Sprinklr, Inc. (CXM) Earnings Call Transcript & Summary

Good afternoon, everybody. Thanks for joining us on day 2 of the Citi Tech Conference. My name is Tyler Radke. I co-head the U.S. software sector and we are excited to have New York's local Sprinklr here. We have the CFO, Manish Sarin, and then we also have Eric Scro, the VP of Finance. I know you have many titles, but that's the one I closely associate you with. So very topical, you just reported results last night. There were a lot of positives, there was some of the large deal momentum, the CCaaS momentum. Maybe just level set. It's a been a busy week, so for people that might have missed the earnings last night, what were some of the key highlights that stood out from the quarter?

Yes, absolutely. So before I talk about the numbers and I hope people can hear me, I'm loud enough. The key takeaways were -- look, we wanted to really make sure investors understood that AI underpins what we do. We started developing our technology on the AI side 5, 6 years ago. We announced a deeper partnership with Google Vertex yesterday. So you can bring your own models, whether it's Google builds, use the Sprinklr models, we do 10 billion predictions a day. So there is a lot of AI that's inherent in the product. We also spoke about the traction we are seeing in our self-service product. So this is something we had introduced again a few quarters ago. And the whole idea was we can seed an opportunity, allow smaller teams and enterprises to try out the product, give them a 90-day free trial, and that's a nice onboarding ramp for them as they buy the full platform or the full enterprise version of the product. So that's seeing tremendous traction. We did talk about amazing big wins in CCaaS. We mentioned one name last night, that was Deutsche Telekom, 40,000 seats to be rolled out over in 11 different geographic markets. It will obviously take a little bit of time as this is rolled out over that -- those entire countries, but certainly a huge win for us as we develop a bigger practice in CCaaS. So that was the third big thing we wanted to talk about. And then financially, we sort of beat guidance on all metrics. Subscription revenue grew 23%. We did raise for the full year as well. Operating margins are moving up. So I joined the company 18 months ago. We were negative operating margins at that time. The most recent quarter, we were at 12% operating margins. Full year guide is around 9%. So we feel very confident in our ability to produce not just meaningful revenue growth, but also couple that with a very healthy financial profile. Anything you want to add, Eric?

No, I think you covered all the highlights.

So we should expect 20 points every year, right out of the largest set?

Yes, I'm not sure that there's still that much low hanging fruit, but yes we will keep marching upwards for sure.

Yes. No, that's a great overview. Maybe kind of diving into where Sprinklr sits because I think, certainly, we've known the company for a long time, even before you went public. And I think the piece that is we get the most questions on and that surprises people the most is on the CCaaS business. I think if you said Sprinklr is a CCaaS company 3 years ago, I think that wouldn't have resonated as well. So can you kind of talk about the evolution of the platform? What areas are you targeting? Who are the personas and just kind of how do you -- how does that translate into what's going on more broadly within the unified customer experience landscape?

I think it might make sense if I just went back a little bit and walk through the various products. So the genesis of the business was really all around social media management. So if you remember many, many years ago, brands are really looking to interact with their end customers. They want to publish content on various social media platforms. The flip side of that coin is what we call insight or at one point was called social listening is really taking what is being posted and is freely available and deriving meaningful intelligence of it. So on the one side, it's what we call our social product suite. On the other side, it's insight and really listening and deriving intelligence. And there is many, many use cases even today where you can use that intelligence for product discovery, figuring out what customers are saying about your products, what brands might get to know where customers are talking about their experience at the particular franchise, if you will, for a fast food chain. So there's lots of use cases of it. That's how the business started. We then introduced our third product suite, which we call marketing. It's really around content marketing and advertising using social media platforms, comes with its own workflow tools and so on. And it was apparent to us as we were going through this journey that when end customers talk about their experience with a particular brand because we as consumers are spending a lot of time on devices like this, we're happy to post on Facebook and Instagram and Twitter, what we see and experience. To the extent those are negative sentiments, our view was that's an unopened customer ticket. If you are a big brand, you want to know what customers are saying about your brand. What can you fix? Because rarely is anybody calling 1-800 McDonald's as an example, right? So that was the overarching vision. We introduced our CCaaS products starting with social care. So you're really empowering the contact center agents to interact with customers on social media, then we rolled it up to you include digital and then finally, voice. And our view is what differentiates us today amongst a few other things compared to other contact center vendors is we have an omnichannel solution, and that all provides what we then call the Unified Customer Experience Management.

Got it. So maybe we could double click on a couple of those really large wins you saw in this most recent quarter. So you talked about Deutsche Telekom, tens of thousands of agents. Was this a full displacement of a traditional CCaaS vendor such as a Five9 or Genesys or NICE or is this kind of more around the chatbot non-phone capability? I think there's sometimes a lot of confusion on what categories you've got. If you could just kind of talk about what you saw there?

Yes, absolutely. So this particular transaction, the Deutsche Telekom was an existing customer. They had bought our social media management suite before, so this was really an upsell from that perspective and it is a full displacement of an existing sort of telephony-based contact center solution. So it does include voice. You are correct, though, because many a times when we are out selling our solutions, we're happy to sit on an existing sort of contact center solution where they provide the voice capabilities, we provide all the digital, the chat and the social media side. But in this particular case, again, it's not going to happen tomorrow because 40,000 agent deployments over 11 countries will take a substantial period of time, but it is a full replacement.

Okay. And is that kind of the first large-scale full replacement that you've done or maybe there's some others that -- I know you talked about CCaaS for a while.

There are others we have historically spoken about HDFC Bank, which is the biggest bank in India, as an example, and that is a 15,000-seat deployment. That is well into maturation. We've been doing that replacement for quite some time now. There have been other displacements, but not at this scale.

Got it. I guess a follow-up question on CCaaS. I mean, one of the things that we're seeing in the CCaaS industry is just these concerns potentially that generative AI will reduce the number of agents over time as the functionality can be used in chatbots or the like. I guess what's your perspective on how you see generative AI being rolled out to the contact center? And does that -- do you anticipate that seats ultimately get reduced as a result of the innovation?

Yes. I think that is a terrific question because a lot of the modules we have today included in our own CCaaS solution are what we call a smart response or an agent assist or a knowledge base. And all of these use historically, we've obviously built on our own AI with our own integration with open AI. We have turbocharged what we are offering. But let's be clear, when you think about the CCaaS market or the contact center market, that's an $800 billion market. The technology spend is just a fraction of that. The vast majority is labor spend. And so I think it's a fair point that over time, you would see some compression in the labor spend, but obviously, a larger spend would accrue to a software or technology vendor. And our view is, look, we're so early in that stage and a lot of the modules that we sell in our CCaaS solution are not seat-based, either they are ELAs or consumption-based or they have a different metric. So it's not something we believe will affect us in the short term. But definitely, the overarching conclusion is there will be lesser labor spend on more tech spend in that sector.

Okay. That's great perspective. Maybe going back to kind of a foundational question just in terms of the roots of the company, right? We talked about social media management. Can you just talk about the underlying technology? What enables Sprinklr to collect all this information? And how might that technology differentiation benefit you as you start thinking about generative AI?

Yes, because if you step way back and I think this is something even when I joined, I was trying to understand what is our right to win in this market. And quite honestly, for you to derive any meaningful information based on billions upon billions of posts that are put out any day, has to be driven by AI. This is not something that an army of people can actually infer any intelligence out of. So that's how the company was built. We did spend a lot of time even at our Investor Day talking through the architecture of the platform, why that is built on an omnichannel basis, it is very easy for us to onboard new channels, new medium. As an example, WhatsApp is very prevalent in parts of Asia Pacific and that is, by far, one of the channels that a lot of our customers use in that part of the world. And it wasn't very difficult for us to onboard that as a new channel. And so I think our view is given our legacy or core in the social media management space and what was required to win in that market, really it sets us up to win in the CCaaS market as well.

Okay. Makes sense and then you talked about an example of WhatsApp and adding kind of the more communication channels. Could you just talk about how some of these newer channels have been ramping and just feedback from customers?

Yes. So our original and I assume you're referring to in terms of what we sell in the contact centers.

Yes. Yes.

So our initial foray in that market, again, was really getting our toe on the door using our historical strength in social media. So social care is what we would call it. So we would have obviously a much smaller seat deployment in a larger contact center where it was only the teams that were interacting with end customers in social media. As we rolled out digital, then voice, then chat, we've obviously seen much larger deployments like I was saying earlier. It's different by different market. WhatsApp might be very prevalent in APJ. We're seeing lots of live chat, but these are all replacements. So this is, again, what Ragy would call a main streaming market, which is there are big TAM opportunities, but it's not a greenfield space. It's more about ripping out an existing vendor, so we're seeing opportunities from Live Chat. We're obviously seeing opportunities with newer communication channels, but that's largely in parts of APJ. And ever since we've introduced our full CCaaS solution, which is including voice, that just gives us opportunity to go after an even bigger market.

I think I would just add there. Tyler, from the beginning, we've been channel agnostic, right? So if there is a new channel that burst on the scene within -- if we're giving a full set of APIs, we're up and running there around 2 weeks. Similarly, like we are channel-agnostic, we're vendor agnostic with the public cloud vendors. So we've taken the same architectural approach of the platform.

Yes. Going back, you talked about the Analyst Day, which was very informative. One of the things that stood out to us was just kind of the -- I think it was the first time you really disclosed the business in terms of the different CCaaS versus social, et cetera. How do you kind of think about the -- if you could kind of stack rank the growth drivers going forward, how do you kind of think about the contribution going forward over the next 1 to 2 years?

Yes, it's a great question. Look, we're seeing growth across the board. So you'd remember, one of the slides that I had at Investor Day was, if I looked over the last 3 years, the CCaaS solution for us was growing 51%. Now that obviously was off of a small base. So I wouldn't expect that same growth rate to continue. But even the products that we've had for a while, which is social and insights, the CAGR there was circa around 19%, I believe, over the last 3 years. So we still believe there is tremendous opportunity to grow in all of our product suites. Insights, in particular, the use cases are tremendous. One of the examples that Ragy gave yesterday, it's this Emirate of Ajman as part of the UAE. And we are seeing in a lot of countries, this concept of citizen management, so it's a platform that allows them to interact with citizens to the extent you find a piece of garbage, as an example in Dubai, you can take a picture, you can upload it, and they will know where you are and what you're complaining about. So there's this unique use cases that we're finding our platform is uniquely positioned to address. It's not something we would have thought a few years ago, right? So as I look out over the next few years, it's hard to say which space or which sector or product line would grow at what pace. But I think all of them, I would assume, would keep growing at a fairly healthy clip.

Okay, makes sense. Not going to make you pick your favorite children, right? So talking about the go-to-market, there are a couple of areas I wanted to hit on. First, just as you think about your success in CCaaS, I mean certainly CCaaS and social, there is some synergies, right, because to be able to serve customers, you have to ingest all this omnichannel information. But in terms of the buyer at organization, especially in the enterprise, where you sit, it often can be different departments in different organizations. So I guess what have you had to do on the go-to-market side to really have that success in CCaaS?

Yes. I think that's a fantastic question because we were acutely aware that the buyer for our traditional set of products or core products was somebody in the marketing team. And as we are outselling CCaaS in some companies, social care is still with marketing. So that's an easier sell. When you're obviously trying to do a full stack replacement, that is sitting with the CIO as an example. So what we have done is 2 things. One is there is a specialist overlay team today. So that we started hiring, I'd say, about 9, 12 months ago, and they have come from your big CCaaS vendors. They sort of know the lingo. They know how to go about selling the product. They know where the bodies are buried. So they've been a tremendous addition to the sales team and so we have aligned them by what we call sort of divisional leaders. So in the U.S., there will be several of them, same in EMEA, same in APJ. And the idea there is they work hand in glove with the individual reps in their territories to unearth new CCaaS opportunities. So that's something that's working really well. We're also doing a lot of dedicated contact center marketing campaigns. So just like any other industry, they have their own events, field marketing events. Historically, we hadn't done it partly because it was COVID and nobody was doing any field marketing. Now we've obviously turned on the spigot there. So we are have a lot of these events really pushing the products that we have, really making the buyers aware that we are a credible player in that space. So a lot of that is also happening. And the third thing I would point out is, you would recall even back from the IPO, Sprinklr is remarkably a direct sales motion. And we concluded, particularly as we look at the contact center space, there are resellers or they're called TSBs, technology solution brokers that are very influential with what happens in that space. So we've been cultivating relationships with these partners. I did reference many of them yesterday. We are in the process of obviously not just educating them on the Sprinklr portfolio, but also enabling them to do all the deployments on our behalf, which is part of the reason I'm -- you'd remember I'm taking down the services numbers for the year because we are super comfortable as these TSMs come online, they can deliver a lot of our products for us.

And I guess, talking on the similar lines, I mean the Deutsche Telekom going back to that. I mean, how do you just kind of think about the referenceability of them? I imagine that's your biggest CCaaS customer. But do you kind of feel like that could be an inflection point? Or is that kind of more of a one-off and we shouldn't think about that maybe opening the door into larger displacements?

Yes, I think we need to get to the other side of the deployment before I'm sure...

Before you take a victory.

Right. So I think us doing the HDFC deployment has been immense for us. That's opened very many doors. But look, I would bucket all of them in the sort of elephant customer category, if you will. We're not looking to build the business just going after a very big account. So what we have done is -- we've also rolled out what we call our right to win accounts. So you'd remember even from the Investor Day, we spoke about circa 43,000, give or take, customers. And we did a lot of analysis to figure out size of the customer, how big was their contact center? Where are they based? Are they really open to more digital solutions or are they still telephony-based, so based on all of this, we've rolled out these accounts, and they tend to be give or take 500 to 1,000 seats. And our view is that should become our sort of bread and butter, obviously, adding on the Deutsche Telekoms and HDFCs over time. That's the way we're looking to go about building that business.

That's helpful. The other piece of the go-to-market and I guess, kind of product strategy I wanted to tie on -- hit on was I think a couple of quarters ago, you certainly saw it on the website kind of a lot more detailed pricing options, kind of adding some more self-service capabilities, free trials, et cetera, as you really open up the aperture in terms of the addressable market. Can you just talk about how far along we are of that journey maybe going down market into the commercial or mid-market segment?

Are you referring to mainly the self-serve product?

Yes, I guess a self-serve product and specifically just how you're thinking about addressing customers outside of the enterprise, given that you are adding in what seems to be more self-service, product-led growth, which are typically characteristics that you see more in the mid-market?

And just so that I'm very clear, like we really don't want to go down market. For us, the self-service products, think of them as an on-ramp onto the larger and enterprise solution. So what we've done is when we allow companies to test drive it, there's a 90-day free trial, the pricing is super transparent. There are teams even within larger companies that want to try it out, and they can, and it's easy to pay and easy to install, and they don't need the enterprise-grade solution. But there are many companies we find even now because we monitor what happens to these accounts once they come on board, pretty quickly thereafter they find value in the complete platform, and they're willing to go for the full suite. So for us, it's a think of it as a low-cost way of getting that account without having a sales reps spent months and months trying to sell them. So we've been fairly successful there. Now again, this is still early innings. We're not talking thousands of accounts, but it certainly is becoming a more meaningful driver of new business.

The target opportunities around the global 40,000. Is that right? The number of companies you're going after?

Yes.

Got it. Okay. That makes sense. And just in terms of top of funnel momentum or anything on the new logo front, have you seen signs of that accelerating or marching towards where you expected given some of these investments you've made in changes there?

It's still too early and we're not in a hyper-aggressive sort of macro environment. So things are a little tepid, but I think given the investments we've made, given where we are in our own development, they seem sort of exactly where I would have expected them to be.

And on the call last night, Tyler, we did cite that a majority of the CCaaS deals were with new logos. So we're seeing some success there.

Yes, absolutely. I guess on the macro environment, given it's fresh off your recent quarter. I mean, certainly, a lot of companies we've heard that are in similar categories, sales automation, marketing automation, they've referenced this idea of shelfware or a seat-based down cells. It seems like you're not seeing as much of that. Can you just kind of compare and contrast the dynamics that you're seeing on the macro environment. It seems like, certainly, as we look at the growth rate, it's been a lot more durable than the peers, but if you could just kind of compare and contrast, whether that's your business model or just kind of the segment that you're targeting, what's driving that resiliency?

Yes. I think that's a fantastic question because of how diverse our business is, given the breadth of the product portfolio, given how geographically spread we are as well, we see different trends in different markets. I'll start and Eric, feel free to chime in. As I look at from a product suite perspective, our CCaaS solutions, our contact center solutions are by far the stickiest, right? Because companies go through a fairly long RFP process before we get selected. So it is not something that goes up and down based on the vagaries of the market. When I look at our deployments in both social and insight, again, to the extent we're selling them to the large enterprise all the way to the Global 2000, way stickier. Where things get a little soft is for example, our marketing product suite because that is entirely driven by how much ad spend the company wants to do. In a softening economy, companies would obviously compress them on ad volume. And we price our product based on the amount of ad volumes flowing through the system, right? So there is some softness in that product line. As I look across the world, there is ups and downs that we see, of course, in EMEA, given what's going on in the broader market there. But emerging markets for us or APJ is super strong. We always talk about these wins that we have in the Middle East, very strong for us. And America has sort of been sort of Steady Eddie. Anything you want to add Eric?

No, I would agree. I think certain parts of the world, APJ, we're calling the growth markets, it's been a little bit more accepting of some of these modern technologies. So some of the initial sales are perhaps easier.

That's great to hear. So talking about generative AI, I know it's a popular topic, and you spend a lot of time at your Investor Day just kind of talking about, number one, obviously Sprinklr didn't just start thinking about generative AI this year, right? This has been something foundational into the platform. But how would you kind of articulate your strategy as it relates to generative AI to investors? And should we be expecting any type of generative AI fused add-ons or incremental pricing? I know you don't have anything necessarily today, but over time, is that a goal for the company?

Well, we actually did just this morning, published a press release that we have an integration with Google Vertex and that's coming on the heels of what we announced with OpenAI a few months ago. So you're very correct in saying it's not a new buzzword for us. It's been woven into the fabric of what we've built from day 1. If you go back to 2018, there's a press release on our website, talking about all the AI-related features that we were building into the platform and various product features as well. Similar to what I was saying before about the platform being channel agnostic and vendor agnostic, we have integrations with multiple technology vendors today. Open AI and today, Google Vertex being 2 of the latest, that's the model that we're trying to follow. I think we're going to go where our customers take us. If there's certain things that require iteration and the market demands things, I think we're on board to develop those and to integrate those further into the product and various features that we offer.

Great. So shifting a little bit to the cost side. You mentioned Manish when you joined -- relative to when you joined, margins are considerably higher. Maybe just frame for us what were some of the efficiencies that you were able to unlock at the company. I know you're never done finding efficiencies as a CFO, but are we kind of mostly through those initial things you've identified? And how should we just think about the trade-off of growth versus margins as we go forward?

Yes, I think that's a fantastic question because one of the things we've been very clear in saying is maybe in the past, investments in the company were not entirely thought through the lens of what is unit economics or is productivity per rep improving. And I think we're now just applying a little bit more careful analysis, if you will, before we make any more investments, right? So I don't think one should view it in the lens of, is this a cost versus growth trade-off because we believe we have enough investments in place that should allow us to grow at the rate that we are growing. So where are we getting all these efficiencies from? Even things like when I said technology solution brokers for CCaaS, that obviously means I don't need that many direct reps selling CCaaS because I have partners doing it for me, right? We look at how do we reduce the intensity in trying to deploy some of these things. I don't need to hire all the deployment engineers because the partners are going to do it for us. So if you see across the board, you'll see sales and marketing spend coming down. And it's because we're just trying to do more with what we have, which wasn't the focus before. If you look at G&A spend, that's around 9% of revenues. It's not bad at all. Maybe we can get another point or 2 over time, but it's not bad and R&D at 11% of revenues is best in class. So as you look across the P&L, our subscription gross margins at 83%, you'd see that's by far sort of the highest in the front office software space. There is work to do for sure on the professional services side. I did talk about why gross margins are going to be negative for that for the next 2 quarters. And I think in the December earnings call, I can give a lot more color on what to expect going forward. But I was jokingly telling another analyst, we don't like losses. So we will figure out a way to fix the head count that we have there. If we are giving a lot more business to partners, we probably don't need the investment that we have already in place. So a lot of this is still in motion given, again, the breadth of the product portfolio and given different drivers for different products, we do need to think it through. And you'll have to probably give me another quarter or 2 to like figure it out.

I guess to your point, I mean, a lot of your expense efficiency ratios are near best-in-class in the space. I mean, so do you think over time you can kind of get to a best-in-class margin within your peer group, I don't know, call it all the software because there's some very profitable companies out there. But what do you kind of think is the upper limit because -- again, not holding you to a specific year, but as you go out many years?

Yes. But I think if you go out here over the medium term, I think what we put out at Investor Day, we feel confident and comfortable we can meet that, which is get to a rule of 40 and be at least $200 million in free cash flow in FY '27, which just to be clear, is calendar '26, so we're not talking years and years out, it's 3 years out.

Right and that's at least, not rounding. And so I guess one of the things that you talked about was the role of partners, right? And to your point, you've seen some adjustments on the professional services side as you're moving more to partners. But just talk to us like what percentage of deals are partners influencing now? And where do you expect that to go over time? And who are these partners? Are they traditional SIs or also technology vendors, too?

Do you want to take that?

Sure. So as we said on the call last night, 2 of the largest CCaaS deals that we closed in the second quarter were sourced by partners. So the ecosystem that we're building out and further nurturing is working well for us. There's some early green shoots that we're really positive on. We have Deloitte and Accenture who are building out Sprinklr practices. And then as Manish alluded to, we have these technology solution brokers and just a variety of players, not only here in the United States, but elsewhere throughout Europe and APJ, that are more familiar with boots on the ground, customs, cultures, integrations and have very good contacts with those companies. So we'll continue to rely on them. We'll continue to expand upon them and help us source new deals.

That's great. And in terms of technology partners, I mean, one of the I guess -- one of the things we saw as it relates to Salesforce was their sunset of Social Studio. I guess how are you seeing the dynamics of that play out? And I guess, is there opportunity to increase your partnership more with them. I know you have some level of engagement. Maybe there's something coming next week at Dreamforce, but?

So on the Salesforce partnership, important to note that we've had integrations with them since 2017. We've been a partner of theirs for many years. We announced an enhanced partnership back in November of last year, whereby Salesforce AEs could retire quota if they were successful in migrating legacy social studio customers over to Sprinklr. So we feel that, that's a competitive advantage. Also important to note, our research indicates there's probably let's call it, 3,000 or 4,000 customers that were on Social Studio. A lot of those customers are probably not paying meaningful dollars to Salesforce and perhaps getting it coupled with the larger CRM platform. So if you look at Sprinklr, the average selling price for Sprinklr is about $400,000 today. So not sure that some customers that were paying virtually nothing would translate to a few hundred thousand dollars, but we feel that there is an opportunity there for those customers to migrate to Sprinklr. Some of them are going to be jump balls. We're going to win some of those deals. We view the whole Salesforce partnership as a nice tailwind to have. And customers that have migrated to Sprinklr from Social Studio have taken and expanded with us not only with our social product suite, but some of the other products that we offer, notably Insights and CCaaS as well.

And I know we don't have Ragy here to give his vision on the product front, but I know you both spend a lot of time with him. What are kind of the 2 or 3 most exciting things on -- the R&D organization's working on that's on the road map that investors should be aware of?

I can start and Eric chime in. So one of the things that Ragy mentioned yesterday on the call and he uses the term mainstreaming. And I think what we're trying to get after is when the company was founded in 2009, the social media management space was largely a greenfield market. And that, I think, to some extent, we believe we have shown and demonstrated with our success and with the customer count, kind of customers we have that we've been very successful in building a formidable business there. As we now go after bigger and bigger markets, these tend to be largely replacement markets. So even in the social space, as we introduce voice of the customer, other features, we can go after things like surveys and so on, which would take us down the path with Medallia and Qualtrics and so on. So those are again larger opportunities. We talk about CCaaS that's a large replacement market opportunity. There are several others that we are working on now, which would round out the product portfolio suite, would really provide the other legs, if you will, for the unified customer experience management platform. So those are further down, not something we need to discuss now because we believe we have a huge market opportunity with the existing product payload we have. Anything you want to add to that?

No, I think that's good. I think R&D focused on CCaaS, AI and continuing to mainstream the core product portfolio. Those are really the 3 pillars.

Great. I know we only have about a minute left, but Manish, was there anything that we didn't hit on that you wanted to cover or just any closing thoughts as we head into the rest of the year?

I think we covered a lot of things. The only thing I would probably leave with investors is we sort of came public at a time which was 2021, lots of companies were going public. We probably got lost in the shuffle. We have since taken being a public company fairly seriously. We've really put a lot of muscle behind improving execution. You will see that in the numbers, that's playing through. And my final thought would be, I think, if you look at Sprinklr bucketizing us as a social company probably does us a disservice. The products that we are bringing to market have a lot more appeal across industries and certainly across some of these end markets. And we believe we are on pace to build a very big business.

That's great. Thank you, Manish. Thank you, Eric, and thanks to the audience for joining today.

Thank you, guys.

Thank you.