E2open Parent (ETWO) 9 Jan 242024 Q3 Earnings call transcript

Greetings. Welcome to the E2open Third Quarter Fiscal Year 2024 Earnings Call. [Operator Instructions] Please note this conference is being recorded.I will now turn the conference over to your host, Dusty Buell.

You may begin.

Good afternoon, everyone. would third welcome call. quarter, I the all time, fiscal EXopen XXXX this like you to to At earnings conference am of Head Dusty here I EXopen. at Investor Relations Buell, our will call live Interim our recorded for Commercial Randolph Marje a Financial Greg Q&A our Officer, call we'll Armstrong.Following Today's comments those Chief Chief Officer, comments, Andrew include Executive Appel; Chief Officer, and session. from open the Relations call will be on website A at Investor investors.eXopen.com. replay this of the available company's be today's in we listed release, is to replay our are risks the unknown uncertainties. to events access our call, future fiscal known website.Before subject to also is guidance Relations remind today's on and fourth making begin, press quarter available year statements will for statements during including Information and regarding which like we forward-looking and and everyone financial forward-looking full Investor that performance, I'd XXXX.These cautions these future statements are not of guarantees performance. EXopen that review our can that, we'll information Appel. included and call we'll are viewed or at measures, any the forward-looking risks are CEO, future results press including call, affect in GAAP with ourselves to of and obligating website Investor to reports, additional other future our that recent be certain events.Also, our for you turning finally, stock.And, these our today's our of during price factors to non-GAAP refer which not begin discussion statements or results financial information certain amendments or encourage in the complete release, to of our light new applicable revise to investors.eXopen.com.And Andrew We and today's these downloaded over most or market may XX-Q we reconciliations our of a Relations measures, earnings by from Interim non-GAAP

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knock professional the as that reorganizing and afternoon, repeatable Today, our leadership including Thank customer some this I'm sales I were implementing key a QX leadership also selling. in services QX right to are the hard all the successful track confidence for everyone. transformation believe as I wins and our that on previewed multi-quarter steps holding our call, highlight on some growth that sales our place. I outlined you, process we taking the some prerequisite is fundamental organization coverage ahead of and and success. of momentum. challenges I build to back plan. achieve.A and engagement. issues early as sales to principles change Andrew, And our disciplined with also And create for acceleration an in good to having areas brought the I we critical in and third sales new to are are is inconsistent leadership such as execution, during quarter, effective the in well earnings that into bringing exemplify new the report we improve to aim you functions, X will wins provide processes, pleased sales On efforts growth, approach subscription change update areas, working Today, in

proposition Agrella she a they software company. actions playbooks fit will off EXopen's Sales training, that already broad set effectively focused joined an aspects sales Indirect Lisa team In have of Channel relationships, growth our taking initiatives, has for team joined families. enhanced our compelling quality many sales upsell First, great Operations. effort of the to knowledgeable and and model.And pipeline Ultimately, enablement transformation, our and for sales Senior EXopen. optimizing that these X their growth specific product Lisa's previous as worked operations achieve including out is training range to much initiatives. alliances will sales Senior our December, areas other channels for to Vice a And including cross new together growth-oriented channel is are and implementation lead of to my of network. the at this Vice enhanced at each tools Lisa have I deeply expanding clients. Lisa sales start. new offerings leadership training execute and will organization and churn disciplined foundation responsibility Hurley leading major of in our critical change product provide communicate President a and process partner a the leadership to area better a improved EXopen. will give President effectively and all sales growth value strategic management, comprehensive teams system represent Lisa role, our Matt more to ensure highly sales second, our new sales my excellence. needs in rolled forecasting.Becoming drive sales are as we ideal team all a and Matt This process sales about our of can And is will it integrator partner

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forward, SI confident solutions most and are in America serve to are much for am platform.In point customers a now top ensure a engagement each a that and for routine potential on now and personally this they customer growth core effort addition make EXopen Specifically, operations solutions inspiring will can our take deep with it selling with value early relationship customers the generation risks maximum and SI's experience sales flawless our customer vision matches be first-hand his customers detailed was that improved engagement actions key at receive sales competency to Matt will I've core are to of truly front, directly earlier to software churn putting EXopen's further customer will proactive priority mission-critical in enterprise satisfaction type for Europe leadership these that hearing remedial comprehensive place we organization. an motion. our our leading process. our from system in their our how engagement EXopen warning and share that North targets And touch visited software. implementations for of standard that each is and the team across so as their additions, and I products.In plan developing specific strategic me.Going the Achieving demand addition, implementation of major

is As a Andrew confident are addressing we we issue. manageable churn a priority risks basis. this very noted, actively And on are known

philosophy or in I churn to way the we elevated.Overall, And commercial decisions will manage that remain are to advance. and customer a year However, EXopen often therefore, continue my expect churn more quarter made fourth is organizational customers have must apply we organization initiatives and discipline to and in and the winning same degree business.To making summarize, we focus to good new apply we that multiple are flight of progress. management minimizing commercial churn delighting the

seen selling high-value sales won management, with including supplier solutions, pipeline expansion new rapidly side, business comprehensive side, list to in global demonstration a manufacturing logo QX during match of added of is opportunities transportation building sustain well-known of booked many heavy and and these a rate of range career electronics we well we engagements, combination. this a noted, and equipment in on also momentum I'm improved hardware, growing example, equipment in trade While and wide name new EXopen's do, clients.And upsell times optimization.As clearly commercial upsell, cross-sell, execution the in multi-tier confident was transportation playbook third the software, components we orchestration we it we win a a to potential EXopen.At to industries, which over for we What call time, are getting attached will new that quarter. the the while X implement and a with powerful updated changes logistics impressive spans to new I've logo of clear this and growth including wins and results finish do I rate and collaboration, by industrial stronger home world-class fully and the will And by organization now significant our unattached strategy. and saw global strength the for work range still competitive overall turn third value QX demonstrates wins have This just quarter household sales succeed agricultural channel together started be sales we Putting and customers in the on improved I encouraged EXopen's discussion I'd our professional as sales I've execution, achieved growth services described.For the with of already function. manufacturing. of our win software, Marje suppliers that must and guidance. do major my at our like cross-sell so our we global of

start. how forward I with start. to to said, are focus seeing you good I I our to believe how period of and Andrew saw you, and a echo this process just Thank our of we brought time. remarkable begin will quarter in execution overview had an much you shift fast Greg. we short what It off grow are accomplish results much can business. the a is looking I'm quarter to together truly results. And third Andrew EXopen the

million, $XXX.X revenue. was total our XX% revenue subscription representing Our of

While of of showed subscription potential.However, execution, was well several rate relatively our the the guidance, clearly quarterly in improving negative performance, QX our representing subscription XXXX, since bookings of deals challenges impact high this QX in end X.X% fiscal of the budget business growth signs annual million closure is year-over-year still encouraging through near $X the soft this growth have below revenue both customer after upsell including of sales or we and business.We FY longer new including cycles the our and expect pressures end late year. revenue, experienced to logo more

partly subscription was on deals continued all the organic fiscal new third QX. go-to-market rate projects.We execution particularly revenue services work exit our accompanied improved short our focus compared bookings, negative far attached quarter. sales volatility spending an gives soft by QX, better to of strong foundation reflects were new million, mitigate did, is the doing growth that business however, a driven experience large during in $XX.X the the closed This us the execution other potential quarter was confidence for that on along client growth.Professional services with and to churn, we're and which higher the third is quarter the laying services However, XX.X%, with in of services customer in and reflecting

We in quarter also QX.So we we business better unattached PS had early our changes in execution overall, by better our PS by organizational bookings, this supported business. made saw

XX.X% to Non-GAAP in million. year, QX of us, organic As gross in third the hours.Total organic workable quarter service of $XXX.X prior was was reflects revenue tends $XXX.X Non-GAAP third quarter. note on to for part we fiscal a third our on the due negative margin growth the the gross that services would revenue weaker seasonally year the finished for the impact was I to year be quarter fiscal This quarter quarter. decrease compared basis. XX.X% over prior profit million, reflecting X.X% X.X% for an in holidays

Our margin part performance cost reaction EBITDA. gross services QX year.Turning from in in this business to benefited efficiencies fiscal that our

quarter million $XX.X year million a revenues. adjusted was of by to Our That EBITDA third was driven compared the lower $XX.X decrease X.X%. prior in quarter, mainly

reflects compared we're EBITDA continued operating and other and of in cost improvement during year to EBITDA adjusted order margin efficiency quarter EBITDA The Third was adjusted margin XX.X% the sustainable items.As XX.X% headcount discipline spend operational ensure maintaining on quarter to focus related margin our the for to incremental strong prior profitability. quarter. in always,

QX in a $X.X for was 'XX expenses, impairments #X growth our the noncash as And the decline the also by $XXX.X net third was CEO loss to FY recorded earnings 'XX during was accelerating that other XXXX as Similar will Net quarter in $XXX of quarter. including and well onetime as fiscal QX invest includes net price impairment needed QX revenue.Finishing million transitions FY charges our the million. profitability. impairments we our event of to continue related to triggering 'XX, goal. loss actions. headcount impacted up million we severance QX release.The FY higher This for remains However, and COO followed on loss drive to share of QX

professional mainly to higher to incurred nonrecurring flow. executive during also We the related turning cash transitions.Now quarter, fees

flexibility the generated professional on call discussed third $X.X earnings demonstrate, remains million cash our was litigation $XX impacted onetime cash financial $XX business to growth. million.As the During costs, Jay generated completes to these underlying These organic figure financial third our QX year-to-date quarter, continues these QX our remarks flow nonrecurring us previously noted.Excluding we Blue the for and continue on it predecessor point, Driving cash my fees that the fiscal I'll paid to million very cash settlement healthy fund future of as adjusted higher a XXXX million core of to XXXX of And fiscal flow. and provides QX. expenses results.At we turn us as operating during flow cash we I be generator. was enables operating with management results $XX.X objective of This cash our as contract this well by This quarter, discussion our flow. just related significantly exclusive expenses guidance. a team during that to severance nonrecurring included a

are our we in compared we year the For range $XXX revenue year except now to quarter.For range updating negative range the a QX rate million. QX the narrow our prior the of results the outlook.We're fiscal we X.X% and growth given line $XXX represents million in with earnings quarter, our guidance to to our fiscal remains what of quarter be fourth to X.X% follows. as expect full fiscal negative communicated able This subscription guidance our XXXX, fourth that full to fiscal during as call, year second

of million $XXX million FY $XXX versus 'XX to our We for subscription range the $XXX revenue $XXX million to guidance in of million. expect prior

revenue $XXX FY within of XX% our the FY million 'XX XX%. 'XX to million be to expect to of margin within range expect gross versus the of million.We prior $XXX total range continue be guidance $XXX to to profit million We to $XXX

FY for provide Finally, to $XXX like update key our indicator. of cash also the for expectations the be 'XX EBITDA I we in generation adjusted EBITDA importance million. the FY of on $XXX range XX% to million place a This implies cash-related as XX% range we an margin would 'XX.Emphasizing flow strong an to to to expect adjusted continue performance within year.

to modest in of cash which 'XX X% revenue FY FY cash. of be year In flow, related included 'XX in and a for use key expectations terms expect X% of CapEx.We still FY to to drivers 'XX, working M&A revenue 'XX improvements full our plan approximately CapEx FY drive be continued of working year-over-year in capital versus around capital

We to to expectation million our $XX prior versus within tighter cash $XX million. of expect net $XX of to a range interest be $XX million million

interest severance reminder, and paid cash of to on currently in 'XX on FY end executed the above a 'XX of adjusted collars our fiscal as this interest costs fiscal onetime professional fiscal expectations factors remain QX cash QX around approximately sheet in a EBITDA, FY the end track full cash well we the a FY both and $XX well money.Finally, excess cash-related the versus year to increase cash balance we settlement, benefit arbitration as also and as income interest year, expectations receipts Contributing $XX.X during As healthy which fees.Considering net are previously increased generate compared our by current on as of 'XX. the includes million. include have in which the rate to for we QX, cash factors as noted million

net We continue and capabilities. of X.Xx our to this and of approximately expect end addressable assets is fiscal unique at Andrew EXopen year.As market And the leverage expanding. possesses emphasized, large or below

and large have improved of business And encouraged very we're we to exited by quarter.In services fiscal our of third potential growth. organic as more the execution. subscription deals particular We closure signs drive improved performance tremendous

XXD And for behalf are fiscal committed the the engages I Elliott and Schedule we an up improved filed year still to building quarter on our pathways to shareholder and for year. an we work October evaluating next last dialogue management into call last open have Q&A, positioning XX to I look value. to the momentum our on forward year.Before in of of potential team While Board want briefly acknowledge maximizing Management to do, all routinely this collaborative ongoing EXopen with on and shareholders. of the

begin this additional issue line all the up we joining remarks and open prepared session. acknowledgment, at make time. please us Q&A present you and thank That not on do comments for the concludes our plan to today.Operator, the Beyond this

question first The comes Instructions] with Adam Hotchkiss [Operator from Sachs. Goldman

that? client the specific to curious your customers, guess of on more And crafting specific deeper that's areas you're those how the broad-based review than would I'd address to start, just business I seeing particular that which be plans just if or action any of levels then, more it's whether specifics of color or hotspots, products any highest be you're churn, helpful. after on sizes

New great Year, to Marje; is this you. hear from Happy Adam,

In half has not our outlook churn, second terms changed. of

In where for this last the middle The discussed terms uptick additional the reasons the from has churns of seen elevated it's churn, our we've year, we quarter. year same outlook. elevated that of

For it's that we've into little a have But tail the since discussed specific customers. of long We really the Andrew half how and topic. second in addressed gone bit Greg already as then, plan the last quarter. really

to bit little this. manage has. So how really it I'll a add approach our outlook Andrew overall, let But to our and reasons the But we haven't changed.

So Andrew?

right. All

think I I the it -- on introduction. to in alluded So the

view their on everything that is not churn delivering expectations comes from ultimately clients are. it Our that

So that's delight our back to like we clients. to need

all to got There's will have that reasonably I a we portfolio. already churn. XX look lag is do to ones long That's half systematic of any tail large I've tail.My is end of, me, probably we we'll around kind go that something time like And will that, bought, that's offer forces, aspiration Each we've we which that, launched not certain acquisition account associated. joint an bendable, are. think, bundle. I main task accounts some But with solutions we to action portfolio up of over to January's our accounts of over task that X We've below work force core place. with that. a a whatever, a work a that concurrent kind addressable, enterprise focused which long-tail are it. then, work it beginning across this ones that the tail, think long at are like which for one every largest identified isn't triage that with not, churn is We've threshold.So called But plans for are X because have churn. a in get because call held standard. second arms part have workshops done to semblance really guess some We're to X-hour the our up through of X. subset of -- on from come of our to then ones is

force So smaller.And to working clients, we are accounts them. long-tail are so Its transportation we continue with sense the those task to clients an for many as that makes retain effectively first offer right, as of as serve. is

a or for I I just And love think that. then, a to EXopen. prior you state and incredibly That's joining just about building Andrew nascent the would But confidence more relatively it Greg, was SI any the was priorities know talked indirect be I of channel bit to current strategy. useful. little observations the either around would helpful. talk you out who it it both about strategy your

talk look business, Greg. all this if that we provides think Good Yes. opportunities its Adam, in to of at the all exist. I you. the opportunities our with exist that growth of of channel largest of the growth Yes, levers look, one SI

needed is for new as is why the we a start. at of it hear off. that significant we a at in number you can As this you like off place a the an of look that the from. our made brought much to I over EXopen investments are business.Sales, fast around EXopen, new foundation we've channel them. in our of in approach SI leader starting know, in those excellence uplift is way leadership what And build one market. with The is very He well, to investments a has year I got pay And aspects last obviously And challenged which are to business. from execution execution now

have our this business.It see SI momentum segment we're going of a got made from We we've to on. of partners. We continue market. something perspective pipeline invest this is each of focus area And significant our core with potential from again, progress. to upside top tremendous for growth is there continue But an to in, that

what Greg And one small thing to add said. to

is cetera. well the when as SIs think the SI, of Cloud, think cases, et and major we that I of as think the Google hyperscalers we

a say. to contributed year, broadly. And of So added couple already let's portfolio this that in new it we we've to accounts think it's our

UBS. next comes McGinnis from with question The Taylor

So still lot in the what you made, making in hires organization. just still needs XQ inning we to you to the and stability is, are when expecting are changes a beyond, in first that some And be those into But Are to bigger one you of on force? changes? color the that need sales provided sales happen? there more look the restructuring as see

traditional the if our services a momentum around Yes. as responded. from a brilliant would see the tell in about.Separating the with Taylor, commercial execution start and team it's think pleased that quarter we well said I established has mentioned had the from first has remember, We the that I responded super frankly, should focus we've professional around both I the talked foremost, as that organization to Look, traditional impact -- X to as And X I basics, quite very over well subscription positive I focus to Taylor, team our period. incredibly I'm received. quarter. you And on how you, saw with has last services organization business. being Greg. sales pleased the business been really last professional sales I'm And momentum has how quarter,

straightforward need into going my sophisticated basic tap our challenges quite new as changes to So into potentials told organizational team, are fiscal our the clear.We I reasonably and year. and don't

continue on momentum things focused laser in we our and to that and to capitalize drive So programs ultimately engagement that that -- we're that customers. going the Andrew significant to on course We're momentum stay And we'll laid established.Essentially, the is that saw implemented. we've the what engagement his to going out the priority. being around we've and processes our with remarks, build our customer behavior customers continue and delighting opening the

Appreciate you, a mind. it. you for don't just second my for And Marje, if question then, for X-parter

we the X sequential saw midpoint So But than what XQ. guide the stronger like it roughly still looks assumes of subscription you revenue XQ in quarter-over-quarter point. lowered by growth it

can some next would know comment sequential year, ultimately then next that to assumptions of use expected that the just in point next we as and aren't on can the could guidance puts But XQ think, the of terms that driving fiscal growth growth. you for So maybe year it would we you're as But versus for productivity a anything you to your a maybe lead starting in just I assume be look helpful. to sequential expectations and improve.Maybe is quarter-over-quarter embedded? growth there, if as better environment sales follow-up, And share takes be what giving you into year. that's fair the seeing I

Absolutely.

really And quarter-to-quarter, first guidance guide, at similar know, obviously for to bookings, churn, an you growth as the rates. our the view of terms second comps FX QX revenues of question look factors looking at can even year-over-year you hasn't impact the your of in right? Obviously, quarter year part at changed, have well. timing as so the overall, as impact the when our half, you're for ago quarter So

that read wouldn't into at all. I wouldn't that. I So read into that

a the momentum I normal sequentially we kind think terms as of quarter-over-quarter the old execution your really our has and was here seasonally given impact general message quarter the of hold longer as versus the terms to the and kind our improvement.Obviously, QX, QX stronger materially that what quarter in which and see bit it taking terms But your a really affect. churn. start to But on last the sharp as Greg there can see the takes focus are 'XX, and a on and plan better FY definitely like overall, of question in of Andrew we the how impact your part we of to having said, momentum, in outlined guide yet. to that well.In just year-ends our also, in in of part of also second And February.So in is the of don't meaning, question, fiscal that very QX. better QX, X year-end pleased QX will obviously, then December a an have year-end booking positive is we you sort for execution just exited from improved the gets our just team we side

momentum, provide take the to we when where time.So guidance on 'XX -- by we in back we the have should said. encouraged Improve stay digits this build to rates saw growth get it. early to that but But is to very continue FY sit do we now, and that it's double So you goal everything improve, again, tuned some going time quarter. we're to the

The next question Schappel Capital. comes Loop Mark with from

whether ocean given give down, a you. If you're annual much you're customers' at kind correctly, seeing. shipping I with And could there of volumes several ocean coming sense if step year. to you starting was a up are maybe wondering And I Andrew, any this starting contracts see us of lower were sense were us that for renewal that of rates. renewing give kind down of recall

I'll over that's and you The our customers to are talked as churn, hand very Maybe are, and them. previously, it. And And see embedded Andrew. in and Andrew us. working obviously, I'll guidance we'd about important volumes carrier start it both Greg these into ocean to with fully evolved

add well. So there's here surprises new Andrew -- let necessarily, that in nothing really as of I'll to terms no but

our in largest We're active No, all add. Yes. shipping continuous only with I'll discussion clients. of

new I them. serve goal to think find ways our to is

them them one called their have we offset morning of aspirations this have growing team volume-based solutions in that that achieve with of terms of with any We business. some help new them with on relationship to will the their

the together right? discussions have business. growing in great happened a just then, selling other should be trying the the of volumetric, X. the keep today, bit coupled to an which we thing, I There's, or X and that be with. refresh I services.So carriers while sell involved think right? of to of you X no client in about So So you They're relationships, just little right, you'd that, your to all over things on nature X of If it's micro, be X iPhone on working time, like the same

a right then, some Greg, board. sales changes plans question inherited came Or plans generate you of appropriate they're respect this you. productivity do you make adequate to for sales you the With on you that think to to firm? the And comp believe need the comp the or year? at Do here to when you level

a drives when one for an in plan. in our highly half. to she plan and results is I But behavior, the modification top the I a the that an drive compensation the its taking question. organization sales this from comp the second you where forth ensure and to made I she's modifications before. made important. the initiative right in things an incented behavior been love FY great Yes. Leader fiscal you, I is commercial tweaked, motivated in I'll really is have initiative to simplify Operations put our tell the to that day I hear of of the joined, Mark, Sales the behavior, -- will way, growth.And optimized there's X, to some done great sales line 'XX By on comp second final scenario profitable And the year. plan organization And I stages next finalizing and to super for half. tell a you Lisa, new

excited it So that super roll quite I'm to -- something I out, the It's question. appreciate we frankly.

add. me let Yes,

to get organizationally, simple to want same like winning. what for the makes more I that got, noise has had There's retention separate you is growth, on stuff. delight, sales me for opportunity is organization to Greg we're -- be sales, call -- before. time, delivery that want be figure to like rewarded the I because feel a not done like just benefits something. selling means keeping want which At people separation how people completely keeping Makes noise I commissioned. a let what from what which sales between and think We out refocus what a whatever to more to that's get comp, we But think for the from need thing.There's take you pay do it.

something together. on also we're that's so focusing And

next The Chad Bennett comes from question Craig-Hallum. with

So or Greg. -- Andrew it's just whether as

the and meet has reviewed portfolio assets clients years. acquired company you product the as with the Just all that and over the

the different how on within positioning competitive where Just curious, in you improve? you the strength or where of you portfolio segments or in of do think think forward? everything kind platform could going of the fits you kind you're think stronger the product Just kind you think about do or curious

clients that point simplifications and bookings. client retention, laser on first I'd months This is new had been Look, first, very X Andrew. delighting out the focused and churn,

our to players been the when of will impressed We're pretty focus. with that to spend of versions our at say we you'd X position latest process, in main with Nothing lines. whack We're that migrate re-optimization So that pretty product clients comes mind. expect the solutions.So the I of has each significant the X portfolio all that we in an industry our say non-wins, space. would a to R&D have and world. I retain -- in I'm in What what in they're sure or micro look make their our products out And with not products great competitiveness. not our

we been experienced product about and a time customers to our more near sales customers, market And always it's the the our we North in wins the tour that This if value the America. lot at than since more has spent competitiveness with optimistic is the I've QX time super the level lot spent will energized to be West wins think platform, from customers. Europe about a I've in customers. like and platforms, term. the Greg. competitiveness -- interactions meeting the we market. existing of about team been that about Head take I've But a look to and I the what value I be if and Coast had connected have Product. of super portfolio, focused I fit I've part of I've broad week just got portfolio. been our QX of.And that gone across And that of company future been, value was I evaluate product of our XX we couldn't I've here.And any add if I've Pawan, future the with with our talking to would so I that get throughout exists He days, excited I think our that had to our with on and twice, last about I am remarkable. proposition I'm next and our in impressive a our honestly, of a the existing proposition

then, That's appreciate great. maybe the I color. And

year the you're Just look But the is giving not maybe it this next we understand I in next on and guide -- into obviously. as year. appears

indicated, heading multiple probably a revenue transition next first half. pressure will year, you've and into As quarter in likely even the be under

is or non-negotiable in from mid-XX margins that range. Is Just terms the of the EBITDA that durability standpoint, in sustainability that of something your Andrew?

I a a Sorry, for second. stepped to question. Marje wait like sounds It

either sorry, way, way. either Andrew, or Marje way, Either

we cash think I and that us momentum the maintain our to have. flow margin to our are incredibly important

there's level that clients I So that the even the of retain our to to in going an invest excited is, demonstrated last think at short do the And that in answer of we that make ability business. And margin target couple months changing yes. the We're what to it's today. profile clients. the they're margin invested we the do. at sure about We without we've in

comes question next from Andrew of Obin Bank The with America.

Andrew. Ridley-Lane David on for is This

expected elevated So our churn quarter. is to in the fourth remain

churn You significantly made advance. noted decisions also are in

changes the in of churn the sort read the work that you to doing in So expect you're out when really do reported metrics?

I Andrew as the they into taking Yes. improvements we're third we the focus said. on to reality the to our best in going David, seeing the it's applicable Greg. that delighting and are laser is approach in Look, quarter teams customers, every to markets where think that focus. customers we're our made the focused day serving changes And our

some a volume recent last velocity sales base commercial plan 'XX organization, visibility volume identified we the separated going creates and really tail of engine growth enterprise business, and both treat aspect long the business, that But velocity that customers, from you churn. what We've By and increase that X-figure have more the have we already the sales which we if software, call for separated from dedicating treat signs where but the only we we and you not of this commercial recovering enterprise the $XX,XXX business.As transactions, business. improvement focused of had of revenue, the thousands building thousands and can't strategic important, long where sales know, in within solely team on FY out seen better tail, protects also experienced in you our is risk a a of more transaction. a of the in team. that transaction you remember into been quarter, into example, PS way churn that For team,

treat company You way company. the can't treat a million $XXX you multibillion-dollar a

the it's continue We've organization But in created approach. success markets to got priority signs top opening Andrew at of And the those the as improvements We've the has to significant an get that some approaching differently with every in around we've approach.But is app DNA, leadership dissatisfaction. that plan thing involved company continue days. rallying done.So #X we're daily level roll see sphere different seen this super the getting that articulated. we're to within we to of this And expecting customer all been make mentioned to when just that with customer his has commitment from out remarks, to the you've from a his this starting for a XX organization So are who mindset. improvement. and said Andrew we're started. and we're see different And

Were the here. just leaves just a question tea year-over-year sort then, the bookings. actually in I'm And bookings quarter? reading of on up

we bookings know, you don't year. pressure are growth and under As of overall year-over-year -- report those. bookings this or But

transacts. We execution again, give results and guidance on we and bookings all are don't But anticipated. by we encouraged better specific better than the those

I would to remarks. to turn back management floor the like closing now for any

messages would operating couple which is myself -- growth we're colleagues, have CEO. execution-oriented I I a general I that I very of are our an thought what Yes. as with see close similar that sharing with just

So was fight got, implementations. clients every has churn, will with clients. I focused gone never we of for aspect sure going say in and delighting our thing am to Same on I penny. business it making this it's I until delight every

look with excited been frankly, bringing am missing, with of and are a like have us -- on the that feeling, when Our goal bringing it's immense will discipline, operational leaving level on if don't at like I money work.I you to just that treat right? happy And it's time It's this organization the right?Treat and own this budget, every X think clients the that for those an natural of your is they're you impact. like and you differently operational as that they're grow want all, them it have and rest through that discipline acquisitions XX their treat of single the it with it's your to next item work to it's life life. then

So third that's point. the

I I I right? foundation.I've by clients. it's you in of not products. That's the from losing products.The us the the every as delivering said do X X great ratings focused. way reflected product think myself, the often think, company hip, products. advice, I joined existing perfect. from the foundation products, Greg, But the exceptional external months, great have starts very is Marje, joined great are the have of marketplace. competitive we at with highly the But think And that are get at Products No the ELT are we in good pretty is hip. the Pawan,

I of collaborate again. That collaborate than that one excellence.And we know when NFL, we I'm it we more and about solutions you're clients, to We've the play. to -- business act it's as And heard way all clients. do word businesses. right? our we're everybody team ones time, keep You serving is clients year right? It think than going collaboration, right? my And in distinctiveness about you businesses I with Greg deliver the watch that, only with said win a times to we new that life, When serve to BXB a win them, a role it. win to right? you all the this So not delighting takes got to that team and and say And the delight got lot make my with a has sure XX all complicated, of

making I focused feeling are at fantastic you. folks I'll $X lot sheets like laser to think are we've on at about company mean X a this operational through why I'm am call months so call not, should looking think you so, you of And a But the sure? execution.I knowing It's them, clients. you do. leave I that that got have and risk, spread first thank good I

conference. today's concludes This

you your time. disconnect lines may at You this Thank participation. for your