E2open Parent (ETWO) 9 Oct 242025 Q2 Earnings call transcript

Greetings. Welcome to the E2open Second Quarter Fiscal Year '25 Earnings Call. [Operator Instructions]. Please note, this conference is being recorded. I will now turn the conference over to your host, Dusty Buell, head of Investor Relations.

You may begin.

everyone. afternoon, Good I the time, Call. to you welcome At Fiscal would Second to EXopen Conference Quarter all this like XXXX Earnings I of am Head here Dusty EXopen. at Investor Relations Buell, our will Chief Chief recorded Officer, and Armstrong. Officer, Randolph; Chief Greg call Today's comments Commercial Executive Andrew Appel; include Officer, our Financial Marje our from

Information available A transcript of investors.eXopen.com. this those open call access the website and Following to company's for a Relations will on is replay today's be on Investor replay comments, we'll live the Investor Q&A is Relations website. listed session. release, press this call our also at in available which

of including refer new price of Investor at market with certain information revise by call Andrew in be not non-GAAP obligating remind our or and will encourage other our release, recent And quarter events. Also, and over EXopen third can a Appel. not may begin for full measures of and ourselves to cautions viewed or that these results we I'd statements and our year amendments and applicable light website events of forward-looking our and of turning finally, our complete today's Before non-GAAP the statements forward-looking XXXX. most affect are future are that known during certain performance, future today's today's future investors.eXopen.com. And statements review our to to everyone for be statements like discussion We earnings financial from forward-looking to results are GAAP guidance these additional making stock. press we'll unknown the future guarantees reports, call subject CEO, included or we to fiscal any to to information our regarding factors begin, we that, we'll These financial downloaded risks which that Relations call, risks performance. in are XX-K and measures. including or Reconciliations uncertainties. during you these

begin how to you, as update growth our thoughts Dusty thanks ask on Thank then to our our on you and well I'll I'll second performance broader commercial on everyone joining fiscal highlights. progressing. as commentary Greg some return to today's with is work my call. for quarter

Finally, real QX and full year perspective, feels prior signs Then of our the my while Marje improve quarters. our QX stabilized quarter in call has multi-period confidence a to is quarter. say software but operational some a that discuss gives subscription From and we market to year-over-year new will develop a will subscription we with a wins, me chain demand the open logo highlights value Greg we clearly bookings to year-over-year, EXopen. review in solid. and still distinctive quarterly new of wins revenue Doing we coming demonstrate positive. for business was on it performance healthy and and revenue that are to solutions said, of retention. important This we and That they delivering. will the a higher we our maximize where of moment for results Overall, and at which that further and recorded were from to are poised during put recognize bookings these QX. fully capabilities EXopen subscription consistent am the performance continue we and quarters second to in guidance. implement changes, subscription we'll down questions. Overall, like represents And progress our saw growth. I progress journey several cultural higher EXopen on from back much the supply drive sequentially, our increased existing clients share path so number pleased of capable is the both the ago

be proud functions. should software team continue very to supply mission-critical major EXopen chain select that companies manage entire to their our Our

subscription wins due a these we to continue time second during lines, which extended QX, common to taking customer the to to sector. quarter, mainly helped see seems expected the QX bookings longer issue compared us be software close, than increase across to Although large deals

support Although we a new pace moving that closed few, deals high in not the percentage is delayed of in double-digit have the at bookings quarters still very our direction the while needed while right overall have past several level the very of been losing growth. to subscription

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our As and increasing focus we productivity so, on will our we sales maintain to do growth in pipeline commercial driving order strong team accelerate momentum.

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Greg detail become and to have underway professional our We and business, strategic PS have automotive, now in been about a We a development. including more in as new performance level senior industry opportunity more experience long-term and growing component relationships clients allocate we we to track deep also client offer beverage, EXopen personally pleased have I with continue and in strategic dialogues made will overall to changes proven of where to packaged able as major consumer record. operational time and at number goods, the say talk view services that know tech, food more we high moment. I'm a potential a segments, industrial had ingrained, of executive our

our we partners, We were our integrators. What in have that our distinctive clients facilitated consistently strategic our find capabilities we on relationships others by as is developed supply some long-term and with these of including our engage well own are of while these resonate These the companies. connectivity chain component involving discussions of areas challenges extremely future growth chain plans. complex with essential orchestration global visibility, supply large map road

areas longer change as are They to healthy new demand we that I confident to getting growth. likely business the Marje then While us taking we service the year, year From foundation pace full view at our stronger my bookings developing time, next in as for these more The return adjustment, very into well strategy a based some timing year. on implementing our and changes and and ] fiscal reflecting business describe centricity position 'XX this have scope EXopen, on for largely we'd you, we opportunities is our and delayed for provide solutions seen far deals results. this like. right as the expand a combined than to industries. conservative and with organic strong deal our revenue ongoing a fiscal move client EXopen will market chain well take is But a bookings focus of accelerate perspective, somewhat through remain value us every go-to-market into are of [ cases, and supply day longer will the our cycles is FY to better transformation. delivery should as so we

turn on strategic the Board over review in The to the that of Greg, by to led ongoing. review, which I call we March. our I is announced is comment want Before Directors

and to the to we evaluation careful thorough Our committed a of available options us. directors are have

sharing to provide forward will While as update. outcome comment ask its the review not today, look Greg we on our I'll to that, as further commercial soon we possible. With

Andrew. Thank you,

During EXopen the second growth. quarter, our improving commercial sales productivity organization on focused accelerating remained and

QX and showed in progress direction. headed areas that Our confidence are performance me gives we key during the in right

As close they did our work sequentially. product quarter Andrew noted, up I extended many year-over-year bookings and quarter second during time teams sales lines want and client cases. to the commend for despite were to deals the in

broad market QX the logistics, strong that are the supplier supply of product areas trade, wins global demonstrate we collaboration. demand orchestration and discovery and Our experiencing chain in

over client the the impact XX,XXX visibility and production schedules. ecosystem quarter who arrival global This Our will will EXopen's manufacturer orchestration inbound applications high-technology and an levels client global long-standing strategic cross-sell global deal logistics components. solution. second supply times the a materials provide of implement suppliers, and enhanced into win on with was collaborates resulting largest new EXopen the inventory leading project ARR a with of location now This of greatly high-value highly of with

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Turning to professional services.

potential our in although business QX. we services small noted, As sequential a Andrew saw improvement PS revenue, below performed in

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Additionally, completion PS start volume smaller half QX, several of booking implementations QX work than meet typically to deals the target a higher Such ability shorter attached carry quarter. our their deals and in with delayed services with PS the delays in by the experienced the of billable our impacted for performance of first subscription engagements large was we in year, large several deals. impacted combined hour

flawless backlog move delivery through services continue its business more working efficiently. our on and As its will focus existing solution we forward,

in expect as we we subscription deals, further delayed progress our to services revenue and rate make backlog add of these attached from the As improve. run areas closing we

and of I with both we our differentiation, important flawless measurable and articulate turning call value. important that which delighting can of the comments, clients, comments continued software elements in and Echoing are this of North our I event innovations. EXopen to The tell with chain business opportunity philosophy strategy, to points, of that Marje, to new enhanced EXopen earlier vantage the well partners our continuing an AI-based how communicate areas innovation these vision adds in Conference, such outstanding America dozens you value along Andrew's and product clients From was embedded was Andrew implementations very platform supply legacy us our clearly allowed provided including in on and I'd EXopen's network to hundreds professions. Before clients and Connect, partners an week messaging event many delivering AI for and and development key received as it in making including over development, us investments our Orlando, some last close the our attendance. like attended our and with by topics on Customer

have this the new presented over out also roll and will We next we capabilities released year we innovations year.

and supply grade decision unstructured transform On specifically the our AI areas: leveraging logistics innovation embedded our environment, across AI-powered front, connected team product to in a Planning, engine highlighted for management position four capabilities universal information the global in into forecasting innovations Connected actionable insights. risk leading Business continuing in Expanded trade,

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below delays mentioned. million that in But improvement X.X% reflected $XX.X quarter Subscription coming other over X.X% negative small as was services XXXX temporary to second of from half fiscal we our fiscal of expect and our was $XXX million, was was Greg quarters. $XXX.X revenue in the headwinds impact deal revenue some expectations. quarter. over decline revenue the guidance. in for to Greg quarter of first million, declined business Subscription a QX $XXX.X a was Andrew to quarter the midpoint Professional decline million, but year the second XX.X%. our Greg. PS noted, year-over-year This second million $XXX you, the begin Thank revenue subside the prior decline, to the the fiscal year-over-year above and the Total which year-over-year, a

increased and our year-over-year Non-GAAP versus the QX was sequentially quarter our the flat roughly second of slightly services Turning X.X% XX.X% year-over-year. in services profit. the both lower In to profit gross decrease XXXX, in $XXX.X gross QX a in costs gross was due margin prior revenue XX.X% fiscal XX.X% subscription million, in at and margin higher year the gross from first to quarter. quarter businesses. non-GAAP

to Turning EBITDA.

Our head prior second spend finding well continued the additional count offshore million adjusted more costs across in our $XX.X successful EBITDA non-client-facing QX margin as efficiencies XX.X% margin was a focus $XX.X year utilizing by marketing We're with in compared EBITDA functions. and a quarter reducing G&A million, XX.X% strategy result Year-over-year quarter. on as in approach. of margin customer to value-driven targeted reorienting activities improvement our a also our our was

systematically we cost inherited office from footprint defined addition, past to utilization. a plan the and rationalize we're facilities office work adjust carrying reduction M&A for the out policies and In lower as post-COVID resulting flexible

efficiencies, run year-over-year margins [ in rate. drove to EBITDA T&E realized year onetime employee benefit ] savings and to which also We some full our above related led QX

operating Now $X.X year-to-date million. operating cash $XX.X flow. million was turning cash QX to cash adjusted in and was flow Adjusted flow negative

quarter from customer of typically of expect our and generation is flow equivalents, compensation second half in QX a payments. reminder, collections to seasonal just $XXX.X due the cash of half first cash $XX.X seasonality the as normalize. employee to 'XX to materially FY to the with annual We QX the We mentioned. factors ended factors, decline a seasonal still including lowest as the first due cash of grow As number I million a of that quarter million factors and cash compared

quarter of results. I'd QX to increased $XX.X fiscal discussion. demonstrating QX At on my year-over-year, cash point, turn million Our our and cash like balance completes financial this generation guidance capability business. This the our full strong remarks fiscal to third year our

the a an fiscal increase the of decline third third 'XX, $XXX of million compared revenue $XXX to year prior range For fiscal to expect as to in million, X.X% of we representing FY quarter. subscription the quarter of X.X%

Our we impact of QX incorporates conservative for outlook the delays that with of is during half more revenue. subscription experienced revenue first full consistent year FY and deal a 'XX the guidance

to However, from we sequentially improve and retention bookings metrics as customer Andrew Greg and mentioned, our expect QX. still

to the growth we're FY representing provided be April million year we range the X%. negative 'XX, year-over-year million, negative $XXX to $XXX a on FY rate 'XX expect X% to For revising as XX, that revenue we of full follows: XXXX, guidance of in subscription

The performance reflects well our revenue expect 'XX regarding year-over-year the a revenue within the the FY negative negative be more growth total representing a the We in revenue of of $XXX for range million to of X%. conservative guidance X% total to full full to $XXX rate professional as as in change business. million, view year year reduction subscription services

backlog we services as of from continues outlined, services to Greg we existing up year create growth improve and second As in attached bookings. on in moderate, backlog subscription the half expect unbilled additional to the catch revenue work

this within expected. XX% to profit slower than still to However, We the to of be is FY 'XX XX%. now improvement range forecasted expect be gross margin previously

be and previously million year FY expect revenue around the 'XX to EBITDA of XX% the 'XX. adjusted full to EBITDA lower we million the our outlook, margin provided Given to $XXX reduction adjusted now for of be approximately end $XXX FY in range

continue the the than to we efficiencies drive year-over-year to lower revenue expect We in decline as in EBITDA business. be in

adjusted to As still savings to mindfully already of operating FY returning top reinvesting that to 'XX, growth remains track. We some first line half the ensure generate strong primary in double-digit our the demonstrated of expect positive while on lower of impact declines expense rates 'XX, an FY overall incrementally be it will the outlook have on although to savings. cost by on lower due focus interest negative will generation, in cash in offset and interest flow revenue cash our partially goal

work revenue in to a each. of fiscal us. In drivers bookings during strong leverage second which focus improved and for on to continued put quarter, the X.Xx. progress year-over-year our area compared as net growth EXopen The top and full underlying path. cash to of year business be low a sustainable year-end key the continued we both We generation conclusion, 'XX retention back we double-digit for capability made line expect approximately point our now view of FY remains and QX The

well in with We improvement fiscal positioned as and of revenue for to this accelerate we of the both move bookings approach are as continued through retention the impact year year-end. we expected end

we booking experienced While new positioning underlying are tremendous market timing subscription deals, large hold intact some in view we future strength have while issue, delays and product this just as our a potential. and strategy,

thank want line our their support concludes we I session. employees, and Q&A as closing, prepared remarks. please designed strong the the Before begin the position transition, to EXopen work to term. That and for and growth EXopen's consistent all through long Operator, for of for customers the partners open continued

Thank you. a At this time, we will question-and-answer be [Operator conducting Instructions]. session.

question Chris Stanley. with first from Morgan comes Quintero The

deal large double the delays. on I wanted click to

of that number Did QX curious end get so materializing? QX. compared kind delays? maybe it expecting you're Or the in versus improvement more terms up an how sequentially did Just not of things there worse of was

think Look, they're very big that CEO strategic. I we These initiatives. nature are of level think you the do, deals the if about

much look additional software They're are we going is of decisions cycles so what -- other than through companies, taking can these are you review. they anticipated. across And experienced as longer enterprise

evaluation the level client our additional at And highest delays certainly just on of so we based saw an base. primarily

when that, compare we in deal to QX but but and And QX, remarks, that overall not churn add we degree you bookings referenced it the prepared it the expected. cadence, to improve just did did improve, and it to

was the still was sort both directionally, timing. again, of an see over QX and year-over-year So on improvement QX. improvement bookings churn. QX in slowness we But did deal also

And what pipeline. ERP work then like seems momentum there's hear now. the around with ] cycle done there happening you're a seeing of upgrade right base curious lot to And it We've lot [ and acceleration. of I'm and SAP a your customer

[ customers SAP also So XX% I customers. your of are think ] about

if that you're to just was signs into of seeing wondering translate starting there your I So any pipeline? over momentum

demand. no There's we're seeing Yes. doubt

[ ] upgrade portfolio, As clients, enterprise them directly with more opportunities reevaluating engage anytime value proposition solution creating across better you to cycle entire supply their understand help chain massive set. have our are entire our to in clients a us architecture, shift for clients

And so we're that in won were from QX creating around they wins evaluation. we two initiated an where of the logistics SAP-related

seeing there. We've SAP. definitely demand got capabilities unique around So we're

definitely So an seeing pipeline. increase opportunity to yes, we're

to it, [indiscernible] just of Greg, [ ]. maybe the just add to clients sample

I go think the is expectations. two things happen. what upgrade, One new as of happens their the is meet clients some through don't modules that

the said, strategic it opportunities. ready -- natural flip integration to takes So -- of implementation other [ the during aren't to RFP team hardware software talking core into very pieces with [indiscernible] this rolling look, it's maker, our the to client in SAP of is The was very capacity I -- this is partners. central and of they the is there [indiscernible] and SAP their on and puts out team. management kind the a [indiscernible] ] here. of The that I things engage or a focused side, phases, because is early part the a timing is it up lot of one

with agree you that? do So

Yes, absolutely.

to we're through new part SAP's going to ] looking [ at look, start of just before hey, which lead ad are that core and we not this there's So feels which the a, capability. the is out through there in modules and to collaboration, things opportunity, tier an that like supply got weak logistics, process like then point spin get also especially a of things

question with next Adam from Hotchkiss comes Goldman The Sachs.

lot focused success. sales I on to been start, know seeing with for are going hearing from a customer guess and demand? has what I as you your on channel systems a integrators internally

for So are where and in happen [ you we I And make here. to step today? to what on on imagine have the that of spur to sort process? there's end I more SIs of that do an that guess, opportunity your do ]

and we're grow at that The think them help with so be to in having Yes. get we about couple beginning, a to transformation. And work dialogue -- win transformation integrators we the the drive together the that strategic clients partnering help a major of more is as subset provider can together them then choice. will of about

food is transformation So whole or demand, work think then the about integrator example to around a -- save off starting supply, -- CPG them supply $XXX and the stream one something across package demand. a and multi-dimensional we're the and We're because top with laying collab in hip, million whole chain the like XX transportation are kick companies at one of could strategic joined moving that co-packers we their basically out partner we the to U.S., from me we're that. we're

So and I think, had, how exact strategic with and leaders help it's another Connect, XX can at conversations then which owners same the conversation. industry the and all and grow. with had met about account we And one group that jointly particular grow them in I've we conversation, we

Let's then there's that one you to We've restoring and year. get poor SIs, in X ] work dialogues ours. clients. growth to relationships transformation. success. are one drive to [ We'll service one be big with right leveraging ] CPG we're next list build the than and And will start going success group going higher all But generally We'll line, pick two changes another of you to they're begets for their X reference and at in better-known auto about I industry [ capabilities ] joint a their some [ and and basically to it's X clients got with verticals. ones their of that clients think our chain supply X are leaders pick in with

it's it, seeing of different them they off their could So not source make it's a implementation they're where but it working I of of do to than with going mean, was previously. kind us. not support. little We're a money as

to just professional wanted I then the revenue. And touch on services

I lowered full think total like million revenue year looks it about you the by implied and subscription guide the guide. the by $XX

But that? into So this. there. understand pushing more of you some work the talked I'm us dig bit you curious, what's unbilled there's just and And obviously, could deals that help a the of impacting out the cut in driving on magnitude about maybe little

it. to add then, Greg, start Yes. It's can question. a and Maybe good I'll you

by in create as to new inherent multiyear coming So And projects nature services can end, and the obviously, contracts, of don't bookings just in, there's volatility you timing. large an being the if business. volatility come not it on have

flip As services. more we've we PS deals mentioned, come the generally some with attached that of seen large

the So PS the the revenue. likely large to booking, more attached also have larger

that on drive customer there's something really think really been implementations. not a think It's and designed to for very focus in driving create impact So stickier also it of that's through smallest revenue, operational there take couple would execution some was that But higher would talked customers, is pointed And additional we new we subscription PS we then or also that say the from more efficient I I backlog. PS leadership the that perspective. And last the a calls, revenue it relationships, about of brought in how and in in to we've to really quarter necessarily. long satisfaction, addition, seriously. working driving say, about stand-alone changes to drive be happy as term. we've and

comes Taylor question McGinnis with next UBS. The from

that just when larger And and rates closed of it implies you better But So the some some about? to new of you coming uptick the you about retention deals drive you there that you much, closing are that, an uptick already some retention if like you ones of can first further guys close how higher? in that maybe you're you're think or have I a of But these to are Like I through efforts tougher renewals. know half what's maybe retention outlook, talking really getting guess, of to one, Maybe of expectation in also, talk the is giving talked subscription bit in XQ. the still second of about like then going improving confidence larger these it's some that place versus through that the that can is any these comfort? implied pipeline. from you're going just talk see in revenue the at deals? giving because things I comfort that is about like some look

absolutely. Yes,

both and when year-over-year. why at So the mentioned half. we it look in in that's I if what that in you're is improvement of you that's And first as assumes low no quarter-over-quarter improvement we churn the conservatively at really already in bookings very saw prepared saw our we our end and say guidance, guidance, conservative looking the remarks,

So see And and the QX, at expecting action. expected, in but not QX previously we to we're seeing we're into that seeing trend. continue that pace that we're already that

that ]? improvement know the for [ and QX seeing this to want what factors and when in end in QX high to Maybe, and guidance Greg, I basically the you the what we're one QX. QX And about and of from we're don't expecting Andrew so take if you mid range, think the

spend harder and No, I too win we focusing retaining time to they're three quarters losing we look, many think on clients -- to them. said, of we're were ago, going Look, because

will that to we along to that decline clients those retention. a of XX way learned, a as XX lot and months I in increase think, that ago, months made manifest decisions itself simple. What churn XX So XX the is in It's ago. not

little pace you a that year. second looks of longer. than It's looks the of longer And materially year. to first next the But so of than decline we half the going if of at of it little take expect. when half first the look year, it took And half the the year, look second better materially half at this better than we a

and then a two they right? opportunity. of for predictable Clients the once mean and upsell those explicitly. It's and -- made leads open -- tail to issues up I ago. door cross-sell. whatever So [indiscernible] the retain just see are it facts, new we years them, solve the we Tangibly, their mistakes also

second my as maybe then question. And

work. unbilled I bit that about order efforts talked little retention. have So know services you of improve you earlier help And there to some had guys know I the in some a

hurdles? So was I that's an through is service services big the going. give work some additional guess increasing these helping part there that was of would a lower just to professional any when some about how you outlook, of think on you customers we of you the think color can unbilled about And maybe that? contributor be that maybe scope, Any then you're helpful. these update of saw, right, us When guys improvement the sequential the that

the clarity. using value working. far right? existing for piece it's making of In is investments software an with more getting an for implement should general, it than that are that it clients So and that from account, they're sure they that and one sure is making be the Saving projects they're success usually [indiscernible] saving today we account is

with we So where and clients, it's implementation was taking commitment we generally first so more get don't for think exceeded investments retain clients right. an the that client, the more situations and And we that's services have that ask wasn't should And professional presented couple work right? a to [ there's that originally to was thing, a or where in solution the in made -- done, that money. a to of today order we through had ]

implemented general, so are is we of material churn XXX lose of track sold investment an reasonable actually believe to investments we have And happy it the for we getting is client what we software, -- But And we're things we're a because not. make to continue seeing in seeing done had versus lose we the sure accounts implementations make kind a the those clients. like to found because is keep to clients never or that in what client.

resources. are number is is of XX% what we're green the and because are Our [ status them, a number of of red that looks down XX%, that of green, like. -- shrinking migration our ] portfolio But clients bad some that's that implementations, are aren't seeing causing clients more because in up there

Schappel The next Capital. Mark with from question comes Loop

color to particular around could you're or a in a like a whether was transactions an just certain you build seeing delays. question earlier want category? weakness wondering certain I product vertical on these if on deal Greg, the I provide additional

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Yes.

think get end up thing add most think, -- is Greg, I'd gives delayed few up of I confidence very that I who end the only is closing and ones us losing. because the that what

that cases, in of for degree itself And think [ but we has decision. often that ends when creates And review so before clients, sophisticated delays, more itself make also, our process uncertainty a client of a up to but has deal a I talking being of that a a we'll wait the bigger, cost about ]. like, us of couple strategic you're look, talent again, handful are [indiscernible] resolve those to led some just

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say suite, the is minor, specific And is distant and one into. competitor one we Gate players a ] see competitive [ space mid-market situations One some right? we TMS. question. running right? I'd the our that a first Mercury is are loaded in But network just There's the don't collaboration a Second those are is [indiscernible] in

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new product What's for of portfolio? among the for Andrew. the you Ridley-Lane on strongest What bookings is were better? This getting David areas

transportation can capabilities has point competitive mentioned, we and had we're that two providers. I new opening that and I Those of include One company significant multiple last-mile up we demand EXopen logistics, our are unique delivered the think, traditional differentiation visibility. parcel solution management proposition our one wins where markets. kind in in remarks, and in seeing three combine reflect the a the logo be is market those that through value versus As with capability unique that capability pick

value it So solution. clients in situation. in the that that clear saw became that overall crystal

their more And across different manage is markets become see piece demand compelling global our have and solution trade services tremendous portfolio. a trade important. need goods is We to very way supply space. chains global, second product in that more central and the have incredibly how as a they we The to in

incredible two value proposition. have we unique those a and seeing we're So areas, demand in

normalized that to churn on trajectory? large deals. still rates fiscal understand And back to by of you're terms difficulties year that in check the you're getting that I the towards on want But 'XX, having just of tracking the start

yes. is year you normalized -- what I yes. versus that, goal, continue even after to normalized answer would So that? we like a towards best-in-class definitely XX for is churn to achievable but tracking are we about that's us, the into short which level lower but to a we'd level, say, not over The ultimate what think months is going how next Whether the

to back queue. no questions floor like in for to I'd management now turn have We further any remarks. the closing

of Yes. the Thank direction we're an I'd close. you for have in a We, taking amount immense that. confidence like to as Look, where like the team, organization. That's

think that that serve to to product with then leads I in portfolio to end move portfolio. half retention and when capacity, specific, whole we we we decline. clients retention, continue we So next talking with already the -- again our opportunities. we more base and client a year than have unlock about retention, normalized time will at the begin new we least a treat situation the see specific And put that confident -- a we a given resolve XX and breadth of we That to on client well, just right? that immense just my some will levels when So opinion, just of opportunity of very up we and time back there's were because, are in focus retention, we

as to it it get be it's hard future, would it. to not to and an revenue of levels team revenue you rise, growth. everybody committed once But seeing churn follow, time and combination months as be imagine enter think we'll and think normalized takes book when we're 'XX near going know, there. growth churn to X XX enjoyable book the ultimately, have is period growth to very we as that booking in growth to and back we so get to knows, net of and we is to once And I And I net committed continue net bookings bookings the the to the

concludes this lines at you This for disconnect participation. you. Thank today's may Thank conference, your time. your and you