Good afternoon, and welcome to Model N's Third Quarter of Fiscal 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. With that, I would now like to turn the call over to Carolyn Bass of Investor Relations. Please go ahead. Good afternoon. Welcome to Model N's Third Quarter of Fiscal 2022 Earnings Call. This is Carolyn Bass, Investor Relations for Model N. With me on the line today are Jason Blessing, Model N's Chief Executive Officer, and John Ederer, Chief Financial Officer. Our earnings press release was issued at the close of market and is posted on our website. The primary purpose of today's call is to provide you with information regarding our third quarter of fiscal 2022 performance and offer a financial outlook for our fourth quarter and fiscal year ending September 30, 2022. The commentary made on this call may include forward-looking statements. These forward-looking statements are based on management's current views and expectations as of today and should not be relied upon as representing our views as of any subsequent date. We disclaim any obligation to update any forward-looking statements or outlook. Actual results may differ materially. Please refer to the risk factors in our most recent Form 10-Q filed with the SEC. In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, GAAP results. Reconciliations of the non-GAAP metrics to the nearest GAAP metrics are included in the earnings press release issued today, which is available on our website. I encourage you to visit our IR website at investor.modeln.com to access our third quarter press release, periodic SEC reports, and the webcast replay of this call. Finally, unless otherwise stated, all financial comparisons in the call will be to our fiscal year 2021 results. With that, I'll turn the call over to Jason. Thanks, Carolyn, and good afternoon, everyone. Thank you for joining our call. Today, we posted outstanding third quarter results, one of our best quarters ever. We exceeded all key guidance metrics, including total revenue, subscription revenue, professional services revenue, and adjusted EBITDA. We also had another very strong bookings quarter with contributions from all growth levers. At the start of the fiscal year, we set a target to exit the year at a 20% ARR growth rate. Based on our solid execution, SaaS ARR growth is now accelerating in excess of 20%, and we expect to be at or above this number over the long term. John will provide more color later in his remarks. In Q3, we also continued to cement Model N's position as the preferred life sciences revenue management provider. In the quarter, we closed SaaS transitions with Genentech, Sunovion, and GSK, three of the largest pharma companies in the world. 2022 has been a pivotal year as the conversion of our remaining on-premise customers to the cloud continues to accelerate. We remain ahead of our internal plan for SaaS transitions, which is one of the growth levers driving upside this year. Perhaps even more importantly, we are seeing a meaningful amount of new sales coming from non-SaaS transition deals, which bodes well for the future. Given the success we are experiencing with SaaS transitions, we also continue to see our maintenance decline at an accelerating rate compared to recent levels. Declining maintenance is a seminal event in any on-premise to SaaS transition, and we view this as a very positive trend in the business. Next, I'd like to share some quarterly business highlights. During the quarter, we enjoyed strong momentum in life sciences bookings, which included the three new SaaS transitions that I already mentioned, and numerous other wins, including new logos and selling into our customer base. What is most encouraging to me is that the majority of our new bookings came from all other deals, which shows how we are well positioned for continued growth as SaaS transitions come to a conclusion. In the quarter, we signed multiple new life sciences customers, including Genmab and Moderna, one of the pioneers in COVID-19 vaccines. As we have discussed on our previous calls, SaaS transitions have been a great catalyst to get back in front of our customers and tell the Model N story. As we continue to deliver on successful SaaS transitions, this is also driving accelerating cross-sell and up-sell. We saw this trend continue in Q3 with expansions at several marquee life sciences customers, including Genentech and Gilead. As we've talked about previously, complexities within the healthcare regulatory environment create an opportunity for Model N to innovate and help our customers more efficiently distribute their life-changing products to the world. One example is the federal 340B Drug Pricing Program that allows qualifying providers serving uninsured and low-income communities to purchase drugs from manufacturers at significantly reduced prices. However, this program creates complexity as manufacturers need to determine who is eligible to purchase under this program and who is not, so they can prevent revenue leakage. Given the increasing utilization of the 340B purchase program under Obamacare, our new product has begun to resonate in the market. During Q3, we scored wins at Gilead and Astellas. 340B is another great example, like State Price Transparency Management, where we are able to quickly bring products to market to help our customers address changing regulatory requirements. We're also seeing traction in EMEA, which is another long-term growth driver for us. During Q3, the team signed Galderma, a Swiss pharmaceutical company that specializes in dermatological treatments. Galderma signed an agreement to deploy our Global Pricing Management, Provider Management, and Deal Management solutions to support their growing business. Galderma sought one solution to manage pricing across three divisions to enable them to standardize their practices around contracting and rebates company-wide. Model N was selected because of our strong products, referenceable customers, and our team's great domain expertise, all of which will support Galderma's growth over the next several years. We also saw strong performance from business services in the quarter. Mycovia Pharmaceuticals, an emerging biopharmaceutical company, is another great example of how the business services value proposition resonates with a pre-commercial company. Mycovia recently launched their first product, VIVJOA, a drug used to treat key women's health issues. Mycovia purchased Government Pricing, Commercial Contracting, and our Cloud Analytics suite to help scale their business. Mycovia selected Model N due to our deep expertise and track record of assisting emerging pharmaceutical companies with successful product launches. Business services also closed expansion deals at several other customers, including Medexus. Medexus is notable because they became our newest State Price Transparency Management customer. Turning to high-tech, as I mentioned on our last earnings call, this segment has exceeded my expectations so far this year, as this vertical seems to be returning to a more normal buying pattern. We continue to see traction with both new logos and customer base deals. During Q3, we won a highly competitive new logo deal at Analog Devices, the second-largest semiconductor company in the world. If you recall, last year, Analog acquired Maxim Integrated in a $20.8 billion mega-merger of the two semiconductor giants. After a thorough evaluation, Analog selected Model N Deal Management and Channel Data Management to support the combined company. We also saw high-tech expansions during Q3 at both Solidigm and Targus. Solidigm is a great example of how our team has been successful at landing and expanding in a new account. During Q2, Solidigm added Channel Data Management, or CDM, to provide better visibility into channel sales to ensure they are properly enforcing pricing agreements. The addition of CDM came on the heels of a successful project deployment earlier this year and is another example of happy customers buying more products. Turning to professional services. Our services team continues to deliver the majority of projects on time, on budget, and at truly best-in-class services margins. This delivery excellence is also playing a key role in our sales cycles by providing proof points that we can help our customers rapidly realize value from their Model N investment, like the Solidigm example that I referenced earlier. We have also had several successful go-lives recently, and I'd like to highlight a few examples. Seqirus, one of the world's largest influenza vaccine companies, saw their business grow rapidly during the pandemic and came to Model N to help manage that growth. Seqirus is now fully live on Model N and a great example of how our experienced services team can partner with a customer to rapidly deploy our products and deliver value. This project included the implementation of Model N to streamline compliance tracking and automate the exchange of data with Seqirus' ERP system. This new solution will allow Seqirus to review and modify contracts in real time to ensure commercial and regulatory compliance and reduce revenue leakage. Since going live, we estimate that this integrated solution has saved Seqirus millions of dollars in the form of more accurate payments of chargebacks and rebates. As previously reported, we had signed several large SaaS transitions over the last 18 months, and it is great to see many of these projects coming to successful conclusions. Novartis, a top 5 global pharma company, signed a SaaS transition in our Q2 fiscal 2021, and I am proud to report that they successfully went live on the Model N cloud during Q3. The Novartis SaaS transition was completed in just 13 months, which is truly remarkable given the size and complexity of their business. Novartis' SaaS transition is a critical project in their digital transformation. It will allow them to more cost effectively leverage Model N innovation and regulatory updates in the future. I am particularly proud of this project because we also partnered with Novartis to make several enhancements to Global Pricing Management, which were also implemented during this project. EMD Serono is another large global pharmaceutical company that also went live during the quarter. EMD has a complex Model N deployment and processes over $1 billion of payments through our platform. What's even more impressive is the fact that they were able to complete their SaaS transition in just 17 weeks. With Model N SaaS platform, EMD is looking forward to remaining compliant with changing regulations and leveraging innovation delivered through Model N seasonal product releases. I'd like to close by saying that I am very proud of how our team has performed this year. We are capitalizing on all growth levers, including SaaS transition, customer sales, new logos, and EMEA expansion. I am also encouraged by our team's strong execution in a very dynamic global environment. The team's performance is driving tangible results in the form of accelerating SaaS ARR and improving profitability. Model N has truly hit an inflection point in our SaaS transition journey, but I still believe that the best is yet to come. Now let me turn the call over to John to discuss our Q3 financial results and provide an update on our guidance. John? Thank you, Jason, and good afternoon to everyone on the call today. As Jason noted, we delivered very strong third quarter results, exceeding all of our guidance metrics. Revenue upside was driven by both subscription and professional services, and adjusted EBITDA margin hit a new quarterly record at 17.9% in Q3. We've executed well during fiscal 2022, and our strong bookings performance continues to improve our outlook for the full year. I'll discuss this when we review our updated guidance later in the call. Turning to our financial results for the third quarter, total revenue grew 10% to $56.2 million, which exceeded the top end of our guidance. Subscription revenue increased by 10% to $40.6 million and also exceeded the upper end of our guidance range. We saw upside from professional services revenue, which grew by 11% year-over-year to $15.6 million. Looking at profitability for the third quarter, total non-GAAP gross profit was $34.6 million, equating to a gross margin of 62% versus 60% in Q3 last year. Non-GAAP subscription gross margin improved sequentially to 68% compared to 67% in the second quarter. Non-GAAP gross margin for professional services was very strong again in Q3, hitting 44% versus 41% a year ago, as this team continues to execute extremely well. Operating expenses for Q3 were lower than expected due to the timing of some hiring and other investments. As a result, adjusted EBITDA for the quarter was $10 million and well ahead of the high end of our guidance of $7.5 million. Adjusted EBITDA margin was 18% for Q3 versus 14% a year ago. Q3 marks the fifth consecutive quarter that our adjusted EBITDA margin has been back in the mid-teens. Finally, non-GAAP income was $8.5 million or $0.23 per share, which is well above the high end of our guidance of $0.16 per share. On the balance sheet, we ended the quarter with $184.5 million in cash and equivalents, which was up $14 million from the end of March on very strong cash collections. This solid performance brought our free cash flow for the trailing 12 months ended June 30th up to $26.5 million versus $15.6 million for the comparable period one year ago. Current deferred revenue of $54.1 million was down slightly on a year-over-year basis as increases in SaaS deferred revenue have been offset by declines in maintenance deferred revenue. Deferred revenue can fluctuate during the year depending on invoicing cycles, the timing of renewals, and other factors. As an indicator of our recent bookings performance and the future predictability of our business, we typically focus on RPO or remaining performance obligations. For Q3, our total RPO grew to $310.1 million, which was up 41% on a year-over-year basis, while the current portion of our RPO balance was up to $127.1 million, representing growth of 21% year-over-year. The key driver of our RPO results has been the transition to SaaS. About a year ago, we started providing more visibility on this part of our business as we've used SaaS ARR and SaaS net retention as key drivers of our long-term model. For the third quarter, we are very pleased to report that SaaS ARR hit $101.1 million as year-over-year growth accelerated to 24%. Going over the $100 million mark in SaaS ARR was an important milestone for the company, and the SaaS component represented 62% of our total subscription revenue in the quarter. SaaS net retention was also very strong in Q3, coming in at 123% and reflects the mission-critical nature of our software. Now let me turn to our guidance. For the fourth fiscal quarter, we expect total revenue to be in the range of $56 million-$56.5 million, with subscription revenue in the range of $41.5 million-$42 million. I would note that while the total revenue guidance is essentially the same as the implied guidance from our Q2 earnings call, the mix has shifted to higher subscription revenue and lower professional services revenue. Project backlog utilization and gross margins all remain very strong for our professional services business, but we are seeing more vacation time being used this quarter and therefore lower billable hours. In terms of adjusted EBITDA, we are expecting a range of $8 million-$8.5 million. For non-GAAP EPS, we are expecting a range of $0.18-$0.20 per share based on a fully diluted share count of approximately 37.4 million shares. For the full year of fiscal 2022, we are raising our guidance for the third time this year and now expect total revenue to be in the range of $217 million-$217.5 million, subscription revenue to be in the range of $158.4 million-$158.9 million. Adjusted EBITDA to be in the range of $31.9 million-$32.4 million, representing an adjusted EBITDA margin of 15%. Non-GAAP EPS to be in the range of $0.70-$0.72 per share based on a fully diluted share count of approximately 36.9 million shares. Looking ahead to next year, while we have not finished our fiscal 2023 planning cycle, we do expect certain trends in the business to continue. First, we are seeing an acceleration in SaaS ARR, particularly as large SaaS transitions continue to close, and we expect to generate SaaS ARR growth above our long-term target of 20% over the next year. Second, maintenance revenue has also started to decline more rapidly, which is the key inflection point that you often see in SaaS transitions. Netting these two trends together, we are comfortable with where the current analyst estimates are for subscription revenue next year in the $175 million-$180 million range. Finally, from a professional services perspective, we continue to see high demand for our team, but we would expect the growth rate to moderate to the high single digits after such a strong year in FY 2022. In summary, we are excited about the path that we are on and the tremendous progress that is being made this year towards becoming a true SaaS business. While the bookings performance and SaaS growth naturally capture the most attention, in my role, I was particularly pleased by our record profitability and strong cash flow generation during the quarter. The combination of 24% SaaS ARR growth and 18% adjusted EBITDA margin is the epitome of our profitable growth strategy and reflects the hard work and dedication of everyone here at Model N. Now, I'll turn the call over to the Operator for any questions. Operator? Thank you. At this time, we will be conducting our question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad. Confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. We have a first question from the line of Joe Meares with Truist Securities. Please go ahead. Great. Thanks so much for taking the question. This is Robert Dionne for Joe Meares. I'm just curious, how many states now have state price transparency regulations and how many are working on them? How should we think about the potential market size for state price transparency management? Thanks. Yeah. Thanks for the question, Robert. The current number of states that have enacted state-specific regulation is 22, and that number is up from the mid- to high teens last year throughout the course of this year. It is something that's becoming very pervasive and we believe it's entirely possible that all 50 states could have unique regulation over the next couple of years. It's a relatively new trend in the marketplace, something that we've been able to respond to very quickly with this new product that we co-developed with Pfizer. It is one of the fastest-growing areas of our pipeline at this point. It's a very interesting market opportunity for us. That's great. Appreciate it. Thanks, Robert. Thank you. We have next question from the line of Matthew VanVliet with BTIG. Please go ahead. Hi, this is Bill McNamara, subbing in for Matt Van Vliet. Question is, what were the key drivers to the significant improvement in SaaS net dollar retention? How sustainable is the higher level over the next several quarters? Yeah, Bill, I'll take that. Net dollar retention is a relatively new metric that we're disclosing publicly. We started disclosing it at the beginning of this fiscal year, and at that point, set a target to be, you know, in the 110-115 range. We have since reporting or setting that objective, we've been able to pretty consistently beat that every quarter. I think what's encouraging when I look at that number each quarter is it's not any one thing, any one product, for example, that's driving the higher net dollar retention. It's really about us being able to get back in front of our customers as a result of SaaS transitions and some of the new products that we've built and brought to market. We tell the Model N value prop, and that's been resonating very well. It's a very broad-based set of products and services that are driving that high net dollar retention number. This was a very strong quarter for us. Great. Thank you. Thank you. Thank you. We have next question from the line of Chad Bennett with Craig-Hallum. Please go ahead. Great. Thanks for taking my question. I mean, you effectively hit your exit rate for SaaS ARR quarter early, which is great. The acceleration of SaaS ARR and net expansion all look good. I just, you know, in terms of, you know, looking at, I appreciate the early look in the next year, but it just seems like, you know, we should think about at least a decent acceleration on the subscription line. I appreciate the maintenance dynamic, but, you know, if I'm roughly right, your SaaS business is now probably 5x your maintenance business and from an ARR standpoint. John, I know, you know, we wanna be conservative, but what are the buts, I guess, or what would be the throttles on, you know, a pretty decent subscription acceleration, you know, in the next few quarters? Yeah. I mean, I think if you look at the model today and what we've talked about so far, that subscription portion, the SaaS piece in particular, is about 62% of the business. We noted that for the Q3 number here. Yes, it is the, you know, majority of the subscription line, but it's not all of the subscription line. It is growing very nicely, and we're actually expecting to see an acceleration of that growth rate, and we do expect it to be above our 20% long-term target here over the next several quarters and really through next year. Offsetting that is a much more rapid decline on the maintenance side of things. You know, when we look at the balance of those two things and we look out to next year, we are expecting to see subscription growth overall as implied by the numbers we endorsed, but you still have a little bit of a cross-current in there. Got it. No, I appreciate the color. Then if we look at maybe another one for you, John. I mean, gross margins, especially subscription gross margin, look really good sequentially. I think it was almost up 200 basis points. How should we think about that going forward? Then also you noted that the record EBITDA margins. Just, you know, you've always been a very rational and balanced Model N from a revenue growth and EBITDA leverage business. How do we think about that going into next year? Thanks. Yeah, sure. No, great question. You know, first on the gross margin side of things and on subscription in particular, that will depend a little bit on the mix of business between our SaaS business and the business services component. The SaaS business has been growing relatively faster, and we do see opportunities to continue to expand that as we grow and as we continue to scale. On the EBITDA side of things, yes, this was a record quarter in Q3. You'll see that our guidance implies a little bit lower margin in Q4, but still rounding out at 15% for the year, which will be up on a year-over-year basis. I think as we think about the business and look at the different opportunities in front of us, we're always constantly weighing the opportunities for investment versus also dropping some down to the profitability side of things. I think you'll see us continue to do that kind of a balanced approach, particularly as we get a little bit deeper into our planning for next year. We'll start to make some of those trade-offs and make sure we're still investing for growth while also driving profitability. Got it. Thanks much. Nice job on the quarter, guys. Thanks. Thanks, Chad. Thank you. We have next question from the line of Joe Vruwink with Baird. Please go ahead. Oh, great. Hi, everyone. Maybe I'll start with a bit of a current events question. Jason, you know, you brought up how changing regulatory requirements, that typically is good for Model N. Anything in the provisions that passed Congress recently where you would say, you know, this definitely is gonna help us, or does it maybe just get folded into the broader idea that you need, you know, dedicated solutions in place when thinking about, you know, engaging with Medicare, Medicaid, or just having a better overall sense of your pricing strategy? That's a great question, Joe. So yeah, the Inflation Reduction Act that the Senate passed and sent over to the House over the weekend made for some great weekend reading for my team and me. The short answer is yes, it does help us and does help drive demand for our solutions. There were a couple of key provisions in that bill that affect our customers, manufacturers. The first of which is a new rebate scheme that will be implemented that calls for Medicare to get higher rebates for drug prices, drugs that are increasing at a rate faster than inflation, and then also gives Medicare the rights to negotiate directly with drug manufacturers on specific drugs. We are still trying to evaluate everything that was in the roughly 750-page section of the bill that covered healthcare. It does look like it's gonna require some changes to our product. By the way, you know, we're used to making these types of changes. We make them almost every year, and in some cases, quarterly. You know, this act is just the most recent example of how things in Washington continue to make the regulation more complex, and makes it more obvious our value proposition, and also makes it more important for customers to be current and be on our cloud release because that's where we're gonna implement these regulatory changes, first and foremost. Yeah, great question. Okay. That's all interesting. Then, you made kind of a passing comment along the lines that you're starting to think about maybe life after SaaS transitions. I'm just wondering, you know, what inning does this stand at? I think entering the year, maybe half of logos that were in the install base could still undertake this. You know, where does that stand? You may be reaching a point where, you know, SaaS transitions, it could be something you could talk about for a number of years, but in terms of consequence, given progress last year and this year, you're maybe, you know, capturing a lot of the dollar potential at this point. You know, to, I guess, round out the question, once this topic is done, what do you kind of look at or get excited about as sustaining as you've been bringing up the 20%+ growth in SaaS revenue? Yeah, I'll start with the last point of that question and then answer the first part. You know, I think it's very encouraging, you know, when we look at our bookings internally, and as we talked about externally, the majority of our bookings now are not coming from SaaS transitions or certainly didn't in Q3. It's from new products like State Price Transparency Management, 340B, Deal Management, Advanced Membership Management, Model N Pay, and our high-tech product. We're seeing really nice contributions from new products. As I've said, this last couple of years has been about getting back in front of customers and retelling the Model N story. As you've seen in our net dollar retention, that story's been resonating really well with customers. You know, again, we continue to see acceleration from non-SaaS transition bookings, and it's very broad-based. You know, at the beginning of the year, to your point, we did give an update and say we're kind of at roughly the halfway point on logos and revenue. We've obviously had a very strong year so far through three quarters signing new customers. We'll give a more specific update as we turn the year over to next fiscal. What I will say is that, again, we've made significant progress this year. We've got a little bit more than a year left before on-premise end of life. That deadline has certainly gotten customers' attention. As I've said, starting when we announced end of life, most customers are not gonna let a compliance system like this go unsupported. We think we have very good visibility into the remaining customers and a good handle on when they'll convert. I think when this chapter is complete, we'll look back and say we converted substantially all of our customers from on-prem to the cloud. That's great. Thank you very much. Thanks, Joe. Thank you. We have next question from the line of Ryan MacDonald with Needham. Please go ahead. Hi, thanks for taking my questions, and congrats on a great quarter. Jason, I'm curious. I was really impressed by the commentary that you made about sort of success with new logo adoption. You know, I think as we've looked at the story, we all understand that, you know, cross-selling back to the base and managing through the transition has really driven, you know, the majority of the revenue growth historically. I'm curious, when you think about the success on new logos, you know, what's perhaps been the catalyst that's really starting to unlock that opportunity there? You know, is it something just in terms of improved sales productivity, more talent coming in, or I'd be curious to get your thoughts on what the catalyst is really opening these new doors. Yeah, it's a great question, Ryan. Like a lot of companies during the pandemic, we made a conscious decision to focus a disproportionate amount of our resources on our customer base, where we had existing relationships, and we felt we'd face, you know, lower friction in selling during uncertain times. I think reflecting back on that, that has certainly been the case. Then you combine that with the fact that we have an end of life coming up. We have continued to have a disproportionate amount of resources dedicated to customer base selling. As we came into this year, though, we started to adjust that bias a bit to have more folks focusing on new logos, incremental people focusing on new logos. We're starting to see that pay off first and foremost. You know, our value prop in both verticals continues to resonate extremely well. Then as we've talked about in the past, life sciences is just a very durable vertical through the pandemic, through the times that we're in now. That continues. High-tech has also come back nicely after a couple of years of lack of investment. We've really seen that or cautious investment, I should say. We've really seen that vertical come back, and I think there's a little bit of pent-up demand there. Really all those things are coming together to drive some of the performance you're seeing on the new logo side. Excellent. Thanks for the additional color there. As you think about the high-tech vertical and sort of coming back to more normal seasonality, I guess as you look at what the pipeline looks like relative to last year, can you provide any color on sort of you know magnitude of growth in the pipeline of opportunities, what that mix looks like, sort of back to base versus new logos? Thanks. Yeah. It's a healthy mix, and I'll just give you a kind of the bigger picture on both verticals. Pipeline in both verticals has continued to build both base and new logo. I would characterize life sciences as being very healthy. We've been closing a lot of business this year, but have continued to build pipeline, even though we've been closing a lot of it. I would say high tech really started to stabilize and grow last year as we came into this year, and it's been a very stable trend throughout the year and also a nice mix of new logo and customer base. Thanks. Congrats again. Thanks, Ryan. Thank you. Again, to ask a question, please press star one on your telephone keypad. We have a next question from the line of Brian Peterson with Raymond James. Please go ahead. Hi, this is Johnathan McCary on for Brian. Thanks for taking the question. It'll just be one from us. Given that you're in a pretty strong position with a lot of your customers, how do you think about pricing as a growth lever in the near term, and maybe even longer term? Thanks. Yeah, we've been very successful as we've been modernizing our contracts with customers and moving them over to SaaS, doing a couple of different things. One is implementing an innovation index that allows us, as we move through the contract to renewal, to raise prices. We also have been pretty successful, implementing, inflation or CPI +, into our contracts as well. Obviously, the way inflation's been tracking, you know, that has resulted, excuse me, in some healthy price increases so far this year. I think, you know, you're seeing a case of a market leader, that provides a mission-critical product or solution to our customers, and that does give us some pricing control in the market for sure. Thanks. Thanks, Johnathan. Thank you. We have next question from the line of Joe Goodwin with JMP Securities. Please go ahead. Great. Thank you so much for taking my question. O n the maintenance portion, you know, of the subscription revenue, my apologies, if you did mention this earlier, I've been hopping around from a couple different calls. You know, you say it's accelerating in terms of its runoff out of the model. You know, how should we think about that? You know, can you give a little more color? Is that above that range, John, that you had shared, that kind of, you know, low- to mid-double digits, as we think about next year? Is it gonna be, you know, stepping up closer to 20%, rolling off at any sort of, you know, any color there would be great. Yeah, sure. Happy to, Joe. Yeah, just to, I guess reiterate some of the comments that we made before, you know, the maintenance had been declining in the, you know, mid to high single digit range last year. Then, as we turned the corner for this year, we started to expect a higher decline, and we thought that by Q2, we'd be in the, you know, mid-teens from a double-digit decline perspective. As we get into Q3 and as we look forward to next year, we're seeing that rate accelerate even further. I don't wanna get too specific yet, particularly as it pertains to next year, but we are expecting that to decline at a faster rate than what we've seen and become a little bit of a bigger offset to that SaaS ARR growth on the other side. Understood. Okay. Thank you for that. It sounds like, you know, on the Deloitte or the business services, excuse me, that's going well with the pre-revenue customers, but have you seen any softness there? You know, I know you called out people taking PTO, but is there any softness from some of these smaller kind of pre-revenue life sciences customers? We haven't seen softness. Wanna clarify. The John referenced in our professional services organization, we were seeing some higher vacations during the summer, and that's what's leading to the forecast that John articulated on professional services. Completely different from business services. On the business services front, no, we haven't seen any softness. In fact, there's still a very robust pipeline for new drug introduction, and that's actually the list of customers, or excuse me, of prospects that we target for that solution. No softness there. Got it. Okay. Thanks, Jason. Yeah. Thank you, Joe. Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session, and I'd like to turn the call back over to Jason Blessing, CEO, for closing remarks. Over to you, sir. Thank you, Operator. I'd once again like to thank all of our employees for their hard work and solid execution, which was clearly illustrated this quarter in our strong results and our guidance for the rest of the year. I'd also like to thank our customers for the trust they place in us, and we do really value your partnership with us. Thank you, everyone, for participating today, and have a great night. Thank you very much, sir. Ladies and gentlemen, this concludes today's conference. You may now disconnect your lines. Thank you for your participation.