Thanks everybody for joining us this afternoon. I'm Steve Enders, part of the Software Research team, and with us for the next session at the Citi Global Technology Conference, we have Bill Koefoed, CFO of OneStream. Bill, thank you so much for being here today. Thank you for including me. As we discussed before, this is our first as a new public company, and excited to be here as part of your conference. Yeah, glad that we could, glad we could host the first one out the gate. So, maybe we just start there. I mean, you recently went public six weeks ago, maybe more than that, two months ago? Time runs together at this point. Maybe you can just run through the high-level founding story and where OneStream has come from. Yeah, so, you know, we are really excited. You know, becoming a public company was, was definitely a part of our journey. But a little bit back on the founding of the company, there was a predecessor company that Tom, and Craig Colby, another one of our Co-Founders, had started. Their experience was in finance, but obviously, Tom also had a computer science background, and while they were in finance and, you know, in the Detroit area, they realized that there was a gap between ERP systems and at the time, kind of Hyperion or CPM systems that were kind of the precursor to, you know, to OneStream. And so they built a company called UpStream, and the thesis of it was you're taking data up from an ERP system and pushing it into Hyperion at the time, and it ended up being a huge driver of success for Hyperion. I would say, you know, over time, as that success permeated itself, Hyperion ended up acquiring UpStream in kind of 2005 time. The interesting thing is, I think they had, like, 60 employees at the time that they were acquired, and 55 of those employees work for us today. Wow. So after Oracle bought Hyperion in 2007, you know, the founders left. I think they were expecting that there was gonna be, you know, some investment into the Hyperion portfolio, and when there wasn't, I think they came back, or they did come back with the thesis that, like, "We want to build a born-in-the-cloud, single-platform, infinitely extensible, software company," and so they did that. They call that, they called that OneStream, and they spent over a year building the software, but then they spent a year implementing it at their first customer, which was Federal-Mogul, and it was a, you know, multi-billion-dollar public company, complicated. And so when your first company is, like, a very complicated implementation, you learn a lot. And so then the next year, they had five customers, and today we have nearly 1,500. Just one more thing along the journey. They initially never took money from outside investors. They built this company with, you know, with customer success. They realized that, and so it was basically selling perpetual licenses, kind of cash up front. In 2018, they realized that they needed to, you know, change to a SaaS model. That created some investment that changed the economics on cash flow, and so KKR invested around $500 million in 2019, and they've been a fantastic partner and been an integral part of the journey to where we are today. Okay. No, that's great context, great background, and I guess that maybe leads us to the next phase of the journey. You're public now. And I think one of the questions we get is, why is now the right time for OneStream to go public? What does being a public company provide to OneStream? Yeah. I mean, I think, you know, as I think for every company, I think being, you know, being a public company is obviously important for a variety of different things. One is it gives you a lot of credibility with customers. And while we've been, you know, we've been successful, and we've been moving through that, you know, not having to put the CFO on the call to talk about, you know, financials with customers, will be a time saver for me. I didn't have to do that many over the last, over the last couple of years, but... And certainly, when KKR invested, that helped, but didn't entirely solve that. It provides liquidity to our employees, for sure. It also brings others, you know, into our success, other investors, and some of y'all are here, so thank you for that. And then also brings some additional awareness, and as we talked about during our roadshow, we've done some external data analysis and, you know, it's a small fraction of CFOs that actually are aware of OneStream. And, you know, getting that awareness, you know, and it's not gonna. I had some people today that asked, like: What have we... You know, has that changed over the last five weeks? It's only been five weeks, so, you know, not a ton. But, you know, earnings calls, and media, and press, and being more visible is certainly a really important part for us. We do think that we have the best software. We do think that we have the best solution for customers, but you know, getting that message out to them is something that's really important for us. Okay. Yeah, that's that, that's great context, and yeah, it makes complete sense there. Maybe we can talk about just the macro situation right now. I think, you know, office of the CFO, the past couple of years has maybe been a little bit tough. Seems like it's maybe coming back a little bit, but would be great to just kind of get your view on what you're currently seeing in the market... and, you know, what's led to the resilience of the OneStream model compared to some of the other public selling into that space? Yeah, you know, Tom mentioned on the earnings call the other night, we see a quote, "normal," selling environment. It's, you know, 2021 was obviously fantastic. I think it was fantastic for a lot of, you know, kind of post-COVID for a lot of different companies. You know, 2022, when the Ukraine war started, you know, inflation obviously impacted, I think, macro, you know, ended up becoming, you know, tougher for sure. It started in Europe, and obviously then kind of moved to the U.S. You know, if you remember a year ago, there were, you know, auto companies were on strike, and so that impacted, you know, not just the major OEMs, but, you know, the whole supply chain. And so that made it tough, you know, last year. But in answer to the second part of your question, and so we're seeing that kind of more normalized this year. As I said before, but the second part of your question of, you know, the office of the CFO, you know, we've talked about this. I mean, there hasn't been... It's a little bit of the cobbler's child. There hasn't been investment in the office of the CFO really in twenty years. I mean, people are still using software for a company that was acquired twenty years ago and still on-prem, still legacy software, and so we are starting to see, you know, and I think this is gonna be a multi-year journey, but we're starting to see CFOs invest in their own software. We're seeing finance transformation. We're seeing people realize that there's a better solution to, you know, twenty-year-old legacy software, and I think we've been a beneficiary of that. No, that's great to hear. Maybe as we think about maybe back to the original question at the start of this, but you know, Bob and Craig and Tom. Tom Have built, you know, a pretty incredible company so far and come from that historical kind of Hyperion base, I guess. What were kind of the learnings from that first iteration that they're now applying to OneStream to make a better software platform that works for CFOs today? Yeah, it's Tom. Or sorry, for those of you who don't know, you know, Bob Powers was the architect of HFM, which is Hyperion Financial Management, which is the most pervasive, has the highest share of the legacy software. I mean, our analysis, and I used an outside consulting firm to do this, our analysis is there's somewhere around 15-16 thousand companies that are still using Hyperion. There's another, you know, several thousand that are using what was Business Objects, and Business Objects was a couple different companies that they had acquired. IBM obviously had, you know, Cognos and TM1 that is still being used. And then there, you know, there's some other legacy, but, you know, but when Bob built HFM, what he did, and then Tom's product, when they were acquired, then Tom's product was separate, and they were kinda stitched together, and this whole concept of having a single data model, a single security model. Again, as I mentioned, born in the cloud, we ended up choosing Microsoft as the hyperscaler that we would use for, you know, not only our cloud software, but obviously, you know, SQL and Windows Server at the time. And so we architected our whole software environment around that single platform, and again, that being on Azure. One of the things that, it was a big bet back at the time, but one of the things that Microsoft actually provides for us is, you know, this is the book of record for our customer. We're single tenant. We're single tenant because our customers require that, because, like I mentioned, we are the book of record for them. Microsoft, because of Azure capabilities, they actually back up, I think it's, like, three times a minute. So if you have an issue or if it goes down, then they can bring you up quickly, and it's not like you're gonna lose a whole day's worth of data. So those things are all really important to us, as we build. Again, that we wanna be that gold standard for the office of the CFO, and we think we've really built that platform and that environment to do so. Okay. I guess maybe this is a good time to ask about, you know, CrowdStrike outage hitting Microsoft and others. I guess, any impact from that, or do you see anything there? We don't use, we're not a customer of CrowdStrike's. We didn't see any impact from that. You know, that being said, I, you know, I think it's a good test for, like, you know, making sure that you're ready for that type of a situation, whether you use that software or you use any software, and so certainly, we've, you know, we, we've paid attention to it. Our team has done some, you know, we call it could it happen here models, to make sure, and what would happen if it did, if a situation like that happened, and how would we be prepared? Because, again, our customers require that. Okay. Makes sense. I do want to ask about, I think you already talked a little bit about the platform and what you all did differently this time around. I guess, how does that kind of manifest itself in the competitive landscape, and what are kind of the real differentiators versus maybe what, you know, Hyperion and, you know, Oracle now trying to move that to the cloud, is doing, and how do you kind of differentiate versus them or others in the market? Yeah. So I mentioned, I mean, we're the only company that has a single, you know, closed consolidation, planning, reporting, and analysis, single data model, single security. You know, platform as I mentioned, as you mentioned, and as I mentioned. The other thing that really differentiates us is that, we have a Solution Exchange, and so people can write software on our software. And that makes us infinitely extensible, so we have a number of applications. You know, we use the iPhone as a bit of an analogy. But, you know, writing software on your software with single security, with single data, just allows you to have a more secure and a more extensible infrastructure. You know, we didn't have account recs and Transaction Matching as part of our initial product back when Tom architected. But as we found and we learned more, you know, we built the applications in the MarketPlace so that customers can go use, you know, Account Reconciliations and Transaction Matching and go compete with some other public companies. I don't know if you follow them or not, but and, you know, and have some success there and increase our footprint and increase the number of seats. But we're also extending. You know, we talked about actually, our machine learning capability is actually a MarketPlace application. We announced at Splash a Sales Performance Management application that's seeing a lot of customer demand right now. And so the monetization and the continued extensibility of our platform again, like, you know, who knows, who knew that you'd be turning your sprinklers on with your iPhone back when they started it? And the more customers that we get, we're finding the more people want to build on our platform 'cause it's a bigger ecosystem that they'll be able to monetize. So we're really excited about that. Okay, I want to ask about the AI stuff, but before doing that, you have talked about this platform that you have and the number of partners that you build applications on OneStream. How do you think about, as a company, would it make sense for OneStream to build and the use cases that make sense for you to own versus leveraging the, you know, development platform or the partners to help build out there? Yeah, I'd say, there is, there's kind of not one size fits all. You know, again, we have some first party that, that we built, as I mentioned. Partners, you know, part of the, and part of the reason why we opened it up initially, not that dissimilar to when Apple actually did it, was partners came to us and said: "Look, we built this application, and we built it for, you know, a specific customer, but we think this is more relevant to other customers, and so we'd love to put that in the store so that we could be able to monetize that." And that was candidly like the first wave of our external Solutions Exchange, partners. We do have, you know, over 250 partners at this point, and certainly we'll see more of the partners that are developing on it. But as I mentioned earlier, the thing that's, like, the most exciting for us is, you know, as I mentioned, the sales performance management. This is a third-party ISV that is basically building their whole company on OneStream. And, you know, and in terms of building out the ecosystem, finding more ISVs, one of the nice thing, back to the visibility of being public is, you know, I've had a lot of outreach. You know, unfortunately, our corp dev person ended up taking another job within the organization, so I'm the kind of de facto corp dev guy right now. But there's a lot of people who are reaching out, saying either that they, you know, that they're interested in being on the platform, or they're interested in us acquiring them to be on the platform. We, you know, we do need that to be on our platform as opposed to something that would be outside our platform. But, but there's a huge amount of, basically infinite opportunity for people to be able to develop on that. And we're gonna continue to work hard to build out that ecosystem 'cause, you know, as you know, I know you know this, but ecosystems win, so, it's really important for us. Yeah, definitely important to enable the developers and create that community. I do want to make this interactive, so if there are questions in the audience, I want to make sure that we can get to those, but I do want to ask on the AI side now. I think, you know, being at Splash earlier this year and talking to customers, I think a lot of interest in Sensible ML and what you're doing there. Can you maybe just talk about, you know, the strategy with that kind of broader AI portfolio and maybe how is Sensible ML different than maybe some of the other AI use cases that I'm sure everyone hears about? Yeah, so let me start with a bit of history on, on ML. You know, Tom and the team started investing in ML back, you know, in 2016, 2017, so a while ago. You know, there's, you know, the quantitative side, this is my, these are my words. The quantitative side of AI is really machine learning, and so there's some really great. You know, we're obviously a financial statement, as I mentioned, book of record, so having numbers, having quantitative opportunities to improve the business was, you know, spot on on that. Tom started investing back in 2016, 2017. We started creating a product. It kind of wasn't what we wanted. We continued to evolve and, and ultimately built, decided to build our own. We kind of looked externally, is there something at one of the hyperscalers or one of the other companies that advertises their, you know, kind of AI and machine learning capabilities? And decided it wasn't really appropriate for us. So we invested in our own engine. We came out, we started, you know, private previews with Sensible Machine Learning, back a couple years ago. Again, similar to what we did when we started the company, we, you know, we started one customer at a time. And initially, customers wanted, we call these proof of values, but they basically wanted to prove it before they bought it. Mm-hmm. And so that was what we were doing pretty consistently for, like, the last, you know, the last couple years, and we were kind of winning one customer at a time. This last year has really been a pretty pivotal year for us. Our customers are seeing, you know, double-digit improvement in their demand forecast. We've got case studies for these, you know, on our website. But when you're talking customers that are, like, billions of dollars of revenue, and they're being able to improve their demand forecast, you know, double digits, in some cases more than 20%, in some cases, you know, more than 10% or in the 15% range, this is, like, a real, a massive ROI. Mm-hmm. And for particularly for the price that we're charging for the software and the benefits that they're receiving, you know, has shown massive benefits. And so now we're seeing customers. We're seeing a couple things. One is customers are just saying: "Hey, look, you have enough success stories in this business that we're..." You know, and in the roadshow, we showed a case study where a customer had bought, call it $1 million of our core software, and then they bought machine learning, which is $1.9 million, so 2X what the original price was. But you know, showing huge ROI. So our initial use case is really around demand forecasting. We think that there's you know, that there's a huge opportunity there. But you'll continue to see us invest in other capabilities around large language models. You know, Tom has this. You know, calls it kind of generative or, sorry, sensible AI, which machine learning is part of that. But you'll continue to see us invest in AI and some of the AI capabilities that we think, again, behind our firewall, with, you know, with, again, with that book of record, can be pretty compelling, and you'll continue. We talked about it a little bit at Splash, but you'll continue to see us invest in, and hopefully add more value for our customers. Okay. Now that's great to hear. I mean, I know you already have some customers up and running on this, but maybe how should we think about, you know, the further potential for that portfolio? How do you view, like, the pipeline and the monetization potential of that? I mean, so for those of you who haven't attended our user conference, I give a little bit of a commercial for our user conference. Our user conference isn't OneStream standing up there and talking about our products. Our user conference is really customers at our conference, and we had more than 80 presentations at our conference last May, talking about how they're using OneStream. Mm-hmm. And so we had three different customers talking about their use of machine learning. You know, talking about whether they're using it for their demand forecasting, it's really to help them do labor, whether it's a large retailer, whether or not it's, you know, a another manufacturing company, and we've had. We had some customers talk about it back in 2023 as well. You know, Poor Jack, who's one of our leaders on the Data Science team, and I flew on the same plane home, and I said, "Jack, you know, you did it. You know, you got through Splash, and he's like: "I have more than fifty, you know, customers that reached out to me that wanna see demos or see how this could be used at their company. So, you know, that was just a number of weeks ago, but there's a lot of interest in it. Like I said, the ROI is so compelling, and we're, you know, we think that there's, to your point, a good path forward on this one. Okay. No, that's good to hear. Maybe as we think about, like, further investments that you're making, I mean, CFO, you're controlling the purse strings here, so where do you see kind of the most opportunity, and where is OneStream kind of stepping on the gas at this point? Yeah, just to reiterate back on the AI and ML. I mean, that's clearly on the R&D side, an area that we are investing in. You know, we, when we acquired the Data Sense team, you know, we brought on, you know, I think 30, 30 engineers, and we've continued to build from there. I think that was done in May. Again, it, this is all disclosed. But we're continuing to build out that team and excited about it. I would just say one more thing about, about the AI. We just did a joint, a joint workshop that included Microsoft, Accenture, and OneStream, you know, in the Michigan area, and it was in a, you know, one of these, you know, even bigger than this room. And it was literally standing room only. People were so excited about- Wow! You know, and these are some of the biggest companies in America, arguably maybe one of the several most in terms of revenue. And they had, you know, teams of people that were there trying to learn how they could better utilize this and monetize it, so, you know, certainly lots of interest. Then the second area is really, as I mentioned before, you know, I think on the marketing side, we need to do more about building awareness. And I mentioned it on the earnings call the other night, and we're gonna continue to put more money on, really on the marketing side, and we'll grow sales headcount. We started to build an overlay sales team in machine learning, and we're gonna continue to invest more in that to take advantage of the, you know, real opportunity that we see. Okay, all right. That's great to hear. I do want to ask a little bit around kind of the core use cases that you support. You know, I think people kind of understand the consolidation part of it, but maybe you can just talk about, like, the broad portfolio, how you think about how those use cases kind of evolve over time and kind of where you see kind of the most opportunity today. Yeah, you know, the core, the opportunity in core is in and of itself pretty massive. I mean, we think that there's about 20,000 companies that are still using legacy software. And, you know, we're like 5% penetrated in that. You know, over what period of time do people transition off the legacy software? I don't know. But, you know, we had a nice win that we talked about on the earnings call with a large French bank that was migrating off of one of the legacy Business Objects platforms, and there's still a decent amount of that. We can, you know, we think this, as Tom said on the call, we think this is really a big lighthouse win there. In terms of the broadening that out, again, as I mentioned, the platform is close consolidation, planning, reporting, and analysis. So having that all in one area or under one platform is really important. Extending that out into other areas of operational planning is really, you know, one of the big areas that we're going. As I mentioned, you know, we do have the ISV that's built sales performance management. There's a huge ecosystem of sales performance management needs. You know, clearly there's some, you know, some of the formerly public software companies that have a big footprint there that we, you know, that again, they don't operate under the single platform like we do, but extending out there, I think there's some other opportunities. You know, certainly, I think supply chain planning has some opportunities. I think, you know, just building out operational planning, and our customers are doing it. This isn't something that, like, we're going into, well, we are kind of going into it 'cause we think there's monetization opportunities, but candidly, our customers are actually pulling us in that direction, and so we're trying to take advantage of the biggest opportunities, and we'll continue to innovate there for sure. Okay. You've mentioned the legacy opportunity here. You know, I think we've seen a shift of end of life from Hyperion in the past few years. I think SAP is kind of coming down the pipeline here in the back half of the decade. When you're seeing that kind of dynamic happen, you know, are those the typical reasons that customers tend to come over to OneStream, or is there tend to be like a certain catalyst that leads to people saying, like, "Hey, I need to change my systems and move over to OneStream? I mean, as I mentioned earlier, you know, I think finance transformation is something that is... Again, just to pause for a second. So, like, there's been a lot of investment over the last 20 years. There's sales force automation. Obviously, there's a- Yeah H uge company that's benefited from Salesforce automation. There's been HR automation, you know, and a huge company that has benefited from that, and some like, you know, continued investment. And then obviously on the IT side, there's been, you know, an incredible amount of innovation around building a single platform for the office of the CIO. You know, there hasn't-- there's been a bunch of point solutions around the office of the CFO. Again, there's a bunch of legacy tools, but, you know, within any organization, you know, finance is a big cost center. But CFOs are being asked to do more, not just to report the numbers. Like, I'm a CPA, but the days of somebody just, you know, being a CPA and looking backwards at the historical financials, those days are over. You know, CFOs are having to not just report the historical numbers accurately, but they're having to help a CEO look around corners. Mm. And you can't do that using legacy tools. You can't do that using, you know, kind of finance people that are just trying to, you know, work until two in the morning to get their numbers out. And candidly, no, you know, we, as you know, we have a talent shortage in accountants because, you know, people don't want to use crappy tools, and they don't wanna, you know, be non-value-added. And so I think that OneStream can, you know, they can bring modern tools. They help the CFO be more strategic, and I think that, you know, they can create leverage within the finance organization, so you can get more done with less. That makes sense. I'm gonna pause there. I think we've got about ten minutes left and see if there's some questions in the room here. All right, so maybe we shift gears a little bit, just in terms of the broader competitive landscape and kind of like where things sit today. You know, I guess, how are you kind of viewing, you know, win rates and maybe how those have trended, and how are you kind of viewing where the opportunities are coming from today? Yeah, I'd say a couple things. One is, the brand awareness is helping us for sure get more at bats. Mm-hmm. Again, early innings there. Our win rates remain, you know, really quite good. I know that you and a number of the research analysts, as you were, you know, launching your reports, did some checks with customers and, and, you know, channel partners and the like. And I think, you know, one of the things we're really excited about is our 98% gross retention. Our customers, you know, really... And it's not 98% retention just because, you know, it's hard to rip out. It's 98% retention 'cause our customers actually really do love our product, and I think that really came through, you know, with our investors and research analysts, and I think that's actually unique. I had one investor that invested in our company three years ago say they've never seen customers love financial products or financial software, and that did really come through. In terms of a really big opportunity, you know, and Tom talked about it on the call the other night, but CPM Express, I think we've been really, you know, we've been really successful at the enterprise. As I mentioned, our first customer was a multi-billion dollar public- Mm-hmm M anufacturing company. But in the mid-market, we've been, you know, I think our software price-wise has been competitive, but we wanna make it easier by using best practices and by using, you know, more streamlined implementation processes to help make the implementation be more competitive. So that mid-market customers can get the same value out of OneStream that our enterprise customers can, and have the implementation be competitive. So CPM Express is one of the things that we, you know, that we've been investing in, and would really help us to extend the number of customers that we can leverage. And, you know, it'll be at a lower, you know, average selling, you know, average deal price than certainly it would be in the enterprise. But, you know, mid-market customers could really benefit from our software, and then transparently, as they grow, they're gonna, you know, they're not gonna have to switch out from, you know, some, you know, kinda cheaper, inferior product and grow with our product with OneStream. So we're definitely investing in that. Okay. I guess with this coming out, does this maybe change some of the growth equation that we should be thinking about for what OneStream looks like moving forward? Like, does the expansion opportunity or maybe the net new change a little bit with this? What I would say is the way that as we've talked about, our average ARR per new customer has been growing over the past, you know, couple of years. What it could do, I think that'll continue to be. You know, we have over 80 customers now that are paying us over $1 million of ARR. I think as we talked about, when I started, it was zero, so we've had a lot of good momentum on that space. But I think, you know, averages are always deceiving. Yeah. And so what I would point out to you is, I think we'll still see, you know, growth in the enterprise part of our business, but, you know, the average, as I mentioned earlier, ARR per new customer on the commercial side will be, you know, significantly less than that. And I think we're just gonna have to work with you guys to parse out the kind of how big is our enterprise business growing and how big is our commercial business growing, but we both think they have lots of opportunity. Okay. I guess maybe said a little bit differently, like, you think about the customer journey and what tends to happen, what does that maybe look like? How do you think about what that means for net retention and expansion, and is there kind of like a typical path that you see for when, you know, when incremental dollars begin to come in and the use cases that maybe come in with it? Yeah. I mean, just, you know, just one stat, and again, we'll see how this plays out on the mid-market side, but our, you know, kind of again, our average customer spends 1.5X the original amount of what they had spent on our software after three years. Mm-hmm. So, you know, again, it tends to take them a little bit of time to implement the software and use the software, but then they've kind of expanded out beyond that. But, I mean, in terms of expansion business, you know, we launched 12 new products at Splash. We've got lots of innovation coming, whether it's machine learning or whether it's SPM or whether it's Power BI connectors, whether it's better user experience, whether it's other solutions that we have on the Solutions Exchange. So our way to expand, whether you're a mid-market customer or whether you're a enterprise customer, is continue to drive innovation, continue to drive operational planning scenarios, continue to drive, you know, machine learning that has, you know, a really good ROI, as I mentioned, and I think that's gonna... Whether you're small, medium, or large, that's how we think we're gonna expand. Okay. I think one of the questions that we got quite often around the IPO and, you know, end of day has been, you know, how should we think about the use cases that OneStream already covers and kind of the percent of revenue coming from consolidation, or maybe it's like the percent of seats or use cases. Do you have a good way to maybe frame where that kind of sits and how you're thinking about that opportunity longer- term? The core is a really important, you know, obviously, it's our most important part of our business. Sure. Just one of the things that I would kind of go back to, one of the reasons why people love our software is because we try to make the buying process easy. We do have a hybrid pricing model. Mm-hmm. So we sell seats, you know. We also sell usage, so like ML is based on usage, Transaction Matching is based on usage, and then we have platform fees, like the Power BI connector, as an example. Again, back to your question on the core, is whether you're using it for planning or whether you're using it for closing consolidation. A CFO doesn't wanna have to count, you know, how many people in the controller's organization are using the software versus how many people in the planning organization? So we try to make it really easy, and we've gotten great feedback on that. You know, the telemetry should help, you know, over time, kind of what exactly are people using it for. But, you know, we wanna make it easy for a CFO to buy, and again, we do have a single platform that allows you to, you know, to use it however you want. Okay. Makes sense. I know we only have a few minutes left here, so just wanna do a quick check of the room and see if there's any questions, and make sure we get to those. Okay, I wanna ask about the, about, oh- We haven't touched on it, but just path, margin trajectory, you know, new public company, and, you know, as you scale, you know, where do you see margin going three to five years from now? Where do I see margins? Margins going, like, three to five years from now, what's the path forward? Yeah, no, thank you for that question. And again, we gave some of this in the you know in the IPO roadshow material, so I'll reiterate that, but it's a great point. I'd say a couple things. We're focused on gross margin. You know, we're going we still have a bit of licensed revenue, which kind of bumps it up, you know, kind of seasonally in different quarters, but overall, on the software gross margin side, you know, we're working as I mentioned during the roadshow, to get that number up in term with an eight in front of it. We're working with Microsoft. They have a lot of technology that we're trying to implement and make it more efficient. Again, 'cause as we win, you know, they win. As I think I mentioned earlier, we have a great relationship with Microsoft. I'd just call out one thing, which is their sales team gets quota relief for selling OneStream, when it goes through their MACC agreement, which is generally what it goes through, their Microsoft Azure credit. And so we have a fantastic relationship there. So we're working on gross margin, obviously, so that's software gross margin, and then overall, gross margin will continue to trend up to that because, you know, professional services won't continue to grow, as a percent of revenue. On the sales and marketing side, the guidance I gave was kinda 30%-35% as a percent of revenue. We're contin... We've built up a pretty you know, pretty good sales team, particularly, and we will be investing more in marketing as a percent of revenue, but you'll see that one higher, and you'll see sales obviously migrating toward that 30%-35%, as I mentioned. R&D, we're gonna kinda keep in the kind of, you know, 15%-20% range. You know, we wanna continue to innovate, and we think that's the way to win, and then G&A, while it's gonna pop a little bit, it turns out that accountants and lawyers aren't free in an IPO. You know, the investment bankers have success fees, but those guys don't. So G&A will increase a little bit here this quarter, but you should expect G&A kinda under 10% in the long run. So, you know, thinking about a Rule of 40, obviously I've talked a lot about, with Steve, the durable growth opportunities and obviously operating income, and hopefully, that'll be a good investment opportunity for you guys. So thank you for those of you who are investors, I appreciate it. Those of you who are here, thank you so much for coming. All right. I think that's probably a good place to leave it. We're at time here. Bill, thank you so much for being here, and everyone in the room, thank you, thank you so much as well. Thank you.