All right, welcome to another session of the Morgan Stanley TMT Conference Day 3. I'm Sanjit Singh. I run the infrastructure software practice at Morgan Stanley. Super thrilled to have the management team from SolarWinds. We have CEO Sudhakar Ramakrishna. Sudhakar, thank you for joining us. Bart, thank you for coming to the conference once again this year. Thank you. I don't know which one it is. It's like the fourth or fifth one, maybe even more. But we really appreciate your time. I wanted to start off the conversation with a very basic framing. I think if you just sort of looked at 2023 growth over 2022 growth, I would proffer I haven't verified this yet, but probably 90% of software companies saw growth slow down or decelerate. That was not the case with SolarWinds. You were, I want to say, one of the select few where growth actually accelerated. So let's begin right there, because I think that's a very distinctive point. What were the factors that caused SolarWinds to accelerate growth in a year where the software spending environment was as challenging as it's been in several years? Well, I can always give you the numbers and give you a little context. And then Sudhakar, maybe you can weigh in after that. Yeah. But what I'll say is that what we saw was, for 2023, it was the year of kind of a lot of building up to a lot of work that we've been doing for the couple of years before that. So as you know, we're going through a subscription transformation. And so we're in the middle of kind of repositioning a lot of our products into one of our observability products. And we launched the first one of those, which is what we call Hybrid Cloud Observability. And that's our on-premises version of the subscription offering. We launched that about a little 12-18 months ago. And then towards the end of that, 2022, early 2023, we launched SWO, which is SolarWinds Observability. And that's our SaaS version of the product. So what we saw in 2023 was the adoption of Hybrid Cloud Observability among a big chunk of our customer base, right? We started the process of converting some of our customers to the subscription offerings and then started to introduce that to our sales team as well. For a long time, we've been a perpetual license and maintenance company. Now we're in the process of transitioning not just our customers, but our go-to-market teams and just the way people think about SolarWinds as well, as an observability company, and just starting that evolution. 2023 was the early signs of the success of that process. That's great. I'd love to get your perspective. Yeah. A couple of other dynamics, I think, that are at play. Broadly speaking, if you think about the customer landscape, their complexity continues to grow. Two is that due to human resources and technology limitations, their productivity has been challenged. And three is, in this environment and for that matter, any environment, they are cost-constrained. In other words, their complexity and costs are not growing proportionally. So they're looking for vendors who can solve that, call it, conundrum for them. And our solutions fit right in the sweet spot, so to speak. And I would attribute a lot of our progress in 2023 to the fact that we had solutions that address those needs. And we are in the process of accelerating our progress in that space. That's how I believe we will continue to grow in the future. Let's put this in the context of the spending environment. So can you describe to me the trend lines in terms of your customers' investment plans and spending, and how that progressed throughout the year? In the early parts of the year, there was a lot of focus on cost optimization in sort of cloud world. Did you see that? And so how did the year sort of begin, and how did the year sort of end when it came to your customers' capacity to invest in SolarWinds? I think the customers' capacity to invest in SolarWinds grew for a few reasons. One is, whereas customers were previously maybe looking at best of breed, and we benefited from that, they're looking increasingly for best of suite as they consolidate their tools. We have the broadest solutions set to support their needs. So therefore, we are able to address their requirements and get a better share of wallet. Because a lot of the progress that we made last year was not necessarily in total and organic spend increases by customers as much as share of wallet changes. So that was number one. Number two is that last year, there were many more questions about the efficiency and effectiveness of wholesale cloud adoption, and should this be a phased migration versus lift and shift into the cloud. So that gave room for more hybrid visibility, which is where we participate in. So we're not fixating, or we're not forcing customers, I should say, on saying, you can only be on premises or only in the cloud. We don't care how you are spanning. We'll give you a single pane of glass and give you hybrid visibility. So that gave them a little bit more of a deliberate approach, let's say, to adopting cloud. And the pace at which they adopted cloud was in their hands versus being forced. So that was another form of shift of wallet share into us. And I think these trends are going to be multi-year trends for us. And then last but not least is we have a very large satisfied customer base that, as it looks for tools consolidation, I'm not saying we are guaranteed to win that business, but we do have an inside lane. And to the degree that we continue to focus on customer success, I'm confident that we will continue to improve as well. Great. And so obviously, observability is a huge focus for the company. It's a huge focus for a lot of other companies, too. There's a lot of players in this space. And so can you describe the SolarWinds observability strategy and how that's different from the other players that are attacking the observability opportunity? And when SolarWinds refers to observability, what specific capabilities does the company bring to bear that resonates with customers over and beyond your competitors? Yeah. I'll highlight a few things. One is our observability solutions are truly hybrid. So you can start where you are, meaning on-premises, self-hosted in the cloud, or evolution to a cloud-only type situation. So we are not dictating what type of workloads can be observed and what insights we can provide. So that's step one. Step two is that observability, for the most part, comes from where a particular vendor's roots were. So they either take an application-oriented approach to it or a log-based orientation to it. Our view is that when you truly observe a customer's environment, you need to focus on three things. How is the best time to value delivered to them? Meaning when they start deploying solutions, how soon are they getting value? Two is, how can they best get time to detect issues and then time to remediate issues? The reason why we are differentiated is we focus on those three value drivers. When we think about observability, we look at observing networks, infrastructure, databases, applications, users, and things, and correlating them and providing your root cause analysis. Just a very basic example, if a user complains about, hey, my website is loading slowly, oftentimes you look at it as a database issue or an application monitoring issue, et cetera. It could very well be an upstream router that is the issue. We try to correlate all of these full-stack; that's what we call full-s tack and pinpoint that that is where the problem lies and thereby help them isolate their problems, remediate their problems quickly, improving productivity, decreasing costs. That's how we come out at the problem. You mentioned, I think you correctly framed, that people sort of or players in the space sort of approach the opportunity coming from their home market or their core capability, whether it's applications or logs. When I think about SolarWinds, I think about the network, right, being the leader in network monitoring. And I think systems management, database infrastructure. So those two capabilities specifically, how does that resonate in terms of you being your own sort of differentiated player? Yeah. They help a lot. Because if you think about infrastructure in the new world, infrastructure observability, we look at infrastructure as network infrastructure. All the rest of the systems could be storage, could be virtual machines, or cloud infrastructure. So how do we take our strengths and combine it into those? And the fact that we have very strong application and database monitoring capabilities gives us a leg up. Because as you know, many application problems tend to be database search-related issues. So we are making those correlations happen and root cause much faster. Describe the typical customer journey that maybe a traditional systems management customer, network monitoring customer? What is that path? What's the path that you want them to go on? What's the path that many of them are on today? A typical customer journey for us tends to be we have some presence in them, let's say. Whether it be on the systems side, database side, doesn't matter. They tend to be a multi-vendor environment looking for some of the problems that I described, which is, how do I consolidate my tools better? How do I reduce my alert fatigue? How do I prepare for the cloud? I may not be 100% wholesale lift and shift into the cloud. In those cases, the best-of-suite strategy is what fits. The other interesting thing that we do is, you could be only a systems management customer, as an example. When you purchase that, you get our entire platform. Only the systems management piece is enabled. But you have landed with the entire platform capability. What it allows us to do is give customers in-product capabilities, kind of like a PLG type motion. The cross-sell becomes that much easier for us to kind of land and expand, because you're not having to install anything for them. You create the effect of SaaS for even a self-hosted environment. It goes back to ease of use, time to value, productivity, and cost. Yes. So So this is kind of one of the big changes that we've talked about that I talked about earlier with what we worked on over the last two or three years. And that is, historically speaking, we were point products. You had a problem. You could come to our website, find one of our products, download that product, and it solved that problem, right? And a best case for us, but a bit of customer using four or five of our products over time, they would have landed with one maybe with network management and expanded into some other areas. Now, like Sudhakar said, now we've knitted it together so that we have a platform. And so that same customer can see all of those products at once and take advantage of all those within the Hybrid Cloud Observability platform or the SWO platform itself. That's the biggest change that's happened, is now it doesn't require them to go out and go through a whole different buying process. It's right there on the platform. They can see the capabilities and decide for themselves whether or not they want to access that. Yeah. To pick up on that point, let's talk about how does this impact numbers and ARR. And so for the cohort of customers that have migrated from network or systems management and started the path to hybrid observability, in sort of year one, what does that impact on ARR look like? And as you go from year one to year two, what does that impact on that uplift on ARR? What does that mean? Yeah. I mean, as you talked about 2023 being a good year for us. We grew revenue 6%. But even better than that, we grew ARR by 8%, right? And one of the factors and one of the reasons why ARR grew more is because we were able to convert $1 of maintenance to $1.60 or $1.80 of subscription revenue. And we're in the very early innings of that process of converting that maintenance base over to subscription. But right now, what we're seeing is a 1.6, 1.7 uplift. Now, do we think that's going to happen across our entire maintenance base? Probably not. But for now, these customers see the value in the different product that we're migrating them to. And that's what Sudhakar's talked about. Awesome. So we've talked about the move from network to hybrid observability. How are you advising your customers in terms of when they should move to SaaS observability? And does SaaS observability have incremental capabilities beyond hybrid observability that should be an adoption catalyst for SolarWinds Observability? So it is similar in terms of capabilities as these converge onto the SolarWinds platform, number one. Number two is, it's not necessarily that a customer has to go to hybrid before they go to SaaS. We already have customers who are moving straight from premises to SaaS. But that will be a function of where their assets reside and what real focus their business has. So for instance, if they have already made the choice to move let's say it's a smaller company. They've moved everything to the cloud. And they would rather have some SaaS deployment. Then they can go with us. But more often than not, customers have still a lot of assets that they are managing. And so they move to the hybrid. And then we give them the path to SaaS. The way to think about us is, as time progresses, there won't be much of a distinction between those two. And it's simply a matter of, you want to self-host it or use it completely as a service. So I call it the distinction between self-hosting and self-service. That's how we'll be moving. In terms of capabilities, for the most part, it'll be common single pane of glass across cloud and premises-based assets, hybrid visibility, as I was talking about, foundation of AI/ML from an ops standpoint, and the fundamental value of time to value, detect, and remediate will stay constant. One incremental thing that we are working on that is, again, going to differentiate us from the other observability players is the remediation aspect. We have a very rich service management capability. And so to the degree that using our full-s tack capabilities, we are able to isolate problems, then we can do automatic runbook automations and solve those problems. So again, it goes back to the value proposition of lowering costs, increasing productivity for customers. That's, again, the reason why we believe we are enjoying a greater share of wallet. And we'll continue to do so. Closing the loop with that remediation capability. Exactly. Exactly. Makes sense. When you look at the competitive landscape and you look at just the dynamics of market share, if you sort of look at the IT Operations Management market that Gartner puts out or IDC puts out, it's a big market, but a highly fragmented one. Is the underlying thesis that as observability becomes a more and more strategic imperative narrative, that market share starts to consolidate? This will be winner-take-most market? Or is it going to continue to be a highly fragmented market in your view? I don't know if I'll call it a fragmented market over a period of time. I think there's a large opportunity for a number of players to become sizable companies. I would already consider us to be a sizable company in this space. It can become more sizable is the way I would describe it. Do I look at it as a winner-take-all type thing? I don't believe so. That's partly because of where customers are coming at it from a need standpoint and where vendors are approaching it from a capability and expertise standpoint. It's a point in time. There will be consolidation. I believe that. We are already one of the consolidators from a wallet share standpoint. I also believe that there'll be multiple players who will have a thriving, growing business. We've talked about tool consolidation, platform consolidation. When I talk to the various observability vendors, this is what they're focused on. Everyone's trying to be the consolidator versus the consolidated. Can you talk about in the consolidation opportunities that you've won, can you talk about the profile of customers that chooses to consolidate with SolarWinds? And what solutions or vendors are you displacing? To date, a lot of the companies or customers that are consolidating largely tend to be, although we get a lot of new customers as well, largely tend to be part of our install base. They likely have multi-vendor solutions. Either they bought them independently in different points in time episodically or acquired them through acquisitions or any one of those. They have the need for better visibility, better consolidation of tools, and the ability for a vendor to give them visibility across premises and cloud. Let's say they start with those kind of needs. Of course, simplicity, cost, all matter. But let's start with the business needs. Those are the customers that we tend to consolidate. We consolidate or we have consolidated across the spectrum legacy vendors, some new-age vendors who may be niche application observability companies. But then the customer is really looking at, on one platform, do I need a platform for just applications? Do I need a platform just for infrastructure? Can I consolidate? So we've done that for both new-age as well as, call it, some of the more traditional companies who have not fully followed the innovation curve. On just the cost side, how much I mean, you could look at it on a sort of TCO basis on one level, but then also just on a basic licensing cost basis. What type of savings and efficiency are your customers able to realize by consolidating with SolarWinds? There is always the cost of acquisition itself. We tend to be a bit more economical, let's say, than other companies. We do command a premium for or I should say a price for the value that we deliver. We're not like a cheap and cheerful type company that's not because we are delivering real capabilities to customers. The value add for us really comes down to, if I reduce the alert fatigue of a customer, that's when they save tons and tons of hours debugging issues. On an ongoing basis, if I've given them a single pane of glass across multiple parts of the infrastructure, I've saved them a ton of trouble. Those range, depending on the customer deployment type, distribution of the customer, by I mean, sometimes orders of magnitude better. Makes total sense. We spent the first 20 minutes talking about observability. You actually do things other than observability. I wanted to talk about some of those opportunities. Let's start with service management, ITSM. How should investors think about ITSM as an opportunity in the list of things that you're offering to customers, both in terms of a near-term opportunity but sort of longer term? What could this do to the growth profile of the business? Right now, I would say the service management business or part of our business, I should say, because we really report the whole thing, is ideally suited for the mid-market customer. So we are not like in the large enterprise ServiceNow type solution set. The basic value proposition of time to value and ease of use, which is atypical in service management solutions, is what we deliver to customers. It's a very rich set of capabilities and growing with additional AI-based digital assistants and so on and so forth. But it is a growing part of our business. Is it a primary part of our business? I would say no. But the important and the importance of it is going back to time to detect and remediate. We plan to integrate observability and remediation together. And the remediation part, a lot of it comes from service management. The way to think about this is 2025, 2026, we will have a standalone motion for customers that care about service management as a standalone solution. Increasingly, think about the customer environment holistically. We can observe and remediate for them through this. The service. They'll be pulled through revenue as a result of that. Service management is going to be a key to that remediation capability. Exactly. Makes total sense. So then also database monitoring, right? So that's actually been, I think, a pretty healthy business. So again, database monitoring, we have already integrated into the platform today. So we can have application and database monitoring on the same platform. However, we still believe for the foreseeable future, let's say three to five years, the database monitoring is an important and standalone segment. There's still a lot of people, data engineers, data scientists, data DBAs, et cetera, who want these monitoring tools. And we have a very rich set of capabilities there, both in the SQL Sentry in SQL environments as well as in the broader multi-platform environments. So whether it be mid-market or large enterprise, we are able to capture the imagination of customers. And so that will continue to be a standalone motion for us, even as we sell it in the context of our platform. Can you talk a little bit about the coverage and the database monitoring? And I mean, you guys had invested a lot on sort of the Microsoft ecosystem and SQL Server and those databases. How is that breadth of coverage expanding in the database? Initially, we used to go through that with a specialist sales motion. That was because it was fairly new to the business. We wanted to make sure that it can thrive in a business which has a very large, call it, monitoring and observability business. As of the middle of last year, we felt comfortable enough that all our sellers and most of our partners can propose that as well. So we made it part of our broader selling motion. So now, if you look at any go-to-market motion or selling motion within SolarWinds, it will include database. Yeah. That's a great point. I was actually referring to, are you getting into monitoring NoSQL databases or? I got it. Or maybe some of the Amazon database lineup or. We have not yet forayed into it. I mean, you may be broadly thinking about things like vector databases and so on. Vector, Mongo. Yes. So we have, I would say, perspectives and positions on that, but not significant product investments yet. OK. Great. Let's give Sudhakar a break. We've been talking heavily on product, which is what I wanted to focus on, just given how the business is evolving. But if we talk about, look at the 2024 outlook. And if I looked at sort of the results that you've been putting up for the last couple of years, they've been very consistent, mid-single digits, sometimes even better than mid-single digits. And then guiding back to low single digits has been the cadence. It's a similar cadence for 2024. Can you talk, Bart, about the degree of conservativism baked into guidance? What are sort of the underlying assumptions that underpin your 2024 outlook? Yeah. I mean, when we think about when we gave guidance for 2024, we were consistent with kind of the way 2023 played out. When we gave guidance in 2023, it was in that 2%-3% range from a growth perspective. The goal was to obviously do better than that. When we looked at 2024, we don't see any major changes in the growth, the macro, the growth vectors that we're on. So we decided, from a guidance perspective, we wanted to be very consistent with 2020 and 2024 with the same way we guided in 2023. So there's a little seasonality to our business. So if we do good in the first half, hopefully, we'll see some of that uplift that we typically get in Q3 from the Fed business and in Q4 on the commercial side. And so we'd see 2024 playing out very similar to the way 2023 did. OK. And so to summarize the point, the guidance assumes very little change in the spending environment in 2024 versus 2023. That's right. If that potentially improves, that's a potential. We have some upside. Yeah. We definitely have some potential upside. OK. Great. Then going back to the 2025 ARR target. So I think going back to the 2021 analyst day, I think you rolled out a $1 billion ARR target by 2025, supported by 30% subscription ARR growth. How should investors think about the growth algorithm to get you there? And do you feel like you're on pace to hit those targets? Yeah. We talked about $1 billion in ARR. And that's obviously our goal. 2022 and 2023, there was a little bit of a slowdown in the macro. And it impacted a lot of businesses, not just us. So I don't think we'll get there in 2025. But we definitely are on a trajectory to get there as early as late 2026, early 2027. And it is consistent. What we've talked about was that 30% growth in subscription ARR. And that's what we saw in 2023. And that's what we're guiding to in 2024 as well. So first quarter, we expect subscription revenue and subscription ARR to still be north of 30% from a growth perspective. So that's definitely a goal of ours. On the financial profile side, on the same analyst day, we highlighted a few things. We said we want to achieve more than 90% of our business as a recurring revenue business. We've achieved that metric already. Our goal now is to sustain that and improve it. We said we would achieve 30%+ subscription ARR growth, which we did. We said we'd compound our total ARR at 10%+. Last year, we did 8%. Then leverage ratios, we said we'd try to get it below 3%. We have achieved that as well. The point I'm trying to make is that a lot of things were in our control. We've executed to those and have been ahead of the pace that we established for ourselves in 2025. Of course, we couldn't control what happened in macro interest rates and other situations. I think the other thing, too, to point out, too, is we talked about margins and what margins would do over time. And in 2023, our margins got up to I think we were 43% EBITDA margins for the year. And I think for the back half of the year, we were closer to up above 44%. And that was up significantly from 2022. So I think we went from 39% margins to 43%. We're not going to grow like that every year. But getting back to the mid-40s and being margin accretive is definitely one of our goals as well. Yeah. I mean, in the context of all of the product discussion that we had for the first half of this conversation, multiple opportunities to go out and prosecute. And you talked about getting to a 44% EBITDA margin. What's going to be—I mean, Sudhakar, maybe give a sense of what's been the pace of investment to get you here, right? It's been to get to an observability platform that customers can consolidate with. Are those investments behind us? And what are the future investments that you need to get to the target model that you're hoping to deliver? We've been consistently deliberate with our capital allocation, is the way I would say it. So every day, we are optimizing something. And at the same time, every day, we're looking at investments. The first phase, let's call it 2021, 2022, and even to some degree, 2023, was about how do we get our products to the next stage, which I think, for the most part, we have achieved. So now, we need to get into more of a steady state. As we get deeper into 2023 and beyond, it'll be more about how do we scale our go-to-market investments to capture the market opportunity. Going back to the large TAM that we spoke about, you need coverage as well from that standpoint, which is, are you in the right geos? Are you in the right verticals? Are you with the right partners? And so on. So a lot of our focus now will be around those investments as well. It's not to say that product is done, because product is never done. But I also don't think we need to put a ton more money into product. But we'll see how the go-to-market evolution happens. But we tend to have fairly rigorous approaches to looking for leading indicators, putting more fuel on the fire once we achieve a certain threshold, things of that kind. So you'll always see discipline and operating expense discipline from us. But we are very equally focused on making investments, because we believe in the opportunity. I appreciate the answer. And you hit on something about sort of measuring the investments. What are the KPIs and the metrics that you use to give you the signal that these investments are delivering the return that you hope they are? It depends on the phase of the investment itself. At the end of the day, we focus very intensely on our E2B, I mean, expense to booking status, because to me, that is a good indicator of, is the enterprise focused on improving productivity or not? From a broader sales team standpoint, we look at three metrics: pipeline, productivity, and predictability. All three matter to us. And underlying those are things like, what's your deal density look like? How is your ASP spread? Because all those matter, too, because you can have two large deals and feel like you crushed it. And the next time, you don't have it. So that's why you need to look at some of those underlying factors as well. I can go into much more detail than that. But that gives you a gist. Awesome. Going on to the point that you just made about investment in product is never done, I'm thinking about when I look at some of the observability players that I cover, whether it's New Relic or Datadog or Dynatrace, they've been layering on an additional security capability, right? And this sort of DevSecOps moving, shifting left, doing things like cloud security posture management, vulnerability management. Is that increasingly becoming a buying criteria? And is that a capability that SolarWinds is going to deliver to market? I don't think that is an immediate priority for us. Security is very important for us. But we're not in the realm of risk management, vulnerability management. That's, I would say, a fairly niche set of capabilities. I look at those as partnership opportunities for us. I also look at it as potential M&A opportunities for us in the future. But is that an organic development priority for us right now? No. We have a lot of expertise in that area, by the way. But it's not something that we would prioritize above, let's say, providing full-stack visibility, let's say, providing hybrid visibility and eliminating the visibility gap, because a lot of these threats surface because those gaps exist. So as those gaps can close down, then some of these threats will actually become less relevant. We are trying to solve the right problems first and then partner as needed on the remediation cycle versus making it more of a proactive engine for us. Understood. Can we take a step back? I think when investors look at SolarWinds and the market cap and the valuation, it's pretty undemanding from a valuation perspective. So it brings up the question, is that given where you hope to be on revenue growth, ARR growth, given where you hope to be on margins over the next couple of years, is there a total return profile between revenue growth, margins, capital allocation, buyback? Is there a total return profile that you're looking to deliver to investors to give them more of an incentive to buy the stock? Yeah. It's not like we've thought about it from a total return. We just know that we think there's a lot of upside with where our market cap is today. There's a little bit of overhang on us for a number of reasons that we've talked about a little bit. But when we think about what the opportunities are for us from a return standpoint, we have the ability to take the cash flow that we have today. We can pay down debt over time. Like Sudhakar indicated, there's the opportunity for us to do some M&A. There's also the opportunity for us to do some capital return. So there's a number of and stock buybacks are always an option, too, if our stock price was to get back down below $10 a share. So for us, it's about doing the right thing for our shareholders. There's a number of opportunities or options for us as it relates to total return. Makes total sense. Let's wrap up the conversation around your large customer acquisition performance and the strategy to continue that. We'll talk a little bit about partners. On the large customers first, I think you added the most 100K customers that you've had in several years. So was there a specific go-to-market playbook that enabled that? As we go into 2024 and beyond, how do you keep that going? Yeah. We talked about that back when we did our IPO back in 2018, because we wanted to at least give folks the idea that, listen, we don't just serve the small, mid, medium-sized businesses, right? We have enterprise-class software. And so we started talking about building bigger relationships with our customers. It's not something that we intentionally focus on as far as trying to go out and get big deals. It's just the go-to-market motion that we have of landing and expanding within a customer has resulted in us building bigger relationships with those customers. So over time, that number has steadily increased. Like you said, we've seen good growth every quarter from a growth perspective, year over year, in most sequential quarters as well. So it's not something that we're intentionally focused on. A lot of it is coming today from what we talked earlier about, the migrating our existing customers from their maintenance, the products that they have under maintenance, over to subscription. Our first cohort of customers that we focused on tended to be the customers that have four or five of our products and might be the most likely to see the value in the Hybrid Cloud Observability offering. And so a lot of those customers that are in that 100,000 cohort that I talked about are some of those customers that converted from maintenance over to subscription. That'll continue to be a focus for us. But for us, it's just about building a relationship that will build over time, that we feel comfortable that $100,000 relationships will continue to grow each and every quarter. The other part of it is that as our go-to-market motions have expanded, we have larger partners. Our product portfolio has evolved, like the larger database deals, plus our relationships with global system integrators. They tend to participate in the higher end of the digital transformation picture. And so we are participating in those deals as well. That is not something that we historically did. And I expect that to be a greater contributor to us as we evolve as well. Yeah. Let me just wrap up there in terms of, to what extent were partners playing a role in your 2023 performance? And then where do you hope to get partners in terms of partner-sourced growth and opportunities going forward? And who are you looking to drive deeper relationships with? Absolutely. Partners, I would say, started contributing to us in 2023, but more from a fulfillment standpoint rather than necessarily a demand generation standpoint, which has happened. But I still think there's a lot of room for improvement there. We are just finishing our APJ Partner Summit today as we speak. Oh, awesome. We just finished our EMEA Summit. There's a lot of focus in the business around partnerships. Depending on whether you're in EMEA, APAC, or America, the partner types tend to be a little different. Traditional resellers are a big part of who we are and what we're doing, because they have the reach. We don't need to add a lot of feet on the street. Global system integrators, and I would say early stages of cloud and MSPs. Right. Well, why don't we leave it there? Thank you for the conversation. Thank you for attending the Morgan Stanley TMT conference and giving us an update on the SolarWinds story. We really appreciate it. Awesome. Thank you. Thank you, Sudhakar. Thank you, Barton.