All right. Can everyone hear me okay? All right. So I'm Richard Poland on the Wells Fargo software team. I'm delighted to have both the co-CEOs and the co-CFOs of BlackLine up here with me today. So I guess, you know, just let's start off with a quick kind of background on where the company's come over the past few years for those who aren't familiar in the room and just kind of give a little bit of background on yourselves as well.
Sure. I'm Therese Tucker. I'm the founder of BlackLine and was its CEO for many years and recently returned with my co-CEO, Owen Ryan. We focus very specifically on accounting and finance automation for the Office of the CFO. And what's beautiful about that is within the Office of the CFO, there are still many, many things that are driven by spreadsheets. I founded the company in 2001. We were the first to market with a software solution that was around the financial close, including things like account reconciliations and tasks and journals and matching. In 2007, right before the financial crisis, we actually made a decision to be a SaaS-only company. This was in great part because we looked at where the future was going and we determined that architecturally-wise, it was better to take the SaaS route. That was a good decision, you know, in hindsight.
We have opened up several other new markets as well around intercompany accounting, which is a huge mess for larger global companies and they tend to pay millions, if not billions, in penalties around their intercompany processes, and recently, we brought a pre-consolidation solution to market for companies that have a great deal of manual work around their pre-consolidation activities. Two weeks ago at our Investor Day, we announced the Studio 360 platform that really is designed to be a comprehensive orchestration and workflow layer for our customers across not just the BlackLine set of systems, but also all the different ERPs as well as other systems used within the Office of the CFO. Today, we have my co-CEO, Owen Ryan, and myself. We have our very sadly outgoing CFO of 10 years, Mark Partin, and his protege and replacement, Patrick.
Replacement.
Yeah, Patrick Villanova. So we don't really have two CFOs at the moment, but we've got one coming and one going.
So, Owen Ryan, I've been with BlackLine for about seven years starting on the board. I serve as the Chairman of the Board along with being the Co-CEO. My background, I spent most of my career at a firm called Deloitte. When I retired from there, I was a global CEO of one of their four businesses, then went to go be the CEO of an insurance company and then CEO of an outsourced CFO business as well as wealth management firm, and, you know, my focus really within BlackLine is driving everything that we do in the marketplace for our customers and really trying to, you know, get them to get the value out of the experience of BlackLine. We'd like to say, you know, our success isn't really measured by selling software. It's measured by how well our customers optimize what we have to offer to them.
You know, Therese talked about many of the products we have. We also have a complete invoice-to-cash solution. Later today, we're going to put out a press release that IDC has named as the market leader in that particular space. Again, being able to compete and work more broadly across the Office of the CFO is what we're trying to do. We want to be, you know, sort of the word we would say, the first choice, best choice, safe choice, ultimately the only choice for customers in the Office of the CFO. We understand our constituent base is both the Office of the CFO as well as the CIO today and making sure we work with both of those groups to drive the kind of success that our customers want.
So I guess just to level set around macro, the past couple of years, it's been a squishy environment for software selling. So I guess just some context around, you know, what you've guys seen over the past couple of years would be helpful and how that's impacted kind of the buying environment in the Office of the CFO, and, you know, just kind of where are we at in that, I guess, this changing buying behaviors? Are we at a point where it's stabilized or how do we think about that going forward?
I think all four of us spend a lot of time in the marketplace. We spend a lot of time visiting customers. We spend a lot of time visiting with prospects. We spend a lot of time with our partners, and you know, I think the market has been tough. I mean, we've really, our success has been driven by taking market share from existing customers. That's been offset a little bit strategically by some choices we've made to let some of our smaller accounts, you know, churn out, but the market has not been, you know, the best. I mean, but again, I think for us, we've been laser-focused on the kind of value we're trying to drive for our customers.
I would say over the last six, nine months, as we went through our own sort of refresh of our strategy, refresh of our operating model, which we launched at the beginning of the year, the quality and the quantity of the conversations which we're having with our customers has gotten better. And so I think that's what gives us a lot of optimism about the future. Obviously, one of our big partners is SAP. They're in the process of sort of moving many of their customers from on-prem into the cloud. Therese and I will be over there with a number of our executives over there in Walldorf next week, working through how we continue to drive more success into the marketplace. For those of you who follow SAP or don't follow SAP, excuse me, they have three strategic priorities.
One is to get deeper into the Office of the CFO with partners like BlackLine. The second is to drive more through artificial intelligence, which is what, you know, Therese and the team have been driving and our product solution. And the third is moving into the transition to the cloud, which Therese mentioned. We've already been there for quite some time. So those things align very well with what they're trying to accomplish and we're a critical partner in helping to drive that.
I guess, you know, you touched on a little bit about the journey of the product portfolio. I guess with all that innovation expanding the product portfolio, there's also been some changes on kind of the go-to-market side. How should we think about kind of what stage we're at with executing on some of those changes and how we kind of get from that initial focus on financial close to the broader kind of platform that you're trying to sell now?
Yeah, I would say we're still early in a lot of that change. Remember, we relaunched our operating model beginning of this year, and the choices that we made were in particular areas, so we thought about industry segmentation, which was a big deal for us, right, so when you look at the BlackLine portfolio customers, and the example I like to use, we serve most of the, for example, the oil majors, and our ability to help deepen the use of BlackLine across those oil majors by getting those customers in the room together is just terrific, but then there's also, you know, one of the largest oil majors in the world we don't serve, we just had orals for, and when we walk through our customer roster, what those customers are doing with BlackLine, it was like an aha moment for the client.
So industry is one of the places that we're trying to drive. The second is geographic focus. We understand very clearly what countries, the way they operate, the companies that operate within those countries, there's a greater likelihood of success. So if you think about well-functioning capital markets, if you think about a highly regulated marketplace from the rules and regulations that have been promulgated, so the equivalent of an SEC in many countries, if you think about a well-established auditing profession, a well-established legal profession, the things that matter culturally in that country, then there's places that BlackLine makes much more sense. So if you think about the G20 countries, subtract out the ones that don't meet that criteria and you can figure out where our geographic footprint is trying to play in that place. Then the third piece is around the customer segmentation.
You know, BlackLine is an unbelievably powerful solution. You can see, you know, the largest companies in the world, the dominance that we have. We shared a stat two weeks ago at our enterprise, excuse me, our Beyond the Black Conference that, you know, we have enterprise value of just our public companies of over $36 trillion that are running on BlackLine. A third of the U.S. GDP runs on BlackLine. Pretty interesting statistics about the place we play. We're very focused on, you know, the enterprise space where we believe the dominant player and we'll continue to drive even more success there. Then it's looking for who are the next big leaders that are going to grow up in the middle market.
And so not all customers or prospects are great for BlackLine, but what we're trying to do is be very thoughtful about who we pursue, how we pursue them, and then bring them on a more complete journey. And then the last piece around go-to-market is even though we have a very deep relationship with SAP, we have 1,400 companies that run on SAP, 1,000 on Oracle as an example, 300 on Workday, 300 on Microsoft. All those ERPs, there's a reason we're ERP agnostic. It's because, as Therese mentioned, we want to be able to plug and play into all of those solutions and bring that together through our platform that can drive real value for our customers.
You know, when we announced Studio 360 two weeks ago, that was. It wasn't the culmination of everything, but it was sort of like it was a lot of work with our partners and our customers on a journey over the last 20 months to get to where we got to. I think that's been very well received and we're very optimistic and excited about that.
Great. And so I guess as we think about some of the competitive dynamics, right, there's the partnership side with a lot of the big ERP players. How do we think about kind of where that line ends between the ERP players and then kind of where BlackLine starts?
You know, ERP players in general do not have a desire to do what BlackLine does. And they tend to be the system of record. And what you'll find in most enterprises today is that if they've done any M&A at all, they've got multiple ERPs and they will into perpetuity. So we are actually super complementary to and supportive of what is generally a pretty complex financial system landscape in most companies. So we provide the bridge of information across a lot of different systems that allows them to play together nicely, bring the data to a centralized location, operationally act as one company, but without creating conflicts between those ERPs. So it's an excellent underlayer for a complex financial system landscape.
Got it. That's great. And when we think about just kind of the SAP partnership in particular, I know that's been a highlighted partnership. How do we think about the potential for that to expand to some of those other ERP players and just kind of any context for those who aren't familiar with that SAP relationship?
So a couple of things. So a number of the ERPs actually run on BlackLine. And so that's an important part of, you know, that just sort of further validates what BlackLine has to bring. We have a special relationship with SAP. They call it a Solution Extension or SolEx partnership. We've had it since 2018. And basically, it allows them to sell our products on their material, on their contracts. It's worked very, very well, but we know that there's plenty more opportunity for us to continue to drive that even more. You know, we announced at our Beyond the Black Conference our intention to try to do more with Workday formally. We think that there's an opportunity given their desire to expand into the Office of the CFO with their platform. You can read all their public information about that.
So we're going to continue to try to drive that. We have a good relationship with Microsoft. We'll continue to push on that. Oracle is always a little bit of an interesting animal for us. We have many, many customers that run on BlackLine. We're continuing to sort of, you know, work and invest in that space to make sure our customers that are on Oracle continue to get the value out of BlackLine. But there are times when, you know, Oracle will say, well, we'll give you what BlackLine does for free, recognizing they can't do that, but that's what they offer. And, you know, sometimes people will react to that in a way that, you know, puts a little bit more pressure on us. But we're focused on being able to work with all the significant ERPs that are out there.
We think that's a good strategic choice for us.
Got it, and as we think about some of those newer products that are, you know, you're still working on driving kind of the traction for those, how do we think about how the competitive dynamics have changed there? Are you mostly facing other, let's call it like, you know, smaller companies or competitors there? Is it mostly the same competitors that you're playing against now? How do we think about the, I guess, evolution of the competition side?
Well, you know, I think the competitive landscape has not changed a great deal over years and years. What's interesting is, you know, there was a big proliferation of point solutions. And now companies are looking to sort of consolidate so that they don't have to deal with so many vendors. And this actually works very well with what we've done, which is going from single product to multi-product to platform because they want to decrease the number of vendors that they have and get more from those vendors. And that's very much in line with our particular strategy.
Great. And then, you know, we talked a little bit about some of the drivers there, but at the Analyst Day a couple of weeks ago, you know, you gave the 13%-16% growth targets. I think this year's guide is around 10% growth. How do we, I guess, kind of bridge the acceleration there? And what are the key, you know, drivers that we're looking at?
With regard to the 13%-16% growth rate that we're looking at over our target model, there's you can kind of break it down into three categories when you think through it. It all links into what Owen and Therese and Mark have talked about over the past year, year and a half. First, it starts with new logo. Obviously, one thing we're doing is cultivating a stronger partner ecosystem, not just with SAP, but with other partners that enable us to sell in locations that maybe we don't already have a physical presence. It allows us to access markets that we're not currently in. Another element to this, you may have heard us talk about our pillar strategy. And there's we have four pillars, four solutions that build into our platform.
Each one of our pillar leaders is a subject matter expert, kind of like the connective tissue between product and sales. They help identify opportunities with new logo. They help identify where we can sell that we historically have not sold. So that's another major element to our new logo strategy over the next several years. Then third, we're making investments right now in the public sector, FedRAMP. Those investments, the benefits of those will come longer out in the three- to five-year tail because it takes time from an infrastructure standpoint to get that in place. But that represents greenfield for us. That's not an area that we've historically played. So that represents a big piece of the new logo strategy too. The second element is account growth.
You might have seen this in our investor deck from a couple of weeks ago. You know, right now, just within our own 4,000 customers, we believe we have about a $2 billion TAM, you know, above and beyond where our $600 million is right now. Those same pillars, those same partners that we rely on for new logo, they're critical in terms of our ability to sell within our own customer base. A lot of those partners have standing relationships with our customers that are there every day to help facilitate with that in partnership with our pillars. Then another element from a cross-sell standpoint is, again, you saw it in our investor materials. There's just the level of pillars that we have or solutions that we have at each location or each, sorry, customer.
There's a ton of opportunity there to continue to sell, which is a natural segue to what the question you just posed. From an innovation standpoint, this is the third category. The innovation, you know, that we've seen over the last year has been great. Notably, I don't want to limit it to one, but Studio 360, which is our platform. It's the connective fiber between our four solutions, not just from a data perspective. I'm a user of the product, but not just from a data perspective, but also from a visibility perspective. And so when you think about it and what we're trying to achieve here from a cross-sell, upsell perspective, having a single platform is critical to that success. And then layering in probably the last major element to this growth story is our pricing strategy.
So just to give a quick CliffsNotes overview of this, you know, we surveyed hundreds and hundreds of, you know, customers in this past year to kind of understand, you know, how they perceive value, what they're willing to pay. We've launched a pilot program this year that has seen some successes in terms of migrating to eventually an unlimited user model. So the story fits together in that we're delivering a platform to the Office of the CFO. That Office of the CFO does not want to be constrained by users or adding users, subtracting users. We want to provide unlimited users to the office. We want to deliver our overall platform to the Office of the CFO and allow our growth to be driven by bigger adoption, more usage, higher consumption, which fits into the overall product strategy.
Great. Super helpful. I think that's a good opportunity to ask you as the incoming CFO kind of what drew you to BlackLine? What was interesting about the story to you? Is there anything that you would kind of pinpoint as some of the few things that were attractive about the opportunity?
We have 14 minutes. We didn't talk background, but I spent, you know, my time right out of college in public accounting. You know, back then as an auditor, you would just see what companies would go through, your clients would go through on every quarterly review, year-end audit. In the back of my mind, I said, there's got to be an easier way to do this. Back then, that was 10 years ago, it was heavily paper binder-driven, and there were just obvious automation opportunities there. Then, you know, I was contacted about this company in Southern California that was going to automate the financial close process and provide access digitally to auditors in terms of all the support for what we do.
And I sat there and I said, this solves the last decade plus of pain I've been through, you know, as an auditor. And I got to believe I was like, an accountant would absolutely love this. This is a no-brainer. So when I look back 10 years ago when I first met Mark and Therese, that was the opportunity. I saw the potential. I saw the innovative ways. I said, it's not going to stop here. And as I'm sitting here 10 years later today, I mean, and look at the automation that we've gone through over my tenure and how we've expanded from just financial close to intercompany invoice to cash, FRA or consolidation, and the overall Office of the CFO, like that story that I first learned about 10 years ago has come true.
Wonderful. You also mentioned some of the pricing changes there at the end of just kind of the growth drivers to that, you know, medium-term target. But I guess when we think about the change in the pricing strategy, obviously going from something that's more seat-based to something that has more of a consumptive element to it is, you know, it's not the, I guess, easiest transition to make. But I guess just what are some of the early learnings as you're kind of going through that process that you're kind of coming up with? And yeah, is there anything, I guess, interesting about that that you're finding out early days?
Give it to him. We've put him in charge of that.
Yeah. So what we've learned, you know, in some of the surveys we've done, the pilots we've done, there are some customers out there and prospects that are excited about this. This is something they've been waiting for. This is something that they wanted. And, you know, if you think in the mind of an accountant, which I can, you don't want to be nickeled and dimed to death. Like you don't want to sit there and have to, you know, deal with adding a user, subtracting a user, and have to factor that into your cost and factor that in. So what this pricing strategy brings is revenue predictability for us and cost predictability for a controller and so, or CAO or CFO.
And so when you think about it just over the next three- to five-year horizon as we work through our renewals base, we're delivering a single platform fee, you know, to our customer. And then anything above and beyond that will be driven by consumption. And that's the perfect handshake between the company and the customer, basically saying, this is your fee. And the more you consume, the higher your ROI will be. The more automation you will enjoy, the less probably eventually people you will need to execute your day-to-day processes. And so we sit there and we say, you know, this resonates on both sides. You know, instead of being user-based, it's value-based. It's ROI-based. That's what we want. That's what our customers want. And that's what some of the things we're hearing on a preliminary basis.
And we are as a company a believer in the productivity gains that are going to be had by AI, which means over time, naturally, the number of users in a system should decrease. So we want to make sure that we don't have an inverse relationship. If we stay with user-based pricing, we'd have an inverse relationship to the amount of value delivered versus the number of users that somebody actually needs.
That leads me to my next question. I think it was about two years ago, around this time frame, you know, ChatGPT took the world by storm. And ever since, it's been generative AI, generative AI, generative AI. I guess let's talk a little bit about what you guys are doing both on the product side as well as on, you know, even the expense side within your own developer base and kind of the different use cases that you're seeing already with generative AI.
You know, I've been in the technology industry a very long time, and technology buzzwaves come and go, right? Blockchain is going to replace the world. RPA. I actually believe with AI that this is the first time that there might be real meat behind the buzz, all right, and what's really interesting about this is that BlackLine is in this position. We've been a pure SaaS company since 2007. We have a massive amount of data. One of the things that we recently released in our Studio 360 platform is the ability to collect even more data around things like chart of accounts, accounting guidance, and while this is great for our customers and provides greater additional controls, what it provides for BlackLine is an even better platform for utilizing AI to learn more and do more work.
I actually foresee a future in which, you know, we could potentially do 98% of the work that's currently being done manually inside of AP and AR departments today, which is a huge potential for, you know, better compliance, lower cost, and really just better, more accurate insights into real-time information. Those are the benefits that we see that are extremely achievable with AI. Now, that's the big picture, very cool. At the same time, last quarter, Owen and I both signed off with our auditors that absolutely nothing we did or made any decisions on was created by AI. Okay. So we are in an industry that has zero tolerance for hallucinations. And we are in an industry where typically the adoption of anything new is slow. Okay. Accountants in general do not care for any kind of risk or anything that might be incorrect.
So we realize that we have to take our customers on a journey. Okay. We have to introduce AI across our products in ways that are safe, that utilize what they care most about, which is risk and anomalies, all right, brings those to light. We have to take them on a journey to get them confident in what we can do together with them, with AI. We will have to have a similar journey with the auditors, all right? Many years ago, we did auto reconciliation, and we had to get all of the auditors on board with the fact that software could do a reconciliation from end to end. We are going to have to have a similar journey with auditors with AI.
So this is going to, you know, what technology is capable of is going to be much faster than what our particular market will be able to absorb. That being said, I think it's really worth the investment. We are doing a number of things internally as well. Our CIO hire, Sumit Johar. He came from Automation Anywhere, and he's already introduced a number of different initiatives inside the company to start to utilize the benefits of what AI can bring, so we are very invested in it, but with a very pragmatic approach to how to do it responsibly in such a way that it will provide value.
Great. That's awesome. And when we think about like some of the, I guess, like developer toolsets, customer support use cases, all those kind of internal use cases, are we seeing kind of any of that start to show up? And maybe a question for you, how do we think about the potential cost-saving side of things? Is that something that you're starting to think about with how kind of generative AI with, you know, potentially less people, you could do more? Is there anything around that that's kind of worthwhile to call out?
Yeah, the answer is yes. Therese mentioned our CIO. We work really closely. I think over the longer term, we'll have a digital workforce percentage of our total group. And that's saving hours of the people that currently work, reducing the amount of inflection that you have to have or the, you know, straight line linear equation of hiring over time. I want to use an example to Therese's point earlier about inside the office of the CFO where AI is used probably today more often than other places is in forecasting, downstream, less risk, less audited, compliant, internal control. But nobody's relying on it in my CFO peer group. They're just adding it, right? So instead of using three ways of forecasting, they're now using four ways of forecasting and just a further vector.
That's the kind of careful, thoughtful approach to layering in AI over a longer period of time. And so for us, when we put a target model out, it's something we can see today, right? Which means we think for us and other companies, AI, GenAI will be margin opportunity beyond that in the future.
One other area, you asked about support. One of the tools that we have implemented obviously allows a customer to now do a natural language query. And it will look at, you know, 10 different sources of information. And it's brought all of those together to provide a pretty good answer. So that has become almost the first line of defense. Customers love it because it gets them an immediate answer. And we still have our support people that are lined up if there's something that's, you know, not resolved immediately. But yeah, the ability to take a huge body of information and immediately provide an answer, the best answer using AI is super cool. There's some really fun applications of this.
And all right. So we mentioned a little bit about the margin side of things. And we've talked a little bit about the growth targets. So I guess when we think about the margin targets, I think it's 26%-30%. I guess just to level set for the audience, like what are the key ways to get there? I know there's been a mention of the GCP and on the gross margin side, but anything else I guess to really point out and spell out for the audience on kind of how we take margins from where they are today to the targets we have out there?
Sorry. So yes, GCP, Google Cloud is a big piece of the equation from a gross margin perspective. We've been on a multi-year journey right now, retiring our local physical centers and moving completely to Google Cloud. Our CTO spoke about this at Investor Day, and we have several more quarters to do that, but we've made great progress. There is obviously a plan and a strategy in place that is very achievable. So once we do that and optimize ourselves fully in GCP, that is a very big gross margin opportunity. A second element to this is what Therese just talked on. We talked about one, from a support perspective, we can look at lower cost locations. And yes, that is something, a lever we could pull at any time.
But there's also an AI story behind that as well in terms of supporting our customers and taking care of. We have a support database with, you know, every customer inquiry you could imagine. And, you know, being able to address that real-time through AI removes the need for a human being to, you know, be involved every single time. So from a support standpoint and a GCP standpoint, there's a gross margin expansion story there of about 500 basis points. Now, moving down the P&L from an OpEx perspective, you know, if we look at it, G&A, you know, starting at the bottom, there's also a technology/AI story there. We talked about Sumit and his background and what he's bringing, but it's going to bring us scalability over the next three to five years when you look at G&A as a % of our overall spend.
And then to a lesser extent, you know, we are an innovation company. We are an R&D company. The amount we spend in R&D as a percent of revenue might tick down a little bit, but for the most part, we're going to continue to spend there and invest there because we know the future value that that brings. And then lastly, GTM, you know, I think, you know, we think there's some, obviously opportunities there in terms of leveraging our partners more. So, you know, but overall, the major margin opportunities that we see to get to that 26%-30% sits in gross margin. And then it also sits a little bit in G&A.
Great. And I guess on the R&D and sales and marketing side, I just kind of want to tease out a little bit like what could be the opportunities there? I know they're, you know, roughly flat in the, you know, today versus the long-term model, but if we did see opportunities there, what would it be? I know some of that is probably balanced against some of the geographic expansion opportunities that you see ahead of you. So how do you think about just kind of some of the balancing of the growth and margin side on those two lines in particular?
You said GTM and G&A?
Yeah.
Oh, GTM and R&D. So from a GTM perspective, having a sales force that continues to mature, continues to expand, and is fully ramped, there's a major opportunity there. I think working with our partners and leveraging our partners and work and going through them, there's a clear GTM opportunity there as well of being able to leverage where they are already physically present, where they already have relationships. That, you know, helps us not have to have physical presence all around the world to be able to sell our product, which there's a cost to that. So we intend to continue to spend more in GTM, just not as much in proportion to our growth and revenue over the next several years.
R&D, as I just touched on that, we believe, you know, we can accelerate our rate of innovation even further by spending maybe a little bit less than we are right now as a percent of revenue. And we're going to achieve that through AI. We're going to achieve that through offshoring, looking at lower cost labor markets. So we will have more resources, more technology, more tooling behind our overall, I guess, innovation flywheel while spending relatively the same amount as a percent of revenue over the next three to five years.
I think we're about. I think we got a minute or two. Perfect. All right. We got about a couple of minutes here. So I just want to open the floor and see if anyone has questions from the audience real quick. If not, I am happy to continue. Now we got one back there. You want me to think that?
I was going to ask, when you sort of meet with investors and maybe talk to sell-side analysts, what are some of the questions? What do you think that people don't fully understand about the BlackLine story?
So I'm going to repeat the question for those that are streaming in, right? I know that's a trick. So the question was, when we talk to investors and we talk to analysts, what do we believe that they don't understand about?
We'll fully appreciate.
We'll fully appreciate, yeah. I think there's maybe Therese and I can, you know, ham and egg this a little bit or play with one another. I think for me, I think what people don't always appreciate is the breadth of what BlackLine really brings today. So the investments we've made to build out, you know, from the single solution a number of years ago to where we are today is still a story that's not completely understood and how it all fits together and why it's so powerful. I like to use this river analogy that BlackLine is basically at the headwater, and everything flows from BlackLine all the way from record all the way through report or from invoicing all the way through cash.
Our 360 platforms, their Studio 360 platform allows, you know, our customers to, we can navigate with them, we can guide them, we can visualize what they're about to see, orchestrate all that, the blueprints are all there. I think that that's still a story that we're continuing to try to tell our people, our customers, prospects, and the analysts about the power of what BlackLine has. I think the other thing is sometimes people don't appreciate how well we penetrated some of the largest companies in the world and the largest markets in the world. It's a pretty compelling story if you have a chance to listen to what we shared at Investor Day last week. I think, you know, we're the who's who of financial close and consolidation and invoice-to-cash through our platform. That to me is probably the thing I hear most, but.
I think people underestimate. They don't understand the complexity of the systems landscape within the office of the CFO. That literally and the amount of manual work that happens around these literally hundreds or even thousands of different systems, all right? The number of spreadsheets and emails and manual processes that happen and if you don't have an understanding of how complex and fragmented that landscape is, then you subsequently can't understand the amount of value that BlackLine can deliver to a customer.
Great. Well, I guess, are there any last closing remarks that you want to leave the audience with?
For those of you who've had a chance to sort of follow us or listen to us, you know, I think we feel like we've got a really terrific story. What we're trying to do for us, it's just all about execution, and that's what you're going to see from us, you know, going forward. It's something we sort of really sunk our teeth into in the beginning of the year, a lot of changes from the strategy to the operating model for the leadership team, but, you know, we feel like we're locked and loaded to really drive the execution that we all want to achieve.
I would say that if you haven't looked at our investor presentation from two weeks ago, I think that's a pretty good depiction of what we've done and where we're going.
All right. Wonderful. Thank you all for joining us.
Thanks, guys.
It's a pleasure to have you.
Thank you very much. Thank you.