Zuora (ZUO) 22 May 242025 Q1 Earnings call transcript

Thank you for standing by. My name is Pam, and I will be your conference operator today. At this time, I would like to welcome everyone to the Zuora FY '25 Q1 Earnings Conference Call. [Operator Instructions]. I would now like to turn the conference over to Luana Wolk, Head of Investor Relations.

begin. may You

welcome Conference and First Fiscal Quarter Good to Earnings Call. XXXX afternoon, Zuora's

call, Tzuo, Financial On Chief have for Revenue we the Tien joining be and our and us McElhatton, Officer, Traber, will Executive Q&A Zuora's Todd Zuora's Robbie Chief session. Officer. the President Chief Officer; and Founder

our events differ views representative of securities of forward-looking of make considered as forward be statements risks actual We and date. we'll materially call, disclaim our outlook. to laws. today's be that may statements that or obligation our represent relied are as any expectations under from that federal as views update expectations. and should not uncertainties any to several During cause and subsequent statements to beliefs today These subject These any reflect concerning only future could upon statements looking results

So refer the for that numbers the our factors of noted, non-GAAP. otherwise mentioned affect financial except risks our important other all revenue to today material and further finally, unless discussion are results, filings please could SEC. And with

reconciliation a find press prior results today's to period GAAP current and can You the for both year release. in non-GAAP the from

be release investor.zuora.com. replay today's press found website of Our Relations on call a Investor can Zuora's and at

you, Now to turn I'll the call Tien. over

would environment look the I against the you, on quarter, make the for Thank technology you, facing progress Fiscal takes I joining the we the industry. Call. and past Joanna, back When feel XXXX to everyone, puts I thank Zuora's First macro good continue Earnings Quarter of say and about

on deliver to continue We guidance. our

course, to remain expansion solid durable a deliver focused opportunities. enterprise on benefit And to with continue strategy We strong customer growth. profitable, our from we of base

$XX.X end record. subscription our at with revenue start non-GAAP was equating high operating margin, a we XX% up $XX quarterly to In is year-over-year which operating XX% range. exceeded at income the million, for a QX, million, guidance of numbers. Let's the

[ flow we exit the level this hit at last increase durability up of against $XX.X of year. One profitability, at to enterprise base combines cash expansion on $XX million for a last was of free the this ] of in XX would our Rule the an large anchor year. which finally, high framework, delivered to of million million million end Our customers from at track that say, installed business. $XX fiscal are adjusted we highlight we QX, $XX significant stable growth I our and quarter, QX the year continue of is of all-time from And our the

to this continue continue levels driving by Net satisfaction new customer Our Promoter rise is innovations, our love and opportunities. Customers expansion as strong measured to Score.

in In technology business adopting QX, increase new fact, with products customers we year-over-year in in cross-sells Zuora our another or saw adding units. either a

Some additional enhance like million a examples, digital customer our as a be economist, products subscribers adopting Zephr, that over to and Zephr they'll news experience. X Billing Their to Zephr using dynamic in leading the added are grow, base their continues subscriber paywall QX. customers magazine with Zuora

to new that commercial in connected and services business with the manages software for business us adopting units, for are largest of expanded suite automakers power its customers Our Zuora one fleets. telematics this time world's units, another

another customer analyze example, leader millions customer solutions cross-sells annual about to of help Billing great Revenue are global quarter, center contact with usage They advanced in Zuora to in revenue. billion and a revenue Our a monetize as with their point support them data over this AI-powered quarter, Billing added offerings. well, consumption $X.X Zuora Zuora to Zuora talked experience saw Last we Toast customer, working. we

with Gucci customers countries manufacturing eyewear brand, us they brands global Luxottica. their They like to regions. to our Oakley, expanded support into subscription or for service We in countries. produce new Prada QX new are supporting expand In eyewear and and

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mentioned on previous we we over our good revenue. companies of the and to would companies with faster committed strategy lands largest smaller, as with Electric, brands. one Now calls, of of billion $XX remain world's A in QX example great manufacturing Mitsubishi doing be

its like seasonality software factory the response with efficient more a continues systems, leading and of we the and techniques, new to lighter pipeline. generate and Electric are getting we're large what business however, more quarter. That deals, meant overall Mitsubishi in automation already improved rates they to and more digital said, suite inbound logo positive switching services a show indicators of we complementary support efficiency. for and lead expand recurring monetization that We're coupled seeing generation to beyond digital that As air Overall, will revenue. hardware lack transformational build offering needed the conditioning we with how being and

we is of quarter, progresses. acquisition And of believe remains opportunity exciting however, our strong the Togai. so as year our news most the that The

so I'd why talking so to through like announcement And is important. minutes spend this a few

an we've in in pricing, for seen SaaS Now increase especially demand the usage-based market.

terms of consumption our advanced is products solution one pipeline. Our fastest-growing of in

to of the that models strategy strategies, last really advanced this around that one really, about broader this all to thing say is explosion offering is even further models. solution I their total enables isn't on, our many, organizations need metrics QX, raw customers we're I'll exciting. just AI-based capturing in call monetize in. Togai no-code builder engineering a in usage developers But monetization. and a metering provides continue ways. X-step of consumption different have around configuration with products consumption and metering a about supporting and huge with where Togai we As This And and usage-based flexibility that have we've directly to information. usage-based to have our uncovered Gen seeing comes that data that through technologies. over usage selected many will But XX is Togai going There's convert that leading also a customers accelerate rating the

Zuora the next? longer like by subscription seems just the what's every description is I a Well, you buying about sure we transactions company onetime monthly models. But businesses you fees. maximizes monetization. company no at that? economy, and mean consumption about led of your another usage This business some we do it asking, believe predicted CEO innovations Total It's world So and as shift model subscription review meaningful and their total new like to less of the or new what's that next with of that concept Today, the way and monetization less economy, happened. target us that probably about are your stand-alone stuff multiple mixing a I, and power. know has is paid revenues helped in professional normal. target Well, what this we Togai value People shifting are or to this in or shift sales week, that a now business is of call also Fortune is the and declaring recurring services revenue product XXX market. percentage the is a models

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what totally software powering building modularized. unique is call stack are We model. total it's a what's I'll monetization And any that platform this about for business

or start can billing or metering you revenue with or So payments.

you Ultimately, our companies where entire them to customer layer us revenue our then order with pain is at strategy greatest the with process. new And you across able the be and base, look entire where expand time when to or point companies layer over to owning customers' see entire and so revenue logo a payments land some for is billing entire in the layer. our the other

fact, In is own our monetization this strategy. total

our growth finally, to committed just is not and And the new position you've as broader in that that so exploding innovations heard believe Gen over recent strategy that to land-and-expand to AI to opportunity. era. billing last needed portfolio critical the few usage-based the best We deliver provider. especially bigger emerging made this profitable Togai modernization we growing us product are all in approach enabling strategy sustainable, a our We due the is total acquisitions that summary, within a to driving and we've company's we quarters. And in And be the IoT. modular and another our believe the years that believe is are technologies us power in about simply opportunity to we key in put step lead journey, talking around this models capture

we in Finally, as Todd? customers turn that, our from business. With review we as help Todd subscribe part to live Bay of on join monetize XX let you them our the June over their to financials. us hope learn to more Area me the every call

expanded joining we and our our everyone, We strides free adjusted high our revenue end $XX.X the for profitability. total cash Thank continue by you, and our make range QX, range year. call. at for operating to Tien, to subscription were income million as our revenue thank of last In the and non-GAAP you, flow in our compared exceeded

fewer experience last as quarter we've by quarters our with discussed were call. and cycles the we growth for last including during the transformational customer longer DBRR churn, buyer the similar to continued and sales deals. ARR During those several behavior in quarter, earnings seen impacted

expect margin was of accelerate We QX As exiting record to progress expenses XX towards rate our our we're year. for second a performance flow. operating a Tobi half run the Despite cash the these quarterly free absorbing customer including and we reminder, year with recent of our acquisition. associated guidance Rule into and at headwinds, factored adjusted for non-GAAP had the growth already making in the good churn the

Now Professional at Professional $XX our XX% end XX% our $XX.X revenue. million in revenue XX% of which services I'll representing came year-over-year. a Subscription QX of was run growing year-over-year. the revenue revenue through high in services was was financial total results. decrease at million, of outlook,

partnerships hyperscalers. in over is with to gross points by our Non-GAAP with our continue our We revenue year-over-year. was efficiency SIs. basis subscription to time nearly driven up margin optimization XXX we decrease professional XX%, This QX expand expect continued and as slightly services improvement mix

in As was this margin expected a QX from services last 'XX, investment professional as decline quarter, and reminder, in fiscal gross QX credits. Non-GAAP of from QX last continued negative year. X% in was onetime in our of customers. of a a vendor and QX we XX% to negative Similar benefited result

expect margins services margin for improve mid-single-digit can the you remainder range year, the to with year. For the negative of the full being in professional

blended Our over QX increase non-GAAP gross XX%, XXX basis an margin of year-over-year. was points

was high non-GAAP representing $XX.X operating XX%. million, the guidance QX our income $X.X end of by Our margin exceeding operating of a million, non-GAAP

in goal of operating a the disciplined we rate. expansion During our run exiting the of a quarter, of our key rule margin XX remained is toward at our objective spending, year

Our approximately fully quarter XXX.X end stock using million methods. shares count converted and was the share diluted at treasury the of the if both

on points some the DBR into by at X our decrease we customers RPO and for quarter but total down Without In of in million, churn the the quarter. last have call value or ended in $XXX QX, $XXX with ended year-over-year. percentage At Dollar-based driven million. would XX% above as XX% number had customers had metrics platform. an DBRR was primarily growing contract dive was RPO in foreign the at annual XXX X retention year-over-year. grow at XXX%. sequentially. percentage end up our headwind, down multiyear This points our XX is XXX%, of to continue year-over-year Let's up the of been exchange. a quarter-over-quarter we QX, XX% FX and $XXX,XXX. to renewals discussed Noncurrent rate key We down customers The year-over-year,

year. remain and for benefit environment expect the to QX on of of year. a represents quarter, a of rest the billing closed in QX million, X space, million. free year. was million improvement reflecting customers X% we impact grew the Adjusted last XX% of business. of of cash trends of up ARR. In SaaS cohort QX, Like year. our last includes companies, $XX.X cohort reaching from this from the compared last the on We $X the of other our seasonality, This incremental ARR in $XXX,XXX million quarter, or the enterprise $XX this more, flow over X from $XXX.X deals for typically normalized with the focused QX their X QX, some deals down significant ACV macro more X and higher we over the below downsized QX in During threshold,

acquisition-related a free matters. adjusted does other cash flow As costs reminder, not include and

the Turning the and We quarter sheet. balance $XX of in increase million. cash Total quarter to the with million sequential million. ended cash CapEx $X.X a was $XXX for equivalents,

Before we color discuss some acquisition. to recent tuck-in I'd like guidance, on provide our

will our and will expect to expand. broaden we bolster Togai and costs. is to Togai's revenue we it noted, Tien and As financial land consumption our From operating expect ability a standpoint, negligible, absorb their capabilities,

assuming continue, in and this trends our guidance. are the current reflected We macro is

$XX.X non-GAAP per to to income assuming and of $XXX million, services income $XXX subscription a total approximately shares million. of of For QX, to million $XX.X million of operating $XXX.X $XXX.X million, million, weighted expect million $X.XX we to $XXX.X share of $XX.X net currently of $XX.X revenue revenue outstanding million professional million non-GAAP revenue to $X.XX

$XX XXXX, are Togai. We to a million. to to our $XXX operating the income $X.XX, million full revenue and maintaining weighted expect $XXX income share outstanding $XXX net professional subscription impact million, our income assuming non-GAAP to operating shares of of currently of line expense million $X.XX For revenue non-GAAP revenue million, fiscal the non-GAAP average of to $XXX year we operating of and outlook of $XXX million, $XX of million services while top million per million absorbing approximately raising $XX total $XX range

of we're guidance maintaining and XXX% for growth XX%. For XXX% to ARR and DBRR our X% year, between fiscal the

QX could slip range in we the However, QX. below and slightly

of will see fiscal our bottom run exiting You leverage XX line continue drive to maintain Rule rate. goal at our us of and a XXXX

or of we of non-GAAP Rule be reminder, plus XX guidance operating for sum flow to define $XX free maintained a As the our margin. We revenue cash of full greater million as a growth subscription the year. year-over-year

for We continue share expect to fiscal annual 'XX. approximately dilution X% of

at a as purpose, We're higher awards like to and dilution net the this outstanding granted divided is Acquisitions year, end the For of the allow of by the free year. us Togai committed new equity income forfeitures during cash calculated flow. operating number to fiscal will shares of driving fiscal total as growth Robbie questions, market accelerate adjusted across in usage-based our base. consistent progress drive will and profitability and ability in it mission-critical I'll over category. With operator. free customers I leader our turn in cash shown models customer and to We've flow for your improvements Tien, to and a a the take that, attract

your comes of with And from Instructions]. first Reilly question line Needham. Joshua [Operator the

through of can terms In demand the right And have your into last now alluding us help changed couple has level partners over as of in flow sourced understand that along what's been the you you that, macro, have and quarters? deal then to the script, partners? has visibility this the kind you of more I of change deals, there any in with think visibility were into overall

still about add to pipe. to free What business as feel Robbie, look the highlight shifting the and in are new especially good any certainly have when you still in, still at color. pipe. visibility deals. for We subscription demand models. really the jump we large feel try I'll good the though, about Yes, cautious logos, companies There's Look, we

to a you just trigger And that hesitate ways, level. you're new define continue signing seeing the are we'll on companies different these X-digit but could if at large deals, say many so X-digit pull in up to vendor

has And does we're -- not you be a compare cautious those go where perspective, continuing but see continue a certainly, the we're multiyear if those to about that historically so from necessarily drag. seeing And away, business been to deals companies deals. we'll

Yes.

with for we QX, to our in part example, your then Tien closed again other And sized the was we of last same and strategy partner an [ it first key a revenue, we Toast -- a ] deal, they're from co-sold equally is closed and is a partner. and a point, have previous opportunity think way going focus. in quarter, the great I the thing

we there. traction So see continued do

comments Maybe there. the Yes. just bridge X

installed Given more to that, recently partners bring our is what into base. we have done

short-term expansion as years we got ago, X, base, seeing opportunities, customer the partners installed good some found with X we new news focus on base installed solid a enterprise we've in good our where working and you're success around from expanding is has base, the our has So driving growth logos. focus there our primarily perhaps that been

you give being to Got historical? it. a the I metric, sequential to above quarter-over-quarter. customers throughout year? helpful. XXX,XXX just the guess, in Can expect this of down relative the the importance And this you to And That's continue then course are how just or on sense should decrease thinking of we change the us about XX%

this is Josh, Todd.

So couple pieces out. important I A question. thanks really of for color asking pick are of the to think, here,

focusing did in to to that growth and is we And glad decrease in about because was we if one you the we've of that's saw and of really I growing we exactly you're maximize cohort we in that. current that think where some potential a right But this primary over the group that And with said. metric this that we the lifetime. So customers with thing are. has what to had we that of this revenue that important land we're the at really them that after more want them them had of quarter this -- land few We $XXX,XXX a I'm the in to we our it. of that's the customers can customers. by customers next with out cohort, the -- that small a have doing happening. you reason out more best needed meet expand, that group than don't tease asked might that over ACV challenges, We of ability XX%. things the really group customers current small that on a look X had seeing of the we year-over-year, see is current that's had have we they a --

$XXX,XXX Philosophically, company at just to a downsell we're look at add to to if when and look, need there's this that looking certainly that, you -- limit.

able account. to again periods opis We've customer to Our hold we to right? on grow hold for has time, the shown be when customers long a to and that we're again longer-term goal of

So we're these Todd But exactly said. going to what be smart about things.

as look cohort, are they at the group expanding. whole If a you

And the very thing consistent. retention add gross and the know, stickiness that mission-critical just I'd you other are Josh, is the rate reliant as on. remains proves our our product customers that It

line Your Adam the of with next Goldman Sachs. comes from Hotchkiss question

to guess update great I to would on churn. start, business it an be the get

the last you quarter. quarter. of flip the Some of churn on renewals you X mentioned multiyear know happening and also I that, this side mentioned some

some maybe So the renewals are when and of your year, reviewing versus and retention other in of larger what you gives the now? some your anticipated metrics the where of of DBRR of confidence for contracts maintenance we rest some the

the product. sticky a how And see they certainly when the through We customers know the it's for. much can we Well, are is system. one contracted number thing putting that volume

Usually previous businesses, they look, might few fast as in years. they they shrinking. are companies have are growing as sense very growing? a subscription doing have well? been actually declining? They're We Are businesses of, these subscription for not just these Are

should a performing gives be call into set next that X the how for, of strong it, so quarters. us And the base good visibility

remains churn is Yes. range do the what rightsizing end with the last The economics just expected no customers is the kind we few consistent, change. we are real occurred. of the talked a year gross at here, would was reemphasize But Adam, XXX% had some retention I based and XXX% of really about We that for year. upon to need full comfortable to that there

base. And of our the one the of stickiness what that's the of and strength -- the believe look, quality business, installed I is our

sense curious rapid where there competitors if address some we've from demand that lot And that's as niche making towards a are all, I'd from the give shift your on in it. we subscription total could if you ago. to lot a us companies businesses and a billing. fairly A And helpful. really space year seen maybe a are No, monetization. play be heard what versus you've about do, then the larger partners billing of Got consumption of maybe then didn't and at

more a this what It's hey, long phrase. that, at sorts you about different a ways the industry, total time, of models, remind just set of you're like of if see of look upswing. so you we're hybrid always telecom or all a and excited when monetization on consumption industries models, But to from pricing, the collection to postpaid folks prepaid is things. going arrears Well, advance, consumption especially mature certainly period look

the excited that signed really about customers we about And over talked up. XX advanced so have. our model how look, we're capabilities have has consumption We

do Robbie Zuora talked big a One the base. also of for that driven to the about, call big customer that was a signed need with up drivers that company usage Revenue Billing, Zuora that center application consumption by was

consumption at you on right? models and capability Togai to AI, organization. more great the the challenging you new big, market, about big systems our beneficiary made capabilities. look put place course, be for you're and that look space. into you we explode even the metered, our folks excited seeing If models, at that center a call turns the we the and more of great be one see of When be hey, it. big thing The models data pretty out where can we're into company, where a developers adding The of had from And job we're at consumption see it's of can fantastic seeing grab look certainly customers collection these areas that that because can salespeople it, that a how can of a solution Togai was the that. And we're the that it. and do rating do last acquisition, and billing, consumption rated

Canaccord. the from Joseph question next line of with comes Vafi Your

revenue Togai, mentioned Just current of kind one I there is minimis. you de that know on

little the become much you is of really to a have ready R&D into roll they a out? wanted that needs there to down done and it in set base drill Just Is that how it ready is for prime yet. sell solution follow-up. efforts given revenue bit quick time, cross-sell to didn't the be And part I your or some now more before then have

Yes. Look, a this comes is to it, I'll -- usage usage it metering, metering, new It's when capture, rating. fairly call space.

seeing of really You're types companies. X

startups You're that call old years it, And under out have are of are, this really folks built. I come that seeing old the that companies they X XX, all. excited group XX have were young dated old more say, of We years and about we you're technology to that got maybe seeing them sector telecom looked really technology. most at the

dig to been response. you obviously we're product. some time. not take, of and successful companies If it do going in Obviously, is weeks, a this call built prime it's customer background, of for getting to They've they're We already their But to ready think positive into base we've the We good entrepreneurs. quarters past. successful the a great . it, showing integration together. products lot think our

in you of deal there to required environment sign their that to And guess, X I add are know I did maybe operating the then note changes those moving down, that? on activity quarter. kind want on slowed the think I customers Anything a whatever but forward, critical need or helpful. That's large you Okay. or why in

do customer still expansion but big color, the little do we quality, believe more in durability we're company is the want I be and of What some really that customer on base though add in they're And vendor, What that stress speaks to we're we I strength that our seeing Todd new cautious a big area. bit when let signing going deals. the is seeing our base. to seeing have business. in I'll potential deals is a again, are to that really and that, is a that

product. Ken these customers, really both to the adding of it mean said, strength to on were the is what base Zuora Joe, installed I Yes. plays of and

takes a as the One of grow multiproduct having X of portfolio. them other we're our they And that. monetize able advantage to take to of and continue advantage

started with they So Zuora Revenue.

we're And takeaway large to Now Zuora moving a fact, them in billing is a that from Billing. competitor.

comes line question of Thill Jefferies. next the Brent from Your with

This Brent one Thill. the here for is growth. Maybe Luv Sodha ARR first on

the this quarter. pretty out, second the the sequential this impact ARR could was And the versus confidence year? it meaningfully how you the -- us could I help was what in you parse much half change of that So guess, in gives declined of from rebound churn macro?

questions. Thanks for the

So One parts. into to is X expansion. tease out I this want our

logo is is second The new our third and the our churn.

our on so much And pretty installed of the as expansion, well to did customer there. it we speaks We base. we quality really did and felt expected, really

reaching seeing pipeline, finally, that and that On about gives have what played as the onetime us range X events. we expected. out the for quarter, new logos, confidence certainly full our quarter, the about in that year. and that the know always talked the churn of And the we of is talked we we're acceleration things for a and We last lightest little nice bit QX is a slower is start, that but

happening -- pipeline, believe X% XX% what's product, we growth. Togai. the We I with to at happens a year, of it's the material the lot quality look our look of macro at what ARR But this specialty look, base, going year to to environment. at an challenging I exit the that So which got awful our of need our the drive if is bookings I installed think we've

those to the we are super innings in about of what more that profitability in the is stage in, there goes put terms motion Could a on? room just us terms Got you helpful. then further it. wanted I place. you in deliver have ask of inbound quick just the efficiency pushing driving initiatives That's of to efficiency talk initiatives and year And follow-up the on to as

a question also. cost work lot thanks lot on So Luv the for really done structure. We've of that good. a I hard feel

more lot our frankly, very robust the in business. a without capacity a me of able gives place on have deliver costs. being whole revenue to lot lot meet And We objectives. incremental of confidence got we've a adding a That to profit

you the fact, look of And In for I are absorbing the where and raised not we in incremental get midpoint we're but to all Toga be only we're we where costs, taking and going at can the improvements, there -- done. the constantly as sit where working that. profitability a year. of never saw, the for guidance business, We're on our is

actually in if you noticed, absolute down spend. our I go-to-market for we example, think in dollars, XX% about

more more there's room revenue with place. to deliver in lot feel capacity efficient. also So structure like more And get optimize a the current to continue we've the have and we we still got to

in [indiscernible], is might with did of stat. give I'll efficient you're you it. the maybe answer I'll because and Yes. think more we're just question, smart be fewer I quarters X pipeline case, mean, what a ago more asking. generating flip we're we I getting much just which about side people the than

We Stephan Street. have from this line more Lake Jacob of the and time for X comes of question,

wanted some get to clarity. I Tien,

on any switching made of you a of to kind think sort that. I comment want lead strategy. that gen you about color have new to I get a just

Yes.

business needs. reps like companies but to other feels outbound SaaS industry, So level, not at higher I calling companies, change, would right, through X other you might if well level, it's look in an a to are of have development cold is an but advantage it certainly years the And the ago. evolution say value certainly, list off industry an entire talk at a really for come as economy, been prop if you're us people seeing we X, paying not at leading the X, subscription as you different our it

serve need the we can can a AR can a developer. have to service controller. service an as You now team, We we see

towards and so to efficient classic a more AI And more suspect, that as switching finding technologies big, certainly human labor. be we're well. And you are digital we big that might tools more of as a versus part model, inbound much are we're using and

paying in current it's So pipeline we're to to learning just environment efficient more be we generate and how think much dividends. the and

question free the flow just Understood. And of Yes. Okay. That's helpful. I'll maybe -- kind cash ask here.

million $XX plus. at guidance guys You kept

XX% of that in QX did You here.

on chest sizable income. got sheet. up the on guided a you've adjusted pretty war You operating balance also And

look what mean, the capital future? allocation here in I are So plans the like

Yes.

a for thanks lot So the question.

lot we tremendous of a a SaaS companies of billings remember, QX, enterprise do. amount as have So

the So that in quarter. collection of that drives happens activity lot our a first

strong you the see to always as normal we through trends very QX will back move a normalize that So year.

So we're the $XX plus where about really is. comfortable million

of that also growth So right, obviously, our the balance our got $X the And we'll and we're to a accelerate Togai it makes and of We're help will let's through a you're Togai. Look, as similar perspective, road tuck-ins year. for CapEx continue see capital quarter would allocation probably, that the very expect to where say, million with where is. absorbing accelerate from going map. it nice that to rest we go a then keep us use acquisitions, like sheet we've product sense we

I think that's exactly right.

flow highlights growth the I as it, X chest cash big war story. think in to you our free the in put are

cash. have to a time great of lot a It's

absolutely. Yes, Yes.

of you just that ARR kind X% just Maybe ramp QX gives I helpful. for mentioned of exiting here. But kind slightly Todd, kind QX. the That's be one clarification the in fall Okay. you that below of XX% to guess range. in might a to will confidence what XX% up X% growth QX year. and the more

Yes.

we what how strong the needs to what So I is gives year XX%. seeing the from we're as the extremely the confidence me expect pipeline said, installed seeing from to develop. at X% we're base, our exit customers, And

that base product pipeline installed exit XX% the And ARR development, be at confidence X% so to growth. us the when year to able I we'll look gives the that at customers,

our new filling in a we're having portfolio consumption meaningful seeing all the Including marketplace. this in certainly, servicing demand that's that product

remarks. I Q&A over will the our for Tzuo Tien now turn session. to concludes back closing conference That

Thank you. all our Well, you, from CEO thank I that have offer us everyone, CEOs, up for the including to today. Togai. a joined new us to you big thank joining want

what Our really you all era powers future Thank this in CEO's very new commitment total monetization. is our much. of

Thank for call. joining. today's Ladies gentlemen, you that concludes all and

You disconnect. may now