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‘25 Earnings Release Webinar. I will now hand things over to Charles Eveslage, Head of Investor Relations. Charles, over to you.

Thank you, Kelcey. Hello everyone, and welcome to

Thank you, Charles. Thank you everyone for joining us today. Our FY25 was an incredible year, marked by major advancements in AI, the evolution of

Thank you Eric. And hello everyone, I’m excited to be with you again and share that we beat our top-line and profitability guidance. In Q4, total revenue grew approximately 3% year-over-year to $1.184 billion, $4 million above the high end of our guidance. Total revenue adjusted for constant currency grew approximately 4% to $1.188 billion, $9 million above the high end of our constant currency guidance range. Our Enterprise revenue grew approximately 6% year-over-year and now makes up 60% of our total revenue, up 2 points year-over-year. We are continuing to see signs of stability in our Online business. In Q4, Average Monthly Churn was 2.8%, a 20 basis point improvement year-over-year, and our lowest ever churn rate in a fourth quarter. In our Enterprise business, we saw 7% year-over-year growth in the number of customers contributing more than $100,000 in trailing 12 month revenue. These customers now make up 31% of our total revenue, up 1 point year-over-year. Our trailing 12 months net dollar expansion rate for Enterprise customers in Q4 remained flat quarter-over-quarter at 98%. The total number of Enterprise customers at the end of Q4 was approximately 192,600. As we have said previously, Enterprise Customer Count is more reflective of our go-to-market motion rather than a direct measure of our Enterprise business performance. We will continue to do migrations between our two go-to-market motions in order to better serve our customers as we did last year, and as such going forward into next fiscal year, will no longer include this metric in our prepared remarks or SEC filings. To provide ongoing transparency we will include it in the earnings deck appendix through FY26. We still believe that enterprise revenue growth and KPIs such as Net Dollar Expansion are better reflections of our future business and expect future migrations to have minimal impact on these metrics. Now, back to our financial results. Pivoting to our growth internationally; our Americas revenue grew 4% year-over-year, EMEA grew 2%, and APAC grew 3%. On a constant currency basis, EMEA grew 2% and APAC grew 5% year-over-year. Moving to our non-GAAP results, which as a reminder exclude stock-based compensation expense and associated payroll taxes, acquisition-related expenses, net gains on strategic investments, and all associated tax effects. Non-GAAP gross margin in Q4 was 78.8%, slightly lower than Q4 of last year, primarily due to our strategic investments in AI, partially offset by efficiency gains. The results in Q4 were in-line with our prior commentary, and we continue to reiterate our goal of reaching 80% gross margin over the long term. Non-GAAP income from operations grew by 5% year-over-year to $468 million, exceeding the high end of our guidance by $20 million. Non-GAAP operating margin for Q4 improved to 39.5%, up 81 basis points from Q4 of last year, even amongst continued investment in AI, our platform, and our emerging growth businesses. Non-GAAP diluted net income per share in Q4 was $1.41 on approximately 317 million non-GAAP diluted weighted average shares outstanding. This result was $0.11 above the high end of our guidance and $0.01 lower than Q4 of last year, primarily due to higher income tax and unrealized foreign exchange losses. Turning to the balance sheet. Deferred revenue at the end of the period grew 7% year-over-year to $1.35 billion, outperforming the 5% to 6% we estimated last quarter. The growth was driven by the continued refinement of discounting practices, as well as ongoing business growth. For Q1, we expect deferred revenue to be up 4% to 5% year over year. Looking at both our billed and unbilled contracts, our RPO increased 6% year-over-year to approximately $3.8 billion. We expect to recognize 59% of the total RPO as revenue over the next 12 months, up from 58% in Q4 of last year. Operating cash flow in the quarter increased 21% year-over-year to $425 million. Free cash flow grew 25% year-over-year to $416 million. Operating cash flow and free cash flow margins in the quarter expanded to 35.9% and 35.2%, respectively. We ended the quarter with approximately $7.8 billion in cash, cash equivalents and marketable securities, excluding restricted cash. Under our $2.7 billion share buy-back authorization, in Q4 we purchased 4.3 million shares for $355 million, increasing our repurchases quarter-over-quarter by $53 million and contributing to the reduction of common share outstanding in Q4. Pivoting from Q4, I would like to share a few of our full year FY25 highlights. Total revenue grew 3% and total enterprise revenue grew 5% year-over-year, both of which accelerated in the second half. Our free cash flow grew 23% year-over-year to $1.8 billion. We also achieved a non-GAAP operating margin of 39.4%, a 20 basis point improvement from FY24. And finally, we made significant progress on stock based compensation, down to 20% of revenue, representing a 3 point reduction year-over-year and slightly ahead of the pace of reduction discussed at

Thank you so much Michelle. [Operator Instructions] Our first question is going to come from Kash Rangan with Goldman Sachs. Kash, go ahead. Thank you so much.

Hi, thank you so much. Congrats on finishing up the fiscal year. Eric, A question for you. you've certainly made a lot of pivotal advances positioning the company to be very AI-first. It shows up in the quarter-to-quarter usage of

Kash, that's a great question. That's to double down on AI investment, it's always our top priority. Right? For a while. Right? I think it's happening already, meaning if you look at our low-end SMB customer online buyers, AI Companion is part of that at no additional cost, made our service very sticky and also the customers give a very basic example, like meeting summary, right? It works so well, more and more customers follow the value. Actually, for sure, they are going to enjoy using our service model, right? That's for low end. For high end, for sure, and we understand that today AI Companion, and additional cost, we cannot monetize. However, in April, we are going to announce the customized compliant for interested customers. We can monetize. But the most important thing is for business services. You take a Contact Center, for example, why we are winning? Because a lot of AI features like AI Expert Assist. AI, a lot of features built into our quality management and so on and so forth. But all those business services, that's another great way for us to monetize AI for workplace and for enterprise customer AI Companion low end and also really make our [service ticket] (ph) and improve the value is actually customer realize we add more and more services, more and more value, guess what they are going to [see with

Thank you so much.

Thank you Kash.

We'll move on to Samad Samana with Jefferies.

Hi, good evening. And I'll echo Kash's kind words as well. It's good to see all the progress that

Yes. So I can address the first part of your AI question. So you look at from a customer or partner perspective, right? So almost the vendor, almost every vendor right, they try to pitch their AI story. A customer is smart, our customers want to understand what's the value? The AI added to their business, right? So they would like to take kind of to test the area services. We especially look at the value and the cost, right? And I look at our AI Companion, all those AI Companion core features today and a new additional cost, right? And customer like it because the quality is getting better and better every quarter and very useful, right? Not like some other competitors, right? You talk about the AI strategy and when customer realize that, wow, it's very expensive. And the total cost of ownership is not getting better because cost of the value is not great, but also it's not free and you always try to increase price. That's the reason why for us to leverage our AI technology to build this the trusted relationship with customer. And I think we are going to win in the long run because you don't want to tell a customer, hey, we are efficient now. You need to pay more. You need to do this, do that. That's not right. That's the reason why -- we shared our AI strategy, road map features, pricing, everything with our customers transparently, reflected by the AI combined usage, we are winning more and more customer trust.

And then maybe just to add on with how to think about AI and what's in our guide. I would say from a top line perspective, the trends that we're seeing in stemming churn as well as the contact center elite revenue that Eric talks about out, those are in our plans. We certainly have revenue in our plans for the more H2 focused SKUs like custom AI companion, but those will still obviously be ramping and not a dominant thing. And then in terms of the investment, we said last time that this would be one of our three investments, and it's baked into the guidance.

Great. Thank you both so much.

Ryan MacWilliams with Barclays has the next question.

Hi guys. Good to see you. Greetings from Switzerland. This is a new one for me, out of here asking the question on earnings call. Michelle, two for you. Lots of growth opportunities for

So let me maybe answer the first one and then I'll round back to the other one, Ryan, and I hope you're well in Switzerland. But our -- I would say, when you look at the full year guide that we gave of 2.7% when you factor sort of FX and leap year gets much more in 3.3% range. So just as context. Within that, I would say that we have assumed that online will be flat to slightly down and that enterprise will really be the dominant growth driver. So in terms of how to think about the top three, I think I would answer it like this. Look, certainly, let me go to the core Ryan, where like our core business, and when I talk about core, it will sort of be inclusive of [Phone] (ph), we are pleased with what we're seeing in terms of record churn. And also, I would say we're seeing the same in our enterprise business. So where downfalls had sort of peaked in the start of 2025, we're now seeing sequential improvement every single quarter, which is great. And so we certainly have an expectation and those are big dots. Then I would go to sort of our adjacent path flowing TAM like contact center and Workvivo and both are certainly important to us where we will be working to continue to grow kind of customer and the successes that we've seen both upmarket and extend those down through channel. And in particular, you sort of asked an AI question, so let me leave that one in, which is just the connection again that our contact center revenue is really being driven by that elite SKU, which is our top 140 SKU, which includes not only inbound to outbound, but AI as well.

Excellent. Appreciate the color. Thanks guys.

We'll move on to Meta Marshall with Morgan Stanley.

Great. Thank you. Maybe just a quick question on just what kind of go to market investments you guys are making kind of as you broaden the portfolio and as you kind of see what has more traction with customers, particularly when it comes to contact center? And maybe just asking on the big deal that was one, just kind of what was the go-to-market motion with winning kind of that large customer? Thanks.

Do you want me to?

Yes, go ahead.

I was going to answer broad things and maybe you can layer in from a deal perspective. Does that sound good? All right. So it's nice to see you again as well. What I would say in terms of our priorities for our go-to-market, maybe the first one that I would call out is just to continue the move up market that we've been seeing. We have really seen progress in contact center and Workvivo in that space, but also in phone and others. So first priority go-to-market wise would certainly be to move our enterprise continue to move our enterprise business up market. Second thing really important to us, we've talked about it before, is integral to phone and contact center, but also moving further down in our customer breadth, which is really accelerating the channel. And then I would say, probably third to that is returning our online business to growth. While I sort of said the guide was flat down, the ambition, of course is to return it to growth. So that's how I think about our top three priorities. Eric, do you want to comment on the field?

Yes. So yes, maybe to add on what Michelle said in terms of doubling down our channel, the business, look at our contact center in Q, top 10 deals and contact center, six out of those 10 deals are driven by the channel partners. So, and we are going to and kind of investing more, right, to make sure that the channel partner can contribute more to our content center growth, so.

So Great. Congrats on this large scale.

Thank you.

And the next question comes from Alex

Guys, congrats on a great quarter. Maybe just two parter, right? So first, to the extent, Eric, that you can talk about the demand environment post-election, the difference between the two segments in online and enterprise. And maybe talk about what you're seeing in SMB? What you're seeing I've gotten questions about federal exposure and all the Doge headlines. So just talk about you mentioned in the script that it's still choppy, it's still uncertain. So maybe put a finer point on that. And then what kind of got you over the line with Amazon in terms of winning that deal? And you're now at a point where kind of two of the MAG7 are deeply partnered and entrenched with

So, Michelle, how about I address the second one? You addressed in the first one.

Yes, so look, I would say -- I would characterize what we're seeing in the macro environment as mixed but stable. To the positive on the enterprise side, we're seeing a lot of upmarket momentum and you can see it in our results. I mentioned earlier, so I won't repeat it again, but sequential improvement in the down sells on the enterprise side. Also on the online, we are seeing record low churn rates in both Q3 and Q4. So those you can look at and say positive. But certainly, you open the headlines and you see elements of layoffs and ambitious or sort of volatile times, if you will, in the news. And so, I would say that's sort of behind our sentiment that things are still mixed.

Yes. So regarding the Amazon deal, as you all know, right, Amazon was using the time, which was acquisition down many years ago, right? So and you look at the video conferencing, and that is becoming more and more important. Again,

Thanks, Alex. And Evercore's Peter Levine has the next question.

Great. Thank you for taking my questions here. So in April when the AI customization, the AI companion comes available, I think it's $11 or $12 a seat. Can you maybe help us understand how you're thinking about like what's the real use case? And then in terms of adoption, like what are you envisioning in terms of how many employees within an organization would actually need this type of application? And then second for you, Eric, you do see the headlines around even in our world and banking where a lot of people force me back five days a week. Maybe just help us understand like how are you thinking about that? Does that at all prohibit your customers maybe thinking about expanding? But just would love to know kind of your thoughts on if this back to office five days a week becomes more of a reality?

Yes, I think five days working week is for financial institutions. I think I fully understand, right, because it's very important, like kind of in-person and meetings for sure, there's a lot of benefit, I fully understand. But also at the same time, and like for every large financial institutions, you always have employees across the country and also a lot of international branch offices as well. And you talk to the customers, partners, you still use

Yes. Maybe I'll let you talk about the use cases. But, Peter, in regards to your question about what are sort of the assumptions or what's the targeting in our head with the $12 custom AI companion SKU. I would say, starting with enterprise customers, obviously, the easiest place to sort of hunt on that is up our own customer base and talk about that, but certainly not just limited to that. But we'll be probably giving a lot more, I would say, at Enterprise Connect, which you can see on that, the thing there. But I would say, we've assumed some degree of monetization in FY 2026. I think you'll see more of it in 2027. And we think that the $12 price point is going to be a really compelling TCO story for our customers really differentiated from what others in the market are pricing up.

Yes. So regarding the customer combining use cases, high level is we give a customer flexibility to customize their needs. I give a few examples like one feature like we have a

Thank you very much.

Thank you, Peter.

We'll now hear from Mark Murphy with JPMorgan.

Thank you. And I will echo Kash's congrats on finishing the fiscal year. Eric, I wanted to try to get your thoughts, your perspective on DeepSeek and any potential you see for lower inferencing costs in AI models if DeepSeek is something that you're testing out? And Michelle, looking at how strong the cash flow production is, can you speak to the cost or margin profile for the AI products? And what type of gross margin profile you see you maybe are thinking would be coming into the AI Companion as well?

Yes. So, Mark, yes, I can address your first question regarding the DeepSeek. And I think a few weeks ago, right, I did publish a LinkedIn post about my thought about the DeepSeek after the earning call, I will forward that LinkedIn post. For high level, I think given this is open source, I really like to be called open source, right? If you look at it from vendors like us, kind of we build application layer and the AI technology, we also build our own large language model, a lot of techniques, news, a lot of open optimizations, so as well as we all can learn from. This is good for the application and the vendors like us. And as you can follow large language models, I also like to take a lot more for example, right, also kind of look at the DeepSeek and also by the way, look at even for hardware vendors like Media, Broadcom, [IMD] (ph) also good for

And then, Mark, maybe your question about kind of how to think about the margins. We're not going to obviously give in any guidance or probably going forward any AI specific margins. But I would say that we look at those very closely and our margins for every active user are coming down in-line with what our expectations would be, if not more. What I would say maybe more broadly to maybe address where I think you may be going with the question is that we're very pleased with our margin finish in FY25. And while we don't guide to the margin in 2026, I would say we feel good that our increased usage in AI and our spend there is going to be offset by efficiencies such that we should be able to see in FY 2026, some acceleration of margin in line with sort of not up to the 80% but holding very true, I guess, Mark, to the principles that we set in our long-term margins.

And Michelle, thank you for that. But just to clarify, I think you said margins for active users are coming down. Did you mean the cost profile is coming up?

Yes. Cost. Yes.

Thank you, Mike.

Our next question will come from Michael Turrin with Wells Fargo.

Thanks very much, nice to see everyone. I was intending to continue on the margin question. So there's a little bit of a follow on here. But Michelle, first from a full year guide, can you just speak to the delta between implied operating and free cash flow margin? What's driving that for the upcoming year? And maybe just going back to margin trajectory,

Perfect. So let me start with what I think is more tactical, but Michael, by all means, correct me if I'm misunderstanding your question. On the free cash flow, for 2025, we're certainly seeing quite the strong growth. There's obviously timing elements of that that can pull forward relative to 2026. Our expectation on 2026 is that you still continue to see that OI growth, but you're impacted by timing differences, as well as different interest conditions and tax conditions. So it's kind of how I would have investors think about free cash flows. In terms of your operating income and kind of how we think about it long term, I actually think you key to that beautifully, which is, look, we are going to be first and foremost about revenue growth, so we are also going to balance that with profitability. And our long term guide, we gave sort of what I would call as a wide margin of possibility of things that we would do. And really what Eric and I have been centered on is giving clear and clean prioritized business priorities to investors, so you know where we're investing in. And then really, look, we are going to invest when we see growth, but we're also going to be just pushing an ongoing frame of efficiency. And I think you really see that in our '26 guide, and I think you should expect to see similar.

Thanks very much.

Moving on to Arjun Bhatia with William Blair.

Perfect. Thank you so much. Eric, I have one for you and Michelle, one for you. Eric, you mentioned agentic AI. As you're moving more towards agentic and you're adding agents to your platform, how do you think about just evolving your pricing model? Does that fall under the broader AI companion? Or do you anticipate having different pricing approach for Agenda capabilities? And then, Michelle, it seems like you're just having a lot of traction with enterprise. It seems like that part of the business is going well. When do you think we should see NRR start to inflect and maybe what are the puts and takes there going into FY’26? Thank you.

Yes. So regarding the agentic capabilities, today, you look at

And then maybe on your comments on the guide, I just continue to reiterate that that full year guide has some headwinds of foreign exchange and leave here sort of without 2.7 when you factor them in 3.3. I'll reiterate my comments on online sort of the expectation is that it's flat to slight decline and that really enterprises what we expect to carry the growth. And in terms of the elements of what we expect to carry the growth and it would be an acceleration, but it's the same things we've been talking about and frankly seen throughout FY25, pushing up market, gaining channel traction and seeing churn and down sells moderate and then certainly growing into our land and expand motions even further with Workvivo and Contact Center.

Okay, perfect. Thank you.

James Fish with Piper Sandler has the next question.

Hey, guys. Thanks for the question here. Building off of a bunch of the prior ones, but as we think about a shift more towards AI contribution, are we shifting more towards a consumption model rather than a seat model over time? And why wouldn't we see margin compression longer term? Or how are you guys kind of thinking about balancing fee based pricing and consumption based pricing? And also working off of Turin's prior question, you are guiding for a free cash flow conversion rate that is beneath what you guys just did and you mentioned, Michelle, some pull forward. So how should we think about what sort of pull forward in the cash flow that wouldn't be repeating or why we wouldn't be closer to a sort of 100% free cash flow conversion at times?

Yes. I can start with that. Let's see, your first question was sort of around how to think about margins and business models and why we don't see compression. And what I would say is that what we expect to see is similar to what you saw in FY25, which is we're seeing obvious increase in costs from our AI and that we have an ongoing methodical kind of efficiency list to offset. And we certainly expect that broadly to continue into FY26. So I think we feel good about our ability to kind of moderate that. Maybe other things I would talk about, Eric mentioned in his prepared remarks, but we really think the federated approach that we have to AI is an important element to being able to both give better quality of results, but also improves cost, meaning being able to match the right model at the right cost to the right action that needs to be done for customer value. So that's really how we're thinking about managing things broadly. There is other things we do more holistically where we can offset stuff that's maybe not in AI in our margins, things like colos, etcetera, that we've talked about previously. And then your question around free cash flow, I sort of understood of why don't we see more of an increase similar in-line with what we saw in 2025, so let me answer that. First of all, in FY25, we have interest rates that were growing off of a large base as well as we saw billings and positive operating income. As we go into 2026, we are going to see different interest rate conditions, different tax conditions, as I mentioned, but still that same growth from operating income. So really, it is sort of the timing thing. The other thing that I might mention that we've not talked as explicitly about is our broad guide, be it in revenue or operating income, continues to use a consistent methodology to what

Thanks, James. We'll move on to Tom Blakey with Cantor Fitzgerald.

Great. Thank you for taking my questions. Maybe just seems like everybody else is doing too. I'll try to sneak two in, Eric and Michelle. On the CCaaS side, great successes here. I was wondering if you could talk a little bit more about that longer term plan to get CCaaS up to 10% of revenue in line with the

Yes. So Tom, regarding the contact center contribution to our top-line, growth for sure, there's always our aspiration to contribute to leverage the contact center contributing more. I think the timing wise is perfect. There's a lot of indirect customers still deploy on prem solution. Take this largest ARR win. So that Fortune 100 U. S. Tech companies, they were using on prem solutions, right? And when they decided to migrate it to cloud based version, for sure, they wanted to look at all the cloud vendors, they want to make sure the native to build the cloud, the solution with also all the innovations, AI is part of that. That's the reason why we are in much better position, right? And also, the product front, we have high confidence. On the go-to-market side, we also needed to double down on the channel, a lot of things are doing very well, also reflected by more than 50% of top 10 deals in Q4 also driven by the channel partners. As long as the focus on the innovation with AI and all the features, right, drive the velocity and at the same time and listen to customers and double down go to market side, I think we are going to be in much better position. This is a growing and the AI driven content market. Yes.

And Tom, maybe I'll hit your Workvivo and then some broad comments about the two products together. From a Workvivo, like you said, we feel great, record bookings, excuse me, 89% growth in customer, so all very durable things. Certainly, meta, and we called that out in our prepared remarks, is driving a lot of that. But I'll remind you that we had non meta growth before, and so we feel good about our ability to drive both, frankly. And then we're not going to give guidance. You have our overall revenue guidance. You have kind of the color and context on the enterprise versus online split. But I would say that the elements, the kind of underlying durable elements of what drove '25, we expect to be present in '26.

Thank you very much.

Bank of America's Michael Funk has the next question.

Great. Thank you. Thank you, Eric. Thank you, Michelle. You must be proud of what you've achieved last two years. I wanted to level set the discussion around revenue growth though because the previous narrative was a march towards mid-single digit revenue growth. You're still guiding below that for fiscal ‘26. So, one of the better, Steve, if the strategy may be shifted to customer stickiness, meaning bundling and discounting, or if the other factors are at play here, maybe online churns being a little bit higher, maybe macro has been more difficult, maybe you're waiting to have more monetizable AI solutions. But want to better understand kind of level set that revenue growth forecast for longer term because previously it was discussed as the mid-single digit target?

I'll maybe take that one, Eric, and then feel free to jump in. But I would say I don't think there's been a change relative to that. Meaning, if you go to the core of our business, like our guide and our performance reflect the same thing, which is we are seeing sequential improvements in down sell in enterprise. We are seeing record level churn low churn, excuse me, in online. And then the elements that will drive '26 are the same move up market, broaden channel from a go to market perspective, from a product perspective, growth in phone, growth in Workvivo, growth in contact center. So I really don't see it as a shift in approach. And from a macro perspective, we've also seen like macro conditions.

Okay. And maybe a quick math question, Michelle, maybe it's a rounding thing, but look at the revenue from over 100,000 customers year-over-year simply taking a percentage of revenue, a number of customers. It looks to be declining slightly. Is there a change or a shift in the 100,000 customers? Is there different product set that you're selling into them? Or is my basic math incorrect?

Our over 100,000 trailing twelve month customers grew 7%. Am I misunderstanding your question?

Yes. If I simply take a percentage of revenue from those customers and then divide it by the number of customers, I get to a lower amount of revenue per customer than a year ago. Maybe we can take it offline if that's a better view.

I'm happy to take it in the next follow-up for that.

Okay. Thank you very much.

The big picture, so people have the sentiments, we feel good about our traction in that market.

All right, thank you Michael, thank you Eric.

Moving on to Rishi Jaluria with RBC Capital Markets.

Wonderful. Thanks so much for taking my question. I'll keep it to one, just given timing. Eric, I appreciate that you're talking about

Thank you, Luis. You talked about our

Maybe I'd also highlight, Rishi, just a current example that just stuck with me, which is we saw a recent customer in a Compute versus Microsoft with 12,000 users, and they commented that the chat and the kind of inclusive value was integral to their decision. So we are well, it's still early days and we're working on it. We're excited by what we see.

All right. Very helpful. Thanks Eric, thanks Michelle.

Thank you. By the way, Rishi, you also can use

That's very good. I appreciate that.

Yes, very easy to add an excellent contact. Yes. Thank you, Rishi. Thanks.

We have time for one additional question, which will come from Siti Panigrahi with Mizuho. Siti, Please go ahead.

Hi. Thanks for squeezing me in. I'll go back to the contact center. Eric, if you wear your General Manager hat for contact center, and if you look at phone, after two, three years, we saw the inflection point. Now contact center has been now almost like two, three years since we launched. Is this a year for contact center? Or do you think there's some kind of it's a demand side, customers still trying to pause and looking at the AI strategy, there's some kind of delay there. And also we see like Avaya now is not, going to support the AXP customer less than 200 fixed customers. So how do you see contact center opportunity in terms of inflection? When do you think it will be like porn?

Yes. First of all, we do see the momentum, right? And in Q3, in terms of a number of seats, larger the deal, Q4 in terms of ARR, so larger the deal. More and more customers realize, wow,

And then, Sidi, please bear your note. So, it was seven of ten, seven coming from cloud, three coming from on prem, and the six of 10 is the momentum in our channel.

Yes.

Thanks, Sidi. And again, everyone, that does conclude our Q&A session for today. Eric, Michelle, any concluding closing remarks?

Yes. Thank you all for your time. Really appreciate it.

Yeah, thank you.

You bet. Thanks everyone. And again, this does conclude today's earnings webinar. As always, we thank you all for joining us. We look forward to seeing you next quarter. Take care. Take care.

Thank you.