? What are we seeing at other institutions? How are they dealing with it?" Like, it's a completely different elevated dialogue with different decision makers than we've ever had it with before. So thank you. Thank you for joining us. As you can see, there's a lot of passion. I hope you leave with the same confidence that we, as a management team, have in the future of the business and the future to drive long-term, durable growth. We do have lunch for those that have made the trip here, and we appreciate you- Mm-hmm ... investing the time. You'll have access to the management team as well as the customers that were on the customer panel will be here. Please take the time to spend some time with them. Thank you, everybody. Thank you on the phone, and thank you for those in the room. Thank you all for joining. Thanks.