Model N (MODN) 9 Nov 222022 Q4 Earnings call transcript

Greeting and welcome to Model N's Fourth Quarter of Fiscal 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Carolyn Bass. go please and you ahead. Thank

Jason is Good Ederer, N's on Chief Welcome Chief are Model Financial Officer. Bass. quarter afternoon. the Officer; of John today me This fourth With fiscal to call. N's Carolyn XXXX and Model Blessing, line Executive earnings

and views performance are as Form on Our earnings information refer is call and forward-looking XXXX the The forward-looking or first with outlook should of to you to the call with update issued of this was current our financial close is as fourth differ recent statements and be fiscal may factors These results today's filed statements. market made press our statements commentary forward-looking Please year purpose relied to offer subsequent outlook. our on any SEC. representing obligation based of release regarding for Actual the most quarter disclaim and posted XX-Q include upon on may quarter XXXX. website. in date. of any We our ending at a management's views of and The not primary provide any XX, September our today expectations risk as materially. fiscal

at access non-GAAP fourth or XXXX periodic call, for, webcast available today's to to in this and be our non-GAAP I the financial SEC you isolation considered non-GAAP replay GAAP we fiscal earnings measures metrics during addition, substitute are financial press included from, visit In to Reconciliations press should on which as nearest release our not website in our discuss Relations will reports, measures. the issued website. the and call. of release, a These GAAP addition metrics the is results. in to, today, of quarter Investor encourage investor.modeln.com

over call year that, to XXXX me turn in to results. all call Finally, will comparisons the let the otherwise unless with And stated, be Jason. financial our fiscal

Thank beat that am to call results revenue. revenue, our I you, welcome on today. to revenue, expectations services pleased subscription Carolyn, quarter professional report fourth total and our and

from We also levers. healthy our saw growth a all of contribution

Our a all proud metrics. strong N team to how I'm is Model key and of the across our QX performance XXXX executing marks end for

am As accelerated on progress growth. XX% consistent SaaS with full growth report to this have XX% eclipsed our pleased and I seven reflect rate the the XXXX, fiscal year we've at I year quarter. last to points SaaS and XX% QX, a in exit year to year, we pleased that set start delivering throughout exceeded for the growth goal. XX%, I'm we execution the of At profitable the and the made target ARR revenue a just from up

Model the that N renewal the has our a key among solution, subscription ROI results growth to of been fact mission-critical One provides very which rates. strong things, high other drivers in

made us. care business of business model transitions. significant cloud watermark for the subscription net growth retention customers of transitioning of XXXX, with was to customers at model a rate conversion transition year in new past on and to accelerate. leading This or pivotal our us. continues year, dollar XX%. have a as SaaS a XXth, our progress and remaining involves XXXX the during retention was been on-premise high Our And XX forward them our Part September best-in-class the to SaaS above taking months ended our SaaS rates XXX%, are also trending we

XXXX, approximately we have fiscal our Life customers As transitioned end XX% of Sciences of on-premise to the of the cloud.

XX upside ahead which the months, SaaS internal We of saw is reasons next and we XX substantially of remain expect transitions, the customers one plan our we over have all our to of to transitioned this for year.

sales dedicated most overall the momentum SaaS transitions, building customer go-to-market transitions, bookings part teams, to what's shift during new addition base three go-to-market is our out but made to last we've be focus this more even continued over to due SaaS composition alignment strong notably us the years to important In in a changes the XXXX, on and capitalize logo drove This has to in allowed sales our year. teams. successful

also professionals for This as and out Specifically, is a focused results on delivering more continued the had performance solely which a came worked quality professional that team, the whitespace remarkable like and and the our call several has SaaS of would expansions. to year, XXXX. a year strong I built became projects. deals team high not transitions, the services progressed, full prominent that fiscal financial bookings majority backlog trend excellent from strong of and XXXX were our sales territories for

logos, expansions, Next, base healthy to a signed by from also our enjoyed give board. update on I'd in an QX contribution strong the completed quarter. two areas numerous transitions, like new and SaaS Success renewals you was driven customer across of the We recently business. we multiple all

Turning cloud into Model company we a N SaaS journey. longtime global top pharma XX customer quarter, transitions, during to signed and the begin their

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the and into total milestone customers' leveraging Amgen and pleased Amgen In on latest cost hold innovation we ownership, which a independent additional moving As time N on live terrific tremendous Viatris phases. of building a and world's foundation therapies in the is a took we budget. model is couple I are transition, in completed of that of potential reducing of years, companies one deploy to successfully By future latest have The SaaS talked to to in and has the which leading last for a an important about very I'm project. roadmap. live their example job in complex announce the over biotech cloud, future. finally, Model Amgen. that which pipeline was getting QX, cloud, Amgen has grown the And N's of this QX, of doing a products on multi-year Model is

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the have investors, focused N better said As a our customers, in and I've is past, N for stronger employees. Model a Model

still ahead. levers another growth transitions, partnership Our for which year our driving and employees SaaS of like all to optimistic and of the about thank are road our expansions, makes profitable we new shared have customers I runway sustainable, would growth and me logos growth success. in levers great of customer and also

John to John? XXXX. year results discuss guidance and over our fiscal and QX I'll financial for QX to Now, call turn the provide

Thank to you, afternoon Jason call and everyone on good the today.

exceed we closed here another year noted, out QX. which Jason As to strong the with again us enabled quarter, in expectations has

acceleration that been XXXX, been key arguably the from back at hearing an Looking and a fiscal this themes has us. you've continuation of

profitable on first focus our driving The is growth.

year over flow at fiscal free the revenue growth $XX.X cash we subscription growth to the of ending During the adjusted XX% improved EBITDA representing accelerate started XX%, as of total $XX.X by by XX%, we half drove XX% million We grew increased margin to XXXX, million. revenue of second an and year.

The accelerating. second is of theme is that our business the model transformation

during is pace. progress in revenue As results, transitions XXXX a Jason being financial declining noted, we SaaS that accelerating with in made growth at and our QX, maintenance to SaaS reflected ARR XX% now execution fiscal and tremendous on faster

the up well fiscal XXXX. see you'll professional the Finally, growth in performance us growth in has solid SaaS our which of in set services revenue business XXXX, performance and remaining our very for bookings strong fiscal obligations, both

the Turning guidance. top exceeded $XX.X revenue, which Subscription we also the revenue total by by upper grew fourth to of saw results $XX.X million, Then range. XX% exceeded professional quarter, our year-over-year our XX% which guidance and our the financial for million revenue million. XX% to services $XX.X upside and to end end to of increased grew

our full in in reconciliation earnings please our our of profitability, be and as terms keep release. results non-GAAP mind discussing provided we'll of the that In numbers

million expenses of for margin to to was fourth we QX Adjusted Non-GAAP hitting with XX% the last due higher the of of continued roughly to $X.X in at that gross $X versus non-recurring EBITDA XX.X% versus gross XX% third pursue. year services of a was line sequentially G&A million, range corporate XX%, longer margin initiative margin the million a quarter total no guidance level, $XX.X for million. profit expected development subscription than $X.X was For a in QX XX% year. expenses million, high to related hitting quarter, a elected remained for professional ago. which XX% representing representing compared gross in to non-GAAP non-GAAP very our margin $X XX.X% Operating and improve to were gross a quarter,

the of key driver net quarter guidance. business our our million non-GAAP Finally, was or this revenue. overall income was our share, $X.XX SaaS was to end in which the transition the $X.X of year a A high results and at accelerating fourth

of $XXX.X which an to For year. was QX, climbed our million last SaaS million, XX% the ARR or increase $XX.X over

as accelerating over couple would SaaS growth is of number that from now Our QX quarters quarter, ARR QX been benefiting SaaS last XX% from benefiting we're rate and to of also from note activity. I SaaS retention in XXX% QX net in has the SaaS transitions. currently in last our XX% XX% transition

for transition the year, successfully $XX.X cloud, at to our revenue to decline In mid-teens we we had faster we it to million As to and a XXXX, maintenance starting the maintenance pace. is revenue customers fiscal in low the forecasted range. decline

our revenue total of of $XX.X XX%. In XXXX representing trends ratio we For revenue for the million climbed we higher XX% revenue year, was XX% fiscal our decline SaaS exited year for a indicator revenue fiscal to maintenance full XXXX, XX% in even these SaaS a rate the at with for our revenue. the of Overall, fiscal subscription about view business. XXXX, That acceleration positive contributing subscription the represented and year of total of an QX. as

and $XX.X and $X of of million equivalents, versus a million increases from million and million million sequentially of end year versus deferred cash in June revenue, offset last maintenance revenue. in the high In up revenue we the was up end versus year. the QX, $X.X $X.X partially $XXX.X we've $XX.X which deferred seeing Current sequentially up terms by been million deferred ended last and declines sheet, At level, was SaaS year. balance of the with up

depending of the on fluctuate can timing revenue deferred always, and other renewals, factors. As invoice cycles,

bookings our future predictability on or typically obligations. our performance of recent the indicator remaining an RPO As we performance focus business, of and

XX% months' success on our which million, of up while of balance XX%. to improved For increased which visibility next has few revenue, over the at was with been subscription exit having total which percentage we the basis, $XXX transitions, end RPO back QX, years driver of and $XXX of been we've minute. business RPO of as fiscal growth longer guidance That revenue million, be give our get XXXX, key to current for ratio steadily current we'll a was and current RPO of our The the to the was tend XXXX our SaaS And to last total deals. our of XX% model, a representing RPO larger, XX the the has term our XXXX, represents fiscal you grew a as the sense year-over-year in midpoint up portion RPO year-over-year. of a subscription XX%

transition fully as There I will our on our ASC we will of And be to will to Under XX-K fiscal increase address Before will to new by means our count future related a standard. in standard, Treasury not our prior no the our convertible be new method. filed as-if Starting adopting FASB be the treated to that convertible quarters, basis. regarding I XXXX-XX an adjusted our converted shares let modified share first me it our accounting more but accounting million QX versus diluted housekeeping for detail. outlook, when retrospective on This about item or results. our will encourage a impact XXXX, would financials. impact review X debt basis debt you EBITDA a non-GAAP

looking fiscal Now, our at guidance for XXXX.

subscription For first revenue million to we $XX.X range quarter, services the and million of the million. be professional to of to $XX range million expect million, to the million, in in range of fiscal $XX.X $XX revenue $XX revenue the in $XX with total

$X.X range share fully We for of of And our to range shares, $X.X EPS, from convertible as-if million shares a a on expect the to including are $X.XX converted count based million. XX non-GAAP $X.XX adjusted we the per of approximately million EBITDA share be to expecting in diluted debt.

revenue $XXX which outlook the end $XXX be $XXX range million $XX to in to is million of to total we fiscal million, subscription of be full range of year services And million at million XXXX, the that $XX to to $XXX professional the to in million, preliminary range expect $XXX be a of to million $XXX earnings provided in on we we expect revenue For of our QX the of high the call. revenue million.

the a as-converted $XX based We expect share approximately the of million $X.XX of per diluted convertible range be debt. million non-GAAP adjusted in shares, the our to and of XX.X account million in EBITDA be of on to to share inclusive $X.XX from range $XX EPS again shares fully to

which offset transition do to we model, due rates growth maintenance continued on growth have while in but For comparisons the guidance reflected the in ARR QX guidance steeper specific declines by should subscription QX business SaaS partially revenue, our not the provide to with growth more Further, year, growth, we SaaS easier revenue. SaaS and we accelerated result assumed comparisons, our in difficult. in ARR, see the year-over-year transitions and in rate expect QX of get blended more then QX and as and moderated elevated for

metric We also SaaS our a expect to net trend. retention similar follow

to full we rate in above executed fiscal beyond. of growth, declined momentum and will SaaS off maintenance building revenue the with long-term we we business. we're expect by our do well XXXX and our pay in more. year, For made our XX% XX% progress on ARR summary, In XXXX strong business fiscal growth The for be model significant in or SaaS target that transitioning

improvements investments heights. already are SaaS an business, flow. revenue resources in and from our cash And of focusing climbing expect continued We visibility and to to on the drive increasing new profitability RPO improved we mix benefiting with by SaaS

I'll questions. turn over the Operator? the operator Now, for call to any

you. Thank

Needham. be proceed now MacDonald Please a comes Instructions] Ryan. question, will question-and-answer The question from your Ryan first with from We [Operator session. conducting

it's to business, logos. taking close had and Jason, the transitions, success for base see thanks SaaS activity, it's been broad great sort you've across a a the questions fiscal year. on of from great that whether to Hi, congrats really obviously, expansion strong my new

your those where you think or invisibility about growth we of confidence for of levers in pipeline, and relation buckets? the to maybe the implications I'm guidance As of maybe three the in and the seeing year, curious what most mix you're fiscal XXXX, have mix for and next terms the what or

evening, Hey Ryan, the and good thanks question. for

year, build really about, we year. talked get we we are the this the the get a drive accounts been mark, multi-year XXXX in expanded N. XX% customer SaaS we've to on conversion, and in about, some And as to that so transitions so fiscal over new still as hit yes, or of roadmaps to So, catalyst transitions contribution expecting year, SaaS have past use into then, us for Model talked customer and from

as continue the have past in bit they come to I logos, up. skewed to on from and And will calls so And of new this yield to fantastic write I transition I The talked from investing in do expect, is expansions in we base, year, year. given see skewed that bookings then start that the SaaS base other year do will have expect we'll more customer out fiscal this the I pick we and think come And and on this towards we the to we chapter transitions. base. thing majority start products about as a close invest the final we're going see the SaaS opportunity, of new customer selling

about about seems transparency with And can prioritizations some that to growing terms of there, or be talk also state great think sort higher in of work existing Appreciate of those -- you a topic of expansion. to lie obviously data and know yield prominence been seemed just customer has you now. out like importance Thanks. you were color. valid driving hot would you conversations. the in priority be like I that was love right it pricing modules in customer top where recently. But think as pushing the seems That's you're sort of I It think that sales base the it. will

state as commercial one bookings a also to base. management. Ryan, your price question, on number for certainly, in the product seen tender nice we're the drive US. Yes, customers any this We've products, are and in really dependent XXXB, year, framing global our coming to transparency management you in great global do But global the point, make not look we customer growth price both international that from in our topics management, contracting hot forward

a validated well As product you has as that mentioned tangible validated very a said, ROI. as

it's So like plays are one any really it we're our products again, ensemble I cast are. customers' year. because that we number play, can that And going not multiple we run depending to to have of on this drive an I expect tied what needs

Excellent. Congrats, again.

Ryan. Thanks,

comes you. The question Thank William next your [ph] BTIG. proceed question, McNamara William. from with from Please

what case and I Hi. to different Thank my a might you taking might the business base how recession? how for for want that than is the to react call. the know and macro XXXX, business environment in model be service And legacy group. the

Yes.

themselves strong outlook for QX So entire of the from results think not of when our pulled the QX, end full as provided for QX our guidance up We call. and these of our the to uncertainty for the year range does itself, in speak in just for would I I year. the started our but some say bottom terms the manifest also and results, year macro,

N go get as of more the with tailwind our continues just core products. year as well and regulatory also getting as Model to end have we to we as So into the business nice on-premise regime, which complex, momentum, some both the that life then on well we're drives And business. closer services some good

So positioned the start year. we about we're where as feel we good

Okay. you. Thank

Thanks, Will.

with Please proceed Group. you. Chad Thank from comes Capital question, The Chad. your question Craig-Hallum next from Bennett

and strong think standpoint bookings out fourth taking biz, and SaaS and for ARR a there anomaly of kudos on year-end quarter from question. my days. Thanks I Great. just kind And your these the overall

impact it around elongation the otherwise anything from hear So I but anything I deals? additional or not it's and -- in -- seeing the the up regarding that cycle numbers, assume sales to-date? Jason, and I really you are didn't or shows mean you're macro results a on said, numbers like scrutiny whether

double on and Chad, the question, last for thank good a Yes, that. quick, you

started for healthy the nice as business. We pipeline fall planning actually exited remain in in saw August the as trends the next and XX customers got into we a uptick Our months.

is have US either exposure. been that haven't macro yes, I thing is so that any where of channel sell with of in tend seen macro we've or market as mention fortunate to our heads which customers we regardless So to access impacts lower are other bottom and sales problem much business, trying and far business line level products that help solve. CFOs we of the sell. major and We and a the that And do think bottom heads top would I Europe line in and a we a of

resonate So does our well environment. value tend also macro an in uncertain prop to

So we fortunate. been have

the close have said you then the ARR the of And in I you've in that's no, great know, I just year what's bookings don't just year really hear. any cross-sell, the And year? really $XXX in like in a the the to -- second of acceleration a last the of a you or expansion second of net about number and then terms from of a but too number especially really strong. million, impact expansion to acceleration half down to saw, net and SaaS the way last ramped Jason, of just the think half non-migration good qualitatively there net standpoint. pin want a couple good quarters, talk on really on I much, new cloud is upsell

conversion Yes. tailwind in certainly there's and there maintenance that from from SaaS a to bit of ARR. SaaS I transitions mean, a

customers only steady net that build us really improvement I for is I've as with to been just multiyear transition, to not new of a been and products, in but SaaS have retention. geographies. maps a script. in fantastic what's think driving SaaS reengage his and do expand And John the said adopt all out usage mentioned that road lion's transitions But catalyst into other other divisions the year, share dollar that

one And last maybe it. John. Got then for

guide just particular, kind about the So, on in side. initial thinking the of subscription

I It really a as note closing you subscription next seems You had, ARR standpoint, it ARR and standpoint, assume a Do Is heading CRPO you was visibility assessment? new and like based strong. business? in the this on new the last SaaS for have revenue, momentum just what upcoming good net ARR the a to net from year, year think, as high you year's closed fair exceed kind ever a whatnot. you've coverage is of from that on of year a especially expect

I back and continuing two things look business, is one to transition negative the if on that that are and SaaS the our step Well, maintenance about side things biggest think that we've this ARR. positive and the the between on so at drive one talked you

specific pretty XXXX. provide would to in guidance terms FY thought tried each we so And in do we what of

I'll let it. the So for guidance stand

So dollar think sense as will we ARR expect that year. be terms values -- SaaS for I of where the you exit some and to give absolute the we would in

And it understand appear we're maybe just in new is bookings lags -- are in that. significant understand fiscal being guide muted I bookings and I kind everybody on It just assumption the But because in on that the subscription guess days or I'd new because environment of in. -- rec like the a in in Again, guide. case you just Okay. the conservative a of is these I and doesn't subscription but uptick we're guide, in say, net year for you again, execute in? there's just doesn't quarter revenue the environment first quarter the of that is net second seem

side answer we geographies. lot the of expecting activity We don't previously, exactly. on the the transitions SaaS continued I due don't as Jason we've lot then of that, logos certainly that flowing guide and honest. bookings and as still and initiatives model we have through new be front well perfectly new around net upsell mentioned cross-sell on got a But drivers to are bookings to performance the exactly a how know to

And model. so bookings on very we to continuing new into are drive focused the

little acceleration of if of is side growth lines things, expecting think I the the between we your are but strong also SaaS kind looking number. the perhaps we're missing to reading I'm of what another of maintenance maybe at downside the question a very is bit, on still

be we'll we work maintenance time that subscription FY the to through And decline. but so XXXX. way with still unfortunately think I that of the number and to done offset provides are And we FY impact starting as biggest down an our through XXXX, get that total in

Yes. Thank job, much. so guys. Got it. Nice

Chad. Thanks,

from next The with question, from your Joe Please Joe. proceed you. question Thank Vruwink comes Baird.

what's guess then RPO Great. subscription Hi, really like there one bookings stab maybe in have you're on just of own high on FY saw my providing question. upside have take everyone. you in that coverage But a you might XXXX, if way interpretation to current in FY frame XX-month next so I booking I'm recur the forecast at based XXXX going the you to today? revenues to success it, be

our over and reflects today. we plan Well, I really expect would we But guess, see as execute I well, If some we upside our forecast. sure. perform I to our it mean, our guidance forecast

point John gave to so John to while on on number continue maintenance script to thing One about again, and is add continues final probably how that be is in ARR that very just healthy. our decline year to to depth his going to that would in accelerate is this I where this. have said But be SaaS the maintenance this will and and we year commentary talk what Okay. is decline the attention your accelerating that significantly

a kind large, Okay. like so can was Yes. the and That's the long-term Mode engaging provide point? pretty long-dated in strategies on and kind these products there what you this of at a maybe RPO, you component composition that Model N almost are Customers XX%, commentary into transformation broader good that's enterprise just with reflected of RPO? on think particular getting Then Are of relationships. up digital the of high in point. out level scope effort seem earlier long-term called looped or of is I

add on Joe, can like. John you'd I'll Yes. if that comment then and first,

selling RPO as top trend really the to to them execute made the we've related where think up products. in that some customers long-term contracts is mentioned in And progress year signing on additional to XX, with top use they I able long-term transition. our SaaS I SaaS XX as in their name, their the one not transition we're this them cases,

been combination as products. selling large and to So again, well it's renewing customers speak, our with great so a them nutshell, for progress of as our

think larger are impact deals tend Yes. -- those be and we nature. that RPO, in to to longer on do And SaaS with number. regards before, as having the transitions I And commented sometimes the with term an the

might us or length. deal sometimes deal. for be five a transition in typical So years be SaaS a four three-year deals can

Okay.

terms G&A closer me. margins, second would a of trended EBITDA contemplated out starting investments back certain XQ in the moderation for anything your XX%, for Okay. guidance margin add in call are relative non-recurring I half to expectations? Last already a to one think, If factors the in there those any your calls outlook as I XXXX swing for levels. Are you of bit that or

of question, actually, important things note. thanks are to make Yes, not did on of comment our -- and a operating that I expenses a is there and seasonality for couple the

merit the that's effect. in quarter increases year, into first so go our the when And of

And do fiscal that fourth the typically to uptick the again and we other happened some see payroll uptick well then quarter. in activities And see the in an so in related -- that first we as taxes. expenses an as second events quarter, from

So calendar year. that's first the of the quarter

little terms bit margin so back our and QX recent we same look you I QX a are lighter typically and trend. and that QX see you'll QX if And in think in versus at years, of

Great. Thank you much. very

Thanks, Joe.

with your Joseph. next Thank Truist. Please comes question, from The Joseph question from Meares you. proceed

[ph] This is Joe. for Dominique Mantella on

your at into semiconductors So to Hi-tech elbow from regarding software the noted you've also and point. segment, components intention out some

expand And main your So hardware management software? do for Thank differences TAM? these between extensions are you. revenue what the how versus

manufacturers component a there component quite bit semiconductors, has been mean, logical I of adjacency Yes. similarity and for that's a between manufacturers, why us. is

characterized today, still the been manufacturers billion we've our selective in getting High-Tech because channel there's about there similarities TAM. we've business, as about it's $X.X that into we've and And the talked a as about market high-tech, Software, component and the semiconductor of a are past, -- heavy revenue. XX% if total some is

underpenetrated to to manufacturers. then and tech, where and expanding into component case, other manufacturers So semiconductor on dominant of getting move now into instead semiconductors also we're are sub-verticals right in the manufacturing. And some so us market component in continue really focus for is high into strategy an the adjacency of

that's us. a for step So logical

Great. you. Thank

Dominique. Thank you,

comes Please proceed [Operator Instructions] The next from James. question, your Raymond Brian from Brian. with Peterson question

gentlemen. for Thanks Hi, questions. the taking

longer-term wanted the of you white of kind So Algo? the on a opportunity are space five to referenced. terms the opportunities But take customers should what that following but white that about lens with thinking growth be post in three we about the to nutshells I excited really next your space over the most -- two years Jason, renewed that you're

product into just we're categories. so it we're because that creating. broad like state that's market TAM characterize is would price engage I new sales, to general essentially One management, things products three new transparency bringing that new

so as Model second implemented not and divisional one as we've deployed N have the example, past, expansions customers but division, gone The have years and others. an several that the in through Model we about talked They've haven't M&A is maybe fully N. in over

So outside like the expansion play. and markets And is expanding that's global then are geographic, products management I US. price that that of the tender and and really other like management the for visional selling purpose-built global

them those three it and broad So I one large, in think are each exciting. meaningful, about of and categories,

we the into relates guidance, having follow-up the has prior it a RPO year it we than extrapolating XX to that months' been that this years? read is should is into maybe RPO how the guidance Or on the for current for you year? comment a higher more this curious in be that comment should visibility current John, your Just more conservative? And it guide I'm next potentially Great. as percentage of

Yes.

the we're was that to on the business the made with really getting now. regards So visibility comment

And a the model. benefits of in fact, that's, out. course, transition the And so of that's one making playing recurring into SaaS to cloud of

transition. as steady year that we so And increase visibility we've seen each a in move this through

guys. Thanks, Great.

Thanks, Brian.

at to closing remarks. Jason are to the back call Blessing time. sir. turn I'd questions no now this for you, further Thank you. There Thank like

operator, for and us joining everyone, you, Thank today. thank you

for a with road execution pleased As thank great Model about extremely the quarter joining discussed today our and all making again, strong XXXX position profitable us today's night. excited another this ahead. of past Thank on the N run. closed long we investments you. with and very for also us And to delivering I am call growth, fiscal results, while you very I'm have year,

Thank you. This concludes today's teleconference.

this and time you You thank disconnect participation. your for your may much lines at very