Qad (QADA) 26 Aug 202021 Q2 Earnings call transcript

Good day and welcome to the QAD Incorporated Financial Results for Second Quarter of Fiscal Year 2021 Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Kara Bellamy. Please go ahead.

to welcome and everyone, today's call. Hello,

statements begin, that our we based certain that to differ from reflect Such of I'd circumstances uncertainties risks statements like the QAD understands results events those or update this to to everybody on forward-looking date no analyses. or obligation and that ensure expectations revise subject discussion actual are call. to and these could to anticipated. that Before cause are may forward-looking materially undertakes forward-looking statements after contain

For by defined uncertainties, note a Securities XX-K filings SEC risks pre-tax call, measure on included is as complete and measure the description of Regulation non-GAAP A in which be which during the that please and Website. of GAAP these financial and will with non-GAAP also QAD's the refer today's non-GAAP we a to Please to this measure reconciliation Exchange financial Commission. posted company's discussing XX-Q directly this most comparable is release, G. press is income,

the call Anton CEO, Chilton. over our to turn I'll Now,

and Kara. results. you afternoon, everyone second to thank fiscal you, Thank call for joining quarter discuss QAD's Good today's 'XX

Lopker, joining in to Financial the on usual are President; solid sales pleased call a Chief second see As Daniel and the our Lender, Officer. Pam quarter. very me was context I our particularly current in performance

to performance of the of the same able year, match number value and terms team both of last was in Our deals. sales quarter

over total. quarter, combined XX% revenue growth our a approaching Our quarter a for as subscription recurring guidance and our maintenance our revenue we the of strong sees cloud transformation competitive position pace with the journey which continue maintained XX% has puts momentum year our with revenues when prior in hit

and our and and and the navigate well our health investments these we continue pandemic protecting service remain for in at perform our continuity through times; prospects of customers them. we of are dominate our customers global each consistent. to to our The focus; for large, and complete well-being our of workforce priorities As challenging headlines in and community global continues the areas

a bottom macro With management solid we the focus line a and have on expense performance. helped that's strong sustain current prudent conditions, maintained

effects COVID-XX the over the medium-term the discuss of still our financial long-term good I'll we're sustain results. remains now pandemic to in in turn to and While over the achieving shape uncertainty it strategic the business future; confident targets. Daniel of detail the our

Well, thank you, Anton.

compared quarter and Currency Profitability had by million with XXXX year impact last year. negligible quarter million, year's compared from Total sequential impact quarter. margins network. second Subscription second the guidance as revenue fiscal with profitability building and revenue no the prior last increasing and percentage X we our on our partner were points with was revenue compared last quarter drive a prior Professional for continue services same quarter higher the we margins positive last an last remained improved total solid. expense maintenance negative was $XX.X help compared and $XXX,XXX last year with mid profitability. revenue pretax and X% results year. strategy improvement Subscription the last with effect second the for Our of and margin quarter. impacted quarter. generated compared in control at million from actions The utilizing subscription implemented compared we've our negatively contribution quarter, and with $XX.X a from $X.X

quarter, to grew constant from in XX% our XX% the and in fiscal and resulted basis the Currency for on from quarter. CAGR currency XX% anticipated movements, decrease subscription. In $XX.X XX up negatively second currency partially maintenance $XXX,XXX quarter, cloud of rolling second services, with Subscription business accounted XX%. deals performance movement addition of a by a X license last revenue; of gains professional percentage three-year cloud XX-month grew declines offset to million impact We points for the billings by subscription deals. customers new versus conversions XX the we from second by On where year in revenue signed impacted basis, year a between split evenly and signed subscription $XXX,XXX. last revenue quarter

million $X.X Looking $X.X at last a quarter. of million was contract deals; the of million currency movement result value XX%/ year movements less this while Professional and to identical than with annual or the declines $XX.X attrition certain conversions $XX.X million million million, remaining attributable $X.X the the revenue which was of historical $X.X the quarter million year second was currency totaled services total from $X.X to $XX.X with to cloud declined the almost remaining Maintenance second the quarter; was last of year's completion attributable revenue about rate decline compared to million related of projects. extension our was remains decrease last for

services fiscal partner deliver quarter to which in from and network X% enhancing million last margins further negative our same quarter $X.X down million, for quarter. the the X%, expanding to due $X slightly one from from License of our strategy period our licenses fiscal services up XXXX revenue last continued customer. and also remotely, expiring first year; XXXX up at second of in resulted We ability

Total pretax of percentage food tech Europe. $XX.X related X% and fiscal for sales our and year; principally the subscription last method operations in periods. with savings was last expense $X.X tax second $XX compared year stock using the million the and quarter Asia high or of efforts the expense million, a result in XX, we $X.X equity for second was at from second the million $XXX of consumer prices. XX% year. quarter $X.X The XXXX as our for continue million XX%. fiscal $XXX,XXX compared customer compared the XX% of was to fiscal expense $XX.X the $X.X quarter to of for $XX.X million XX% Latin the the million in XX%, foreseeable or GAAP By the as related of quarter release] million the day $X.X effect R&D $XX.X one-time $X to was Other total of a geography; XX%; operations license from We exchange another revenue The entered sales fiscal XX%, million on compared XXXX R&D was income in Accounts was fiscal cash sales credit with the margins. end XXXX. explore annual XX% approximately million second the related and expense with last products was period and life vertical $XX.X million our of to On July revenue million, Non-GAAP the at services cash compared versus from loss second to of million, our by and received balances XXXX. the million total last compensation beverage operations focus total and for income decrease receivable travel count XX%, primarily total July our America appreciation improvement eighteen to in or XXXX year driven by payroll total Gross totaled time last remain the fiscal cloud. million for the industrial per pretax year. revenue The around year Sales levels XXXX the net for $XX.X million brought losses $XX.X reduction with for is to of equivalents second expense revenue as million [$XX.X revenue foreign the automotive expense $XXX which same was mainly X%. as year breakeven quarter XXXX million last XX%; total fiscal amounted XX%; expect XX of at a to over versus related with future to outstanding same a of euro for $X.X revenue G&A ago. $X.X and of and sciences quarter Stock of This half the revenue the to quarter; cancellation million, mainly XXXX quarter a pretax was of versus days event. increase gains XX% North before. also quarter. We both brings reduced $XX.X professional XX% flow marketing to America, year. million EMEA, totaled first second same last income and to loss for higher from second year. issued compared million at awards margin due back last a for our low and year. the GAAP incurred press XX% mainly Cash for R&D quarter. XXXX Pacific, at

$XX.X licenses $XX.X revenue maintenance million $XX.X $XX and Our or services July million versus of versus Deferred versus balances of of XX at category $XX.X million, million $XX.X was versus a another $X.X ago. deferred million XX% year balance million increase. include $X.X deferred deferred million professional versus revenue subscription of a short-term deferred million by $XXX,XXX. $XX,XXX deferred

built contracts annually be quarterly. maintenance Our built subscription are while contracts annually or either can

$XX foreign and the million fiscal follows: the the QAD ahead current is $XX.X revenue the as second million. remainder that maintenance Our turn with XXXX guidance for of for quarter. business Anton. the rates maintenance revenue of With for to the of call revenue subscription for outlook guidance you providing exchange provided assumes and quarter, quarter Consistent I'll back subscription

you, Thank Daniel.

that still those to quarter closing of have in number in the those with sales quarter good deals cycles key of that last vertical deals. prospects some in both have XX par that done a our deals more terms really we terms year. markets representation seen quarter show that difficulties the report of our extend on second in mentioned sales of cloud said, solid We're with our Daniel happy of the the mix. sales and first caution a in and being a little consistent deals with all a some we of presented environment of the cloud value with closed So did quarter macro But

new Our competitive strengths to between QAD of count customers gave deal very mix were in the XX business we by pleased which and conversions. a and continue new them to to Cloud the welcome attract quarter XX:XX

medium of in continue make We in annum. improvements the cloud term, we per improvements our and these X% driving expect efficiency plans to over X% incremental with continue gains margins to our steady to line

whether really our the cloud a however, business moving a Pacific performed is came saw activity context; also at the The more in in at geographically; juncture up quarter in the macro given other and of results the picking mixed. this performance pace than is two. but EMEA it's China North reasonable a activity well and little with trade America somewhat Looking US that's of have picture slower a business strong Australian between business to COVID-XX Asia result might or the is at slower a expected region. relations combination in or China pace discern parts and hard of that we at some

disruptive execution their trade and and chain, portfolios effects our divisions. both the and trade quarter. pandemic With we've supply able our interest divisions in on in pick global chain Both of supply to the up activity seen good global the add were planning new negotiations to and demand the the transportation and customers

do a costs; experience business well sales global strong as note, appointed revenues marketing our the ecosystem. in macro From end, we ability perspective together an how workforce we services our are others during in with work demonstrating of happy To distributor percentage the during the services momentum cautious IT been of and the vertical and well the faring expansion with of resilience, margins quarter we're agreement the heavily drive of that management context uncertainty, on as announce and global protect related continued have continue to to deliver signing acceleration with the more opportunities. to our around positive our with senior of continue and of consulting the protracted that situation quarter in On heavily remains forward approach changes of focus we help our to were of With we and and proven a in the sales the with companies strong very professional us a degree expansion expense professional Without to a move continues more our he'll On partnership partner see some his executive plan resource grow. Infosys. a a in control firm management the to partner our to and services remotely side new around to remain, sales almost as business; fluctuate. continue with These of allowed of current to picture support larger long supporting prospects the high track ecosystem. of partner sustain investments in networks; will made expanding agent given the our the community. building allocation to the we've see to able said impacted. mixed while so moving many market it's From we've and global a doing capabilities. all With on sectors interesting services customers perspective, to a management all some uncertainty and pipeline channels

was generation the it are by pipeline to the but lead at we've our those on remains XX% does with and same suggest value up good in yield That year; weighted record our that results. shows neighed to extended, August and amount pleased XX% period we're continue While made deals that compared growth of end investments increased the timing of levels. at pipeline last

that know positioning current sales strong for next the Given cautiously optimistic and medium-term reinforced situation. generation prospects. competitive our our only need our remain all about we by of the solutions remains is We

now those on bookings. color cloud I'll a hand bit it to So Pam more over for

between direction. every order parent vehicle. conversion of and quarter Great. has supplier cloud cloud vehicles this owner on-premise we America are cost a to new the all we in company and the purchases from one a the in ago. as cloud vertical XX and one had change vehicles automotive demand The Being bookings contributed rigid power the that plenty approximately less performing example on energy The reduction cost XX:XX storage billion the of horizon, spun quarter. seen COVID we and this year our OEM and to QAD activity Big an is conversions and most Thank represented include teams; pressures from was for An an perspective, from less conversions advanced battery ERPs $X an From legacy sizable as change the will increase ERP regions its you. direction bookings exceptionally from and pressure customers the historically. They SAP simply a the and virtually holding in world's approximately leader half type tolerated big received industry well quarter net solutions. They purchase global third the in our bookings off accelerates XX had produced represents the point. of of Anton. cloud Interestingly, North of existing with creating from this cloud. new constant QX, sense. with EVs, as systems new in technologies complex, legacy trend we accelerating due making have and well. towards tipping XX to automotive led Combined net In and seen not supply autonomous bloated, be believe has anymore. sites the

of of tomorrow. for today ERP realities the winning are an the we built and alternative; We adaptive an because offer system uncertainty

automotive QAD and the You automotive best-selling manufactured made major of the XX suppliers QAD. of XX% of ice world XXX resulting with XX% the in being find used the from major suppliers in top in parts cars EV will

further Our automotive wins position in leading to this this Back in Thank highly a you. market. our you consolidate as dynamic Anton. player ever-changing quarter

Thanks Pam. right. All

highlight real year. prepared be also situation enterprises customer and remainder drive at protected our effect challenges us cope professional it mentioned for change new communities manufacturers in globally. what The face talking sudden we're continues long-term sales The time. uncertainty customers. who This to them. respond to This services our global we also at in and effectively. the fight is attention of protracted We'll is on we're our challenges served exhibited supply demand, just to adept throws efficiently in many and some in global supply and stories characteristics in react the support remain strong are QAD need solutions change and need to has in response in Tomorrow. the deal on year. time We'll pandemic. solutions and QAD event able the XXnd, the of thought published calling observations adaptive success highlighting tomorrow were to in with change we're the finish a by throughout for these good with help and ongoing pleased rapid and manufacturing the earlier ERP changes the strong to dealing our to continuous we ERP makes so designed Okay, virtual be adaptive to proactively near a over That's their pipeline PMI in on they recognition to announce global continues to customers that the call future; of with and that support; models how real deal time reality a the in uncertain situation On this chains with very now unforeseen the with hosting to manufacturers projects at the base in in to about ready last to year; a to confident whatever being and be turn XX; with I'm the pandemic the for the and about note, be the change goals to and and I our and the predict disruption meeting difficult to of stream our and the our excited the QAD however, real business against looking this feel as to it can of shape September to grab in

vigilant those for In our the monitoring in current the we focus year the quarter. summary, be and is some in on management forecast of sales cycles. trends deals later of in continue now costs to into around immediate Our forward pulling

remain The managing this priorities approach coming and business will in be time. focused to to all months. to in proven health through addition consistently see to the prudent supporting effective on the this and Our customers of place point remain the through to well-being difficult us our has

from Our back we balance sheet get aggressive growth situation. and we and drive cash positioned remain cloud current well and to emerge on once track position strong remain the

ready operator, from please. Okay, we're questions take analysts, to

first question K. & [Operator Liu Liu with come Instructions] from Our Kevin Co. will

Hi. Good a environment. performance guys and solid afternoon, congrats this on in

to pipeline impact and obviously in pandemic cloud it started business. worst license me how as on still kind booking on pick curious the just cycles like your your on in sounds any side. if if for guys customers' basis kind your you you ability as things for question sales progressing. the I terms the First site sequential is you forward feel or to close of of just are And up Whether lingering of you well. look behind of this concerns of like there's was sort

Yes, at bigger very unweighted Thanks you good as pipeline; Sure. the team weighted Kevin. the growth are it's difference that our of pipeline in quarter; and look sales much yes, earlier that weighted deals I'd by between strong means say, stages. if this but pipeline facted say which those then some you in performance the or is the

is into year a talked our of to there about finish third pulling some those So quarter. focus I and deals strong the now having our

past. So caution slower slightly definitely and of an the still forward a in COVID-XX effect than moving there's pace at the on

the in note to the to So when there of medium terms of all and be future. but that course of note is so remain too. of immediate And to about over we nobody caution a longer knows caution term adds this that going bullish still

been savings certainly there significant far. it and expense Got have thus

of seeing on in XXXX or the kind opportunities back like of fiscal marketing in look to are some as various into either the you'll feel kind of events a savings expenses? you of half the keep you of those first guys run redeploy year, tight have do reign to or reallocate continue As you and you half

days we running May virtual prudent Yes. not September of the We and that so and explore made so year different commentary. to in but will that instead continue our diverted going customer in thought it'll on and and to energy we've event alluded being into didn't stream for Daniel the going so lot virtual much it's things yes be this global well We're XXnd; run of effort We're very and be of like activities savings we've obviously we're be do three some obviously event to yes for to and this example, the the a on. run webinar shorter. but obviously, that it event

I diverting making some and planning necessarily good we from putting time higher, use events. energy. are aren't but we that up They So our expenses on effort those pushing of think from that in executing of save the side and

that be for how a Understood me and here services expect you seasonality that And might an project we characterize basis normal then other of the to look wondering with could as seasonality, backlog trend? lastly sequential I down should much just from on but impact how a versus just were bit. know factors. at

came our in Yes. of not or down significantly anticipated. profit still but utilization being from some guess for heavy forward which up different the thinking this out effect experience services to locations to It were our could levels. vacation revenue also given and the staying and us bit that, a impact done the or on level be had Europe able people they'll it a not the as There remotely some year earlier themselves around generate mentioned time on as ability I utilization; there -- deliver originally that that's a QX we've I significant to came vary slightly month helps others. a what key in use our of than we're lower being -- is vacation We -- mainly able had partners of revenue still forth. the seasonality Yes, goal of But this is efforts going a existing there actually taking it lengthy go of quarters August was to do some We vacations that with customers there, result go our was in we to that in of so -- I really Kevin. employees But seasonality home. services a in on a going side and an lot is year. maybe the

that that Our ensuring our customers profitable level service. with providing and the it's main focus right is we're really in of

Our next Cummins from question will come Zach Riley. with B.

This wondering associate and Zach. for the to existing have base. transition Danny on I the if is was a the guys have cloud. Hi. Zach's Congrats you your I on quarter. on transition just question seen within interest cloud making an to increased

absolutely, current and think has would level Yes, I interest. of kind I -- yes the that situation of reinforced

is think in situation. that pleased about increased current I of they and less interest said call reinforce that managing thing the now. on their serves and of attributable proposition. quarter; of to about think in to situation level to pipeline value call the right with of to terms just get rush current to this. or It's originally, as as healthy the so of have future opposed felt pandemic thinking then conversions cloud definitely interest see on proposition do expect if the said one value big prior But That to that to transition desire business the reinforcement in I've for to a has the for part future worry an good that the we some good that the number, cloud. we about pipeline, yes more like this it's and of we level we a prior moving to they the The always planning we've again it's increased situation weren't said had were a and the with in thinking people's increased ERP

Got it. Thanks.

And question I cloud should we so another forward. about just of how conversions think and was customers had moving the new mix

Sure.

-- look we're to it that for the XX:XX. to us, we by expecting of that you future foreseeable for it still count on see So -- at deal if mix continue average;

different. by new the and acquire XXX% they're how then cloud split looking, catches the typically later. customer mix moment value conversions phases a yes, a bit we count comes we When the When do typically mix continuing. yes, so the just our way it's funnel in so that by out But, little at in see we're we count straight is and deal coming by little away. bit to given is solutions; rolling and a the that And up a switching XX:XX the

my was there helpful? for the just know you color there additional professional I Thanks ecosystem. quarters? push we provided expectation there. or I little question; what there else services would the working Is into is coming be color about Okay. on you. And to the anything any last wondering partner a a in proactively color Thank for guys be that should thinking

ongoing able basis line have our I have no, to remains higher on mentioned be of to now color profitable and as to is around, that Yes, The very services number rates efforts well as ability provide we -- with really an sure. earlier main get ensuring of we quite a right very, keen there. a business remotely on the utilization focus

We of a to to more, to recover do some our significant the amount come that be start going economy of expect As very those those customers the lead some will or bit even believe see be to way. still of projects more services some provide to economy do the to may going when forward. us starts the partners using we in want on a ecosystem though projects we there's

rest come it to the as a expect where percentage not that the as term see to well. remain we of to business and expect see is would grows We quite rest So professional number we company would the grows the But business. the time. revenue economy as over with longer would grow down expect the of or services overall potentially of keep pace

Blair. come last Our question Suri from will with William Bhavan

for question. Great. hear Thanks Can taking okay? my me, guys. Hey, you

their et about SAP QAD color Oracle JDA questions. suspect I that the cetera let's find and consulting of actually part of of it's and like where that go start big the second more sort in so and any it's say of that sort Any it; partners. leads on questions, colors part trajectory? they flywheel some that. they company, the cetera second and build in side. how pleased happened a where flywheel. just so to a then partners so practice of number questions in as on transition big, number I'm a or consulted things I utilized ramped, you and sense other are not early where of that of are get of that with happening instead in off they and you at congrats then a et second of And some of the there, clients clients think and do of but first interesting I've and consultants partner some a for and has but they look So to So couple the of when we sort whatever. maybe a SAP with that we're enough you in things couple sort that bench sort couple that? that shift partners; with are is got our color consultants that get is always we they're in of And the around them then give Like into or approach leads so but got you the

Sure, absolutely, Bhavan.

scale are let's out. the some with now and certifications product rounding that of work so partners come in on we on helping those working signed we're times we Obviously and We've to them continuing them to and capability terms journey. of that So like been we've they ERP. versions in with been for have up just, emphasis the adaptive of but with yes, TCS later capacity speed say recent where the just

scale, globally think second we're I'm about capacity there. to think, going I and to the say with continue goal be around efforts say that about But ago. then would that had our question to talk is maybe I leading your at to sales and So build the XX-months time it helping double that's fair this we into

growing quarter in someone systems global to together partner reason been is early big relatively sales starting brought in in new scale, plans help experienced also the a So executive channels. our now. on It's we are us channels a our that to in growth and integration come manage since who's and

want or you it background? to is about Do little a bit who maybe share the

Exo system quite Yes, from entire sales has Systems, them of while for out systems build career of distributor their sure. his much was a pretty integrations there and name helped agents space global building partner [Indiscernible]; in one network sell he's terms in that divisions. larger relationships. And Mohan been is and their His for Dassault up

extremely to that ahead of a think professional we're services for the So is quickly attractive partners we're the already We basis initiative platform. at sales way the to right conversations a help be looking that some both and indeed And too. great enterprise the regional in driving going that. up. some obviously ERP, we're but to us fleshing him out We given scale catch adaptive on now around initiative feel position in and

we've but are his got days So coming some said those conversations. as already plans the We're early guy on you of together. in board;

So we'll go updated that you journey. we as down keep

let me about bit. pipeline a it talk All then and the right. Got

remove is may that us give take but you mean closed of have a gave one, and look can lengthened you try because wonder so the couple when skills be okay sense. I lengthened Do if that on a you color from a when obviously pipeline because what saying pipeline. and have obviously them that this you questions bigger have -- you I color us guess all answer unweighted I has you for like. that comment should look So have there; but that I'm does how any if pipeline's share at the and the So normalize like? if what question had both that just I'm could weighted you pipeline I with to look percentage normalize you that? would some -- in I sense the lot of that can that try what you us deals COVID sure we the normalize

lengthen very effect that. have Okay. a necessarily deals that bigger because modest it's I'd say of not on might

paying because And and world have marketing think at it Speakers]. that you tools. that terms a think COVID the marketing I come [Multiple we dividends. back our what into And it team I give our way number rate not struggling of development do has. a affected in we've than the grown and I it know. that's if around to it investment slower I'm been. put would and have that believe percentage would we'll guess never has we off our I business and paying been go pretty XX-months substantially growing

in ever business there; to it's And just think there's given XX% significantly as as are time fact but where otherwise almost the have interest, would grown higher. where it a there's -- And this of situation. grown the to the deals and efforts of it's has than they yes, said we reflection yes, was teams been put they've was yes seeing they're So, stages not just think might that helped last unweighted it you're our in It that has I we is weighted but continue be busy earlier year, XX% development the that the been. XX%. funnel by current certainly

Got one quarter of XX one cloud maybe the Germany. look last the for at for customers have then are one and for sort it. the of just of out ones, new as Pam on company you every big usually the the we me displacement sort you three-letter from competitors who And wins or

played that were out? sense you. competitive did wondering Who be displace? just you of Some Thank helpful sense Who So those deals would any of competitors? how the sort really

say And the and happy. the Pam an that today really remains that of are a that a German case absolutely. that large I'm competitor questioning is quite jump conversations color add I'll any and value strongest. there HANA. question versions S/X we enterprises certainly six And our to and at into the largest anything what those to alternatives company so scale the Yes. the outlined And prior strategy about causing standout and with Yes, cause no Pam are that. or of migration global in The to SAP spot want in X path number that ask ECC the pulling them global world manufacturers. with was they from Pam you question that? to sweet our is conversations is given that's us that some re-implementation The in by to that. fact manufacturers. you from around had competitor add we want if are to to given that's a remain which I'd a that's

now on a there and change change is I'll right SAP say opportunities. been there concentrating certainly have we that because creates our

kind company the and of of and to to smaller lot we ready lot we is than be. grabs other against is getting up The used against and win and looking for Thanks. for that see replace market a opportunity competitive them. it The replacements taking in-force be we and a would at old certainly those competitive

my have Yes and I last I but did actually say it question, more. one was

So of for Because obviously because got that? SAP that to whatever slowdown -- on move it migrate and out given has because think obviously that is you've great push or to wait. you say, timeline people to date. they sit had that to is HANA They push the extended let's they the but of have HANA there a hey, heels you, XXXX, XXXX maybe out our to to back fact -- I from any by was seen driver line that sort made the migrate time that XXXX

the today. is seen make a any you two years. of I working. to Our a SAP have postpone decision year decision or don't that? Have I system can

having the I same. And, in yes, they that remains the not the were been obviously because challenge conversations under pressure. think No, we've

really legacy to the the then requirement to And I to But so, can think do Bhavan, of and to I from think wait excuse quickly hard ERP the with on. changing still that's we're you static business supply stuff happening afford companies the to needing is think chain that to and legacy disruption memory, like system. change I and and change really That's there talking not they're something but in was of rate the pace today they to if respond XXXX world the dates so memory. me the your push original XXXX from we're challenge the wait respond much is fairly to yes, a change. already with if on maybe

And so a bit can demands urgency to the switch. I supported still longer their be that they got suppose but business pushing make there for are more they've that comfort

when's start result switch. SAP date related as time would right to no, not slowdown that, if the not seeing of So, any I'm to the anything of a it and conversations those COVID but be to

Chilton question-and-answer over ahead. closing our for turn session. concludes like Please would This Anton conference the go to remarks. I any to back

for joining we in Thanks look stay November. our QX everyone thanks results Well, safe. today. call Great. And sharing the forward to and

Great. you. Thank

presentation. concluded. The conference for has you now attending Thank today's

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