OneStream, Inc. (OS) Earnings Call Transcript & Summary

Thanks, everyone, for joining. My name is Chris Quintero, analyst here on the U.S. software research team, covering all things, back office, office of the CFO. And very happy here to be joined by Tom Shea, Co-Founder and CEO of OneStream. Thanks for joining us, Tom.

Yes. Thanks. Great to be here. Thanks for coming in, everyone.

Before we get into the good stuff, for important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures.

So to kick things off, Tom, I would love to hear you talk about OneStream being that operating system for modern finance. So just curious for investors who are maybe a little bit less familiar with the OneStream story, it would be great to kind of hear your vision of how you view OneStream as that operating system for finance.

Yes. That's -- when we describe the product as the operating system for modern finance, it comes down to the founding premise of the company and the one in OneStream. When we started the business, we set out from the very beginning to solve these core financial problems of pretty much any company. So think of financial planning, financial reporting, financial consolidation, account recs. Those are multiple systems that we tried to solve as a single unified solution. So that was day 1, the premise of the platform to be able to unify these complex processes. Then number two, really what you get from that is it's difficult to succeed there. So we're replacing 2 to 6 systems when we come into a business. So if you think about that, that's a really big -- that's the unification that we're after. And that's why we consider it the operating system for moder finance. But that's what we considered or what we call uniquely unified. So when you think about our platform, we use that term uniquely unified because we're able to unify these multiple processes that were typically served by point solutions. Being successful with those point -- with that uniquely unified solution set, we're actually able to drive what I consider to be the -- what I'm most interested in is creating this foundation for durable growth. Because when a customer signs, when we come in and take out 2 to 6 systems, what we're really doing is establishing a multi-decade relationship with them. And so when we -- when I talk about a lot of the times on the call -- on earnings calls or in any sort of investor meeting, one of the things we're most proud of as a business is 98% gross retention. And the reason that is, is we've been working towards building this important asset. And what does that unlock for us. At that point we keep adding these important customers, now we're positioned to grow with them. And so the second characteristic of our platform is what we call infinitely extensible. And I've used this example, a lot of times you think about a smartphone, the idea that you can take new solutions into your smartphone, provide new utility to a customer without adding technical debt. What companies are facing right now in this world is, over time, they've acquired so many different systems. They can't move forward. They -- all their time and energy has just spent unifying or just trying to validate and cross validate those systems. So as we're doing this and as we're continuing to create this successful group of customers, and also curate all this information for them, this is very -- we're a book of record. The companies actually ship numbers out of OneStream to Wall Street. So if you think about the trust that we're establishing with those customers, that asset that we're growing is, not just those successful customers themselves, but the data that we're holding for them. And why is that so important? While we're now able with this infinitely extensible model to be able to grow and add new faster on-ramps to the platform, so we've learned from these big positions, these big deals that we've done with these really prestigious customers faster on-ramps to bring a customer in. And then also, as this data is growing, we've also innovated with artificial intelligence. So it plays us out 5 years and you think about what value is artificial intelligence to the office of the CFO. I'm looking at Bill here in our room. He can't just ask a question of an LLM and say, what were my sales and have it pick up some number in an e-mail. That's not going to be reliable. It's not transparent. We can't trust it. We can't publish it. You need a trusted source like OneStream. And keep in mind, when I'm talking about replacing 2 to 6 systems, there could be 200 ERPs underneath that, that we're unifying. So we have a really high-value asset as we play this out in this world that we can think of in 5 years.

Yes. And I'm really glad you brought up that point around extensibility because I think it's one of the most interesting aspects of the OnStream platform, is from the very beginning when you architected the company and built in that extensibility. So curious why was that the decision? And what are some of the benefits you're tangibly getting today? Maybe you can hit on the solution exchange we well.

So it is tied to that initial concept of being uniquely unified. I spent 10 years in Corporate Finance personally. Then I spent time with Hyperion and in the CPM original first-generation products. And although we created a lot of utility for big companies with these products, planning, consolidation, we saw that we were creating technical debt through these different products not being unified or written on a single -- singular platform. So that is the foundation. That is the opportunity is to unify this, build that success so that we can go beyond and actually use -- and as Chris mentioned, the solution exchange, that's our store. What makes OneStream different than all their products is, you can actually code in OneStream. You don't -- when we talk about new products, I mentioned sales performance management, is an application that was written by an ISP, third party that decided, wait a minute, OneStream has this growing asset that's highly valuable, meaning those successful customers that are using them for core finance. Why don't we build a -- why don't we build our next-generation sales performance management product on OneStream, 70% of the data already exists in OneStream. The customer can download this, snap it in, and they're getting value much more quickly, and they're not having to wire it together in the back office. That is -- if you play that out over and over, that's why we're positioned and why this opportunity is so substantial.

Yes. And on that solution exchange point, I guess, how do you think about what you eventually build versus enable your customers and partners to build? You mentioned Infinity, obviously, an independent third-party software vendor that built exclusively on your platform. So just curious how you think about that dynamic and maybe how the revenue and pricing model works there.

So the best way to think about how we're proceeding with the Exchange or what are the next round of solutions that we want to add, I mentioned the core. These are the things that every business has to do every month, right? They have to do their financial planning. They have to do their financial reporting. They have to do account reconciliations. These are the things that we all expect to happen and to happen correctly on time and efficiently. What we're looking for now, once a CFO has that in their bag and they feel good about that process, they want to be a partner to the business. And what does that mean? That means that their team members are embedding with the go-to-market teams. They're embedding with your delivery and operational teams to actually help drive analytics and drive the COGS initiatives, drive the sales growth initiatives. The next round of solutions just like that you see us providing are, hey, we've got this foundation. Now let's add the next that makes the most sense that's adjacent to that, that's connected so that you don't have people showing up to a room arguing over a number. Because what happens today, if you think about the option, if you don't have a singular platform, and this is why it's so interesting for OneStream, is companies will go out, buy a point solution, an individual product line or functional manager will goal out, procure a point solution to solve their particular problem. They'll show up to a meeting with their CFO and get in an argument because their number is millions of dollars off of what the core financial system is saying. So before they can even start to talk about what they're trying to solve, they're arguing over that problem. We offer the opportunity to make it a continuum, to make the data related, to make this cohesive process so that you can truly add value. So the monetization of that is the next piece. So as we've been evolving, again, laser focused on growing that big opportunity of our core solution. As we've been growing into our AI and operational analytics, we've really evolved our pricing and packaging strategy as well to be more solution oriented. Our original mandate, if you think about that was to replace the 16 products that Oracle, SAP and legacy vendors provided in a single uniform package of our platform plus these store-based models that we offered. Now we've gone beyond that mandate. We've created additional value with sales performance management, with our artificial intelligence products with, you name it, our ESG product. That was always the plan from day 1 is that we knew the off of the CFO would be under pressure for new solutions outside of the core. That's why we had to make it infinitely extensible. So now we have solution-based pricing as well to start monetizing that. We're really in the first inning of that because the original idea is so big, just keep collecting those core customers. And now as that's growing. And remember, those are decade-long relationships, multiple decades, where we have a great position to expand on that captive audience that we have and offer them these innovative solutions that we're building on the platform.

Yes. I'm glad you brought up the pricing and packaging point because I thought that was super interesting from the Q4 earnings call. Obviously, customers get a lot of value out of the platform. So curious, any specifics you can give around those pricing and packaging changes. I know it's still early, but anything you can provide there.

Yes. So it's -- I want to -- the first point I want to make is it's evolutionary. It's not revolutionary. Meaning, we still want to be easy to -- number one, overriding characteristics which you want to be easy to do business with. But as we -- as I mentioned, we're adding more diverse solutions. So it can't just be a seat-based model, it's more solution oriented. There are still certain solutions that are very seat oriented, and they're always going to be because it's just the nature of the solution. Artificial intelligence, by example, is very usage oriented. So when we're training models, we're doing it based on the amount of targets and volume that we're training, completely aligned there. Our new durable pricing strategy allows us to align to the customers' use cases better, solution-oriented plus usage orientation, plus platform-based fees for things like our Power BI Connector that we announced last year. So it's comprehensive, it's durable. So as we accelerate and add more products, the go-to-market team can actually ingest it, the commercialization teams can ingest it and then we're confident in the way that we want to monetize and we can clearly communicate. And you'll see it contracting and doing business with OneStream in this next phase of our life, will look a lot like a ServiceNow or a sales force in terms of the way that we're monetizing the exchange.

Yes. And was there any specific like catalysts or reason why you decided to make these changes now? I think customers are using the platform at time, and I know that's hitting you on the COGS and gross margin line because they're just using a bunch more data and usage to your platform, too?

Yes. So as we always -- again, back to my -- the first question, this has always been the plan, build this really high-quality group of customers where you're solving the core, you have the trusted relationship and then know that eventually, we're going to get outside of that core definition, and be able to supply more interesting use cases around operational analytics and around artificial intelligence. So it's just really an execution on it, and we started the pricing and packaging. It wasn't kind of a crisis motion in any way. This was -- a couple of years ago, we said, we really need to think about this. We're leaning into the additional solutions on the Solution Exchange. And I really think of the company now as core, as I talked about, and right around that time. We then kind of broke it into AI and operational analytics. And so why you saw us leaning into the pricing and packaging specifically was as we're adding more products into the AI and operational analytics side of the house. We wanted clarity of the pricing and packaging and solution in there. And so really, it all has been part of a multiyear plan.

Yes. And I want to shift back into the product side. You guys announced 12 new innovations at Splash last year. What's the early customer feedback? Which ones are you really excited about? Which ones are customers really excited about? And is there anything you can -- I'm sure there's going to be more product announcement that's flashed this year, but any sneak peek you can give us there?

For sure. hopefully, as you listen to us talk more, we're very product-centric. The whole thing from the beginning of this company was to create a product to make sure that we're delivering on our customer and keeping them happy and keeping that gross retention. So that's going to be a theme that you're going to hear from me for years to come. The solutions that we announced last year, there are some that are directly in market this year. So as we announced SPM was announced sales performance management as SPM. Our ESG enhanced solution was announced last year and is now fully in market, that's an enhanced version. So very particular to the European market more so than the U.S. but really exciting as our continued evolution of our artificial intelligence platform. So we call it AI services. And it's really -- we're not trying to be everything to everyone in AI. We understand the office of the CFO very, very well because from day 1, that's what we set out to serve. And so if you think about how we're delivering artificial intelligence and why it's so exciting for us is almost a decade ago, we started working on our auto ML engine. So proprietary tech, we own our entire technology stack. We have some of the most prestigious businesses in the world using us for prediction. Now -- and this is very advanced time-series-based prediction to help them do demand-based prediction. So that's just Phase 1 in our AI series. So some of the sneak peek that you're going to see this year at Splash is some of those foundational technologies that we announced last year, they're now manifesting themselves into products and use cases that we're selling to in market that we launched. And so what you're going to see now is additional GA in our AI suite around our AI library with anomaly detectors and with clustering. So more products in complementing our current AI and then also even more generative AI products shipping as well. So lots of continued innovation. The thing that I would say that's different between 2024, those announcements and where we are now is, a lot of those are foundational technologies that are enabling us to build productizable use cases that fit into that pricing and packaging and can be delivered to our customers in a more, I want to say, scalable approach because that's another topic I didn't talk about, which is -- maybe you've heard me talk about CPM Express. We have a point of view now that we can fast on-ramp people to our platform with this productization based approach. So all of our innovations are geared towards that type of motion.

Yes. That's super interesting. So last year, the innovations was more about setting the ground layer and the infrastructure so that this year, you can -- when you announce more product innovations about more tangible use cases that you can actually sell and leverage the new pricing and packaging that you put out.

Exactly.

And on AI, I know you've been working on it for a while. I think sensible ML is the main product that you offer there. I think that started in 2017 when you commercialize it. Talk to us a bit about what value customers get out from that product? And what's the interest you're seeing from customers today?

The value that you get is instead of -- is you get production, quality, demand, information. And what do I mean by that, right? What's happening in the market today is companies are doing a lot of science experiments. They're hiring data scientists, they're buying tools and they're trying to come up with better predictions. What does every company want if I can promise a company better demand prediction, you're going to want it because we all calibrate our business to our demand picture. So we picked that as one of our use cases. And obviously, we're tied in. We own the financial models. So if we can help you get a better demand line item, we can generate a better demand and cycle it back into that model. So the primary use case that we went after to begin with is that demand prediction. What makes sensible ML so unique is we fully productized the entire process of building predictions. And what that really means to a customer is that they can -- we can quickly bring up use cases. We can validate those use cases. We can demonstrate better, higher quality, lower aero metrics. But at the same time, we provide the transparency. I talked about understanding the CFO. Just because I come to a CFO and say, this demand is this is going to be a better forecast than what you used last month by your human team doing it, and I show you a better aromatic they won't believe it. They're not going to give over agency to the model. We demonstrate that ability and give that transparency and auditability, which is leading to the adoption, which is then leading to the -- really the success that we're seeing, not only in retail but manufacturing, financial services. And so it's still a growing business because you're selling into -- there's a high education element to that sale. If I say AI to you in the room, I bet you we'll have a different conversation with each of you about what it really means to you and how you would use it personally or how you would use it in your professional life. So we're excited, though, to be at the center and have a strong point of view for the CFO in that area.

Yes. And I'm glad you brought up the point on adoption. I think we've seen a lot of AI use cases so far. I've been kind of more focused on customer service, software development. But I'm curious to hear your thoughts on the applicability and adoption within finance today. I know it's been always kind of a more risk-averse part of the organization. So curious what you're seeing now in your conversations with CFOs as they kind of look to adopt AI.

So step one, we're kind of all -- the market is learning together and starting to formulate at that point of view. We're trying to shape that point of view with our understanding of the CFO. The lessons learned from our auto ML are from our sensible machine learning, which is think of it as quantitative AI. Lots of neural networks running, powering these predictions in a fully automated way. We're now translating that understanding and adoption into the same type of conversation around our LLM strategies. So our AI -- so we kind of think of OnStream as having 3 steps in its AI portfolio. sensible machine learning, which now has a proven set of high-quality customers, validating the value that we're delivering. That is complemented. All those exact same customers are using our AI library. Think of AI library as a store for artificial intelligence. Our engineers can put new routines into that and customers can adopt it, and it can help power the machine learning and LLM adoption. And then ultimately, where we're going is how do we deliver LLM value to a CFO. That is where the same principles. We have to have it. It has to know about that data store that I talked about, that big asset that we've been building. We have a team that's building an a genic tool that understands how to look at our cube and tell you the sales number and why that sales number is correct, why it's validated so that it can actually participate and be useful in business conversations, not just have it do summarizations or optimizations, which are high value to companies, but for CFOs, it really needs to be focused in the way that I'm saying. So that's how we see this playing out. We're very careful about how we release products in this way because it has to work. Our customers expect these numbers have to be right, and the answers that you would get from AI have to be correct as well.

Yes. And I'm curious as well because it seems to be an emerging trend of just fewer accountants, people in finance. So I'm curious if that's also helping drive organization, CFO is wanting to lean in a bit more on the AI and the software side, too.

I mean I think we're all sitting here today and watching the volatility in the market. As you see this, this is something that has really picked up, and we can go back to 2008. But when you go through COVID, you go through the rapid change in inflation, think of the pressure that a large multinational business is under, right? So just -- I was in Detroit last week and I had the pleasure of meeting with Bill Ford. They're very nervous about tariffs over there and think about calibrating a business. And we talked about -- they're actually not a customer, General Motors as Mary Barra was there. We talked about how do they have to calibrate that business? There's constant pressure. So it's not just accountants. It's really this idea that if I have different systems, and all of a sudden, I have a production problem because I'm importing parts over here, and that's incongruent with what's happening in my overall financial picture that I have to tell Wall Street. There's a lot of energy over time to unify these things so that you can adopt. So that's why I'm so bullish about this as a long-term opportunity. This isn't going to go away, it's only intensifying. And so we're getting new customer -- potential customers created every day that there's volatility. I can tell you that.

Yes. And when you think about the broader office of the CFO modernization efforts and the market opportunity ahead of you, where is OneStream taking share from? I know SAP has about 25,000 on-prem customers. I think there's about 15,000 Hyperion customers still out there. Is that really where you're going to gain more of the market share? Or where else can you take some market share from?

Yes, I look at it holistically. So those are great areas of opportunity, and we deeply understand what an Oracle implementation looks like at a customer. We deeply understand what an SAP implementation looks like at a potential. So those are of high interest to us because -- and that's a huge opportunity and will be an ongoing opportunity. Those are 20-year systems that have been in place that we're seeking to overturn to turn into 20-year OneStream customers. So those will have their own pace, and we're just constantly going after that opportunity. But at the same time because we've done so many implementations, and again, think of a large organization that might be using a mainframe for planning, then some Hyperion product, some Oracle product and maybe even a little bit of SAP or IBM. That could be a replacement for us. We come in and turn that all into 1 unified platform-based story. That taught us a lot. And that's why when we talk about CPM Express, another avenue for us for grow, and I'm very excited about this is we're now packaging that knowledge, those best practices that we've learned from the biggest companies that have trusted us into this prepackaged blueprinted approach, same software, but a rapid time to value, 8 weeks, you're up and running, guaranteed fixed implementation. So now that we're taking that approach and selling this best practice, there's another segment of the market that's actually looking for us to do that. So across the board, you have -- again, just to summarize, you have these big replacement opportunities, we understand and have operated. That's a really rewarding area that we have created this -- the basis of the company. I consider that the foundation, but this -- taking this best-of-breed blueprinted approach is really, really exciting for me as a way for us to continue to grow and be more prescriptive to emerging companies. When I say emerging a company that's $100 million that's on the way to 500 million, that doesn't have the finance, they haven't owned Oracle. They haven't owned SAP. They don't have a 20-year history of they want somebody to come in and tell them how can you do this? And remember, every company needs to do these core operations. If you have any aspiration to become a big successful company, you have to have these disciplined financial processes. We're the system that can provide that. So I'm very excited about that element. And we purposely weighted. You can't start there. We had to start with the idea that I could walk into Fortune 1 or I could walk into 1 of the biggest companies in the world and say, we'll reverse engineer what you're doing, and we'll make sense of this for you and deploy it. And then we'll generalize that and come to somebody else and say, this is what you should do. Well, we have that use case. Now that's why this is all coming together as that continuous opportunity.

Yes. And -- as you're going after this very large opportunity, I would love to get your thoughts on the go-to-market strategy and how that's shifting today. I think historically, you've worked with a lot of boutiques that you've known for a while since the founding of the company. So I'm curious kind of how you're leaning into some of the global system integrators and how you're evolving the go-to-market strategy.

Yes. So if we kind of go back and just parse this again into the types of customers I've just described, if we think of the Type 1, the core customer, that big go-in replacement, those are very relationship-oriented where, to your point, continuing to evolve and invest in the GSI and the Artisan Partners because there's a lot of trust that goes in with these implementers that are met that have implemented the legacy systems that would implement OneStream, that's a motion that we've been evolving and we'll continue to invest in, and that's how you continue to drive the core opportunity. The opportunity that I talked about for selling, the more blueprinted, best-of-breed opens up an entirely different way of going to market. And that's what's so exciting because now you can take your marketing team and say, well, as an example, we're working on a higher ad version of our CPM Express. So what does that do for us? Once we've developed the best-of-breed blueprint for that. Our marketing team knows that there's a huge amount of customer type that they can go after and create a programmatic approach to going after all higher egg with that approach. You're going to see that motion repeat for us in different verticals and in different horizontal spaces as we take on more and more of this horizontal building on as an and to our core solution, not an ore.

Yes, that vertical strategy is really interesting. So you mentioned higher ed. What are some of the other verticals that you're looking to really if we target here?

So there's -- we see pockets across our entire customer base in terms of manufacturing is one of our biggest industries. And for example, there's already an app in our store that a partner created call automotive planning factory, where people in complex manufacturing and they want to plan at a part level. That's just an example of a domain-specific partner that really understood that customer that said, "I want to productize this. So there's many -- there's just prioritizing those use cases, health care, financial services. We're working in actually all of those areas right now, and you're looking for that generalizable case. The important thing that I want you to take away from this is the innovations that we did in 2024, one of them being our Genesis no-code framework, which is the thing that powers the Express capability, meaning the packaging of a solution enables us to quickly take these use cases that we start to understand vertically and turn them into a productized result that can then make its way through go-to-market, make its way to the customer. And if you go to our website right now, and you look at -- go to the CPM Express page. You will see it takes everything that I talked about from our core platform, which is your opening question, Chris, which was, why are you the operating system for modern finance. We've built all these technologies that needed to come together to solve all these problems. Well, that's not that directly aligned if I'm talking to a customer that's a capability that enables me to solve all kinds of problems for the customer. If you go to the site, though now and look at CPM Express, it's a strict definition of -- these are the things you're going to get if you use CPM expressing it feels like it's more oriented towards your specific use case. You can self-educate. Go to the next page, ESG, you can self-educate. So it's a change. We needed that really substantial capability to earn the right to do the big companies. But now we're actually turning that -- the example that I use is Microsoft started its business on Windows, but why do you know it even more as an end user, probably because of office, right? They built products on top of it, called it office that connected to you as a user. We're doing that exact same motion. We started with our platform, which is like the operating system. We tailored it and built solutions for customers, but now we're building our variations of office to deliver and connect the business use cases.

Got it. Before I open it up to the audience here, I want to hit on your 2025 outlook, guiding to about 20% total revenue growth. There's a lot of factors playing into that guide, macro, FX, you're accelerating SaaS migrations that you're seeing. So could you help unpack that guide? And maybe what are some of the assumptions you're making within that guide?

It really is just uncertainty driven. There's nothing that has changed in my outlook. Hopefully, you can tell from my enthusiasm for the opportunity. Nothing has changed from my long-term view of this business. In fact, I'm as bullish and excited as I've ever been with our opportunity. But there's definitely some uncertainty heading our way. And just we sell globally, we sell into the government as a substantial market for us. So we're just being prudent in our guidance. There's nothing catastrophic in the way that we're thinking but we're just feeling that, okay, look, there's a lot of uncertainty and unknown. And so what you're seeing is us giving our best view of the way things look today. And I think like everybody in the room, are probably hopeful that some of these guys will clear here, and we can just focus exclusively on our business and not have to think so much about externalities.

Yes. So very convicted on the long -- medium and long-term vision here, but some near term like growth...

The platform, like I said, from day 1, the platform-based approach and the successful customers. The way that I want to answer that, and I don't think a lot of companies -- there's the NRR teams and there's the gross retention teams. When I think about -- they're both important to me, but gross retention drives the opportunity for net retention. 98% growth retention and the types of customers that we serve for the type of solution that we deliver and a multi-decade solution. If I just keep adding to that pile every single year, how can we not have a great opportunity in the future, right? And we're innovating and investing and have a good disciplined growth model as a business. We can continue to invest and continue to innovate, which means that we can go back to that customer. Ultimately, you're going to have a lower cost of sale to those customers that are already on our platform. And we've been really focused on getting new properties, Bill always says, think of them [ as monopoly ] board. We've been running hard to try to get as many properties before we try to build the hotels. We're starting to think about building the hotels now. But before just give me as many properties on this platform as possible. Let me get them into that 20-year cycle with us so that I can then keep adding more to them.

Excellent. Any questions from the audience? Right here.

You guys grew really nicely through a very difficult software selling period the last, call it, 18 to 24 months. But for one reason or another, the uncertainty for your words has picked up, therefore, you're bringing sort of growth rate guidance down. Just talk to that a little bit because that uncertainty has been out there. What's incremental?

So one of the things that we've seen change over the last couple of years is the increase in 1 million plus ARR deals, which are large transformational deals. And so when you go to close that type of a deal, you're thinking -- you're talking about very high impact. When Bill started, we had 0 customers paying us over $1 million. So 5 years later, we have over $100 million. And so when you think about that, there's just the easiest thing to do if there's uncertainty in a quarter to just not signed. The good news and what gives me the confidence is they're signing with us still. And we've seen this type of behavior. I've seen it -- over the years, I've been in this industry for a really long time, and you'll just see -- because what's happening when somebody is doing a big transformational deal, is they're going to do a high impact. It's a high impact, not just that once they make the choice to do it, they're going to do it. But it's a high impact on their business, on their user community inside of the company. Because I'm taking out 2 to 6 systems. It's going to affect a huge amount of people on how they operate and how they go. If there's a lot of externalities, they might be, well, I've got something else to worry about right now, even though I know I have to do this. And so I can't give you perfect a perfect explanation as to why because during COVID, there was a shock wave. In COVID, it literally spurred growth beyond what you could imagine because what happened was people wake up and they said, "I have to calibrate my business daily. I don't know if someone's going to pay me tomorrow. That created an intense urgency to fix things. So we went and rolled through a lot of that wave as well. And you still see it carrying on, but people feel that they have a little bit more control right now. It doesn't have the all-out crisis that we had in COVID where if they have a lot of external uncertainty, they can punt on a project for a quarter or they can punt for a month and go and continue on. They ultimately know they have to do it. But it doesn't change the overall demand profile. It's really a matter of timing, not a matter of opportunity.

We have time for one more. Yes.

Do you get pressure from your biggest customers, oldest customers to get involved at the operating system level and to influence the path of development of that? And if so, I assume you would how do you resist that? And therefore, not become 20 years from now, the type of guys you're trying to replace who become a jumble of things built on things.

Again, the -- starting with the -- from the first line of code when we created this platform, creating these unified engines and really being strict to that. So even the reason I made the point about artificial intelligence and the way that we invested, we invested in the company that eventually became our artificial intelligence platform because we knew it needed to be written for OneStream, OnStream. We're maniacal about that. And a lot of the same ways that you would see ServiceNow feel that way. Meaning, you have to keep the consistency of the platform because you can develop software very rapidly on our product at a lower cost, there's a big organic capability to answer that question that a customer might have if they need something for us to say, "Well, let's step back, can we make that an application in our exchange that solves your problem on our platform versus going down into another OS or into another type of technical footprint and just trying to bolt it on. We typically look to be very thoughtful about evolving the platform then delivering the functional capability on top of it. The good news is, and why I said we're inflecting right now is we've spent all these years broadening our platform. So some of the innovations that we announced last year there's really 3 pillars to our platform. The core in-memory financial analytic engine, which is 100% proprietary and differentiated that allows us to do planning, consolidation and these different processes together, but we also added something called AFA, agile financial analytics because as customers became successful with the core finance, they want to get into this more daily weekly processing, which is a completely different computational problem. We now have that as a pillar of the platform. So I don't have to go out and source a different type of transactional system or data. And then ultimately, you have AI as the third pillar. All those pieces together, the platform is very robust now and we can just concentrate on functional delivery. It doesn't mean we're always evolving the platform, but it's very, very robust. And that is both an opportunity and a moat for us because we're one of the -- I would say, we're the only platform at the analytic level that has all of those pieces together. No one has the financial intelligence that we have. And then the agile financial analytics that can be delivered into the same metaphor as the financial and the artificial intelligence all live together under a single technical foundation.

Awesome. With that, we can end it there. Thanks, again, Tom. Appreciated.

Thank you very much.