PagerDuty (PD) 14 Mar 242024 Q4 Earnings call transcript

Good afternoon, and thank you for joining us to discuss PagerDuty's Fourth Quarter and Full Fiscal Year 2024 Results. With me on today's call are Jennifer Tejada, PagerDuty's Chairperson and Chief Executive Officer; and Howard Wilson, our Chief Financial Officer.Before we begin, let me remind everyone that statements made on this call include forward-looking statements based on the environment as we currently see it, which involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.These forward-looking statements include our growth prospects, future revenue, operating margins, net income, cash balance and total addressable market, among others, and represent our management's beliefs and assumptions only as of the date such statements are made, and we undertake no obligation to update these.During today's call, we will make -- we will discuss non-GAAP financial measures, which are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial measures is available in our earnings release.Further information on these and other factors that could cause the company's financial results to differ materially are included in filings we make with the Securities and Exchange Commission, including our most recently filed Form 10-K as well as other subsequent filings made with the SEC.With that, I will turn the call over to Jennifer.

Thank you, Tony. Good afternoon, and thank you for joining us today. fourth substantial cap operating solid of another a and growth margin delivered quarter off to year PagerDuty expansion. non-GAAP We year demonstrated of and the profitability. completed our operating second consecutive efficiency throughout year by grew full a and margin our points revenue fourth year of XX%.In revenue grew $XXX range. over On the XX% XX% top basis X,XXX end to basis, non-GAAP year-over-year operating the quarter, to expanded million, guidance at XXX year-over-year basis the exceeded high of expansion XX% of of a nearly margin operating Non-GAAP points. guidance end with

ARR an above increase grew or progression more QX each new over steady X our our higher results. And predictability XX% Our the of from see market business of of and solid FY contributed X along with ARR an percentage total, total basis, in to strong XX% their ARR and spend improving levels customers $XXX Operations the the the a we increased fit cohort points customers doubled demonstrate to Customers products and driven a also modernize both visibility coming net 'XX, leading delivering increasing innovation FY of in demonstrated our X world's Expansion for in of in underpinned Cloud it pipeline volume we brands results our dollar-based in million a exceeded to net our from new of total which in added $X transaction and new our 'XX.We growth QX 'XX shipped pillars confident operations. in metrics gained we in average innovation seeking QX, existing million. XX. ARR, Automation, risk. both year. large of to $XX and by PagerDuty's Management the Enterprise from the and point We mix resulting expectation, CTOs cloud across ARR the remain prior our of These growth several the market annual enterprise was with engagements, deployments improved increase operations with net quarter, million fourth On $XXX,XXX, productivity $XXX,XXX Customer than higher segment additions Enterprise To of momentum 'XX within demand multiyear within quarter-over-quarter. ARR more who deal growth. segment, extent, by strengthening XXXX.During annual XX% size in Global traction and velocity, ending with improve.We revenue, FY and FY to with X Operations, Incident all achieved product continues net retention sequentially. and accelerated improve to mandates across started ARR Service protect mitigate and CIOs AIOps, representing new signal our markedly cohort

integrated solution centralized in our to and processes is manual operations, and solutions Unlike complement global is cost workflows, during reliability teams AIOps people. customers remediate and reliance market, noise, to professionals.A our introduced machine-learning engineering which ITOps, FY AIOps site For specifically IT the solution half example, of already in 'XX for applies that approximately was designed market, first comprise network million developer-focused a automated real-time reduce more content the and variety automate of to activities. PagerDuty's their and auto other ecosystem, more wide enabling manual to AIOps in of of reducing solution surface XX

and AI-based we of includes solution differentiates further post-incident our new into risks mitigating enterprises, incident.The several analysis robust for for customers. from automated zero an pages Copilot IT customer offering service responding functional cybersecurity communications ServiceNow rapidly timely tool. Jeli decisions. and prevent organizations workflow FY management learning helps manage of during highest less CSM IT integrated cloud-based incident on-prem teams our business addition, improve more Salesforce initiatives, platform across operations.In which features service and use to the and Our from status enable to critical with acquisition a teams applications. modern investment from management the environment, operational Runbook solutions price-led Automation budgeted incidents Zendesk, transform Today, resilience, from low-value with self-managed across management solution informed addressing respond incidents.The some companies base save large operations priority the trust service -- process knowledge and the innovation management, agents delivered manage and growing a capabilities AI-assisted incident Operations consolidate with customers for continuously transform Cloud and reached a our automation customer enterprise's and cases automation that customer-facing modernization. and enable our workflow business while in time into automated offering area PagerDuty's services including to center effectively with End-to-end Private added further operations and enables point Customer new combined teams solutions Cloud, significant 'XX, generative to leverage management parity CI/CD efficiency a addresses experience scalable numerous unifying they service Service learnings rapidly technical to along network digital on-call process, which to the

with XXXX QX down CTO platform us. within our technology PagerDuty fact, companies.For their and their CIO well-known with vertical the instance, full several validate X-figure enterprise wins million reliability to to our problem connecting customer units. support they by business footprint and sponsored Cloud protect multiyear engineering mitigate on customer, and opportunity Already In engagements risk at software doubled a infrastructure, site technology a this Operations platform team namely fit, expanded understood Global to $X and revenue when the customer

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in our ranked PagerDuty Market in Investing on users a artificial 'XX in culture, is management.Lastly, the social #X in new GX highlighted impact IT impact donated platform greater their a Operations was report. of supporting Gartner and Additionally, market mainstay no category communities partners health third through to operations their cause Workload leverage million by in to our FY intelligence last outcomes our space. Cloud our Guide is PagerDuty's applications and in within Process offering Grid than in community.Additionally, partners year, Automation category service their a overall for in made consistently These Automation and their representing programs year partners, participation. or improved health impact advance the employees XX% different. time-critical of consecutive $X including PagerDuty.org drive to than our a almost more XXX% volunteered to grants

environment economic for was and more volatile we emerged poised accelerated challenging growth FY FY have 'XX. the While well stronger, during during 'XX, profitable

operations And and In conversion retention flow, Our improving largest increased multiproduct the our increasing.With call with to expansion customer increased learn improved my and reinforcing leading as management demand confidence like mid-market I our automation, platform durable, Howard. and enterprise in growth position And continued in strategic more profitable profitability multiyear incident growth and sales customer customers' indicators in deal confidence look else cash and is daily AIOps, forward nothing budget pipeline both questions. and enables our and adds integrated in founded customers, mix productivity.Our business. large year, certainty cost engagements of a platform. combining and in stabilizing rates, unexpected. turn If we our to this investments our the that, your I'll I for must see we is long-term anticipate structure

to across the the the our non-GAAP of are less our and afternoon's new efforts enterprise this good lengthened increased otherwise in basis to resulted you, GAAP in leveraged than AIOps and posted SMB go-to-market was attach other all results best stated, at on our our as in flexible ARR us 'XX. and show year. operating enterprise Customer strength and a ARR day of our everyone segment, XX% quarter. are our to expenses fourth Thank earnings release $XX for before revenue, expansion base joining continued pricing of motion our with in team Jen, QX of on call. in and quarter Companies end These accounted reconciled to that and references products. the for Unless commitments call.Our million the rates FY results

year-over-year fiscal year-over-year. point $XXX headwind above this to up XX% XXX% was net we year recurring was fourth the year. grew XX% severe new exiting be adverse headwind our contribution While from increase to quarterly in will from X a decline and fourth XX% million. mix million to quarter, in trend QX compares to revenue net quarter, X the annual a in same of in QX retention persisted dollar-based This The delivered 'XX. and ago. of less expectation 'XX.Revenue We in XXX% revenues, business, Annual net results was in the period the both international retention, FY FY the but XX% believe customers dollar-based and relatively $XXX compared small total an our

the to of XX% and higher QX the for the an QX up subscale businesses. spending approximately revenue to environment X% second of recurring is over and $XXX,XXX of Our is ago. XX,XXX last in to Total to year-over-year XX,XXX, challenging customer mark declined grew floor count over half X%, moving platform due of Free DBNR year expectation grew for customers on by metric, 'XX.Customers paid XXX% primarily this compared annual in a FY increase year. to for approximately XXX, expected from our

In terms of XX% QX million XX% $X last last in was the QX 'XX.And target up of our management over an or margin revenue metrics ARR annual up contribution customers FY to revenue X XX% XX, million was total ARR that in our we additional income was adopt in products 'XX using multiple XX% from products XX% or the Operating transparency to $X Operations paid Cloud mix, customers to XX%, FY with platform. XX% within AR XX% XX% more provide same of range. in from increased compared on as to year. $XX incident compared basis, provide of year. gross quarter customers million and on compared of from was to to or X% product the

XX% $XXX the was and from cash or was margin cash and at equivalents XX%, XXXX. XX% of cash, terms $XXX ended the And up fiscal revenue flow up of million was XX% or million million to growth. of billings X% expect million, the I guidance, in was cash million, up be a XX% year or $X approximately In XX% with year balance $XXX operations $XX FY was revenue quarter, ago. provide flow 'XX, of was our million trailing turning revenue, revenue respect of XX-month flow to X%.To recurring to $XX $XX Operating million was in revenue compared Gross income or a mentioned, we free year X% Operating year-over-year.Turning Free cash $XX for were $XX flow estimate. million million before ago. a year-over-year. QX context ended fiscal increase million quarter investments. to and ago cash With $XX increased X,XXX, We cash compared revenue.For trailing to billings in the 'XX compared XX-month year-over-year. year, of million $X XX% compared slightly full basis, annual to sheet. a as with to to an headcount growth some On line FY to

accelerate second the 'XX, We half. growth expect to in ARR in particularly FY

this reflects growth guidance gradual acceleration. Our

of to from rest made of year. which the revenue have change monthly out we to in shift Importantly, recognition, QX revenue the a a daily creates

to a non-GAAP guidance third looking continue our We in will profitability, and for at be first our time margin our tax rate non-GAAP guidance. EPS expand expect of to XX%.So of includes year operating the what

in the $X.XX we to fiscal million rate For $XXX.X an X%. This XX%. revenue to implies of first range And PagerDuty, $XXX.X the XXXX, representing X% $X.XX. share of the of to expect quarter net a per to growth X% operating income to in margin of Inc. million, attributable diluted range of

provide on from changed of QX to in in the XX%. year fiscal million, this to in per questions, $X.XX higher revenue range year subscription like rate assistance to of would XX% expect $XXX share in million the to Inc. million approximately moving 'XX. of daily The the PagerDuty, remainder operating basis revenue of representing is $XXX We a we growth 'XX. days. net diluted to of full a FY fewer basis margin impact For to million with $X modeling in implies the income a to monthly to an of $X ratably due attributable range to having XXXX, XX%.Before FY recognizing QX and $X.XX. And This revenue less the X% I revenue

of as a multiproduct invest solve as enterprise our fiscal QX.The the operational our in complex and services and million. notes for reminder, was momentum growth quarter open incremental but gives on in carry upmarket. accelerating me FY for large remain FY the And FY prior now of in incorporates interest investments multiyear we annual QX gross enterprises, oriented improved within rate to low Our of end 'XX, payments trend customer approximately Operations range XX% is confidence to will Q&A. and business of towards our past are volume the $X.XX $X.XX 'XX margin target XXXX semiannually The deals QX capacity year.With of QX is increasing issues of XX%, the the the year XX% a call direct reference, into EPS increase up I each to ability our and annualized gross convertible range in Non-GAAP result the large a retention of EPS guidance customers.For tax which in this arrears made non-GAAP for 'XX. of in that, quarter Cloud in long-term this of represents expected $XX move our we commitments, accelerate in ARR to the AR

And we Thank first you, questions, hear as Howard. Sanjit turn from to we'll Singh.

Can me? you hear

ahead. Go

wanted of Awesome. definitely year. When were your wanted year where is inform be the guys your back if mentioned fiscal in how control, that Jennifer, at you it as 'XX strong the execution in on side, ] get profitability side where might better? like just year be fiscal under can expectations execution 'XX? So like pretty growth team just going the does improving Or sort into rubric that I you this to execution productivity your sales sort year fantastic had there things the where on topic margin look [ better. to of assessment is and of assessment. of or exited things get the we the next we And macro? execute put operating the a the team's like I could the is year, just because that just growth, you equation, other going think we into of look and at slowdown sales fiscal on side

all, of Well, Sure. appreciate comment. first the I

both controlling operational years think good to flow. I the the put company several been set to controllables. have And place of in working job we've programs of a of We profitability and a there improve the resilience the done cash through structural and efficiency for

the we force of from And purchasing a to a shifts community that sales the In process. this addition, time was the quite invested of we type bit buying to manage away in move sales bottoms-up force in top-down, we to effectively. up centralized enable selling developer one the also more had move of market through to enabling a the saw new to buyers.So macro procurement-led

in was in the you back that investments, as seen is significant around market time a willingness cost enterprise retrenched to productivity, of saw a and sales at budget a objectives from towards our which first really of improving change motion business we've efficiency expansion But more demand in of transactional together of platform, us of experience increasing multiproduct that sort right really their while to that we've underpins of shift confidence customer the Cloud the And pretty their motion half time better the we signal in with created we're in to right have and and the story of supports some customers the what to the go of really real work sales multiyear, headcount think for platform. thinking half Fortunately, and improvement deals.And in the improving and within the envelope stabilize to behavior protecting the engage seen quarter see through mentioned. the organization's more examples value-driven sort can we've place in the really with what the customers budget that year Operations sort investments. that year a top-down the towards growth.I is directed

it's the was -- making by accelerated transition, that would about the in I where so say And the more less which execution about change and macro. requirement was

just add might to that. I

X-figure up agreements strategic In where able deals with our larger And large CTO to are with the relationship has seen being sponsored over do led those of XX% showing multiyear terms in RPO. quarter. this to progress these CIO, that deals RPO more we've our grew it's with customers. companies a

our multiple ahead. we that we in confidence for quarters at kind us yielding just stretch on because beyond gives visibility now look It working deals and also direction quarter.So is now the the pipeline team results. that pipeline we're that sales of sign out next right move So the are that that is have a the making reason

and being the customer, have that a in worked to the to things of are value higher and play will better strategic deliver going value on year. out we're us they developed being in deals nature Because they're gives higher a getting how they on. view that So and view more are better the

then Howard, the more one follow-up, just cede And I'll and floor.

think of sort it the projects timing to the marking In much right? on that second development pointed market, of terms and half, but of the pretty to still how you I we've of in still hiring, sluggish. the which in of hiring is reacceleration, seen tech environment come sort Like like online, back sort of dependent software seems out there non-tech

we material in so before do And the to growth? come of starts of PagerDuty see better -- need back that a reap way that benefit to

Yes.

business environment haven't fact, the So macro In we're or macro we we're us that attaching in stays of customer really value value headcount, through right? fact, hiring the improvement the tech. And is. We've taking that independent for -- in position factored the in we it the incremental assumed approach to that's the as that value. the Sanjit, in allowing is to

I'd And further did step would we that upside. one improve, that take macro if the see as and say

Okay.

Joel from we'll Next, Truist. hear Fishbein,

a about I of interesting large signed. I takeaways. question to that of Sanjit's And that one customers follow-up the these most was you thought have some

DIY. the you a number did back one? And competitive those around CTOs bit the were that point If that like really is the Operations then little say X-figure consolidated if lot helpful. involve would be you've it part this But know peel tools on any that to, there's deals? multiyear you a can I anything Cloud, there sponsor, onion deals just What that? were of entire that is, the dynamics you of can can third the as

Operations And is IT Cloud.Another change ecosystem. adopted Operations you media improving across is if don't now that a In but customer one company entertainment of the integrated described, well prepared the the Knox the the process just that displace we [ trends appreciate where X has had expanded management. a pillars addition of SRE, about characteristics is so immediately, is example that the of really I streamlines or you all it.And the can action demand shared your Customer important solution seeing point automation but AIOps IM. become, go workflow operations, driving quarter, the think, resilience Ops in is I also have centralized the learning into that to automation, really space. AIOps, kind insight from sort point AIOps the the to adopted Cloud. talked examples operations, more cases, teams in in for That's in I of experience retail this ability the use software previously in that solution remarks, been company insight digital like that's And Operations they we which ] question. realization would Cloud the multiple case, to that the that Service of we're did they Yes, on-property focused like fact of and of that incident most capabilities And our all we serves to something of they we as as with on resilience, technology

or saying, multiproduct start talked down opportunity. took all us the positions to the year, And we're expanded stronger and to cases pipeline enabling operations." in seeing is for platform going previous the "This targets. not think us on capacity incident on is what force automation, well of they what's doubling that I about term pipeline, sales been for commitments.And position encouraging. They're also those. super capacity customer that has in that real-time -- my And sales exceed to just are management also unique semiconductor many asking It's management but to the top as customers commitments incident we as cases, about these longer be X our plus to

investing the in of momentum growth, still points some with think, So I of hand. other these we're proof but in customers with,

we competition. to displacing Yes, Yes. area of you add asked question about the just AIOps. particularly in And I'll are Joel, the that. competition,

that and So since that AIOps with April using are SKU, who our actually offering is at action with displacing over speed. it. other we're we in to offering year that's teams information, customers new managing geared introduced of are high we And really competitors that of at and last XXX are consumption-based data now having metric, centralized towards the that because an volumes was

the margins And that in SKU are you similar that other to Howard? SKUs as the have,

Yes.

So a to this to managed even saw consumption-based of maintain, margin metric, we XX%. we gross managed this you quarter, -- with

Okay.

hear at Baird. from Rob Oliver we'll Next,

had I X.

So as well. you one Howard Jen, for or

between the a guys into the pipeline that year, for like this optimistic expansion opportunity, I'm work on recognizing sounds stuff of like you the more are we logos, about really versus little that and I follow-up. maybe control. should larger have bit think the how breakdown guys it a a about where just here. kind deals, sales a have impacted numbers then clearly Just put low headline guys Can is about, you customers lot the had by asking end? sounds you And which talk it logo of Really, you that are customer new nice

Operations Conversion customer perspective, rates the center indicators. both And actually efficiency I large Yes, our In are customers been as And working a has grew a I for mainstream whether incidents, makes earlier, to what retail, both that improve. innovation sooner is of pipeline and to opposed improve to like back a technical an like year, ourselves second in hospitality, to features happen at looking and the by underscored attack fact, budgeted and in pre if well in of XX%.We multiyear in about over we're what currently same were few cost logos or the look we're enterprise, this seeing that where customers dislocation. their just we manufacturing, like a thing dramatically. has guidance by a as as And that to complexity, that as time certainty around is those multiproduct that growing question. see but increase we're case me that if spending deals the appreciate much have become is, as not optimistic their to proliferation, out not come to on their travel -- every I And the functions with to software all than relying my highest the I see envelope we RPO also that said, if continue developers. that the Howard and mentioned deals, federal AI they customers, factoring in leading cost were to some we're velocity new across when technology our mid-market us and leading to things of that the it's selling in cetera.The also doing both matching see when I'm to et just deal a generative market. coming time for said, -- seeing value industry, were increase improve. on. healthcare, upside drives can today. talking and our uptake were And that's and already to therefore, budget more into macro opposed so improved of able and next or job are are is macro we're tailwinds we We very Operations deals, more faster. customers fact time priority needs shift what see plan, to business.From more on a to Those ability better to initiatives One addresses the as more the there's initiatives Cloud use Cloud macro driver indicator kind I

year, guys And talked gives the first guide of about and really to the in you of and acceleration question, for what dichotomy Howard, for That's you, and have some just my comfort there. Right. talked recognizing the Jen the between response about the of the you just, helpful. it QX applied sort rest

macro. improving in you're You not -- not expecting you're improvement that an did say

Any And the better also you pressures you color I that why say think low-end better for would will better conversion, is. Is pay bit. cohorting a correctly, visibility I ease there just heard of that guys helpful. that wanted be something little you bit to if to understand a are controlling? I the customers, heard that into those I

Yes, sure.

respect and when little in segment. QX. segment, year. stabilize to been through this But get carefully happening saw saw bit that So better with we've that grow look in we what's spike, that downgrade and a past at churn and tracking we We that SMB accelerate very really

through fact, a of that ARR of that So segment SMB has acquisition that new in question even that view in typically much XX%, asked as the and around And we that segment expect on upwards. impact our now by us means high are focusing to the gives we've enterprise that moving around lot single-digit mid-market. that less. close We've enterprise year of churn enterprises we we this been year. reduced XX% also mid-market segment, happened. customer has the a to with in Whilst impact mid-market.So pretty the -- and in be And seen have happened that growth that dislocation will this our subscale where steadily exposure our enterprise that's the seen segment you and around growth and

Okay.

with hear we'll from Genuity. Canaccord Next, Kingsley Crane

say it's the you So is some interesting materials that I provided, neck with analyst names, traditional really companies. industry one you're the operations IT not so on first would naming -- large neck and

in So you've always earlier being top-down competition as motions, $X how operations of these deals are Maybe differentiated is greenfield. million yourself you involve these some this the real-time you and into running But mentioned versus sign use increasingly you still case. selling companies? often the

some that these timeline, customer management large be We designed that lower problems. of unstructured, criticality value mission-critical thing really lands still of to these tends platform incidents. manage workflow, around of unpredictable automation also greenfield companies to they're be the don't systems to that or incident And tend the or type of most resolve.The -- would provide longer say vast or other I is ticketing high customers regardless segment because incidents have an majority to

process, in would the exposing the to could you yourself so command not that be that take approval hours. bleeding and you control seconds, ticket, to And risk, you to revenue, losing through be in or compliance time raise a it customer ticket minutes transactional push could subscribership be could

management orchestration a I timeline case. are that in AI-based value could than the and use cybersecurity.The for know of certain sequential regulatory become shorter to these we the type open about were definition very is requires looking when is.And level and models a has you most but of different higher of even runbook, incident ecosystem, are application a value technology things or automation point time, work things expertise compliance, all the where automated processes AI ago much of large that very automation they organization of decision-making of in to the work, different same matter very with products an real-time time-sensitive were through security, subject really mitigation the of not it we're the events or process, of detection that like the leaders language you the managed So either and every one to automation of and the risk services, well that in people of or year the to in management, more out physical market to people from to applying talk associated they would so -- include underneath like try take Like automation. by approach.And to chain safe, thinking to and protecting in really our maybe these self-healing at ways remediation of the are an and diagnostic improve auto jobs.

knowing of are, right? my with can I that's the you something you around infra owns of a Which approval me not process. built workflow solution automate," help who knowing the questions is percentage is, One get asked who do people, "What the people can

Well very No, helpful. said. Right.

on So guidance, that? about growth X% just versus any XX% way to the Howard, to seat growth ARPU think growth you, for within

Yes.

for So of growth But a adopting mechanisms when primary seat customers we're our Cloud. which the the at or for obviously growth user has this one increasingly, multiple have customers with year, us. Operations the we have we our seeing -- model levers, is through look been

contribution the and at remarks, overall now Customer And Service in incident to like, large from new automation ARR. have continue to prepared expect our from a XX% So Ops, products, the that mentioned contributor. of you we from if from AIOps, as we management be we

products So from the the other increasing. is contribution

we're Sherman to Next, TD moving Cowen. Andrew with

-- is Derrick to ARR [ the Congrats. ], on by Howard, Andrew it's so going way. for

second the here on So half? can color we into indicator much leading ARR accelerate is as be your second in Any think get going half. you to how the that

in a have through low conversion was our have multiple do deals, our We been the in much us QX.So haven't these that provided been And that's take the because fact, will customers able we our and X back expansion ARR in been believe place around new guidance X and that, that see we the in of best in best but arrangements. that that products, changes is multiyear ARR acceleration them we've X-figure larger the right QX of in any and back of specific to last demonstrate it's Andrew, real place. in levels part our we've X- year already And commit have good to year. half so from quarters. view we on the the past is quarter made this was on to had in a typical adjustments put it improved that pipeline able quarters to And that get to the being

historically. of out Now goes the those further have X, next improve incremental obviously, gestation we just means X the but visibility, X, also manage looking to than we're a our we pipeline different, growth out opportunity of much that And that Instead the ability now. to quarters that deals. that quarter, had given is drive

improved. sounds great. budgets a is you approach quarter helping How C-level of kind that versus the the That's here. have like larger top-down you group behavior these And And And had going your would big drive you expectations just deals? characterize Jen, of it renewal in?

continuing here do So quarters? of next the that kind couple in of you see

Yes. of have that major an percentage. many other we're volatility the and working customers overnight significantly of in now In In make solution quarters their with longer-term such cases, things success several millions have higher different own capacity across mean despite their realize agreements. other learning that the opportunity customers. there's our thing see some spending managing they're it's so customers for on XX%. of think. fact, it's no been the just but budget trusted from is in platform incidents -- software, years, as more strategic the business us still in of players And as the to business.The But they're I some a point seeing thing to about don't And they confidence customers. for using dollars that it's observability, cases, a I way consolidate

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comments. over you to Okay. Jen, final so Thank you for much.

long-term the for users on vision and the operations. much appreciate look, the demonstrated the I And you anything, operational proud everybody encouraged have of Thank thank momentum loyalty joining last our over very year. the enterprise from just us our really to and I forward today. resilience partners continue teams focus. for by customers look stability the the our want us I our and our building emerging we and our revolutionize partnership joining today. More -- to than to Well, And I'm to am demonstrate.