Q1 2021 Coupa Software Inc Earnings Call
[music].
Good day, ladies and gentlemen, and welcome to the group itself, where first quarter fiscal year 2021 earnings release Conference call.
At this time all participants are in listen only mode at the conclusion of our prepared remarks, we will conduct a question and answer session. If you like to ask a question you Mike May Press Star one on your tons shown pad at any time.
If anyone should require assistance during the conference. Please press the star zero on your Touchtone pad at any time.
As a reminder, this call is being recorded.
I would now like to introduce your host for today's conference call Mr., Stephen Horwitz VP of Investor Relations Mr. Hurts you may begin your conference.
Thank you good afternoon, and welcome to Cooper Software's first quarter conference call joining.
Joining me today, or Rob Bernstein, Cuba, CEO, and Todd Board Cupet CFO.
Remarks today include forward looking statements about guidance and future results of operations strategies market size products competitive position and potential growth opportunities. Our actual results may be materially different.
Forward looking statements involve risks and uncertainties and assumptions that are described in our most recently filed 10-Q.
Forward looking statements are based on our beliefs and assumptions today, and we disclaim any obligation to update any forward looking statements. If this call later after today. The information presented may not contain current or accurate information. We also present, both GAAP and non-GAAP financial measures reconciliation of certain of these measures isn't.
Alluded in today's earnings release, which you can find on our Investor Relations website. A replay of this call will also be available unless otherwise stated growth comparisons are against the same period of the prior year with that I will now turn the call over to Rob.
Thank you Steven Hello, everyone and thank you for joining us.
Let me start my remarks by vehemently acknowledging the racial intolerance and so involves taking place across America.
My colleagues and I stand committed to support.
All that seek to eradicate racism hatred and injustice wherever they may rear its ugly head.
We have knowledge that we got to start making changes as a society and as a people and we are committed to the cost.
Let me separate and key topic, let me also say that our thoughts and prayers go out to all those affected by the global client of ours pandemic. We thank all the Braves individuals putting themselves in harm's way to help others.
Now I do expect when the pandemic broke the safety of our colleagues have to come first and that continues to be the case.
They're highly distributed global company before the shelter in place orders will put into effect made for a relatively smooth transitions to the work from home model for our tech savvy organization.
Our video conferencing usage has nearly doubled to more than three hours a day on average per colleagues as we stay connected and continue pushing the value creation that our community has come to expect from Cooper.
We remain connected focused and in positive spirits as we continue to do what we do best.
The face of these difficult times, where leading with curves and conviction key elements of the culture upon which we've been building Cooper for over a decade.
Additionally, our core values of ensuring customer success, focusing on results and striving for excellence have continued to God.
Our values are the binding mechanism behind our ability to navigate this crisis together as colleagues.
While maximizing the value as a service we deliver for our community.
Regardless of whether conditions by team and I continue to play on the field every single day.
From a business perspective, our strong balance sheet and disciplined financial model allows to invest in the business with resiliency and long term growth in mind.
In Q1, given the richness of talent in the market, we hired new employees at a pace that was relatively in line with recent quarters.
As we have been for the last 45 quarters, we will continue to be thoughtful and meticulous with respect to hiring and making investments in our business.
Despite the unsettling environment will experience, we have Cooper delivered strong results in Q1, including record revenue of 119 million.
During the quarter, we saw a combination of some deals being put on pause some deals closing with normal cadence and even some deals being pulled in.
In all cases, we believe it to be our responsibility to help these customers focus both on long term business success, and our near term business resiliency and we're proud to play a role.
To that end, our marketing team quickly focused our messaging around the business resiliency that our comprehensive Cooper platform provides the emphasize visibility control and agility as well as evaluating risk and fortifying strength in the supply chain, our method of communicating with our community where optimized former prospect Park.
Back to for example, we moved our advertising from airports the digital banner ads banners on target to television program from a customer perspective, we fine tuned our approach with greater local an industry focused virtual engagement.
More broadly I also personally called upon the procurement function at all companies to step up and lead in this time of uncertainty and many have.
This is a spend management and the role of procurement is perhaps more important now in this unprecedented time than it has ever been.
An example of one of our customers demonstrating this leadership is Alejandro best our hair.
Head of procurement operations as Alonzo Europe's largest online fashion retailer.
Using Cooper Alejandro was able to reconfigure cylinders approval chains in less than one hour.
To help immediately contain and control costs.
Being able to reconfigure approval chains and less than an hour is a great example of accelerated or the letter a in Cuba.
Strong expenditures was a theme across our customer community and we're proud to play our part we ended Q1 with cumulative spend under management now being approximately 1.8 trillion dollars.
In addition to acting quickly to control spend our customers have looked at Cooper to help mitigate supply risks and build business resiliency.
A tier has relied on Cooper strategic sourcing to source, 100% of their global transportation and catalog needs.
Their head of strategic sourcing optimization highlighted that a single tender could have more than 60 million elements.
Having one powerful AI driven platform allows users to focus on the task at hand, and not the complexity of scenarios.
Customers have also work to accelerate their payment solutions.
A longtime Cooper customer, who recently implemented Cooper pay shared with me personally that they are transitioning to could Cooper pay as quickly as possible to help manage payments with their suppliers because temporary bank solutions are frustrating and our K.
Cooper's new and innovative thinking with pay is driving real ROI by automating and digitizing the payments process and helping control cash outflows.
During the quarter. We also heard from customers, who are appreciative of their new found the ability to work efficiently in a remote environment using Cooper.
Maria Clara Mahesh from Grupo buyers, a leading agro business company in Colombia told us and I quote.
With our accounting and purchasing teams working from home, we were able to complete the month, then close with no delays, but the spend categories that were currently managed to Cooper.
We saw much more chaos in categories that were not.
We're excited to help our existing and new customers drive more and more spend through our platform.
As I mentioned in the past our vast systems integrator network is a key element to our success now with more than 3500 train consultants around the world.
Our partners worked closely with our customer success team during the quarter to ensure the projects were being completed on schedule.
Despite the more difficult working conditions, 90% of our current implementations saw no impact to their schedules whatsoever.
And those that were impacted both projects in the most heavily affected industries. Those projects are now getting back on track as well.
So let's talk about some of these recent go lives highlighting many of the different value propositions that were unlock for our customers.
Speed and simplicity, we demonstrated in field would energy's Cooper go lives.
Fieldwood one of the largest producers of oil and gas in the Gulf of Mexico went live with Cooper, BSM and less than six months.
Precinct interestingly with some of their operations team on rigs in the Gulf of Mexico virtual training and the simplicity of our user centric platform was simply a necessity a great example of the letter you in Cooper.
Super quick ROI was on display with the energy development corporations go on a leading geothermal energy producer in the Philippines BDC rolled out Cooper sourcing following a fast track two week implementation.
After this quick implementation MDC was able to complete its first two sourcing events within five days of being live they are wire realized here within just three short weeks is simply fantastic.
Staged value delivery is also commonly seen Cooper.
For example, ergo one of the major insurance groups across Europe accelerated their launch date by three months to run an urgent sourcing event with more than 100 suppliers.
Then ergo went live with the Cooper BSM platform across source the contract with additional Rollouts plan during 2020.
This demonstrates our new Cooper community new members can realize immediate value, while still implementing a more comprehensive solution in tandem.
As with many of our customers during Q1 as built a spa Thailand's largest energy drink banker showed nimbleness in their implementation process.
They were in the final phase of a go live when Thailand announced its locked down due to the current of ours.
Rather than extending the project timeline the implementation teams instantly turned to virtual work and still hit their March go live targeted.
Another example of agility is molex in manufacture of electronic components and interconnection systems, who went live with Cooper remotely in both China and the use.
With with Cooper Molex quickly standardize processes globally for greater efficiency across procure to pay.
Konica Minolta business systems Asia, a hardware and digital solutions Technology Company went live with Cooper business spend management as well.
Before Cooper manual paper and spreadsheet based purchasing processes have controlling.
Controlling spend difficult.
With Cooper Konica Minolta has complete and total authority over their spend enabling pre approvals to ensure on contract spend compliance.
Speed fast ROI staged value standardization of processes agility spend control and many more key value proposition have always been a hallmark of the Cuba community.
That spirit is not limited to any one of our offerings.
As just one additional example, any C Corporation of America, a provider righty and communication solutions is now live on Cooper contingent workforce.
They now have a single system of record for contract Labor management that is being used by all hiring managers companywide with an integrated end to end process from requisition to release.
The value we offer our growing community is vast and impervious in fact, the current environment further solidifies the urgency of our value proposition and the resiliency. It offers.
Whether done remotely oren person, we continue to get the job done with our growing community.
Let's move on to new customers.
As always I want to welcome some of these new customers have decided to make business spend management, a priority and have now joined our could the community.
To highlight just a few in Q1, we partnered with accent Therapeutics Auto Scout 24, Black Diamond Therapeutics, Carda Central Square technologies clear way energy Clorox.
Total buyout biotherm.
Biotherapeutics, New Horizon, Australia, the Howard Hughes Corporation, the Salvation Army, Tom Tom University of North Carolina, Green Dot Com Workiva and others.
Many of these new customers already well underway with their go live projects.
Now, let's talk about some other updates.
As many of you know our vision has always been to provide the most comprehensive business spend management solutions. The world has ever seen as delineated by the letters seen Cuba.
We've designed the platform to allow our customers to begin getting value in any area, where they want to start.
As a result, we've seen an increase in demand in some of our most currently relevant power applications offering almost immediate value.
These include Cooper advantage risk assess strategic sourcing and source together.
This increase in demand has been both from new customers and the installed base.
A great example of immediate ROI comes with our New Cooper advantage Express offering.
This is the community effect in full display.
With Coop advantage express preset and Prenegotiated discounted prices, which trusted suppliers are available at the very moment of the go lives hard dollar savings are available for all right from the start and customers are taking full advantage.
That same community dynamic comes into play with customers pay pick who are paying close attention to supplier risk mitigation using cooper risk assessed.
Bank of Montreal was already using Cooper risk assess and we start the share appreciation for its value results from Corona buyers risk assessments of their suppliers and third parties through the community have enabled them to easily respond to the increase on pandemic preparedness risk.
With widespread disruptions in manufacturing and supply we knew this strategic sourcing and source together could help not suppliers and buyers through our open platform the letter Ole in Cuba.
Over the past few months, our team has engaged with hundreds of buyers and sellers with approximately 75 customers executing millions of dollars with the borders.
As an example, we worked with a major airline that needed to secure personal protective equipment for their employees and was unable to do so through their traditional supplier network.
By tapping into the Cooper community, they were able to identify and vet alternative sources.
As one outcome more than 1 million masks would deliver to the airline along with hundreds of thousands to two other companies that joined the source together event.
In fact in Q1, we decided to reach beyond our existing customer community given the unprecedented time of need.
Though not a cooper customer Caitlin Delaney a VP at Oak Street health reached out same that she needed help sourcing personal protective equipment.
Not having a robust procurement organization Oak Street relied on to put to recommend suppliers and Caitlin has our ordered and received hundreds of thousands of dollars of supplies for Oxford.
Caitlin said and I quote.
When we needed help Cooper really came through for us They really helped us and our patients and we have recommended Cooper to other healthcare suppliers in our network.
We're always so thankful of these types of truthful endorsements for us it's all about our developing cubic community and how we can all be smarter together.
Our developing community is at the very core of our platform and are continually expanding value proposition. The more insights we have the greater the value of the prescriptions, we can deliver as the noted by the P. in Cuba.
One example of value delivered can be seen at Capcom federal credit Union.
Using prescriptions provided based on community intelligence Capcom identified that they process significantly fewer invoices electronically then their peers in their sub industry and company size.
With Cooper's help cap how identified major suppliers have already on the Cooper supplier portal electronically invoicing other Cooper customers.
Having covered the suppliers to electronic crossing tap count cap comp to now operate more quickly as well as safely.
To continue the dialogue around more electronic forms of commerce, let's move on to Cooper pay.
I'm excited to share that we continue to gain traction globally with accelerate virtual cards and invoice payments and have also recently added BMP parva as a partner.
We now support approximately 100 customers using Cooper pay was about one half of them being new customers and one half coming from our install base.
In fact, we have a number of customers for urgently needed to prepay recently paper checks as still highly prevalent as many of you know.
Super enabled customers our community to rapidly implement digital check program.
This eliminated the need for many of them to go into their offices and handle paper checks.
Let's move onto the Cooper business spend index or be ESI, a leading indicator of economic growth based on analyzing hundreds of billions of dollars, an aggregated and anonymized business spend.
Today, we published the Q2 2020 to be ASI.
Before getting into the results I'd like to once again reiterate that the BSA data is not necessarily indicative of the trends, we're seeing in Cooper's business.
While the Q1 Dxi was already showcasing indications of a slowing economy not surprisingly the Q to be OSI indicates that businesses have grown increasingly concerned about their outlook.
Sector data indicates that spend sentiment across most industry verticals has fallen sharply as a result of the global pandemic with some industries more impacted than others.
For example spend sentiment in the retail sector has dropped significantly below trend as consumers of base stayed home orders and are forced to shop online.
Additionally spend sentiment in the manufacturing sector continues to be significantly below trend likely given the dependence on materials from China as well as production stoppages worldwide.
The one exception has been health and life Sciences as spend sentiment in that sector continues to operate operate above trend.
We will continue to closely monitor these trends and make the data available on spend index dotcom.
Now I started this call off with the discussion of how our core values drive everything we do here Cooper. So as has become our custom I want to take a moment to recognize a few of our colleagues that have made outstanding contributions, which clearly demonstrate these values.
Let me start with keeping Miller was recently recognized buys peers for embodying our number of value of ensuring customer success.
His ability to pragmatically assess any situation and to have a meaningful conversation with the customer about value is simply amazing instills a spirit of partnership interest leading by example to those around.
Next I'd like to call out Aryan lindblom.
It was recognized for folks in our results.
Early on as a strategic thinker, but as always rolling upper sleeves to get the job done.
Our ability to balance of broader vision with practical hands on work is integral to our success.
Finally, Jr. Robertson epitomizes striving for excellent.
Jr has been with us for nearly 10 years, having taken on a host of key roles at Cooper.
Rarely do come across someone who's so professional so committed and so steadfast in their conviction.
Congratulations and thank you Keaton Aryan and Jr.
So in conclusion.
Rainer Shine with courage and conviction and grounded in our values. We continue to support our colleagues deliver for our customers and create a features that generates incredible value for all our stakeholders with that let me now handed over to our Chief Financial Officer, Tom Ford.
Who will review, our Q1 financial results and provide our.
Second quarter and updated fiscal 21 2021 Todd.
Thanks, Rob and good afternoon, everyone.
These are certainly unprecedented times as I discussed our Q1 results and guidance for Q2 in fiscal 21.
I want to give you additional context regarding the key drivers of our business and our approach to managing through the cobot 19 pandemic.
At the highest level our strategy remains exactly the same we manage our business to 130% plus annual revenue growth to disciplined sales and marketing investment and three demonstrating leverage in our model as it relates to operating and cash flow margins as we continue to grow.
As ever we remain focused on resilience and long term market leadership.
Now, let's dig into the details.
Total revenue for Q1 grew 47% year over year to $119 million subscription revenue for Q1 was $106 million up 45% compared to Q1 of last year, comprising 89% of total revenue.
Professional services and other revenue was $13 million, which includes the benefit of a few strategic direct services engagements.
Let me highlight a few items that are reflected in Q1 subscription revenue.
One from a linearly perspective, new bookings were backend loaded with April being stronger than March.
To renewals were strong consistent with prior quarters and three there were two fewer days in Q1 versus Q4, resulting in less steady state subscription revenue being recognized this quarter compared to Q4.
In Q1, we also delivered strong professional services and other revenue demonstrating our ability to remotely implement and take new customers live as Rob mentioned in his remarks.
Calculated billings for Q1 for $102 million.
Up from $75 million in Q1 of last year, representing a 36% year over year increase.
For the trailing 12 months calculated billings were $496 million.
From $340 million in the previous trailing 12 month period, representing a 46% increase.
Total deferred revenue at the end of Q1 was $244 million up from $176 million at the end of Q1 last year, a year over year increase of 39%.
Let's now turn to margins and results of operations.
Driven by our strong revenue performance in scale in our financial model, our first quarter non-GAAP gross margin was 73.6%.
For operating expenses consistent with our long term strategy and disciplined approach, we continue to assertively higher across the business with a particular focus on sales and engineering.
Although we continue to make these strategic investments in Q1, we were again able to show scale and leverage.
In our operating margin and free cash flow results.
We delivered non-GAAP operating income of $14.9 million as well as non-GAAP net income of $14.5 million or 20 cents per share on 71.7 million diluted shares.
Similarly cash flow results were strong for the quarter.
GAAP operating cash flows for Q1 were $15.4 million and adjusted free cash flows were $22.4 million or 19% of total revenues.
As a reminder, we defined adjusted free cash flows as operating cash flows less purchases of property and equipment plus repayment of convertible senior notes attributable to debt discount.
Q1 was our third straight quarter with more than $20 million of adjusted free cash flows.
On a trailing 12 month basis, GAAP operating cash flows were $64.8 million or 15% or total revenue and adjusted free cash flows.
Were $62.5 million also 15% of total revenue.
Cash at quarter end was $706 million down from $767 million last quarter.
The decrease was driven by $92 million paid to settle the principle of early redemptions received for our 2023 convertible notes.
Now, let's turn to guidance.
Before we delve into specific numbers, let me provide some high level commentary.
Our business remains as agile was ever regardless of what the broader circumstances in the market. Maybe we will continue to execute our strategy and position Cooper to win the BSM market and drive long term stakeholder value for quarters in years to come.
With respect to guidance in particular, our current operating thesis is that the macro economic environment will remain challenging for at least Q2 in Q3 with things beginning to open up more broadly in Q4.
We entered Q2 with a stronger pipeline than the same time last year, both on a gross basis and of terms of what we would consider to be later stage qualified pipeline.
Not surprisingly many of our customers and prospects are now operating with significant headwinds, especially those in industries highly affected by the pandemic, making it difficult to predict the timing of when deals will close.
The second quarter and full year 2021 guidance, we are providing today incorporates our current assumptions.
With respect to the macroeconomic environment based on information available to us at this time around new business renewal timing of collections and various other inputs variations from these assumptions may cause our results to differ.
With this as the backdrop, we expect total Q2 revenue of $118 million to $119 million. This includes subscription revenue of $107 million to $108 million and professional services revenue of approximately $11 million.
We expect Q2, non-GAAP gross margin of 70% to 71% and non-GAAP income from operations of $5 million to $6.8 million. The result is a non-GAAP net income per share of six to eight cents on approximately 73.5 million weighted average.
Diluted shares for the quarter.
On the Opex side. Please note that our sales and marketing expenses will not see the spike in Q2 typically associated with our annual inspire event.
Instead, we will bring our BSM community of customers prospects partners and employs together through a series.
Of highly curated virtual and physical experiences over the course of the second half of this year.
Furthermore, after generating in excess of $20 million of adjusted free cash flows in each of the past three quarters. We expect Q2 adjusted free cash flows to be approximately breakeven similar to the seasonality we saw last year.
When updating your models. Please remember that separate from the impact of covert 19, we have two events from Q2 of last year that impacted year over year compare for Q2 billings this year.
One as noted last quarter some of the new customer billings, which were build in Q2 of last year were built Q1 of this year for the terms of the contract and to the exact acquisition that we completed in Q2 of last year, we estimate that the impact to Q2 billings from these two events.
Is approximately $15 million.
For the fiscal year, ending January 30, Onest 2021, we expect total revenues of $489 million to $491 million. This includes subscription revenue of $442 million to $444 million and professional services and other revenue of approximately 47.
<unk> million.
We expect non-GAAP gross margin for the year of approximately 71%.
We also expect non-GAAP operating income from the year of approximately $28 million to $30 million with non-GAAP earnings per share of approximately 36 to 38 cents based upon an estimated 73 million weighted average diluted shares for the year.
Although as we noted last quarter, our customer collections at the end of fiscal 20.
Significantly exceeded our expectations.
Creating a difficult year over year compare for us. This year, we still expect adjusted free cash flows to be up year over year on an absolute dollar basis.
To conclude we're clearly living in uncertain times as we focus on supporting our employees and ensuring that all members of the Cooper community emerged from this pandemic stronger we will continue to leverage our disciplined financial approach the strength of our balance sheet and a focus on business resilience to position ourselves.
Sales to emerge stronger when the current crisis subsides and continue to extend our market leadership position.
Now we would be happy to take your questions operator.
Thank you Mr. for ladies and gentlemen, if you have a question. Please press star one on your Touchtone telephone.
And your first question comes from the line of Stan Zlotsky with Morgan Stanley.
Perfect. Thank you so much guys.
Congratulations on a very nice quarter, given the challenging backdrop.
So from my end you noted that there were some deals that were they got pulled into the quarter in some of the maybe that pushed out.
Are there some commonalities between the kind of deals that you see the pulled in and some that are maybe getting pushed out in the ones that are getting pushed out is it fair to characterize them as maybe closing towards the end. The Q4 part of the year or would you expect them to start closing earlier as you start to maybe see a little bit normalization.
Q2 in Q3 and that of a quick follow up.
Sure, Thanks, and I wouldn't say, there's anything statistically significant to note those that were slightly more pulled in those the were just slightly pulled out I think it's very into context specific individual person specific situation specific but when we think.
The pipeline Salta continues to be very very robust to continues to build and we continue to see me yields moving through all stages of our pipeline and of course as you would expect our job would be to get these customers onto our platform as soon as humanly possible on in the value that is delivering for our existing community.
And some of the newer customers of able to go lives into this very difficult first quarter is real measurable positive referenceable and undeniable. So our goal is to get these customers onto our platform as soon as Paul.
Got it and then on on the Cooper pay firstly on thank you for giving us yet.
Ballpark for the under customers are now on Cuba pay.
When you look across these customers, which products are you seeing the most traction with.
Within the group of pay portfolio and.
How are you thinking about.
From see these hundred customers now come up on the further refinements to the coupe of pay modernization.
Thank you.
Yes, sure and I appreciate that what's interesting about pay is that we're seeing it gets absorbed absorbed by our customer community a little bit I would say in tandem with the releases of those three offerings that we took GA. So accelerate without question is a critical component that allows folks to real.
We sort of cash flow from both the buy side and sell side virtual credit card accounts continues to be a strong player but were seeing very real traction now with invoice payments, which has just a whole host of components that streamline the business process get you add paper get shot.
Of our team incumbent solutions that is very very and flexible. So we're seeing nice adoption across the board and we're seeing it interestingly with new customers almost equally as much as we're seeing with our existing customer base of adopting it so really really promising.
Thank you.
Your next question comes line of Brian Peterson with Raymond James.
Thanks, gentlemen, appreciate you taking the questions. So Rob first one for you.
Just curious on the value was as a service narrative.
You're talking to customers, particularly over the last few months has that changed at all because obviously the ROI proposition has always been there with the idea of analytics or changing business processes. I'm. Just curious what does your customer conversations been like in terms of of the value as a service.
Well thanks for that question when the customer conversations have been just really humbling and rewarding on behalf of all my colleagues here right. I mean, we've had companies tell us that they simply wouldn't have been able to get to spend control they needed to dynamically adjust approvals.
You know in a moment's notice. They it's just simply would not have had that agility others have commented on the visibility that the platform often him I'll just commented on the ability easily hot swappable, one supplier to another that they identified risk with.
Many complemented on the pace of their deployments and we took so many customers live in Q1 and they were amazed.
That our ability to do that.
Virtually in concert with our systems integrator.
Partners.
Many commented on the openness of the platform.
Which I was actually a little bit surprised about but there were commenting on how.
They didn't have to concern themselves with certain integration points breaking as they have with older incumbents solution. So a lot of really really strong craze.
From the from the customer community and because of that them because obviously the referenceability of lot. It bodes well for the continued growth of our of our community from our prosper perspective along.
Thanks, Robin maybe just one more I know historically the focus has been much more on acquiring new logos, just where you are in the adoption curve in the opportunity, but any update on scaling back in the installed base. It sounds like that was a pretty strong quarter in that regard.
Yeah I. Appreciate the question you know, we actually have not changed our approach in any way we continue to be falling very much the same hunter mindset, but what was interesting during the quarters. We had our an increase in inbound demand for some of those applications that offer the fastest return.
Given the concentration so things like the ability to quickly assess supply risk through our risk assess the application the ability to dynamically run a sourcing event, whether it be to source together or on their own.
The ability to.
It's very very quickly get their arms around the contingent workforce is that they are using an onboard folks on a 10 basis rather than full time. So it was very very interesting way too.
Add recurring revenue for us with a much lower cost of customer acquisition relatively but at the same time drive greater greater value as a surface to our customers, which is obviously what we're all about.
Good here thanks.
And ladies and gentlemen, please.
Please refer to limit yourself to one question. Your next question comes the line of city pedigree with Mizuho.
Thanks for taking my question.
Very impressive to see hundred customer a could you talk about the track.
In March two modules menu that invoice Pittman modules and also remind us of pricing model of the CE Mark two different.
Okay and also you talked about 20% of upside in average deal size docking scoop okay.
So do you see the similar trend this quarter.
Well there are a number of questions there I'm not sure I'm going to remember mall and the right order, but let me let me let me address that I think the spirit and theme of it which is really around to pay our approach to that market on the pricing component there.
Just to give you a sense for Cooper in our history, we always want to be on the same side of the table with our customers, we see our customers as our partners. So we never want to be in a situation, where we are in some way. This incenting them from using our platform. So our pricing models. The combination of a subscription that so often based on kind of.
And we don't anticipate as well as some kind of per transaction fee and the balance between those two is somewhat.
Drawn somewhat concluded based on our interactions with the customer and their willingness to Tim race in our greater.
Right upfront fee versus a transactional fee. So that's our general approach to it.
As I shared in the early response.
Two question asked about pay all three of the modules are gaining traction in the order that we've released on an invoice payments in particular, taking on a very very significant business value proposition is really starting to.
Get some some meaningful traction and as we've done with every one of our modules we into rate three times a year in our releases. So we continue to learn from the where customers are using these products and then make them more and more robust with every release as one of the reasons, we continue to invest in R&D and continue to invest in our distribution.
And then with respect to total pricing they the highest level or AMR per average deal continued to go up meaningfully quarter on quarter, which really shows the value of the platform and there with respect to Cooper pay in particular, yes. The the average deal sizes with Cooper pay were.
Greater than 20% than those without.
Thank you.
Andrew next question comes the line of Raimo Lenschow with Barclays.
Hey, Congratulations from me as well.
Question for you guys.
If you look out for like obviously, everyone thinks the world is getting better, but if you think about you're running the business. We see from the bias I index that things are.
So kind of tough I'll, Gary if you look like what other metrics that you guys are looking at to kind of kind of stay in tune with declined and stay in tune with declined spending can you talk a little bit of two cents. Please thank you.
Well, that's so thats a phenomenal question, but now one I could give justice joint with a quick answer we'll look at just about every possible operational metric that we can get arms around the company and we combine that with our own executive judgment and sense for.
Leading indicators that around that so everything from.
Pipeline development too.
Movement through through the pipe to speed of adoption and go lives by customers to the value generated from the offerings with our installed base.
And everything you could possibly imagine so.
Rest assured that we're not at short of of metrics here, it's having those metrics every quarter going to them in great detail and then applying our greatest sense and judgment that gives us the ability to make those quarterly decisions around headcount expansion investment global reach in all the things that we do at this company.
Okay. Thank you for them.
And your next question comes the line of Koji Quito with Oppenheimer.
Thanks for taking my questions and great quarter I just had another question here on today with the.
Thank you for the disclosure on the 100 customers there and wanted to dig in a little bit more on those half those customers those take customers.
That were new to the company I would assume is the right way to think about it that does that imply that dual deployment of the core core procurement platform and pay at the same time and how does the current environment change the conversation of dual dual deployment and then I guess just thinking about those 100 pay customers overall how penetrate.
It is paid within those organization.
Well pay is one of our transactional areas right so procurement.
Expenses invoicing and pay and what were amazed to see is how much of pay is being done in very arcane ways today everything from the paper checks that I described to biweekly batch payment runs with an ability to change parameters.
Using a whole host of different rails that aren't exactly optimized for the payments process. So in many cases will go into a new customer interaction where pay will actually be the driver for the broader to the business spend management opportunity and in many cases is just one of the components. So again, we want to be able to drive as much value.
As quickly as possible to every one of our customers and we're flexible enough to begin with any of the transactional components as well as any of the power applications to do so.
Got it. Thank you one quick one quick follow up for Todd I might have missed it but could you talk about the dollar base branch rate in the quarter. Thank you for taking my question.
So I am dollar based expansion rate historically the range has been 110 to 112, we did note last quarter that it was well above that range and.
It was like it was above that range again, this quarter and thats without including Cooper pay.
I'm still not ready to put out a new range just given the volatility of the market in things that are happening, but in general yes. We are seeing the dollar base expansion rate go up and you know with existing customers if things such as.
Strategic sourcing and the risk where products are very important today's environment. So we've seen more customers dig in and with those products, but in general the dollar based expansion rate continues to trend strongly.
Thanks, Tom Thanks for taking my questions appreciate it.
Your next question comes on line of Steve Koenig with Wedbush Securities.
Hi, gentlemen, thanks for taking my question.
I appreciate the fact that you guys.
Guide prudently.
And.
Great quarter near your lifting your guidance, but I'm wondering.
If you think about what your view was three months ago versus now that the pandemic is raging and whats changed.
Can you give us any color with respect to the impact on revenue.
Whether its expansion renewals or new logos like which of those have been most impacted and similarly on billing any changes to billings terms here customers not paying a ability to collect thanks very much.
Well, let Todd talk about some of the financial measures, but let me just tell you semantically, it's absolutely amazing to see companies and many of the conversations on having really understand the priority of what we do in a way that we havent seen in the past.
We always knew that driving value as a service the driving operational efficiencies that focus on prudent spending a focus on mitigating supplier risk all of that was very very important but much of that is really emerging right in front of them as a much broader party just procurement or even cfos.
It's at the CEO level and so we're really excited to be partnering with some of these forward thinking organizations and not only want to address the current situation, but really want to set themselves up. The next three years five years 10 years. So they can help their company emerge as one that has not only highly operationally efficient thrifty and thoughtful.
Well, one that set up for long term growth and much of that begins to play out in our business, which obviously talked to speak to from a financial metrics.
Yeah. So there's a lot of moving parts here to your question there.
With respect to revenue the single biggest impact to revenue for US has been Cooper travel saver I.E.. The Yapta acquisition and if you remember back to Q1, we expected $1 million to $2 million of revenue from that business and if you look at how we're thinking about that the rest of the year where based.
Basically assuming virtually no revenue contribution.
From that product line and to the extent that that travel and leisure market picks up for corporate businesses that would be that would be upside to our revenue and if you look at the annual revenue guide. It was obviously a bit lower than our beat for Q1, and that's really the the primary driver for that with risk.
Back to billings and payment terms really havent seen any difference there yet and we have had a few customers and impacted industries ask us for extended payment terms only a handful of those have actually gotten to my level.
So in certain circumstances as good corporate citizens for companies you all know and we've extended payment terms 60 days 90 days and maybe one case that was larger than not but so far so good and we'll continue to monitor that is as time plays out and then from a collections perspective.
Yes.
Obviously Q1 was very strong for us and it really speaks to the value of our platform as well where mission critical of people need it they see the value and so they're willing to pay so there have been a couple of exceptions, but.
Actually that was much better than than we originally thought it would be.
Cool thanks, guys.
Your next question comes on line of Daniel Jester with Citi.
Great. Thank you for taking my question I, just wondering given all the dramatic falloff that you had in your prepared remarks about risk mitigation and companies very focused on their supply chain I'm wondering as you talk to the new and existing customers. How focused are they on direct procurement versus the indirect procurement.
And how much of an opportunity is it for you to get even further into direct procurement. Thanks.
Well, it's a great question I mean, those conversations adds during the quarter both were absolutely raise theres a real focus on controlling all elements of their spend direct and indirect and of course, we supported them on the direct side a whole host to use cases from complex invoice management electronically to some of those complex sourcing events.
Imaginable to supply our risk management to inventory management of direct so absolutely that that as an opportunity continue to expand upon with existing customer base and frankly in our platform for the growing customer base, we're going to be taking on in that in the months quarters and in years to come.
Great. Thank you.
Your next question comes on line of Pat Walravens with JMP Securities.
Oh, great. Thank you, let me add my congratulations.
Hey, Todd if I look.
The midpoint of your guide works out for Q2 worked up about 25% growth in my model and then.
Do you think before it goes from 1918, when I guess, you could cut that different ways.
But if I look at that is that it is the difference between sort of those guided growth rate.
And that 30%.
Good way to think about the impact of what the economies like right now or should we think about football.
It's always been a bottoms up approach with us with respect to you know to guidance and the if you look at the underlying drivers right. If you look at.
Professional services revenue Thats been solid we have a big.
Pipeline of professional services, we certainly ability to bring customers.
Live remotely renewal rates tend to be strong the new business is obviously, a key driver and if you look at our sales pipeline from a gross and later stage is higher than ever but there is the you know there is the impact of co bid and from when you look out the rest of the year, although we have a lot.
Positive underlying indicators, it's really hard to project, what that's going to to look like in the back half of the year. If you look at the the revenue guidance.
For whether it's a quarter on annual basis, the vast majority well above 95% of that is already contracted even if you assume a conservative renewal rates a dollar base expansion rate of 100%. So as we get more clarity throughout the you know the rest of the year as we've done in the past there will continue to.
To update guidance accordingly, but in the near term. It's we're we're trying to basically project what we see.
That's great. Thank you and then on on the billing you gave the color about the.
This sort of $15 million headwinds.
I mean, if we taking that out would would billings growth be about the same as the revenue growth you guided to I'm, just trying to figure out where we put that.
Yeah. So Q2 for the reasons, we just discussed is by far the most difficult quarter from a calculated billings perspective, once again professional services strong renewal rates strong we've even what's our renewals going out 18 months and I really don't see any risk the unknown obviously is bankruptcies.
Right. So while we don't see any bankruptcy risk in today's environment, you know I wouldn't be surprised if something happens and once again I don't see anything we've looked at all of our customers and then when you kind of rolled out altogether from a calculated billings perspective.
No I believe the the trailing 12 month calculated billings will be greater than 33% exiting Q2.
But the order of magnitude of how much higher will be given the current macroeconomic environment is very difficult to ascertain.
And then also and we have in the year over impact from exemplary as well because we acquired is our in Q2 plaster.
Yeah.
Okay, great. Thank you.
Your next question comes from the line of Joseph Vafi with Canaccord.
Hey, guys are good afternoon. Thanks for taking my caused gone on pay once again I was wondering if you could.
Provide kind of any update on new payment rails that have been added.
Trends in unit volume.
In customers and you know.
How much take rate base revenue or take rate.
Uh huh.
Yeah really take rate based revenue is.
Being derived from the PV module. Thanks.
Sure. So let me let me just give a little bit of background on the depth of functionality that is managed around invoice payments themselves. Because there were taking on a very significant set of capabilities and rails that traditionally being done either on paper manually or part of it very.
Arcane older systems, so in order to get heavy volume and take rate transactions, you need to be able to accommodate some of those key capabilities at a level that is at least the 80 20 that a customer would expect so you would anticipate deployments to happen first of all sales happen first deployments happened second and.
And transaction volume to accelerate in that order.
All three of those measures all three of those phases of the lifecycle interacting with our customers are taking place and in conversations with those customers in the pre sales process. We're finding the right mix that's good for us as well as fair for the customer themselves the balance of what component of the offering will be capture.
In the subscription.
Value Thats, the right and what component will be captured the end to take rate and we will continue to flex those of modulator those till we get the mix just right.
As we look to scale of as well beyond logic customers just thousands of customers obviously in the in the quarters in years.
Thanks very much.
And your next question comes online in Michael turn with Wells Fargo.
Thanks, Good afternoon.
We've seen other companies and software have a more difficult time, sustaining pacing billings and or free cash flow trajectory here more recently is there any additional commentary you can add around how you are able to deliver upside on both sides. The equation here in this environment Q1, and then on the expectation for free cash flow closer to breakeven in Q2, maybe how much.
To that as related just general seasonal patterns, you've seen versus incremental impacts from the current environment. Thanks.
Yes, I think from a financial model perspective.
One we've always been very disciplined and how we deploy the capital how we look at your revenue billing how we guide we take typically always tried to guide from a perspective of working our way up from the worst case scenario possible and really focused on execution I've I've always said this is an exit.
Houston play and that if we don't deliver the the midterm and long term target targets that we've committed that I would likely get on a call. Like this is that we just simply didn't execute and you know the the pace of execution here and even though it's been in a cobot environment has been stunning.
And Rob mentioned, a number of minutes on zoom and that type of thing, but we're engaged we have productivity metrics on the sell side. So we can see how many emails are being sent how many many meetings are being sent and then just the quality of the pipeline. So I think it's a combination of being financially disciplined the way we execute.
And then with respect to your free cash flows that you were mentioning.
We three straight quarters are greater than 20 million. If you look at the free cash flows generated in Q2 of last year with the low point of the year Q1 is typically the the lowest quarter from a calculated billings perspective, and then that bleeds into Q2 collections et cetera.
So I think it's it's been very disciplined and thoughtful across all of those dimensions.
That's helpful. Thanks, nice start to the year.
And your next question comes the line of Alex.
With RBC capital markets.
Yeah. Thanks, guys for taking my question congrats on a on.
Even with the Bersin and in a and then go away I guess, maybe just two quick ones from me Rob maybe the first one I wanted to kind of go a little deeper on a comment you made in the script about reaching out beyond your current customers, where you were able to actually leverage how your supplier network, even for non customer where you think about the coopervision.
Product direction opposed coded world.
You talked about what you see as initiatives that might accelerate for that you might accelerate or defer to solve some.
Some of these new pain points for customers.
Sure sure. Thank you Sir I. Appreciate the question you know one of the things that sometimes gets lost in the prepared remarks, even in these conversations just the power of this incredible community that we're building just give me. One example of the kinds of things. Our team is working on you know many companies are going to start to re answer we're beginning to re answer and virtually all of them.
Need certain indirect us supplies to make that happen. So we're actually in negotiating product bundles by industry do you have certain using our source together capabilities. So that customers of all sizes with our community can leverage centralized contracts for everything everything they need to reenter you can imagine non healthcare.
Innovations needing you know surgical masks enhanced sanitizing disinfecting wipes gloves.
Can then you five masks a supplemented masks all these things and creating packages for health care organizations that will include things like IR thermometers and isolation gallons and things that nature. So we're taking the power of this community and driving incredible volumes to suppliers are able to deliver for that community.
That's fair pricing Thats delivered rapidly they could be very very agile with their business and for me. That's incredible power that goes well beyond any feature function, we could ever built a in our platform. It's the power of the community the were developing and that's really just one example of a typically iceberg of what a this community is able to do.
And we'll be able to do.
In the future.
Okay, that's super powerful and maybe I don't know Todd thought Todd or Rob.
Not going to ask you.
And your guidance because it appears to be a the that you're fairly fairly good there, but I want to ask you a maybe a more high level question, which is you see these cobot trends are you see these sales cycles, you talked about pipelines being great talked about engagement levels being great may being better than eight for April being better March.
Presumably may be better than April.
At what point I guess what.
Pivoting capacity do you feel like you were operating now from a go to market perspective, and talk about if you start trend lining these normalization rate where do we when do we get back to a normal productive capacity at the rate at the current trend line.
Yeah, there's a lot baked into that a that question Alex sending you touched on what we saw in I would say middle of March the very beginning of April which was a this acute moments where people were almost a caught in the headlights, if you will but ah, but after that a real quick reemergence to power.
Ladies and us being a very key parts of that one of our three pillars for the business is sales and market marketing efficiency and so we look at that every quarter and we want to make sure that were bulk well equipped for the needs of our goals around distribution, but at the same time not overstepping opportunity in a.
Way that that some companies do so we're going to continue manage that very very carefully every quarter and calibrates. We've built in a whole host of different scenario analysis that we've done to make sure that we continue as thread that needle carefully we feel like we're in a really good position now not only for the medium term, but really for the longer term to capitalize on.
Not only winning this business by management, you know multi tens of billion dollar market opportunity, but delivering for customers and the way that they would never want to leave I would only want to add more and more capabilities.
On our platform.
And Alex and from a an engagement perspective, and if you look at the hiring we did in Q1, we brought on quite a few quota carrying sales rep and that's really with an eye toward.
The back half of year and going into next year to make sure that we are ideally positioned to to be resilience an exit this crisis in full on mode and the part where we are I would get a little bit more nervous is if you don't see these these people being able to get up to speed acculturated and start to build pipeline and then the other answer.
We're seeing dynamic is when deals are pushing right. We've got a lot of analytics around that most of them are pushing for weeks and months not several quarters. So we do believe that when the world's comes back to quote unquote quote unquote normal will be very well positioned and you did have as Rob mentioned early on especially in North America.
The during the headlight, Okay, I'm curious I got to get my head around things and you're being a little bit better positioned because planning for Brexit et cetera, and we're seeing that already right Europe is coming back online faster as well and North America is kind of getting through the tree eyes and you see some glimmers of hope right like things are pure.
To be opening up that we all know that that could change on a dime as well. So we're trying to be balanced, but yet really position ourselves for resilience. So that when the market is there we've got the feed on the street, we've got the pipeline and that we kind of it.
Catch up from our last off when when things turn.
Your next question comes from line of Terry Tillman with Suntrust Robinson Humphrey.
Yeah, I really appreciate you often men and congrats from me as well I'll just make it simple on just one question you know what's the global size they got to figure out how to keep your people busy and working so they don't have got job and you know you Gotta look at whats discretionary and what's going to really be a strong ROI seems like you all really set up well bore global I find gate.
So what I would love to hear Rob is just.
Are you getting more of a seat at the table with these global outsized or is there any kind of keep your eyes or anything to talk about maybe how amid all this uncertainty maybe there's greater engagement to just would love any perspective on that thank you.
Oh your perspective is spot on I mean, the level of interest from the systems integrator community, except especially at the top.
Top of firms to wrap services around what we're offering has been really exceptional is a real uptick that we saw in Q1 around that because the prior year of what we're offering is not only are exceptionally high ROI, but requires a mindset shift amongst so much of the core mall.
Okay.
Being paper based and not having controls and visibility to to their spending. So we saw very nice uptick there very encouraging uptick there in the first quarter and.
We'd anticipate that to continue to build upon absolutely.
And your last question comes from line of Peter Levine with Evercore.
Great. Thanks for squeezing me in here.
Maybe just for the customers deferring decisions I mean, obviously, that's the products anywhere at this point, but is that just a matter of business confidence or some sort or you just sort of kind of managing budgets and can you talk a little bit about whether or not that conversation is different if you're discussing procurement travel expense or even pay means or was that just pretty similar.
This is great.
Yes dramatically when that arose in the times that it did it was largely because of this acute phase that I described where you know folks are figuring out how to get online how to navigate the you know the health and safety of their employees how to think through their own for public companies don't own quarterly.
What kind of metrics and things of that nature of it was simply this acute phase, but early signs of emergence from that acute space as well as early data that we saw in April I suggest that our value proposition is very much as a very topical a when that reemergence happens and that's also seen in the growth of our pipe.
Flying at various stages as well as the closures that we saw as soon as that acute phase is sort of subside.
And at this time there no further questions. This concludes the conference for today, we do thank you for joining us and you may now disconnect.
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Mhm.
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Good day, ladies and gentlemen, and welcome to the group itself, where first quarter fiscal year 2021 earnings release Conference call.
This time, all participants are no listen only mode.
Conclusion of our prepared remarks, we will conduct a question and answer session. If you like to ask a question you Mike May Press Star one on your talk show in pad at any time.
If anyone should require assistance during the conference. Please press the star zero on your touched on pad at any time.
As a reminder, this call is being recorded.
I'd now like to introduce your host for today's conference call Mr., Stephen Horwitz VP of Investor Relations Mr. Horse you may begin your conference.
Thank you good afternoon, and welcome to Cooper Softwares first quarter conference call.
Joining me today or Robert seem to be CEO, and Todd Board Kubas CFO.
Our remarks today include forward looking statements about guidance and future results of operations strategies market size products competitive position and potential growth opportunities <unk> actual results may be materially different.
Forward looking statements involve risks and uncertainties and assumptions that are described in our most recently filed 10-Q. These forward looking statements are based on our beliefs and assumptions today and we disclaim any obligation to update any forward looking statements. If this call is quite after today. The information presented may not contain current or accurate.
Information, we also present, both GAAP and non-GAAP financial measures reconciliation of certain of these measures is included in today's earnings release, which you can find on all Investor Relations website.
Replay of this call will also be available unless otherwise stated growth comparisons are against the same period of the prior year, what that I will now turn the call over to Rob.
Thank you Stephen.
Hi, everyone and thank you for Johnny.
Let me start my remarks by vehemently acknowledging the racial intolerance and so while it's taking place across America.
My colleagues, who likes to have committed to support.
Oh that seek to eradicate racism hatred and justice wherever they may rare its ugly head.
Knowledge that we got to start making changes as a society and other people and we are committed to the cost.
On a separate and keep topic, let me also say that our thoughts and prayers go out to all those affected by the global current virus epidemic, we take all the Braves individuals putting themselves in harm's way to help others.
Now I do expect when a pandemic broke the safety of our colleagues have to come first and that continues to be the kids.
They're highly distributed global company before the shelter in place orders will put into effect made for a relatively smooth transitions to the work from home model for our tech savvy organization.
Video conferencing usage has nearly doubled to more than three hours a day on average her colleagues as we stay connected and continue pushing the value creation that our community has come to expect from Cooper.
We remain connected.
Okay and in positive spreads as we continue to do what we do best [noise].
The face of these difficult times, where leading with cards and conviction key elements of the culture upon which we've been building Cooper for over a decade.
Additionally, our core values of ensuring customer success, focusing on results and striving for excellence have continued to God.
Values are the binding mechanism behind our ability to navigate this crisis together colleagues.
While maximizing the value as a service we deliver park amenity.
Regardless of whether conditions my team and I continue to play on the field every single day.
From a business perspective, our strong balance sheet and disciplined financial model allows since that's one of the business with resiliency and long term growth in mind.
[music] one given the richness of talent in the market, we hired new employees at a pace that was relatively in line with recent quarters.
As we have been for the last 45 quarters, we will continue to be thoughtful and meticulous with respect to hiring and making investments in our business.
Despite the unsettling environment will experience, we had Cooper delivered strong results in Q1, including record revenue of 119 million.
During the quarter, we saw a combination of some deals being put on pause some deals closing with normal cadence and even some deals being pulled that.
In all cases, we believe it to be our responsibility to help these customers focus both on long term business success and on near term business resiliency and we're proud to play a role [noise].
To that end, our marketing team quickly focused on messaging around the business resiliency that our comprehensive Cooper platform provides the emphasize visibility control and agility as well as evaluating risk and fortifying strength in the supply chain, our methods of communicating with our community where optimized over prospect Park.
Back to for example, we moved our advertising from airports the digital banner banners on target to television program from a customer perspective, we fine tuned our approach with greater local an industry focus to purchase obligation.
More broadly I also personally called upon the procurement function at all companies to step up and lead in this time of uncertainty and many have.
This is spend management and the role procurement is perhaps more important now in this unprecedented time than it has ever been.
An example of one of our customers demonstrating this leadership is Alejandro Bester I have.
Head of procurement operations, that's Alonzo Europe's largest online fashion retailer.
Isn't good but how how's your was able to reconfigure so a lot of those approval chains in less than one hour.
To help immediately contain and control costs.
Being able to reconfigure approval chains and less than an hour is a great example of accelerated or the letter a into the.
Controlling expenditures, what's the theme across our customer community and we were proud to play a part.
We ended Q1 with cumulative spend under management now being approximately 1.8 trillion dollar.
In addition to acting quickly to control spend our customers have looked at Cooper to help mitigate supply risk and build business resiliency.
APEA has relied on Cooper strategic sourcing to source, 100% of their global transportation and cataloging.
Their head of strategic sourcing optimization highlighted that a single tender could have more than 60 million elements.
Everyone powerful a API driven platform allows users to focus on the task at hand, and not the complexity of scenarios.
Customers have also work to accelerate their payment solution.
And long time Cooper customer, who recently implemented Cooper pay shared with me personally that they are transitioning to could Cooper pay as quickly as possible to help manage payments for their suppliers because temporary banks solutions, a frustrating and archaic.
Cooper's new and innovative thinking with pay is driving real ROI by automating and digitizing the payments process and helping control cash outflows.
During the quarter. We also heard from customers, who are appreciative of their new found the ability to work efficiently in a remote environment using coupons.
Maria Clara Mahesh from Grupo buyers, a leading agro business company in Colombia told us and I quote.
Without counting and Pursing teams working from home, we were able to complete the month, then close with no delays, but the spend categories that were currently managed to Cooper.
We saw much more chaos in categories that were not.
We're excited to help our existing and new customers drive more and more spend through our platform.
As I mentioned on the path our vast systems integrator network is a key element to our success now with more than 3500 train consultants around the world. Our partners worked closely with our customer success team during the quarter to ensure the projects were being completed on schedule.
Despite the more difficult working conditions, 90% of our current implementations saw no impact to their schedules whatsoever.
And those that were impacted what projects in the most heavily affected industries.
Those projects are now getting back on track as well.
So let's talk about some of these recent go lives highlighting many of the different value propositions that were unlocked.
Our customers.
Speed and simplicity was demonstrated in field would energy's Cooper go lives.
Field with one of the largest producers of oil and gas in the Gulf of Mexico went live with Cupet, BSM and less than six month.
Precinct interestingly, what some of their operations team on rigs in the Gulf of Mexico, virtual training and the simplicity of our user centric.