Q1 2022 Commvault Systems Inc Earnings Call
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Yeah.
Good day and thank you for standing by welcome to the Commvault Q1 fiscal 'twenty 2 earnings conference call.
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I would now like to hand, the conference over to your Speaker today, Mike Melnyk Director of Investor Relations. Please go ahead.
Good morning.
And thanks for dialing in today for our call to discuss our first quarter fiscal year 'twenty 2 earnings results before we begin I'd like to remind everyone that the statements made during this call including in the question and answer session. At the end of the call May include forward looking statements, including statements regarding financial projections and future performance all.
Other statements that relate to our beliefs plans expectations or intentions regarding the future are pursuant to the safe Harbor provisions of the private Securities Litigation Reform Act of 1095 and are based on our current expectations.
Actual results may differ materially due to risks and uncertainties, such as competitive factors difficulties and delays inherent.
With development manufacturing marketing and sale of software products and related services and general economic conditions for a discussion of these and other risks and uncertainties affecting our business. Please see the risk factors contained in our annual report on form 10-K, and our most recent quarterly report on form 10-Q, and other SEC filings and.
And in the cautionary statements contained in our press release and on our website. The company undertakes no responsibility to update the information in this conference call under any circumstance.
In addition, the development and timing of any product release as well as features or functionality remain at our sole discretion. Our press release related to today's announcement was issued over the wire services earlier this morning.
It has been furnished to the SEC as an 8-K filing the press release is also available on our Investor Relations website.
On this conference call, we will refer to non-GAAP financial measures a reconciliation between non-GAAP and GAAP measures can be found on our website. This conference call is being recorded and a replay is available for the webcast.
An archive of today's webcast will be available on our website following the call.
With me on the call. This morning are Sanjay Mirchandani, President and Chief Executive Officer of Commvault, and Brian Carolan, Chief Financial Officer of Commvault, Sanjay and Brian will each share opening remarks and commentary before we open the call for Q&A now I will turn the call over to Sanjay.
Good morning, and thank you for joining us this morning as the pandemic continues I hope you are all remaining healthy and well.
As you saw on our earnings release. This morning, we're off to a solid start for the year with our Q1 results and they are consistent with our near term expectations.
<unk> revenue grew 7% and total revenue grew 6%.
<unk> year on year.
Our total <unk> grew 13% year on year, driven by new subscription customers and the continued strength of our metallic data protection as a service offering.
We continued to make progress on our recurring revenue transition with 78% of Q1 total revenue being recurring.
We saw further evidenced.
Evidence that our intelligent data services platform and strategy are resonating with customers as both new product contribution and multi product adoption increased quarter over quarter.
And we grew responsibly, achieving a non-GAAP EBIT margin of 22, 4% and posting non-GAAP EPS of <unk> 60.
2.
This would not be possible without the dedication and hard work of our employees. So I would like to extend my sincere thanks to all our vaulters for around the world.
Ryan will delve into the financials in a few minutes, but first let's discuss the market and our portfolio.
The cloud based market transformation we.
We anticipated is in full swing and it couldnt have happened at a better time as more companies returned to the office.
Revisit the it priorities they pause during the pandemic and grappled with the rise in ransomware attacks.
As you know the pandemic has change business forever at Commvault, even before Covid, we've always had.
Significant percentage of employees working remotely with talent and resources around the world.
Yet.
As more companies are taking advantage of people systems and data in multiple locations. They are turning to us to help them modernize their data environment to address these new needs and more effectively manage their data costs.
We do this by offering the broadest workload support across environments applications, and cloud with industry, leading data management and protection security compliance and governance capabilities.
And we provide the ultimate choice and flexibility by delivering our solutions are software and.
Appliance, a managed service or SaaS.
All manage through a single pane of glass.
This competitive differentiation is helping us expand with existing customers and land new customers globally.
For example.
Our rail group, 1 of Israel's largest insurance providers use.
<unk> software to protect over 1.5 petabytes of data on premise.
And moving to Microsoft Azure, including office 365, Irell needed to ensure they cloud data could be protected and recovered as easily and reliably as their on premise data.
<unk> metallics backup for office 365, and metallic cloud storage service.
Users enabled harrow to protect thousands of mailboxes minimize infrastructure costs and reduce the risk of ransomware attacks.
Speaking of ransomware.
During the quarter. We also saw more demand for our data security services from existing customers to help them recover at a minimum and minimize disruption from ransomware attacks in.
This have these conversations daily with our customers and prospects.
In a recent IDC survey of over 400, Commvault customers, 60% of respondents said their decision to choose Commvault was triggered by a desire to reduce risks from ransomware and other threats.
Importantly, nearly 85% of those surveyed.
In fact, we have said that they felt more confident in their ability to recover from a ransomware attack after deploying commvault software.
For instance, among our Q1 wins was 1 of the nation's largest banks with over $150 billion on assets and thousands of branches and Atms.
This new customer chose Commvault silver legacy.
Incumbent primarily because of a layered approach to ransomware recovery.
Our offerings of metallic cloud services combined with Hyperscale acts can address the needs of both new customers and existing customers looking for more protection.
We're attracting more cloud leaning new customers with metallic which provides an easy to adopt highly secure backup environment.
With local immutable copies on Hyperscale and cloud copies and our air Gapped metallic cloud storage services and CSS.
It's our ability to bring the power of Hyperscale X alongside metallic to provide capabilities no 1 else can match the.
The flexibility and breadth of capabilities across our <unk>.
Entire intelligent data services platform is resonating with customers.
Talbot research capital.
Not only chose commvault to protect petabytes of data across Dell EMC ISIL on net net app.
We beat the competition based on our ability to lower total cost of ownership and operating costs provide a standardized day.
On the platform.
And simplify their environment.
This innovation continues to garner numerous industry accolades giga on recently named Commvault as a leader and.
And an outperformer and its giga on radar for hybrid cloud data protection reports for both enterprise and SMB.
We were.
To manage the top rated vendor in all key criteria on evaluation categories across both reports.
And just last week Commvault was also named a leader in Gartner is 2021 magic quadrant for enterprise backup and recovery software solutions for the 10th straight time.
Now I'd like to take a moment to discuss metallic.
A rising star in our intelligent data services portfolio.
I am excited to report that metallic continues to show very strong momentum, we're seeing increased interest in managed services.
And SaaS inventory in managed services and SaaS as organizations with constrained resources on <unk>.
<unk> more workloads for the cloud.
In fact, most of the workloads with managing through metallic on net new workloads.
We have demonstrated that our enterprise grade data protection as a service platform can scale across customers of all segments sizes and types of data.
In Q1 metallic total customer growth continued to impress quarter on quarter with over 300, new customers.
Over 50% of those customers on net new combo.
And more than half of our metallic customers are using another commvault solutions.
And other pattern, we've seen over time is that a quarter of them are choosing more than 1 metallic offering. These are exciting trends that demonstrate our ability to land new customers and expand our footprint with existing customers.
We're also seeing continued adoption among among enterprise customers with greater than 100 km metallic <unk>.
The number of these customers nearly doubled this past quarter.
And metallic continues to rapidly innovate, we released metallic government cloud, becoming the only data protection for the service offering in the industry.
Currently achieve.
Fed ramp high ready certification status.
Given the heightened security needs of customers. This certification validates that metallic meet the most stringent confidentiality integrity and available. These standards recognized by the U S government.
In Q1, we announced metallic backup for Microsoft.
<unk> hundred 65% complete completing protection for all 3 Microsoft cloud.
We also delivered Azure active directory backup a critical component for company security strategy we.
We saw immediate customer demand and wins for all of the new services and features.
And just 2 weeks ago, we launched metallic for MSP has to offer.
Dynamics on was even more choice and delivery models for their intelligent data services with software 1 as our design partner. We expect this new agreement will help scale to reach a metallic around the globe.
We're very encouraged by our momentum and we're confident in our ability to continue winning share of the large and growing data protection on the service market.
We believe that we're well positioned to continue to deliver on our industry, leading innovation roadmap and drive our go to market initiatives to achieve our financial targets now I'll turn it over to Brian to discuss the financials Bryan. Thanks, Sanjay and good morning, everyone. Hope you had a chance to review the results. We released earlier this morning.
<unk> off our record fiscal 'twenty 1 performance.
Offer cost for the first quarter of fiscal 'twenty, 2 we're off to a solid start I will briefly recap the results in fiscal Q1 'twenty..2 we reported total revenue of $183 million, an increase of 6% year over year.
Software and products revenue increased 7% year over year to.
And at nearly $82 million as a reminder, we've moved to a software only model in Q1 software only growth without hardware would've been approximately 11% year over year.
Revenue from software transactions over $100000 increased 2% year over year.
<unk> and represented 69% of software revenue.
The volume of these transactions increased 34% year over year and the average deal size was approximately $305000. Please.
Please note that in Q1 'twenty, 1 we recorded the single largest subscription software deal in our companies.
History, which made for a challenging comparison this quarter.
Our unbundled portfolio and usage based pricing is resonating with small and medium enterprise customers and we saw continued improvement in software deals under $100000 revenue.
Revenue from these transactions grew 23% year.
Year led by the Americas and EMEA.
Fiscal first quarter services revenue increased approximately 5% year over year to $101 million.
The growth in services revenue is being driven primarily by metallic.
We also saw improvement in professional services revenue.
As we delivered services attached the strong software results in the second half of the prior fiscal year.
Let me now discuss our transition to a recurring revenue based model for.
First quarter subscription software revenue of approximately $50 million represented 60% of total software revenue.
Our subscription <unk> net dollar retention rate continues to exceed 110%.
Total annual recurring revenue or <unk> increased 13% year over year to approximately $533 million.
The sequential increase was driven by largely was driven.
Only by new subscription customers and strong growth from metallic.
Total recurring revenue, which includes subscription software maintenance support services and SaaS was $142 million, representing 78% of total revenue in the quarter.
Now I'll discuss.
Given <unk> and profitability.
We reported fiscal first quarter gross margins of approximately 87%, a 70 basis point improvement year over year.
The increase was driven by the absence of pass through hardware sales versus a year ago and the reduction of certain third party royalties that were associated.
With our legacy Hyperscale products.
Total expenses, including both cost of sales and operating expenses increased 1% year over year to $140 million.
Our spending was lower than expected, mostly because of the timing of head count investments.
The timing of hiring of certain positions.
Was impacted by Covid, we have already started catching up in Q2.
Our solid revenue growth and lower than expected expenses resulted in non-GAAP EBIT of approximately $41 million or 26% growth year over year.
Non-GAAP EBIT margin improved 360 basis points.
Year over year to 22, 4%.
Now I will discuss cash flows and the balance sheet.
For the quarter, we generated approximately $36 million of free cash flow tied to our strong EBIT performance and the collection of receivables from Q4 'twenty 1.
We ended the quarter with approximate.
<unk> $359 million on cash and continue to have no debt on the balance sheet.
We expect a seasonal sequential decline in Q2 operating cash flow as a result of lower concentration of perpetual maintenance renewals in the first half for the fiscal year.
During the quarter, we repurchased approximately.
1.2 million shares for $90 million.
As we outlined during our Investor event in January through FY 'twenty..2 we are committed to spend $200 million plus 75% of fiscal 'twenty 2 free cash flow on share repurchases.
Since the Investor event.
Through June 30, we have repurchased approximately $152 million worth of our common stock at an average share price of approximately $69.50.
Now I will discuss our financial outlook for Q2, FY 'twenty 2.
We believe current street consensus of approximately.
<unk> $3 million of software revenue for Q2 is reasonable.
This would imply year over year software growth of 14%.
Please note that the prior year second quarter included approximately $3 million of pass through hardware, which we don't expect to have this quarter.
On our software.
<unk> 8 basis $83 million of revenue would be approximately 20% year over year growth.
We also believe that the current street consensus for total revenue of approximately $184.5 million is reasonable.
Similar to last fiscal year, we expect the Q2.
Only 22 software subscription renewal opportunity to be several million dollars less in Q1 for.
For the full fiscal year, we estimate a renewal opportunity of $80 million with about 60% of this being in the second half of the year.
Looking further out we expect subscription renewals will continue.
Intended to be a revenue tailwind for the next several years.
As a reminder, Q2 is also typically a challenging quarter from a seasonality perspective.
And as organizations returned to the office, we could see some shift in priorities given the additional strain on customers already limited resources.
This could.
Could impact the timing of large deal closures.
Now, let's shift to expenses, we expect Q2 gross margins to be approximately 86% to 87% and total expenses, including both cost of sales and operating expenses to be up approximately 4% year over year.
This should result in EBIT.
It's approaching 20%.
We plan to add resources to strategic areas like metallic our center of excellence in India and go to market.
These investments are incorporated in our near term expectations. In addition, we expect some of the temporary COVID-19 related savings to continue to normalize.
City margins are projected share count for Q2 is approximately 48 million shares.
With that I will now turn the call back over to Sanjay for some closing remarks Sanjay.
Brian.
Made tremendous progress and believe we have the industry's most comprehensive platform to help organizations protect mission critical workloads as they.
Move further into the cloud and rapidly embrace SaaS solutions.
We believe we are well positioned to meet our performance goals for both the short and long term.
While we have more to do we are optimistic that that debt.
With our growing intelligent data services portfolio and focus on execution, we will be able to help our customers continue to do amazing things.
With their data.
With that let's open it up for questions.
Yes.
Thank you at this time of day asked a question you will need to press star 1 on your telephone to withdraw your question press the pound key please standby, while we compile the Q&A roster.
Your first question comes from Aaron Rakers of Wells Fargo.
Thanks for taking my question and congratulations on the quarter a couple of questions. If I can I guess the first question is you.
You talked to at towards the end of your comments around the outlook around the possibility of any kind of deal.
Steel kind of paused at enterprises come back into the office, how would you characterize your pipeline your deal activity and kind of closure rates here as we start to think about that has there been any changes in the June quarter or what are your assumptions into the September quarter right now.
Eric It's Brian here.
Good to hear from you. So I think we're seeing consistency.
We're encouraged by what we're seeing especially on a year over year growth basis.
Guidance that we're issuing is 14% year over year growth if you strip out the hardware that's 20% plus.
Healthy year over year increase from our perspective, we're just calling it out debt.
On large WOMAC is very much here.
People are going to be coming back to the office, it's summertime its seasonality.
We're just calling that out anything specific we're seeing but there's always that possibility.
Yes.
Fair enough.
On the pipeline looks fine and there's a good mix of deals on there so more.
It's more.
Stating, what we think.
Right.
And then the other question I was going to ask is that it looks like youre kind of consistently on net add growth trajectory that you laid out at your analyst day.
Back earlier this year, but operating margin leverage looks quite healthy so I'm curious as we think about.
The passion of operating margin, maybe some positive seasonality in the back half of the year will you take.
Any upside on operating margin, let's say, we go above that 24% and invest that back or are you willing Bryan to kind of drop that through the model just curious how youre thinking about it.
We're not going to change those near.
The for group targets that we laid out we feel good about those and confidence.
And what we communicated.
And again in Q1, we were a little bit behind on our investments, we're going to catch up and we're doing that in Q2.
We would expect more leverage on the back half of the year, especially with our subscription renewal opportunity in other revenue tailwind.
But again just to reiterate we're comfortable with what we laid out during our January investor event.
Perfect. Thanks, guys.
Okay.
Our next question comes from James Fish with Piper Sandler.
Hey, guys. Thanks for the questions here.
So HP bought zone over this quarter.
<unk> reminds a lot of us out here about what happened with Dell kind of pre G. M C.
What can you say about the impact here, what's your exposure to HPE is a partner on how does the deal potentially change the possibility of this partner moving forward.
Sure.
It's a great question and I'd like to.
It up by saying that HPE and Commvault, we have a we have a super strong relationship we're very committed to each other as partners and nothing changes there.
On an interesting thing is that Green Lake, which is a big part of H B strategy.
We were just recently named.
2021, H B green.
Spent on partner of the year. So we continue to work with them on their strongest.
Priorities now.
What I took away from the acquisition with a data management, whether it's in the form that delivers it or the way we do it.
Is top of mind, okay, and as far as we're concerned we've had disaster recovery capabilities and our technology.
Lake both inside of our core technology as well as a standalone product.
For a while and we're seeing good momentum.
Just as a data point I think roughly 2 times a year on year customers and and an important metric the workloads for virtual machines that you protect have doubled almost doubled.
Year on.
<unk>, but we're seeing good traction with RBR product and.
And this is our competition is the name of the game on this business so that doesn't change.
That's great and then you.
You did you know on metallic.
Go to market versus the rest of the portfolio is there a different approach.
On year here at all is it and is it fair to say, we're kind of nearing that $50 million run rate in the business yet.
Yeah.
We'll share more data and more details on and on.
On metallic shortly not on this call but shortly.
Like I.
I said, it's a rising star on our portfolio we added.
Roughly 300, plus customers quarter on quarter, our feature set certification.
Certification on fed ramp I mean, where we're putting a lot of muscle into this product into this capability and in.
The growth is healthy debt or are we going to say that's all I can share at this point.
We're looking at trends between cross sell upsell workloads between products workloads within metallic offerings. So we're seeing a lot of good patterns a lot.
Of which we will start sharing very soon but I guess the key takeaway here is that.
It's increasing.
We're working with the installed base, because they're seeing the value for SaaS based power of.
We're adding new logos many of them.
Many of them new to Commvault, which is great. Our service provider partners are looking at this as a key offering that gets them up and running quickly. So.
Not going to comment on the number but I will say that we're very pleased with where we're going with it.
I can't say it didn't price on Jay but.
And thank you all for that Washington, I wouldn't put it past them now.
Yeah.
Your next question comes from Jack Andrews of Needham.
Good morning, Thanks for taking my question I wanted to see if you could provide some more color on the strength you talked about in the sub 100000 dollar deals.
Could you just maybe elaborate on what products are resonating and how do we think about the expansion rates from that group of customers.
Hey, good morning, Jack It's Brian here.
So thanks for your question, so we saw a pretty broad.
Contribution from both on the Americas, and EMEA and I think it really comes down.
Seabra unbundled product portfolio, that's resonating with the channel.
And we're seeing higher amount of velocity deals coming through our pipeline, which is encouraging that's going to be strategic.
Strategic.
For us moving forward, we'd like this nice balance between larger enterprise deals and the sub 100 K deal.
<unk>.
So yes, there was it was a strong quarter for that and we expect that to continue to.
Increased as we explained expand our platform going out on time.
Well. Thanks, So maybe just a follow up on that then I mean could you just speak more broadly to how this.
This multi product portfolio may be changing.
Your land and expand motion on you also surely had some strength with large deal sizes at the high end are you seeing changes.
With ASP customers or perhaps starting their journey with Commvault and then how do we think about the.
The trajectory.
Other expense from rates over time.
Sure.
So Sanjay I touched on this a little bit in my prepared comments.
We're seeing first of all we're seeing.
Customers really embracing what we call the power of and the capabilities that our portfolio provides.
The flexibility provides between having an on premise.
So engine like Hyperscale acts.
Combined with SaaS based delivery of metallic.
And then as customers move down that journey, whether they start on the cloud and then incorporate on premise or they go the other way we're seeing that there is a lot more land that we can do with metallic as a way of saying that office 365 workflows, let's protect.
So once you see you protect those and you want to do other things with those workloads on premise or in corporate on premise workloads. So we've seen the power of and really work for customers.
Across different workloads.
<unk>.
This gives us the ability that debt maybe a few years ago. We didn't have truly allows us to really go back to our customers and offer them.
More just complementary capabilities for example, with ransomware, where it is today and it's top of mind to every customer if.
If they are an existing hyperscale customer.
I oversimplified, but they have an easy button by which they can back up and in beautiful copy of their data in our cloud and.
We call that service <unk>.
The metallic cloud storage services and then they have a layer of protection that they that they just got automatically through for metallic integrated in with their core hyperscale ex capabilities.
They don't have to be.
A metallic customer, but they availing of metallic cloud services SaaS delivered services.
On their on premise so we're seeing all kinds of.
Capabilities being used mix and match between cloud and on premise and I think this is a pattern, we're going to see and I think we havent early mover advantage here.
That's great. Thank you for the color.
Your next question comes from Eric Morecambe.
Newsy of Lake Street.
Yes, I wanted to focus on the operating expenses here just as we look out to Q2 first of all I wanted to start before we get to Q2 I wanted to make sure I understood. The Q1, 1 of the Q1 add backs there was a small restructuring charge in the quarter could you explain that.
Yeah, Eric it's Brian here I wasn't really material for us in terms of the restructuring charge, we didn't really.
<unk> got to be.
It's something that we're focused on it's really an ongoing.
Thing as we move out move resources to our center of excellence in India.
And it's really just.
Something that's going to be ongoing.
And then what they are saying that too just for Q1 spend in general that we were impacted by the hiring in our Coa, we werent able to add resources. There, obviously COVID-19 was impacting India, we're gonna start catching up on that in fiscal Q2.
Okay, I think that may partly answered my next.
Next question, which was the Q2.
With the you expect the expenses to rise.
Yeah.
We're obviously center of excellence is 1 area, but is there a day.
Direct sales channel sales, where else are we investing in Q2.
Absolutely, we're going to be investing in.
Go to market metallic theres going to be some type of return of normalized expenses as we come out of this.
And also in the channel as well and marketing.
Okay.
And then second question for me.
The repurchase.
Graham It was relatively just in comparison to Q for you guys were $90 million in Q1 up from $62 million in Q4 was that entirely driven by the seasonal cash flow spend or is that should we anticipate that to kind of.
Sustained in Q2.
This program, we had a full quarter of activity in our fiscal Q1 of the share repurchases remember we announced that at the end of January. So we had 2 full months of activity in fiscal Q4, we had full 3 months in fiscal Q1.
Got you thanks for taking my questions.
The next question.
From the vendors with Keybanc.
Alright, great. Thanks for thanks for taking my question I just wanted to check on on what you are seeing out there on the labor market. It sounds like there is.
Some catch up that you are seeing in the quarter, but I guess, how does that also more broadly impacting customers and their ability to.
Their ability to get deals done.
Uh huh.
I'm just trying to I'm just trying to get all the parts of your question when you're saying, it's how are we seeing the labor market affecting our customers or or affecting how we engage with other customers.
I guess 2.2 parts of that just 1 how are you finding the.
The current hiring environment in the labor market and your own ability to hire it sounds like theres been cash okay. That's happening there, but also how has that impacted your ability.
82 to work with customers.
I think I think over the course of the last quarter.
Yeah.
But you know there's been a lot of the.
Conversation.
Within the company here and we've got a really clean policy, but how are we thinking about our work force in the future and just generally corp for.
The folks who want to try and bring on board where are we going to work is it remote is that hybrid is it is it on is.
Is it.
In the facility so there's a lot.
Those conversations but I think.
Correctly people are giving a lot of focus on and we have like I shared in my prepared comments Steve.
As a company we've always been.
It had a large percentage of our employees that were distributed remote a few hybrid we may not have called it that but they would come and come into the office as needed.
And then folks that perhaps we needed on premise and work from there. So we've just solidified that made it a lot more flexible for our employees.
And potential employees on how they work and we are investing in infrastructure investing in collaboration tools and.
Walking into this their eyes open saying this is services.
The changing world, So I think where we're able to recruit.
The talent, we want last quarter was just.
I would put it down to a little of that change on a little bit of just the COVID-19 uncertainty.
Okay great.
Good to hear the catch up in spending happening in turnkey here.
Our and our inability to hire now.
On the metallic side and within within the customer base when I touch it on a little bit more on <unk>.
How you're thinking about driving expansion within that.
Within those customers.
And kind of the additional adoption rates that you're seeing.
For incremental products.
And kind of how that has progressed.
There are a couple of years into the metallic being released.
So.
We've really not taken our foot off the gas by way of innovation around the table, Let me talk about the innovation loop for a minute since we brought the product out.
And really over the last for 5 quarters, we've just whether it's geographical expansion, whether it's feature functionality expansion with its workload expansion, whether it's containers.
It's.
Supporting multiple clouds.
3 Microsoft clouds.
A directory I mean.
Fed ramp certification, we've not slowed.
Low down on what what capabilities.
Metallic can provide.
The second thing, which relates to your question is what we keep calling the power of N, which is with existing customers or customers that have on premise workloads and it's very much part of our future, we give them that ability to mix and match. So SaaS based workloads your natural.
To a SaaS based capability, which is metallic you may want to bring some of those workloads that data back on on the edge on on premise you might want to take on premise data into the cloud.
<unk> innovate the seamlessness between the technologies for that so so that customers have debt debt, it's not a 1 way street. They can they can mix and match as needed.
And then the glue behind all of those and again.
With ransomware being front and center for for our customers as we built this capability called M CSS metallic cloud storage servers.
Where our existing customers can literally hit a button and get access to the metallic.
Matt.
Leaning a service capability on an aircraft copies.
All delivered through a single pane of glass, Okay. That's the magic that's our secret sauce. That's how we that's the ease of use especially in this day and age where more and more is being expected of IP professionals done remotely.
Having different point products does not solve the problem it creates a new problem or do we give.
On a single pane of glass that works seamlessly across any workload on whether it's been the cloud part b on price.
Okay, great. Thank you.
This concludes today's conference call. Thank you for participating you may now disconnect.
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