Greetings, and welcome to the PROS Holdings fourth quarter and full year 2022 earnings conference call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to Belinda Overdeput, Director of Investor Relations. You may now begin. Thank you, operator. Good afternoon, everyone, and thank you for joining us. Our earnings press release, SEC filings, and a replay of today's call can be found on the investor relations section of our website at PROS.com. Our prepared remarks will also be available on our website immediately following the call and will be replaced by the official transcript, which includes participant questions, once available. With me on today's call is Andres Reiner, President and Chief Executive Officer, and Stefan Schulz, Chief Financial Officer. Please note that some of the commentary today will include forward-looking statements, including, without limitation, those about our strategy, future business prospects and market opportunities, and our financial projections and guidance. Actual results could differ materially from such statements and our forecast. For more information, please refer to the risk factors described in our SEC filings. PROS assumes no obligation to update any forward-looking statements to reflect future events or circumstances. As a reminder, during the call, we will discuss non-GAAP metrics. Reconciliations between each non-GAAP measure and the most directly comparable GAAP measure, to the extent to which available without unreasonable effort, are available in our earnings press release. Before I hand the call over, I'd like to notify our investors and analysts about our upcoming Analyst Day, which will take place the afternoon of Tuesday, May 23rd, during the 2023 PROS Outperform User Conference at the Hyatt Regency in Denver, Colorado. The event will be webcasted live for those unable to attend in person. Investors and analysts who wish to attend the full conference will receive a discount on the conference registration. For more details on Outperform 2023 or to register, visit pros.com/outperform. With that, I'll turn the call over to you, Andres. Thank you, Belinda. Good afternoon, everyone, and thank you for joining us on today's call. As I reflect on 2022, I'm proud of how our team executed to deliver a strong year. We grew subscription revenue by 15% and total revenue by 10% year-over-year. The increased momentum we saw in 2022 is supported by the fact that we more than doubled our deal count for the full year compared to 2021. Our value proposition has never been more relevant, which is fueling demand for our platform. Businesses today are leaning into automation and AI to drive greater efficiency and fuel profitable revenue growth. In times of economic uncertainty, the question management teams are trying to answer is simple: how can we drive organic growth efficiently? The PROS platform helps answer that question. In today's rapidly evolving markets, speed is a competitive advantage. Businesses that get quotes out faster win. However, operating at speed is becoming increasingly challenging because of the number of product configurations, distinct sales channels, and negotiated customer prices. For businesses today, the only solution is to digitize sales and support an omnichannel sales model. Industry analysts predict that by 2026, 85% of B2B sales interactions between suppliers and buyers will occur in digital channels, up from 55% in 2021. The PROS platform is uniquely able to automate and digitally connect omnichannel sales experiences, driving higher productivity in sales and a better customer experience. We continue to be recognized for innovation leadership with 15 awards and accolades received in 2022. In Q4, PROS was recognized again as a leader in Gartner's 2022 Magic Quadrant for CPQ Solutions, with Gartner citing that PROS Smart CPQ is ranked number one overall for our ability to support channel sales. Additionally, it was noted that PROS delivers more AI-driven guided selling capabilities than any other product evaluated. Together with our leadership position in the IDC MarketScape, PROS continues to be the only platform with a leadership position in both price optimization and management in CPQ. Our leadership in the market continues to drive new customers to PROS. In Q4, we welcomed Unlimited Technology and Vector Security, both leading providers of security solutions. With PROS, Unlimited Technology and Vector Security can accelerate sales productivity with guided selling workflows and reduce quote turnaround time, fueling profitable growth. Industry analysts predict that by 2028, 85% of all companies with B2B go-to-market will employ AI to augment at least one of their primary sales processes, up from nearly 40% in 2021. AI is going to be core to the way companies execute, and they will be looking for technology that drives the best outcomes. In Q4, we announced the availability of our next generation of price optimization powered by PROS Gen IV AI, the first pricing solution in the market to use neural network technology. Neural network algorithms adapt in real time to ever-changing market factors and drive robust results even with imperfect data, which drives higher ROI results for our customers. Signature Aviation, a B2B aviation services company, selected PROS in Q4 to take advantage of our latest Gen IV AI advancements to fuel their profitable growth strategy. In travel, the disruption airlines have experienced over the last couple of years has increased their focus on extreme automation and full digitization of the customer experience. Our digital offer marketing and dynamic offer solutions are helping airlines entice customers with relevant offers and pull them into direct and digital channels, driving higher conversion rates through channels with lower cost of sales. Aegean Airlines, Greece's largest carrier, selected PROS in Q4 and will use our dynamic offer solution to distribute offers to online channels. Philippine Airlines and Oman Air, among others, expanded their partnerships with PROS with the adoption of our digital offer marketing solution. We are focused as always on value creation for our customers and you, our shareholders. We made organizational changes in early 2023 and are now projecting to generate free cash flow and positive adjusted EBITDA this year. We're also accelerating our timeline for long-term growth and profitability targets. Further fueling our profitable growth will be our focus on three key pillars of our strategy. The first is driving market adoption of the PROS platform with our land and expand sales motion. We're laser-focused on landing customers with solutions that drive immediate value and then expanding quickly to drive more value over time. A great example of this is our expansion within the General Electric family in Q4. In Q3, we announced our win with GE HealthCare, and in Q4, we expanded into GE Power. The second pillar of our strategy is to establish a new software category of profit and revenue optimization software, where innovation leadership is recognized by industry analysts across the software categories that we exist in today, whether it be revenue management, price optimization and management, or configure price quote. However, we bring so much more value to the market with the extensive capabilities in our platform and our AI. We believe the value we deliver is reflected in a new category of software, profit and revenue optimization. This year, we're focused on elevating our messaging and leading the market in innovation that drives profitable growth for businesses. The third pillar of our strategy is focused on customer experience and rapid time to value. I'm confident that no one else in our market can deliver the measurable ROI we deliver to our customers as fast as we deliver it. We'll continue to build implementation assets and drive platform innovation that allows our customers to activate even more use cases with rapid time to value. We entered this year well-positioned to fuel our profitable growth. We have the right people, strategy, and platform to capture the market opportunity in front of us. Before I close, I'd like to talk a little bit about our incredible team and culture. Our people first culture is what makes PROS such a special place. I'm so proud of the environment we've built that prioritizes personal growth and ensures every employee can reach their full potential. We continue to receive recognition of our culture, including recently by PEOPLE magazine in the 2022 Companies That Care, a list of the top 100 US companies that demonstrate outstanding care, respect, and concern for their employees. While we've had to make difficult decisions over the past several months, we know that the culture that we built is one that encourages current and past employees to care for and lean on each other. I'm thankful to all of our team members over the years for their contributions to PROS, and we're committed to supporting both current and former employees of PROS throughout their careers. I'd also like to thank our shareholders, partners, and customers for their ongoing support of PROS. With that, I'd like to turn the call over to Stefan to cover financial performance and outlook. Thank you, Andres. Good afternoon, everyone. Our team delivered a strong fourth quarter and full year. Despite a challenging economic environment, our solutions have proven to be mission-critical to businesses as they look to drive profitable revenue growth. Our platform and our package offerings launched in the second half of 2021 really set us up to drive a strong 2022, where we consistently outperformed our revenue guidance. With our platform launch, we were also able to drive our revenue performance with greater efficiency. This resulted in improved subscription gross margins. We even generated positive services gross margins as well as positive adjusted EBITDA in the second half of 2022. I'll cover our results in a little more detail. Subscription revenue in the fourth quarter was $53.1 million, increasing 13% year-over-year and exceeding guidance. For the full year, subscription revenue was $204 million, increasing 15% year-over-year. Our strong subscription revenue performance, along with a stronger-than-expected services revenue result, led to total revenue in the fourth quarter of $70.9 million, increasing 9% year-over-year, and $276.1 million for the full year, increasing 10% year-over-year. Recurring revenue for the fourth quarter and the full year was 84% of total revenue, and our trailing twelve-month gross revenue retention rate continued to be better than 93%. Our subscription ARR was $229 million, increasing 17% year-over-year on a constant currency basis and exceeding guidance. Total ARR was $247.5 million, increasing 9% year-over-year on a constant currency basis and was within our guidance range. Going forward, we will focus on subscription ARR because ARR from maintenance customers now represents well under 10% of our total ARR and will continue to decline during 2023 as we approach the end of life of our perpetual license agreements. This is a significant milestone for us as it marks the end of our transition to SaaS. Our fourth quarter recurring calculated billings increased 6% year-over-year and 13% for the trailing 12 months. Our non-GAAP subscription gross margins were 77% for the fourth quarter and the full year, which increased over 500 basis points from 71% in 2021. Additionally, we delivered another quarter of a positive 4% services gross margin, getting us to a year-end services gross margin that was just short of breakeven. Our professional services team drove significant improvement from a loss of 6% in 2021. As I mentioned last quarter, we expect services margins to be slightly positive on an annual basis in 2023 and beyond, with some quarterly fluctuations due to seasonality. Total gross margins were 65% in the fourth quarter and 64% for the year, which is more than a 350 basis point improvement over 2021. The path to profitability starts with improving gross margins, and our team delivered in 2022, reflecting continued focus on driving efficiencies in how we provide and deliver our solutions. We generated an adjusted EBITDA profit of $2.4 million in the fourth quarter, significantly outperforming our guidance. Our adjusted EBITDA loss for the full year was $14.9 million, a 40% improvement year-over-year. Our adjusted EBITDA outperformance was driven by the better-than-expected revenue and cost savings in the fourth quarter. Our fourth quarter earnings per share was $0.02 per share, beating guidance, and we generated just over $1 million in free cash flow in the fourth quarter. Our free cash flow burn for the year was $21.7 million and in line with our expectations. We exited the year with $203.6 million of cash and investments. We ended the year with 71 quota-carrying personnel, which was slightly better than our expectations. Starting in 2023, we are adding quota-carrying personnel to drive expansions. The quota for these reps will be lower than the quotas for our new business reps and will create a larger pool of quota-carrying personnel with varying levels of quota. Because of this change, we will not be providing quarterly updates on quota-carrying personnel as the comparisons to past quarters will be inconsistent. We are comfortable with our sales coverage at this time and will continue to manage this coverage to achieve our growth goals going forward. We will also continue to focus on driving higher sales rep productivity, building on the success we had in 2022, where we doubled our deal count every quarter of 2022 with only a few more sales reps than we had in 2021. Before I cover guidance, I want to mention a couple of things. First, we are confident in our ability to capture the incredible market opportunity in front of us, but we are considering the current economic environment as we set expectations for the year. Second, to echo Andres' comments, we continue to scale our business and have recently made changes to our cost structure, allowing us to accelerate our near-term and long-term profitability goals. We expect to report positive adjusted EBITDA and generate free cash flow in 2023. I will provide more insights into our long-term model at our upcoming Analyst Day during the Outperform Conference in May. With that, here's our guidance for the full year of 2023, with the stated growth rates reflecting the midpoint of the ranges. We expect subscription ARR of $250 million to $253 million, representing 11% growth year-over-year. We expect full year subscription revenue to be in the range of $230.7 million to $232.7 million, representing 14% growth year-over-year, and total revenue to be in the range of $293 million to $296 million, representing 7% growth year-over-year. We are expecting full year adjusted EBITDA profit of between $3 million and $6 million, representing an improvement of over $19 million year-over-year. We expect to generate free cash flow in the range of $2 million to $6 million, an improvement of over $25 million year-over-year. Turning now to guidance for the first quarter of 2023. We expect subscription revenue to be in the range of $54 million to $54.5 million, representing an 11% increase year-over-year, and total revenue to be in the range of $70.4 million to $71.4 million, representing a 7% increase year-over-year. We expect first quarter adjusted EBITDA loss of between $3 million and $4 million, which is a $5.6 million improvement over the first quarter last year. As a reminder, it is typical for our business to have higher expenses in the first quarter. Using an estimated non-GAAP tax rate of 22%, we anticipate Q1 non-GAAP loss per share of between $0.09 and $0.12 per share, based on an estimated 46 million shares outstanding. Related to the cost structure changes I mentioned earlier, we expect to incur severance charges in the first quarter of approximately $2.8 million to $3.2 million, which we will exclude from our non-GAAP results. In closing, I would like to thank all of our employees around the world for their continued hard work and dedication to PROS. I'd also like to thank you, our shareholders, for your continued support of PROS, and we look forward to speaking with you at our upcoming events. I will now turn the call back over to the operator for questions. Operator? Thank you. Ladies and gentlemen, at this time, we will be conducting a question-and-answer session. If you'd like to ask a question, you may press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Our first question comes from the line of Scott Berg with Needham. Please proceed with your question. Hi, everyone. Congrats on the nice bookings quarter, and thanks for taking my questions here. I've got a couple. Andres, so I wanted to start off with the reopening of China and the impact of your business. I know on the travel side, it's heavily dependent on international travel, and when we think of Asia Pac, China's a large chunk of that. One of the data points we recently heard is air travel, or at least bookings for Asia Pac-based air travel in January was looking very close to 2019 levels. I guess two questions in there. One, have you seen that as well? Then two, if that area or region is trending towards kind of more normal levels all of a sudden, how does that impact your business or potentially impact your business this year? Thanks. Yeah, Scott, great question. Yes, we are seeing that region continue to improve and are really pleased that it's opening up 'cause that impacts, frankly, not just that region, but all regions. We think that this year, definitely that will help us, and it's something that, you know, I think it's still early, but throughout the year, I think that's gonna be an area where we'll continue to see investment. Overall, we're pleased with that recovery. Got it. Helpful. If we look at the B2B side of the business, which I believe in yours and I's prior conversations was trending towards pre-pandemic levels, should we think of the bookings in 2022 as kind of, you know, maybe in line with what you saw in 2019? Or is that business still have a little bit to go before it's deemed, you know, completely healthy again? I would say, look, B2B has continued to improve and performed very well last year. We continue to see that business continue to improve as we get into 2023. Overall, I would say last year we set pretty aggressive goals from a sales perspective to get back to 2019, and I'm very pleased of how we executed throughout the year. Overall, I would say, look, travel performed well last year as well. It's still not back, but definitely travel contributed as well in 2022. Got it. I'm sorry, I'm gonna slide one more in here really quick. You're hiring a bunch of additional reps for expand motions this year. I get why you're not gonna give that metric going forward 'cause it's a different metric at least. How do we think about your expand cadence in 2022 with regards to your bookings and expectations there? Yeah. Are you seeing customers expand like they did also pre-pandemic, or is this really just a chance to maybe fuel those plans going forward? No. That's a great question. Overall, we saw about a 50/50 split between new and existing, which is a very healthy level. And last year, you know, we really focused on deal velocity and continuing to start small and drive expansion. We see a lot more opportunities with our platform to drive even more expansions within our customer base of more capability that we can sell to our customer base. We're setting up a sales organization that can help drive faster expansions within the customer base, and we see that as an opportunity long term. Smaller quotas, a different approach. We're trying in some segments of our business first, but it's a model that we see a lot of opportunity in the future. Overall, very pleased with both the new and the existing and the approximate 50/50 split between both. Great. That's all I have. Thanks for taking my questions, and congrats again. Thank you. Our next question comes from the line of Chad Bennett with Craig-Hallum. Please proceed with your question. Great. Thanks for taking my questions. Further kudos on not only the strong finish to the year but achieving EBITDA positive and non-GAAP profit. It's been a long time coming, so it's good to see that and the pivot towards pretty significant free cash flow and adjusted EBITDA growth this year. Nice job. Thank you. Yeah. I guess just in terms of the guide and Stefan, I know you cited, you know, you're obviously factoring in kind of what everybody's talking about macro-wise. Just if I look at subscription growth, and I understand we're starting the year here and, obviously we, we hope to do better. You know, the growth rate of 14%, you know, at the midpoint relative to your kind of 14% or maybe even a little bit higher, closer to 15 this year in subscription growth. Justy considering the momentum throughout the year, you know, and obviously travel, you at least sound like you're more confident that, you know, it's gonna be better this year. I guess maybe, yeah, I don't know how you quantify the macro kind of impact on the guide, but just how do you think about B2B versus travel growth in that subscription growth rate? Chad, that's. You know, to your point, when we set the guidance, we do this every year, when we first set it for the first part of the year, it's always, you know, a long period of time to set the guidance. We typically look early on, and we don't factor in as much for the latter part of the year. You know, that does leave us an opportunity to reassess as we get to the midyear point to see if things have built better visibility into the second half of the year, if that's something we can adjust for. That's very similar to what we do every year, that's no different this year. The other thing that we have to factor in is we are gonna have a little bit of a currency headwind. You know, we talked last quarter about that being about a two percentage point delta on total, and it also is applicable to subscription. Actually, I don't think it's gonna be that much. I think it's gonna be somewhere between 1% and 2%. Hopefully it's around one. We've seen the, you know, the euro strengthen. That's helped things as well. In terms of looking at our B2B and our travel businesses, I would say that, you know, because we're coming from such a recovery stage on the travel side, you're actually gonna see a really nice growth rate on travel. Andres commented that our travel business did, you know, very well in 2022 versus where we were in 2021. We still see a, you know, more of an opportunity to recover from what was lost in the 2020 and 2021 time frames. I would tell you that travel's gonna have an outsized growth rate primarily because of the recovery, because of Asia opening, et cetera. That doesn't take anything away from our B2B business. Our B2B business is gonna continue to do well. It's just not having the same level of recovery that travel did. I would say just between the two, travel's gonna be a bit higher of a growth rate because of that phenomenon. Got it. Is there anything that you saw in the fourth quarter, whether it's towards the end of the quarter, you know, from a billings, bookings standpoint, you know, that kind of impacted your thought process? Or is it just, you know, conservatism just because of everything you're hearing out there? I mean, I don't know if billings growth rate kinda came in where you thought it was or how you think about that. Thanks. No, Chad, I would say, look, we have to be cognizant. The way we approach guidance is the same way every year. If you look at last year, we took the same approach. We wanna be very confident with the guidance that we provide, and we go about it the exact same way. I will say we hear every day companies talking about the macro and the effect, and we have to take that into account. We can't assume it is a difficult selling environment, and we have to assume it's gonna be a difficult selling environment. You know, we're actually pretty pleased with our guidance where it is starting the year, and we're very focused on executing. I would say we have, you know, pretty aggressive goals, to do, but overall our approach hasn't changed. Yeah. I think on calculated billings. Sorry. To your point on calculated billings to add to that, you know, our calculated billings in the fourth quarter were, you know, pretty much in line with what we were thinking in terms of, you know, where it landed. Because in the short term, calculated billings is really a function of what was already lined up and, you know, a little lesser to do with what you earn in new in the quarter. We have a pretty good idea of what that's gonna be. Where we get, you know, where it gets more difficult is when you're you know, forecasting it over a longer period of time. Our calculated billings were pretty much in line with what we were thinking. Keep in mind too, that there are, you know, there are some timing effects that occur there that kind of drive that up or down. We certainly benefited from a timing benefit in Q4 of 2021. And that did have a, you know, a reflection on how we showed calculated billings in Q4 of 2022. Got it. Maybe one last housekeeping one, if I could. Stefan, how should we think about the maintenance kind of decline this year? Then I'll hop off. Thanks. Yeah, no, maintenance will decline at an accelerated rate from what it has in the past. We had a good migrations year in 2022. Real happy to say, you know, say that. I mean, it really has changed the dynamic of what our ARR looks like. Maintenance is a very small component, as I commented in my prepared remarks. You know, Chad, we've always talked about think about maintenance declining in the, you know, call it the 20% to 30% range. I think as we go into 2023, think 30% to 40% decline is probably more in line with how to think about maintenance. Got it. Thanks much. Nice job. Thank you. Our next question comes from the line of Parker Lane with Stifel. Please proceed with your question. Yeah, hi. Thanks for taking the question. Stefan, I was wondering if you look at gross revenue retention, I think it was above 93%, again, really solid number. If I go back pre-COVID, I believe you talked about 95% in the past. As we look to 2023 and beyond, do you anticipate getting back to those levels? How much does that factor into the growth outlook this year? Thanks. Parker, I would say, you know, looking back, you're right. I mean, the year right before COVID, 2019, our retention rate was around 93. You're right, prior to 2019, we did have as higher retention rates. You know, as we've gotten bigger and as we've gotten and done more or executed more transactions that are more of the land and expand variety, we knew that was going to have some pressure on our retention rates, and that has been the case. We were very happy with doing, you know, 93% or better, and that is certainly something we factor in. Is there an opportunity to do better? Absolutely there's an opportunity to do better. I think, you know, the work that we're gonna be doing around these expansion reps and spending more time to sell the value of what we currently have in those accounts and what we can do to add more value, I think will go a long way towards helping that gross retention. I will say this, it's a little short of me to call out improving it off the 93 because we feel like 93 is actually a pretty strong number. Yeah, I mean, we've done it before, to your point, so I feel like it's something we can do again. Understood. Shifting gears over to the cost structure changes, and the opportunity for leverage here on the path to profitability in 2023. How should we think about the impact across different areas of the business? Is there any one, you know, segment, sales and marketing, R&D, that maybe had an outsized impact from the cost structure changes? I wouldn't say there was an outsized impact. You'll see, you know, as the expense numbers come in in 2023, I think you'll see, you know, an impact in the sales and marketing area. You'll see some impact in R&D and G&A as well. I think from a cost of sales perspective, you're gonna continue to see the scale that we've been talking about over the last couple years come into play. But no, I wouldn't say there's an outsized, you know, change one way or the other. Now, within each one of those line items, we have changed our priorities. You know, for example, we are gonna be investing in more of the expansion reps that we talked about. We're also gonna be investing in new business logo reps as well. We're gonna spend more money, investing in our demand gen and our marketing, brand awareness initiatives. There's gonna be areas where we do make some investments, and that's gonna be factored in. Then, you know, similarly on the, on the product side, you know, we have looked at some of our lesser priorities, deprioritize those so we can put more kind of wood behind the arrow on some of our bigger priorities, you know, especially around what we wanna do, with our platform that Andres mentioned earlier. That's, that's really what's happening. Think of it as, yes, there were some reductions made, and they were made in many different areas, but it was really emphasizing how do we make sure that we stay and continue to invest in those bigger priority items. Got it. Appreciate the color. Thanks again. Mm-hmm. Our next question comes from the line of Nehal Chokshi with Northland Capital Markets. Please proceed with your question. Yeah, thanks. Yeah, congratulations on the good results and the, you know, the projected possibility in fiscal year 2023 is a big positive surprise. That's great to see as well. Starting with the revenue guidance, can you just? Why only 7% year-over-year growth for fiscal year 2023, given that for fiscal year 2022, you had 13% billings growth? I mean, does this imply that you're expecting flattish billings growth in fiscal year 2023? No, it doesn't mean that. What we've done, Nehal, is, you know, in order for us to drive, you know, growth rate for the full year, we've got to not only leverage the billings that you talked about that we ended 2022 with, but we've got to also, you know, see that executed all the way through 2023. You know, as we typically do when we set guidance at the beginning of the year, we're really only factoring in what we have near-term visibility to, think next 6 months. We don't factor in as much around what we see around the second half. You know, as is typically the case, I would tell you that, you know, we've factored that in so that we have more of a chance to, you know, have upside than, say, downside. We are being cautious because of what we see in the marketplace. We do also have a little bit of a currency impact. I mentioned earlier about a one to two percentage point, somewhere between one and two percentage point of an impact on currency, which is impacting us a little bit. You know, those are some of the things that are driving that. You know, let me put it this way, we're executing to, you know, a plan and an idea that could do better than that. Okay. You have a Q1 guide for subscription revenue growth of 11%, but full year of 14%. Doesn't that imply accelerating subscription revenue growth as we go through calendar 2023? It does. Yeah, it does. That's a different factor because what we're really talking about there is timing of when those bookings come online, from a revenue recognition standpoint. As you probably know, there's a good portion of our business that where we get the bookings, but we don't immediately get the revenue recognition. That revenue recognition is as delayed start. We have lined up, you know, revenue that's already been booked, to your point, that's coming online from a growth rate perspective, that's why you're seeing that factor in. Got it. Okay. Then I always, I mean, it's always great to see the significantly improved profitability that you're projecting, but I always get concerned that is going to come at the expense of future revenue growth. Yet you're talking about accelerating your growth targets. Can you help me reconcile what you presented here? Well, from a growth rate perspective, we feel like we are continuing to invest in the areas that are gonna help us drive growth. Now, when we looked at some cost-cutting areas and where we cut some costs, we did cut areas in what I would call lower priority areas. Yeah, that can have an impact on the overall growth rate. I don't wanna, you know, mislead you that area. It's not gonna have a huge impact because the areas that we are really locked in on what we want to accomplish, both in the travel and B2B areas, are areas that we still continuing to invest in. As a matter of fact, I would tell you that we've actually allocated a few more dollars in some of those areas as we went through these exercises to ensure that the things that we really wanna focus on are those areas that are gonna drive the revenue growth. Yes, there is a, you know, a nominal effect because of some of the things that we've stopped doing. Our plan is to more than offset that, or at least offset a good chunk of that with the focus and execution in those higher priority areas. Okay. As far as the OpEx envelope that we should be thinking about, the $45 million for the December quarter, is that the go-forward rate that we should be expecting in the March quarter and then going forward from there? You know, I'm sorry, Nehal, I didn't understand your question. Sorry. I calculate that you had a $45 million OpEx for December quarter. Is that the baseline level? Oh. that we should be looking for going forward? Yeah, that's in the ZIP code of what we should be thinking about. Yeah, you know, somewhere in that neighborhood. Keep in mind, we do have seasonality, so while it will average out that way, it will be a little higher than that in Q1, then it'll dip down as we go into later quarters. Yes, that's a pretty good estimate of what OpEx would look like. Yes. Okay, great. Thank you. Mm-hmm. Thank you. Our next question comes from the line of Devin Au with KeyBanc. Please proceed with your question. Great. Thanks for taking our questions. Yeah, nice to hear the win with GE, or expansion from GE Health to Power in just one quarter. I just want curious to hear what GE found PROS particularly useful initially and maybe a bit more detail you could share on, you know, just around the expansion process to GE Power just within one quarter? Yeah, no, great question. Real focus area is on our price optimization and management solutions and how we're driving price guidance to drive more profitability for their business. I think there's been a very focused area on how we prove leveraging our next generation AI to drive better win rates as well as better margin uplift for their business. We've experienced in many of these industries like GE, many customers that have seen a pretty significant both revenue and margin uplift, and we were able to prove in a very short amount of time significant impact. We were working across, you know, our focus in many of these global accounts is to work across the business units to prove out the value. I would say, you know, big kudos to our team and to our product organization. I think our platform launch and our ability to get started small. Prove out the value helps to drive land and expand motion. I think a lot of what we saw last year in our success is really about our platform launch at the end of 2021, and this is just one of the examples of that. Got it. No, that's great to hear. Maybe just one more question, if I may. You know, nice to see. Yeah. That APAC is, you know, on its way to a more meaningful recovery. I wanna kind of dive into maybe Europe a little bit. Seems like performance there kind of slowed a little bit in the quarter. Any meaningful changes around, like, sales cycle or close rates in that region during the quarter? Yeah. I would say no meaningful change. We talked about in travel, Iberia, with the migration in the region. We saw, you know, good business momentum. I would say, look, in general across, it is a harder selling environment. I've talked about it the last quarter, in this type of market, what we're trying to be very intentional with is making sure we can land with small investment, rapid time to value, and very measurable results. I think that's the strategy across. I would say Europe, not a big difference to any other market. Actually, we had across, good business in Europe. No big difference from any other market. Okay. Yeah, appreciate the color, Andres. Thank you. Thank you. There are no further questions in the call. I'd like to hand the call back over to Belinda Overdeput for closing remarks. Thank you for listening to today's call. We look forward to speaking with you at conferences and events this quarter. We will be attending the Wolfe Research Software Conference on February 28th in New York City. If you have any questions following today's call, please contact us at ir@pros.com. Thank you and goodbye. Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.