Thanks everyone for joining us today. My name is Scott Berg. I lead our enterprise software and SaaS research efforts here at Needham. Today with us, we have UiPath. We have the company's, is it SVP of Investor Relations? I actually didn't write that part down. Yes, it is, but that's sort of irrelevant. Kelsey Turcotte. Thank you so much for joining us, Kelsey. Normally, I have that written down because it's, it's often CEO or CFO that I kind of just roll right off with that. I wish I could be promoted, but I don't think that's in the cards right now. Well, we have 40 minutes. Maybe we can start working on that a little bit. So, for those that may or may not have known, there is some last-minute changes on the personal front from Rob and Ashim's attendance, but we're very happy to have you join, and it's a great story. I think the last six or eight months, I've had a ton of questions on it and look forward to digging in even more. Great! So- Thank you very much for having us. I guess let's start off with a little bit of background on UiPath for those that are less familiar with the company, and I'm sure there's maybe only one or two people here that aren't familiar with you, just because- Yeah. Well, I'd like two, but why don't we start there? Yeah. So we'll make it, pretty brief, but we are- Okay The leading enterprise AI-powered business automation platform. And I do major on the enterprise because we do automation for complex, multi-step processes. And really, the mission is to free knowledge workers like yourself, and I'm sure many of you do a lot of data entry, removal, entry analysis. They allow the knowledge workers to really focus on, you know, adding that incremental value. So our total addressable market, we estimate to be about $60 billion, and we're over $1 billion in revenue as well as ARR, which just gives you a sense of how much runway we have to continue to grow the business. We offer a platform that covers the full life cycle of automation, from discover to automate to operate, and along that full cycle, we offer a multitude of products to help our customers. But all with, you know, the underlying software robots to execute the automation. Okay. Just from a point of housekeeping, we will take questions from the audience when we're done here. If you have questions, we just ask you to save them, likely until that point. My little housekeeping is we are in the quiet period, so we'd appreciate during the open Q&A if we could stay away from the short-term financial point. Happy to. Good thing I don't have anything around your Q4 financials in my questions. Yeah, it's good. Amazing how that worked out. So, I guess let's start with product. I'm going to go back to a data point when I first started engaging with the company. What's it been? Probably five or six years ago at this point you know, I've heard different people in the industry talk about how every white-collar employee or higher can benefit from the use of RPA bots in their corporate life out there. Difficult on the manufacturing end, but maybe anyone in a white-collar or better job. But can you talk about the broad use of bots? Because I think investors sometimes get bogged down on thinking this is just something for the office of the CFO. Yeah, I think, that's actually a very good question and a great place to start. Mm-hmm. I think investors get bogged down in two things. One is the office of the CFO or finance team, and also is just the level of complexity of what we do. Yes, traditionally, the business did start about five or six years ago as a typically finance and accounting, business transformation office. As you all are well aware, there are a lot, a lot of processes in the process of servicing customers and sales and, you know, closing books, et cetera. But over time, we have transformed businesses across lines of business, which can be anything from actually manufacturing and operations and import-export, people ops, operations, customer service, call centers, right? If you think about what we do, it's a truly ubiquitous technology. There are so many processes that can be automated, and I'll give you a good example. Actually, a couple. One is Sobeys, which is a large retail grocery retailer in Canada. They started in finance accounting, but now use us to automations in their supply chain management and in their merchandising, and recently expanded to use us actually in our Document Understanding technology as part of managing turnover and employment in their stores. You know that happens at a quick rate, and they're using us to process applications and resumes. Another great example is ADT, where we handle not only their operations on customer services, but we've now actually been deployed in their call center. So just gives you a good example of sort of the evolution of the technology. Okay. I think one of the questions I get, and it's kind of a pushback from a lot of investors over the last three years since you've been public, roughly three years, has been around the maturity of the market. I think a lot believe that peak market growth has probably passed itself because this, you know, office of the CFO is fully penetrated, maybe the other areas don't have the same market size. Well, I don't subscribe to that theory. That's been the pushback. But I think what's interesting in the last year is the introduction of some of these Gen AI technologies. I think has changed that viewpoint and changed what that opportunity looks like. I guess, when you think about that, is there a way to capture what this new catalyst does to your market in terms of maybe expanding the TAM or even expanding those use case, use cases that you get into? Yeah, that's a great question. This has been a Gen AI and the evolution of AI has been a great thing for the business, right? It's brought a lot of attention. When we think about Gen AI, right, and this next evolution of AI, we think about it as the body, I mean, as the brains, right? Gen AI can conceive, but automation is the execution engine, so we're the body. And when we really break it down into three different categories, the first is really democratizing access to automation. Making it simpler to identify and to allow both sophisticated engineers as well as you know, knowledge workers with the same skill set you all might have, to build their own automations. We have introduced a line, a family of products which are called Autopilot. And essentially, there will be Autopilot for products across the platform, and it is a natural language processing tool that will accelerate. So first, democratization. Second is making our products easier to use and deliver faster time to value. So think about in our Document Understanding technologies, we deliver approximately 70 out-of-the-box large, what we refer to as a specialized large language models. And we've actually been able to recently, with this advent of technology, speed time to value and deployment of Document Understanding by 8 times. So enhancing our products and accelerating ROI for customers. And then the third piece is new use cases, as you mentioned. So we have a technology that we call Communications Mining, which essentially can mine both structured and unstructured data for sentiment and also for intent, which is you know, if you imagine large insurance companies, financial services companies, anything that has a lot of, you know, incoming emails, Communications Mining is a fantastic tool to do that analysis and start the automation. So it's actually a really exciting time for us. Sticking on the mining process, you're not into miners by chance, are you? Into oil and- No- -and coal. Although we do have customers that do that. Well, you might. Process and Task Mining are two modules that when I first really saw you get into them, I thought, "Eh, they were kind of nice add-ons. I could see where they'd be helpful to identify some use cases." But I think that's changed over the last year in some of my work, is they're super important, customers are really gravitating towards them do those in particular. I guess, how do customers use them, and why has that been such a benefit to actually drive additional bot usage on the platform? Sure. You know, initially, think about the early stages of the platform as crowdsourcing. It was a fairly manual process. Someone would identify a multi-stage, you know, a process that they wanted to automate. They'd reach out to the Center of Excellence, and it would get upvoted or downvoted, right? In terms of, you know, how much business value you can add. Process Mining has really changed the game there, and I like to say it's automated the ability to identify automations and kick off the process. So essentially, think of Process Mining as a discovery tool that monitors logs in your back office activities. It's business process automation, quite frankly. It follows a process. It can diagram it. It's very complex, and it actually can suggest improvements to processes. And then all that information can be fed straight into the Center of Excellence to build the automations. And our focus here is really sort of, you know, increasing throughput, but also, you know, what part of those processes and improvements can deliver the most value the most quickly? So, that's in the discovery pillar, and we actually have an additional technology called Task Mining that can do the same thing by sitting on an employee's desktop. Hmm. So you mentioned Autopilot a few minutes ago. Mm-hmm. That was one of the new product announcements that came out of your customer conference in October. Can you talk about what that product does a little bit more relative to what copilots do out there? Because when I first saw it, the light bulb came on in me in terms of customers I've spoken with have talked about how adoption in some areas is really good. Sometimes adoption in other areas is not good, but sometimes that adoption is more about not knowing how to use it. How does Autopilot, Pilot change the use of the platform? Sure. So in the fall, at our annual user conference, we shared the capabilities of our new family of Autopilots. And those Autopilots actually go from Autopilot for Everyone, which is basically designed to improve your personal productivity, right? Read your calendar, understand that you're about to go to a meeting. It's labeled lunch, and it knows the general location. It can go to LinkedIn, pull the profiles of the people you're meeting with, identify potential restaurants, and make your reservations. So right, that's a very personal ecosystem. But it spans the gamut across our entire platform. So Test Suite, Apps I mentioned, Studio, which is our design platform, and it essentially is designed to simplify the experience, right? With the technology and make it, as you mentioned, right, much easier and quicker for anyone of any skill set to identify and program. And on the Studio side, right, it's not just for, you know, individual users. We offer a platform that is called Studio, which is focused completely on automation experts, and then there is a Studio for professional developers. And we will offer Autopilot at all those different levels, and it obviously will then has different levels of complexity, but the whole point of it is to just you know, reduce the barriers to entry. Your, your relationship with Microsoft has been an interesting one, as they've been a player in the space. They have their own, you know, RPA technology. But you also maintain a pretty tight partnership with them. Can you just touch on this kind of coopetition, and how do you think it develops over a period of time? Sure. So, this is a question we get a lot. I can't imagine why. We are actually Microsoft's stated preferred automation, enterprise automation vendor. And Guthrie actually presented us on a chart at a recent conference as sort of a small circle of strategic partnerships for them. So we have very tight relationships with them. We are tightly integrated and are actually talking with them about integrations with their Copilot, and we offer dozens of out-of-the-box integrations, right? Our primary value proposition is being an open ecosystem that allows customers to develop on anywhere they want, leverage any application that they need to, and so obviously, Microsoft is a piece of that. But our value proposition is about complex, multi-application, high-value, enterprise-grade automations. And the interesting thing also with them is that we're actually a very large customer and consumer on Azure. So, there is a—I sort of refer to it as a Machiavellian relationship, where, you know, we also drive customer—Well, if customers ask where to deploy, automation consumes a lot, and Azure is a—it, it—we're driving a fair amount of business to Azure. So, I think, you know, that will continue to be the relationship, but we're really pleased with the level of communication and integration and partnership. This just occurred to me off the top of my head. If I go back to Microsoft's, we'll say, partnerships back in the 90's, they were pretty well known for developing these partnerships with companies, getting the opportunity to take a look at the technology, maybe under the hoods a little bit. And it's amazing how they built that in over a couple years- Mm-hmm ... and crushed their partners, in a couple of areas. Yes. Is that a risk that you, as a company, are concerned about? 'Cause I, I've seen them take the different approach over the last maybe 10 or 15 years, but they're a pretty big partner, and they do have a product. Do you think there's an opportunity there for them to get substantially more competitive, or, you know, you don't worry about that very much? Well, any enterprise software company would be foolish not to worry about Microsoft. So, Sure ... I wouldn't. I think that's just a blanket statement. Mm-hmm ... but I think it's important to differentiate where we do compete with them. They are very much about creating automations in Power Platform, which is the personal productivity space, right inside their, their sort of user base ecosystem and inside their applications, Excel, Microsoft Word, Teams, et cetera. So, you know, very simple automations that might make it easier for you to do business or to, perform your work, but is a very low ROI for your employer. Where we really focus is this multi-step cross-application, right, outside of any particular ecosystem, automation. And when we look at productivity, or personal productivity, yes, we offer it, but it is a tiny portion of our revenue stream, and it's the tiny ROI for our, our customers, who are really focused on the things that can deliver the most value the most quickly. Okay. I think a common topic of discussion, you know, during your most recent earnings release, surrounded industry verticalization. I love industry verticalization for the companies I cover 'cause it can usually drive a couple of positive things for these companies going forward. I think about ARPU growth, 'cause you can usually charge more for that. I think about shortening sales cycles. I think about partners that can get involved because they have, you know, those ties to those industries. As you think about your verticalization strategy, do you, I guess, A, have to change much of the product to get there, but then, B, can you realize, you know, those benefits over a period of time? Yeah. So we're super excited, actually, about formalizing the industry verticalization approach. We have had sort of a loose verticalization approach in North America, but really invested in that in the beginning of this fiscal year, so just about a year ago. And we will be transferring a lot of the knowledge and capabilities into the rest of the world. So, you know, our focus on specific industries, which right now is very North American focused, will actually be something that we adopt rest of world because it's paying dividends. So to your point, you know, it's interesting, it does all of those things, right? It increases focus with partners, it drives acceleration, and it's really the cross-pollination of our knowledge of what similar industries are doing, right? We think about it as both expertise, right? So we built a federal team about a year ago that's rich in relationships and knowledge about federal. After about a year, that team actually reported a record quarter of all, you know, period for our federal business. So the investment there is- Mm-hmm ... you know, in knowledge and capability and marketing and tools is really paying off, and we're doing similar things in financial services, et cetera. Two good examples actually is NorthStar, which is our value, value go-to-market selling motion, which is, basically tailored for all of these industries to help our, our reps articulate the, the value drivers and the opportunities, that they, you know, inside each of these organizations. The second thing, just as another example, is actually Solution Accelerators. So think about them as blueprints and roadmaps for our customers, where we leverage our knowledge about other industries, right? And these are free. They're available on our marketplace to be downloaded, and I think, you know, we have, multiple dozens of them available right now, and we will continue to build more. Last question on product for me at least is, cloud bots. You released your kind of first cloud bots last year, and I know it was a couple years in the making 'cause you'd certainly discussed them before. But how should we think about the adoption of cloud bots relative to your, you know, perpetual model, or I guess it's more of a term model, but the behind the firewall model that most of your customers use? Are they highly demanded today? Is this still more of an opportunity that's on the horizon versus, you know, near term? Just what does that traction look like? Sure, so let me bifurcate that for you a little bit. Automation Cloud Robot, we did a deliver last year. From a financial perspective, that's a SaaS revenue model, and I would say more on the come than a current contributor. So you know, as far as SaaS transition headwind, it's not something that we anticipate to affect the model too much in the shorter term. Our customers really, and I keep using this word, but it's so true, want flexibility. So we offer what's called a Flex Model right now, which essentially allows them to deploy our automation suite, which is you know, our end-to-end automation platform, anywhere they want. On-prem, exclusively in the cloud, which we have a lot of customers like Uber and Amazon and, Dentsu doing, or some sort of hybrid model. Or they can quite frankly, go back and forth. So, this model gives them a lot of flexibility. From a cloud ARR perspective, approximately $500 million as of the end of the second quarter, of ARR came from the cloud, and that had grown about 125% year-over-year. We're also a cloud-first company, just to note quickly. We do all of our development- Mm-hmm. and releases for our customers every two weeks in the cloud. Moving on to some of the go-to-market changes that the company has made over the last year or two. One of the notable shifts I've heard in some of the industry work that I've done is you guys are trying to sell more of the platform versus just bots. That's kind of how the platform's grown over the last couple of years, right? Mm-hmm. Makes it easier to sell. Does that add or extend sales cycles significantly? And it probably drives more value over a period of time, or does it actually help your customers buy into the you know, your strategy a little bit better because they can see a holistic view? Yeah. So you know, I always sort of say, what got you to $1 billion isn't necessarily going to get you to $2 billion, right? And the company has evolved and grown. Mm-hmm. You know, it's really about helping customers deploy and manage automation. So that is where the end-to-end platform has come from. We've made a pivot in our go-to-market strategy, really focused on selling higher into organizations, into customers who we've identified as with a propensity to spend, which is actually where this verticalization is so great because we can look at customers that have similar profiles and focus on them. I would say there's a huge expansion opportunity across the platform. So most customers start on the smaller side, but they expand, and at about $100,000 in ARR is where you see customers who have adopted that culture and are starting adoption of our platform. And there's about 1,900+ of those, and then inside that envelope, we have about 247 customers with ARR over $1 million. So you can think of them as, as Power Platform users. Hmm. Rob came in as Co-CEO a little more than a year ago, now sole CEO, obviously. Yes. But one of his, you know, key initial directives was around go-to-market. I mean, that's been part of his history, obviously, right? But how do we look back at the last year-plus since he's been there? How has he shifted the go-to-market strategy? There've been more numbers of, I guess, subtle changes, or are there some big changes that maybe we're not all familiar with? Sure. So, heading into FY 2024. Gosh, I can't believe it was 2024. Yeah. So about a year ago, we actually made some pretty substantive changes in the go-to-market. Part of it was, leadership changes. So we made a promotion internally in North America and brought in new leadership about 18 months ago in EMEA and APJ. And as you know, that typically has a trickle-down effect. Mm-hmm. So we've brought in some really great talent, with strong Rolodexes, and a lot of experience selling platforms higher into organizations. So I think from a talent perspective, there was a lot of new blood injected about a year ago. That was great. We also have really focused and pivoted toward this propensity to invest model, which is bifurcating new customers, looking for those that have the profile for long-term investment, and doubling down on that, which has resulted in actually a change in coverage models. So at the high end of the enterprise, an enterprise direct sales leader might have had, you know, 50 accounts they were covering. Now they have 10. So it's really focusing them on driving expansion. If you believe it's a ubiquitous technology across lines of business, there's so much opportunity. In our commercial space, we did the same. We took that coverage ratio from 150 down to 50, and then at the lower end of the business, we're transitioning that to a distribution model that will be led by Ingram Micro. Mm-hmm. That's the first set of changes. Then I say, or the second, so new leadership, change in coverage model. Then we talked about it briefly, right? All the tools to articulate the value- Mm-hmm ... that will resonate higher in organizations with people who control budgets. So one area that you didn't talk about there was partners. You have a pretty- Ah ... extensive partner ecosystem. Sorry. No, no, no, no, it's great, 'cause that's, it's a good lead into the next question. Is, the thing that's also kind of struck me in speaking with some of your partners, especially at the conferences last year, is their structures look a lot more like the large software vendors, a Microsoft, an Oracle, and an SAP. That they're building their practices for you to be almost very similar to that for them- Yeah ... which talks about how much they're buying into UiPath Platform. I guess, what type of impact are you seeing from them? Is it bigger deals, better, shorter sales cycles? You know, how do you think about the impact that they're bringing? 'Cause there seems to be a notable difference today versus two or three years ago. Yeah, so I think we would divide the partner bucket- Mm-hmm ... into actually three. The first one is really around sort of the regional expertise on automation, right? Organizations that have built their businesses around automation as a specialization or automation in a particular industry. And for that group of partners, we've really, again, gone to from a maturing from quantity. We had at one point 5,000 partners, right? And we all know there's an 80-20 rule there, and you need to be focusing right on the ones who are really delivering the revenue and following through for our customers. So that's been a switch, and I think it's really resonating, which I believe you've heard. Mm-hmm. The second is GSIs. And really focusing, we've brought in a new head of partners. Her name is Bronwyn Hastings, a seasoned executive, who has built very large, channel and partner models, right? We're gonna—we need to scale into this next evolution, and so, she's really gonna be, I think, a big factor in helping us determine the right strategy with the right, with the right, contacts. So GSIs, right? They are a great, they're a great, introductory into customers where, you know, where there are in the midst of big transformation process, projects, of which automation can be an important part of that. So, Deloitte was on the stage, EY, Accenture, and some of these are actually buying automation in order to be in, their business process optimization businesses, for example. Those are, those are great maturing relationships, and, tangential to that, we also have go-to-market partners. I'm-- SAP is an important- Mm-hmm. partnership we're in the process of developing. So as you all know, they have an S/4HANA migration, of which they still have a ways to go and, have discovered that, automation can play a key role in driving success and accelerating that migration. So, we're super excited. It's early stages, gone through enablement, education. There is a quota component, so they can retire quotas, as part of, you know, selling, co-selling automation. But why I also mention that is because it's very relevant for, our partners. So Deloitte, for example, is super excited and is actually combining their SAP practice with their UiPath automation practice to co-sell- Okay. - into that, into that customer base. When at your customer conference, you held an investor, we'll call it a social hour, before it all started. Everyone likes a drink. Yeah, you know, everyone does like a good... And the wine was fantastic. But the smile on Rob's face, I spent probably a third to half my time with Rob and the group that was chatting with him. The smile on his face when talking about the SAP partnership was pretty big. He didn't give any details necessarily, but you could tell the excitement in his eyes was pretty meaningful in terms of what the expectations that that partnership can drive over a period of time is, so. Yeah, we haven't been specific. We have been clear that those are longer sales cycles than our typical sales cycle. Mm-hmm. But I think what he sees is the opportunity to get our foot in the door with organizations of the size and scale and prominence that we might not have been able to do, you know, knocking on the door. And then there's a significant expansion opportunity. We have a customer, Orica, a manufacturing company in Australia, started actually with our Test Suite technology to do application testing as part of this migration, then realized that it would be much easier to build a clean core for their migration using automation rather than a lot of custom development. So there's a significant opportunity there, and yeah, I think, I think he's excited about it. Good. Do you ever worry about, or does the company worry about other vendors building in their own, we'll go, quote, unquote, "RPA technology" and bots into their platforms? A key question I'll get here and there is: Hey, what if Oracle builds this into their platform? Or what if Salesforce builds this into the platform? How and is that a risk to, you know, vendors like yourself over a period of time? Because, you know, some of them have dabbled with it and talked about it at least. Yeah, I think automation can, is, has been sort of one of the buzzwords, right? Mm-hmm. Everyone has automation. I think the best way to think about those is first, partner-rich ecosystem. We believe that, delivering customers out of the box- Mm-hmm. and flexibility, as I mentioned, is very important. So, we have a large ecosystem of customers with out-of-the-box API integration in the dozens for many of them. So we consider them them partners. I wanna differentiate, though. You know, when they talk about automation, they're really talking about in-app automation. So how can they use automation to accelerate adoption of their own application? Our value proposition is cross applications and cross ecosystems. That's my point every time I answer the question. Yeah. That's where they'll always fail. Yep, and I think for us, that's really our bread and butter. Well, that is our bread and butter. I mean, if you think about the fact that large enterprises can, you know, 175+ applications, and how, you know, real processes cross those applications, that's where we add value. I sat next to a partner of yours when I went to the conference in 2021, so two and a half years ago, roughly, on my flight from Minneapolis to Vegas. Of course. Literally right next to me, he had a captive audience for three hours. That poor guy. Oh, it was, it was fantastic. It was great. But one of the, 'cause we're talking about the, the Microsoft, you know, kind of along the same vein, right? 'Cause they have a product there, and he made a, a statement that I think continues to ring really true is: That product was really good on a smaller scale, but only if you had a Microsoft technology on one side of the process. Right. It could never span applications, and it's not actually designed to do that effectively. So- Nope ... very much about what you're saying, doesn't matter if it's any of those other vendors I mentioned, they'll struggle with that cross-application functionality. Yep, exactly. ... Last question for me, and happy to open it to audience Q&A, is something I've been tracking across a couple of my companies, and I asked this question to someone earlier this year: your sales the last couple quarters are showing positive inflection. Not looking for a comment there. But the company has displayed really good operating margin leverage over the last year, yet you're not really getting it in sales and marketing. How we measure CAC efficiencies actually shows that it's deteriorated a little bit over the last year for a variety of different reasons. How should we think about those efficiencies kinda going forward, at least? Sure. So I think this quarter actually is a little bit of an obfuscation. So we have our big, annual user conference, as I mentioned, and it was the—those expenses are incurred in our, in the October quarter. So that does cause a spike in sales and marketing on an annual basis, so just worth noting. Also, from an accounting perspective, we did a reallocation of, Mm-hmm ... essentially, application expenses, so think Workday. They're used across the organization that were unique, that were previously just hitting the G&A line, that will be now distributed across. So you'll see a drop in G&A as a percent of revenue, and then an increase across R&D and also sales and marketing. And obviously, sales and marketing is a pretty big organization. It is. So, you know, we also did a restructuring last year to drive efficiencies, as I mentioned, and we can continue to invest in sales and marketing while also expanding operating margins. This year, our operating margin profile is expected to expand about 900 basis points to about 15% on a non-GAAP basis. So, you know, we're really, we're really pleased with how we've built a culture focused on driving investment while rationalizing a return. Yeah. That's the part that I think that's impressive. Operating margin's up 900 basis points year-over-year. Maybe there's some reallocation of expenses, but you haven't seen a lot of leverage there, which is where most expect it to come out of. So I think that bodes well for the model going forward. Yeah, and we'll continue to invest in sales and marketing where it makes sense. Sure. So what I mentioned previously was, this industry verticalization approach- Mm-hmm ... that we've taken in the U.S., in the U.S. and North America, right? We will adopt that in EMEA. We also have growth, what we refer to as growth product or platform specialists in North America, and we will be investing in those teams in EMEA to accelerate the platform adoption and really help our account executives articulate that value. Great. With that, I'm happy to open it to the audience if there are any questions. Yeah, Andrew. Oh, sorry. Go ahead. Looks like a- Sure. So, if I forget the second question while answering the first, please remind me. I'll start with pricing. So we have, the software robots are priced on a consumption basis, right? By process, by robot. And some robots can do multiple processes, right? So it's by robot. We charge by from some of our product, like Process Mining and Task Mining, for example, by seat. So there's a seat pricing component. And then our intelligent document processing technology, which is Document Understanding and Communications Mining, is actually an AI Units pricing model, which is a consumption-based model. Think of one AI unit equating to one document processed. So you buy that on the initial contract, you bank it, and then spend it as you automate and, you know, process documents. From a model perspective, because we're so agnostic about where you deploy hybrid or cloud, we offer flex pricing, which is essentially 45% of the total value of the contract is license, and the balance of the 55% is spread over the duration of the contract. We're a term model, and that is an ASC 606 convention. So we actually do point customers to our ARR metric to try and take some of that lumpiness out because we expect license will be lumpy on a quarterly basis. However, they are fairly well correlated. If you look at them over, you know, a multi-quarter period, either four months or eight months, you can see there's a correlation there. Andrew? You know, the entire platform is designed to accelerate adoption, right? From soup to nuts, right, to manage the entire thing. I would say one area where we're super excited right now is actually the potential in intelligent document processing. Industry analysts have, you know, indicated that we're the clear leader there. Communications Mining, which is that tool, the sentiment tool I mentioned before, is completely unique in the market. No one else can offer it. When we acquired that technology, we acquired some of the best, sort of thought leaders in the AI space who are professors at City University of London. And there is just a gigantic amount of document processing required. The IRS will admittedly tell you that they have truckloads, and I'm not kidding, truckloads full of paper sitting in the parking lot that they need to process. So there's just a big opportunity in that space that, you know, not taking away from all of our other children, but I think we see a big opportunity there. Last question. Third question. Sure. So the use cases are wildly varied. If you want to take a look, we created a use case scenario, which is on our investor relations site's homepage, which essentially shows you the life cycle of, I can't remember his name, Bob, right, who's applying for his mortgage, and how that works once the application is submitted from an automation perspective. But we have a big customer in the FDA, who's actually using it to process loans, agricultural loans for farmers. You can pretty much import/export documentation. There is just a massive opportunity there. We have one customer that's a Chicago-based public utilities provider, and they're actually using it to do meter reading. There's a really interesting set of use cases that aren't necessarily intuitive when we think about paper consumption. Well, with that, we'll wrap up. I want to thank everyone for joining us. Kelsey, thanks so much for the time. I appreciate it.