There is that they have really long lead times for the most part. For instance, in the apparel space, the folks who are in the apparel industry are really thinking today about the products that are gonna be in the market for Christmas, and not the one that's coming up 6 months from now, but the one after that, which is 18 months from now. So, if you think that we've got a complex world we live in, and what's gonna happen tomorrow, and how are interest rates gonna play, they're wondering about it for 18 months from now and really starting to hedge their bets on what products they will put in the market, how many of those, the raw materials they're gonna need to procure in order to get those products to marketplace, and all those sorts of things. So that's where we specialize, and that's why supply chain planning is so important. The other part of our industry is that it is a replacement industry. Our industry has been around for a very long time. We've been at it for 50 years, 50+ years. So in the segments that we serve, which is roughly the sweet spot for our client base, is around $1 billion in revenue, somewhere between maybe $750 million-$5 billion. We also serve the Fortune 500, Fortune 1000. Just a smaller community of those companies, obviously, in the supply chain space that are that big, and sometimes smaller than that if they're growing rapidly, but the sweet spot in that $1 billion-$5 billion range. They have solutions today, so our marketplace is really made up of people that are trying to do a much better job at managing their supply chain today than they did in the past. The pandemic has been kind of insightful for many people. We had a surge in activity around the early days of the pandemic, where companies weren't able to get product on the shelf, and they were desperately scrambling for ways to manage that. I think the real insights for us in our industry was that the pandemic really heightened the awareness that these crises are gonna keep coming. They're not one-time events, that they're more global in nature today, and that their competition has gotten better at managing their supply chain. So it's the ability to make decisions about how to pivot your supply chain, to move quickly and outmaneuver your competition, allows you to thrive in this world that we live in today. Gartner calls it anti-fragility. A simple definition of what that really means, though, is that you thrive in dynamic environments, not just survive those disruptions and chaotic events, but you outpace your competition, and you actually grow your market share and perform better than any of your peers. So our business is to help them do that, to make better decisions much faster, to be able to react to the things that are going on, and bring new products to marketplace and go. The space we serve is around demand planning. I've mentioned that: supply planning, producing the goods, you know, managing the production cycle inside of owned factories, sourcing the goods from third parties, managing the inventory flow, where do I position it? How much do I position it? And actually replenishing the consumer goods shelf space for those, for those products as well. From a transformation standpoint, you know, we've done a lot of things to divest some businesses that aren't core to the supply chain planning space, and really focus down on the Logility brand. And that's our core now today, and all of our focus. So back to the point of the change in our corporate name coming up in August, and really rebranding our products or company around the Logility brand that's well known in the supply chain planning space. Anja, probably a little bit more than maybe we bargained for, but thank you- This was a- ... overview. Yeah. Good one. I have a little bit of a follow-up. You've been successfully transitioned to a SaaS model, and you now focus more on the lift and shift of existing clients. Can you just explain, you talk about that a lot, so can you just explain what that means and also what it means for your financial model? Yeah, great question, because it is a very impactful part of our community. Having been around as long as we have, we have a long tail of clients, roughly 400 clients today, that are still operating our applications on-prem. What that means is, we deliver the software to them, they have the data center, they load it, they administer it, they manage it, and they come to us for fixes or updates in the new release from time to time. We recently announced, in the last three months, we announced to them, that this current release that we just put out is the last one we're gonna be able to make available on-prem. So, and that's driven two things. Primarily, it's driven by the fact that the technology that we're employing today to really drive this more rapid decision-making, more insightful capabilities, is really built for the cloud, is supported by the cloud, automatically scales in the cloud, and it doesn't suit itself well to an on-premise data center. It's just not as scalable in that environment, so it's become very challenging for us to actually serve in that model. The other thing that's a reality kicking in this space is that the cybersecurity risks of running an on-premise solution, not leveraging a robust environment, not managing the latest updates and keeping it fresh, subject them to cybersecurity risks, which are just becoming untenable at this point. So we're pivoting, we're moving. With 400 clients out there, we still have about $25 million in revenue that's coming in through the maintenance streams, the traditional licensing model. Over the next three years, that's gonna transition much more rapidly over to the cloud, based on the availability of this new functionality that I talked about, and the fact that we just aren't making the product available on on-prem any longer. So there's a tremendous upside. Typically, when we do a conversion, we get somewhere between two and a half to three times incremental revenue. So if a client is paying us $100,000 today for a subscription maintenance fee, we'll end up with $250-$300, or much higher than that in some cases, if we can bundle in new functionality, revenue stream. So it's gonna improve the-... the revenue line. It'll improve the retention rate, which is really tremendous. We still have, today, we have a retention rate of about 95% of the clients continue to use year after year. But we'll be able to drive that even higher as we go forward. So what keeps customers then on-prem, given they can have an advanced solutions, and it's not as secure? So why wouldn't they transition much faster? Traditionally, you know, it, it- we've really this. We went into this industry about five years ago, the, the cloud, you know, delivering in the cloud five, seven years ago now. I guess the pandemic started five years ago. Historically, the client view was from many places, and still in some places today, they're like the supply chain data are the crown jewels for the company, we're not gonna let that into anybody else's hands. That's kind of moved away, that perspective now. The other thing that's happening is there's just a tremendous move on all of the applications they have in their enterprise to move to the cloud. Their financial system, their HR systems, their workforce systems, you name it, everything's moving to the cloud. So we're part of that portfolio, and so we still have a bit of a view of, you know, I, "I wanna hold on to it here," but more importantly, probably it's, it's just a matter of the timeframe for transition. You know, which applications do I move first? These large enterprises have hundreds or thousands of applications that they're using inside their enterprise. So it's a sequence of events. We've made it up till lately, we've made it rather easy for them to stay if they want to. The ones that we've been moving to the cloud, which we've been doing over the last three or four years, have been the folks that have fallen behind or have made a strategic move to the cloud, so we were kind of moving them first. So it was much more of an accommodating structure. We'll move them when they're ready or if they're getting in trouble. Now, we've got the stick out, so the carrot-and-stick idea is you whack them on the backside, let's get them moving for their own good. The cost structure isn't anything more for their side because they can offset costs on their side and provide that to us. The security is much higher, and the ability to improve the operationals around the supply chain is much better if we can get them, once we get them into the cloud as well. Okay, thank you. Let's move over to talk about the macro environment and how that is impacting your business or may not impact your business. Yeah, in different ways impacted, yes. It's been a funny market. You know, in the middle... I made reference to it a while ago, in the middle of the pandemic, the projects we were engaging on were much broader in scope across the supply chains, the end-to-end supply chain projects. In today's market, there's still a view to driving towards a transformative project around the supply chain, but they're doing it in bite-sized chunks. So they might do a third of it in phase one, a third in phase two, and a third in phase three. They're only committing to phase one, and they're keeping their powder dry, so to speak, on the investment they make in phase two when they're ready, or they can time it, and they got resources, and they'll see how the financial markets play out. The other thing that's happened is the discretionary spending environment has gotten under a lot of pressure in this economy. I think we're seeing it across the board in many segments of the industry, both as consumers and as business leaders. So the clients that we have that are on the discretionary spending side, that's where their products lie, are under the most pressure. The more staple goods, we still have to eat, we still need some clothes to come to work or go to school, you know, we still need medicines and things of that nature. Those companies are doing fine, and they're making the investments, and that's where we're living, our projects that we're living on today, the new ones that are going on are in that space. Interest rates have an impact on that. Inflationary challenges that are in the consumer side are having an impact on that. As soon as those kind of break loose and we see that move, we think... We've had a tremendous build-up in our pipeline. You know, we're up tremendously over a year ago, and higher than that over two years ago, still. So we've got a bit of a logjam going in our pipeline. When we see that break, that'll come as consumer spending picks back up in the more discretionary side. Okay, thank you. And, who are you primarily competing with in the market? And have you seen any changes in the competitive landscape or the pricing environment? Pricing environment stayed pretty stable. I think we're in the space where we've exerted enough competitive pressure on the pricing in the years past that it's, there's not a lot of room to give on that side. The competitive landscape hasn't changed dramatically. In our space, with consumer goods companies, the ERP provider that is dominates the space is SAP out of Germany. SAP has some functionality that overlap with us, but they're not specialist. But companies, if you're invested deeply with the SAP ERP provider, they'll always give them a chance to compete, and give it an evaluation. The more complex the supply chain, the more differentiating our solution is, and the more likelihood that we're gonna be able to win the day on that decision. But they are always there. They always get a chance to compete, so they are number one competitor. Then the second competitor, number two, probably behind them, would be a company, Blue Yonder. They've historically been in this space. We've been head-to-head. The heritage of their company, which goes all the way back to when they were called Manugistics, and they've merged and merged and merged and merged, and in the middle of another massive merger right now. So they've been the traditional player that has been alongside us for many, many years. Today they seem to come to spend more energy and time around the supply chain execution side. So we're not always seeing them play, but they would be a second one. And then the closer we get to discrete manufacturing and, the closer you get to short lead time, make-to-order businesses, which is a little bit far afield for us, the closer we'll get to a company called Kinaxis that we'll compete with from time to time. We'll see them in the marketplace. But, so that's kind of the competitive landscape. Not much different in that. That's been the same landscape we've been in for, for probably seven, eight years now. In terms of the large ERP providers, where this is just a smaller piece of their business, have you seen maybe them spending less R&D on this specific niche, and that's been sort of creating an opportunity for you? Do you think that's gonna continue, and them pushing maybe their customers towards your solution instead? Yeah, I suspect they're probably investing less in R&D. We don't see the evolution of product and really them keeping up with the pace that the rest of us are at in that space. But it's hard. I mean, you know, we've got 10 products. They've got 200 or 500 products they're trying to invest in. So, it's hard to see exactly what they're doing, but not only the investment, but their primary business is around the core ERP functionality, and everything they do around the periphery of it is tightly coupled with the financial management of it. So it's very rigorous, very structured, not dynamic. We actually have been able to prove for many years now that we have a more dynamic environment to extract the data from the ERP system, reformat it in a way that it's viewed by the supply chain operation, use it for planning, and then issue the purchase orders back to the ERP system. We're better at that than SAP is with their own platform. They too tightly coupled it to the financial structure that they have around financial management, which somebody goes to jail over, financial mismanagement, you just get fired over supply chain mismanagement. So that's not exciting either, but I'd rather find a new job than find myself in prison, so. So we've got a lot more flexibility that we can offer them. Okay, sounds good. Can't talk to a tech company without talking about AI. Yeah. And you made a recent acquisition to accelerate that for Logility. Yeah ... can you just talk about how you're leveraging that into your business and how you're able to monetize it? Yeah, it's wonderful opportunity for us. As I mentioned earlier in the introduction, we invented the space. Our founders invented this space in the first place. We're on the second evolution of reinventing supply chain planning, demand planning, with this acquisition. The company was called Garvis. The team that went out and started this company, we've known in the space for a long time. They had a fresh new start with an approach and a view on how to apply AI in a whole new way to change the landscape around, demand forecasting. Most of us that have been in the space have used, artificial intelligence, machine learning techniques. But the way that we were doing that was to take AI and machine learning capabilities and augment the traditional forecasting algorithms. What the Garvis team had done is go out and take the best of the best from an infrastructure platform, from an algorithm platform, and be able to incorporate the traditional approach, which is look back at what I sold last year or last month or last week, and try to create a forecast of what might happen next week, next month, next year, that sort of thing. So that's part still a part of it, but in parallel with that, the algorithms, the AI algorithms today can actually process information much faster. So we incorporate historical sales with future-looking capabilities, predictions like weather or financial patterns or we also incorporate point-of-sale information. So the latest sales information, not what I shipped last month, but what sold yesterday, can be incorporated. And so we're seeing a 20% improvement in forecast accuracy. That is tremendous. It translates into huge return on investment. If you get a better forecast accuracy, you got a higher, two or three points higher margin, generally because you avoid the out-of-stocks. You get a 10%-15% improvement in inventory stocking policies, so the turnover of cash is much faster. And you have less distressed inventory that I have to sell at a bargain discount or throw it away if it's a perishable good. So I improve the margin on the backside. So tremendous advantage. We are at the forefront of this now. We're reinventing supply chain planning. We started the work with that team more than a year ago now. We were in a position to, one year ago, complete the transaction. They had a few things they had to clean up on their corporate registration process and intellectual property, things. And then, so we had a bit of a pause, so we got a jump on integrating it into the platform. So we're able to report today that we fully integrated it. It is the only demand forecasting capability available in the marketplace from us today. And we're way out on the forefront now of leading the industry one more time with true AI-based forecasting capabilities, layering on top of the generative AI, which is really transforming the way that people interact with the systems and the number of people that can interact. You don't have to be a specialist anymore to get those kind of insights. So, we're really excited about the current and future prospects of that product in our portfolio. ... Okay, thank you. And with Garvis, has historically relied on pilots to win new customers. Yeah. Do you plan on continuing with these pilots, or... And how successful have you been in converting those to long-term engagements? And quite successful already. Yeah, as a startup company, they, you know, as every startup does, it's get cash flow. You know, I gotta make payroll at the end, and I've got a power bill to pay, so cash flow is king. And so they used a technique to build momentum, which was tremendous. We've adopted the approach, we've tweaked it a little bit, but we've adopted the approach, and we've retained it because we were so excited about the speed at which we can implement. So we can actually start a project with a company, take a portfolio within their product set, ingest that data and create the first forecast in 30 days, along with retraining the user community on how to actually forecast with this new AI approach. So it's a change management practice, it's a technology deployment, and it's a data ingestion and forecasting. 30 days is, like, earth-shattering. Nobody's been doing that before. So we're still gonna employ it, but we're employing it in a much more methodical approach. The clients that are engaging us in that model know what the end game is. The end game is, after 90 days, they have to move to a fully deployed solution, get out of the pilot mode, commit to a long-term contract with us, with an upside on it. So it's basically a new selling strategy, paid selling strategy at that, where we can penetrate accounts that otherwise probably wouldn't have come over and done anything with us in the past. Just because the demand forecasting capabilities are rather entrenched today, and if they're gonna do something big bang, they think, like, you know, a six-month evaluation, a three-week, a month or two months to get a project funded and contracted, and then, you know, a year to get it implemented. We've just changed the whole dynamics with this new model. Okay, and, seems like that's been a successful acquisition for you. Are you looking for other acquisitions, and what kind of acquisitions, if you are? We have been very active in the marketplace. The Garvis acquisition was the most recent one. One year prior to that, we made one as well. The market's gotten really kind of squirrely a bit around the M&A world. There's a valuation expectation that's a little over the top, and we've got an awful lot going internally, so we've moved to a more conservative model where we're opportunistic as opposed to aggressively pursuing it. We're open to the right opportunity when it presents itself. So I would say we've taken a little more conservative approach to it. Valuations get back in line, we'll be probably a little more aggressive on that side. But we got an eye to further acquisitions. We have the capacity to do it, both from a cash standpoint as well as an operational standpoint, but the market just isn't quite right right now for really aggressively pursuing that. Okay, and what are our other priorities for the cash on your balance sheet? Yeah, right now... Well, we already pay a dividend, so we're gonna sustain that dividend. We're in a transition of the overall company, renaming, as I said. We're exiting a dual-class structure, so we've got a lot on the plate. All that's gonna come together in August. I think after the August time period, we get that to settle down, we'll also go back... Last year, we actually executed a stock buyback. We bought back about, roughly 1 million shares. So we'll after the summer period, when we get this transformation done, the restructuring process done, we'll open the dialogue back up about a potential buyback, or maybe the market will be better from an M&A standpoint. We'll consider all options coming in the fall. Okay, thank you. And you released your earnings last week, and you provided a guidance for fiscal 2025. Can you just talk about your financial targets that investors should keep in mind? Yeah, I think, the key, the key metrics are those that we put, some numbers out on. We, we focus on revenue, we focus on recurring revenue, probably the most important one, and then of course, margin is always important. So those are the three metrics that we published. Recurring revenue is probably the dominant one to keep an eye on. That's the growth model for our company, and that's, indicative of the kind of projects that we're doing out there. So the recurring revenue growth, we put out some rather conservative numbers, just because, like most of us right now, you know, when you asked me this question, anyone asked me this question back in January or February or March, we were all pretty bullish at the fact that interest rates were coming down, the economy was gonna continue to grow in a more methodical place, inflation was gonna get under control, and we're not seeing any of that. So, I don't have a crystal ball that's any better than anybody else's, so I'm a little anxious about what that may mean. And then, of course, we've got elections here in the United States coming up this fall, which are always a dynamic time. So, the nature of our business now, being in a cloud service provider, is that we anticipate that we could probably stay in the same patterns we're in now for the next 6-9 months, at least 6 months anyway, which would get us to the end of the calendar year. And then, because of the nature of the financial model, any bookings that we do in January, February, March, and April, which is the end of our fiscal year, really have a slow impact on our revenue growth, because you take the revenue on a monthly basis, on a weekly, monthly basis. So, we put a conservative number out, thinking that-... We might stay in the same market for the next six months, and then hopefully then we'll have a free up. So we're really looking at the macroeconomics more though than our current operating model internally. In terms of the revenue growth, what are the drivers for that? It's the lift-and-shifts and new logos or an upsell, Yeah So, anything else the investors should be focusing on, or? Yeah, we- How do you look at this? Yeah, excellent question. We look at 4 streams really as, as opportunities for new projects, which drive new incremental and growing revenue growth. This lift-and-shift model is gonna accelerate. That has a big impact, as I said, two to three times, two and a half to three times revenue pull on those. That's gonna become a more dominant part of it. There's also, you know, there's a bit of a conversion. You'll see the maintenance as we accelerate the lift-and-shifts, you'll see the maintenance revenue decline at a faster pace. That's not because we're losing the client, but we're converting it to cloud revenue. So that's one element of it. New clients coming to us that otherwise we have not done business in the past is another leg of that stool. Expanding with existing clients, with new functionality, new capabilities, you know, DemandAI+ as an upgrade opportunity, is part of that suite, so that's the third leg. And then this approach to penetrating new accounts is kind of a different strategy for us around doing the pilots that we just spoke about a few minutes ago, and then converting them to a long-term contract, and then expanding our footprint. So we're using that. Internally, we call it the Trojan horse approach. You know, "Let's get on the inside and then grow from within." So that, in our mind, is a fourth revenue stream that's accelerating our growth rate. Okay, and I have one final question here. Can you talk about the timing and decision to eliminate the dual-class structure? Yeah, it's, it's been a process that's been in works for a couple of years now. Jim Edenfield was one of our founders, he's been on the, executive on the, in the company, for since the beginning, and then the last three years have been on the board, exclusively as Chairman of the Board. Then earlier this year, he decided to retire and spend time with his grandkids, so we're really exciting for him to take that next leg of, of life. In exiting from the company in the day-to-day operational mode, it made less sense to have a dual-class structure with him in the control, in the controlling shares, the B side of the shares. So, so that was a natural process of it. Under Jim's leadership on the board, we started this transformation towards the Logility brand, divesting the other non-strategic assets, restructuring the company, combining all of our operations into one. So this is kind of the final leg of that process that we had anticipated. Earlier in our fiscal year of 2024, which we just closed out, we had announced to the market that we were going to pursue this avenue as a possible conclusion in the fiscal year, and we came to a definitive agreement with Jim in the March timeframe. Our ploy is now, it's been signed off and restructuring all out there. The proxy is out in the marketplace today, and we've got a shareholder meeting in August to get final approval on that. So that will complete that part of the transformation project, and really keep us 100% focused on the supply chain planning space. Okay, thank you. We're actually out of time. I want to thank you, Allan, and American Software and Logility for participating today. I know you have a pretty good one-on-one schedule, but if anyone wants to follow up with you after this introduction, you can reach out either to us or to the company directly, and I'm sure we can accommodate a call with the management team. And with that, I'll hand it over to you, Allan, maybe for some concluding remarks and why investors should care about Logility or American Software now. Well, thank you so much, Anja. Thank you for hosting it, and great questions. I think they're rather informative, made me think a little bit, but, informative as well. Great market space. We, we believe that there's a lot of growth, the market believes there's a lot of growth in supply chain planning, so we're in the right place. We're gonna continue to focus on that. It's what we know. We've got leading-edge technology through the acquisitions and organic development that are out there. And of course, being highlighted as one of only five in the Leaders quadrant in supply chain planning arena for Gartner, is a testament to the strength of our platform and capabilities. So, we're in a great place. We'd love to have you in that journey with us, and, we'd love to chat with you more about that if you've got any other questions. So, Anja, thank you so much for hosting us today. Great, thank you, and enjoy the rest of your day. Thank you. Bye-bye.