Q1 2022 Yext Inc Earnings Call
Good day and welcome to the Yexed first quarter of fiscal 2022 financial results Conference call.
All participants will be in listen only mode should you need assistance. Please signal of a conference specialist by pressing the Starkey followed by zero.
After today's presentation there'll be an opportunity to ask questions. Please note. This event is being recorded.
I would now like to turn the conference over to Dominic Michelle Senior Vice President of please go ahead.
Thank you Gary and good afternoon, everyone.
Welcome to <unk> fiscal first quarter 2022 conference call with me today of our CEO and founder Howard Lerman, President and Chief revenue Officer, David Netsuke, CFO, Steve kick Brian.
Before we begin I would like to remind everyone that this call may contain forward looking statements, including statements about revenue non-GAAP net income operating margins product road map and timing demand for our products net dollar retention capital expenditures and other non SR.
Oracle statements as further described in our press release. These forward looking statements are subject to certain risks certain risks uncertainties and assumptions Inc.
<unk> those related to <unk> growth the evolution of our industry.
Our product development and success <unk>.
<unk> with answers and.
And general economic and business conditions.
Such as the impact of COVID-19, the COVID-19 impact we undertake no obligation to revise any statements to reflect changes that occur after this call.
Descriptions of these and other risks that could cause actual results to differ materially from these forward looking statements are discussed in our reports filed with the SEC, including our most recent quarter and the annual reports.
And other press release that was issued this afternoon.
During the call we refer to non-GAAP financial measures.
Reconciliations with the most comparable GAAP measures are also available in the press release, which is available at investors day, <unk> Dot com with that I will turn the call over to Howard. Thanks, Dom I am pleased to report, we're kicking off the new fiscal year with a very strong quarter as the world gets back the business revenue of <unk>.
The $2 million exceeded the high end of our guidance by $3 million and non-GAAP EPS exceeded the high end of our guidance by <unk> <unk>.
As we continue to reduce our operating costs, while increasing our business efficiencies and strength of our cash position of non-GAAP sales and marketing expenses decreased by 500 basis points as a percentage of revenue from 59% in Q1 last year to 54%. This year driving continued leverage and net cash flow from ops.
<unk> for Q1 was the positive $35 million <unk> is in a great position to bring AI search to the enterprise as the world begins to reopen and return to normal there is a renewed sense of energy here, Yes, we've opened a number of our offices backup including our new headquarters in New York City, It's been amazing.
<unk> seen teams of zoom and working together in person the excitement is palpable.
<unk> also expanded our answers platform and have an absolutely incredible product roadmap that will allow us to deliver our AI search solutions everywhere across the enterprise as we said at Investor day, we intend to solve for 5 specific search use cases marketing answers support answers developer answers.
E Commerce, the answers and workplace the answers we continue to lead our closing deals with answers.
During the first quarter, we closed 69 answers led deals up from 14, a year ago as we see momentum building with answers search queries growing to more than 25 million <unk> is well along its way to becoming a global leader in search and specifically AI search.
Enterprises are increasingly selecting <unk> for AI search for 3 reasons first we are natural language and knowledge graph based nearly every other search technology is based on legacy index based keyword search and well others serve blue links kind of like Yahoo, or lycos from the nineties.
We understand questions and offer a Google like experience with the answers.
And speaking of Google The second reason customers choose the accidents because of our Federated architecture for each query we run multiple algorithms and Richard multiple sets of results think of a Google search engine results page that may contain featured snippets of maps and knowledge cards and more that's exactly how <unk> works and it presents the user with several potential.
Answers that change depending on context third reason that customers are choosing the access because of our low code easy setup anyone can easily set up of search engine without building their own we continue to make rapid progress in advancing our answers platform and during the quarter, we announced 1 of our most significant platform updates.
The history, our spring update added features like extractive Q&A of website crawler data connectors and developer tools for answers. These features of enabled us to expand into support search with our support answers offering support answers is a game changer in our timing couldn't be better take a look at some third party reports.
<unk> noted that $75 billion is wasted on poor customer service every year by 2022, Gartner estimates, 85% of customer service interactions will start from self serve up from 48% in 2019, but the most exciting data point is the Harvard business review estimates, 81% of all of <unk>.
Customers attempt to take care of matters themselves because they don't want to reach out to a live representative who wants to call 1.800 Amtrak.
Having advanced support search means customers and support agents can swiftly.
Find direct answers to questions and increased called the function. They can reduce support tickets and lower costs, all while driving up customer satisfaction.
He will also give support teams more confidence as the only 36% of service professionals feel fully prepared to handle the surge in service and support cases, and just 39% feel fully prepared to handle increased case complexity.
AI powered support search solves a real pain point for the enterprise and our sales teams have already begun closing deals in fact in Q1, we closed 2 of large support answers deals with all Keith and Samsung.
<unk> added support answers to their existing answers marketing solutions set and now they have an internal and external search solution Samsung It's a new logo and they've included support answers in their first deal with yes. We are really excited about the new opportunities. This solution will unlock now that we've officially rolled it out to the market.
I couldnt be prouder of this company's focus and adaptability over the last year, we vastly expanded yexed opportunity with our advancements in AI search we did all of this while becoming more efficient we have an incredible team an innovative platform and great momentum I've never been more excited about our company and I am confident that.
<unk> will play an important role in helping businesses accelerate their growth through AI search in a post pandemic world with a successful Q1 and with our marketing and support search solutions in the market. We're just that much closer to fulfilling our mission to transform the entire enterprise of AI search.
With our marketing answers in support of answers solution. We've now established our presence in 2 of the 5 AI search categories and you should stay tuned for the rest.
As the launch throughout the summer and the rest of this year and with that I will turn the call over to David Vernon Ski our president and Chief revenue officer to share more details from the first quarter.
Howard I am pleased to share that we're off to a strong start to the year, many regions and channels across milestones experiencing early signs of back to business tailwind of momentum.
We're leading from the front with our answers platform and we're in a really good position of bring AI search to our customers and prospects as the world Reopens as we like to say we're back to bids with new logos. The answers platform adoption of notable upsells, Despite Q1 being the seasonally low quarter we.
<unk> strong performance now will take you through the details of share so highlights.
The total number of yaks direct customers, excluding SMB and third party reseller customers increased 22% year over year to over 2500.
This is a very good indicator of the customers and prospects are starting to map the post pandemic strategies, which include <unk> and the reopening.
Last quarter, we shared a new metric for deals that closed during the quarter with they are over $100000. Our direct exclude the SMB and reseller customers, where they are are over $100000 totaled 570 at the end of Q1 up 19% year over year, reflecting continued success with.
The larger customers.
Our new logo signings included focused brands GNC reef technologies, Samsung Publix and constellation brands.
As Howard mentioned, Samsung and focus brands were among the first new logos to include support answers.
Both of these deals were more than 5 times larger than the average new logo marketing answers deal.
Also of note, we signed our largest mid market new logo deal ever in the history of the company.
Enterprise support is a big ticket item and I would expect that our entry into support answers will lead to a larger deal sizes and upsells.
Howard also mentioned as an early example support answers drove significant upsells from all of <unk> and Aster in terms of Upsells, although not back to pre pandemic levels, we see customers leveraging the entirety of our platform to drive the key initiatives.
For example in Q3, we talked about of top 3 financial services institution, signing a multiyear multimillion dollar deal this past quarter. They signed yet another multimillion multiyear deal for <unk> 10 pages of other.
Other notable upsells during the quarter included Toronto Dominion Bank U K based boots pharmacy International just sticks and delivery company D. H L.
<unk>, Scott <unk> White health and Vodafone.
Notable renewals include the 1 of the largest hotel chains choice hotels International.
As well as krogers, Salvatore Ferragamo Qdoba restaurant Corporation, Jiffy lube, the United States Postal service KFC and Verizon Verizon also had a substantial upsell.
We're especially proud of supporting our customers and industries hit hard by the pandemic. The ex work together with them during the depths of the Lockdowns and now standby to support them as they get ready to fully open their doors again.
We continue to see momentum with the answers platform.
69 answers led deals closed in the first quarter up from 14 deals last first quarter when answers first became generally available.
This included 1 of our first answers deals in Japan with Casio or answers was the only recently released in the second half of last year.
Cassia always using the axe to deliver answers the questions accurately in 5 languages, reducing support costs.
Following a challenging 2020 the team is starting 2021 with the renewed enthusiasm and confidence as I mentioned in my opening comments, we're in a really good position as the world reopens with that I'll turn the call over to Steve.
Hey, Dave. Thank you as Howard mentioned, we had a strong quarter with revenue above our guided range strong cash flow and continued operating efficiencies. The let's keep in mind Q1 is our seasonally low quarter and there still are macroeconomic headwinds with continued geographic lockdowns through now.
Our first quarter revenue grew 8% year over year to $92 million unearned revenue increased 22% year over year to $187 million and we feel we have seen the trough given the pandemic over the last year and are anticipating the increased growth going forward.
Annual recurring revenue at the end of Q1 was $370 million, that's up 14% year over year from the year ago quarter.
Our total trailing 12 month net dollar retention, which excludes our SMB customers was 99% and our trailing 12 month net dollar retention for direct business, which excludes Smbs and third party resellers was 101%.
Keep in mind, our net dollar retention in Q1 reflects muted up sells over the last year, which is something we've spoken about on prior calls and at our Investor day.
And also note that our net retention as the trailing 12 months number and includes the onset of the pandemic monthly net retention seem to have bottomed out in February and we will be looking for signs of improvement going forward.
Turning to non-GAAP results, which are reconciled to our GAAP in our press release.
Q1 gross margin was 77, 8% this quarter that compares to 76, 6% a year ago quarter, improving 120 basis points the.
The increase in gross margin was primarily driven by leverage from lower publisher fees that was partially offset by higher employee and data center costs.
Q1, operating expenses were $74.2 million or <unk> 81 per cent of revenue and that's down from the $77.2 million or 90% of revenue in the year ago quarter. We continued to execute on cost management and efficiencies this quarter and drove year over year margin leverage in Opex line items.
Sales and marketing expenses decreased 500 basis points as a percentage of revenue from 59% in Q1 last year to 54% in Q1 fiscal year 'twenty, 2 and G&A expenses decreased as a percentage of revenues from 19% in Q1 last year to 16% in Q1 this year.
Compared to the year ago quarter. The primary drivers of our operating expense decreases continued to be leverage on our employee cost reduced spend on travel events.
As we've said previously these are sustainable changes that will drive our operating margins higher over time. These efforts include reduced selling cycles productivity enhancements through system and process improvements and we're encouraged by the stabilization of business and improving demand environment and we will continue to invest in.
The innovation and revenue growth opportunities are.
Our Q1 net loss was $3 million compared to $11.9 million loss a year ago.
And our Q1 net loss per share of <unk> compares to a 10 said lots of new year ago quarter.
Cash and cash equivalents were $272 million at the end of the first quarter that compared to $230 million at the end of fiscal year 'twenty 1.
We continue to have a strong balance sheet and we are well positioned to invest in our growth that we expect going forward net.
Net cash flow from operations for Q1 was a positive $35 million, that's compared to a negative $1 million in the year ago quarter, and Capex was $7.5 million that compares to $21.3 million in the year ago quarter and keep in mind $6 million of that is for 61 ninth.
Fiscal year 'twenty, 2 we expect total capex to be about $15 million as a percentage of revenue, we expect capex to return to more normalized run rates closer to our historical levels.
Now turning to our outlook, we expect Q2 revenue to be between $94 million of $96 million.
We expect non-GAAP net loss per share to be between 7 and 9 since loss.
Having a weighted average basic share count of approximately of 127 million shares in Q2.
For the full year fiscal year 'twenty, 2 we expect now revenues of 381 million to $386 million and our non-GAAP loss per share remain range remains as we guided last quarter and is expected to be between 17 and 22 cent loss. This assumes a basic weighted average share count of approximately.
<unk> of $128.2 million shares.
As the economy begins to reopen we stand the benefit from both the return of our core listings growth as part of our marketing answer solution, but I'm, even more excited for the future and our other solutions like support answers.
We are optimistic about our roadmap and our new answers solutions coming to the market we.
We believe we're well positioned for future growth and plan to reinvest our Q1, the upside back into the business as we increase our brand and market awareness and build on our strong start the fiscal year 'twenty 2.
With that operator, let's open the call to questions.
We will now begin the question and answer session to ask a question you May Press Star then 1 on your telephone keypad. If you are using a speakerphone. Please pick up your handset before pressing the keys to withdraw your question. Please press Star then 2 at this time, we will pause momentarily to assemble our roster.
Okay.
Okay.
Our first question is from Ryan Macdonald with Needham. Please go ahead.
Yeah. Good afternoon, Howard of Steve Congrats on a nice start to the new year.
As it relates to the support answers and some of the early momentum Youre seeing you talked about the ability to up sell of the existing customer base and some pretty impressive numbers in terms of larger deal sizes can you talk about how we should think about the potential uplift the as support answers matures within the marketplace.
Uh huh.
Thank you Ryan we did have a strong quarter and support of answers, we launched sort of in beta throughout the quarter and then in the last couple of weeks, we've begun to roll it out into the market.
There are 5 categories of search we have marketing support e-commerce develop her and workplace and presently we participate in marketing answers in a big way with our listings product underneath that and support answers. We just kind of got going here and 1 of the neatest things about support of answers is first off every company.
<unk> needs to be able to offer.
Digital customer support.
Of the stats, we shared the demand for the.
Support is exploding I was talking to the CEO of 1 of the biggest support clouds on the planet a.
A couple of months ago, or actually last month and he told me that just the number of tickets has exploded in anything of company can do to deflect the number of tickets coming in is very important and there is various tactics you can do that do that but search or being able to answer a question at that moment, where the consumer is looking for something is a huge way.
To deflect calls.
Deflect tickets and so theres a few different sub solutions within our support answer solutions, but the first thing is the search on the health site to be able to say, hey, I'm looking for how to log in well I can easily get an answer to how the log in that's the basic question. What's my password how do I reset. It. These are basic things that people are asking all the time.
A second place and this is kind of cool is the case called the function that is when the user is filling out of support ticket. We're scanning the text the typing in and we are automatically suggesting answers that may be relevant to them on the right. So that as they do that is the user's filling this out they might decide not to.
On the ticket because they can see the answer right in front of them. So every company needs to offer support and every company. We believe ought to be offering support answers. We're really excited about this application and just 1 more point the technology that made it possible for us to be able to do this is our extractive Q&A, which we launched.
In the.
In the quarter and extractive Q&A essentially is our is the new algorithm.
What it does is we can take unstructured text and delivered answer from unstructured tax and he was the example, if you go to help dot <unk> Dot Com you can see our our own support site. They are using our own support answers and you can type in a query like how often does the X suppressed duplicate.
And Youll see us pull up once a month, it's kind of like of featured snippet in Google So that data once a month is not sitting in <unk> in the knowledge graph and the structured way.
Sucking that out of the answer sucking that out of the support article which is in the knowledge graph.
And showing the user where we think the answer is in answering the question, even though the data was not structured in the first place. This is a huge breakthrough because most of the answers in support of our living in the knowledge base, which are the long articles that debt companies published to their help sites and we think that.
With the <unk>, you can 1 click and Bam be able to add a support of answers box to the top calls increased customer satisfaction gives users the answer of that they want.
Hey, Rob and Brian. This is Steve I think as Dave said, the the contract sizes look exciting because they seem to be a little bit bigger than what we experienced in the past, which is great. Because we do have now of broader solution to sell the second point I'll. Just point out is this is a SaaS model. So we're excited about the products and certainly we've got some really named.
Brand customers like Samsung coming onboard, but just keep in mind. It is going to take some time to manifest into revenue.
Over the next year in support of the answers just came out. So we're excited about it it's kind of sustain the longer term growth trajectory in the near term, though it's still going to we've got a lot of work to do to make sure of this product's successful going forward with our customers.
Super helpful. Thanks, as a follow up you talked about the listings of little bit, but just curious of what youre seeing in terms of trajectory of of conversations and pipeline for that offering I noticed that you offered.
All started operating the back of this program.
The total enables from special pricing for customers.
What sort of feedback in and sort of the action or you're getting off of that the sort of promotional opportunity. Thanks, Hey, Ron David.
We are seeing a real strong reception to it. The fact is a lot of companies are saying they want to get back to biz.
But you have to be prepared to get back to bids and what does that mean and.
They've come to us for a whole bunch of things and 1 of the thing that we've seen with the promotion that it's gotten their interest.
But they've also taken a look at our platform and say, where there's a lot of all the things you could do from me for example, it's not only making sure that all your information digitally as up to date because.
They have and engage with their customers in a while and so there is they take the lot of them have taken a look at our reputation management and the ability to start to manage reviews and get feedback and generate views. They haven't tested their brand with the customers. Some of the for almost 18 months and the interaction they've had with the customers has been very different over that period of time.
So what we're seeing is the strong interest it's opening up a lot of opportunity for US there are opening up doors that we hadn't open up before and for US. The exciting part is it has quickly evolved in a lot of those cases into a platform discussion from other things that can help them as they really do get geared up to get back to business.
Super helpful. Thank you very much.
The next question is from the other Con which was securities. Please go ahead.
Yeah, Thanks, a lot.
A few questions. So maybe you want to do.
Touch on the upsell.
So Steve is talking about how the send somebody muted.
During the pandemic.
Curious.
Paul.
In terms of reopening and the effect on upsell of since you're starting to.
To see an uptick here in the recent months to any kind of a battlefield.
And Dave can kind of add to this I think we're starting to see that you have to keep in mind through our first quarter of things were pretty much shut down now things are starting to come back people have to get back and get their business is set up as Dave described and get going so I would anticipate.
And keep in mind, our listings business with franchises and others that will take a while for them to get going to where they are adding more of franchise locations et cetera to it.
To their businesses so on the on the marketing the answers side, the upsell might be a little bit longer the flip side is being able to go in with supports support answers and talk to customers. We will start to help us, but those deals do take a little bit of cycles, and so I think going forward, we will see it but we're going to be thoughtful about not expecting of 2 quick is.
Businesses have to regroup a little bit to get going again.
And now of just a day, but just add to that.
We are starting to see particularly those answers customers start to add more capacity of the original answer site search customers.
Because they were well prepared for this digital transformation of really started laying the groundwork and we're starting to see if you look at some of our upsell deals some of them are.
You know really exciting in terms of what we're starting to add to it and it's not just <unk>.
Really literally is across the board in terms of product offering so we're.
We're seeing it in a renewed sense of enthusiasm everyone wants to get back there, they're not all back yet, but I can tell you. There is a real real desire to get there and we're you know we're there to help them as they start to onboard the there are weighted to get to that and get back to Dave.
Got it.
Our final question I had was.
Maybe just the outlook.
And and what's kind of baked in there so Steve you.
You increased the outcome of some long, but you still.
It kind of sounded a little bit cautious so what are the different puts and takes and how should we think about debt from the outside looking in.
With respect to the sort of the Imp.
Impact from the reopening it seems like that's the tailwind.
How should we think about the wood for the use in the international.
It also starts to reopen.
No.
That's the challenge here is we're all sitting here with vaccines and openings et cetera, but.
This has to do more than that and so we've been very thoughtful about our guidance right now we want to see the business continue to grow and expand and come to us, but we also.
There's a number of people that I know in the restaurant business. It really believe in openings, but theyre also cautious about the government has done this before.
I don't think that's going to be the case this year, but we're just kind of be really thoughtful in our guidance about how quick our business and our customers can come back certainly the.
The support answers is on a different trajectory, but the.
We've got to see that happen and so I think you'll just see us continue to be thoughtful about our guidance here, but as I said ready to invest as we see the growth coming at us and that's reflected in our spend guidance for this year. So feel good about the year, but we're also going to tip toe into the somewhat cautiously.
And wait for the businesses to come to us.
And.
If I caught the.
In terms of the reopening.
How we should be thinking about that so.
And you've seen.
Sort of a perceptible change in the and the duration of the sales cycle.
Things kind of closing more quickly or.
Is any of that happening.
Dave do you want to have each of them.
Yes.
We have there as well.
We have started to see some from customers come back and some prospects come back and want to spin it up very quickly to get going 1 of the things that we've done to help them do it as we publish a checklist by industry of things that we know they need to do digitally to help with the reopening and I've gotten feedback from both customers and prospects.
So it would be very helpful. As they thought about accelerating the reopening plans.
Got it thank you.
The next question is from Arjun Bhatia with William Blair. Please go ahead.
Perfect. Thank you for taking my questions.
I wanted to just maybe touch on the Samsung win.
And as you know a little bit more detail I would love to hear if there was anything of that support the answers actually replace or if this is kind of of net new area of investment for them and then just broadly maybe as you think about support of answers. If you think of that as the vehicle or net new logos to axa or should we expect there to be.
More of a cross sell either into marketing answers or are you going into the listings.
Thanks, RJ and I will take the question.
As we said at Investor Day, there are 5 categories of search marketing support developer E Commerce and workplace workplace searches internal that's looking out of an employee or looking at within the system developer enables developers to add search to their apps.
If you're using a popular app or not of popular app and youre of developer and you're building 1 you might Wanna add of search function or feature to your own product.
E Commerce is self explanatory, that's looking up products the buying.
And then support.
Looking up when you are a customer looking at the answers and that sold generally 2 of customer support or support solution type of company head of success customer success.
And.
When we compete.
Our vision is to compete against every company that has well let me let me actually take a step back we said this at Investor day to all of the key all of the searches that you use today are all based off of the technology called the speed and.
Unless you are using Google, which is not participating in the enterprise like this or you were using yexed the.
The open source platforms like for example, solar you are based off of technology called <unk>, which is an index based keyword search. So we typically disrupt any search box debt returns blue links with our natural language AI powered answers search and we can understand questions.
We can deliver multi of universal search result, with multiple components from of Federated architecture that comes back. If you think about when you run of Google search for something like Mcdonald's Youll see a bunch of different things to give you back to give you rich snippets. They give you people also ask they give you Max they give you the knowledge cards. These every every time you.
Search on Google It doesn't run 1 algorithm of runs multiple algorithms and so who we fundamentally are competing against is an old way of keyword search which is b based on we've seen which powers open source things like solar open source things like elastic in the <unk> as a better and faster and cheaper.
Solution, we're able to stand up off the knowledge graph.
Support the boxer marketing support or marketing search box really easily with low code you can easily pushed facts into your knowledge graph you can now load unstructured text I talked about our extractive Q&A algorithm and then you get a universal search result that has different components back to it and that as compared.
What was their usually before which is the keyword search is kind.
The night and day, and it's night and day in terms of the Ctr click rates transactions and called the functions and customer satisfaction. So we're competing with keyword search everywhere in the world you see of box that returns you Bluelinx, that's where an AI powered search from yexed ought to replace it.
Okay.
Understood and then maybe 1.
For the.
I noticed that the RPI low number kind of had a nice nice pop in Q1 and the growth accelerated at a much faster rate than we saw in April or revenue, even how should we just think about that delta.
And what it represents here in Q1, yes. It will certainly we had a good bookings quarter.
That helps but also we're seeing our contract life get out of little bit farther than we've typically seen which is also good. So we're getting the Chinese under current contracts and as you know that plays a part of this as well. So I think it's the combination of a strong quarter, but also we're seeing longer contracts on renewals.
Yeah.
Alright, Thank you very much.
The next question is from Stan <unk> with Morgan Stanley. Please go ahead.
Thanks, guys.
Actually.
What was the follow up to that question just now.
Similarly, the pretty big disconnect in the growth of billings in the R. R.
Yes.
Yeah.
1 of the dynamics of billings guidance, that's sure obviously showed obviously a pretty.
The inflection in the quarter.
And is there some kind of catch up in terms of billings from maybe from last quarter.
Anything else that we need to be mindful of.
Yes, Stan Unfortunately, you know the from the past I'm not a big fan of your billings calculation methodologies. That's why we went to a R. R. I think <unk> clearly is a better reflection of our business and our growth going forward.
Understood and just as far as like the Kansas.
The answers product, obviously, you're seeing very very strong momentum.
When you think about the answers product.
How are you thinking about it as far as.
Thank you directly versus getting getting partners involved and how do you think that debt.
The partner.
Centric strategy evolved as you move forward.
Well firsthand. Thanks, we have a great partnership with Adobe as I think we've said before and you know we partner with them with pretty much most of the major CMS partners that are hosting websites in dx as capable of being able to bring in.
Search solution, that's knowledge based in AI based and natural language based on top of of any unstructured content of our unstructured CMS and so adobe as the partnership you should also stay tuned to see some partnerships in the support answers world.
It is obvious that there is a few big players that we think we can suck in their articles into our help sites and I am sorry, there helps sites into our knowledge graph and help our customers joint customers succeed with the support answers. So you should stay tuned for some.
The partnership announcements coming soon.
Alright, thanks, guys.
This concludes our question and answer session I would like to turn the conference back over to Dominic Michelle for any closing remarks.
Awesome. Thank you Gary we appreciate everyone's time today, we understand it was a busy night.
And we're looking forward to the coming announcements that we have around the future product roadmap.
If you of any questions. Please E.
E Mail.
At <unk> Dot com.
And we look forward to chatting with you in the coming quarter. Thank you Gary.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
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