Good afternoon. My name is Dilem, and I'll be your conference facilitator today. At this time, all participants are on a listen-only mode. I'd like to welcome everyone to the Manhattan Associates Q2 Earnings Conference Call. After the speaker's remarks, there'll be a question-and-answer session. If you'd like to ask a question during this time, slowly press star 1 1 on your telephone keypad. As a reminder, ladies and gentlemen, this call is being recorded today, July 26th, 2022. I would now like to introduce Mr. Michael Bauer, Head of Investor Relations of Manhattan Associates. Mr. Bauer, you may begin your conference. Thank you, Dilem, and good afternoon, everyone. Welcome to Manhattan Associates 2022 2nd quarter earnings call. I will review our cautionary language and then turn the call over to Eddie Capel, our CEO. During this call, including the question and answer session, we may make forward-looking statements regarding future events or the future financial performance of Manhattan Associates. You are cautioned that these forward-looking statements involve risks and uncertainties, are not guarantees of future performance, and that actual results may differ materially from the projections contained in our forward-looking statements. I refer you to the reports Manhattan Associates files with the SEC for important factors that could cause actual results to differ materially from those in our projections, particularly our annual report on Form 10-K for fiscal year 2021, and the risk factor discussion in that report, as well as any risk factor updates we provide in our subsequent Form 10-Qs. We note in particular that turbulent global macro environment could impact our performance and cause actual results to differ materially from our projections. We are under no obligation to update these statements. In addition, our comments include certain non-GAAP financial measures in an effort to provide additional information to investors. We have reconciled all non-GAAP measures to the related GAAP measures in accordance with SEC rules. You'll find reconciliation schedules in the Form 8-K we submitted to the SEC earlier today and on our website at manh.com. Now I'll turn the call over to Eddie. Thanks, Mike. Well, good afternoon, everyone, and thank you for joining us as we review our 2nd quarter results and discuss the increased outlook that we have for full year 2022. Manhattan delivered a record Q2 and record first half results, generating Q2 total revenue of $192 million and adjusted earnings per share of $0.69, both exceeding our expectations. Specifically, 48% growth in cloud revenue and 19% growth in services revenue drove our top line outperformance and strong earnings leverage in the quarter. Our global teams are executing very well for our customers, and we continue to invest in our people and in R&D. Our consistent investment and unmatched industry expertise are key factors in our continued strong customer satisfaction levels and innovation that differentiates our mission-critical Manhattan Active Platform and solutions. The industry-leading innovation that we're delivering to the market is a key component to our customers' success, providing them with the ability to adapt quickly and efficiently to changing market conditions and profitably scale their businesses. Frankly, factors that contributed to our 75% win rates in the quarter. Despite FX headwinds in Q2, RPO, the leading indicator of our growth, increased 84% to $898 million. Excluding the FX impact due to the strong dollar, RPO totaled $928 million, up 90%. Regardless of any FX movements, we're on pace to exceed our prior outlook of $1 billion in RPO for the second half of this year. Demand for our cloud solutions is strong and broad-based across products, industry verticals, and geographic locations. It also remains robust from both new and existing customers. Similar to Q1, demand from net new customers was particularly strong and contributed 50% of our total bookings in the quarter. While the mix of bookings will certainly vary on a quarterly basis, we believe that net new customers generating about 55% of our cloud bookings in the first half of the year exemplifies the unique value that we're delivering to the market and our large and growing opportunity. From a vertical perspective, retail, manufacturing, and wholesale continue to drive more than 80% of our bookings in the quarter. Across our cloud solutions, the subverticals are pretty diverse. For example, in the quarter cloud deals, one include a manufacturer of recreational vehicles, a food distribution wholesaler, a Japanese multinational conglomerate that specializes in electronics and industrial products, a specialty retailer of automotive parts, an industrial manufacturer, and a large fashion brand, as well as a number of others. As you can see, pretty diverse. Our cloud pipeline continues to be robust with solid demand across our product suites, and net new customers represent about 35% of that demand. On the services front, our global team continues to execute very well, conducting well over 100- Please remain on the line. Your conference will resume shortly. Please remain on the line. Your conference call will resume shortly. About like several verticals. You write that? Yes. I heard the verticals. It's right here. Okay. Hi, John. Gentlemen. Yes. You're back on. We're back on. Are we in the public's call right now? We didn't hear the public this time. Yes, we are. We are live at the moment. Okay. Very good. All right. Well, everybody, I'm very sorry about the technical difficulties, but I'll pick back up and talk a little bit about our cloud pipeline. I think I had mentioned that the vertical diversity that we experienced in Q2. But our cloud pipeline, I think I had mentioned this, continues to be robust with a solid demand across our product suite, and our net new customers represent about 35% of the demand in our pipeline. As on the services front, our global team continues to execute incredibly well. They conducted well over 100 go lives in the quarter. Company-wide, we continue to make really great progress against our hiring goals. We added over 300 new team members during the first half of the year and expect to be at least 4,000 employees by the conclusion of 2022. These hires will contribute to our ability to meet our future customer needs, grow our market share, and extend our addressable market. Now speaking of our team, we are very proud that we were recently voted by them a top place to work in Atlanta for the 10th consecutive year. We won similar awards this year in India, Australia, and Singapore. I'm also very happy to report that in mid-May, we hosted in person our annual customer conference, and it really was a great success. Attendance for the event was strong and terrific to see and talk and collaborate with our customers and partners face-to-face about our innovation and product strategy. At the conference, we brought together the industry's top agents of change, and we laid out our vision for agile and sustainable supply chain commerce. Let me spend a moment or 2 on a couple of the newer product concepts that we rolled out at the event. Solution assembly and our Manhattan Developer Hub. Regarding solution assembly. We see this concept as the logical next step for the solution unification strategy that we introduced in 2017. Now as a reminder, solution unification refers to the unique way that we deliver best-in-class order management, point of sale, and customer relationship management into a single unified experience called Manhattan Active Omni. Now this same concept holds true for the unification of Manhattan Active Supply Chain with warehouse management, transportation management, yard management, automation, orchestration, and so on. Now at Momentum this year, we introduced our customers to the concept of solution assemblies. Assemblies refer to the Manhattan designed and developed end-to-end flows which span our major Manhattan Active cloud offerings, Omni, Supply Chain, and Inventory. Let me give you a quick example to illustrate the power of assemblies and the strong cross-selling opportunities within our solutions. Given the challenge that inventory continues to pose, let's review a solution assembly in this area that we specifically demonstrated at Momentum. By assembling Manhattan Active Allocation and Manhattan Active Omni, we help our fashion and apparel customers maximize margin and sell-through of their own inventory from the time the inventory arrives in the market to the end of a selling season. The key to this particular assembly is the way that allocation continuously informs order management about the health of every inventory position throughout the supply chain network. Armed with this real-time inventory health data, OMS uses the global view of direct-to-consumer demand to proactively reduce inventory positions where they're running heavy and avoid those locations where they're running light. Assembling allocation and order management, it's really made possible via the unique way that we connect APIs across our cloud deployment. This out-of-the-box assembly reduces both IT complexity and delivers material revenue margin uplift, in this case, for our specialty and apparel customers. Now, turning to one of the other key highlights from Momentum, technology. Since we introduced the Manhattan Active Platform in 2017, its cloud-native, evergreen, and auto-scaling capabilities have delivered game-changing innovation for our customers. As we've talked about, these technical capabilities have been really important differentiators for our solution across a number of application categories. Like the functional capabilities of the Manhattan Active Applications, our technology, in particular, the extensibility of our underlying tech platform, is vital to our technology-focused customers. At Momentum, we introduced the Manhattan Active Platform Developer Portal, a self-guided reference tool for the technologists and developers within our customer base. Now paired with ProActive, our platform's tool for extending the base behavior of Manhattan Active Applications, the Developer Portal provides technologists with the ability to incorporate our extensive library of APIs into their broader technical landscape. We believe that the strong demand that we're seeing from Manhattan Active Applications reflects the mission-critical and strategic innovation that we continue to develop. Enhancing customer experiences and customer service remains top of mind for leading enterprises. When combined with the capabilities that we offer around maximizing revenue and profitability of owned inventory, we expect demand for our solutions to remain strong. That concludes my business update. Dennis is going to provide you with an update on our financial performance and our enhanced outlook, and then I'll close our prepared remarks with a brief summary before we move to Q&A. Dennis? Thanks, Eddie. Our Manhattan global teams continue to execute exceptionally well as we delivered strong financial results across the board while significantly investing in the business. We are tracking well compared to the Rule of 40, as top to bottom line, we continue to raise the bar in a choppy macro environment, delivering strong quality of earnings that includes growth, profitability, cash flow, and great balance sheet metrics. I'll start with a quick recap of the quarter with growth rates on a year-over-year basis, unless otherwise stated. Total revenue was a record $192 million, up 16%, as reported, and up 18% in constant currency. Excluding license and maintenance revenue, which removes the compression driven by our cloud transition, as reported, total revenue was up 26%. Q2 cloud revenue totaled $42 million, up 48%. We ended the quarter with RPO of $898 million, growing 84% and 11% sequentially. As Eddie mentioned, excluding approximately $30 million in first-half FX headwinds, RPO totaled $928 million, up 90%. We are well positioned to exceed the high end of our $1 billion RPO outlook during the second half of this year, of which we estimate $15 million-$20 million in potential FX headwinds. Regarding RPO, we expect to update guideposts on our Q3 earnings call. Q2 services revenue knocked it out of the park, passing the century mark, recording $101 million, up 19%, as cloud sales continue to fuel services revenue growth globally. Our Q2 operating profit totaled $53 million, with adjusted operating margin of 27.5%. Importantly, we continue to invest for future growth. In Q2, revenue growth combined with operating leverage drove the outperformance versus our prior 24% operating margin target for the quarter. This resulted in record Q2 earnings per share of $0.69, up 13%, and GAAP EPS was $0.49. Turning to cash is king. Q2 operating cash flow was a solid $53 million, up 16%. Adjusted EBITDA margin was 28%, and free cash flow margin was 27%. As we discussed last quarter, our Q2 cash flow absorbed $13 million of incremental cash tax associated with the U.S. Tax Cuts and Jobs Act that did not impact us a year ago in the year ago period. I refer you to Item 8 on our earnings release for more information on the timing of cash tax payments under this new law. Regarding our balance sheet, let's start with solid. Deferred revenue increased 42% year-over-year to $179 million. We ended the quarter with $214 million in cash and zero debt. In the quarter, we invested $50 million in share repurchases, resulting in $100 million in buybacks invested year-to-date. Also, our board has approved the replenishment of our $75 million dollar share repurchase authority. Now turning to our updated 2022 guidance. As consistently mentioned, our financial objective is to deliver sustainable double-digit top line growth and top quartile operating margins benchmarked against enterprise SaaS comps, of which we are doing. With our strong first half performance and increasing visibility, we are again raising our 2022 outlook. We are raising our total revenue range to $733-$741 million with a $737 million midpoint, representing 11% growth as reported and 14% growth removing FX impacts. This is up from our prior guidance midpoint of $723 and a half million and 9% growth. Excluding license and maintenance attrition, growth would be 21% as reported and 24% removing FX. For Q3, we expect total revenue of $183-$187 million with a $185 million midpoint, delivering 9% growth year-over-year. Excluding license and maintenance revenue, Q3's expected growth at the midpoint is 18%, and removing FX growth would be 22%. We are increasing our operating margin range to 25.5%-25.7%, up from our prior midpoint of 24.5% and our original midpoint of 23.25%. We have previously highlighted our 2022 operating margin guidance factors in continued investments for growth, including hiring talent. Yes, I said we are hiring. Talent retention and performance-based compensation as well as the return of pandemic-impacted expenses, such as our in-person Momentum conference as well. Also, just a reminder, our margin is also impacted by license and maintenance attrition on customer demand for our cloud solutions. Regarding full year adjusted earnings per share, we are raising the range to $2.35-$2.39 with a $2.37 midpoint, which is up 9% from our prior midpoint of $2.18. For GAAP EPS, our guidance range is moving up to $1.63-$1.67. For Q3, we expect adjusted EPS of $0.56-$0.58 and GAAP EPS of $0.36-$0.38, with the difference between adjusted EPS and GAAP EPS solely representing investment in equity-based compensation. Further drilling down on revenue for the full year 2022, we are increasing our cloud revenue range to $170 million-$172 million, representing 40% growth at the midpoint. We estimate cloud revenue will be approximately $44 million in Q3 and $47 million in Q4 at the midpoint. For our services revenue, we're increasing our forecast to $382 million-$387 million. At the midpoint, this represents 15% growth and on a quarterly basis represents Q3 services revenue of $101 million, and for Q4, $93 million accounting for traditional retail peak seasonality. For maintenance revenue, we are slightly refining our revenue range. Can you find out where? I think we're good. We good? I believe so. Can you hear us? Operator? Yes, we can. Your line is open, sir. You can go ahead. Yep. Yep, they can hear us. Yes, yes, we can. Okay. Just backing up here a little bit. For maintenance revenue, we are slightly refining our revenue range to $135.5 million-$136.5 million. At the midpoint for Q3, we anticipate maintenance revenue of $33 million and $32 million in Q4. We expect license revenue to be about 2.5% of total revenue, averaging about $3 million in license revenue per quarter for the remainder of the year. For hardware, we expect about $4 million in Q3 and $5.5 million in Q4. Now, moving or shifting to what we do well, which is profitability. For consolidated subscription, maintenance, and services, we expect margin to be about 54% in Q3 and 53% in Q4. For operating margin at the midpoint, we expect about 25% for Q3 and 23% in Q4. Remember, the Q4 sequential decline in margin accounts for retail peak seasonality. All said, at the midpoint of our guide, we expect to achieve full year operating margin of 25.6%. Finally, we expect our tax rate to be 21.7% and diluted share count to be approximately 63.5 million shares, which assumes no buyback activity. Finally, in all caps, that covers a resilient financial performance update for Q2 and first half of the year. Thank you, and back to Eddie for some closing remarks. Yes, perfect. Thanks, Dennis. Well, listen, I apologize again for the technical blips that we may have had during the call. I hope it didn't impede your ability to understand the breadth of our Q2, because despite the FX drag that we saw in the quarter, we're very pleased with our 2nd quarter results and frankly our year-to-date results. While we continue to operate in a turbulent global macro environment, our teams are executing incredibly well, and our business momentum remains very positive. Demand for our solutions is strong, and our pipelines continue to progress very well as new and existing customers both want to shift to our industry-leading cloud native applications. Thanks everybody again for joining our call. Thank you to our employees for all the fabulous work that you're doing around the globe. With that, Dilem will be happy to take any questions. Thank you, sir. As a reminder, to ask a question, you will need to slowly press star 1 1 on your telephone. Please stand by while we compile the Q&A roster. Our first question comes from the line of Terry Tillman from Truist. Please go ahead. First, congratulations and you can't be silenced despite a bad conference call operation. It's good to see the results and I guess if it wasn't for currency, you got pretty darn close to even getting the low end of the ending of your RPO. That was good to see. Thanks for the FX impact color. All right. Enough of my preamble. One question I was gonna ask you, Dennis, just relates to there was a pretty meaningful subscription or cloud subscription revenue acceleration in 2Q, was up to 48%. I know you're not giving any update on guideposts, but like the idea is the way subscription revenue would build, it would actually really accelerate into 2024, if I'm not mistaken. I know you're not giving any updates, but we're already seeing an acceleration in 2Q. How are you thinking about cloud sub-revenue and the visibility over the next couple quarters and into next year? Sorry, ladies and gentlemen, please continue to hold. Your conference call will resume momentarily. Okay, Mr. Bauer, you're back on. Terrific. Thank you. All right, Dilem. Well, I think we've concluded the call. We'd be happy to take any questions that might be in line. Sure. Mr. Tillman, your line is open. Could you please repeat your question? Yeah, this gives me an opportunity to clean the question up. It was a sloppy question, so now I'm gonna make it real tight. Dennis, the question is this: The cloud subscription revenue accelerated actually notably up to 48%. I know you're not changing any of the guideposts across the KPIs, but is there any potential change from what you all were thinking originally about how the cloud sub-revenue builds over the next couple years, including the acceleration in 2024? I would say we're optimistic about that, Terry. Given the guideposts that we provided, we're, you know, we're multi-year. We did make it clear that we'll only revise those longer term estimates, you know, on an annual basis. You know, we're definitely encouraged, but I think, you know, we'll defer, frankly, that question and the answer to the question until the end of the year. Okay. Got it. Maybe Dennis, I'll more for you though on the cash flow. Anything to think about? I mean, I know the seasonality on expenses and then PS revenue, but you had the cash impact, the cash tax cash impact, but you saw strong cash flow. Any sense on how we think about 3Q and 4Q cash flow? I had a final question for Eddie. Our cash flow margin will probably be similar to our operating margin, right in that range. For both quarters? Yes. Okay, cash impact, but you saw strong cash flow. Any sense on how we think about 3Q and 4Q cash flow? I had a final question for Eddie. Our cash flow margin will probably be similar to our operating margin, right in that range. For both quarters? Yes. Okay, cool. Thanks for that. Maybe Eddie, just, you know, it feels like old days of me wanting to ask about a WMS refresh cycle. In your case it's you've got the cloud innovation that's gonna draw people into wanting to do that. Can you give us an update. On where you are in terms of customers that are now embarking on the cloud WMS strategy? I know you gave us an update over the last couple quarters. Just where is it building now in terms of how many folks are in process? Thank you. Yeah, that's a great question. I think it changes, you know, every few days. I might be off plus or minus 1 or 2, but we're at about 73 customers under, you know, under contract, Terry, across I think we're either 11 or 12 countries now, one of the two. We're over 40 sites are live across the customer base. We frankly have a pretty busy, you know, summer season here of go lives and so forth. It's definitely very encouraging. That's great. Nice job, and good luck in the second half. Thanks. Thank you. Thank you, Terry. Appreciate it. Thank you. Our next question comes from the line of Brian Peterson from Raymond James. Please go ahead. Hey, gentlemen, congrats on the strong quarter. I wanted to unpack the services strength a bit. It was up 19% on an 18% comp. You know, obviously the guidance is up for the year. You know, how do you think about the trajectory of that business? I mean, we're all seeing the news in terms of, you know, the macro, but obviously the RPO growth is really strong. There just seems to be a lot of cross currents out there. You know, as we think about, you know, maybe the kinda 2-3-year outlook for services, like how do we think about that, you know, in the current macro? Yeah. Well, again, when we think about the 2- to 3-year outlook, Brian, we'll update that at the end of the year. I think, you know, updating 2- or 3-year outlooks every couple of quarters might have a bit too much volatility built into it. Having said that, you know, as you know, we have good visibility into our services demand, frankly, because of the software sales and Ladies and gentlemen, please continue to hold. Your call will resume momentarily. Can you guys hear us now? Yes, we can. Yeah, if I'm live. Eddie, I can hear you. Okay. Very good. Thank you, Brian. Sorry about that. You know, obviously services, you know, kinda lags a little bit. The software sales, we've seen very strong software sales. We see strong demand for our services. You can see that frankly in the hiring profile that we have. We've added 300 people so far this year. We're gonna add another couple of hundred, at least, you know, in the balance of the year, to top 4,000 associates. We've got good visibility out the next several quarters from a services demand perspective. You know, we feel obviously, you know, terrific about it. There is, you know, I know there's been some questions about will the services attach rate be the same for our cloud solutions they were on-prem? You know, we've been saying yes to that. I think now, you know, you can actually see that coming to the fore in that services revenue growth. No, that's great. Eddie, maybe just following up, sorry for double-dipping on the macro questions here, but you know, you mentioned the kind of diversification into the verticals. You know, I'd love to get your sense of the health of the diversification of the customer base today maybe versus, you know, prior economic challenge periods like in 2009. You know, I'd love to just hear kind of how the product portfolio has changed and maybe where in terms of customer exposure or health is different today versus, you know, maybe 5 years ago. Yeah. I mean, clearly more diversity across verticals for us, you know, helps with, you know, less exposure and so forth. In general, you know, where even particular segments of the market might be challenged, there is still a desire to make sure they maximize market share, maximize customer satisfaction, and maximize customer retention. That's what we can help with. Even in a market that tightens up a little bit, there is still obviously competition to ensure that customers are being serviced with inventory, serviced at the levels that they expect and so forth. Those are the areas that, you know, we can help. Hence the reason I believe we continue to see, you know, kind of strong demand for both our solutions and our services. 50% net new logos year-to-date. Yeah. Understood. Thanks, guys. Congrats. Thank you, Brian. Thank you. Our next question comes from the line of Matthew Pfau from William Blair. Please go ahead. Hey, guys. Thanks for taking my question and great results. Wanted to ask on the new customers that you added and the strength that you're seeing there. Maybe just what do you think is driving that? Appreciated that it can change from quarter to quarter. When we look at that 50% coming from net new customers and the cloud pipeline is at 35%, does that indicate that, you know, your close rates are better with new customers, or what accounts for that discrepancy? Thanks. Yes. Yeah, I think the second piece is just a little bit of variability quarter by quarter, Matt. You know, so you know, it's not. There's nothing frankly too analytical to you know to build into that. In terms of, you know, what we think is driving the new logo acquisition, you know, overall is really a couple things. One is, you know, we're seeing our penetration into verticals that we've not been as strong in before, you know, manufacturing particularly. That tends to be driven by those manufacturing companies beginning to go direct to consumer, okay, and needing the types of sophisticated supply chain capabilities that we offer. Secondly, we are having some pretty good success, you know, replacing some older systems, whether it be, you know, competitors from the bygone years or take away from, you know, from current competitors, again, because of, you know, the underlying technology strategy that we have and the advanced capabilities that we're delivering to the market that are, you know, frankly needed today. Got it. You know, then just in terms of, you know, getting to switch over to the macro. Demand that you're seeing, you know, obviously some of your retail customers or prospects could be feeling pressure in their business. you know, partly that's driven by inflation and higher costs, which your solutions can help solve. Is that playing a role in terms of what products they're interested in or how they're thinking about adopting your solutions at all? Nah. You know, I would tell you that I think, you know, that's likely going forward. You know, to date, it's been more focused on how our customers, you know, attract and retain and service their customers. You know, I believe their focus certainly as turbulent times approach on making sure that they have great customer loyalty and they have great inventory management. Again, both of those things we, you know, can help with. Okay, great. Thanks, guys. Appreciate it. Thank you, Matt. Thank you. I show our next question comes from the line of Mark Schappel from Loop Capital. Please go ahead. Hi, thank you for taking my question, and nice job on the quarter. Eddie, I was wondering if you just comment on your point of sale solutions, your point of sale business during the quarter. If I recall correctly, you started seeing larger projects return to that business a few quarters ago, and I was wondering if that's still the case. It is. In fact, you know, we had a couple very nice wins in the quarter. You know, more to come a little bit later, but you know, some very strategic wins across our multi-brand conglomerate. You know, our go lives are going well. We've seen, you know, 2 or 3 smaller, granted, 150, 250 store chains complete a rollout of our point of sale across their entire network. That in turn, you know, as we've talked about many times, is building some nice momentum for us. A very, you know, very excited about the opportunity, very excited about the reception and, again, multi-year strategy clearly, but, you know, definitely encouraged about where we are. Okay, great. Thank you. As a follow-up, just to build on an earlier question. I was wondering if you just comment on what you're seeing specifically in the retail sector. It just appears from your results and guide that you're not seeing any signs of a slowdown in there in this sector. Yeah, I mean, demand, you know, pipelines are strong, demand's strong, win rate is strong. You know, that is obviously true on the software side, but the pull-through on the services side is also strong too. Obviously what that indicates is that once software is purchased, customers are anxious to get that software, you know, live and delivering value for them. You know, we feel pretty good about the demand profile for sure, again, based on the pipeline and the visibility we have for the services business, you know, over the next several quarters. Great. Thank you. That's all for me. Thank you, Mark. Thank you. I show our next question comes from the line of Blair Abernethy from Rosenblatt Securities. Please go ahead. Thanks. Nice quarter, guys. Thank you, Blair. Just first question around following up on the point of sale side of things. I'm just wondering if you can refresh us on your go-to-market here in pursuing new customers in the point of sale side. How much are you relying upon channel partners here or what's sort of your strategy with that? No, our strategy is one of going direct, Blair. So we're direct in the market. You know, of course, you know, we've got partners who help with implementations and those kinds of things. Our go-to-market strategy is definitely through our direct sales force, and that's where we're seeing the success. Okay, great. Just shifting over to the cloud questions, customers there. The net new cloud customers, can you give us a sense of what their you know, is there an average or sort of range at which they're landing at these new customers? After you know, a year, sort of how those businesses are growing for you? We don't disclose the deal size, Blair. I'm sorry. Can't comment on that. In terms of the implementations post-sale, they're going well. A, they're going well. B, as I mentioned, I think a little earlier, we've got a very busy summer and fall, you know, in front of us. You know, some really terrific brands, both here in the U.S. and around the world. Getting great feedback, frankly. Great. Thanks very much for your help. Our pleasure, Blair. Thanks for taking the time. Thank you. Our last question comes from the line of Joe Vruwink from Baird. Please go ahead. Great. Hi, everyone. I wanted to go back to macro a little bit. One thing that's been kind of fascinating, you know, we had big supply chain trade shows throughout the spring, summer. Your customer conference was thrown in there. Really every indication we heard throughout that timeframe was supply chain project inquiries going up. You know, year has started stronger than 2021 left off. That's obviously a big point in contrast to the incremental updates we've been getting from kind of the retail macro, where it seems like everything is kind of moderating and, you know, a lot of your customers are maybe resetting expectations. How would you maybe characterize the divergence between the 2 things? Is it maybe the case where a lot of your customers obviously realize criticality around supply chain new investments? Last year was maybe a year of getting budgets ready, vendor assessments in place, and now we're simply moving into the period of allocating these dollars and making the commitments. Sorry. Please continue to stand by. Your host will join momentarily. Please continue to stand by. Your conference call will begin momentarily. Please remain on the line. Your conference call will resume shortly. Mr. Bauer, I show you're back on. Please remain on the line. Your conference will resume shortly. Dilem, can you hear us? Yes, I hear you now, sir. Mr. Bauer, can you hear me? Dilem, can you hear us? Yes, I can now. You can hear us? Yes, I can hear you. I have Mr. Vruwink still on the line. You may proceed with your question, sir. I'll hand it over to Eddie for his conclusion. Very good. Well, again, everyone, we certainly very much appreciate your patience this afternoon, given the technical difficulties we had. We are very appreciative of your support. We'll be sure not to have any technical difficulties 90 days from now when we look forward to reviewing our Q3 results with you. In the meantime, please enjoy the rest of the summer. Thank you. This concludes today's conference call. Thank you for participating. You may all disconnect.