Q1 2022 Viant Technology Inc Earnings Call
Advertising and cookie lifts environments.
We are excited about the progress we are having with our customers coupled with the robust growth, we are seeing and total customer count and we continue to believe that a delta is gaining market share as the industry's leading people based DSP.
With that said, let me move on to some highlights from the first quarter and our latest thoughts on the industry landscape as a whole.
Digital advertising has been and continues to be one of the most exciting and dynamic industry has to work in.
The momentum driving advertisers to spend across programmatic advertising have never been stronger and at the same time, there has never been as much scrutiny on privacy and the sharing of personal data as there is today.
Our people based AD platform of Delta, which is powered by our household I'd technology is squarely positioned to help advertisers successfully navigate these two major dynamics and drive better ROI on their AD dollars.
The explosive growth in connected TV continues to be one of the biggest drivers of programmatic ad spend across the industry.
And we have continued to see strong growth in CTV spend on our platform.
Netflix is a prime example of how changes across the industry continue to drive momentum for programmatic spend growth.
While Netflix has been steadfast in their vision of monetizing users solely through subscriptions. Their recent announcement around launching an AD supported option will open a massive new opportunity for CTV spend.
Whether or not this strategy materializes for them the CTV industry as a whole continues to expand and continues to shift dollars AD inventory and mind share to programmatic advertising on CTV over the longer term.
Looking at spending trends of advertisers across our customer base. We are seeing a very strong appetite from an increasingly diverse mix of consumer facing businesses to reach customers through programmatic ads.
This includes everything from crypto in online gaming to the rise of retail media networks and direct to consumer businesses.
Advertisers are focused on not only driving online engagement and measuring attribution, but also connecting attribution between online and offline channels.
Our adult <unk> software is uniquely suited to help advertisers achieve this.
One of the most interesting trends, we have seen with advertisers across adult Vic is theyre growing interest in our measurement and advanced reporting tools.
As advertisers are finding it more challenging to quantify their return on AD spend from certain digital channels. They are turning to our delta platform and seeing better performance from our household <unk> technology.
Our customers as willingness to spend more for our measurement and advanced reporting tools is an indication of the clear value we are providing to our customers.
Chris will elaborate further on some of the updates to our platform better driving better ROI for our customers.
I want to reiterate my confidence in our ability to continue gaining market share in the very large and growing market for programmatic advertising.
The spending trends, we are seeing across our business coupled with the strong new customer growth, we are experiencing and the increasingly strategic conversations we are having with large customers are all highly encouraging trends that reinforce this confidence we.
We're excited by these micro and macro trends and we will continue to innovate and invest in expanding our infrastructure and technology to take advantage of this enormous opportunity.
I'll now turn things over to Chris to discuss some key strategic updates across our customers and technology platform.
Tim.
We believe our software as best in class and offers immense value to our clients.
The virtuous cycle, we're seeing play out with our customers begins with creating best in class software that also has some of the lowest infrastructure cost in the industry.
This combination allows us to offer compelling pricing options to our customers save them money, which in turn allows them to consolidate more of their AD spending with via.
Our steady stream of innovation keeps this cycle and clay <unk>.
Last year, our mediator technology brought us more than four times the cost efficiency of handling millions of AD requests every segment.
More recently, we released new features that enable our clients to strike direct deals with large content owners like Fox, NBC, who paramount and countless others.
All with the goal of consolidating even more of their spending in adulthood.
Once a client starts consolidated spending across all channels, our software becomes ingrained within their organization and makes us very sticky.
In Q1, we achieved 44% growth in advertiser spend which is nearly twice the market growth rate.
What does this mean, we are winning more new customers. We are consolidating even more AD spend with existing customers and we are now attracting much larger customers, who have the ability to spend a lot more.
We are undoubtedly increasing our share of the market.
In Q1, we signed 27, new customers, surpassing our forecasts impressively more than 60% of them went straight to our MSA process and adopted our percent of spend pricing option.
Completely bypassing the need to test us on a fixed price basis.
This is a testament to the increasing momentum our software has gained with brands and their agencies for.
For the same period last year, it was reversed 65% of our new customer wins came through our fixed price option.
This means that we are shortening the sales cycle for customers to scale their spending in adulthood.
As a further example of this shift in client behavior.
Nestle waters on their agency became a significant customer in the first quarter on our platform under our percent of spend pricing options that did not start as a fixed price customer instead that capitalize on our platforms omnichannel capabilities as well as advanced reporting and measurement capabilities to drive a significant return on ad spend.
Which gave our client confidence to then double their planned spend in the first quarter.
This is just one example of a customer adopting our software on a shortened sales cycle and continuing to consolidate more spending on our platform.
This shift to our percent of spend pricing option is extremely encouraging for the future and here's why.
In 2020 year, 1% of spend customers spent twice the amount compared to year, one fixed price customers in 2021 year, 1% of spend customers are now spending four times that of year, one fixed price customers.
Although we make a lower percentage per dollar of AD spend in this pricing option in the short term our long term goal of consolidating all of their AD spend that's being achieved as these customers spend dramatically more.
I talked about how we're attracting larger customers. We also recently signed updated agreements with three advertising holding companies.
These agreements and others are bringing us much larger brands like Disney Amazon at Papa John's.
With more customers more AD spending all happening in our percent of spine pricing options. This means that we are accelerating accelerating our market penetration.
It also means that we are becoming a go to platform for not only CTV, but across all channels as evidenced by the broad based spending growth, we're seeing in desktop and mobile which is up 67% audio up 60% and digital out of home up 346%.
In closing our market share gains are very exciting our clients' needs are only increasing as we introduced new capabilities into our software.
Updates in our data marketplace identity resolution advanced measurement and our updated household IV offerings are resulting in heavy momentum with clients that we believe will further improve our revenue growth rates in the second half of the year.
Let me now turn things over to our CFO , Larry Baton to discuss our financials and offer more detail on some of the spending trends we're seeing Larry.
Thanks, Chris and thank you everyone for joining us today.
Before I begin I would like to remind everyone that we have posted supplemental financial slides to our investor relations website to accompany today's presentation.
As Tim Griffith, Chris Both mentioned, we are extremely pleased with the market share gains we achieved in Q1 advertisers.
Advertisers spend on the platform increased 44% over the prior year period, which represented our second highest quarterly growth rate since 2019.
Such growth also represented a significant acceleration from full year 2021 levels, where advertisers spend grew 29%.
Marketers and their agencies are allocating more of their advertising budgets to our platform and we are winning new customers at an accelerating rate, which makes us more bullish than ever that our solution is resonating with customers.
Revenue growth for the quarter was in line with our expectations and adjusted EBITDA was slightly better than expected.
As we indicated in March growth across our percent of spend pricing model is far outpacing growth across fixed price and we expect this trend to continue going forward.
This is coming from both new and existing customers our easy to use self serve software is driving increased adoption and more dollars are moving to our platform.
While this mix shift between pricing models will impact.
It will impact revenue growth rates near term, we do expect the relationship between growth in advertisement spend and growth in revenue to improve as we move through the year and beyond.
This afternoon I will be discussing some of the highlights of our Q1 performance as well as some of our key financial and operational drivers during the quarter and there will also be reviewing our current expectations for Q2 and the full year 2022.
In terms of top line metrics for the first quarter as I said advertisers spend across our platform decreased 44% over the prior year period accelerating from 26% growth in Q4.
Revenue was $42 6 million, an increase of 6% over the prior year period.
And contribution ex Tac was $27 5 million, an increase of 3% over the prior year period.
Advertisers spend on the platform in Q1 grew well in excess of the overall growth rates expected for the U S programmatic market and as we previously indicated we expect that trend to continue going forward.
The lifetime value of a customer using our percentage spend pricing option is significantly greater than that of a fixed price customer as a percent of spend customers ramp spend more significantly over time and have higher retention rates increasing.
Increasing customer adoption of our percent of spend pricing option has always been our goal because we believe it better position positions us for more consistent predictable long term value creation.
During the quarter, we saw solid growth in advertiser spend across all key digital channels as customers are increasingly using the full omnichannel capabilities of our platform.
CTV continues to be a big driver of our growth and continues to represent our largest channel based on advertiser spend. Additionally.
Additionally, mobile desktop streaming audio and digital out of home all had strong increases in advertiser spend for the quarter.
From a customer vertical perspective during the quarter, we saw broad based strength across all key customer verticals outside of automotive with automotive continuing to be negatively impacted by supply chain issues advertisers.
Advertiser spend increased 53% across all customer verticals, excluding automotive and 68% across three of our <unk>.
Three of our largest customer verticals retail health care and entertainment.
Further investment in our sales marketing and technology teams is also paying dividends as evidenced by the significant increase in the number of active customers.
At the end of Q1, we had 327 active customers versus 266 in the prior year period, representing a net increase of 61 customers over the past 12 months or an increase of 23% year over year sequentially.
Sequentially the number of active customers increased by 18 compared to Q4 exceeding our expectations and representing a quarter over quarter increase of 6%.
One last point on revenue as it relates to geographic mix as we mentioned in the past virtually all of our revenue is generated in the United States. We have an intentional with the strategy and have little exposure to international advertising budgets. At this time, we recognize that geopolitical and macro uncertainty is causing some concern.
CERN over advertising spend in international markets, but given our limited exposure to international markets. We believe we have minimal risk associated with these events.
Turning now to operating expenses non-GAAP operating expenses, which represent the difference between contribution ex Tac and adjusted EBITDA totaled $31 4 million in the quarter, representing a year over year increase of 44%.
The year over year increase was primarily attributable to the planned investments we've made over the past 12 months across the organization to further accelerate growth and advertiser spend and drive market share gains.
Adjusted EBITDA for the quarter was negative $3 9 million slightly better than our expectations.
For the quarter, our non-GAAP net loss, which excludes stock based compensation totaled negative $6 8 million and non-GAAP loss per diluted share of class a common stock was negative nine cents for the quarter.
From a from a cash flow perspective, we generated $11 6 million of net cash from operating activities in Q1 and ended the quarter with $248 million in cash or just over $4 per share outstanding as of March 31 2022.
We also ended the year with a modest amount of debt totaling $17 5 million and significant availability under our line of credit.
We believe that our growth profile and healthy balance sheet position us extremely well to take advantage of the rapidly growing market opportunity in front of us.
Before moving on to discuss our to discussing our forward guidance I would like to briefly cover a couple of housekeeping items for modeling purposes.
In terms of share count we ended the quarter with $14 1 million class a common shares outstanding and $61 2 million total shares outstanding by the end of 2022, we expect the class a common share count to increase to approximately $15 2 million and total out shares total shares outstanding.
To increase to approximately $62 2 million.
The expected increases are primarily the result of vesting activity under our long term incentive plan.
With respect to stock based compensation, we recorded $6 $4 million of SPC in the first quarter and expect SBC to be approximately $8 million per quarter for the balance of 2022.
And with that I'll now turn to our guidance for Q2 and for the full year of 2022.
The second quarter of 2022, we expect advertisers spend across our platform to continue to outpace expected market growth rates with expected growth of at least 35%.
We expect revenue in the range of $52 $5 million to $55 million, which represents year over year growth of approximately 4% to 9% and adjusted EBITDA in the range of negative $3 million to $5 million, reflecting continuing investments in our growth initiatives.
For the full year, we are reaffirming our previously issued guidance and expect advertiser spend across our platform to grow at least 35%. We expect revenue in the range of $260 million to $270 million, which represents year over year growth of approximately 16% to 20% and adjusted EBITDA in the range of 20.
5% to $35 million.
As we indicated in March we intend to continue investing in critical areas of our business in 2022 to further accelerate growth and advertiser spend across our platform. We believe these incremental investments although impacting EBITDA in the short term will further accelerate our growth and market share gains going forward.
Our goal is to deliver outsized growth in advertiser spend on the platform for many years to come.
And as a percentage of spend is expected to be the main driver of such growth. We believe our revenue and contribution ex Tac growth rates will significantly improve over time as such growth rates move closer to the overall growth in advertiser spend on the platform.
In closing we have the utmost confidence that we will achieve our long term targets of at least $500 million in revenue and 35% adjusted EBITDA margins by 2025, if not sooner our conviction is centered around how marketers and agencies are responding to our solution today.
As evidenced by the acceleration in both advertiser spend and new customer wins that we are currently seeing across the platform.
Our total addressable market is massive and we firmly believe our solution uniquely and effectively addresses many of the challenges that marketers are facing in today's dynamic digital landscape.
That concludes our prepared remarks remarks today and with that I will now turn it back over to the operator to open the lines for questions operator.
Thank you very much at this time I would like to remind everyone to ask a question. Please use the raise hand function located at the bottom of your zoom toolbar.
Okay.
And it looks like our first question is for Maria from Maria reps with Canaccord you now have your mic on mute.
Alright can you hear me.
Yes Andrea.
Well, thanks, so much for taking my questions.
So first your revenue guidance implies approximately 25% growth for the second half of me yet.
Can you maybe just talk about what's embedded in your guidance in terms of sort of continued mix shift to as a percent of sand model do you expand that do you expect that mix to sort of moderate and is there a way to quantify that and then any thoughts you can share on that linearity of revenue growth in the second half of the year.
Yes, Larry you want to take up.
Hi, Maria Thanks for the question in terms of the second half, yes, those numbers kind of mid to high twenties.
We're very confident that we'll be able to achieve them. We do as we've said expect the precise spend.
Pricing options to continue to drive that growth.
But one of the factors in terms of the growth rates in revenue ex Tac that we're seeing we're expecting that to improve in the second half is if you look back at the first half of 2021, we had a significant amount of testing on the platform on fixed price that now is on on percentage of spend so the first.
In terms of 2022, the growth rates in revenue and the growth rates in ex Tac or quite a bit lower than the growth rates in spend we expect that to improve significantly in the second half. So spend will continue to grow significantly but revenue ex Tac will begin to catch up in the second half.
Got it and then my second question also related.
To this topic with increasing mix shift towards the percent of spend can you maybe give us some color on the relative take rates between your different pricing models.
And maybe you can talk about sort of how those take rates have been trending over the past several quarters.
So I guess just any numbers you can share with us to bridge the gap between sort of platform usage and revenue growth came in near term that would be helpful.
Yes, I think it's lots of the constantly take rate per se. We do may classify as I said earlier, we do make lessen our percentage of spend per dollar of expense.
But the dollars are bigger as I highlighted when someone's on percentage of spend on some of on fixed price. Yes, you are making we are making more per dollar, but you certainly don't have the send ability that you get out of the percent of spend.
Type customers I think it really is though if you look from a Larry just sat around.
In his remarks around gross accounting or fixed price that's really the.
That's the other piece is the.
Larger factor, but because we had a higher mix of fixed price testing last year and now so many of those have moved over percentage of spend and so many of our new customers are a percentage of spend we expect the back half really the growth rates and revenue to really increase.
So where our full year guide, we'll end up at.
And I would add over time post 2022.
Because we believe the percentage of spend will continue to be the driver you will see the growth rates in revenue ex Tac get closer and closer to the growth rates.
Percentage of spend.
The advertisers.
Advertiser spend.
Fixed price component becomes a smaller and smaller piece of the total spend.
Got it. Thank you so much for the color.
Okay. Thank you. Our next question comes from.
Laura Martin with Needham.
Hi, there can you hear me okay.
Yeah I'm here.
Right I'm going to start you guys brought up Netflix in your prepared remarks, and so I'm very interested in your thinking as Disney plus brings in an AD driven tier this year on Netflix.
Assume next year it feels like that's bad for you or maybe it's not but Thats. My question because it feels like suddenly there's going to be enormous supply hitting the market of CTV AD units and that will hurt cpm's in the near term and you guys get paid as a percent of total ad spend.
Since you just said the largest category hilarious channel for you as CTD isn't that bad for you as they bring and driven tiers into the market.
I wouldn't say that at all I would say definitely the opposite I think.
I think everybody reacted and our industry reacted similarly, Woodford Wow, I would probably peg Netflix if you put them out there today in terms of.
CTV, if they were to be AD supported.
There are likely number to compare to Youtube, which is massive.
And marketers are going to need access to that there also if you are seeing the trend is that.
In a lot of these companies they need the independent AD tech infrastructure to pull off and advertising business.
And I think about Netflix is opening up as so many benefits one it's going to enable all of linear TV to ship we.
We need the growth in CTV and consumption and more content to be AD supported so I think that's a huge benefit number one because.
Because we still have another half of videos around linear TV.
And then the second part is this is yet. Another example of yet another company and customer type building and ads business and they just keep exploding posture on the talk around retail media networks, I mean, I can't tell you how many conversations we're having with different types of companies content owners included.
Looking for key AD technology, namely a DSP to help power that business. So I think it's positive.
Tons of different directions.
Super Helpful. And then my second one is for Larry.
I understand that you guys are saying you're going to hear them ramping up sales and technology and all of these things in and that can turn into revenue more revenue in the second half, but when I actually look at the expenses year over year sales and marketing down 3% in tech and development down 15%. So it looks like most of the cost increases were up at platform operation.
So can you explain why those are going down when I thought the primary margin compression you cited was you're building up the sales and marketing.
That is on a GAAP basis, you have to remember our GAAP figures include quite a significant amount of stock based comp last year was over $17 million in the quarter. This year. It was over $6 million in the quarter. We do have slides on our Investor Relations website website that show basically taking the GAAP opex backing out these non <unk>.
Cash items like DNA in SBC.
With that perspective, you can see the increase.
And the increase this year in particular in Q1 is larger than the increase will be for the full year because a lot of the increase is coming from the annualized nation of the investments we made last year and most of the investments we made last year, where post Q1. So Q1. This year in particular is a higher increase in percentage of percentage increase.
And Opex and that will go down over over the course of the year, but if you have to look at it without stock based comp without tack and without DNA. All of those three numbers are included in the GAAP operating expenses.
Very helpful. Thank you so much thanks guys. Thank.
Thank you.
Okay. Our next question comes from Andrew Boone with.
JMP.
Hi, guys. Good afternoon, thanks for the questions.
Wanted to hit first on privacy, just given all the conversations that we continue to have with investors in terms of changing privacy landscape.
Can you parse out just the risks to the business like how do we think about the potential for IP deprecation for you guys as well as the tailwind right. So is Google AD I'd goes away likely over the next two years as cookies go away in 2023, and you just updated us overall in terms of the tailwind and a headwind as we think about the business as it relates to privacy.
Yeah.
Yeah, Let me, let me start and you can fill it out when I think about.
Look if we arrived for line a year ago. This was was a lot of what we talked about during our during the IPO.
These identifiers and these risks that these other businesses with IV is going away and a heightened.
Awareness around privacy. This is really what our platform was built around and for US. The long term view, it's not a silver bullet strategy of one IV versus the others. It really is a framework of what we talk about is our people based framework, but really what does that truly end up meaning where do we see what are the kind of north star is these <unk>.
Is that are supplied by big tax somewhat deprecated go away evolve.
Definitely get water down like they have been but any and we think that.
Addressable experiences only increase over time, because theyre going to be a benefit for consumers and what we're seeing right. Now is a huge trend where content owners, who have direct relationships with consumers and marketers that are less direct relationships with consumers need a platform in the middle to connect both SaaS of first party data that's really.
One is is happening that's number one number two where is that happening it's not going to happen in the browser. It's.
It's not going to happen in safari or across Android live on a device, it's all going to happen service side between these entities.
And that really is going to allow for the privacy to take place disclosure to consumers, but marketers and get to offer a personalized advertising and see what they get for their money measurement.
Brian This is exactly where we're positioned and it's a big increase Big reason why we have such a large increase in our platform spend growing 44%. This quarter. So that's our view on the privacy piece, that's going to continue just like we said a year ago, but it is exactly where our platform. So I'll just add to that I mean really at AR.
<unk> thousand per view whats happening in the privacy landscape cookies or an opt out model consumers had to find them delete them figure out how to turn them off and keep doing that over and over.
That privacy pendulum has shifted more towards an opt in model which is around.
<unk> II data associated with an E mail address or the registration on an actual website. So I think what youre seeing at a high level is the move from opt out to opt in and for US that often is usually on a people based framework and Thats really where Chris mentioned, we bring in the data matching between the advertiser and content owners and that's what's been driving our growth.
So we view digital identifiers being deleted as an absolute tailwind for our business. We set a since we went public.
And I think that will continue to be a tailwind for many years.
That's actually a nice segue into my second question is you guys brought up the measurement last quarter in terms of the 100 plus partners. This quarter you guys brought it up in the prepared remarks in terms of continued advancements. There can you just double click in terms of just the attribution and measurement side and just talk about the progress that you've made there as well as just.
How do you think you compare against other DSP that are out there and it's the differentiation between the platform. Thanks, so much.
Let me start on this one I think the biggest differentiation from a measurement that a people based DSP offers versus our traditional large competitors is that we can measure in store sales or offline activity as well as online and E. Commerce transactions that are happening everyone. That's relying on a digital identifier is only being able to measure.
Or reports back sales in these.
E based environments, which is primarily Google chrome now so the biggest advantage is right off the top as any business that operates in a physical retail space and in E Commerce.
Online is a sales channel we blend both of those back and we're able to for them to understand what which ads are driving in store sales, which ads are driving online sales and what that means for the total revenue of that organization that is by far the number one differentiator when it comes to measurement.
I would say too just from our standpoint, we continue to offer we continue to rollout a ton of innovation around measurement. It's a huge reason why customers work with us.
Value and the benefit of working with the people based platform.
Is in the measurement you get to truly see the return on AD spend.
And then you get to make clear decisions. This was taken for granted years ago, because big tax other than a cookie or.
<unk>.
Apple, giving you an idea FAA it was easy for everyone as the easy button for measurement you knew that you showed in AD did they show up in your website download something by easy, but when you start to think about those going away marketers have a huge challenge right now and the big trend that we're seeing them really taking measurement in house.
There really hasnt been new measurement on their own in the cloud maybe partners to do that when you think about us.
Like I said, how long standing here, but we have our own data lake platform that connects and either customers use it on their own and their own clean room or we connect into other third party claim rooms like a snowflake. So we have a huge lead here and I think that youre going to see more innovation coming out of US. It's also going to be another big.
Reason, why I think our revenue growth rates to pick up in the back half of the year as well.
Thanks, guys.
Okay. Our next question comes from Andrew <unk> with Raymond James.
Hey, guys. Thanks for taking my questions.
One more swing at the percent of spend issue, so with 60% of new customers coming in at percent of spend and revenue kind of in line with guidance and <unk> does that imply that the shift to percent of spend is kind of progressing in line with your expectations. So far.
Yes.
What we don't control what I don't control is when we go to market and the customer, let's say like last year, They test us and fixed price I don't control when they make the move a lot of that is an internal decision. They have to work through MSA process those can be lengthy.
What we're seeing is is that we had great success last year with those customers and tougher our platform they have shifted to percentage of spend their spending even more and.
What we're not having to do is prove ourselves at the start likely did let's say for the last couple of years now the awareness level around <unk> and our Jamba software has increased dramatically and a lot of cotton you see it our customers are holding us up saying no I'm not going to do the MSA with you yet I want to test something.
Theyre going straight to an MSA and they start spending the benefit of that I would say that it's not that it was more than we expected per se.
I think what we don't I know our retention rates increase in.
And the percentage of spend and their spending even more so really it's fast forwarding our progress in our sales cycle with these customers and I think we when we think about how much customers are spending with us I think it's fast forwarded us in our long term kind of projections.
It's actually a really great to see does have a drag on the short term on the revenue growth, but again, we think that's going to subside in the back half.
Understood and also we saw some strong results in some of the emerging verticals like our emerging channels like audio and digital out of home wanted to give you guys just a little bit of a carte Blanche to talk about how those channels are driving value for advertisers in your platform and how big can those become for you over time.
Yes, definitely I mean, when we think of streaming audio it's the next most exciting category behind connected TV has all of the target ability of the measure ability and the unique engagement with the end consumer where they are.
Listening with full attention to podcast or music.
In a car so to US we look at streaming audio is another huge channel that can be unlocked in the future and everything we're learning on connected TV is applicable to streaming audio as well to digital out of home. Obviously this was a big grower prior to our IPO prior to the pandemic.
Hitting and we've started to see this emerge now is a pretty substantial category on many media plans that marketers are looking to reach but I think overall the strength in all of those channels really is a testament to our household IV technology. It has the ability to buy across all those channels, and then understand which add within those channels actually drove the revenue for <unk>.
The customer and Thats, where the measurement kicks in leveraging this household I D. As the best way to actually plan buy and measure omnichannel advertising in a delta so to us we see huge tailwind and streaming audio enormous tailwind, especially now that the pandemic is for the most part started to come to an end I know COVID-19 keeps flaring.
But I think our society is kind of moving past this period and digital out of home. We are seeing is on many many plants.
No Andrew one other point to just around this and why it's important.
When you have broad based spending growth across all channels. It proves the point.
The adult think software is extremely valuable to the customers. There's plenty of other companies that will have one off.
Growth shoots or within certain channels, but it really shows the value of our software we launched as of today.
You could have a great idea you could have great capabilities, but if your software doesn't make it super easy for them to buy and then understand what they got for their money theyre not going to consolidate spend across your platform Theyre, just not the marketers and talking about.
So in the end this is really a yet another proof point that our Delta software is really enterprise creation, we're making incredible inroads out there and now with even larger customers. So those are all incredible things to see.
Understood very helpful very interesting. Thank you.
Thanks, Andrew.
Okay. At this time I do not see any more questions. So I will turn it back over to you for closing remarks.
Alright, I would like to thank everyone. Once again for joining our quarterly earnings call and we will see you next quarter. Thank you.
Okay.
Yeah.