Great. Well, good afternoon, everyone. My name is Craig Hettenbach. I cover the health care technology space at Morgan Stanley. Very pleased to have Model N and CFO John Ederer here. So welcome. Thank you very much. Model N is a SaaS company focused on life sciences and high-tech industries. Just before we get started, just for disclosures, you can find them at the morganstanley.com/researchdisclosures website. And with that, John, so again, welcome. I thought we could start with just kind of the current environment. And if I split between life sciences and high-tech, life sciences has been relatively stable. High-tech, maybe a little bit more volatile. But if you separate those two businesses, kind of what you're seeing today and maybe how you referenced six to nine months ago, how things have played out. Yeah. No, it's a good question. And it does vary a little bit depending on the end market that we're serving. And I think even within life sciences, there's some nuances there as well. So I think in a word, the demand environment for us has stabilized. And if I look back, actually just about a year ago, we saw a little bit of disruption, I think, from the Silicon Valley Bank debacle. And then we saw a bit of a tightness in the market. And even into the June quarter, we saw a little bit of tightness from a bookings standpoint. But as we started to emerge from that and get into September and even into December, we saw things stabilize in the overall market. And so for us, I think life sciences has always been very stable, very steady end market. On the high-tech side, it is a little different. We did see a little bit more pressure during the pandemic in particular. But coming out of the pandemic, we've seen a bit of a rebound in that side of the business and some relative strength there. Got it. Anything to consider when you think about this year, just swing factors for growth one way or the other, like what you're watching closely as this year plays out? Well, it's interesting. I think that for us, we're very focused on executing our game plan. But there's been quite a bit of talk more recently, probably in the last quarter or so, about the funding environment for earlier stage biopharma starting to come back. That was one thing that impacted a piece of our business last year. This was mostly on the business services side of our business. And so hearing that starting to come back, that could ultimately prove to be a tailwind for us. We'll see. I think that that's one part that's maybe newer in the last quarter or so. Gotcha. I wanted to touch on just the topic of the cloud transition for your customers, which is a very important business model transition. And I think there's a handful or so customers still remaining to transition over. So what does your visibility look like into that process? And also, how do we think this plays out through the year? Yeah. No, we're getting to the point where we're getting to the tail end of this. And so it's nice to finally see some light at the end of the tunnel. We've been at this for several years now. And at the end of September, so our fiscal year, we said that we were about 85% of the way through on the life sciences side. And we've been principally focused on getting those life sciences customers over to the cloud. We did have end of life in December of 2023 for on-premise support. And so we're actively engaged with the customers that remain. And so we do think that we'll get them across the line by the end of this fiscal year, September 2024. Got it. And when we think about these transitions, is there anything it's always easy to look back and you could have did this or that? Are there any learning experiences through it or how things kind of played out? Yeah. I think that by and large, it's been good. It's hard. It's hard work. And we can only control so much. Sometimes we're dependent on when the customer is ready to go and when they have their project team and their other IT priorities aligned and budgets aligned and everything else, because it is a big undertaking. I think if anything, we would have loved to have gone faster. But some of that is dictated to us. It's good that we're getting through now. As we get to the other side, life as a pure-play SaaS business gets a lot easier for us. We don't have to split time. We don't have to split focus between supporting on-premise customers and on-premise products. We get to focus exclusively on the cloud side. And that'll really start to benefit us in the support organization and the R&D organization. Got it. Any anecdotes with some of the companies or customers that moved early in terms of how it's helping them in terms of being on the cloud now? Anything you would share? Yeah. No, it's been by and large very good. We've got a lot of successful transitions under our belt now. Customers get the benefit of us maintaining the infrastructure and the platform, including all of the regulatory updates and things like that. There's no more upgrades for the customers. That was always a big issue. In the on-premise world, every few years, they'd have to go through a pretty major project to get onto the next version. So that doesn't have to occur anymore. There's a lot of benefit to the customer to be able to adopt not only kind of the core regulatory elements that we provide, but the new features and functionality. It's by and large been very good and been a positive experience for the customers. That's great. Maybe we can segue into just cross-sell and up-sell. And I think now you have customers on the platform. And the company has talked about the white space opportunity being around $280 million. And I think that's 4x kind of the cloud transition itself. And so one of the questions we get is just how to think about sizing that up. And so what are some of the key assumptions there that outline kind of that opportunity? Yeah. So we've actually done quite a bit of work on this internally. And so as you mentioned, we refer to this as our white space opportunity. And quite literally, what we've done is we've gone and looked at each and every customer, the products and services that they have today, and the products and services that they could buy from us in the future, including extending into new geographies and international markets. And so we've done that from a bottoms-up standpoint. We've tallied all of that up. And yes, it's in the hundreds of millions dollars. And it is a significantly bigger opportunity than that initial SaaS transition. And so for us, this again is like part of the eagerness to get through the transition and get onto the next leg of growth. Because in some ways and a lot of ways, a cloud transition is kind of like a very large new logo. Now that we've got them onto the cloud platform, that opens up all of the cross-selling activity and frankly, all of the innovation that we've been driving over the last five years. Got it. You touched on before, just from an organization standpoint, as you near the end, not having to have duplicative costs and support. Maybe we can touch on just kind of the energy inside the company as you kind of near this and you're focused more on driving growth and new logos and cross-sell. Can we touch on that? Yeah. Yeah. No, happy to. Yeah, I wasn't joking. I mean, we're starting to see some light at the end of the tunnel. And we've actually been preparing for this for several years. We knew that SaaS transition activity was going to be a finite piece of the business. And so we started to make investments in our new logo team from a sales standpoint. We've obviously been investing in new products. We've done the work around the white space to identify those cross-selling opportunities. And so the Model N of the not-too-distant future is a much more traditional land-and-expand kind of SaaS business. And so I think those of us internally are very much looking forward to that. The hardest place to be, in my opinion and I've done a few of these SaaS transitions with other companies, the hardest place to be is in the middle, where you're still supporting the legacy world, legacy products, legacy customers. But you're also trying to innovate and drive the whole business forward on the cloud side. And so kind of just getting through that last stage and being able to focus exclusively on the cloud, I think, will be welcome to everyone internally. That's great. We'll circle back in a little while to just kind of you have intermediate-term targets out there and tie this in. But perhaps before we get there, I wanted to talk about AI. And I know there's, of course, so much focus in the marketplace on that. But so many companies have done a lot of work before this buzz came about. And so if you can just touch on how you've used technology and AI into kind of current product set and how you're thinking about it on a multi-year basis in terms of the implications. Yeah. No, it's a good question and obviously a topic that comes up pretty regularly these days. I would say that this is something that's been embedded in our product roadmap for some time. So in fact, if you go back a couple of years ago and look at some of the Rainmaker presentations that are still on our website, so this is our customer conference every year, you'll hear our Chief Product Officer talking about machine learning and how we're starting to embed that into the workflows and into the product platform itself. And I think now we call machine learning AI. And so there's been an evolution, of course. And it's different. I get it. But I think some of the core elements are still there and very much a part of what we're doing from a roadmap perspective. If I step back, for us, we look at it slightly differently in that we look at the broader opportunity for us in data and analytics. So our cloud today, on the life sciences side, has a wealth of data. And we're getting down to the script level in terms of the transaction data that's in our system today. So being able to analyze that and surface that up to customers in the form of new products and services, we think, is an immense opportunity. So when we talk about AI, we really talk more about data and analytics. And right now, we're focused on developing products that are really more purpose-built. So when we talk about analytics, it's not the big, broad, but it's very specific and purpose-built. We've got a couple of things, Formulary Compliance and Syndicated Customer Master, that we'll be launching a little bit later this year. We've got some products today that I would put in the data and analytics category, things like State Price Transparency Management and Global Tender Management in Europe, are both systems solutions that ingest data from other sources and then help the customers with decision making. And so I think that there's a lot that we're doing around that broader theme of AI and really more specifically in data and analytics. That's great. So you have the kind of customer-facing insights you'll be able to provide for them. How about if we look at it internally from a productivity perspective or the things you're leveraging for technology? Yeah. I think there are some opportunities. The one that stands out the most is really on the support side. And so starting to automate some of those responses and things like that is one easier place to look. There are some things that our product team is doing from a development standpoint also to leverage that kind of technology. I would say on the G&A side, maybe some. We've been investing more recently more in, I would call it, more of the traditional business intelligence side of the world. But I think there is a longer-term opportunity to automate certain things, for sure. Got it. Maybe we can segue just to health care regulation. When we think about regulation, it could be a headache for some. It could be opportunity for others. And in this case, if we think about things like the Inflation Reduction Act coming into play, how does Model N help from a regulatory perspective? Yeah. Well, government regulation keeps us in business. And it keeps our customers very close. We've got very high retention rates as a result of that. I think it also helps, in a lot of ways, drive new customers to us. And so the fear of regulation and what might change and having to be responsible for all of that change opens up opportunities for discussions with us. And so we like regulation. And maybe we're the only ones. But we like regulation because, like I said, it keeps us in business. If I look at the Inflation Reduction Act, specifically there, I would say today it's been more about providing regulatory updates and maybe some incremental features and functionality. I wouldn't say there's been something that we have productized out of that yet. But that could still come. There are other examples, like State Price Transparency Management is something that came right out of regulation. So this was a case where, in the absence of federal regulation for once, the states actually enacted their own regulations around price transparency. And now with roughly half the states with some kind of regulation, this was becoming a bigger and bigger headache for our customers. And in fact, it was Pfizer that came to us and said, look, this is becoming a problem. We'd like to work on a product together. And we did. We went out and jointly developed our State Price Transparency Management product and launched it with Pfizer as the first customer. So there are examples where regulation turns into new products for us and things that we can actively sell. 340B is probably another one. That originally was a regulatory change that now has become a pretty major issue for the pharmaceutical industry in terms of the growth of that program and the amount of revenue now flowing through it. And so they are really actively trying to manage that and get a better handle on what's going through that program and making sure that it is, in fact, valid. Got it. You mentioned that collaboration with Pfizer. I always found that unique in terms of working with the customers because you can introduce products, and then you can sell them more broadly to the marketplace. How does that work from the partner? And what's in it for them versus in it for you, of course, to be able to leverage that technology? Yeah. Well, we've had, I think, very good engagement with customers for a long time now, and particularly on the life sciences side. If you kind of think about the dynamics here, we're now transitioning customers to the cloud. And by definition, they had to be kind of 5+ years old because that was the last time we sold perpetual software. And so they've been with us for a long time. And when they sign on to SaaS transitions, they're often signing long-term deals. I mean, it's not uncommon for these to be kind of 5± year deals. And so we have strong partnerships with customers as a result of that, their long-term relationships. And we work very actively with our customers. We have customer advisory board meetings several times a year on both the life sciences side and the high-tech side, where we share the details of our roadmap. We collaborate on areas for development. One of the more recent areas that we've gotten a lot of feedback from our customer advisory board is on data and analytics. And so some of the products that we will be launching later this year were born out of that process. They have development partners attached to them. And so it's a great way for us, I think, to build new products and make sure that we're building things that customers ultimately will want. And so getting that design input from them is really helpful. Great. Let's segue just to the international side of the business. And particularly, I know there's been some investments there. Kind of where does things stand today if you can size and scope? I know it's a smaller piece. But why is that an opportunity that you see from a growth driver perspective? Yeah. So I would say that we're well-staffed at this point. We've been careful in our investment in Europe in particular, which is where we've started. At one point in time, the company had quite a bit more resources there. And we really didn't have the right demands. We had a little bit of a mismatch between the investment and the demand. We've been more calculated and careful about our investment this time around. And we've been expanding as we see the opportunity. There are products that are specifically targeted at the European markets, so Global Pricing Management and Global Tender Management are a couple of products that we sell into that market. And we see good opportunity for new logos there. We also see opportunity to work kind of across the pond, if you will, in working with our customers in the United States that want to move into those markets. And so our products can help facilitate that. And so I think it's a good opportunity for us. I would put it in the category of our kind of broader expand opportunity. So when we look at the white space and the new products and services that we can sell, we also include the opportunity to go to new divisions or to new geographies. And so it's definitely wrapped into that strategy of expanding the customer base. Great. Let's talk about the high-tech business. It doesn't get as much attention. It's small in size and scope. It's 15% of the business. But if you can just touch on key drivers in that business, competitive position, if there's any compare and contrast. Yeah. So you're right. I mean, it is, I guess, a little bit of the classic 80/20 rule or, in our case, 85/15. Life sciences does get the majority of the focus and attention and discussion. But the high-tech business is a good business. And we've actually been well, let me put it this way. It's been growing at a comparable rate to the life sciences side. And so it's keeping pace. And if you look at that split of revenue, it's been 85/15 for the last several years. And so they're keeping pace. And there's still a lot of opportunity there. We had a couple of new logo wins in Q1 that were great to see. And when we've done our analysis internally, and we look at top 100 accounts in four different categories, there's quite a bit of running room in the semiconductor and high-tech manufacturing segments. And so we're concentrating in those areas. We're not trying to go too wide in high-tech. But we still think there's plenty of running room for us. Got it. One of those new logos you announced last quarter was Taiwan Semi. When I think about kind of the bluest of blue chips, a real leader in manufacturing and very important to the whole supply chain, what are some of the things that resonated with them in terms of bringing you on as a vendor? Yeah. I would say one of the primary areas where we get traction on the high-tech side is really with our Channel Data Management product. That was the case with Taiwan Semi. So if you think about the complexity on the life sciences side and all the different distribution partners and agreements and contractual obligations and the chargebacks and the rebates and that kind of spaghetti mess that we deal with, we have a similar situation on the high-tech side, particularly when you start to get into businesses with complex channel sales. You'll have different contractual relationships. You'll have different volume thresholds that will determine pricing. The more partners that you add into the mix, the more complexity you get. That's where our system, again, comes in to support the customer. And so that's a great example of a customer that's going to use our Channel Data Management to help tame that process. Got it. And how do we think about just having a customer like that? And of course, there's many others that you work with just from a reference point perspective in how you think about kind of new logo growth and high-tech versus cross-sell, upsell? Yeah. Well, there's opportunity for both. I mean, we've applied the white space to all customers, including the high-tech. And so there's certainly opportunity for cross-sell and upsell. There's also, in the more pure upsell category, where we see growth in some of these semiconductor names, as they get bigger, the subscription fees increase. And so there's opportunity just as they grow and expand their own businesses for us to expand as well. Yeah. I wanted to touch on that point because I think about the business model. We think about inflation, whether it's higher chip prices in recent years or drug pricing. Can you touch on that in terms of just the mechanics and how you capture? Yeah. So for us, pricing kind of comes down to two vectors, really. So first is just the feature functionality, which products and modules are you selling? The second is a volume component to it. And so for us, seats aren't really the relevant metric in terms of how people use our software. So what we try to do is look at revenue as a proxy for what, ultimately, the transaction volume is going to be through our system and then charge accordingly. So we think about it in terms of revenue under management. And so oftentimes, with a new deal, we will set a floor. So there's kind of a baseline subscription. And then there's revenue or transaction bands that are embedded in the contract. And so as a customer moves up in revenue or transactions, we adjust the subscription price accordingly. Got it. I wanted to touch on just the stickiness of the platform. I think your retention rates are kind of low- to mid-90%s, which is up there. Yeah. Maybe even a little better than that now. Yeah. Hey, go ahead. High 90%s? But really good. I mean, when I think about kind of premier software names and franchises. So walk us through kind of not only just getting customers on the platform, but just your success in terms of keeping them. Yeah. So particularly on the life sciences side, if you look at the core value proposition, it's really a two-pronged value prop. So first and foremost, we're helping customers generate additional revenue. And we call it revenue leakage. But when we look at the administration of their contracts and distribution partners, on average, we can save them 3%-5% in terms of leakage. And if you think about a $1 billion revenue stream, and we're saving you 5%, that becomes very meaningful. So there's a tremendous amount of value that we add just in the core of revenue management. But then there's a secondary piece of it, which is the compliance angle. And so we are typically the compliance system of record for all of the regulatory filings and other things that need to be done. And so when you start to think about we're generating additional revenue and, in some cases, literally keeping customers out of jail, that's a very strong value proposition, and hence the retention rates that we see. Gotcha. And as we think about the current product portfolio and kind of roadmap, we touched on potential for Inflation Reduction Act. I know 340B is a popular product today. How do you think about the cadence of new product development and adding to your overall portfolio? Yeah. I think that I'll give you a few answers. I mean, on the one hand, I think we're kind of geared to always want more and more and more. But I think from a customer perspective, there's perhaps a limit to what they will adopt each year. And so a cadence of releasing twice a year is probably about the right pace, I think, for new product adoption from a customer. They will often have multi-year roadmaps in place with us. And so there'll be an expected cadence, which is maybe going to be one to two products a year. Gotcha. All right. I want to wrap the services business into it because when I think about services, it's certainly not as glamorous piece. But I think for Model N, there's a little bit more of a technical bent to it in terms of what you're doing and helping with customers. You mentioned early-stage biotech before. But can you go into just that services piece, how important it is to your overall franchise? Yeah. So our services business and the professional services in particular, the implementation team, is unique in software. And I do think a lot of it has to do with the domain expertise that we bring. And so our team understands the complexity of the market as well as the customer. And so that gives us a big leg up when it comes to booking business and ultimately delivering. And so if you look at our professional services business, we've enjoyed, I would say, extraordinarily high gross margins. We've had quarters recently that are north of 40%, which I've not seen, actually, in my career. I've seen some companies get up to maybe 30%, maybe 35%. I don't think I've seen 40%. And so that kind of goes to, I guess, a little bit of the pricing power that we have in the market. But that domain expertise, I think, is a real value-added piece of what we do. And so now we've also benefited from SaaS transition activity. Those are big projects that drove a lot of our growth in professional services over the last couple of years. It's made it harder to drive growth this year. And so in our guidance, it reflects that reality of expecting that to be more flat year over year this year. But we still see very strong demand. We've got good project backlog for that group. And I think, ultimately, that's a business that probably evolves over time. And so you think about kind of our core asset of understanding the market and that domain expertise, I do think there's an opportunity to offer higher-end value-added consulting services as we move forward. Got it. I wanted to touch on just the business model because there's some noise where you have the cloud transition. You have some maintenance rolling off. And so I think two quarters ago, you introduced intermediate-term targets in terms of 10%, 15% subscription growth, 23%-26% EBITDA margin. So how do we get there in terms of the next number of years? And what should we be watching for? Yeah. No, it's a good question. Just a little bit of context in terms of the mid-term targets, when we launched our guidance for this current fiscal year, we had some challenges this year. We've talked about that. We talked about some of the headwinds, one being the year-over-year comparisons on the SaaS business that we had accelerated growth last year due to SaaS transition activity, a little bit tougher comparison this year. We had a little bit of macro impact on some of the subscription services last year that we're seeing reflected in our model this year. So we talked openly about those things. Then the third piece is that we still have a big piece of maintenance that's coming out of the model. That was down maintenance and term license line was down 35% last year. We talked about that being potentially down another 50% this year. So we had some headwinds this year. That was reflected in the ultimate guidance that we provided. What we wanted to do with those mid-term targets was try to give Wall Street a view for what does this business look like once we get through the final stages of this transition? We don't have the maintenance coming out anymore. We're kind of more steady state, if you will, in the SaaS business and the subscription services. In that scenario, we think that SaaS can grow 15%-20%. We think the subscription services probably a little bit lower growth, but mid-single digit growth. Then the maintenance piece is at zero. When you run the math on that, the net result is that you get yourself back to double-digit total subscription growth in the 10%-15% range. So again, what we were trying to do is help provide the street with a little bit of color in terms of how we see the business evolving and what we believe it will look like once we're through the final stages of this transition. Got it. Despite, like you said, some tough comps, as we think about this year, your profitability has been better than expected. I know investors want to see both, right, plus return to growth. But let's touch on the profitability side because I view it as some early stages of signs that the model transition is starting to take hold. Can you just talk about what's led to some of that upside and just how you'll continue to expand margins next year? Yeah. No, it's a good question. And so I would say a few things. One, it sounds almost silly to say this, but we remain dedicated to it. And so you've probably heard us talk about profitable growth, profitable growth. We probably say that on every conference call. But we believe in it. And so when we set our budget plans for the year, we look at what we expect to grow revenue. And we expect to grow operating expenses a little bit less than that. And so we're dedicated to continued margin improvement. Even in a year like this, where we've got some tough comps, we still want to be able to deliver value to investors. And we can do that in the form of profit improvement and strong free cash flow. From a business model standpoint, there are really opportunities up and down the P&L. And I won't go into all the detail. But starting at the cost of revenue line, there are things that we are working on to drive incremental improvement in our SaaS gross margin. There are things that we're doing to drive better profitability on our subscription service offerings. And so we believe we can drive the total subscription gross margin higher over time. And then on the operating side, the areas where we see the most opportunity for leverage are really in G&A and R&D. And so when we do our longer-term modeling and planning, we generally anticipate to continue to make investments in sales and marketing and sales capacity in particular to drive higher bookings numbers. But where we get some benefits in the model transition is really on the R&D and, to some extent, the support line. Whereas we retire legacy products, and we don't have to spend time and resources on those anymore, we get to shift those resources and attention to new product innovation. And so for somebody on the outside looking in, the easiest place to see this is probably in the R&D line. So if you look at our R&D line over the last couple of years, while we've still been spending incrementally more dollars, it's been going down as a% of revenue. And we're still able to fund the things that we're doing in data and analytics because we're starting to transition resources from working on legacy to working on new product innovation. Excellent. Well, I have a few more to get through. If there are any questions, you can raise your hand. We can get a mic to you. As we wait for that, when I think about just the risk side of things, we started off with the macro, and things are stable. What are some things you're keeping an eye on in terms of risk factors? Yeah. You know, there's probably a couple of things. So first, on the top line side of things, I think that we've done great work internally to focus the team. On the new logo side, we've identified top 100 targets in four different categories. And so we've got the team laser-focused on those opportunities first, on the cross-sell, upsell opportunity. We've talked about the white space. And so we've done that analytic work to identify the opportunities and get the sales team focused in the right area. And so I guess from my standpoint and from a planning standpoint, I want to make sure that we continue to have proper sales capacity. And so we made those and started making investments last year. We need to be thinking longer-term in terms of how do we ultimately get to higher and higher bookings numbers, make sure we have the right capacity to go after those opportunities that we've seen. So I think that's the one on the top line side of things. On the expense side of things, it's a little bit what we've already talked about. But it's making sure that we get through the final stages of this transition and actually capture the leverage that we believe is inherent in making that transition. So I think we're doing a good job on that on both the support organization and the R&D organization. We just need to make sure that we continue to execute there. Got it. Well, as we wrap up, I do want to bring in kind of investor feedback or sentiment into the mix. And so when you're at conferences like this and meeting with investors, maybe it's some of the things you just touched on. But what are some of the key metrics that they're saying, ok, they really want to see you kind of execute on? Yeah. You know, it's interesting. I mean, look, we are admittedly a complicated story. I think most transition stories probably fall into that category. And so we've talked about a lot of the moving parts on the subscription line today. And so for investors, taking an outside-in view, you have to invest a certain amount of time and work, I think, to really understand the different dynamics of the story. And so I think that's one of the challenges for us right now. I think when I step back and look at where I could call it the sentiment today, I think there's kind of two camps. So as we're ending the SaaS transition period of our journey here, some folks are on board with the strategy that we've laid out and the opportunity that we see to go after new logos and that cross-sell, upsell opportunity. Some people are still waiting for more proof points. And so I think that that's the ultimate question out there is, what does this company look like in the post-SaaS transition world? And we've tried to lay it out that we look much more like a traditional SaaS business, a land-and-expand selling motion, where there's great opportunity still for new logos. And there's still a lot of cross-sell and upsell activity in front of us. We need to ultimately go out and prove that. Got it. Great. Well, I'll sneak one last one in here. And it was a new logo you announced last quarter, and particularly versus a larger software company that doesn't perhaps have as much domain expertise, which is a big part of, I think, some of your success. So can you just touch on that and the importance of maybe we just broaden it to a competitive landscape, how you think Model N is positioned today and, importantly, going forward? Yeah. Yeah. So I think we are unique in the market, particularly on the life sciences side. On the high-tech side, there's maybe a little bit more competition. But a lot of it is, frankly, in adjacencies to what we do. On the life sciences side, I do think we are unique. There's not another company out there that looks exactly like we do in terms of being able to deliver both software as well as the complementary subscription services, the outsourcing model. And so when we see competitors and actually, I'll use Bayer, which was a new logo win in Q1 as an example. That was a top 20 pharma company that was still trying to largely cobble it together on their own. So they were leveraging their ERP, which was SAP. They had some internally developed software. They also had just some manual processes to be able to do this. And so as part of a broader digital transformation on their part, they came to us. And so now, we're going to be that revenue management engine for them. And frankly, when it came down to the competitive side of it, the choice was either to try and continue doing what they were doing. Or if they wanted a software solution, it was to come to us. There are some other competitors that will offer services, more outsourcing-type models. But there's not another software company at our scale doing exactly what we do. Got it. Yeah. No, we've heard similar in terms of the marketplace. So it's nice to see that confirmed. So great. Well, John, thanks so much for the discussion today. We really appreciate your time. Absolutely. Thanks for having us. Great. Thanks.