Well, every time I see that video, I get goosebumps, and hopefully you all relate to this with your own experiences with the kids, probably your family members or your own journey. And just kind of tells you the gravity, and the weight, and the opportunity of how much we can do for each child. And I'm sure, you know, to really understand each child, you can appreciate that within even a family, sometimes you have kids, and they will have all different aspiration, different needs, different strengths. I have three kids. You know, my older one, who's now a sophomore in college, you know, he actually when he started, he had a borderline case of ADHD, and, you know, then he— with his love for reading, he kind of got over that, and now he's actually doing aerospace at Cal, trying to follow Musk to Mars. And my middle schooler, you know, he, he's actually somebody who's really completely different, loves to collaborate. In fact, he wants to do advocacy, and, you know, he's trying to join the movement of, effective altruism and how to really look at existential crisis like the climate and trying to—you know, he cares about that more than he cares about his AP Computer Science grade, and that's okay. Then, my little one, who's actually a middle school elementary schooler in third grade, too early to tell, but you can already see at that age itself, what hands-on and how her recollections and how she really, you know, what gets her excited. And I'm sure you relate to each one of them, and every child has that different experiences. So in a family, if we have so much different needs and strength and different learning styles, imagine in a classroom with 30 kids, how do we expect teacher to actually be able to personalize education for every child? And I'll tell you, you know, a couple of years back, when my younger one was in the middle school, I kind of did a whole career tech day on computer science with his middle school science teacher. So she had me present in these five sections. By the end of the day, almost touching 150 kids, five sections in a public school, you know, she wa— I said, like: "You, you don't lose your voice every day?" And she was like: "Hey, my day is just getting started. Now, I have to go support all the homework, the email responses, all the back office stuff." So imagine how a teacher, who is supporting almost, you know, this many kids, do they have the tools and the systems to be able to do that? You just cannot throw more bodies to be able to solve and personalize this, and this is where technology comes into the picture. As we have seen in other industries, retail is a perfect example of that. How's that got transformed through technology to become completely personalized? Financial sector, healthcare, it all going through the similar. We have a tremendous opportunity in K- 12, with the same level of application of technology, to personalize and change and transform education from this one-size-fits-all to be able to have personalized education for every student journey. What you're going to see is that what we have— key is the technology, vision of not just any technology, but a unified, integrated technology, which allows us to really bring things together to help us support this and empower these teachers to support that. And to do this at a global scale, because this is something which every kid in the world should get benefit from, we need a scaled company, and that's what we have built. We have built the largest education tech enterprise software company in K- 12, and when you look at that in terms of the size, right, we are going to be touching $700 million in revenue this year, but also our reach. We already reached 50 million students, more than any other enterprise software in K- 12. And we are doing it profitably, and which is important because that allows us to continue attracting investments, as well as continue to invest in the business to help us innovate, as well as support our customers in these adoption. I know, as Shane mentioned, this is actually two years since our IPO, so very excited about this, Investor Day, and over the last two years, we have met every one of our top-line and bottom-line commitments. In fact, majority of the time, beaten them. And we are very proud of the execution from the PowerSchool team and the momentum we have. But we also get a lot of questions over the last two years, and we are going to make sure that today, this is our opportunity to make sure all of these are answered. A lot of questions about what's the, you know, how's the actual cross-sell going? How much more runway you have? Where is the... Which products are selling where, and which customers are buying what? But then also, how do we model this for the next three years? How do we model this for the 10 years? Where is the growth opportunities in Gen AI? How does international play in? So we're going to answer all of that today, but it's important that we also step back and thematically understand the PowerSchool advantage, which is allowing us to have the sustainable advantage. But I'll make sure that by end of the day, I'll pick, pull that back up to make sure we are addressing all of your questions. But four key things, if I want you to take away these four key things from all the presentations today, would be how PowerSchool market leadership is allowing us to deliver a financial performance which is unparalleled, how our well-positioned we are in this attractive market. Sometimes education gets a bad rep, and I want to kind of show you how, within that, how we are actually focused on and the position we are in to continue driving this kind of growth opportunity. And then actually take majority of the time in the last two sections, where I'm going to walk through the progress we have done, as well as our model. And then you're going to hear from Shivani, Tony and Eric, who's going to actually take that and translate into numbers you can kind of build your models on, exactly where we should be and where we're going to be. So let's start with the first section on our leadership. A lot of you are probably familiar with PowerSchool, probably have seen a chart like this from us. We have a very long tenure in education, almost more than 25 years back. We were part of Apple and Pearson, but last eight years—when I joined, one of the key things what we looked at is that while we had the SIS leadership already under the Pearson ownership, as a standalone, one of the number one things I heard from each one of the customers I interacted was that they were still dealing with all these silos and fragmented technology. In fact, a school district not too far from here, 30 miles, Elizabeth, one of my early meetings with their CIO and assistant superintendent, she said they just did a survey, and their teachers were touching 19 different systems in a week. In fact, McKinsey has validated this with that 50% of a teacher's time actually goes in dealing with technology and administrative tasks away from the teaching. Your most precious resource, that's the frontline people, we are not empowering them with the right integrated technology to make them effective. That's where our vision started, that we wanted to build this end-to-end platform, which allows us to have best-in-class capabilities on all these mission-critical, 20+ systems these teachers need in every week, what students need every week, and bring them in one integrated platform to allow us to really provide that integrated experience, integrated data, as well as integrated processes and capabilities that will help them support each child better. That's the mission we walked on, and you see that we pretty much went. We've done 12+ acquisitions and a lot more innovations to help build this comprehensive platform, to build that entire end-to-end capabilities of all the mission-critical systems that schools rely on. What is exciting about is the, how we have built that, and in fact, we have refined our go-to-market, that we can actually go to now each of the key personas in K- 12 and have a cloud solution for them, which actually brings all their most important components in one offering that they can rely on and have their end-to-end capabilities enabled in there. So if you're a student IT or a student-grade services solution, you have the SIS with enrollment, special ed, document management, form management capabilities, all in one place with one system, which is helping you drive that. If you are in the classroom, you're on the instructional side, your Schoology Learning Management, your formative assessment to take quizzes, your curriculum, all in one personalized learning cloud, and we are actually adding a lot more innovation, which you're going to see in that area. There's a lot of demand right now on: How do you really support the student success? Especially after COVID, with all the learning gap, how do you provide the interventions which are surgical? So MTSS with the behavior and attendance intervention. You've got your college planning and career planning focus with the Naviance and other Headed2, as well as our talent management and ERP, so we can support teachers from recruiting them, onboarding them, helping with the professional development of them, helping them with their evaluations and observations and coaching, and all the way into substitute teacher, as well as the entire ERP to support that. That comprehensive footprint is unparalleled, and we are supporting each of the key constituents in K-12, which is giving us an ability to partner with these school districts, with states, to be able to really be their partner in this whole platform journey and the digital transformation journey. Now, we have achieved that also with not just with the breadth but also with the depth of the scale. Our solutions now already reach 80% of the North American school districts. With 90 of the top 100, we have proven we can handle the most complex problems in each of these areas with some of the largest districts in the U.S., but in fact in the world. And we also have entire state-level contracts, which allows us to really support even international countries because of, for things like how we're doing at Alabama, using 10 of those modules for every district, every school, every charter school, every student. And we already have proof points in almost 98 countries, including entire countries like Uruguay. So a lot of momentum and proof points of it's just not the breadth, it's the depth and the proven technology, and the impact we are making with this thing is unparalleled. When you look at it from a Newark public school just across the river, not being able to do their attendance without PowerSchool or their class schedules without PowerSchool SIS platform for many years. From Houston actually doing their entire enrollment, or from a New York managing 17,000 substitute teacher every year on our platform, or Miami doing their entire classroom and homework and their every assessment and quiz every week on our platform, or LA doing all their graduation planning and every kid career pathway and college application through our platform. Each one of our solutions is used by some of the largest districts in the most complex use cases you can think about. And then you look at that stickiness of how mission-critical and how big impact we are. That translates into the financial performance. That has allowed us to grow 20% over the last few years and be able to take that and scale it even further, that operating leverage, as we go down the P&L with increased profitability, increased cash flow as well. That is a business which has that kind of stickiness, that mission criticality, that reach, as well as having the ability to deliver, is very unique in its own right in terms of being really having the robustness of that financial performance. So now let's talk about from that leadership to more about the broader market, to see where the broader K-12 market is and how we are helping be an attractive position and maintain that competitive advantage. Well, first, to just level set for everyone, education is one of the biggest markets when it comes to, in terms of the GDP spend. It's actually the third-largest GDP spend in most of the countries, close to $8 trillion, on path to $10 trillion in the next few years. K-12 is the biggest part of that, in fact, 60%-70% of that. U.S. is the biggest market within that, and the international is 3x-4x bigger than that. So if you look at from the U.S. market itself, of $750 billion today, one of the exciting parts of that is that it's one of the most predictable and stable markets. With all the macroeconomic factors, the micro, the inflation, the recession, this is one of those areas which remains very consistent. You look at the last 30 years, it has tripled in terms of funding, and with the bipartisan support, you typically see education to be a very protected investment, and you have multiple sources of investment, from federal, from state to local, which catch up any of the slack, so allows you to have a very predictable. And when you look at from that perspective and translate that to the actual spend, we are targeting our TAM right now, which is that 1% of the total $700 billion, which is close to about $10 billion on the enterprise software piece. So we are very small. I get this question asked a lot, is about: How does the broader funding environment? So think about we are just talking about that 1% of the full funding environment these districts and states have. When you look at that parallel to the retail example I gave, retail companies have typically 7%-8% of their total spend on IT. So there is a lot of room for IT to grow. In fact, IT is growing, EdTech from an enterprise software is growing much bigger than the core funding to almost high single digits to double digits. And that has allowed us to continue growth, and there is even more opportunity ahead of us as we make a bigger impact, to be able to really address and be bigger part of the share of the wallet. When we look at what is driving this trend, why IT is growing such an important part, we talked about a little bit of the broader vision and the need, but let's go into the everyday, the challenges districts face. We have tons of cases around how education outcomes, whether it's fourth to seventh grade reading or math levels, your college readiness, your dropout, you have tons and tons of examples of areas that we are letting a lot of our students down. Those inequities, when we even be able to support every child, we are, you know, we are not really supporting our kids and the teachers the right way. COVID just exposed that even further. In fact, it created even a huge gap of learning loss that has even further created challenges for each of these districts and families. There was an article in CNN just day before about how Tennessee is struggling, whether they should have a 2%-5% of the kids redo their third grade, because the national average on the fourth grade reading was less than one-third of the kids who were reading proficient at fourth grade. And when you take that at the international level, in fact, McKinsey did a study in Middle East. Some countries actually had six to 11 months of learning loss, so they are trying, you know, the entire... It's going to take multi-year process to actually recover from that. It has also taken a huge toll on the teachers. In fact, the teacher burnout, you hear every, you know, article about it and how more teachers are leaving, how teachers are getting burned out because they are taking the brunt of that. We also are dealing with antiquated systems, legacy, manual interactions, which are creating huge amount of data security issues. In fact, I had the opportunity to present at the White House K-12 security briefing, and I shared that how just on PowerSchool systems, in onen year, we defended the school districts against one billion cyber attacks. In fact, the report just came out last month, which shared that 80% of the North American school districts had ransomware attack in just in last year. That's growing 84%. The magnitude, that's waking every one of the IT, every one of the leaders, that they have to get out of their legacy environments. They have to stop the manual stuff to be able to do that, and we are helping drive the digital transformation to achieve that. In fact, we did an EdTech report recently, and we shared our our education conference. Number one reason for all the challenges we talked about, learning loss and teacher burnout and everything, was put directly back to the system and silos and the inefficiencies in the environment and the processes. So the tailwinds have been tremendous in terms of what districts need to do. We are sitting at one of the most important juncture in that, in the most important puzzles to solve that. Number one, our market leadership in SIS, which is unparalleled. The next three vendors are 1/3 of our size each, which allows us to really, which is one of the most mission critical systems, which everything in a K- 12 organization touches. Every persona's, every student's—it's a system of record, the compliance, the funding, all that happens through the SIS reporting, and that touches all these different systems. By our SIS leadership, along with this end-to-end platform, we have created a very compelling, unique advantage that there is no other vendor who has brought all those pieces together in a proven way that allows these districts to not take a risk with a small vendor. That allows those districts to actually rely on a platform rather than solving the individual product need. And when you look at from the broader education ecosystem, when we talk to a lot of investors, they might have invested in a few education companies over the last few years. A lot of what you hear or what you've seen in the past as public companies, we actually don't compete, we actually complement them. It's the content companies, assessment companies, the apps, the services, as well as technology vendors. We actually are the enterprise software, which actually relies on integrates to that, and these systems rely on us, the districts really bring those data or systems through our interfaces to get to the each child. So we really are in a different space than a lot of the education companies what you hear. What we do compete is with the niche providers, who do provide either classroom tools or administrative tools. And when you look at each of these providers who are in that enterprise software niche category, there is not a single vendor who has the depth or the breadth covering all the different elements we do. Some of them, you know, have certain information system. They might have invested in an ERP. None of them have. SIS vendors have LMS. None of the LMS vendors have any SIS or Talent Management Solutions. None of the Talent Management Solutions have an LMS. Nobody has, on this, have a spectrum of college readiness. We are the only one which has brought that end-to-end mission critical aspect in one, and not only in terms of solutions, but also in terms of the size and the scale, to have a leadership that allows us to continue, have the trust with these businesses, with these districts, to be able to buy more and be able to rely on our platform. And that's where when you look at our financial performance, it doesn't mirror the typical edtech companies you hear about in terms of growth or profitability. It's an enterprise software. It mirrors the vertical SaaS companies you would see out there, like Tyler, like Veeva. So sometimes we get plugged in with one company in education getting impacted, and suddenly we hear about the PowerSchool. Hopefully, this helps you understand and clarify that we really are more an enterprise software in a category of our own, compared to other solutions in EdTech, as well as the niche providers. That unique proposition of both the attractiveness of the market as well as of our unique strength is what's helping us support the growth trajectory we have been on, and how we have been able to deliver quarter after quarter consistent growth. Since I've been with the company last eight years, we have grown seven times. I'm very proud of what we have accomplished, but what you will see, we are just getting started, and I could not be more excited about where the next eight years is gonna be. When you look at from just the last four years, we have grown 17% CAGR. It was double digit organic, about 10% or plus of that is organic, and then top of that, some of the inorganic, which has driven us for a 17% overall CAGR over the last four years. To understand where that organic growth is coming from, I will share with you three data points, which will help you understand why the momentum has been strong. The number one is the flywheel effect of the platform. The number two is the land and expand, and number three is the diversification and the unique strengths of our platform. Let's talk about the flywheel effect. What you're looking at the chart on the left is 20% of our customers are actually supporting 60% of our ARR, and these are the customers who have four-plus products. What's also interesting on the right, when you see is that the more products you own, the more the ARR contribution is. So four-plus customers have about eight, seven-plus customers have about 26x ARR than our average customer. What's exciting is that the customers who rely on us for multiple products, we have grown them double of our overall growth, with 34%. How would we do that? It's the notion of the more products you own, the more products you buy from us. Great example of that is when we did Naviance acquisition, one of our very large districts said, "Just by having Naviance integrated to the SIS with the same login, is going to actually increase their graduation rates by 5%-10%." Having just a basic integration allows, these districts to have more effective systems, more effective processes. Take that power of trying all these different systems, it really helps us accrete. This is the reason you will see districts like L.A., who started with us on Schoology and, and Talent, expanding into Assessment, and recently we talked about in our earnings about a full Unified Insights and Connected Intelligence. That each product you use allows us to be even able to do that. We have customers we'll share, which have dozens of our products, and they keep adding one more product every year. The next is the land and expand. This is another very important factor. How we are able to bring the strength of having the customer access, the reach that we are already in front of 80% of the customers, and are able to grow that. And when you look at our customers, who are actually, again, relying on us more, we are growing them double of the customers who are smaller in terms of ARR. Because we have been able to grow those customers faster who have more products. Now, as we bring this land and expand, this is not just working with our existing customers. As we're bringing new customers, we're actually landing and expanding them faster. Number one, we're landing with more modules on average every year. Great example of that is Colorado Springs buying 12 modules at a time. Other examples is, as we land, we keep expanding them each year. Detroit, we started a relationship four years back. Since then, they have seven to eight products now from us. Those are, kind of allows us to continue adding one more product or buy multiple products in the same shot. That strong momentum in land and expand allows us to continue our cross-sell motion. The more customers— and Eric and Tony are going to share with you— the more customers we have, those individual one customers going to two, the more growth we see, the more cross-sell momentum we're going to continue to build. So our cross-sell momentum is only going to increase from here based on all the proven land and expand we have been able to do with our large and mid-sized customers, and be able to continue to grow that, which is what I want to take to the third part. We are able to grow each of our go-to-market segments, so this is not a one-trick pony. We're not just growing in large customers, we're not just growing in mid-sized customers, we're not just growing in the small customers. We're able to grow each one of our customer base. And the fact that we have a diversified platform, we are growing each one of our products as well. And especially when you look at our core products, our flagship products, and our SIS and SIS-related and communities products, our classroom products, we're growing them 22%. The only soft spot you see is coming from some of our growth issues right now in ERP, which has taken a pause over the last four years. Because of the COVID, a lot of the districts did not want to prioritize an ERP change, as you can imagine, rightfully. But we know that 70% of the ERP market is still legacy, so we do know that growth is going to come back as well. We'd already seen the talent products within that category going double digit. But really, what's exciting is that majority of our business are actually growing more than our overall growth, which is what you want. And having the diversified platform gives us an opportunity to continue to sell whatever our customers need in whichever segments they are. These three drivers are what has really helped us deliver this consistent cross-sell. Let me spend majority of the last 10 minutes on really our future growth. When you look at our full strength of our TAM, we only have 6% of the market share today, of the $10 billion. But within that, the cross-sell itself is $4.5 billion, we're going to talk about that, and then you take international, $25 billion, and then you take to personalized learning, which give us a $100 billion TAM. Let's go into each one of those segments. Well, first, the cross-sell TAM. We are $650 million of ARR today. We have a $3.9 billion of cross-sell TAM. By the way, when we shared at IPO, since then, we have added $1.5 billion of cross-sell TAM by both organic investments in products like our insights and data products, as well as with our acquisitions of things like curriculum and other. And we'll talk about it, that we have not stopped, there is even more exciting stuff coming. By just going through motions of our cross-sell we talked about, on average, getting our customers from two to four products, we can grow 10% for the next 10 years. Just best— by getting a dollar, we can continue to grow 10% every year. That's the how much exciting cross-sell momentum and how much white space is there. Now, the other question that gets asked is, "Okay, what about this broader $10 billion, and what is the saturation or what's— where you are?" Well, only over five of our products actually have more than 20% market share. 15 of our products are less than average 10% market share. And even in those five categories, you take a professional development, for example, more than 50% of the market doesn't use any really out-of-the-box systems. So tons of opportunity for us to have those white spaces to be able to cross-sell our products in there without having to go replace the competitor. So, and then one of the beauties is, because we are already in front of 80% presence, not penetration, not the market share, it's the presence, we are able to still have the existing contract with the customer. So 80% of our deals do not typically go through an RFP or require a fresh contract. We are able to amend to the current contract. That gives us the first view in these organizations to be able to sell those additional products. We continue to expand our TAM into the full $10 billion, with more innovation and acquisitions. We're going to talk about some of the innovations today, like MyPowerSchool, but one of the acquisitions we have recently done, the SchoolMessenger, gives us another $500 million of TAM. I'm excited to, you know, share that we just got HSR clearance yesterday, so we are very much on track of our plan to integrate and successfully our pending acquisition of SchoolMessenger in the coming quarter. What's exciting to us about SchoolMessenger is that we have another product which has market leadership in terms of reach and number of students, as well as the capability, the robustness, stickiness with some of the largest districts in North America. In fact, not only it has the profile of profitability profile, in fact, one of the most profitable profile in among any of the vendors in that category, it mirrors similar characteristics of PowerSchool profitability profile. So very accretive to our growth and EBITDA... as well as it's very strategic. In fact, it was one of the number one asks from our customers in terms of adjacency. And as Shivani is gonna share, our investment in MyPowerSchool, which we unveiled at the EDGE Conference, it integrates it there to provide one system. There was actually a recent viral TikTok, where a mom was getting full-time help just to go through all the emails and messages from their three kids in the school. That's a reality of a lot of the parents. Multiple systems, multiple messages, that's what we're bringing it together. And having SchoolMessenger with MyPowerSchool completely changes the game for us, and even it will be a bigger motion for us to allow to cross-sell. Let's turn to international, and Tony's gonna actually spend and walk you through some of our international channel strategy, as well as our direct sales strategy. But I could not be more excited about the space, because what we have seen is that there is no other company which actually has the same depth or breadth, even internationally, and we have scouted every part of the world and every continent, and there is no vendor who's built that best-in-class capabilities and have the ability to scale. So we are getting these inbounds, especially after COVID, with all the learning loss and the disruption countries continue to see. They are really primed, getting ready for a massive adoption of technology in international. And we are setting ourself for that success. We're targeting the emerging economies, where student population is growing, which means more schools, more investments in IT, and allows us to really go after. In fact, we just shared an exciting news of acquiring Neverskip, a small tuck-in localized vendor in India for SIS and ERP in India, but very strategic because it allows us to provide the localized support, along with rest of our PowerSchool platform, to be able to now go after one of the biggest education markets in terms of number of students, with 230 million students. It allows us to now become the most comprehensive solution in India. You're gonna see with the channel sales, with our direct sales, with our India strategy, we are on a path to get 15-20 million students in the next three to five years. We've started with about one to two million over the last few years. We're adding with customer, partner commitments, and with Neverskip and our growth partner there, at least four to five million students, if not six to seven, and then each year, adding couple of more million students, gives us that clear path, and we are ahead of that plan and the trajectory, and we're very confident of achieving that. The next part of the growth is the personalized learning. This is very, very exciting, and Shivani is, in fact, right after me, is gonna spend a lot of time, so I'm not gonna steal her thunder. But what I want to highlight some of the innovation, she's gonna walk through each of the innovation, what we have today and where we're going. But our unique proposition of having the data is what powers AI and the GenAI strategies. There's no solution out there effective without that data. That ability to train and leverage that data to be able to point, is what makes this exciting. And what you see from the example, not only we are actually building products which going to help us monetize our data -as -a -service, as well as our add-on products, we're completely creating new category of products, things like personalized homework. In fact, right before coming, I had to spend an hour with my daughter, helping her with divisions, because summer slide is real, right? She forgot how to do any kind of division, so I had to kind of spend an hour for us to catch up before she could do divisions and thousands, which was the homework. And I think it's a story for a lot of the families. You have to spend hours with the kids, and a lot of the— 70% of the families actually don't have the support system or knowledge to be able to support the kids as they grow into the middle school and the high school. How GenAI completely allows us to build a homework buddy and personalize the homework to meet the, where the child is and bring them along to the grade level, is game changing, and in fact, we're already partnering with a lot of districts who are very interested to make that. Because this will be transformational and a completely different use case than what you heard from anybody. We are in a unique, because more than 50% of the classrooms in U.S. are already doing their homework assignments through SIS and our LMS. Then we're not stopping there, we're taking that to the entire career pathways. Imagine every child, where they want to go, and having their entire learning pathways tied to that. Again, our Naviance leadership allows us to bring that in a differentiated way than anything else out there. This is gonna be a material contribution. In fact, in our future, we think this is going to really accelerate and be the biggest growth component of our business. These investments we are making are gonna allow us to double, if not triple, just in the next 10 years, of where the PowerSchool is gonna be. And to be able to model for the next three years, what we are sharing with you our clear path to be a $1 billion +, just in the next three years, with minimal, you know, contribution from some of these innovation, but just based on our cross-sell momentum itself, and we are doing that while increasing profitability, which Eric is gonna talk about, and that's the beauty of our operating leverage. So there's a lot of exciting stuff. I'm sure you have a lot of questions, but I want to hold that because I want to first bring in Shivani, because I want to have her show how that significant growth opportunity of that accelerated is gonna completely change the game in K- 12. So, Shivani, over to you. Good morning, everybody. Thank you so much for taking the time to be with us here today. I'm Shivani Stumpf. I head up innovations and new solutions at PowerSchool. I came to PowerSchool through an acquisition of a data and analytics company called Hoonuit, which is now rebranded as Unified Insights, and has seen tremendous amount of growth, as Hardeep just described. At At PowerSchool, I'm responsible for our data analytics and artificial intelligence strategy across the entire portfolio of solutions. So today, I'm going to spend my presentation specifically talking about how we believe our strategy for personalized education is completely differentiated, and how we believe that's going to change education forever. So as Hardeep mentioned, we've spent the last 25 years building a completely unprecedented platform, serving every stakeholder in the K-12 ecosystem. And this platform is providing us the perfect foundation for harnessing the power of AI to transform education forever as we know it, and I'm going to describe how we're going to do that. So a lot has been said and talked about personalized education, specifically about personalized learning, over the last several years. However, very little to show in the market, and why is that the case? It's because of what Hardeep said: how do you personalize or individualize a pathway for a student or an individual? Well, you can do that only when you understand every single data point or the most data points about that individual or about that student, and that's truly the differentiation of the PowerSchool platform. Because of what we've done over the last 25 years, we have every single data point about the student. We understand their demographics, we understand siblings, we understand their bus routes. You may not believe what, or think about what an impact a bus route can make on students' academic performance, but that's a really real factor, and that's the type of data that we have in our platform. We, of course, have all of their test scores, the courses that they've been taught, their grades, the attendance, the behavior incidents, programs, enrollments, teachers that are teaching them, what they're being taught in the class, how much of time do they spend online in our systems. As Hardeep has mentioned, there's no other EdTech vendor out there that understands the context of the student and secures all of this data with the highest and the most stringent principles of data governance, security, and privacy like we do on our platform, and that really is creating the differentiation for us to truly leverage the power of AI. So today, what I'm going to talk about is the 10% of R&D investment that we are making in personalized education and our data solutions. This is not going to cover the rest of our innovations. This is only covering the 10% of R&D spend that we're investing in this segment. So for the course of my presentation, I'm going to walk you through these seven really tangible and practical implementations of our roadmap, and how each one of these is a pillar for our personalized education journey, for the student, for the parent, as well as for the educator. Each one of these lays the foundation for the next and leverages principles of responsible AI that we're using throughout our platform. So let's get started. So the first initiative is our analytics platform. Of course, as we know that analytics is the lifeblood of any industry, and education is no different. So our analytics platform is already being used across big and small districts, hundreds of districts across the nation, including one of the top four districts in the country, as well as statewide deployments across Alabama, Louisiana, most recently, Montana, as well as Hawaii. So of course, not only analytics are critical in order to understand student performance, help districts understand operationally what's needed in order to run it successfully, as well as help longitudinal trends with enrollments and funding. But I'm also really proud to mention that our analytics platform is playing a significant role right now with the devastating fires that we've had and natural calamities like in Maui, where the state and school district officials are using our analytics platform to understand which kids have been impacted by fires. You can see a geomap screenshot of a geomap there on the screen. This is exactly the type of software that schools and school districts officials are using to understand which kids have been impacted by the fires, what additional help can be provided to these districts, and how to track these students who have been impacted. So we're very thankful that our software is playing a critical role, even in these devastating times. The last point I want to make on this slide is, we're completely transcending from using descriptive and diagnostic analytics to predictive and prescriptive analytics using AI, and we've been doing that for a few years now within Unified Insights, with one of our modules called Risk Analysis, which helps predict students who are at risk of on-time graduation. Why is that a problem? Well, the problem is that when a student drops out of school, it's too late to bring them back, and after they've dropped out, not only it limits their earning potential for the rest of their future, but it also increases the likelihood of them engaging in criminal activities and ending up in the prison system or juvenile justice systems. And that's why, in comparison to the traditional warning signs, which are extremely manual, our predictive analytics early on in a student's journey, helps if they're showing signs of dropping out, helps predict and provide those insights to educators so they can intervene and provide the right kinds of supports to these students to get them back on track. Building upon our data foundation is our next product, Connected Intelligence, which has seen a tremendous amount of growth this year. It is education's first data-as-a-service platform. Let me tell you how revolutionary this is. So just like software -as -a -service removed the need for education agencies, and in fact, any business, to manually install applications, hardware, software, secure it, patch it on premise, right, and moved it to the cloud. Data -as -a -service does exactly the same thing, but with data. So what we have built is a comprehensive turnkey platform. As Hardeep mentioned, school districts on average use 19 systems on a day-to-day basis, and the number of systems actually have tripled since COVID. So what we're doing with this platform is aggregating data not only from PowerSchool products, as well as from non-PowerSchool products, in this turnkey data-as-a-service secure platform that then allows our school districts to maximize and make efficient use of this data. So we've built this on Snowflake, which is the leading data cloud provider, which gives us not only the enhanced security, data privacy, and governance that we need, but also performance and concurrency to operate at scale. And I wanna show you a really practical use case of how we're using generative AI to completely game change what an educator can do with their data. So in the video that I'm gonna play for you, I'm gonna show you how a teacher, for the first time, can actually talk to her data using our software. So when you play the video on the screen here, a teacher is asking a natural language question: "Show me Alice's online engagement statistics." You can see, just using that natural language question, the large language models behind the scenes understood the data model and came back with this graph that you're seeing. Also, the teacher can then not only analyze the graph herself, but she can use the LLMs to further provide a human-readable English interpretation of the data. So in this case, it's saying that Alice, you know, has maintained a consistent growth percentile of 60, and she's roughly spent 14-15 minutes online for the last 30 days. In the second example, a superintendent wants to see what are his top recurring incidents by school. Again, large language models behind the scenes that we are training on the data models and the schemas are doing all of the heavy lifting, coming back with the data, creating a relevant dashboard metric, and same thing, the superintendent can ask for human-readable interpretation of the data, and you can see that it's providing which schools are experiencing the highest number of incidents. Think about how school districts would go about doing this without this technology today. Well, let me tell you. So first off, a teacher would have to go to her IT department and ask the IT department to get this data. Hopefully, the IT department has access to these systems at their fingertips. If they don't, they first need to figure out how to get access, then they need to figure out how to aggregate the data, they need to figure out how to secure it, they need to figure out how to not— make sure that the transactional systems are not impacted as they're pulling this data out, then build the dashboards, and then deliver these insights to the teachers, principals, and superintendents. I'm telling you, what I just described there, and this is not just specific to the education industry, could take weeks, if not months, and we have completely reinvented that process by using generative AI to talk to your data. And this has been possible because of the revolutionary data-as-a-service platform that we have created that is now being used, and one of the fastest-growing products within the company. Completely game-changing, that I'm personally super excited about. All right, our next initiative, again, building on this data-as-a-service foundation, is our P20W initiative. P20W is an acronym in the education and workforce industry. It stands for pre-K through Workforce. So what we're doing with P20W is connecting the pre-K, K-12, higher education, and workforce data sets longitudinally together. So why are we doing that? Well, I'll tell you. The changing economic landscape has rendered certain skills as obsolete and creating unfulfilled demand for other job sets. And the Department of Labor and Industries is actually holding K-12 institutions and higher education institutions responsible for not creating a future-ready workforce. In addition to that, when government officials make decisions of making investments, such as in early literacy programs in early childhood, because these disconnected silos are not connected together in a seamless fashion. They actually have no way of knowing, are their investments in those types of programs yielding the results lifelong for an individual? So we're looking to completely transform that by creating a platform where it's turnkey. All of these siloed data sets are connected together, leveraging the foundation of our data-as-a-service platform to maximize education attainment and workforce participation by providing secure, authorized access so that we can actually have a direct impact on economic outcomes. Completely game-changing for education and government agencies. All right, so up until now, our first three initiatives have really talked about data and consolidating data, which is the heart and soul of actually making generative AI work. So the rest of my presentation, I'm gonna talk about how this data then manifests itself in experiences for each of the stakeholders within our ecosystem. So our next initiative, MyPowerSchool. Before I explain MyPowerSchool, I know some of you are probably parents here in the audience. How many parents in the audience? All right, well, this, I think 80%. Okay, how many systems would you say, on average, do you have to log into if you wanna look at your child's grades, attendance, communicate with the district, fill out the baseball form, pay fees for an event that they need to participate into? How many systems are you logging into on average in order to be able to do that? Five, four, five systems. Well, doesn't that seem a little ridiculous that in today's day and age, you need to log into five systems in order to get access to all of that information? What I'm gonna show you is, with our MyPowerSchool, we have created this beautiful, delightful, seamless experience by aggregating the data from all of these disconnected systems to streamline the workflows and the communication between school districts, parents, and students. Let me play you a video and show you how we're doing that. This is MyPowerSchool. I'm logged in as Noah's mother. You can see here, beautiful interface. I have all of Noah's grades, his assignments, his schedules, making sure that he's attending school and not missing class. I can look at his attendance. I have forms that I can fill, fees that I can pay. Oh, and look, I just received an alert from his school district, letting me know that the school district is gonna be closed due to inclement weather. As a result of our integration with SchoolMessenger, which is our most recent impending acquisition, I can also drill in and see any of Noah's grades in more detail, and I can go in and fill out any of the forms right here in one place without having to jump across different systems. So again, completely game-changing in terms of creating that single pane of glass experience to streamline the workflows. This was one of our biggest highlights at our EDGE customer conference earlier this summer. All right, so now that we have personalized the experiences and streamlined the experiences for parents, let's talk about our next initiative, which saves teachers time. As Hardeep mentioned, teacher burnout is a real problem, and let me tell you, educators on average spend seven to 12 hours a week, yes, that's seven to 12 hours a week, either finding instructional materials or creating instructional materials. That is a significant amount of time that's being taken away from them doing what they need to do best, which is teach students. So what we're wanting to do is, we're wanting to save teachers time by with our next initiative called Content Nav. What Content Nav does is, it's a delivery platform that aggregates content from all different places. So district-created content that's aligned to district and state-approved standards, open education resources content, which is open-source content that education agencies already use today, as well as now we're gonna be providing the ability for teachers and educators, with a click of a button, to use generative AI to create the content themselves. So let me jump into a video to show you what this streamlined experience looks like for a teacher. So this is our Performance Matters platform, which is our flagship assessment platform. You can see here, I'm teaching math class, and I want to ask the LLMs to create me a math word problem using real-world examples. So again, with a click of a button, the LLMs do all of the hard work behind the scenes. They understand the learning standard that I'm teaching in the class, because that's the context we're providing. We get all of these questions back. These are real-world examples. The first one, John is building a fence. The second is an example of a carpenter, where a student would have to measure things. You can see I can pick the question. This is our Performance Matters interface. The teachers can leverage the existing functionality to rearrange the options, tweak the questions if she wants to, and she can come back and ask the LLM to it— create the question to be more challenging or easy. Because, as Hardeep mentioned, not all students are reading, unfortunately, at the right grade level. So this functionality allows us to extend the capabilities of the teacher and the time of the teacher, for her to be able to create assessment content that's fit for the unique needs of each of the different students in her class. So remember I said seven to 12 hours a week creating content? This is completely streamlining that experience for a teacher. And I'm proud to share. Currently, this product is in beta today, and I'm proud to share a customer quote from one of the school districts, Gadsden Independent Schools in New Mexico. They're using this in a very creative way. Our customers are very creative. You put technology in front of them, and they find such unique use cases to fulfill. In this case, you can see here, they believe that this is completely gonna revolutionize their progress, and they're using this functionality for their Spanish and dual language programs to be able to allow teachers to create content in those languages. So again, we're really excited about this program, and this is actually gonna hit the general availability later on this year. Okay, so now that we've talked about how we're aggregating content and providing it through our delivery platform, the next piece I want to talk about is personalizing the GPS or the navigator for every student's learning journey. So let me start with an analogy. So let's say we have two students. We have Alice and John. Both of them want to come to Manhattan. Alice is making a trip from Philadelphia, and John is making a trip from New Jersey. So both of them, in their GPS, they enter their starting locations and their destination, and agreed, both of them need to come to the same spot, but they're starting at different places. Would you expect both of them to have the exact same route on their GPS? Absolutely not, right? Because they're starting from different places. Well, if that's the case, why is it that in today's day and age, if Alice is struggling in algebra and Joe is struggling with geometry, why is it that both of them get the exact same learning experiences in the classroom? See, at the beginning of my presentation, I said a lot has be—you know, there's a lot of noise in the industry about personalized education and personalized learning, but not, not much to show. This is the reason why.... For a teacher having a class of 30 students, how can she humanly? It is not humanly possible for her to create a personalized learning journey for every student, depending upon where they're struggling. However, with artificial intelligence, it's absolutely possible. And what makes it even more possible and more meaningful and more effective is understanding the starting points of Joe versus Alice. And because of the data that we have secured in our platform about each one of those students' grades, their test scores, their attendance, all of the data that we need, we uniquely understand what those starting points need to be and what that personalized journey needs to be created by AI, so that they both can master the required levels of proficiency at their own pace. So let me show you a quick demonstration of that. In this video, I'm logging in as a student, and you can see here that I have a little bit of a glimpse of my learning journey. This is a journey that has been crafted specifically for me, given all of the data that we have about me in the platform. So you can see this path is really specific to William, who has logged into the system. If Alice logged in, she would see a completely different path for herself. And now, because of where I'm at in my course, I'm gonna complete a quick, quick test of. The system is testing my mastery of this specific course. I answer the question. Of course, I get the question correct. The system gives me a celebratory congratulations, and then the system also gives me prompts to be able to provide feedback in terms of: How was the content? Was it too easy? Was it too difficult? Did it help my learning journey, did it not? And all of these inputs are going back into the large language models to further tune them and optimize them for students on the platform. Now, because I successfully completed that, it advanced me to the next level in the course. I'm not gonna walk you through this course, otherwise we'd be here for another three hours, so we're gonna skip through that. I finished the course, and you can see here, I get another check for understanding, where it's actually seeing, did I master the concept or not? If I get the question correct, it advances me in the course. If I get the question incorrect, it reroutes me back to an area that it feels like I'm lacking, to master the course before I can move on. So again, completely game-changing in terms of personalizing the learning experiences for every student at scale. You can see the green line there represents, in my example, the destination, which was Manhattan, and the white line is representing the student's individual GPS path that the GPS charted for them. So you can see over there, I still have a ways to go to complete this course and gain the mastery that I need to need to gain. And if Alice logged into the system, she would see the same green lines, but very different white lines because of where she is at versus where I'm at in this course. We could not be more excited about how revolutionary this is gonna be for education, for the first time, to be able to provide a personalized GPS for every student. All right, so now that we've personalized the learning path during the school day, as Hardeep mentioned, we believe that a category that's ripe for disruption is homework. So homework, a fun fact: homework has existed since 1905. And the other important statistic that I'll tell you about in homework is that 94% of students globally, worldwide, fourth grade and up, are required to do homework every week, and up to 16.5 hours a week. So that's a considerable amount of time that kids are spending doing homework. However, this is the problem, 49% of parents say that the homework for their kids is too easy. I think my parent, probably my parents were one of those. 26% would say that the homework is too difficult for their kids, and the rest of them did not have an opinion. As Hardeep mentioned, kids coming from lower socioeconomic backgrounds are even more challenged because they may not have their siblings or their parents at home to provide them the guidance and the instruction that they need if they get stuck on a problem. This is where we see a massive opportunity to completely disrupt a practice that's age-old, and completely reinvent it to be more meaningful, engaging, and relevant for the student, and something that we believe that could possibly have the biggest impact in closing student achievement gaps. So, as I mentioned before, with all of the data that we have on our platform, and Hardeep mentioned this, more than half of the school students already, nationwide, are already doing their homework, either within our PowerSchool student information system or within our Schoology learning management system. So we already have all of that data in the platform to train the LLMs. So what we plan on doing is starting with the teacher-assigned homework, gathering all of the data from our platform that we already have about how students have been delivering on their homework, using the learning paths and the levels of mastery, adapt the homework to the students' experiences, and provide them a one-on-one, on-demand, personalized AI chatbot called PowerBuddy, which basically will help them if they get challenged or stuck at home on a problem. They can enter a question, and the chatbot will give them, or the tutor will give them, a step-by-step instructions in terms of how to think about solving that, that problem. Alternatively, if I'm a student, if I'm gifted and talented and I find the homework to be too easy, the large language models, of course, are gonna understand that, and they will then give me questions, homework assignments that are more challenging so that I'm enriched, and I can start learning at the next grade level. So this is where, again, using homework, we're completely gonna change these experiences for our students and help close these achievement gaps. All right, our last initiative. So everything that I've talked to you about so far is really impacting the student in the classroom. Our last initiative, which is personalizing students' career pathways, is about making sure that we're setting up these kids for success after they graduate from high school. So let me share a story with you. I was on a plane ride a couple weeks ago. I was sitting next to a gentleman. He had two high school girls. One of them recently took one of those, you know, old-school assessments that you may have taken when you were in school, where, you know, you provide certain inputs to the system about, you know, things that you're interested in, careers that you're interested in, et cetera, and it comes back with recommendations based on your skill sets and your aptitudes. He was telling me that, his daughter, older daughter, a very good STEM student, high-performing STEM student, the program came back telling her that she should pursue a career in, as a print technician. And he said, "My daughter and I were scratching our heads. Why, in this day and age, would the software recommend that she should be a print technician, when those jobs are probably already declining, and they're probably gonna be obsolete five to 10 years from now?" And folks, I, I could not give you a better explanation for why we're embarking on this initiative. Think about it. So Hardeep mentioned 40% of students already, within, the high school in the nation are using our Naviance platform. Within the Naviance platform, we have data about their career interests, their skill sets, their aptitudes, and because of all the other data within our platform, we understand what they're good at, their test scores, all of it. Then, with our acquisition that we did last year of Headed2, we are actually curating and pulling down all of the job occupation demand and the projections for the next five to 10 years. Crunching all of the data from the internet, all of the data about the job occupation demands, the requirements, qualifications, certifications, and all of this data that we have about students, we can use large language models to create significantly enhanced algorithm-matching algorithms with the highest levels of accuracy, more so, so that this gentleman's daughter would not get a recommendation that she should be a print technician. These would be practical recommendations to students, parents, and counselors. Counselors are already overburdened. The ratio is one to 200 or 300 in the classroom, and they cannot provide this one-on-one coaching to students themselves. And that's, again, an example of how we are so excited about the opportunity that we have of using generative AI together with the data that we have securely on our platform, on behalf of our customers, to completely change the experience for these students. In closing, these seven initiatives are our practical roadmap for why we believe our personalized education strategy is completely differentiated in the market. Again, to reiterate, not only do we have the data that's actually needed in order to make the AI successful, but we're gonna be providing these experiences within the products and the user experiences all integrated, that teachers, students, and parents already love and use across the country. That is, again, a big difference versus point solutions. Not only do the point solutions out there not have the data to be able to truly leverage generative AI in a meaningful fashion, but they're also not integrated into an ecosystem. In closing, we look at this as an enormous growth opportunity for our business. We look at this as an enormous opportunity for us to completely change the face of education as we know it, because of the depth, breadth, and the reach that we have. With the foundation that we've already set with our data products and the enormous amount of momentum that we're seeing in the market, we believe that we are the best and the only ones who are poised to capitalize on the $100 billion opportunity that we have in front of us. With that, I hope you will all join us in our journey as we completely change the face of education as we know it. Thank you. All right. Thank you, Shivani. Excellent job. We're gonna do a Q&A session now, like said on the agenda. We're gonna have about 20 minutes, have Hardeep come up here. My only ask—well, we'll have a microphone, so if you have a question in the room, go ahead, raise your hand. You know how it works. Online, I believe there's a Q&A tab, so please type in any questions you have, and we'll try to get to them. My only ask is we keep the questions to what you just heard from these two presentations. We've got Eric and Tony still to come, so that's my only ask. Saket? Excellent. Can you hear me? Yes. Awesome. Hey, Hardeep. Hey, Shivani. Thanks so much for hosting this session. Super, super helpful and insightful. Hardeep, maybe I'll start with you. So much to digest in your slides, but I thought that there was a really interesting chart that showed the different product family growth over the last few years, and the perception of the SIS business, right, which is really where PowerSchool started. At the time of the IPO, the perception of that market was that this was relatively mature- But I think I can't remember the chart, but I think it was growth that was faster, right, than the overall. So maybe the first part of the question is: what do you think has driven the healthy growth in the SIS market? And then maybe just on the other side of the coin, I think the unified administration part of the business, right? I mean, you took—you addressed it. The ERP part of the business, I think, lagged a bit, you know, kind of post-COVID. Can you just talk about what you think is gonna be the catalyst, in your view, for that market to re-accelerate? There's a lot there. Yeah. Does that make sense? No, perfect. Thanks, Saket. So you're absolutely right. When we, you know, talked at the IPO, we talked about how SIS is growing at a high single digits. But what we have seen over, especially in the last three years, we've seen actually the SIS growth actually more in the teens. There are couple of things driving that. One is that there's been a lot of the broader SIS cloud growth, which is happening around things like document management. I want to be able to automate a lot of the document aspects, form management, and some of that was helped through the COVID. A lot of the COVID, people realized that you can't have parents coming in and print, you know, printing documents, submitting in and all that. So we saw a lot of growth around all the adjacencies of the student cloud. But as we've come out of the COVID, we are actually seeing very strong tailwinds of SIS replacements itself. We shared, like if you look at it in the last two years itself, we've pulled some of the largest SIS deals we have done over the last five years, like Toronto, with Peel, with Puerto Rico, with Stride, which are actually core SIS replacements. What's happening is, what you're seeing is that a lot of these districts who were sitting on the fence with their legacy system, realized through the COVID, how antiquated their systems was, and the broader adoption of technology and device and connectivity has given them more incentive to have a more updated SIS to support that. So we're also seeing the core SIS growth as well, and now in the double digit. So not only we're seeing the overall SIS cloud, you know, growing in the high teen, but also we are seeing the SIS itself in the double digits%. So that's a very—and we're gonna see that trend continue because there's still about 40% of the SIS market, which is sitting on legacy environments, and we have started seeing the cracks on that, especially with the, you know, all the security issues what you see, we've seen that growth even further. The second part of your question, the ERP. So when you think about, you know, no district would want to change ERP in the middle of a pandemic, and we are still recovering from the pandemic when it comes to school districts: teacher PD, teacher recruitment, substitute teachers, learning loss. So they haven't prioritized ERP projects. In fact, we saw a lot of demand in ERP prior to COVID, which kind of just suddenly started, stopped all the stuff. Because, 70% of the districts are still using antiquated systems on ERP. And I'm not kidding, we had a lot of times teachers have to go stand in that back, in that room, the green room screens, and enter substitute teacher or absence and everything. And that's a reality. Most of the systems are using COBOL. They're being hacked, they're, they don't have any people. So there is a pent-up demand, which we are seeing, and especially with the fund and ROI management, it's gonna drive a lot of that growth in the ERP as well in the coming years. Okay. Thank you. Thank you. Hey, Fred. Hey. Yes. Good to see you, Hardeep. Same here. Shivani, thank you very much for your presentation as well. Thank you. I think I wanted to ask, I guess I'll be the second person now to ask about generative AI. I missed it in the pre-session questions, but it was really inspiring to see the different products that are on the roadmap powered by generative AI. I think, Shivani, and perhaps also Hardeep, I'm curious to understand, just how are you thinking about the guardrails that need to be placed around generative AI for things such as, like ensuring that the learning standards are truly enforced? And then maybe also, for Hardeep as well, the other day, UNESCO also announced their own call for regulation around the use of generative AI in the classroom. How are you thinking about establishing PowerSchool as a leader towards effective use of generative AI and sort of meeting what UNESCO is actually asking for? Thank you. Yeah, thank you, first off, thank you so much for the question. Thanks for being here. I'll answer your first question about guardrails. I would say, for my data science team, that is 90% of their focus right now, is actually making sure that what we're putting in front of our educators and our students is factually accurate. We know the models hallucinate, so features that we're building and developing to identify that, track that, identify bias, toxicity, polarity, content safety, right? So, things like sexual content, hateful, harmful content. So there's a lot of work that we're doing securing the data, making sure that, you know, we're not susceptible to prompt injections. So there's a lot of work that we're doing. We have six guiding principles in place around making sure that everything that we develop is ethical. We are identifying gender bias, or, and any sort of bias in the algorithms and hallucinations. There's a lot of work that we're also doing in partnership with some of the biggest providers in this industry around AI, specifically our partnership with Microsoft. There's a lot of work we're very closely doing with Microsoft and their OpenAI teams, as well as some of the other providers in this space. So there's lots of technical implementations behind the guardrails that we're putting, but we're very, very sensitive to this. We understand this. There's RAG models, you know, validating what one model's output is against the other model. Of course, all the content safety stuff that I mentioned before. So there's a lot of this that we are putting in place, and like I mentioned, this is literally 90% of my data time, data science team's focus, is actually the guardrails to making sure what we're, what we're putting out is secure, factually accurate, identify model hallucinations, and prevent, biases from, you know, existing, because we know data is biased. Yeah. I'll just, Fred, to answer the second part of the questions, I think there are two things to really call out, and in fact, Tony and I are participating in some of the UNESCO meetings next week here in the city. And there are two elements. One is the data privacy aspects as well as the data models and the training of how we're doing it. Part of our differentiation, again, comes to the fact that we are really letting the districts support through the Connected Intelligence data as a service platform, most of training. So, and we—this is an action like Challenger Private School, they have about 10,000 students. They're doing a da— to actually run their AI models right on top of that. So we're limiting the universe of the data with control, with the data service, giving the power for the district to be able to define what data training sets they're going to use, and that gives us an opportunity to have a very control, along with all the policies Shivani talked about. Second part of that is our entire strategy, as you saw, is not to replace a teacher, but actually augment a teacher. Take the time, things of teacher, like creating questions, being able to have personalized lesson plan and curation of that, for automatically for the teachers, and then the homework. We are supporting the teachers and the parents to be able to do that. So we are trying— Working on our entire innovations, not as an online tutor, not as an online course and complete path, but more as what are the augmented parts to be able to present within the context, which actually helps us support teachers better. So it's a very complementary strategy, which allows us to really allow these districts to work. In fact, teachers are welcoming a lot of that discussion because that actually gives them an opportunity, because kids are already starting to using the technology. This allows them to actually support them better. Hi, Hardeep. How are you? Hey, John, how are you? Just to follow up on Fred's question, so, the seven product initiatives, very practical as a roadmap. Can you put maybe a practical financial expectation around the seven? And I'll maybe volunteer a thought, and you can correct me where I'm wrong, but if it's $100 billion as an opportunity and that's the right number, can you correlate that back to just PowerSchool in the core business? So you have a $10 billion TAM, that's relative to, you know, 1% spending of funding. PowerSchool gets 6% share of that. Can you do the same math? 'Cause you end up coming out with what could maybe be, like, a $100 million revenue business, but I don't know what the right timeframe would be of that. Just any thoughts you have on this specifically? Yeah. A great point, John. So I think when you look at from a perspective, you're, you're absolutely right. We have done the same modeling on terms of when you look at it to be $100 million in the next five years or so, where you have the data products, right? With $20 million-$30 million, plus the for data as a service for the AI support, right? For the add-on products like Content Nav and Learning Nav, and then the personalized homework and additional products, which are newer markets. So that itself, just selling to a B2B, just to a district base itself, gives us that path to that. Where the opportunity scales further, because this is the initial years, right? We're going to be we're launching this stuff, so the next two years are kind of the launch path. We do think that the overall opportunity is, we were kind of modeling a little bit on the 10-year, is going to be more about $500 million in terms of the PowerSchool contribution as well. Keeping in mind that is, you know, much more of a directional thing, right, in terms of where we see there's an opportunity. Eric will talk about that, you know, there are even opportunities on B2C side, which can do that. So we're going to show you a little bit of that math where we are taking it, but I think if you want to model that more in terms of the short term, let's take these three monetization components, and that's where we are modeling for the next three years, the different parts of it. Then we can give you guys an update after that, of the next 10 years from there on. Yes. Hey, Hari, Brent Thill with Jefferies. On international $25 billion opportunity, yet only 2% of your revenue's from international, like, why not move faster? What, what's kind of holding you back from doing that? And then, I guess, as you go faster, can you maintain your margins, or is this a consideration of your push? Do you—can you, can you make this move with, with maintaining, you know, where you're at on that on that margin structure? Brent, great question, and we have definitely debated and analyzed this through multiple ways in our team, and you're absolutely right. You know, I have a prior experience at Oracle for almost a decade, where we had grown a lot of our solutions internationally and especially in Asia and others. Similarly, in my last company, in the corporate LMS, we made a huge international spend and growth. And, you know, Eric and Tony are going to talk about their experience as well. One of the key things is that, as you said, international, the key challenge is how faster you grow and how you keep it growing profitable. You can absolutely grow faster if you compromise on the profitability, right? Our approach is that we want to make sure that this is still profitable and allows us to continue increasing our profitability of the overall business, and we think that's absolutely fine because that allows us to grow the market as the market itself is going to mature. So we don't need to get ahead of the market. We don't need to push it. We also think that doing a partner strategy, which allows us to maintain and actually have similar margin profile, by then doing the heavy local lifting, allows us to scale this better. And what we've seen is the reception has been tremendous. We've already signed seven to eight exclusive partnership in these regions, with hundreds and thousands, if not million, of student commitments from each of these regions. And that allows us to kind of scale this and do it profitably as well. So I think you're going to see a little bit more with Tony about the entire strategy, and we are happy to take more questions on that later. But from a view, we are seeing that $80 million-$100 million, you can see to a point, today we have about only 1–2 million students, about 2% of our revenue, and we'll keep adding about 4–5 million students over each year to allow us to get to the 15–20 million students. I'm Brett Knoblauch, Cantor Fitzgerald. I guess when you look at the software spending in K-12, it being 1%, could you maybe, I guess, help us understand what it was before the pandemic? And what do you think will serve as an impetus to get that to the 7%-8% of spending, as you referenced with your traditional retail company? Thanks. Yeah. It's a great point, and, you know, when we look at, prior to pandemic, the growth rates on some of the software spend was more in the high teens, more 7%-9%. Gartner updated their numbers after the pandemic to more in the 12%-13% range on the overall IT spend. So we clearly are seeing a step function change in the demand. I think a lot of the tailwinds, what you're seeing, like the security is a great example. The districts are having to spend money on higher insurance costs because they have integrated system. So they're spending that money. It's a reallocation of some of that money to be able to do that. Another good example of that is MTSS. We're seeing our data products to be almost, we share, like on the last earnings calls, almost 70%+ growth. One of the reasons that is, that a lot of the intervention strategies today are not as effective. Tutoring, you know, districts spend millions of dollars on tutoring and less than 20% efficacy of that in terms of the actual usage. Same thing on content, less than 30% efficacy on that. So what districts are seeing, they need more surgical intervention, MTSS tools, to help make the rest of the investment more effective. We are already seeing a clear trend, and we do expect this to not get to the retail level, at least in the next few years, but at least to the 2%-3% level as the TAM really is expanding in terms of the kind of capabilities districts are getting. Hi, Ryan MacDonald with Needham. Thanks for hosting today. As we think about the vision for personalized learning, obviously, the education technology ecosystem is quite fragmented still. As you look at the vision, what applications would a customer need to be utilizing from PowerSchool to be able to execute on the vision versus being able to integrate with other vendors over time? And then, spending and budgets are very defined, obviously, in their buckets, you know, within a school or a district. Where do you think you start to pull spending from in disrupting personalized homework over time? Yeah, great question. I'll chime in, and then, Shivani, you can add further. So first part of the question, and Shivani can expand a bit further, is we absolutely, our entire strategy is our solution agnostic. Our Connected Intelligence, data -as -a -service, our strategy around these products on the learning map and even personalized homework, they are gonna be agnostic to the platform, so we can actually not require them to have any particular system. If they have our system, they would be likely, more likely to buy from us, so initial growth is gonna come from our customer base. Second part of your question is definitely in terms of the spend categories. When you look at, again, the magnitude of the investments we are talking about, it is coming from the intervention dollars. They're spending a lot of dollars right now and on the efficacy on that. It's also coming from the areas where they are spending on, you know, high dosage tutoring or aftercare, support for homework. So those are the dollars which would be allocated towards a subset of that to support make them more effective. Shivani, you want to add more on the independent of the technology? Yeah. I think, I think you've nailed it, Hardeep. It's, you know, our, our strategy has been interoperability. So, in fact, I would say over 50% of our customers today that have our Unified Insights or our Connected Intelligence platforms are bringing at least one, if not many, systems, you know, non-PowerSchool products into the ecosystem. A great example is one of the largest districts in Iowa. They actually have one PowerSchool product, but 22 non-PowerSchool products that they're bringing into Connected Intelligence. And that's why we started with that as our data strategy, because we know, as I mentioned before, right? The first goal is secure all of the data, and provide that governance to a school district, and then leverage that to help them with AI. So, because our platform is completely interoperable, it, you know, basically doesn't limit anybody from any other systems that they're using. Of course, if they're using all PowerSchool products, they're all integrated seamlessly, as Hardeep described. Yeah, we kind of overemphasize the value of the data as a service strategy, which is very unique. As Shivani mentioned, there's no other company which is providing that. Even I think a great example of this, L.A., they announced last month about generative AI chatbot called Ed, which will help target, provide personalized solutions and guidance to parents and students. This is phenomenal vision from Superintendent Carvalho, about how to provide that help and all the investments L.A. is doing and make them more effective. Well, the underlying system of our MTSS to identify which kids need what help, and our data as a service platform, Connected Intelligence, to bring data from any multiple of system, is good a foundation to support that initiative. That strategy really gives us almost a first advantage in a lot of these districts who are gonna be thought leaders in adopting generative AI, and we, we will be helping with that data strategy for them, independent of whatever systems they're using. Okay. I think a minute. Do you want to take last question, then? There is... Yeah. Is there one more then? Yeah, we can take one last question, and then- Thank you, guys. This is Darren Baker from PRIMECAP. I hope I can articulate this question in a way that makes sense. But, you know, there's sort of a very, you know, there's a big chasm, it feels like, in some views of the education sector and what is really needed to help address some of those startling statistics like, you know, a third of students only reading at grade level, right? On the one hand, you have that kind of sticking out as very stark, kind of suggesting we've got to get back to basics, right? We've got to just really address the absolute core needs of the students, and some of the teacher retention and some of the other things you've talked about. On the other hand, you're talking about this, you know, cutting-edge innovation, you know, data -as -a -service, being able to do all these analytics, surgical interventions, using LLMs, that kind of thing. And I'm trying to bridge the gap between those two things, if there is a gap, right? When, when you talk about your product suite and all the different offerings that you have, should we think about it being kind of a, a need for a linear progression, I guess, within a district to say: we've got to start with the most basic product and just get our kind of core IT systems, you know, up to sort of a modern level, and then we can gradually move up to those more, you know, cutting-edge innovations? Or are you thinking about it in terms of, hey, we can deploy the innovations to really help people, you know, to take care of those very basic needs in a way that they're just not being able to address today? Yeah. Thank you. I think great question. So let me start with two things. One, number one, you're absolutely right, there is a core basics that need to be handled. And as we showed, there is a tons and tons of districts, which still are sitting on legacy platforms, have manual systems. And that's why when you look at it, re-emphasizing, for us to grow double-digit, none of the international and personalized learning needs to play in the picture. Our just cross-sell motion of selling basic mission-critical systems to hire teachers, to manage substitute teachers, do enrollments, help district fill forms more effectively, all that itself drives our double-digit growth, right? So that's what the core model is based on. As Shivani also shared, we are talking about some of the 10% of innovation. There's 90% of R&D dollars still going on the core and, and spending a lot of the innovations to make those products more and more effective and more easier for districts to adopt and increase that cross-sell. But the 10% of the innovation on these new solutions and market is giving us an opportunity to further invest for the future. And you're going to absolutely right, there are going to be early adopters in any adoption curve. You think, see, like, company, districts like L.A., like Fairfax, like these are the early adopters who are already investing, and we are partnering with them, and that allows us to really provide that as the rest of the market adoption grows, we are going to be able to take advantage of that. Great questions. We're going to have a lot of more opportunity for Q&A in the end, so, but I think we're going to go for a quick break. I'll turn it over to Shane. Thank you. Thanks, Shivani. Thank you both. Yeah, so we're going to take a 10-minute break now, so we'll be back at 10:47 Eastern Time. So thank you. We'll see you in 10. Is it on? Hello. All right. All right, I gave you two extra minutes, so we're running a tight ship here. All right, thanks for coming back. Next up is Tony Kender, our Chief Revenue Officer, but before we get him to go through go-to-market and our growth drivers, we have a short video from our flagship customer event that happened in Orlando in July. A couple of snippets from some of our customers that'll, again, set Tony up pretty well, I think. Let's play it. What's up, everyone? I'm Dallas. We're here in Orlando, Florida, at EDGE, PowerSchool's flagship customer event. It's been an amazing four days of learning, sharing, and collaborating alongside our education community. Let's check out some of the amazing highlights from this week's event. So we're working closely with PowerSchool to really make sure that we can, you know, have some type of cloud-based, you know, protections, and we'll continue to work through those things to make sure that we're ready for the next five years of this strategic planning process. The longitudinal view, we've never had that in a statewide instance before. That's for the districts. What I'm even more excited about is, for us at the State Department, we're gonna have that inside view at the schools so that we can actually provide personalized customer service to our districts. We're really excited now because, um, because PowerSchool does give us that adaptability to really think about those things individually, about how we want to instruct kids, and I don't think we've ever been in a position like that. It's a big transformation, but we were lucky enough to have good partners, internal and external. Internally, your division, your departments, and external, working with a good partner like Hardeep definitely helped us to, overcome those challenges. We couldn't have found a better partner than PowerSchool, so thank you, Hardeep and team. We've gotten quite a bit of hand-holding and support as we move from everything in-house school district, if you will, to having a strategic partner for our digital transformation journey. What I found is that the PowerSchool ecosystem that we have developed in Osseo has been very beneficial. Once we start to implement it, it became apparent that we were getting a tool more powerful than we thought it was. PowerSchool laid the foundation for us in the district, because I knew going into PowerSchool, that this was really just the beginning. Because it's so customizable, and it had an API, an application interface, I knew that even if I didn't know what the product was gonna be in the future, something was gonna be designed that we needed that was going to integrate well with PowerSchool. If PowerSchool went away, I'd probably retire. Everybody, that last one gets me every time. As you can imagine, I've seen that video more than once. She's gonna retire if we go away, and we didn't pay her to say that. My name's Tony Kender. I'm the Chief Revenue Officer here at PowerSchool. Since I haven't spoken to you before, let me take a moment and just give you some background. I've been here almost 10 months now. Time flies when you're having fun. I've been in some form of go-to-market and sales for quite some time. I've worked at organizations like ADP, Oracle, SAP, Intralinks, and CorpU. I've held positions running small sales teams, national sales organizations, global sales organizations, global marketing channels, businesses, resellers, customer success, professional services, so pretty much the gamut. We're trying to bring that experience here to help PowerSchool grow. So today, I'm gonna talk to you about the things that we're trying to do in creating a distribution system for the things you heard Shivani talk about and the things that we've already heard Hardeep speak about. So first, let's talk about our go-to-market advantages. At a high level, and Hardeep touched on much of this, we've got great breadth, we've got a large customer base. We are in 90+ of the top 100 school districts. We're in 98 countries. We have great relationships. Our product set is wide and deep, and we're gonna, we're driving into the global arena, which we already have a presence in today. A long time ago, when I was a college student, I had a professor who said, "If you're not thinking segments, you're not thinking." So we're always looking at, well, what is our segmentation strategy, and what makes sense based on where we are today? So the first area we look at from a segmentation standpoint is, who are the personas that buy and use our product? And what do they do? What is in their daily life? What problems do they have? How does our solution set solve those problems? So remember what some of those are. We've taken our products, and we've bundled them into clouds that align to those different personas. Within those clouds, as I mentioned, are the actual product sets themselves. So we've designed this approach to go to the people who use the product and make sure that we're delivering value and creating trust with those folks so that they can get the maximum benefit of the product and buy more. Another set of segmentation areas is how we structure our sales organization, and there's just some basic selling motions here. So at the smallest level, based on student population, we've got our small districts, and that's a very rapid, quick, low-cost, and very effective selling motion that we're mostly an inside selling motion, selling to those districts. Quick, small deals. All the way up through to our strategic organization that works with very large state organizations, large school districts. This is more of a maybe one or two or even a three-year sales cycle, but those sales are in the $1 to $3 to $4 or $5 million each. Supporting this group, so we call them account managers. They're on the front line. They own the relationship with the account. Then we support them with a set of solution salespeople based on those solutions that we showed you on the previous slide. And they line up around their solution set. They go deeper in what that product does. They support those salespeople. They can go and sell directly. They can sell with the account manager. There's another large group of people, solution engineers, that do the demonstrations, and a whole set of subject matter experts. The one that I'm most excited about is we call our Ed Solutions team, and that is where we've hired people from the school districts, from the education world, who are actually doing who were doing the job that our customers do today. So if you remember on the slide, a couple of slides ago, where we showed those different personas, we've got someone in every one of those areas working for us. So we have ex-CIOs, we have ex-school superintendents, we have ex-teachers, we have ex-counselors, and they inform our thinking as to how we go to market. What is our messaging? What is the solution set for the problems that those people have? And they'll actually go on sales calls with us to visit our customers and talk the talk to those different personas. So I think that mixture of people allows us to be most effective as we go to market. So if we shift gears for a second, what are the main drivers? And you've heard this already from Hardeep a bit, but we're gonna talk about it some more, and so will Eric when he comes up. First is our cross-sell, upsell opportunity. So in any given quarter, anywhere from 65%-85% of our business comes from our existing customer base, and yet only 70%... And 70% of them only have two or one products. So there's a great opportunity to sell more into our customer base. If we just did that, we can grow to Hardeep's point, organically.... Additionally, we continue to focus on our new logos because it's truly a land and expand model. Well, you have to land first if you want to expand, so we're constantly looking at how do we get new logos, new districts onto our system that aren't there before, and then expand the footprint from there. And then international. So we've already got, as Hardeep mentioned, two million students, over 800 customers. We've signed very quickly in the past few months this year, over eight partners that we're going to market with, and that'll be our primary channel as we go to market in many of the regions around the world. We're moving as rapidly as we can. We'll be adding more headcount. Our pipeline has been growing, and so I'm excited about that, but we're just kinda kicking that off. So what are we doing differently that we were doing before? And I had mentioned, I'd been with other companies. Some places that I've joined, I've had to go in and do an entire cleanup on aisle five and retool the entire go-to-market organization. I have not had to do that here. Very strong group. It's more of an evolutionary process. Sometimes in an organization's maturity curve, what got them to where they are, are not the things that they need to get them to where they're gonna go, and I'm sure you see that every day. So what needs to be changed and tweaked? So we look at these things, and I was mentioning that, Peter Drucker, the famed management consultant, said, "The worst thing you can do is something bad really well." So we wanna make sure that we're doing the right things well, not the bad things well. So if we look at this, what are we transitioning to? Today, we're looking at how do we expand from all of our products that are on the ground, not just from our student information system. We're also looking at moving into more ministries of education as it relates to our international model. The international model has been opportunistic. So, you know, a school in Indonesia is looking for a system. They search the web, they find PowerSchool, they connect to us. We have a team of people who can speak to them over the phone, do a virtual demonstration, get them a quote, close the sale. We implement that from distance, and that's how we've gotten to where we are. Now, we're making it more of a purposeful plan to move into these markets appropriately, which we'll show you in a few minutes. From a sales model standpoint, we're shifting more people into the account manager role so that I can get better coverage. The more people we can have out there getting in front of our customers, the better, because I really don't have anything to do. You heard Shivani's great products. I just sit back and wait for the phone to ring, and everybody buys them on their own. Which someone said to me at the break, by the way. Hardeep, I promise you, I'm working really hard. Our approach was, in the past, more around product sets. Now, it's more around solutions and the and value selling, and the things that we can do to make sure that we build that trust and deliver that value that I mentioned earlier to our customers. We've also instituted some additional tools in our tech stack around our forecasting methodology. We're acquiring a new sales enablement system. We have hired a new sales enablement VP. It's super important that we develop our people, and we talk about our people, and I said there's three types of people: people that make things happen, people that watch things happen, and people that wonder what happened. We wanna make sure that we have people that make things happen. In order to do that, we wanna make sure that we can train them and develop them. So we've got a huge program that we're building out around that enablement and development. And then from a metric standpoint, we have a lot of data. We now have the right metrics, and we're pushing that down to our frontline managers, so we can inform their thinking as to how they're running their business, and they can do that better. Then our key priorities. As I mentioned, it's all about, to me, expanding our market coverage, getting people in front of our customers. I was mentioning to Hardeep that every Friday, when I finish, I speak to my SVP of North America Sales, who's been in this business for decades, and a very sharp guy, and he said to me, "You know, I just went on a customer call in North Carolina, and we were giving a presentation on our product wheel, and the projector broke, and so there was no PowerPoint. So I just had a conversation with them and said, "So you'd use this today, well, what about this, and what about that, and how do you think. Have you heard about this solution?" And he said, "When I was finished, I had $1 million in pipeline. Not that they were buying it today, but interest in a lot of the other products that they don't have." So when we talk about enablement and coverage, the ability to have territory sizes such that people can really touch their customers. If they're too big, they can't do that. And then, but not so small that they can't earn a living, then you can't hire top talent, and it's important to hire top talent. So you balance those two things. And then as we know that if we get them in front of our customers, and they're enabled properly with the right messaging around those personas we talked about and the solution sets, we'll build pipeline, and we'll add more. So my job is to accelerate the acquisition of additional products that we have in line today. I mentioned about upskilling talent, and of course, and the sales enablement and development, we talked about that, and international. So these are the things that we're focused on right now, and, we're on our way. Now, let's just double-click on the cross-sell engine, if we will. So we talked about that, and if you look at the chart on the right, we've been able to double over the past five years the number of customers with more than four products, so 17%. But that means that 83% have less. We said earlier, 70% have only one or two. So what are we doing about that? We're trying to take that targeted approach from a marketing and a messaging standpoint, in addition to how we structure our sales team and their go-to-market functions, and approach those different personas... with the content around the other products that they can buy, why they fit together, what problems do they solve, and here's other organizations just like you. That is our number one priority, because we can drive a lot more business that way. The obligatory NASCAR logo slide, but we're proud of this because these are customers just this year so far, that we've earned the right for them to buy more. If we don't do a good job with them, if we don't give them the proper support and make sure that they're happy, they're not going to buy more from us. Common sense. But these did, and many more others have, and some amazing logos, as you can see, that put their faith and trust in us to buy additional products. And as Hardeep talked about, the more products they have, the more products they buy, because they start to realize the value of the suite. So let's go over three examples of that, and these are some of our districts today. A very, very large urban district on the left was an existing customer with Schoology, not with student information, which someone asked me over the break. And since then, we've been able to, since 2015, over 3x grow the revenue with them, and it's a pretty large number. Another very large district, 13x since 2016, and they started with our special programs product set, not with student information system. And then a mid-sized district over in Northern New Jersey, started in 2020, and now they're at 5x in 2023. So it is a land and expand model. It has a long tail. Our goal is to get in, take care of our customers, make sure they understand the value of the solution set, and give them the opportunity to buy more. Let's move to. Before I move to international, Shivani had talked to you about some of the new things that we're looking at. And I will tell you that, I've had lunch with a couple of our customers. Hardeep and I took Mark, Dr. Mark Bedell, who you saw at the very beginning of that video, from Anne Arundel County, which is in Annapolis. And during the course of dinner, we said, "Well, hey, you know, we're working on some new things. Would you be interested in an early adopter with our generative AI homework solution?" And immediately he said yes, before we could even really explain what it was. And then I had lunch with the Philadelphia School District, who's a customer, and I asked them, and immediately they said, "Yes, we would like to beta test it." And then I was at the Baltimore County School District and their CIO, and I asked him, and he said yes, and I'm barely explaining what it does. So I'm really excited about that because there's so much interest, and a lot of times they'll talk to us, and they'll say, either, "We're excited about AI, or we're afraid of it." And we liken it back to the cell phone. They actually do. Let's say when the cell phone came out, we didn't want kids to use it. We were really worried about it. Now they all have it. It's ubiquitous. It's what we do. And they want to get ahead of AI this time versus what they did with cell phones. So we think we're uniquely positioned on top of the core business that we talked about earlier with these new AI tools. So we're excited about that. So let's shift to international. As we showed you, these are the regions that we're going to be looking at moving into. There's 1.3 billion students. We're going to go at those regions in this order, which we have already begun. We have a team in the Middle East and Africa already. We've begun to add partners. We also have a team, a larger team in India. As you saw, the acquisition that Hardeep put up there earlier. Latin America, we have a team supporting them from North America, and we're adding some people on the ground and some partners, and then we're looking to get a general manager in our Southeast Asia region. Prioritizing around going to market with partners. So what do these partners look like? They come in different flavors. When we move into a region first, we want the Uber partner, the partner who has the ability on the ground to market on their own, to sell on their own, to demo on their own, to implement completely on their own, and even in some cases, do some localization work with the product. From there, you see other types of partners, maybe some that only can sell but don't implement, or others that just give us referrals. That's fine, too. You've got to have an anchor with that key Uber partner, and we have some of them now. They're starting to build pipe, and we think we're going to get a few sales, knock on wood, this quarter from one of them, and we're moving pretty quickly with that. We're excited about that model. This slide is a little bit of an eye chart, so let me explain to you what's going on here. The regions on the left, the different sales channels that we currently have, or our goal is to get there, and you see partners in all of them, and in many cases, we have those partners in place already. In others, we're working to get the right partners signed up to go to market with them. We have direct sales in India and Middle East and Africa. We'll be adding them in Southeast Asia and Latin America, but not too much because we still want to have the partner at the tip of that spear when it, when it relates to how we go to market there. Then we have inside sales support for all of that. That exists today, and that's, as I mentioned earlier, that opportunistic model as people have come in. We're going at our international schools, but also the government, private and public, and those ministries of education at a country level, as we talked about earlier. And then we talk about the right to win, and we mentioned it already. We're already there. We've got 2 million students. We have 800 customers. We have an excellent product footprint, and we can add more, and there's great interest. So we see our pipeline growing greatly in our international markets, and we're very excited about it. Partners are the key. We've got eight. We expect to have 12 or 13 before the year is over, and we will not stop from there. So in summary, the key takeaways from today, we have the largest organization, over 410 people in sales and marketing in the EdTech space, the most experienced team, people who come from education, helping us market and sell. We're always looking to optimize our selling motions continuously, we make sure that we're looking to expand our revenue through cross-sell and the different modes of operation there that I mentioned to you, and we will, we will do that, and then international is a big opportunity for us. So with that, I'll turn it over to Eric, our President and Chief Financial Officer. Thanks, Tony. Thanks, Eric. Morning, everybody. Is my mic on? Doesn't sound like it's on. I think it's on. So a couple things. So I will tell you, Tony, you gave me a couple gifts. First, you all are going to have to listen to me for a few more minutes. Tony gave me some time. And this is one of the things I like about Tony, driving a very efficient and effective sales organization. So he kept that mantra and is giving me some time back. The other thing, I had not heard that Mike got an additional $1 million of pipeline, so your Q4 number just went up. So more to come on that. So we're in the home stretch, and I actually did a brief survey from at least half a dozen of you, and unfortunately, we did release our press release before we got started today, which has all of the charts, and pretty much six out of six people read ahead. So some of my presentation's not going to be a little bit of a spoiler alert, but please, do humor me in just how I'm going to kind of build up where we're going to. So, look, I actually have the benefit, and I know you all are in the home stretch of, you know, sitting and listening to us for a couple of hours. You know, hopefully, you're walking away with just the sheer excitement from PowerSchool. I think Hardeep did a great job, really talking about the vision of the company, where we're headed, the strategy, how we're bringing all the pieces together. You know, I think Shivani did an awesome job of really bringing to life what I would say, a lot of the key leading technology elements and the impact that we're making. I thought, Darren, your question was a great question because while that's super, super important, there's still a huge amount of mission-critical systems that we're working on, and we'll talk a little bit about that. Then Tony brought to life the go-to-market. You know, it was interesting when Shane, myself, and Hardeep were strategizing around the Investor Day and who to have come up. Most of you, and the good news is I recognize a lot of the faces here. Most of you know me, and you know Hardeep really well, but I think it's also important just for us to show the depth of the talent that we have in the executive leadership team and the next level down. You know, Hardeep and I spend a lot of time talking about the executives that we have, and we have made some changes over the years to really kind of position ourselves for that next phase of growth. At the same time, too, we've got a really deep bench of, you know, high-qualified executives. So we're super thrilled to also showcase some of the team to all of you. Before I get into my agenda, so for those of you who don't know me, my name is Eric Shander, the President and CFO of PowerSchool. I've been here three and a half years. This is my second time as a public company CFO. You know, PowerSchool is probably— I've been in the tech industry for 32 years. It is the first time in my entire career I actually feel like I'm working for a company that is having a huge societal impact, and you all have seen it through the technology that we're deploying. But just the opportunity to really impact students, irrespective of their social and economic status, you know, through technology, for me personally, you know, being this far into my career, is super, super motivating. As Hardeep mentioned, this is what fuels us as not only executive team, but you can talk to anybody in the company, and we get excited around the mission that we're in. Previous to this, I was the CFO at Red Hat, and I know a lot of the sell-side, and I am going to draw some corollary examples from PowerSchool to my experience in Red Hat. When I took over as a CFO there, we were $11 billion in market cap, grew the business to about $22 billion-$23 billion, a little bit more than that, and then ultimately sold the business to IBM for $34 billion. It's like 63% premium, which was a great, phenomenal outcome for the shareholders. There's a lot of similarities of where this company is to where when I first joined Red Hat, and I'm going to kind of talk through that, as I get into some of these materials. So my agenda is not going to be terribly, you know, exciting, or, you know, surprising to a lot of you. I am going to really recap on the financial performance, and I think it's important, you know, since we went public, how have we done? What has been the execution? What is the tempo that we're setting with all of you and the owners of the company, and what to expect? I am going to talk about the financial model because I do think there are some things that differentiate us and make it a little bit unique, so I think it's important to also touch on. Then, probably most important for some of you is, you know, bringing all this together, right? Talking about all the things that you heard today, how does it emanate into the financials, and what does that look like over the next several years? So first, I want to talk about, you know, when we went public, and actually, some of the analysts said to me, "Wow, you guys are actually giving a lot of metrics." I thought it was important to kind of give guideposts for a newly established company. You know, we were still getting the story out in terms of the operational rhythm and what we were and what we weren't. But I'm super pleased to, you know, really report the team did a phenomenal job. Over the last two years, since going public, every single one of the metrics that we established, we have beaten. In fact, some of these were a year or so ahead of our own internal expectations. A lot of that is really driven by the momentum that we've seen from a business standpoint, you know, the continued value that our customers see from embracing the platform, and we're going to go through a little bit of that in terms of what those drivers look like. But this is a great scorecard. And yes, I am gonna refresh the scorecard at the very end of this, so you'll see a new set of metrics that we're gonna commit to over the next three years. All right, so one of the things that I also think is important, you know, we talk a lot about the investments that we're making and how we look at the business. You know, over the last couple of years, we actually have increased, and we're focused on increasing the recurring content of the business. You may ask: Why is it important? Well, that's important because as Hardeep and I are making investment decisions, it does give us the ability to take a longer-term perspective of those investments and the impact that they're gonna have. So, you know, we remain very focused on the recurring component of the business and pleased to say, you know, the continued momentum we have, you know, in that, that part of it. Now, growth and profitability and free cash flow, all of those are important. Interestingly enough, when we were positioning the company back in early 2021, when we were private, and we were talking to a lot of the investors, and we were talking to a lot of the analysts, the focus was growth, growth, growth. And we kept. You know, I kept kinda drilling to the team and everybody we talked to, you know, we're a very durable grower, as you saw from Hardeep, as you saw from Tony, very durable growth algorithm. Very durable growth algorithm. I was also emphasizing, we're doing it at a profit, and we're generating free cash flow. Back in 2021, those last two elements weren't as important as you fast-forward to now. You know, obviously, given the elevated interest rate environment, that is super important. I can tell you, and Shane will say, Shane will, you know, corroborate this: there's a lot of new investors that have approached us over the last 12 months. When they look at the durability of the end market, and they also look at, you know, not only the growth algorithm, but then they say, "Wow, you guys are profitable. You guys have an increase in profit, and you're generating free cash flow. Like, where have you been?" So, we're here, and we continue to really get that message out. You know, I think one of the things, too, and this is kind of it's been embedded in all of the my past experience, and I know Hardeep and the rest of the leadership team really kinda lives this, is we do have, you know, a deep PE heritage, and growth is absolutely important, but our sponsors have been very, very focused, as we're focused on its growth and its profit. It's not one or the other, it's gonna be both, and that culminates all through the organization. And you'll see that as I kinda show some of the trending of where we've been and where we're headed. We are absolutely committed to growth, but we're also very much committed to profit as well as free cash flow. Okay, so with any business... So the chart on the left, your left, we showed that when we went public and just kinda broke down our ARR, how does it look like by the product view? And again, there's a lot of, you know, I think, really well-balanced ARR across the product set. But as Tony kinda talked about, what I really like when we look at our distribution across the customers, it is a normal distribution whereby our middle segment of customers is about half of the ARR, and then another 25% is in the, is in the smaller sized segment opportunities, and the other 25% is in the large strategic accounts. Really nice balance across the product portfolio. We don't see concentration in any one area, so, you know, it really gives us a really good view of how we run this business. You know, depending upon what's happening in the industry or the market, you know, given the fact that we do have a platform, there will be times where some products will actually grow much faster than others. But again, that's the beauty of having a platform versus being a particular niche provider of one, you know, part of the platform. Okay, the financial model. So there's four elements that I'm gonna talk through on the financial model that I think are extremely important, and I'm gonna go into each one of these and just go a bit deeper in terms of how we look at it, what you should expect, you know, how you would expect the model to kinda behave across the different dimensions here. So let's first talk about growth, and this is a great chart to see the upward, you know, arrow. But what's at the very bottom here, and, you know, a lot of times people ask us about retention, and last, I guess it was November, Hardeep gave me an additional opportunity and asked me if I wanted to run our renewals business. For me personally, that was a great opportunity. I was very involved in that part of the business, just given the financial implications of having good renewal rates. So I welcomed the opportunity. Thank you, boss. Appreciate it. Hopefully, I'm doing a good job. Right now, we do have industry-leading retention rates, so we're in the mid, you know, mid-90s, low- to mid-90s, and certainly, some of our flagship products are in the high 90s, things like your SIS, that you would expect. And the reason that's important is because if you have a lot of churn, then obviously that's a bigger leaky bucket that you have to fill. So, you know, we really start at the base in terms of really solid retention rates. People also ask me, you know: What do your price increases look like? Typically, 3%-4%. Lower than CPI, but again, we are, you know, where we can, getting 3%-4% from our customer base, existing customer base. As Tony showed, new logos, so we had 600 new logos last year. You will see several hundred more new logos again added this year, a great opportunity for us to land and expand those customers. The heart of the growth algorithm, as you've heard from us, is really around the cross-sell momentum, okay? The cross-sell opportunity. And, you know, it's interesting, when we went public, you know, we really focused on the existing customer base, we focused on the opportunity. And there was some initial confusion around, "Well, you guys are saturated into the market." We're actually not. While we're covering 50 million of the 60 million students in the U.S. and Canada, that's coverage, but the actual penetration within those respective customers is still relatively low, and I'm gonna show you that. And you've heard us talk about the average customer using two of our now 20+ products. That really demonstrates there's a lot of opportunity for us, and as customers start to embrace more products, that flywheel continues, and they see the value of the platform. So really, you know, that is the heart of, you know, the growth algorithm. However, you know, we continue to— Shivani showed a lot around the product innovation, a lot of the things that will be coming to market. You know, obviously, strategic M&A continues, and I'll talk a little bit more about, SchoolMessenger, but the two areas that get me really excited: you know, Tony touched on the international, Hardeep kind of talked about the opportunity, and then personalized education. I'll give you, for those of you, I don't know, I know at least [Sackett, but how many of you actually covered or familiar with Red Hat when they were, you know, back in the late 90s? Any of you? Oh, not a lot. Oh, man! Okay. Well, I'm gonna still tell you, so this, this will still hold. So Red Hat is the leading in enterprise open source provider for IT infrastructure. And the way that the business was running is they had a core product called Red Hat Enterprise Linux. It was growing 10% a year. And back in the 2015, 2016 timeframe, I was the CFO and really made the push to invest in a lot of these emerging products. At the same time, some of the sales side, as well as our owners, were giving us pressure to increase margins, but we held fast. We invested in these emerging products, and if you look at the last Investor Day that we did, I had reported they were around $200 million. So I'm giving you all public information 'cause I made sure I looked at it this morning. That now, those products, you fast-forward several years, are well beyond $1 billion. Well beyond $1 billion. And that is some of the same thing as you saw Hardeep's, you know, slide in terms of the, the future. The reason that we're investing in international, the reason we're investing in personalized education, is because, you know, we have a conviction that these will be step changes in the growth algorithm to the company in the out years. Okay? We could make the decision to completely cut that, that investment, but it would be extremely, extremely short-sighted for us. Okay? All right. We talk about the platform, and it was interesting when we were reviewing some of these charts at first. Somebody said to me, "Hey, you got this, this first chart off to the left is showing a decline. That can't possibly be." And I said, "It's actually a good thing." And why is it a good thing? It's because it's showing the number of customers that only have one product. That is declining. Why? Because they're now moving to two-plus products, three-plus products, and six-plus products. That's a great trend, right? And we're gonna continue to, we internally continue to look at this. Now, just so you all know, I'm gonna hit the question that I'm gonna get asked: No, we're not gonna report this quarterly. This is gonna be an Investor Day metric and an Investor Day trending that we will provide to each of you during Investor Day. So you will be able to see this trend, and you can bet internally, we will be continuing to monitor this and making sure that we're incenting the sales team properly, such that this whole cross-sell momentum continues. Okay? Now, we talked a lot about cross-sell, and, you know, for us, ARPU is really the revenue per student. Basically, you can see it's, for the most part, it's been increasing $1 a year. Some of the rounding kind of makes it look a little bit, you know, jumping from $2. But basically, what you're going to see is a $1 improvement every single year. So this year, we're projecting ARPU to be $12. Each of the out years, basically a $1 increase, so it makes the model pretty clear. And, you know, again, why are we confident about this? We're confident about it because back to the point, and this is a smaller version of the chart that Hardeep showed, is the product penetration, right? SIS, yeah, absolutely, 30%. And you know what? We're super proud of that, and for the things that Hardeep said, we still see a lot of momentum there as well, since that, you know, that part of the platform is still growing faster than the company. But there's no, there's only other four products that are growing over 20%. The rest of them are 10% or less. Massive opportunities for us to continue to grow these products. That's why we're confident that we will be able to continue to increase the ARPU every single year after year after year. No pressure, Tony, but we're doing it. Now, margins. I get asked a question a lot, you know, "Okay, you guys have done a great job with margins. You're beating on your top end. You're doing, you're doing well. Is it sustainable? How are you doing it?" And, you know, as you can see the trend, right, we've seen a lot of top-line momentum in terms of the growth over the last several years. But then, you know, adjusted EBITDA, over 600 points of margin improvement. Keeping in mind, in 2021 and then beyond, we are absorbing all of the public company costs, which are not insignificant. We've obviously, you know, reset ourselves internally. We know that we've had to absorb some of those additional costs, but again, given our framework in terms of, you know, how we approach margins, we've we knew that, okay, if we're gonna have these incremental costs as a public company, what are some of the other areas that we need to be a little bit more efficient in, so we can continue to grow margins? Now, how do we do that? So a lot of information here. So off to the right, you'll see, basically thinking about the model, 100 points of improvement every single year in adjusted EBITDA. But I think the left side is super important because I get asked the question a lot: How are you doing it? Is it sustainable? And one of the other things I would just like to share with all of you, I'm probably one of the few CFOs that have actually had the opportunity to run some big businesses in their career. And one of the larger businesses that I ran earlier in my career was IBM's business process outsourcing. And basically, this was a business where we would outsource, and we would reengineer companies' processes for hundreds of companies. So I've got a lot of experience in this. And when I came into PowerSchool, you know, at the time, we were several hundred million. Hardeep and I sat down, and I said, "Look, we got a lot of opportunity here." Teams didn't even have process flows. So we did a lot of work around process. We did a lot of work around streamlining and making things efficient. We did a lot of work around systems. As an example, so when I first joined, we had over 600 various systems in the company supporting the various functions, okay? The CIO, who is a very seasoned IT executive I brought from Red Hat, who also now works for me. I'm proud to say we took these 600+ systems down to, you know, about half, and that's forced a lot of standardization, it's forced a lot of process simplification. And one of the things I always tell the team is, "Look, I want our systems and processes working harder than our people." That was not the case several years ago. My whole point of this is when you get to $500 million and beyond, if you do the right foundational work, you actually get a lot of operational leverage. And that's, in fact, what we're seeing here, right? As we continue to grow the top line, we don't have to add the same amount of infrastructure to be able to support that top line. Now, we also have a third of our employees in our India Center of Excellence, an absolutely world-class, phenomenal team. I mean, just super, super individuals who are a great part of the PowerSchool family. So we enjoy a lot of the benefits having, you know, a dedicated center of excellence in another part of the world. It gives us the ability to be able to run some of the operations 24, you know, 24 hours a day, just given the time zone differences. And then obviously, from a procurement standpoint, so I am procurement as well, and we really, when I came in, procurement was more of a transactional function. We're now much more strategic, and the business has really embraced it. So what I would just leave all of you with is, there, it is absolutely sustainable. The things that we've done are durable, which is why we're committing to continued improvement in margins. So I know it's I spent probably a little bit longer on this, but, you know, maybe some of this time will help us, you know, obviously, with the questions that we get asked often, you know, this hopefully gives a lot of detail in terms of there's a lot of substance behind what we're doing. We're not just cutting cost to cut costs. We're actually doing, you know, doing this in a very meaningful way. At the same time, creating the operational leverage for things like personalized education and international, which are strategic for us. Okay, cash flow. Cash flow is important. Cash flow is always important. So as you'll see, you know, from 2019 through 2022, we've been increasing cash flow free cash flow margin. We did have a dip in 2022. That's all related to the elevated interest rate environment. You know, we will be continuing to, and I'm going to show you a glide path of how we're going to work that to well beyond 20% over the next several years, which is super exciting for me. And it's also, you know, over the last several years, Hardeep and I have really kind of been conditioning the team, not just to think about, you know, when they think about their budget, but then also think about, like, how we're spending the company's money and really, you know, really articulating to everybody at every level, like, "This is your company. This is our company. How would you spend this money?" And it's really, I think, permeated through the whole company, and we're seeing a lot of efficiencies in terms of people making trade-offs, of not doing certain things, not traveling, not, you know, spending money on certain elements because they know it is impacting the cash flow that we have. So another question I get asked often is, "Okay, well, Eric, if your adjusted EBITDA margins are in the low 30%, how come your free cash flow is in the high teens?" So for those who have models, this bridge, because it is obviously, you know, we're providing in the written materials, this will help you all really kind of understand, you know, the bridge between, you know, the adjusted EBITDA and free cash flow. The two major components are going to be interest expense, as well as the capitalized R&D that we have. Now, interest expense, I mean, obviously, it's anybody's question, what's going to happen with interest rates? Part of what, you know, we've done in the company is kind of reoriented our return on investment, just given the elevated cost to capital. So there's a lot more scrutiny on where we're spending capital, how we're spending it. And then on the capitalized R&D, so what you'll see. So we are very confident in terms of how we're going to increase the free cash flow margins over the next several years. Part of this is through the bridge of the adjusted EBITDA, increasing 300 basis points. But then, a lot of the exciting things that Shivani talked about, you know, several of these are actually being capitalized because there's going to be a long economic value associated with those. As those come to market, you won't necessarily see us backfilling them with other activities. So you will start to see the capitalized R&D come down. This year was the first year that I started giving, you know, a lot more information around the capitalized component of R&D. Historically, we just talked about, you know, the all-cap R&D. I mean, all capital less the R&D, which R&D is the biggest piece. We switched that this year, so I will continue in the out years to give you all annual guidance of how to think about the capitalized software component of CapEx within the company. All right, disciplined capital. So I'm not gonna spend any time on this. This isn't, you know, this is CFO 101. This is how I look at, you know, deploying capital in the company. But I wanted to, you know, delve into each one of these just a little bit deeper, because I think it's important for you all to understand how we look at our investments. So when we look at our organic investments, one of the largest categories is our research and development, both from an expense as well as what's capitalized. We spend more than twice of our next largest competitor in R&D. Some people say, "Well, why is that?" Well, why is that, is half of our R&D spend is on these innovative activities, right? A lot of what Shivani showed, but it's not just that. We're driving innovation across the entire, entire product set, right? So to Darren's question, right, it's not just the, the bleeding edge things that we're working on, but it's also the core components of the platform, based on feedback from customers, based on features that we see that we need, based on integrating in the platform as we, as we go forward, making sure that we've got leading security across the whole product portfolio. So a lot of that work, you know, we, if we wanted to completely increase the margins in the company, we could look at, you know, cutting that, but again, that would be extremely short-sighted decision of the company. And then the other half is really what you would expect your core R&D function to be, in terms of running the function, scaling, and then certainly compliance. We've got, you know, a decent investment that we do every year related to our SIS, given our, you know, obviously the continued evolving regulatory environment from each of the states. M&A. So often we get asked: How do you think about M&A? Are there a lot of targets out there? How complete is the platform? So let me just... You know, as we think about our approach from an M&A standpoint, I wanna just put SchoolMessenger in this framework, okay? So when Hardeep and I started looking at SchoolMessenger, we looked at, you know, was there strategic fit to the, to the portfolio? The answer is absolutely yes. Embedding communications across the entire product set was extremely interesting to us, and it was an area that we felt was gonna be extremely beneficial to our customers. What is the, you know, incremental value creation by bringing all this together going to be, right? We looked, we looked at the financials, and as Hardeep mentioned, you know, this is a large asset. It will not, it will not be dilutive, right, from either a top line or from a profit standpoint. So that was certainly of interest for, for both of us. Then integration. So how well does it work with the current PowerSchool platform, right? You know, we look at, and, you know, Hardeep was, you know. And I think he's a little modest here, but when he came in in 2015, both him and Robert Smith, the head of Vista, had a vision for what they were gonna do with PowerSchool, right? So we were, we were a dominant SIS provider back in 2015, but there was a vision of actually being a platform that can service the entire ecosystem, and over the last seven to eight years, that's exactly what has been done, right? We have, we have acquired the leading capabilities across the platform, building out the overall ecosystem. There aren't any major gaps in the existing platform. There just aren't. You know, as we look at the capabilities that are out there, there's still a fair amount-number of opportunities, but, you know, while I've got several opportunities listed here, I'm gonna boil it down to two simple areas that we look at. So, you know, as we continue to be very opportunistic from an M&A standpoint, it's only gonna be two broad categories: something that helps accelerate our international reach, you know, looking at and, and potentially an international opportunity that gives us a management team, gives us a foothold to kind of build off of, would be something that we would be of interest to, as well as any other capabilities that fit under our personalized education roadmap, okay? And we've got something, you know, some of the items listed here. It's not an exhaustive list by any stretch of imagination, but, you know, look, as you can imagine, you know, SchoolMessenger is a large acquisition for us. We just got HSR approval. Next couple weeks, we'll get the deal closed. We're gonna be focusing on, you know, bringing that team into the PowerSchool family and really getting that value creation engine going. But that's not to say that we're not gonna continue to look at adjacent areas, you know, as we, as we go forward. So hopefully that helps just kind of give you a little bit more of how we think about M&A and the value creation model. Now, any good CFO will spend time on balance sheet. I still get amazed when I talk to some of my peers, and they really actually don't know what's on their balance sheet. I know what's on the balance sheet. I focus on the debt. I focus... You know, you can see since we've gone public, we've actually de-levered quite a bit. My team knows I spend a lot of time with the accountants, in terms of what's on the balance sheet and where our focus areas are. You know, right now, even with SchoolMessenger, our net leverage by the end of the year will be around 3.5 x, okay? Longer term, we're saying 2.5x-3 x. I can tell you right now, we're probably gonna be on the lower end of that range. So, you know, we're gonna continue to de-lever the balance sheet over the next several years and make sure that it remains healthy. Okay, now this is what everybody's been waiting for. Now everyone's probably like, "Oh, finally, he got to it!" I have more than five seconds, 'cause Tony gave me, like, four or five minutes, so you guys, you know, turn that red light off there. All right. So Hardeep took my thunder, but look, we're super excited. Path to $1 billion, top line. Pretty much, you know, pretty consistent in terms of the core business driving the value to get there.... And then, you know, as we look in the out years, you know, we do believe that the personalized education and the international investments we're making are gonna start really, you know, contributing meaningfully, in the out years. So we're super excited. I'm personally, you know, really, I'm looking forward to the next several year journey, 'cause I think taking a company from several hundred million, getting it to a $1 billion, I think it's just once, once you get to a $1 billion +, then it almost sets you in a different class. So we're, Hardeep and I are super focused on that, and, and we're on our way. So I'm gonna go through the entire P&L just briefly, just to kinda give you, here's the new guideposts that we have and kinda you know, what is our thinking around. So as I mentioned, revenue, $1 billion+. It's gonna be 12%+, three-year CAGR. You know, SchoolMessenger is in there. Obviously, it hasn't closed yet, but an asset that big, right, for forward-looking, we, we did incorporate that in. We've got international in there as well. International will start really kinda contributing more towards the latter part of the three to five years. Adjusted margins, so, you know, I'm always asked, "Well, hey, you know, what do you think the margins are gonna really be?" And I'm basically saying, "You know, look, we're gonna be in the low 70s." A lot of this is just us continuing to scale, continued process efficiencies. We also, given the way we've designed our platform, that we're not on a single cloud, we're on multiple clouds, there is a lot of procurement opportunities that we remain in terms of negotiating, really efficient hosting costs. So, you know, we, we believe we're gonna get a few points there. Adjusted R&D, this is an area where, you know, as I mentioned, both capitalized R&D will come down as well as R&D spend over the next several years. So again, you know, as we go through each year, I'll give you what the capitalized, R&D component kinda looks like, so you can kinda see that as it starts to wind down and as a lot of the great products start coming to market. SG&A, now, I will tell you, I gave the team a little bit of latitude here, but you can rest assured that we're gonna be on the lower end of this guidance range here. Really a couple different components here. So as I mentioned, G&A is gonna continue to get more efficient, with a lot of the scaling that we've done, but I am going to reinvest that, and I'm gonna give Mr. Kender additional money for additional sales reps and coverage, and additional anywhere where we know there are gonna be revenue-generating opportunities, we're gonna continue investing in that. We have been, and we will continue that. We're also going to be investing in marketing over the next few years. As we go international, really getting the PowerSchool brand, you know, much more well known, there is gonna be some marketing funds that we are gonna have to invest there. So, you know, I kinda gave the team a little bit of wiggle room, but again, I will expect to be on the low end of that range. So all that really culminates into 300 basis points plus, so basically 100 points a year. Free cash flow, we will... As you kinda run through the models here, we will be on the higher end of this guide. So I feel very comfortable with where we're at. So, you know, I've got 20%-25% range, but, you know, as you're kinda looking at when you're running through some of the detailed models, I do expect it to be on the higher end of that. I get asked a lot around share-based compensation. When we went public, Hardeep and I were basically saying, "Look, we're probably gonna be around 12.5%-13% expense to revenue, steady state." We've adjusted that a little bit in the current environment. I will tell you, even at 12%, we've kinda re-baselined our peer group, and we would be in the middle to lower part of that. So we wanna just be, again, good financial stewards, and, you know, we still think this range allows us to attract and retain the right talent that we need for the next several years. So, just expect, you know, 10%-12% in terms of EBITDA. Here you can just see the, the trending. So, you know, I think, you know, from 2019 through 2026, right, 15% CAGR from a revenue standpoint. Obviously you're seeing the leverage in the model with the, the 21% in adjusted EBITDA. And then certainly what's super exciting is the, you know, momentum you'll see from a free cash flow standpoint. Now, as I kinda bring all of this together, I have the opportunity to kinda summarize for everyone. Hardeep's gonna come up at the end and do his piece. But I thought it's important to really kinda talk about, you know, the things that we're investing in. We believe, Hardeep and I have a strong level of conviction around these investments yielding a step change in the growth algorithm for the growth profile of the company in the out years, right? Obviously, international and personalized education. You know, we've got huge line of sight to $1 billion+, and, you know, we're well along the way there. We're gonna continue to be very good financial stewards, right? We're gonna continue to de-lever the balance sheet. We're also gonna continue to, you know, focus on margin as well as improving the free cash flow. So I couldn't be more proud of the team, of all the work that they've done across PowerSchool. I will tell you, to all of you, appreciate not only this investment and time, but I can tell you, you know, we've got 14 sell-side analysts that follow us, and in my prior life, we had 32, which was a definite big number to manage. But I've been super impressed with just the amount of rigor and understanding that everybody has spent, whether you're an owner of the company or you're one of the analysts. You know, I really appreciate that. We appreciate that because I think having a good understanding of our business and how we operate is helpful for us and obviously, you know, in terms of getting the message out of how bullish we are on the company and the opportunities we have ahead of us. So, I'm done, and now we are gonna come up. I'm gonna invite the entire executive leadership team to come on up for questions. And Shane, is that okay or no?... Oh, chairs are coming in. All right. Thank you. Hi, can you hear me? Yeah. Hi, this is Anusha from RBC. Thanks for the presentation. All of this was really helpful. I had two questions, one on M&A. Can you talk about the M&A assumption and the long-term revenue guide? Okay. I'm sorry, is it in the revenue guide? Yeah. What's the assumption for M&A in the revenue, the long-term revenue guide? Yeah, there is no assumption for M&A in the long term. The only thing that's in there is SchoolMessenger. You know, so and actually, I probably should, since we are talking about, you know, guide and all that, we're two weeks from the end of the quarter, so we were happy enough to be able to get Tony, even though that his team is super busy. But we're super pleased to be reconfirming what we guided at the beginning of the quarter for Q3. So just so that— 'cause I'm sure someone was gonna ask the question, you know, "What does Q3 look like?" We're reconfirming and very comfortable with where we're at for the quarter. But to your question, Anusha, there is no assumption, inorganic assumption, other than the fact that we've feathered in SchoolMessenger because it is a material part of the business, and it is gonna close. Got it. Then, I think somewhere in the slides you talked about how going from two products on average to four products in the next decade can help drive sustainable 10%+ top-line growth. There's obviously a lot of good cross and momentum going on in the base. It seems like you're landing bigger. What will help drive the average product adoption faster, in your opinion? Why is it not growing faster, and what can help drive it faster? I'll take that, and feel free, Tony and Eric, to jump in. So you're absolutely right. We have a very strong momentum. So everything, if you look at from our flywheel effect, our land and expand, we are getting better and better. So we do think there's opportunity to x-ray that, but we also want to be realistic about just to make sure that we can give you the basis on what we have been doing and forward project that, rather than start building some of that upside. So our growth is based on the fact that we're very comfortable with what we're seeing, and we see that very comfortable. Now, also as each our numbers are getting bigger, our cross-sell is actually getting bigger and bigger. Yeah, we did 50% more sales of cross-sell than what we did couple of years back. Keep that in mind, that there is definitely an acceleration already built into that 10% growth. Then as far as making it move faster, you also asked that. I didn't mention this in my presentation, but we, that EDGE customer conference we showed the video from, there was a lot of interest in one of Shivani's products, Connected Intelligence, and so we came out of that event with a lot of pipeline and a lot of people interested in more meetings around Connected Intelligence. So why did that happen versus before EDGE? A lot— we had the right audience, we were able to message appropriately to them, they understood the value of the product, and that literally is all it took to get the interest because the product is so strong. So it's across the suite, making sure that we message it properly. Those personas I showed you, do we have the proper messaging so that we can get to them, and they understand the value of that product? Are we getting in front of them? So it's relentlessly doing that with those chunked messages to the right people. And the EDGE event and the Connected Intelligence pipeline as a result is just one example. Yeah, and I think, Anusha, the only thing I would also add, and Tony kinda hit on this, is, you know, he talked about the clouds, right? Which is really kind of a go-to-market, you know, bundling of, you know, addressing the same persona, right? Where you're gonna have the same products that, you know, it's gonna hit the same group, right? And you're addressing a particular persona. So the whole reason that we kinda decided to go with this cloud approach is really to kind of bundle the experience. And, and I think all of you know, right, I mean, the number one issue of why we're not growing 40% is because of change management within schools. So we're trying to minimize that disruption through this, this whole cloud-based approach. We do believe as that starts getting more momentum into next year, that will help continue to fuel the cross-sell momentum. Sure. It's okay. Oh, sorry. One, go ahead. Hi, Matt Filek with William Blair. Thank you all for the presentation, very helpful. What could success with personalized learning solutions mean for PowerSchool's incremental and overall margin profile? Would it be fair to assume that these products would have very high incremental margins? That's a great question, and I'll let Eric and Shivani also jump in. You're absolutely right. There is these products, especially when you look at the analytics product, data -as -a servic- platform, some of the work we're doing on the generative AI, those do have a pretty strong margin profile, just based on the repeatability and the volume. So we absolutely do think that there's going to be a improvement to our margin profile. Some of that, as Eric baked into the three years, from R&D efficiency, as well as overall operating leverage, both improving that 300 basis point. But we do think as the personalized learning takes over, that's even further. Now, keep in mind, though, as Eric hinted, that does require us to invest a little bit more in the marketing, which is also factored into that plans already. Maybe one of the things I'll add from a technology perspective is, and I think I touched on this in my presentation just a little bit, but we're building each of the components in a reusable fashion. So as an example, you know, the talk to your data piece, right? That's pretty tangible. We'd be able-- We are gonna be able to add that within each one of our products in the portfolio. So we're building it once and repurposing it across our portfolio. Similarly, when I talked about understanding the student mastery, right? That student mastery is key for personalizing, whether you're in personalized homework or in Learning Nav, right? So we're building that as a component. In tech terms, we say we're building it as a service, which basically means that you can deploy it in various products. That will allow us also to, you know, do the investments once, but leverage it in the context, and have the context of the application provide it, you know, the AI, what it needs. Yeah, so we basically build it once, once and reuse in multiple ways. Hey, Ryan MacDonald with Needham again. Maybe combo question for Tony and Eric. Tony, first with, for you. You know, we're kind of coming on a transitionary phase in district budgets, you know, post the ESSER funding and over the next couple of years here. Be curious what sort of conversations you're having from a strategic roadmap perspective, that give you confidence that that sort of 10% CAGR can continue just on the cross-sell motion. And then Eric, for you, as we think about organic growth, given the contributions, particularly internationally moving forward, would we expect in the assumptions out to 2026, that organic growth then accelerates as we get into 2025 and 2026, to sort of hit that 10% CAGR? Thanks. The best way for me to answer that is we sold quite a bit before there was ESSER, and we expect that to continue. We think the value of our solution set will stand up. So we don't expect a drop. Yeah, and I think in addition to that, right? And I think it's important when we look at pipeline and we talk to customers, right? I mean, we’re taking a long term view from a technology standpoint. Tony's team, right? They're having discussion not of just: "Hey, what are they gonna do next year? What are they gonna do the next few years," right? Mm. So that gives us a good pipeline view of, you know, why we're comfortable in terms of what we're gonna be delivering next year and the following year. And, you know, as we've said, as the customers get more, you know, the application or more the platform, right? It's just, there's a next logical aspect of the product, depending upon what they already have installed. In terms of their organic piece, will it accelerate? I mean, look, I would just conservatively say that we're gonna remain with low double-digit growth, right? Low double-digit growth. Just factor that into your models, in the out years. Then obviously, you know, I think as we look in, and then Hardeep and I are kinda looking at the longer term aspect of the company. We really do believe that international and personalized education, as he showed in his chart, which, you know, it does kinda show this hockey stick up in the out years. We do believe based on what we're seeing and how some of this stuff is gonna productize and how it's gonna come to market, we do believe that'll be, that'll be the area. So is it 2025, 2026? Maybe, right? But as it—do you get beyond that and start seeing this step change? Yeah, I do believe that, right? And that's why we're making these investments, right? So it is gonna be the catalyst in, you know, on the international and the personalized learning. It's just, can I call the exact timing of that? Not just yet, right? But as we get into next year, you'll start seeing a little bit more on that. We get into 2025, you know, we'll obviously have much more better visibility of how we're seeing those two elements kinda trending. Hey, Saket Kalia from Barclays. Eric, very, very helpful color just on the drivers of growth over the coming years. Little, little bit of a related question, but I wanna dig into just the components of that growth a little further, particularly that ARPU piece. Very, very helpful slide. Mm-hmm. So I think that $1 in ARPU growth each year is, correct me my math, seven or eight points of growth, right? Mm-hmm. On average. And so we're 50 million students now, you know, pretty, pretty low growth in terms of students going forward. So the question is, right, maybe this is a question for both you and Hardeep: Does that include international at all? Or is the international piece largely additive to this, right? 'Cause it doesn't seem like there's a lot of international with that. And so if it is additive, how much line of sight do you feel like you have to that international, that international growth? Yes. I'm happy to take that. So I think you're looking at the right way, right? So think about, it's a $1 +, so it's not exactly a $1, it's a $1 +. And that is from them buying additional products, price increases, you know, additional students, all that stuff definitely drives that growth. So it has upsell, cross-sell, and new logo kind of all built into it, into that, stuff. So it is actually a little bit higher than the 7-8%, so... And then international is on top of it as well. And the only thing to factor in international is, we do want to make sure the cohort of U.S. ARPU, we take it's a little bit different from international. Two reasons: One, it's going to another 15–20 million new students, so that's going to drive the ARPU down, so we want to look at it two separate cohorts. Mm. And then second, the international pricing is going to be, we're factoring it 50% less than the U.S. pricing. And our margins, because these are partner-led as well as supported through our offshore center, our margins are still less, the same as U.S., but they do have a different pricing mapped to almost the GDPs of these countries, so aligned with that. Hopefully, that helps with the model. Yeah, and just to add on to Hardeep's point in terms of the pricing, that you will see in certain regions the products to be a little scaled back, too, right? So it's not gonna be the exact, you know, replica of the product it is, right? We, we wanna match the capabilities with what the regions need, right? But then also what economically makes sense for us. So he's absolutely right. It's about half, but we're also scaling back a little bit of the functionality in the product to make sure that, you know, we're still able to do this, and it makes sense for the company. Very helpful. Right. Hey, thank you. I think the ARPU chart also agreed that was extremely helpful for understanding how you're thinking about just selling across your entire portfolio, and it looks to me like you are pretty much nailing that, like, three to four product range by 2026, that you, I think, consistently talked about throughout the entire presentation today. And I wanted to ask, are the assumptions around this ARPU mix based primarily on just selling your existing product portfolio, so that the new products, say, like the generative AI products that are on that, like, 2024–2026 roadmap, could be potential upside? Or is this kind of a blend across everything? And then secondly, just housekeeping side, have you quantified how much revenue SchoolMessenger is bringing to PowerSchool upon closure? Yeah. I'll, I'll take the first part and then let Eric jump on the second. So I think, Fred, to the point, there are two things. One is the, the next three-year guidance, that's majority based on our current products, current set of stuff. So the billion-dollar path, getting 36 margin, we're-- and the-- going from $12- $15, $16 ARPU, that's all based on mostly our existing products, and includes the data products, but does, does factor that in. I think as the personalized learning products, those would be factored a little bit more towards the tail end of three to five years plus, and that's where they will start coming to. So the longer-term view will give you an ARPU on how we get to $20, $25 would be there. But keep in mind, to get. Once we. If we get to four products, we actually will double up our business, so that's a lot more than $1 billion, right? So we'll be. So we can do, double up our products over 10 years and have 10%+ growth. So I think what we're trying to just keep, make sure that we don't get everybody ahead of ourself. There is definitely an upside on international, there is upside on cross-sell, but we also don't want to get market too ahead. We want to factor our, you know, in a way that it's targets which we can 100% and very feel confident about meeting, and that's why we're guiding to these numbers. Yeah, and, obviously, SchoolMessenger has not closed yet. So, I think the best way that I would think about the economics of SchoolMessenger, you know, when we looked at it, you know, typically, when we, you know... A few years ago, when we were looking at assets to buy, we were really looking at a revenue multiple. Because of the profitability of SchoolMessenger, we actually looked at an EBITDA multiple. So as a proxy for some of the financials, if you all are kinda doing some of this modeling, is, you know, kinda look at what the PowerSchool EBITDA multiple was around that timeframe, assume a couple turns better, and I think you can get, you know, an approximation for some of the financials. Then, obviously, once the deal closes and a little bit more happens, you know, then we'll give a little bit more color around how to think about the contribution of the business. Hi, Joe Vruwink from Baird. How important is the standalone funding piece to the forecast that you're talking about? So I think the long-term CAGR in K-12 is 4%-5% growth, but you also highlight you went through a period of time where it was no growth. And so are there guardrails around the $1 billion revenue target, where it could be 1%, 2%, 3% percent-type funding growth, and you're still gonna be fine? And I guess from a tactical standpoint, if you get an indication, just looking at where states are collecting receipts and, you know, it starts to feel like maybe that area of funding is gonna dry up, do you reposition your go-to-market and so you're focusing districts on other solutions and, you know, so ultimately, you, you recalibrate and end up being in line with plan? Yeah. So, a great question, Joe, and I'll let Tony also jump in, but I think just a couple of things which you talked about. One, over the 30-year period, the only time it did not grow was during the Great Recession, where the housing crisis had a meaningful change in the local funding through the property tax, right? So we are not seeing anything, we're not—nobody's predicting anything of that magnitude. So we don't expect the core funding overall to be, you know, slowing down or it being flat. So there is built-in assumptions. Even if, to your point, let's assume a little bit of a worst to worst case and say, "Okay, what if it's one or two percentage down?" Well, we talked about, our funding is 1% of it. Majority of the time, pretty much in 90%-95% case, our ROI of these buys typically is actually helping them save money. So in a budgetary-tight environment, a lot of times, actually, because they can't afford that extra content, they can't afford that extra staff, they are trying to figure out how they can consolidate systems. It actually has also triggered more demand for our... than a district is actually, because they're trying to-- we actually help them save clear ROI. And every student we are able to keep in the district has another $10,000-$12,000 stuff. So other some of our products, again, allows them to keep more students, so they can have a better funding plan. So funding is not the, inhibitor in PowerSchool growth. I think we talk about ESSER. ESSER has been an incremental benefit, but because our products are recurring, most of the time, they're actually buying it from their normal budget, and it's 1% of their total budget. It helps them with the overall ROI. The only thing is that ESSER actually gives even a further cushion for the district for other stuff they need to do, and that funding is still $75 billion yet to spend, and there is another three to four years which they can earmark it for. So we expect the budgetary environment to remain in this good state for the next few years. So none of our, from our $1 billion assumption, we think there is any risk from a budgetary environment to that. Yeah. Yeah, I mean, I think... Oh, go ahead. No, I have nothing to add. I think the only other thing I was gonna say, too, look, our point of view, given the teacher shortage, is that, you know, the teacher shortage isn't gonna just be addressed by adding teachers into the ecosystem, because they're leaving just as fast as they're coming. We know that, because we actually hire a lot of them. But, you know, as these budgets, if they do get under pressure, right, I mean, there's a large part that's earmarked for teachers that goes unspent because they have openings, right? So this is where, as the budgets can reallocate between, you know, teacher, you know, teacher spend and IT, et cetera, right? At that does provide an opportunity. So we don't think that it's an issue, and we haven't seen it to be a problem. Hi, this is Callie from Goldman. So first one from me is just, I know you're not going to give, like, the organic contribution for the 2026 guide, SchoolMessenger, exactly. But can we get a sense of what the organic growth of the business has been over the last three years? I know you gave the 20% revenue CAGR metric, but what does that look like on an organic basis? And then, another question from me is just kind of building on the ESSER funding. Do you think that's contributing to any of the larger SIS deals going on right now, just because those have kind of higher upfront costs? Yeah. So and I can provide more clarity on this stuff. When you look at from the last, you know, 20% on the, and then 17% more accurately on the core, ARR side, you know, double digit, as I mentioned, 10%+ has been around the organic component to it. 7% of that is kind of inorganic. And then, as we look at, In the 12% assumption to the $1 billion, apart from SchoolMessenger, we have not mapped anything. There will be probably incremental, any acquisition, we are on top of it. So what we are saying, again, the low double digit is mostly organic, and then inorganics are on top of that. To your point about the ESSER funding on the SIS deal, yes, you're absolutely right. To take example, Puerto Rico is a great example, where the first time implementation of that, they are leveraging some of the ESSER money for those that implementation. But that's, you know, some of our other larger deals, that was not the case. So it is. Again, it's a I would put that to be a less than 5%-10% benefit, and it's mostly funding they would have either got it to other sources, they're just using because ESSER money is there, and they can easily allocate that, versus that being any inhibitor to their those deals. Hi, David Lustberg from Jefferies. Wanted to ask on the international front, you guys gave a presentation of where you're targeting, starting with the Middle East and Africa, India. Curious, we didn't see the U.K., Australia on there as a, as a highlighted region. What's, what's the reason that that's not an area you're going after, given very similar to what you're doing in U.S. and Canada with English-speaking countries? Thanks. It's a good question. Tony, feel free to add that. I think when you look at from the biggest student populations and the growth of student populations, that means new schools, new schools, expansion of existing schools, they were going to look at bigger investments to help them scale better, to be able to do that. So what we are seeing is, from a demand we are seeing, we are seeing a lot more demand from the emerging economies where they factor in. And to put into the perspective, like entire U.K., that's six million K-12 students. Australia is three billion students. So that's, you know, equal to a California, which has more than six million students, right? But when we're talking about Egypt, with 23 million students, with India, 230 million student, you know, you talk about 50 million student plus in Indonesia, in that region. We're talking about huge volumes of opportunity that we can tap into with private schools... Tony can talk about a little bit, some of the interest from a lot of the MOEs. Both he and I are actually spending a lot of time next week early with at the U.N. meetings, with a lot of the other Ministry of Educations. There is a lot of interest and demand, which is starting to pick up from these regions. Yeah, we've got multiple MOEs that we didn't have a few months ago, that are asking us to be part of their evaluation. So we're very excited about that. They're very large transactions, if we can get them. So they don't exist in those other regions that we didn't show. Hello again, guys. So I appreciated the comments early in the presentations that you know, you have the profile of a successful vertical SaaS player, rather than you know, being kind of comped against all of EdTech, right? But just from that perspective, given that there's a lot of you know, other software vendors out there, and at least some of them have you know, a connection with public sector or with education, particularly, I'd love to hear just how you know, you think about your competitors that many of us would also be you know, following, whether that's a you know, a Workday in HR or maybe a Tyler or Oracle in ERP, or you know, Instructure in LMS, things like that. Should we think of those as being kind of direct peers in some sense or competitors in possible deals when you're looking at, you know, districts who are looking for digital transformation and hoping to modernize their systems? Thanks. Yeah, so you know, the way I would answer that, a couple of things. I think, to your point, the Workday and the Oracles of the world, we don't see them in K-12 in any significant way, apart from maybe I would call it the top 30, 40 districts where they in K-12, which might have tied to a county or something of scale, where they're going to rely on an SAP and Oracle Workday. We don't see them really in 99% of the rest of the districts who, who need an ERP. And that, again, they only play in the ERP and slightly in the talent, not in the 18 other modules we have on the SIS or other front. You know, Oracle Workday do have SIS, but that's for higher ed. Very different market dynamics right now than K-12 markets, right? With the enrollment issues and the higher ed and everything. So we are immune to that. There's a very different dynamics on K-12, so I would not mirror any of their commentary to the K-12. Instructure, I would, as Eric mentioned, that's more of a one of our direct competitors, right? We have, in, in terms of... You know, they have a couple of modules in our in the instruction side... doesn't have the same breadth we're talking about on all the 15 other modules we have on the elements. We do compete with them effectively in the in the classroom. We have very similar market share when you look at the number of students. We do see that given that 50% of market still hasn't bought an enterprise-grade LMS, we do think we see both of us getting at least one million or two million students each, and still don't have to compete with each other that effectively in terms of replacement strategy. So I think we do see a pretty good runway on that front as well. Now, where we're going is, I think this is where Shivani was talking about MyPowerSchool with how bringing Schoology and SIS into the same screen and parents and students don't have to go to multiple screens. That changes the competitive landscape within Instructure. The data products and the innovation we offer, completely different engagement we are having districts on front. We are getting a lot more competitive advantage, even against some of the niche players, which gives us a more opportunity in terms of the growth and sustaining that growth. Hope that helped, kind of helped answer that. Great, thank you. Do we have any online, any online questions? Can you hear me? Okay, yeah, we, we have one, it's around SchoolMessenger. They're asking about: Does this acquisition give you a leading position in K- 12 communication solutions, and what are the-- what's the competitive landscape look like? A great question, and happy to answer that, and we're going to provide a lot more clarity. Again, caveat, as Eric mentioned, we haven't closed yet, but a great... If you look at the positioning, they are the clear leader in terms of the emergency notification and mass notification and having the capability. In fact, Chris, the GM, is right in the audience as well. In terms of having that leadership, we're-- what the opportunity we see when we look at the other vendors, you've got Blackboard have a solution. We see a lot of legacy vendors who are kind of there. Some of the investments SchoolMessenger has made, along with the integration with MyPowerSchool, gives us a whole competitive advantage that none of those K-12 vendors actually can reach that. The second point of that also is that we also have been investing in an organic two-way chat systems through our Schoology and other pieces. As Eric touched upon it, there's a touch point of communication that pretty much across multiple products. So we're going to be able to scale the SchoolMessenger capabilities, along with some of our organic and MyPowerSchool, to allow us to provide capabilities, which actually opens up a huge additional TAM for us, which SchoolMessenger did not have the full advantage of it. So the combination is going to truly accelerate our leadership. We are already. It's going to start with a huge base, and we're going to have a lot of opportunity to cross-sell into that base, upsell into that base, as well as cross-sell it to the rest of our PowerSchool base. Hey, guys. Rich Hilliker from Credit Suisse. Thanks for taking my question. Good to see you guys. This has been very helpful. The first question, I think in the past, you frequently mentioned the rich context of your data as a differentiator. I'm wondering: How defensible is that? Or maybe put another way, what would it take for a competitor to try and catch up? So that's question one, and the second question is around cross-sell, upsell, and the bundles, which we thought were pretty exciting earlier this year. I know there's still quite a runway before those really start to impact financials, but I'm wondering your thoughts around like a platform-wide SKU and maybe what sort of platform investment's required before you offer that to some of your more entrenched customers. Yeah. Thanks. Let me have Shivani jump on the first one and then Tony, and then I'll see if I need to add anything. Sure. So on your first question... Sorry, I lost train of thought. The data advantage. Oh. We called it. Yes. The data advantage. Yeah, absolutely. So, first I'd say is that, you know, you can build a point solution, but you cannot build the competitiveness of a data platform, right? So it's going to be very difficult with the depth and the breadth of the data that we have on the platform from all of the different systems, right? It's and the thing of it is, it's not just one or two systems. There are 20 products. Each one of those products provides very unique data points about every aspect of the student, number one. And I would say the second big piece is, and that's where we strategically address not only that with the PowerSchool set of products, but also build our Unified Insights and our Connected Intelligence data platforms to be interoperable. So we already have built the connections with every and any, K-12 system, you know, whether it's a PowerSchool product or not a PowerSchool product. So, so I would just say, you know, it, it would definitely be... It's not an easy feat. I don't even think achievable at this point for somebody to actually come in and build that entire ecosystem to be able to compete with us. That's why we see that as very defensible, completely unique, you know, advantage that PowerSchool has. Then on the bundles, so we bundle them for a few reasons. One is to get to that persona. These are the things that are in your world and get that proper messaging. They may not buy all the products at once, and typically may not, even though we're presenting it as a bundle, and that's okay. But the fact that we can present the thing as a bundle gives us additional value for them to buy, 'cause they, even if they don't buy it all now, they see the breadth of the solution, and that differentiates us from other point solution competitors. As far as the platform SKU, I'll let you take that one. Yeah. So I think Tony and I both have come from the world of Oracle, where, you know, you have schools, like, enterprise license, where you get to be able to do that. We have started getting that request actually from our customers who have more than a couple of products. We had a customer in Utah, a customer in California, both like, "Hey, I have, like, five to six products. I'm at about $25-$30 per student right now. What if I buy all your 20 products? You know, that's $100. Can I, you know, get some kind of a discount? And can you also cover me for two to three years if you buy something else? I want automatically, so I can kind of fix, project my budget."... That's a kind of enterprise license, which we have an option. But I think to Tony's point, we're trying to first give them these bundle options on clouds so they can see the value of it. But we do expect that it is an area where we are seeing a lot more demand, that we might consider an enterprise SKU by next year or so, based on the traction we've seen. We've actually seen some international MOEs ask that question more than here, about, you know, "Can we, can we buy but an umbrella license, for example, and then plug in as we need it? Hey, thank you again. I've realized I keep forgetting also to announce who I am, so this is, Fred Havemeyer from Macquarie. I've wanted to ask. Actually, Tony, thank you for your presentation and especially for digging into, what you're doing with channel partners internationally. This has been something I'm quite interested in. One thing that stuck out to me is when you were describing the way that you're working with channel partners, you described having those, really robust partners that can do their own demos, implementations, localizations, that the pipeline's building. And I wanted to ask what kind of learnings you've gained, I suppose, at this point, because you're entering very large, markets, some very fragmented. And I'm curious, you know, what has it taken to scale these, and what learnings can you cross-apply perhaps into other regions? Yeah, it's interesting. We know we had one partner, an early partner, and the biggest issue there was getting them enabled as fast as we possibly can, enabling their marketing messaging, enabling their salespeople, their ability to demo the product and then implement it. So we sell with them until... and train them until they're ready to go. Another one, and some of them didn't embrace that as quickly as we would have liked. So you'd have conversations, they make a dollar commitment to us upfront. Another partner came on board, and they just took to the enablement like that, and they came with executive relationships that built pipe for us, that we think we're gonna close some business this quarter in a very short period of time. So while they weren't ready to sell on their own, they had the relationships, they were able to show them what we can do, we were able to help them, and then we get a quick and early sale from that. That was unexpected by me, but, you know, obviously welcomed. So, what did we learn from that? Well, it really comes down to driving our enablement process better in the other regions, and that's what we've done, so lessons learned from those first couple early ones. But if we can find a partner, well, their whole idea is they've got local relationships, they just plug our solution in, and we help them do that till they're up to speed. We get to market quicker. Yeah. All right. Excellent. So I know we've taken a few extra minutes, but I'll try to close this very quickly. Thank you, Eric, Shivani, and Tony. I think, as you can see, just this team and the passion they have about the space, the passion with how they're running the business, the level of scale they have already done in their past life and how they're bringing that scale. I could not have asked for better partners who really help us take this, not just to a billion-dollar, but even doubling our business in the next 10 years. So it's a very, you know, motivated and excited team who's really powering that. But I want to kind of just recap, as I promised, that hopefully you got all your key questions we talk-- we've been hearing about it, right? You see the, our continued commitment to the double-digit organic growth and the consistency of the business which we have been able to perform and how we can, can maintain that consistency. We also talked about that while don't confuse our, presence as penetration, we're still at a 6% penetration, and we have a lot of runway. Just by going to 12%, we'll be doubling our business over 10 years. So we have a lot of runway in our, in just in the core markets of not-- U.S. and Canada, where we can continue to play. Also, we have shown you clear path. By just 20% of the customers, we have been able to grow double, 34%. So if we are able to take that 20% customers and start same motions which Tony talked about and Eric talked about, we are selling one more product, two products, increase ARPU, we can continue to deliver that cross-sell for a long time and have that upside. And then the Gen AI stuff, which Shivani talked about, completely changes the model. The upside on this is tremendous. I think we are in the early adopter, but we are already seeing that the accelerated interest, as Tony talked about, how districts are embracing this, is actually very encouraging, and we do think it'll, it is transformational to the entire industry and to our business as well. And we are, as Shivani said, we are very uniquely positioned to be able to take advantage. Nobody else has this level of competitive advantage in one of the biggest market, which is gonna, you know, have a generative AI opportunity. And then the international stuff we talked about at length has a pretty exciting stuff. There is definitely more room to grow there, but we're gonna do it profitable, as Eric talked about. We have a very stable and predictable funding environment. We are not expecting that to derail us in any way. Our margin expansion, which Eric detailed out in each of the vectors, how we're gonna continue to deliver 100 basis points plus margin expansion each year without compromising on any of our investments we talked about. And having a clear trajectory and commitment on that $1 billion in the three years. So hopefully, you've got a lot of the stuff we talked about clearly articulated, and I would just leave with the key message, you know, we shared early on, is that there is really businesses which have this kind of scale and leadership in the industry. I think even when we compare to other vertical SaaS, there are not too many vertical SaaS who have this kind of leadership and market presence and have a consistent financial performance, which is profitable as well. So yes, sometimes K-12 gets a bad name, but when you look at the tech enterprise software, it's a very different dynamics from rest of the EdTech. And even in the vertical SaaS, the leadership we have, and no clear competitor who has the breadth, gives us a very unique position that it's unparalleled. And then, how we've been delivering consistent, I don't think there are a whole lot of businesses which have delivered that. I think sometimes you'll see large deals having one quarter or other effect, but what we are—what we want you to hold us to is the full year numbers. We want you to hold us to the path of that commitment of double digit and margin expansion, that we are very comfortable in achieving, and we have been doing it and still will do it this year as well. And the opportunities ahead, which is what gets more exciting us, because we have a opportunity to, with your support, take this to a whole different level. So hopefully you found this useful. We'll love to spend some time during lunch with you, but thank you again for your support, interest, and investment, and thank you for being here, especially for the people who are here in person. So thank you. I I appreciate it.