All right. Well, hey, good afternoon, everyone. Welcome to day one of the Barclays Tech Conference. My name is Saket Kalia. I cover software here at Barclays. I'm honored to have the team here from SentinelOne. We've got Tomer Weingarten, Co-founder and Chief Executive Officer. We've got Dave Bernhardt, Chief Financial Officer. We've also got members of the IR team here. We've got Doug Clark, Saad Nazir, as well, here in the audience. Just to frame the discussion, we've got about 30 minutes together. Let's spend the first 20 minutes or 25 minutes just doing some fireside chat with the team, which I know is gonna be fun coming off last night's quarter. But then we'd love to make this interactive, so any questions in the audience, I think we've got a mic runner in the back. We'd love to kind of keep it interactive. Can we start with fireside chat and then we'll I thought you said if we had a question. Well, at the end, if that's okay, we're gonna get through some fun questions here first. First time that someone wants to ask- Yeah, I know. I know. I like it. Thank you so much. We'll take advantage of it, for sure. Tomer, maybe just to kind of kick us off, a lot of us were on the Q3 earnings call last night, but maybe just to make sure we're all on the same page, can you just recap some of the highlights this quarter that you were most proud of? And Dave, maybe you can just add some financial color there on what you were most proud of from a financial perspective. Does that make sense? Yeah. No, sounds good. Look, to us, the traction with Data Lake, I think, was to me a bright spot, like, over one quarter, suddenly out of nowhere, you know, meaningful contribution in the quarter. Something that we worked, you know, on for a couple of good years, just honing in on the product. So that part was just incredibly, you know, encouraging for me. MSSP traction, you know, there's been a lot of talk about the mid-market. I think the resilience of our partner base, their desire to double down with us, the line of sight for further growth in the endpoint market, I think that stuff is incredibly compelling. Because the way that we look at the business today is really in this, you know, three facets type of a view. You know, obviously, one is endpoint, one is data, one is cloud. And in each one of them, there's slightly different journey and different trajectory. And in each one of them, you want to devise a different go-to-market avenue. And clearly, the endpoint market, you know, it's probably God knows which, you know, which inning we are, you know, in the cycle. But to parse through it, to understand that the majority of the TAM actually sits in the mid-market. It doesn't sit with a Fortune 500, and then how do you unlock that? How do you get more growth in the endpoint market? You know, I think the deals that we've done with our mid-market partners and the deals to come, I think, would be very exciting for endpoint growth and, and again, unlocking the data opportunity, starting to prove out displacements for incumbent SIEM, you know, really, really exciting for us. cloud security, I think, with the impending kind of CNAPP offering that's coming, also, you know, very, very lucrative for our customers and, and for net new customers. Suddenly, a new automated cloud security platform that ticks all the boxes, I think it's gonna be also compelling cost-wise. And if you fuse that with Purple AI and you fuse that with, you know, the analytical coverage that we can offer, suddenly it's a cloud security platform that is driven by AI and can give you full threat hunting, remediation, automation. It's a step function better than everything that's out there. So, you know, generally, we're, you know, pretty excited and just excited to see, I think, the, the execution of the team more than anything. Absolutely. Yeah. Dave, how about you? Wanting to talk about from the model perspective, too, huh? Yeah, I'm excited anytime we can beat and raise on all metrics. So I'll start there. Yeah. But I, I think the two things that, that I'm probably most proud of is, you know, we achieved 79% gross margin. So if, if you recall at the IPO, I think we went out, we were 53% gross margin, and we sold a vision of how we'd be at that 75%-80% plus. You know, we're 9 quarters post-IPO, we're now at 79%, and, you know, we're starting to rethink the model of what the long-term goal should be. You know, I think the other thing that's, that's really important is, you know, we achieved an 11% loss at the EBIT line, or Adjusted EBIT. And, you know, I think at the IPO, we were negative 126%. So it was our ninth straight quarter of 25%+ improvement. You know, I think it shows the great strides that we're trying to make to get cost-efficient, to get towards break even or better profitability, and to get to free cash flow, which we've, you know, guided that we want to be cash flow positive in the second half of next year. Yeah. What a great- A lot of strides that we're putting a lot of effort in, and just to be able to see it come to fruition- Yeah, for sure. ... very positive. For sure. Been a great journey to see that- Thank you ... that narrowing, and sounds like there's still more, you know, more of a journey to go. So looking forward to it. We're not done. Yep, absolutely. Tomer, maybe back to you. I wanna touch on the core market of corporate endpoint here a little bit. It feels like as you look back at just some of the security companies that have reported over the last couple of quarters, it feels like corporate endpoint is holding in just a little bit better than other subsegments of security. Of course, there are still macro challenges, right? Yeah. That we're all facing. But, you know, it felt like you saw relatively solid results for both you and some competitors in the space as well. Maybe the question is, how would you characterize the health of the corporate endpoint market right now? I think it's, you know, relative to other pockets in security, it's definitely more healthy. And there's a very simple reason, by the way. Endpoint protection, and generally, you know, both us, some of our competitors, have kind of created obviously more capabilities beyond endpoint protection. These are the capabilities that matter today. These are the capabilities that actually help you to prevent the next breach. I'm sorry, but it's not the firewall that's gonna protect you from the next breach. And I think that customers are seeing that. I mean, they see that not all security products and all security segments are born equal. If you have a dollar to spend right now, where are you gonna put it? You're gonna put it in the places that matter most. and these places are in endpoint security, portions in workload protection, so specifically protecting your servers, your crown jewels, and then in identity protection and in visibility, in incident response, and the ability to react when an attack happens, when an incursion happen, when a breach happens, and how do you remediate that? These are the exact services that us, some of our peers, that's what we do. I think that's where you're seeing slight, you know, slight resilience in our market in comparison to some of the others. It just because it's, it's the one thing that can actually help you. I'm not saying it's a panacea for anything, and I'm definitely not saying that any of what we do or our competitors is close to being bulletproof, but it's definitely the most risk reduction that you can have. The most risk mitigation you can have is with a modern endpoint protection, you know, platform, or a security operation platform, or a cloud security, you know, platform that comes from a defense company. That's another big difference. When you look at SentinelOne, when you look at, you know, even our peer, we are hardcore security company. That's right. You know, we weren't born in, you know, putting appliances out there, and we're not, you know, Microsoft, you know, doing a stint in the security market to generate more revenue. This is what we do. These are the people that we have. These are the teams that, you know, constantly parse through the landscape, the cybersecurity, you know, stratosphere, to understand how we defend our customers. Well, you know, in many ways, I think, you know, for some people, we're almost like an army for hire. You know, we're there with the customers, in the trenches, you know, fighting, fighting their fight. And I think that's radically different from anybody else in this space right now, and it's, and it's a place that's reserved, you know, for us, maybe for one more peer. Absolutely. Dave, maybe for you, you know, I think SentinelOne has always gone to market very brilliantly, right? With various bundles. With endpoint is really the anchor offering. Can we just talk a little bit about those bundled offerings and maybe some new additions to that bundling that's maybe that I think customers are receiving very well right now? Talk to that a little bit, if you could. Sure. So last quarter, we launched an enterprise license, so we're seeing pretty decent adoption of that. Still early stage, but there's a lot of potential upside from there. You know, we're— There are a lot of companies with a massive suite of you know products across their platform, and we've continued to advance our own platform. And, you know, I think what we have been doing is we try to be the best of breed in everything that we do, and then the ability to have a platform that has a lot of these best-of-breed technologies that is open, that you know allows you to ingest data from other security products. Like, that is very important, you know, to what we've been doing. And, you know, I think that's what separates us from, you know, w e're, we're not a company that takes a platform and shoves it down your throat, but we have a lot of customers that use a lot of our products and then come to us because they want to use more of our products, and this is a way for them to do it pretty cost effectively, and it's good for us from a margin perspective. Yeah, I think that, I mean, on that margin front, when you look at something like the Enterprise Bundle, and you kind of see us coming off a quarter where another interesting highlight was, you know, relatively significantly higher ACV per customer. And, you know, that comes from that bundling approach. For years, we've had three bundles, Core, Control, and Complete. I think everybody that knows us knows Core, Control, and Complete. Now we have the Enterprise Bundle, you know, as well. And the Enterprise Bundle, it's such a value bundle for the customer. It has EDR, it has Identity Protection, it has vulnerability management, it has portions of MDR, and it has data retention all in one bundle. So obviously, the price point for that bundle is higher than the Complete Bundle. But for us, speaking about margins, the actual cost to deliver all of these services is very, very similar to deliver just what we deliver on complete. Right. So when you see us with, you know, 79% gross margin, and our price is holding up, and ACV going up, it's all about value for the customer. It's all about taking these capabilities and making sure that we don't try to push prices down. We try to push value up. Right. That is something that doesn't only, you know, differentiate us from some of the others who have all kinds of way to slice and dice what they do. I think it literally does what we set to do, which is just serve the customer in the best way that we can. Yeah. That's always a great, I think, for a start. Definitely speaks to sort of the consolidation, right, that I think customers are looking for right now as well, right? Absolutely. Yeah. Yeah. You know, Tomer, it's funny, you had one of your competitors here on this stage earlier, and I want to ask you the same question that I asked them. I think we're all trying to figure out how much more legacy share, just to put a bow on endpoint, right? How much legacy share is there left to shift to next-gen endpoint in this market? Now, I want to be clear, that's not the only business here, right? There are a lot of other businesses here, o utside of endpoint that are driving a lot of the growth. But, you know, just because you spent so much time in this market, where do you feel like we are in that journey, out of curiosity? What did they say? No, I'm kidding. I think, you know, let's try and kind of parse through numbers, okay? I think that if we look at, you know, obviously Broadcom Symantec, I think that stuff is, like, almost dried up. You know, McAfee, Trellix, whatever you want to call them, I think, you know, everything that could have been taken, I think, was kind of taken. Everything else is kind of on-prem. By the way, they still have about $1 billion in revenue, close to it. So, you know, they still hold a good chunk of the endpoint market. Then I think you enter a long tail of providers. By the way, each one of these providers, it's a billion-dollar plus of revenue that each one of them hold. And they were not the initial targets, they're very much downstream. And I'm talking about, you know, Sophos, Trend Micro, Bitdefender, Avira, Kaspersky, Panda, ESET, I'm probably missing a few more. But between all of those folks, I mean, you're talking about a few good billions of endpoint market share. Some of it is actually, you know, still in the U.S., so it's not like in exotic, maybe not Kaspersky. But, I think, you know, a lot of it still exists in the U.S. A lot of it is in that MSSP RMM segment. So, I think there's still a lot more growth to be had in endpoint. It's just, it's in places in the overall TAM that I think not many vendors ever reach to. And luckily, I think that some of it sits within my partner base. Mm-hmm. And I think that over time, you'll see us capture more and more of that. I think even some of the, you know, renewed commitments and double down, you know, agreements that we've had with some of our partners revolving around capturing more of their endpoint share. So I think there's more to be had. I think it's not where you think it is, and I think it's not relevant to all vendors out there. I think to address that type of a market, you need a highly automated, highly autonomous solution, and guess who has that? So I'm very excited about the endpoint market. I think that, you know, obviously, what we do, you know, is expand the horizons for the company with data, with AI, and we feel like there's a gigantic opportunity there. But I'm equally excited about the endpoint market growth, and I think that there's also so many more capabilities that our MSSP ecosystem can enjoy w ithin our platform, on top of the endpoint footprint that they have, that that is also another growth driver for the company. Call it endpoint, call it endpoint adjacent, do whatever you want, but, but I think it's still, you know, it's still a meaningful opportunity. Great dovetail into the question I wanted to ask you, Dave, right? Which is, I think one of the highlights from last night was sort of this idea of increasing diversification in the business, right? Like, you know, still in early stages, but it's increasing nonetheless. Maybe the question for you, Dave, is: What metrics do you look at to sort of showcase that diversification? And maybe what products are driving that change? Yeah, I mean, when we think about new products that, you know, I would guess or I would say are younger and more, you know, earlier in their stage, you know, we talk about data, and we talk about cloud a lot. And you look at the growth rates we've had in that, and, you know, we've been maintaining triple digit growth quarter to quarter on that. So that's absolutely something we're looking at. You know, when we think about comp plans, we want to continue to drive that behavior. So, you know, that's part of the area I look at quite a bit. You know, when I also look at it, you know, I look at net new logos, but I don't just look at the net new logo, you know, count at the global level. I also look at, you know, what we're also getting from MSSPs. You know, and MSSP, we can pick up 1,000 + customers a quarter that no one ever sees, you know? So, you know, we always count the MSSP partner as one customer, and no matter how many customers are underneath it. So you're seeing, you know, continued growth there. You know, I look at the average selling price, that continues to go up. I look at the average deal size, it continues to climb. You know, if we're able to maintain, you know, our NRR rates and we can capture new market share, this just gives me an opportunity in the future to expand that NRR, and continue the growth opportunity by us bringing new products to existing customers. So those are all the things that we look at in terms of, you know, kind of building our pipeline out for the future. Yeah. Yeah, for sure. Tomer, I want to dig into the Data Lake business a little bit, because just the focus on it last night and just the commentary, it felt palpable, right? That there's something happening here. And so I think that we all simplistically look at this as a SIEM replacement tool, which may not be completely accurate, right? But maybe the question for you is: How do you think about your products here, right? And is it right to think about this as solely a SIEM replacement tool, or are there other use cases that are driving value? Yeah, I think, you know, it's easy to think about it as a SIEM replacement tool s o I'll encourage that. Right. I think there's enough confusion in, you know, in the security market. That said, I think the use cases that you can solve with a flexible, you know, petabyte scale, blazing fast data store, are much beyond the SIEM. The SIEM was really designed to be an alert aggregator. So every time you got an indication of any type of a problem, you would get that indication into the SIEM, aggregate it, and then you can maybe deal with it. Put some workflows out there. You had to buy a SOAR system to actually action anything that you see in the SIEM, and that was kind of the story of the SIEM that's deployed in every single enterprise today. Mandatory, pretty much. When you look at Data Lake, it comes to actually address two different things that are bundled into one. One is that exact same use case, that's an easy use case to really achieve. The other one is actually log ingestion, and instead of focusing just on alert data, you want to get the full fidelity, visibility, and telemetry that comes from every part of the enterprise. You don't want to just look at the alerts, because then you're bound to miss what you didn't alert on. So how do you detect something that is undetectable right now, but in a look back way, or potentially with AI, you can parse through it and say: "Okay, by looking at all these logs, I can see that there's something anomalous happening here"? You can't do that if you don't ingest all the data. To ingest all the data and put it in a SIEM, I mean, you probably need to redouble your security program, quadruple it, a dd another couple of zeros, and then maybe you'll be able to do that. It's just totally cost prohibitive. The SIEM was never built to be a full log aggregation system. Now, add to that the compliance mandates that have been put in place in the last couple of years to actually retain these logs for a year, sometimes a year and a half, sometimes 3 years, depending on the industry. You're getting to massive amounts of data that you have nowhere to put. If you ever want to search that data, in any existing system that you have today, and all of these were designed 10 years ago, 15 years ago, if you try to run these searches on a year worth of data, you're looking about, I would say between 15 minutes -30 minutes per query until it comes back. Wow! Which is probably longer than the dwell time for the adversary in that same environment. So there's a complete dichotomy right now between what you actually need to be effective in the security world and the tools that you have in place. So when you look at Data Lake, I think first and foremost, it's about just put the data in. I mean, let's stop thinking about it. Let's not buy a product just to filter out the data because we can't put all the data in, and we can't action the data. First, put the data, we'll figure it out later. It's still gonna be cheaper than Splunk. Right. I mean, literally. So once you put the data in, I think then you can start doing many things with it. I think you can run and start thinking about AI. Now, AI really actions all these logs, and you can start thinking about automation, which is another— I think one of the most critical ingredients now, across the board in the enterprise, is how do you take all these different signals from all these different places, build the right context, because an attack doesn't start and end at the endpoint, or it doesn't start and end with the email provider or your identity provider. It goes through all of them. So how do you stitch it together? Where, where do you see such as—h ow do you get a representation of such a thing? It doesn't exist. If you have a business, any enterprise, and you want to ask the most trivial question out there: Am I secure? What's happening in my environment? You can't do that. There is no single product that you can go to and get that view of your business. There is no security platform in the world today. There's an endpoint security platform, there's a cloud security platform, there's maybe a network security platform. There is no security platform with no qualifiers. That's what Data Lake comes to do. It comes to really change how we think about security and put that overarching envelope that gives you the context, regardless of the products in there. You don't need to buy all my products for this to work. You can ingest data from any product that you have in your ecosystem and build that context, run AI on top of it, and get to a level of automation that I think is unparalleled right now and will be unparalleled in the next couple of years. And I think it's gonna just get to a very different security outcome for folks that are able to converge to these new models. And I think, by the way, this might sound like a crazy dream, which I think it was maybe a couple of years ago. Now it's a reality for quite a few customers. There's also unbelievable validation because AWS has put out a security lake, and Snowflake have put a security lake, and Google are adopting the same concept. And even Microsoft, that for years had Defender and SIEM and 100 different things, a few months ago, came up with a new concept that they called the Unified Security Lake. So I think what we've, you know, innovated here, what was born with SentinelOne, is a very unique concept. I think we have obviously the technology components to make it work. I think now we're also a scaled company that can take it to market with velocity. So I'm really excited about the concept. I'm really excited about what it can do. And again, over one quarter, just, you know, to see the traction that we've seen, it's probably 10,000% year-over-year growth. I'm kidding. Obviously, we have a very slow, low base, but it is very encouraging. Absolutely. It shows. Maybe just to put a bow on that point, and then I want to open it up for questions. You know, Dave, for you, Data Lake, I think, has very different pricing, right, than sort of the core endpoint pricing. Can we just talk about, sort of anecdotally, how deal sizes differ, perhaps between these two parts of the portfolio and maybe what you're seeing in your pipeline around Data Lake? Sure. So we charge via ingestion. You know, so when you think, when you think, you know, the Data Lake, and you know, how much data can we ingest, and we charge accordingly on that. The beauty is, having Scalyr as the back end makes that a very efficient engine. So we can do it at a lower cost than a lot of our competitors. You know, and then when you think AI on top of that, that's more the compute power over the data engine. So those two pieces are, you know, a bit different in terms of how, you know, we traditionally have it, where it's more, you know, licenses, you know, as far as endpoint or workload, workloads from the cloud. So it's a bit different in that, but, you know, right now we're still being able to enjoy a fairly favorable margin profile on those deals because we're pricing it for value for customers. And that's really the way we're doing it, is to make sure that we're able to maintain our margin structure, even while having some of these things that may be a bit more challenging for us in terms of, you know, ingestion. I can charge a customer based on what they use, no problem. Compute, I'm also gonna charge them for what they use, so I'm able to maintain that margin. Absolutely. Absolutely. I want to open it up for questions here. Maybe we can, we can bring a mic here to the front, t hen we'll pivot to some financial questions just to, just to wrap it up. Yeah, I think I mentioned earlier that, you know, we—my previous company was your customer for three years, so a lot of things that you're saying is, I'm not sure the rest of the street gets it, but let me just kinda ask it in a way that maybe makes more sense to the audience. So you have a lot—you mentioned on the call that, 60%-70%, I believe, of the data is ingested by the SIEM is endpoint. So what you have now is you have contacts from that agent that only CrowdStrike has. But then you have Scalyr and your Data Lake in the back end, and you have the ability to query it and to retain it. So now you have memory, retention, and you have context, and then now you're gonna take that advantage and bring it to cloud workload protection, CSPM, and CNAPP. Nobody has that. Everybody's viewing you guys as an endpoint product or a cloud product or a CNAPP product or a SIEM product. But, you know, what we did in our old company was, we were able to say, "Hey, look, we got attacked." Our ability to retain that data for a year at no cost, allows us to go back and say, "Shoot, did we get attacked in the past? Can we do a simulation to see what kinda be in the future?" But without the data retention, we can't do that. So my question to you is, as you look at this thing as a platform, and as you roll out CNAPP and, and cloud workload and CSPM, and there, obviously, there's all these single point vendors out there, where, where do you see. Like, what do you need, what do you think you need to do to convince the rest of the street and to convince the customers that this is like, security is a data problem, it's a context problem, it's an understanding problem? And all these guys with these point solutions can't do it 'cause they either have a context problem, a data retention problem, or, you know, just, just the AI that, that they have to build from scratch. And most of these guys are, you know, piecemealing all this together. Yeah. So what do you need to do to convince the street, to convince the customers and showing your numbers that you can do this and increase your margins? Yeah. That looks like what you guys are on the path to do that. Yeah. No, I mean, it's quite accurate, to be honest. Look, I mean, convincing the street was never something that we have tried to do. I think that's not something that philosophically I set out to do. I run a company, I build products, I want to deliver customer values. I think our numbers will eventually convince the street. So I'm with you. I know, you know, it's a bit frustrating at times to understand technically what we're doing, but see that others kind of miss the picture and maybe are more focused on just operating metrics, as they should. That's the way the, you know, Wall Street works. I think what you're saying is incredibly important. When we say something like, we're going into CNAPP, and we got some questions even on the call, you know, what are you gonna be differentiated, and what are the capabilities? It's not about the capabilities in CNAPP itself. I would argue CNAPP, by now, is totally commoditized. Like, none of these capabilities are any form of deep IP. They're no form of patented stuff. Everybody's doing the same. It's all cobbled together from open-source libraries and, you know, glitzy front ends. There's no AI in it, there's no scale in it, there's no data lake in it, there's no analytics capabilities in it for any vendor out there. So when we say, "Okay, now we're doing CNAPP as well," the innovation doesn't come from that layer. It's just gonna be everything that everybody else is doing, now you can get out of us. But to your point, not only you're getting that, you're getting now Purple AI fused into that, which no cloud security vendor has. And you're getting an analytical capability that allows you to hunt and remediate and automate on top of your cloud security platform natively, that no cloud security provider has. And that is the power of what we call, I think it's one word that people glance over, unified. Unified. Unified. It's a unified security platform. Nobody else can claim that. Our, our nearest competitor, it's not unified. It's not even united. I think they're trying to find all kinds of words to, you know, to, to position that, but it's, it's two separate things for them. For us, everything is unified. It doesn't mean that you need to buy endpoint to run cloud. Not at all. But it means that when you're buying cloud security from us, you're getting all the power of the platform with it, and you're not paying for that power, it comes with it. So that's the differentiation. That's why we feel, you know, for, for CNAPP, for cloud security, it's, it's so compelling. And maybe one last thing on it, I feel like cloud security is severely overpriced right now, for no good reason, by the way. And when, when we kind of put our platform out there, I feel like, look, not only we can provide for a superior experience, I think we would probably also do it while maintaining 80%+ Gross Margin in the long term, you know, an incredibly competitive price point that might even change the entire cloud security market and how it's priced today from certain vendors. Yeah, absolutely. I know we're out of time here, but I want to ask one last question here to really, maybe it's a question that both of you can tag team. You know, it's, we're of course, not guiding to next year, right? It's early to talk about that, particularly, right, since we still have Q4 ahead of us, which is our biggest quarter. But the question I want to ask, maybe it's a little bit of a philosophical one, is: What are some of the things that you learned here in fiscal 2024, that the team may want to incorporate in a bigger way next year, if any, right? And that's not just an implicit macro question, right? But you've got other moving parts, right? Like new sales leadership, right, as well as more of a diversifying business, like we talked about earlier. You know, it's a philosophical question. How do you think about, what are some of the things that you learned this year, or some of the things that have happened this year, that we're gonna need to make sure we consider when thinking about next year? Yeah. I mean, I can- Yeah, go ahead. Give my observation, which is, I think, might be surprising. But to me, enablement and training, both to our sales force internally, plus our entire channel ecosystem, probably one of the keys to grow faster. And I think that that's where, you know, when we think about all the new things that we expect from new leadership, which are kind of the intangibles, right? I mean, you want better accountability, better predictability, you know, better ownership or better discipline, all of that, always, and always on the up and up. But enablement and training, I think, are kind of these things that nobody really thinks about, but they matter a ton if you do them right. I also think there's complete new ways to enable and train today. Yeah, that's interesting. It's not, y ou know, when we started this, I remember my enablement team. I mean, they were running me through content. It's like 70 different slides and 3 hours of, of content to get certified on, on a moment. It's like, who has the time for that today? Yeah. Then, why do I need to go through that? I you know, put a challenge to my team, and I told them, "I want 10-minute training, 10-minute training with 1-minute video blocks, basically, so people can immediately understand the crystallized value in the platform and the product." So enablement training, I think, is you know, something that's top of mind for us, like, beyond everything else. Better positioning, better marketing, I think all of that is, you know, are things that are naturally gonna happen, but that's kind of, you know, where my head's at. Yeah. And, I'd add wider product portfolio. You know, we, there's a lot of things that we've added this year that we didn't have at the start of last year. There's new things that are coming. You know, we, we've talked about, you know, Purple AI going GA in Q1. You know, we've talked about having a more expansive cloud offering. Those are going to be, you know, very big pickups for us, you know, for the foreseeable future. Like, these are things that we've been investing in for some time. We'll finally be able to launch them and, you know, they help, you know, give us some confidence and, you know, help gain a larger market share of the TAM. Awesome. Well, guys, couldn't think of a better way to end. Let me just say, very well executed in the last quarter. Very well done. Thank you. Thanks so much for the time. Appreciate it. Thank you. Thanks, everyone.