Workiva (WK) 2 Nov 222022 Q3 Earnings call transcript

Good afternoon, ladies and gentlemen. My name is Abby and I will be your host operator on this call. After the prepared comments, we will conduct a question-and-answer session. Instructions will be provided at that time. [Operator Instructions] Please note that this call is being recorded on November 2, 2022 at 5:00 PM Eastern Time.

at to call meeting President Mike Development Investor like host to of now and today's for Rost, Relations would turn over the your Corporate I Workiva. Senior Vice Please go ahead.

you afternoon. call. for Good thank joining for quarter Workiva's us conference third And

call, review our for discuss guidance XXXX and third we will today's XXXX. third quarter quarter the our and During results full year

Klindt. Officer, Chief and Today’s include comments Jill Executive been Financial Chief our by pre-recorded will Marty has followed call our Vanderploeg; Officer, from

We call President Q&A Chief on will the Session. Julie Operating also live then for a open up is Iskow, and the our call. Officer,

our A Information under section. Relations will to webcast in the be XXXX. replay the November on is listed XX, which replay website of access release, today's Investor available this press until available is

I fiscal XXXX. would that regarding forward-looking making to unknown guidance for these quarter like will performance. known Workiva to that not of the financial including statements risks remind future statements statements we call, and and during guarantees cautions performance, year we uncertainties. fourth Before These full begin, forward-looking today's are be subject future are and events everyone and

made current And undertake statement the filings to factors Company's expectations results differ obligation Form and reflect forward-looking on we XX-K after any today that events subsequent forward-looking actual statements. to for to Please only. update that materially the refer our to All no reflect could occur statements call. our from this any annual cause report

certain are included release. refer of to financial Reconciliations press the course non-GAAP information to we of also and certain measures during today's non-GAAP today's will Also, call, in GAAP measures. additional

the turning CEO, to our that, Marty Vanderploeg. begin With over we'll call by

you joining for Hello call. thank and today's

support the X.X% currency. results even grew delivering a with revenue after XX.X% QX pleased by negative and high-end subscription our near foreign impact are We Total XX.X%. grew quarterly our guidance. revenue of growth revenue QX from

of a are total revenue For XX%. year targeting we XXXX, full the growth

solutions and are over platform our off. in made we've paying year the investments strategic The past

Global we a GRC multiple bookings quarter new growth. the the ESG. with deliver also growth delivered stat deals. showed by account both to led continued For strong year-over-year in on expansion and of quarter, continued logos solution areas signing

The of Demand to in for investing manage expectations. the exceeded regulations ESG well multiple stakeholders. ahead is disclosures ESG market solution for our

During the ESG quarter, management accounts. big their current solution landmark and complement purchased we auto our big A signed reporting was company opportunity several solutions. four to three firm. by advisory This a SEC sourced ESG

top will And firm opportunity use energy box retailer ESG by one sourced our an added of platform a advisory firm, big delivered the it with of was and by influenced was ESG to A four technology XX the the our expanded advisory the one be from disclosure. big implementation. big their firm. of accounting doing be companies This modernize their largest The influence partner world's both a solution and ESG four. will

We were also the in growth GRC. with pleased continued

value We significant recognize have customers platform. wins the of seen our as

implemented by expanded address and opportunity complements of management be risk global GRC consulting existing requirements. a platform. for platform Workiva influenced example, the company a European an global based operational investment GRC our The telecommunications of management As controls and purchased global and solutions. the use management operas purchased technology addition to partner This was firm audit Workiva will our their

our continued growth. The multi-solution on driving propelled focus adoption has

relevance cost our of face important. becomes organizations increased increasingly macro challenges, uncertainty the platform As and

complex solve their will customers customer most support an trust X,XXX reporting solutions, cloud innovative challenges. fit Our that provide to assurance and purpose for platform and we

Market customer demand improve to loyalty in and continued QX.

rate class Our best organic revenue in retention remains XX.X%. at

QX. the centralization America. bookings efforts produce EMEA, on growth the off quarter, opportunity our outside growth North report In substantial our third strong in and multi-solution building on capitalize to focus continue in and We of selling momentum

in year's our customer event, in hosted this great them Workiva our companies person participated prospects. many user spend of we attendees. It Over amplify and in time new and X,XXX hybrid virtual was with first month, to X,XXX welcome conference. over Last person We X,XXX to customers ever partners.

platform we During solutions. event showcase and the Workiva's innovative

also shared our sponsors. and successes stage spoke We were XX of partners value platform the bring customers with their the who session speakers our organizations. and XX with partners many their about we as to conference participated

another the the new winners. partner and Partner as Deloitte Partner Workiva innovations transformation. We success recognized and also reporting successful of their Award continually platform our solution of PWC Award. global clients extensions innovation, Innovation global the PWC of their was in invest customers. was recognized and year our XXXX with recognized held for summit delivery partner U.S. accelerate

taking Service And you learn who from joined attend recognized the and us Managed Partner built the as many our leveraging delivered of the was platform. in also see KPMG It industry-leading has and KPMG managed nice to appreciate at was of employees. We you service America's Year. Investor Workiva customers, time lines to Day. the partners our and services, in-person

of Some communicated believe that our software the for that, and Day include demand that, themes is we at key regulatory consistent the were Investor durable.

platform solutions. We continue and our to invest growth capabilities in key

entered phase leverage. in on a operating focus our new into lifecycle, operating our have We increasing

Our is than investment stronger ever. thesis

Our significant. intact TAM is and

times. these Our platform is ready for

Our clear strategy results. driving is

leverage proper and is and and are balance and that achieving ecosystem Our I improvement. lead growth future customer expansion expanding base the is our Julie strengthening. operating margin will between to right partner for aligned

to expect the to of the non-GAAP we XXXX. that billion that operating on platform revenue a confident deliver company to basis become latter a have a on We return will half $X and profit in remain and We team goal. quarterly the

thank dedicated live on our execute each and take strategy, global customers employees, like our team by In other closing, care to of values. company and continue of our who I'd our to

over Jill. now With that, will I turn the call to

our guidance, and Thank QX line XXXX opening you, Marty. year I QX operating the and for review results will full Today, before provide questions.

would operating the exceeded midpoint million. margin. beat top-end the on beat We XXXX results midpoint at if guidance We had our at of delivered we constant. stayed revenue discussed, on exchange and by highlighted have a quarter, Marty $X.X beat guidance by guidance As QX another solid QX rates have we operating healthy the

Now let's go for growth Subscription was third showing revenue highlights XX.X% revenue million, million, in XX.X% generated QX QX total results and and of support $XXX.X up some through XXXX. $XXX.X quarter QX. of from the key XXXX. We

XX New customers increase logos new in XX% in drive and QX in the growth new SMS both came the helped strong to of revenue revenue solutions QX from XXXX. last months. added in

customers revenue X.X% total for growth count was XXX a QX added the a services XXXX XXXX. XBRL services customer QX X,XXX, $XX.X year. from driven higher in of new X,XXX quarter customers by We last in from Professional of was same The revenue. increase million QX up net

ParsePort Our total includes customer XXX count customers.

XX.X% a revenue our was an As Marty Compared declined XXX% subscription in subscription and mentioned, of XXXX, XXXX. support revenue of year. for the to retention XXX.X% With quarter QX third compared the and the add last support our to period to XX.X% retention increase ons, XXXX rate best-in-class same for quarter for rate third

lower and But As call, purchased this the is to during being calculation. QX we our ongoing XXXX. our ACB who of solution discussed impacted metric during QX lifecycle markets costs transitioned by our capital a have XXXX the customers

quarter. markets, capital this of the be higher three Excluding metric this about points impact would

continues comparable of retention not In be XX% larger X,XXX have quarter customers the data. subscription note of number contracts QX had show prior we the the until to of XX% our included year valued XXXX. per ParsePort The from a third customers contracts number $XXX,XXX $XXX,XXX up we third in at the up Please from growth. will at XXXX, valued at calculation quarter, year. year in over over QX The XXX contracts full totaled

from basis QX net contracts same ago. up QX XX.X% gross in to COVID. The quarter amplify, in of quarter million a QX due XX.X% return XXX year decline expenses over XX% Consolidated of a Operating margin virtual number XXXX, and profit total to hiring XXX% XX.X% was the $XXX,XXX $XXX.X travel from points. investment valued the XXX to totaled which was in XXXX. XXXX from XX.X% up QX, in due XXXX, in latest from versus Gross held impact increased

$X.X in $XXX increase cash September XXXX operating QX compared $X We operating XXXX. an and loss of XX, marketable of profit totaled an an posted At XXXX, of equivalents million million QX million, in securities to compared million in $XX.X XXXX. XXXX from million, flows Cash activities quarter $X.X in balance cash operating same in the to totaled QX, year XX, of million increase the at ago. June compared $X cash, a with an

turning guidance. Now our to

assumptions guidance are challenging subject on XXXX current that Our to environment. factors variety including of change, are macro dependent the a

the assumptions our believe prudent to continue appropriately current conditions. for are We

For the fourth of million $XXX expect to range $XXX to from total XXXX, we million. revenue quarter

per We million, to a expect to $X.XX $X.X $X.X from million loss operating loss $X.XX of net a range share basis. non-GAAP on to

will count average million share XX.X be approximately shares. weighted Our

cash to of in flow payment the the bonuses. cash be certain of operating We expect to due annual QX timing negative

to the million. expect year to total $XXX we million revenue full For XXXX, from range $XXX

operating our improving $XX.X $XX.X guidance to share million to to from are a basis. million, a $X.XX $X.XX loss net We on of or non-GAAP for range per loss

shares. will to positive the full XX average million year. approximately we count And sixth for post weighted flow XXXX, for share cash expect Our year be free the consecutive

world that posted in we Workiva the ahead. opportunity with are the confident summary, another quarter. seeing today, In the Even are in challenges strong we

opportunity. We strategy our committed solutions. we capitalizing and broad market our for our remain experience focused continue on to to are based demand And on

begin we now will session. Operator, are We to the take your Q&A ready questions.

our first Andrew Thank question you. we [Operator take DeGasperi from Instructions] will Berenberg. And with

open. line Your is

last was be wondering, understandable been why soft Is so I you wondering, I you the seeing is if the next But can macro in might guess maybe just one fourth year, mistaken. what that in terms remember little for of still did you're elaborate a the guidance for uncertain? And year. year. relatively I quarter, environment just completely I was the far? if hasn't it issued? more the I issue guidance a

in days. that these for elephant the always And the thanks room question. Yes, that's

QX First in we the and out is going And off, good there. better well. at I about feel asked what QX we're seeing We're in about, point mean, we very QX, time. performance numbers in put you this seeing

growth the some cap is pretty considered, of creation pretty there. So new much now. especially all each much things companies since of which quarter And markets, right is dead represent our

pleased QX, us in the So a other place. keeping are up pace where with in I'm really and we're picking all solutions at good our

So that. I'm happy about

hear on about a I clamped place in are some on spend. some that's Every things down We seeing new once macro still going week QX.

that, And we're that so we're some plays XXXX. on of being why into and seeing cautious

when And soft to to see area. that'll it'll, give that going with guidance too, right, and next what that going when say compliance over tune And spend firming we just but think want next a of people what months. is is but we're be, we'll the We're quarter, the on fed we're is solution in to who well the you're to what couple I inflation see a markets be, in going that center all still things some knows in luckily, once turn do. up a it

can't It's very things have tightening that very, it. of important and like they that. really do seen slows But some still decision and processes budgets we

slowing. It's We budgets. of deals because just lack been haven't lost of a

So being relatively really reporting. all speaking, we compliance are platform in mission-critical sort of types of place for a different good

remain up, able as So all. My will we are to so then thumb miss we more speak of rule lot -- we a we be and guidance. are pertinent at guidance optimistic the soon give and we it to bottom at think and starting we starting solidified is, and we we're as feel to give have I things

rightly You guys heads so. off and cut our

So just not not give it's what's when stuff. going all careful, guidance can't confident we and are we we internally tell guidance and be going macro It's just when anything that are to real on. give

one knew be So biggest that would I the that sorry answer. would for questions of the day. of long But the

just to the return so expect on we had expect, we operating basis that And guidance said Marty profit to we earlier, XXXX. that profit clarify, quarterly did on a as non-GAAP do that reiterate Andrew, half later to

So talked from reiterating we our at we that about are what Analyst Day.

contracts uptick. should aware the being And signed? function we helpful. non-current be this there sequential Or I of a of? wondering Jill, is more of part, else that I noticed longer-term just anything is a terms was just maybe That's in

that For is billings, you're asking about? what

Yes. The non-current deferred.

RPO. Deferred, okay, Yes. to

is that related to exactly So one like are just you saying.

those long-term this We ones, have are signing year that talked deals pay, we've we're a three that long-term where bit, about annual that towards more of three does impact been number. three, contracts, RPO quite moving

take we'll with question our next James. Alex Sklar from Raymond And

Your line is open.

of anticipated? opportunity you lot curious previously faster a influence Great, thanks. partner about I'm or in Julie and backdrop, deals Marty, remarks. talking that to your there if than own is to scale sales prepared marketing any

question. Alex, get didn't I the quite

about talk but asked? of are what scale partners, You that a direct team? to we our said lot also you going Is

you to a here. I'm high that But voice a my partner seemed level the influence. wins bit little had mentioned of yes, all sorry. losing Yes, have

opportunity own So, I any asking costs is was marketing your scale if to there sales faster? and

back? So, scale them

Yes, than kind or grow a slower I've by been... of them amount what

scale, I partners the operating I to mean, secure customer the goes it. think try important a to and partners when up. goes And bring part leverage, new see. down leads, Well, become for the you you get to of cost and I look the very deal size of when

are definitely focus whole the We that on examples. putting partners of more was those intent

company will think this in I less where partners say and alone. from date real and I less from partners trend all more direct we do I've where a we could see and yes, seen never successful it a more force. way SaaS overtime, will And a to sales our see coming

have going to we're we're a more have partners. to of and a great still lot our always You balance get out progress, making

from And had get than that two the usually the And opportunity we seeing there to at for we me that, or can that. They is partners' three are we're they dollar see partners excites is the more some get, bucks, really the now. now, optimistic. there, leverage And thing least opportunity, so can we're be see very sure. so every

encouraging we're job lot seeing so, that's real And pushing And from done the Julie a of thing. that. has uptick And them. of fantastic a

lot think a you leverage. see I So will more

even so comment far the you rules. as I'm hearing of any broadly to around strong timeline seeing appreciate pause bookings, formal without are I And of, of ESG? on any the customer And kind going or as with comments kind SEC behavior kind back formal for the curious from rules what the about you're ESG color period

said to of we the after tool. going be an said, interest just me in how us, solid I we I at year upside When mean, ESG world selling well the be our and and see sort as look and the product that that how we're in continuing surprised out, line. to look being going so doing to question, to come formal rules at way it's demand But for we're one first It's of for model is speak.

And the coming from places. is resolve of different customers

who I and flow of the going the the buy to factor. cares, think Frankly, their products think, last care now, regulation that be of their flow I driving capital board. the and is owners realize ultimately, obviously the they customers company, capital

X, So I've our and many the tell board's I can't we care, how said to you board times well, Z. do heard someone have Y, say,

that. agree think is lot That the most sort ultimately, my I that's So, I just regulation of behavior the mean, demand then I And the based on are mentioned, driven and only I flow, the the who be be But see what with think comes really to constituents, customers now. for that companies of happens. I cherry that buy And us. And out when being products, to accelerate. that think will of capital boards. actually I on a purchases most the going corporate top different going

next We'll from with Truist. take question Joe Meares our

Your is open. line

consolidation I'm from any breadth given curious of if budgets the here? your coming you seeing benefit platform, under in and some current the guys pressure with are vendor environment

Joe, that? what say from by vendor consolidation, you any mean benefits when me tell you

of Just bunch different buyers [indiscernible] from going a individual using

live we mean, Yes, I sorry. that I'm Yes, absolutely. every day.

picked is. company exactly we've out and the trying and SaaS so and don't winners XXX in terms small what choose platforms over I providing apps think really I the we're of drive to our know

we're that, transitioning talked we because everything I I platform in an feel a I seeing selling it resonating. do application platform solution the them, we're or resonating been in for too, lot We've now. we're with one of a seller think feel and and of to that's but of to it and it's while colleagues quite midst

and is same is want it interest But how make then do we're platform, the the assurance, audit, Customers have it That's less definitely which all because all for and definitely platform on platform apps. in all one Probably can't in that, GSR, to. interest multiple to financial, all and to buying reporting reporting sure entity, that to assure ESG, the controls resonating. of assurance want management those they have they different vendor of and we're Is sure. partially more consolidation? tie behaving the to that I and those seeing, sorts

So, internally in it I own see our company.

they launched of about recently, really customers look on their somewhat And product and because into guys a you the their mobile had amplifier on stuff helpful. iPad. think C at a were I pretty That’s then excited some suite, and meeting, just spoke the who with that, want they an solution come from to side,

just from the moment? you're seeing curious I'm any if So, initial traction

that. Julie I'll let answer

putting We of we're had do customer over really base showed a and so we app did the in But hands years in the stronger it. we the it requirements the but wasn't and do in far demand it little reception, it and for we embraced they year. something see our early and for utilized. that it on reboot of past customer amplify, had at mobile coming the a than And

uptake they'll it the that very, and very customers. with enthusiastic the we're and So capabilities rolling that out have,

better And our we're to, have and better the so product of Julie's that that a I team modern pushed say, have proud a would component. really with platform modern just platform

really of So, she's that done good getting a place. product to great a job

next take Patrick And Schulz we'll question Baird. from our with

open. is Your line

light across based of your the these relation partner macro multi-solution have broad then on in pretty strength channel, are we're you all provide in opening on this deals is Are seeing remarks? Or cohorts? Could color trends impact deals? uptake a customer lead touched some partner the bit in larger seeing current better mix the multi-solution seeing an environment? you You just the to quite on the customers? multi-solution your in of a you from And deals additional

every the Julie answer I'll too. thick it in right so. that one, day of let She's

some controls there see mean, audit risk certainly, with our there a multi-solutions, I there suite of and GRC capabilities number to have we are the patterns. we multi-solutions see so solutions, On we tend forth. of

So in do GRC then towards. something like other we trend capabilities, controls see And with working ESG around there. is the market we're the multi-solution

So do the those in we market. see

their They the certainly in with our compelling tightly organizations, to of is journeys partners us bring one in work customers. go to organizations. financial higher go and with And transformation in their so broader reasons digital

getting deals with continued broader and is partners. sell absolutely, the of goal sourced So to that multi-solutions our

just little a then of the And about quarter current year notable Europe ParsePort regarding demand trends environment are thing talk if and any can you want bit, just inter there you to sell on light And sell and especially provide the you cross color you opportunity ParsePort specifically, just call in of then macro? just have, the current out? can additional some up in

that referenced Well, the there One were had three cross sell, drivers. first And the ParsePort you the starting we and is to that ramp off, are primary just have now. acquisition, some terms all higher talking macro Europe some success and of in in already on stuff. inflation, the Europe, And everyone in that of here it's worse is, accounts. word moving those we

We great the is than have states and not not there yet. that in one have in seen states larger downturn a we the

see And similar, are But Europe, earlier, some regulatory. the down regulatory budgets interesting we of be like roughly us. I are look. and seeing they and harsher. see deals slowing mission will but in same. critical it are markets how to even XXXX We we than we don't are any said both more the not widespread, But it's

but think not I some so little there. from a difference of being we're are immune that lot in sort a ways, So -- we of

ESEF mandate. European then And the ParsePort, for an annual mandate is

a seen really new haven't lot uptick we of there. in So selling

season that into It's now. getting just are just starting. We

of several requirements. existing But have be is able next later. need back So for our new job nice There the to we new done there, I'll requirements customers dealing a they new capabilities because with report the for years.

the with are we're and new we to so, lot of capabilities, dealing goodness in cross terms there partners sell of the a them starting seeing And beginning to sell. of

broadly grab a we serve product, So, PDF. reports, acquisition. Great someone the with It's team, on long the And will that got it's have tail has it's a the really thing the and for pleased going low-end very to anytime just benefits perfect it us. companies tag to to all for are tag do, and long, it. still great ESG small to and

from [Operator our George we with Instructions] And will Citibank. take Kurosawa question next

line Your open. is

on Hi, George for This thank is Steve. you.

compare kind have talked if you same? echoes and comps terms slowing that you're what of or more you things would kind in of trend, say some question, deteriorated you Curious, is this First about gave that cycles just the quarter. slightly of of last you deal seeing contrast could

and from George. this, and big QX, lot it's view between I If Hi, a trying and marginal, of say to change. just to so a know Yes, and I'll mean, there. isn't talking really it's you're QX far I anecdotal people, gotten it's worse compile a it's here

for intact XXXX now being are I budgets what think in test the like people's and pulled budgets real have but I will look some be they bit, little customers. the when think we back a our new see

we implementing and when explain actually customers of and our to they that a using then return our job hump save little transition solution, do we who see up have just buying, And get the later. money convince selling

ton but are not between still in QX of a So, and QX, no. optimistic difference, we XXXX,

the built the some X% guide already. presumably headwind, quick on impact headwinds FX follow-up then start a And you and getting we into had

I what's incrementally is the amount of was that of kind So guess that more surprising?

Yes.

I think a that that you're lot other hearing to So significant for we impact. from companies probably QX some have did plan we pretty But amount. this have, a have always of did

for the And we of so would call, it repealed not impact. have talked we we would currency on guidance, high the like the as have beaten had our been end about

will Sachs. And Goldman with Hotchkiss Adam take from next question our we

is Your open. line

who sell thanks channel lands the this ESG. channel that your for well around for the progress product demand thinking how moving to versus what evolved has Could to direct? us Marty a a more you sense wanted are on And look given cross Good see versus of questions. profile on signals? afternoon much as partner go-to-market typically Just early the sense very quickly and your to the performance the give for across for customers like? point, get also as new great

I'll deal to there's would anticipated. we know. coming sizes I me that I forget are one, that's all And those. get in in say partners Adam, a involved of partners, deals. headfirst all premier the public in these they lot view a as arena. the point. The jumping heard the us been into than try about, partners Okay, If let ESG really starting the And larger from you've announcements

So of we're selling partners. getting from lot a

we also think I could, our land want local footprint we base, would as say get there. initially, lot And going really be numbers really able and are, one which customer believe we but as other view ESG the to that'll and grab, the those we a areas use grab, as of as to to base. our expand those number successful only getting reporting, We're we biggest because, deals we of targeted I we've quickly already customer the we're a this being since a we're in into leader justifiably to references continue. be be

this geographic, we're there. And quarter longer activity more But longer too. North speed. hire because some Europe coming then, to we're lot to up getting takes hire just I actually, a nice America, you and asked heading in think Europe, a lot they're And it of to see there, deals in sellers out starting takes to but

I seeing market lot a on going lot, to, a months few EU is just based just we're a We're partner. of and direct the this U.S. of as -- Europe seriously. what because be but in more mix that is to America ahead a a North alluded stronger the really fact it's thing taking whole So

about up and we Is given bit progressing, impact the a current plans follow there any the a Jill. quarter were think drivers or on just then how And that's ramp you this there? think was for hiring quick I expected. little What profit the macro? margin our When better expense than

Sure.

on specifically strategy, were we year, we year. these that this So when making execution around into we but investments our the came we talked this that were fact doing about

listening coming on so end the of And we the to year, and market. slowing are into the hiring

successful the we to we of sure that about we're towards we've next that growth to still will Have are, as allow As that you and balancing care year. the making end more shift. we're XXXX quarterly profitability margins decisions getting margin in making given picture, focusing already be of us opposed all to that that guidance on growth reaching course now and around the just for achieving

cap would I a that I Invest mainly repetition. echo to that just said, clear add and lot along. our takes Jill realized what in been were we all communication has firms companies for cap strides didn't, some great also the return making but XXXX But even ESG, someday. markets, public investment, We're go markets that this plan of and yet. law shown though for a it hasn't will in and

back back investment. then in that So, and we've shift to would that XXXX. These way said we backlog with also things already we're building were leverage

a much, end at a changed the the because this of cut of the did, little off haven't of of SaaS We cash investment. really because do of sort the did little that cut bit, we in big growth, we reduce you end So except can anytime years, the I'd in am margin companies, in market. I the still we're you and flow But believer when a rather bigger. it pressures want.

of our still improve why on we year going made we're so. the we're thoughtful on for we've the to the as go be end margin ability to very, perform growth, primarily forward. That's also and commitment focused very but So maintain

from our Reback take Brad Stifel. next we with will And question

open. is line Your

last side? maybe Marty What, up if move anything, of following on that the commentary. series on profitability would faster make you

or externally mean, internally? You

choice. your It's anything? if What,

a high. we if Well, see retention the is got our in a very revenue worse, reduction but mean, macro a I we see don't lot like our we downturn this, lot, shrink. When see growth,

year, next still this And a going and year. we're post revenues increase so in to healthy

And our focus. so, main that's

net, it's think We size. natural we're a a do

at make the alluded Now in our going of whole leverage, going right growth the with is of very things in cycle. I've time, to feasible, on a of our that the to things and very creating lifecycle bunch some partners attainable, maturing platform, there's

in the we put year before that But the like over opportunity The company, not general, and would lot of that, way it, always for decision all. said, ESG a of one profit this to quarters bullet what, from is I but And at always into our money, bite a time. generational bottom-line. is and that's we had we'll move spend the I've showing were and forward profit some the reinvesting change

we we But And so primary on in quick could billion to a focused as growth, our cash cash twice lot order, short leverage. produce operational still of can, we can as our wants we is because want someone now, will flow then if produce be focus to way. so what we but to any speak a flow, get

strategic could PE a maybe Bloomberg late then that the potentially been a story public been question, versus obviously, the that approached was need to have you balance by had stay there do firms. some in And quarter, you more potential optionality How you private?

I to my to than cheaper think for. Well, we the general, a this, companies we comment trading are And I'll upswing. broken. on good great think they is this their in We PEs say are are And make rumors. can't typically, are company. the We buy GC companies think But have answering on what now. really model, we we don't really

a that return we're in if mark So multiple for our more XX% there. then And trading to we around increases, investors. plus grow we hefty upside provide is now. that a where ton or to continue of have as and a We're and itself going there think especially of minus company public

all are bullish over. surprise it we future. doesn't So And me. PEs on our are really

rumors I a learned lot taken to -- lot we seen We we upside. talk I down to are prices of companies them we healthy from are think going PEs, SaaS stuff when but and all the have But with certainly company on a don't lot are good time. a a out. very of getting the

that and to So optimism us drive our gives continue. our

question will we Stotler take with Matt William next Blair. And from our

Your line open. is

were love color on or XX, time the you're how on ability customers think a questions. average at to through move do anyone first seeing, for get about contract any to Thank adjust coming a And months. moving contracts. the pipeline people or as platform. you the period? are Maybe go that up opportunity, taking pricing some year kind that could model, five on renewing duration things XXXX you the next there. of renewal sell of to Hi We'd different the guess, to you in back new years, you to XXXX, those the of as on moving you pricing the I for XX If kind we three thoughts when you as here question the see potential

big a guy. company I'm again, of lifecycle Well,

And new we as have have giving things and structured price enough you of success. that advantage initiatives even terms the we If should. decision. hard of you like at never renewals of them adding never a and certainly, in it and price than do you to them mature limited that would been And good this us, solution have one then start instance. taken later basis I things, we always the really sooner what some to have we us and for very And renewals had when is how but a doing in compared have we leverage year increase look program in for think engage

we So, these as of company, out to as it keep going bringing really we are mature and a types in roll programs.

going taking and three are -- think we've contracts And that now to roughly driver optimistic that's be different our a of renewals, for is that us, year. sort we most every up So, I year half it. contracts a to of well, approach going I'm of

contracts, And and decision get of more to opportunity our value then workload buying them engage so, and for we prefer the of platform. early customers them lack of out because and just three help year

lever. we good So place in are as on that a using a yes, getting

of whether how of Got it. progressing some of that expect That's And in terms of are helpful. to on making there. is that's, guess you markets. in another XXXX? then the Obviously, maybe changes sales international you're what how follow-up terms you progress Any the you updates into and seeing about talked kind that's with customers guys forward, going have just I approach the resonating

out we I'm Yes, macro fight on have to XXXX. really issue. bullish in me Obviously, the

there efforts have really we did good down a off. some We've there. that lot of, -- going very solution, have solution, cadence IR The market good with really also reporting And a we slow well solutions. We're so and lot, and say significant our shouldn't there. a but opportunity ESG. it to So have strategy, might got ESEF, paid several and Julie huge execution centralization financial

So, of opportunity the much it's as not in just states the whitespace and it's there. almost ton ESEF, Greenfield as there's but more there

made, frankly. moving with bigger just and of one very opportunities internal So the just that we've our I as changes we're a see forward, optimistic

Northland And Market. Grondahl from we next Capital with question our will take Mike

open. is line Your

This is for those million ParsePort, have quarter? quarter, in Thanks [indiscernible] think you XXX,XXX this taking Grondahl. the where on Do just and revenue for was first, mentioned Maybe X.X question. numbers services. you it I last Mike

So QX that's million compared for ParsePort XXX split have in fewer QX, They do so was to those for revenue QX the customers. quarter-over-quarter. services $X.X

it. Got

on that to customers strong fourth the that going seasonally for more be and reminder quarter a Just of quarter, it's ramping? first kind that

tend more they to around filings. have Certainly, activity

those the companies filings QX filings then seasonality doing the are their QX, thinking happening some as is and QX and activity there actual numbers. to timeframe. about So, There's for into as ESEF

this conference for Ladies today's and participation. your call gentlemen, you concludes thank we and

disconnect. may You now