HubSpot, Inc. (HUBS) Earnings Call Transcript & Summary

Good afternoon, and thank you for joining us today. My name is Elizabeth Porter. I'm on the software team of Morgan Stanley, and I'm very pleased to have with us today HubSpot CEO, Yamini Rangan. We are going to take audience Q&A, so there's going to be mics going around at the end. And before we start, for important disclosures, please see the Morgan Stanley Research Disclosure website at www.morganstanley.com/researchdisclosures. And with that, Yamini, thank you so much for joining us today.

Elizabeth. So great to be here. Thank you for having us.

Awesome. Thank you. So just to start it off, I'd love to get your views on the macro demand backdrop. In Q4, you saw customer adds reaccelerate to all-time highs. Meanwhile, at the high end of the market, you also noted some buyer urgency, which is a term that we just haven't quite heard too often in software. So I'd love to hear how you're seeing demand unfold. Any sort of differences between your larger and smaller customers and just some initial observations to start 2024?

Yes, that's a great question. Obviously, we're very happy and thrilled with the results in Q4, specifically in terms of the 11,000 net adds that we saw. Having said that, we are still in a very, very choppy environment. And if you step back and think about some of the customer trends in second half of 2023, which is deals taking longer, more people that are involved in the deal decision-making, decision-making happens by committee with the CFO or Board involved and budget scrutiny, I think those kinds of customer patterns in terms of buying is still continuing. So we're going to assume that 2024 is similar to what we saw in 2023. Now you pointed to another thing, which is we saw some larger deal execution as well, and that was the comment that we made that towards the end of Q4, especially in December, we saw some buyer urgency and that was related to larger deals. And if you kind of break it down, it is -- they want to be able to reduce their total cost of ownership while increasing the visibility that they have towards their growth initiatives, and those 2 kind of played a part in terms of larger deal momentum. As we think about the broader macro, and for us, within companies, macro comes back to how are customers buying, and customers are buying cautiously. And the customers continue to be focused on driving fast time to value and great visibility into growth initiatives. And so we're going to assume that we're in a similar environment like 2023.

Great. And I want to focus a little bit on the lower end of the customers first. And you've seen this great acceleration in your Starter tier customers. And because of that, your average subscription revenue per customer, just from a mix shift perspective, does tend to get a little bit pressured. And in fiscal '24, the guidance is for that average subscription revenue per customer to decline a little bit year-over-year. And if I look back historically, your ASRPC has kind of formed these waves of peaks and troughs. So my question is, is 2024 reflective of one of those troughs? And what's the opportunity as we look ahead to get back to that high single-digit growth rate that we saw in prior peaks around the fiscal '21, '22 time frame?

Yes, it's a great question. I think ASRPC net adds, they're definitely important metrics for you to look at the company. We think of those as output metrics. And really, the input is the strategy that we have. And our strategy is to deliver an easy-to-buy, easy-to-use product that can get us to be the platform of choice within the mid-market opportunity. And the opportunity is massive. It's an $80 billion market. We're very, very early stages of this market, and it's going to continue to grow. Whether the environment remains choppy or not, if you look at the next 5- to 10-year period, it is going to grow. And from our strategy perspective, we want to reduce friction for our customers, and we want to acquire customers, and we want to continue to help them upgrade. And so that's what you're seeing at play. Last year, a lot of optimization from a pricing perspective. I'm sure you'll ask us about our pricing changes, but we want to drive customer adoption and acquisitions so we can accelerate our market share gains, and that's the phase that we are in, in terms of the opportunity. And one thing to point out is that if you strip out Starter, which is the question that you started with, and you look at Pro and Enterprise edition customers, there, the ASRPC growth last year was great, and I think we'll continue to see that type of growth. But broadly speaking, we are driving acquisition of customers and accelerating our market share gain.

Great. And I'll get to pricing in just a minute. But firstly, I want to hit on that Pro and Enterprise side. And particularly, you've been investing a lot in building out the portfolio and the functionality to address these larger customers. So what features have really stood out most to be able to attract some of these larger deals? And importantly, how has penetration evolved into your upper end of the target segment?

Yes. It's a good -- a very pointed question, Elizabeth. If you look at our segment, we focus on companies with 1,000 to 2,000 employees. And over 200 employees is what we call as a corporate segment or enterprise segment. And over the past 3 to 5 years, we have consistently gone back to that customer segment. And we've asked for what kinds of features, what more sophistication do they need to adopt us as the customer platform, and you have seen us double down on the pace of product innovation. And so if we go to those customers, they'll say the first thing that they like about us is that we are increasing the pace of innovation. It's not even a feature. It's the fact that we listen to our customers, we build that into the product, and we're rapidly innovating on their behalf. In addition to that, I think over the past 3 years, again, we've made our CRM much more customizable. We have made our CRM much more extensible. We now have over 2,000 integrations, so it's easier to bring data into the CRM platform. And all of those, in addition to the level of granularity of permissioning that we provide to upmarket customers, have increased the sophistication within that segment from a product perspective. I think I'd particularly call on Sales Hub, and that's probably a pattern that you should expect out of us. With Sales Hub, we went to our upmarket customers, we looked at what kinds of features and abilities they need to grow their sales organizations and they've invested. Last year at INBOUND, we relaunched our Sales Hub, and prospecting has been just an interesting area where we provided a use case and a user space to be able to drive better prospecting. And lot of customers, it resonates with them, and we've seen that adoption. So it's not one feature. It is just the focus on listening to upmarket customers and increasing the pace of innovation, so we become a better fit for them.

Great. And on that Sales Hub, you mentioned post the relaunch, it's been wildly successful. It's really become kind of the second pillar alongside marketing. And you've also been making a lot of investments around Service Hub [indiscernible]. How can Service Hub start to follow the road map that was laid out by Sales Hub? Is there anything that needs to be added from kind of a product standpoint? How can we get Service Hub kind of to be the next Sales Hub?

Yes. I think following the same playbook. I think you're really pointing out to how we're broadly thinking about it. We have Marketing Hub and Sales Hub. Those two are now established front doors into HubSpot. And our customers, when they start with HubSpot, they either start with Marketing or Sales or a multi-hub, and that's become legitimate. We now have 3 additional hubs, Service Hub, CMS and Ops Hub. They're all $100 million and growing. And we think that each of those can follow the playbook that we have established with Sales Hub. And then we have made bets in data as well as commerce that provides yet another lever for growth, and those are seeds in the early stages for longer-term durable growth. Now when you look at Service Hub, we're going to use the same playbook. We are talking to customers. We are understanding what it takes for us to become upmarket-ready in terms of Service Hub, and we're increasing the pace of innovation from a Service Hub perspective. Last year, in 2023, we invested pretty significantly in Service Hub Pro, and the kinds of features that we launched within Service Hub Pro improved the ability for our customers to do better SLA management, to drive a much more modern help desk with omnichannel support. And that -- we're really happy with the kind of user adoption that we're seeing. And then this year, the playbook is kind of following what Sales Hub did in terms of driving more sophisticated use cases and features for upmarket customers that can then drive Service Hub adoption. There's probably a couple of other things in terms of Service Hub adoption. One is the opportunity that GenAI presents, right? Generative AI, the -- one of the best kind of use cases and early use cases in front office has been service. The ability to take some of your most frequently asked questions and automate that through AI. The ability to summarize calls and be able to get back with resolutions faster. And so we're investing pretty heavily with generative AI features for our Service Hub so we can leapfrog there. And then in addition to that, Service Hub becomes part of the platform. Our customers don't come to us and say, "We want to buy hub at a time." They actually buy us because all of this is in a single customer record, and the value proposition is having service with sales, with marketing, with ops in a single customer platform. And so I think they all provide a really nice path for service to continue to grow.

Great, and definitely want to get to pricing. So you've revamped the pricing model this year, and you moved to more of a seat-based model across all the hubs. So what was the strategic rationale for doing this pricing change now and what opportunities does it open for HubSpot?

Yes. This has been a couple of years in the making, and I would maybe double down on the strategic rationale. HubSpot's value proposition is very clear within our customers. We are easy to buy, we're easy to use, and we are easy to scale. And we went to our customers a couple of years ago, and we said, "What can we do to increase this value proposition even more?" A different question is how can we double down and make it even easier to buy. That was the question that we asked our customers. And the answer led us to the pricing changes. The first thing they said is, "We don't want the seat minimums" because it's a point of friction to go from free to Starter is having a seat minimum. So we said, "We'll remove the seat minimum," which is good. Then the second thing they said is, "There's another point of friction to go from Starter tier to Pro because, again, for the Pro tier, you have 5 seats minimum and then for the Enterprise tier, you have 10 seats minimum, and the price is a big jump." So we said, "Great. We're going to remove that friction point by lowering the price per seat and taking out the seat minimums." And both of those are exceptionally customer-friendly. So the question you should be asking is, are you decreasing price? Why are you doing this? The answer is that we are going to get healthier customer cohorts as we go forward. Of course, initially, the volume of Starter and Pro customers are going to increase. And we saw that in the pilot that we ran last year. We've been running a pilot for about 10 months, and we saw that increase in portals, both in Starter and Pro. But the other real benefit of the pricing change is that people are buying exactly what they need, which means there are far fewer downgrades and there are a lot more upgrades. And so it creates a much healthy cohort of customers that we can drive value as we go forward. And then the third thing, probably an important strategic rationale to point out, is we asked our customers where are you getting a lot of value. And they said, "Well, we're getting a ton of value from your Smart CRM. It is the unified place to get all of the customer information, and we can customize it, we can extend it, we can add to it and there's a ton of value. And by the way, you should monetize it." They actually came to us and said that there's a lot of value there, which is why we are monetizing that Smart CRM as part of the core seat. And so again, this year, you'll see it in volume. But going forward, it helps us have healthier customer cohorts that will upgrade and pay exactly when they need it.

Great. And as we move to more of the business model that's tied to these seats and moving away from the seat minimums, how did you guys think through any sort of risk around macro or AI specifically on seat-based models? And anything that you have to offset this?

Yes. I do think removing seat-based minimums actually reduces the risk of any seat-based model, right? A lot of times, people will just say, "You've got to buy x number of seats in order for you to get in the door," and we are reducing that. So it's lowering risk. But probably, the more deeper question you're asking is you're going to a seat-based model. If the number of seats decrease, then what happens to your overall business model? I would -- I'd say that still AI is in super early stages. There's a lot more we have to do in terms of driving adoption. If you take Sales Hub specifically and you take why people buy Sales Hub or any sales automation product, it is to improve rep productivity. And that is to improve growth within companies. And in fact, if AI is able to unlock levers of productivity, people are actually going to buy more, and they're going to grow more, right? In sales, you'll never go to an organization, unless it's in the cap -- it's a really bad macro, where people are saying, "Oh, I want to reduce the number of salespeople every year into eternity." They'll always be how do I get my salespeople to be productive and drive growth. That's the question. So I think the seats model actually works if you're buying the minimum seats and you continue to expand, sales will continue to expand. That might not be the case in Service Hub. And there potentially is a place where there's a lot more automation that happens within service. And if that's the case, then we will find a lever to be able to monetize. If we are adding a lot of value in service that helps people become even more efficient there, then we'll add a lever in terms of pricing. More fundamentally, we think that this year is all about driving AI value and usage and getting customers to adopt AI. And as we learn more, I think our monetization is going to evolve with it.

Great. And keeping on this AI thread, you guys were very quick to market announcing your HubSpot AI at the 2023 INBOUND. So why is HubSpot positioned to win kind of uniquely in AI? And how are you guys really differentiating your approach?

Yes, yes. Last year was mad rush, everybody off with their road maps and adding features. I do think that there are some fundamental differentiators for HubSpot. The first thing is we're in the flow of work. If you look at AI feature adoption and tool adoption, people are not just buying 10-point solutions of AI. Generating a block content, being able to change the mix in terms of your social campaigns, you don't need 5 different AI tools to do it. You need a tool that works in the flow of work. And that's exactly the differentiator for HubSpot. We have embedded AI features into the flow of what a marketing manager does on a daily basis. We have embedded AI features into what a sales manager or a sales rep is doing on a daily basis to summarize calls and get out notes to customers to get better context. We are providing the same kinds of tools right for the service agents. So AI being in the flow of work instead of a point solution separately or yet another tab that you have to go to is a huge differentiator. The second thing is data. Data as a currency for AI is not a new concept. The more data you have and the more insights you can drive in terms of fine-tuning your AI model, and we have 200,000 customers every day using our products, and so the ability to take that data and layer it on top of any large language model and fine tune it to the context of a particular company and their interactions is really valuable. And I think that's a huge differentiator. And third, I would say, is just the human loop. The faster you can get features in front of customers and get feedback, the faster you can iterate and the faster you'll have differentiated features versus stable stake features. And I think that kind of a loop of getting feedback from customers is just really well managed within HubSpot, and so all of those really drive much more differentiation from our AI strategy. But it's still early days, very early.

Yes. Still very early days. Also another one that maybe a little bit early is Payments and Commerce Hub. And you guys have always been really great about listening to the pain points of your customers, and Payments was one of those. And in your 2023 Analyst Day, you also introduced Commerce Hub as just a separate hub altogether, integrating Payments really into the ecosystem. When I think about the landscape, it is pretty competitive across companies offering different payment solutions. So how has traction kind of with HubSpot Commerce and Payments been? Why are you positioned to win? And what are your expectations for kind of longer-term growth within this market?

Yes. I think all great questions. I'm going to go back to where you started, which is we go to customers and ask them what the pain points are, and that's what feeds into our R&D road map. And when we went to customers and specifically asked about their Payments and Commerce, two things that they wanted from us. One is they wanted to make that last mile of closing a customer deal to actually invoicing, getting the invoice out to their finance teams, getting the payment and getting the transaction information. That whole last mile of the transaction, they wanted that to be much easier. And then the second thing they said is having transaction-level information makes their CRM much better. Why? Because you can run much better marketing campaigns with that context. You can have a much better sales conversation knowing which product was paid for, when did they buy that product and how much -- how deep was the product adoption. You have that context for sales. And then the same thing for support, knowing which product was bought, when it was bought and how much paid really helps the support conversation. So the fundamental thesis for us is not a stand-alone Payments product that competes with other stand-alone Payments products. It is actually having a commerce engine that brings commerce data and customer data into a singular platform, which is our customer platform. So the way we think about it is not a stand-alone competitive product. It's enriching the value of the customer platform that we drive. And at INBOUND, we did call this as a hub. And specifically, we announced a few features, one being bring -- the ability to bring your own processor. One of the things that we have found in the last couple of years is that if they don't have a processor, they start with HubSpot. But if they have another processor, it's much easier for them to bring the processor. And so we launched bring your own processor, being able to drive native invoicing, much better accounting integrations. Those are the kinds of things that we launched, and we're seeing really good adoption and traction. I think we shared some of the stats. The things that we care about are, are more customers signing for Payments and are they processing more of their commerce through HubSpot. And both of these have seen more than a 2x growth over the last year. So we're pleased. At the same time, you should think about HubSpot as having a portfolio of bets, not just one product. And the Marketing and Sales Hub, our engine's front doors really seeing traction. Then we have a set of $100 million-plus hubs that can take on the path. And those bets are working. And then we have commerce, still earlier stage, but we see a lot of opportunity for us. So it's a portfolio of bets over multiple horizons that drive our confidence in having long-term durable growth in the market that we have.

Great. And this portfolio that you've built has largely been done all through organic R&D investment. But you have used tech tuck-ins very opportunistically, and one of the most recent ones of that was Clearbit in Q4. So could you just help us understand what's the near-term and longer-term strategy of integrating Clearbit into the HubSpot platform? And how material of an upsell could this be as you go in and bring this data to your existing customer base?

Yes, absolutely. And again, going back to how we start with any of these decisions is asking customers where can we help them grow faster. And when we went to our customers and we said, "Where can we help you grow faster," one of the areas they pointed to is data, having data about companies that they can prospecting, having data about the intent of customers that are visiting with their website or engaging in social, having data about contacts within those companies that are, again, driving decisions. All of those are just important for our customers, which is why we did this acquisition. Now it's slightly different. It's not an application that we're buying. We're actually getting a data asset, so we can natively build that data into our customer platform, and the power of enriched data plus artificial intelligence that can work on top of that enriched data that can drive better growth initiatives for our customers and accelerate our vision is what we were going for. Now you specifically asked, so how do you see it play out in the near term. We completed the integration. The teams are up and running. We just launched a set of cross-sell initiatives just this quarter, and the early traction is good. Customers like the fact that we can bring the data into the CRM to help them drive campaigns and leads faster. So I think the initial value proposition is resonating within the market, and the initial phase is just going to be cross-selling, taking the Clearbit data for our company and intent information and being able to provide that within the installed base. I think the medium-term and longer-term opportunity is we're going to take it and natively build it. Anytime we have made acquisitions like this before, and we did PieSync, we took PieSync and we then built up Ops Hub, and Ops Hub feels very cohesive to Marketing Hub and Sales Hub, and that's the same approach that we'll take. We'll take the data asset and natively build it into HubSpot so that from a customer experience perspective, it's seamless, it's cohesive, and it's one place where they have data, AI and the customer platform for them to be able to grow.

Great. And we're going to open up to questions and after I ask one or two more. So mic runners. I wanted to switch a little bit to the financial side. HubSpot, like many other software companies, did see net revenue retention rates pressured just as companies were doing less upgrade, hiring fewer people. Despite that pressure, your gross retention rates really held in well, despite some of the concerns that we had around SMBs. So what are your expectations for how NRR could evolve through 2024? And can some of the early signs of stabilization that we're seeing now do any sort of foreshadowing to improvement later in the year?

Yes. It's a great question. I think any time we think about revenue retention, we break it down into the base foundational components of revenue retention, and there are three, right? You have the customer dollar retention, which is people staying with us. And then the second part of it is downgrades or is there a downgrade pressure. And then the third part of it is upgrades, are continuing -- are people continuing to upgrade. I think what we're seeing within our customer base is that the value proposition of a single platform that is easy to buy, easy to use is resonating, which is what translates into stable customer dollar retention. We've started seeing that in 2023, and we are comfortable with how we are retaining customers going into 2024. The second bucket of it is downgrades, and this is where we saw a lot of headwinds in 2023, seats downgrades, addition downgrades, contact tier downgrades. And our customers were right in the middle of optimizing their budgets and optimizing their spend, and that is why we saw a lot of those headwinds. I won't say that the headwinds are completely gone, but they're probably less vigorous headwinds than we saw in 2023. We're seeing some improvement in stabilization within seats. We're seeing some stabilization within additions. But the headwinds, if they were gusting and blowing at 100 miles an hour, it's more like 20 miles an hour now, which is great. The next thing that we want to be able to see is upgrades. People stay with you, people downgrade less, but then we also want customers to be able to upgrade more, and we saw pressure last year, and we continued to see pressure there this year. And so at some point, we'll begin to see our customers normally not downgrading, but also upgrading at a faster pace. And when that happens, then we'll have uplift in terms of revenue retention. We're doing everything -- from a company perspective, one of the biggest initiatives for 2024, we're calling it internally as the year of usage. And we're driving our product organization as well as the go-to-market organization to really focus on driving usage for our customers because when customers use our product and they get value out of the product, they're going to stay longer, they're going to downgrade less and they're going to upgrade hopefully more. And so we're focused internally on driving value to our customers this year.

Great. And one more question before I turn it over to the audience questions.

Sure.

Overall revenue guidance, we're about 18% constant currency in fiscal '24, definitely appears achievable just considering the momentum that you had exiting 2023. And kind of with this expectation for retention rates to stay kind of around the current levels today, that implies from a new customer perspective that new customers contribute around 14 points of growth, which is down from some of the prior years, the last two was closer to low 20s. So what trends are you seeing specifically from the new customer demand side? And are there any changes in trend that would drive contribution from new customers kind of higher or lower than what you've seen before?

Yes. I think maybe the previous question you had in this are kind of interrelated, right? If you look at how we broadly think about it, we can increase new customer adoption and then we can get our current installed base to continue to retain longer and buy more with us, which is what we talked about when we covered revenue retention. I do think this is going to be a year where we can expand our customer acquisition. We saw that even before the pricing changes that we made, but our value proposition for the lower end of the market of having something super easy to buy, on board, begin to get value is resonating. And so we've seen a steady increase in the size of the customer cohorts we bring in every quarter, leading to that 11,000 net adds, which was a record for us in Q4. And I think with all of that foundational work and, in addition, the pricing changes that we did this year, you're going to see higher volumes of customers both for Starter as well as Pro, and that will continue. Now the good news is that once customers are on HubSpot, they see the value, they continue to stay longer with us and they continue to grow with us. And if you strip out the Starter and you just look at Pro and Enterprise, the growth of value as well as how much we are able to get them to upgrade has improved. And so I think we have a longer-term way of kind of continuing to improve the value of customers. So pricing model change, plus a lot of the foundational that we have done to just make the value proposition really stick for that customer segment is what gives us confidence in terms of driving customer acquisition as well as accelerating our market share gains.

Awesome. Great. Do we have any questions from the audience? There's one...

Right there.

Yamini, I'm Mike Lippert from Baron Capital. I wanted to ask on AI and data on -- it sounded like you were saying that you have the ability to train your models on all of your customer data, then maybe allow individual customers to fine-tune it. One, is that right? And if I got that wrong, if you could kind of say what the rights you have to your data generally to train models and then specifically with customers. The other thing is Salesforce talks a lot about data cloud. You talked about Smart CRM. You may be doing other things. I'm curious of what you're doing with helping your customers organize their data and how you're feeding it back to them to provide more value in the platform.

Yes, yes. Thank you, Michael, for both of those questions. On the first question, how do we use the data, I think, first of all, we start with flexibility and giving controls to our customers. So our customer has the ability to opt out of any of their prompts going back to LLM providers. So they have that ability to do that. They also have the ability to opt out of any kind of fine-tuning that we do with the broader data. So if they don't opt out, then there's the base layer of foundation models that we hook into. And then second, we can take the data across 200,000 customers. For example, a simple example is, what is the time when you post a blog that you get the most engagement. That's data that we currently do, and we have shared benchmarks like this for years, even before AI, to say the best time to post a blog is X or the best heading or title for a blog is Y. We've always had that in the terms. Now customers have the ability to opt out of it, but that is there. I think the next stage of it, we haven't seen a lot of our SMB customers really talk to us about this, but we couldn't have fine-tuning just based on one customer. Our customers are too small for them to request for that specifically. So I think that answers the first part of the question. Sorry, remind me on the second part, which was...

More volume.

That's right. So I think that I certainly -- you all listened to the earnings call of a lot of the tech providers, and I think data is the currency, and our Smart CRM is that unified record. And again, you should take our market, which is the 1,000 to 2,000 space. That is the market that we are focused on, which is very different from enterprise market where you have 100,000 employees and the data is spread out. There -- the fact that our customers are choosing us as a customer platform gives them a leg up in terms of AI because data is not spread out across everything. And we haven't cobbled together a bunch of acquisitions for data to be fragmented and spread out. So inherently, there is an advantage of having data within one common unified record, and we have made that Smart CRM layer even more powerful over the past couple of years by the ability to customize and extend and integrate there. So our customers don't have a huge issue in terms of starting with cleaning up of the data. And I think there's a difference in the segment that we operate in as well.

So going back to AI, the promise of AI just generating a lot of productivity gains for your customers. How are you adopting your own solutions internally to drive productivity gains at HubSpot?

Yes, a lot. And it's interesting, I talk to a lot of customers, customers where someone in their executive suite goes down to the team and says, "You've got to be using this. I need a road map." Those customers are far ahead than customers who are just more generally letting their teams experiment. And so we fall ourselves into that first camp. As soon as we started launching products, we also went to our internal marketing sales and service teams to ask them to experiment, play with and then drive value from AI. And I would say not dissimilar to the patterns that we see with our customers, marketing is the biggest use case. We started using content generation. We started using web bots for marketing to be able to answer basic questions on our website. And our marketing team has done a phenomenal job of leveraging a lot of this technology, more so to, one, become more creative and drive a lot more efficiency. That's what is happening from a marketing perspective. The second area that we've experimented with and now are beginning to get value is on service. And again, what we have found is that the simplest, most repetitive 10% of the questions within the service is now being answered by AI. And that's been consistent kind of -- we've seen that execute over the past few months. And what that has allowed our support agents to do is to improve the SLA and improve kind of the resolution times and get to better answers to our customers that's getting started. I think we're beginning to see them take more complex questions and, therefore, focus on delivering better SLAs. I think we'll have better results soon. And then the third area, of course, is guided selling. Our sales reps are using it to summarize calls to be able to drive the best next action for our customers and have better conversations. And that's, again, an area that we're beginning to see improvements in productivity. It's a little too early to say just like everybody else, but three areas where we are consistently seeing our teams begin to use AI.

Great. Yes, it sounds like you guys are really drinking your own champagne as it relates to the AI technology.

Yes, definitely.

Well, thank you so much for joining us today. We're really excited to see everything that comes next.

Thank you so much, Elizabeth, and thank you all for the support.

Thanks.