Good afternoon, everyone. I'm Mark Murphy, a software analyst with J.P. Morgan, it's a real pleasure to be here with Tim Regan, who's the CFO of Dropbox. First of all, Tim, thank you for taking some time out of your schedule to be here with us.
Terrific. Thanks for having us, Mark.
Yeah. Pleasure's all mine. Maybe you can give us the brief 30-second version of an introduction of yourself and Dropbox for the benefit of anyone out there who might not be familiar.
I've been with Dropbox for almost seven years now. I joined just before we went public as the chief accounting officer, took over the CFO role about three years ago. If you think about what Dropbox is, it really started when Drew forgot his thumb drive on a bus trip and got frustrated by not being able to keep his devices in sync. Since then, we've created a company that has $2.5 billion in ARR, 700 million registered users, and stores over 800 billion pieces of content. An online storage and cloud collaboration software service that really has come a long way since that bus ride.
Well, maybe you can flesh that out for us a bit because there's been a lot going on at Dropbox. What do you think is different about this company today?
Sure.
If we look back and compare it to, I'm thinking three to four to five years ago, because it's been constantly evolving and kind of diversifying outside and, you know, beyond the core, file sync and share.
Sure. File sync and share is still the vast majority of our business. It's the bulk of our ARR, but it's given us a big platform to build off that strength. Go back to we have 800 billion pieces of content, really what we've been trying to do over the last stretch of time is take advantage of that content and give people more to do with that content. If you think about some of the acquisitions we've made in recent years, we acquired HelloSign back in-
Mm-hmm.
2019, rebranded that as Dropbox Sign, last fall, so that's an e-signature product that we've been able to offer to our customer base. DocSend, we acquired DocSend back in 2021. That's a secure sharing and analytics company. If you think about a founder that is sharing a pitch deck with a VC, they can send their very sensitive information through DocSend and then track how someone is engaging with that content, really know who's paying attention to the materials or not, what slides they're focused on, those sorts of things. That's what DocSend does. We acquired FormSwift, that's a templates company, so vast library of templates, tax forms, real estate forms, legal forms. We acquired them back in Q4, so diversified on the M&A front. We've been developing these more organic products.
Capture, that's a, I can, I can screen share my screen and create a video based off that. I can. Then with Replay, another product we just introduced actually went GA in April. That's a video editing tool, right? We're seeing a lot more video files added to the platform, so enabling people to do more with video. I'm sure you're gonna ask me a question around AI. We too have an AI capability that we're working on, and so that will be coming soon. We have definitely been working to cultivate this more diverse product portfolio, been a focus for us for the last few years.
You preempted me on AI, but I'm gonna get to that in just a couple of moments because we do wanna try to understand what, you know, what exactly you're cooking up across all those hundreds of billions of pieces of content. Let me ask you first about a question on the macro. It's obviously on everyone's mind, but the number of users that you have, you have some kind of read-through into it. People have been worried about, you know, the trends they've seen in optimization, you know, for the hyperscalers and there's been a lot of consolidation of spend, right, for application providers as well. If I were just sitting with you, how would you characterize the macro today?
It's obviously complicated, and it's obviously volatile. If you look back and try to compare it to, you know, where do you think it stands coming out of last year? What's worse? What's hanging in there? What's better, if anything?
Yeah, good question. I'd say it's been roughly consistent with what we saw in the fourth quarter and in the first quarter. If I break down the various components of our business, first I'll start on the Teams side of the business. We did launch a new pricing and packaging program back in June of last year. We raised prices on our Teams plans as part of offering more value with those plans for the security features that we rolled out. That did quite well, I'd say, last summer. Really in the fourth quarter we started to see some heightened price sensitivity.
Mm-hmm.
-across those Teams users, and that's played through into the first quarter as well. Particularly, for those, call it tech companies that have gone through layoffs themselves, we're finding some heightened price sensitivity across those users. That's carried forward. On the individuals side of the business, we saw mobile providers make it easier for you to see and cancel your subscriptions. It's just two steps now on your mobile devices. We saw that translate through to churn that continued really in the first part of Q1, but we saw it get better, churn get better on the individual side of our plans, as we've been really focused on correcting and making enhancements to our individual plans and addressing the main customer complaints.
That's seen a bit of a turnaround. Individuals also, we've seen sign-ups actually improve year-over-year, which is an interesting trend, as we've made some improvements to the onboarding process and rolled out things like Google One Tap, which have helped. Seeing some positive trends on the individual side of the business. If I think about e-signature, that had a nice boost during the pandemic.
Mm-hmm.
Post-pandemic, it's pulled back, as have, others, have seen in the e-signature space. DocSend, that's a bit more, susceptible to the, to the fundraising vertical.
Right.
That has seen a bit of a pullback in recent quarters. We've seen that hold true through Q1 as well. Definitely seeing some pressure points and, all this has been, you know, factored into our guidance, and we're not assuming anything turns around. Obviously we're gonna try to do our best to make things turn around, but, effectively that's what we're seeing right now.
Despite all the crosscurrents out there, right? You know, as you said, you've got some pressure points. You have some interesting vectors of the business that sound like they might have stabilized or picked up a little bit as well, in Q1 or coming out of Q1. Despite all that, you grew ARR about 12%.
Mm-hmm.
constant currency in Q1. you know, probably organically, you know, by our math, it was probably a little more, you know, high single digits. I would argue that's a great performance, right? For a business that is at that scale, I think to be humming along that way in a challenging environment. If I flipped it around and just said, well, then, to what do you attribute the resiliency, right, of Dropbox to still be growing pretty well?
Right.
organically in that kind of an environment.
Right.
How is that possible?
Yeah. Well, I think it's interesting again, that sign-ups are up year-over-year. You think about file sync and share, a bit of a mature category. Not many people haven't heard of cloud storage, and yet people are still very interested in the product. To the extent we can make that a more seamless experience, reduce some friction in the onboarding process, we're seeing that actually pan out. I think some of it does come back to 80% of our users use us for work, so people still need us in downturns. I think those are some key factors. We're still a mission-critical tool that people need even in these tough times.
Now, if I think about the specific drivers of the Q1 growth rate, we still are seeing the benefits from that pricing and packaging change that I talked about. That's still flowing through and contributing.
Right.
to that growth rate.
Mm-hmm.
The FormSwift acquisition, we've, as you are aware, we talked about, that did contribute to growth, about 2.5 points to growth.
Right.
There's a few tailwinds that we're seeing from M&A and pricing and packaging. Still, again, seeing growth just in people needing our product.
Okay. Just to clarify, when you say you're seeing the individual sign-ups trending better year-over-year, to what extent are you saying it's due to your own kind of internal improvements? To what extent do you think it somehow relates to the environment?
I think it's largely our own...
You do? Okay.
internal improvements. Yeah. Yeah.
That's not a case of macro tailwind?
I don't think so.
Yeah.
I mean, it's hard for us to really parse some of these.
Mm-hmm.
nuances, but, you can almost tie back and correlate. We launched Google One Tap, and then pretty quickly thereafter, you can see this uptick in sign-ups, and there's other changes that we're making on the onboarding flow, and so you can tie it to these product releases. That's why I point to it being more internal.
Okay. Now, maybe we can switch gears and just talk talk about one of the other actions that you've taken, which was the headcount action of around 16%. I think what was a little different about it was that might have happened actually a little later in the sequencing versus what we had seen from some of the other software providers out there. Can you contextualize some of maybe the factors that went into that decision to be doing that at that point in time? Because you're also very profitable-
Sure.
in generating, pretty good cash flow.
Yeah. We did do a 16% RIF, about 500 folks. Certainly not a decision we take lightly. Put a lot of thought into it. The way we thought about it is we clearly we're seeing the macroeconomy impact our business and impact our growth rates. Growth has been trending down. What we're trying to do is really look at our R&D spend and benchmark that against our peer set and challenge are we seeing the right return relative to that.
Mm-hmm.
R&D spend. We took a hard look and came to the conclusion that, no, we were not being as efficient as we could be, particularly within our existing business lines, particularly file sync and share. Some of our other workflow businesses, we felt like the growth rate is not commensurate with the level of spend. One of the mechanisms that we've adopted really across our business units, if you look at them each individually, is we're applying this weighted Rule of 40 concept, where growth is valued a bit more than the profitability side. We're challenging our business leaders to say, "Look, if your growth is coming down, your profitability needs to go up.
Yeah.
That's how we're thinking about this.
Mm.
-particularly across those existing business lines. That's where we felt like we could get much more efficient with those businesses. The way we did it is we looked across things like, role consolidation or delayering, right? Getting rid of extra layers to which have just increased those coordination costs. Candidly, there was some extent of performance management. Right. That's, that's just a pruning exercise that I think is healthy across all businesses. Then, ultimately, this did translate to the lion's share of the RIF landing within R&D, as we're trying to get more efficient with that spend. That's how we looked about it, looked at it from the, from a, the management perspective.
What we also did is then free up and rotate resources to invest in these AI and organizing the cloud initiatives that, you know, there's a big opportunity in that space. We're trying to get more efficient in our existing businesses, still spending enough to drive a healthy level of growth, but then free up resources, free up capacity to invest in AI and organizing the cloud, which we think have substantial growth potential. That's how we're positioning the business going forward. We still did raise our margin profile.
Yeah.
-150 basis points for the year and again, investing in those high potential growth initiatives.
Yeah. Well, it takes some discipline and rigor to be willing to do that, right? You just touched on AI again. Let's go into that. Thinking back to the Q1 earnings call, there was a comment, I think Drew made it, that you have been developing an AI-driven search product.
Yeah.
He'd probably been working on that for some period of time. Can you explain to us, just in layman's terms, what is that product? What are we gonna experience?
Yeah.
What is it gonna unlock for us?
Yeah. Well, it may be, it may be different for those in the banking industry that maybe don't have the same experience that I do on an everyday basis, where, if I start with, okay, what's the customer problem? Today, we do a lot of our work in the browser across the various tabs in our browser. So, it's less about working in files, it's more working in browser tabs. Those tabs can be Dropbox tabs or Google tabs or Adobe, all these different providers. So the first step is organizing this cloud content within Dropbox. So bringing in your cloud content 'cause it's not only about files.
Now once we have your cloud content organized within Dropbox, the next thing we're doing is bringing in this universal search capability, and it started, the kernel of that was this acquisition of Command E back in 2021.
Right.
Right? We have been working on this for quite some time. The way I think about universal search is it's almost a personal search engine. If you think about Google, you can search the world's content. With this personal search engine, you can search your content, your company's content. It's personal to you. Then you can start bringing in AI capabilities to collaborate with that content. If I think about, okay, what are some examples of that? One is we had a board meeting last week, this AI capability can tell me, "Hey, Tim, here's all the files that are pertinent to your board meeting," which may again be across Google Docs, Excel docs, Paper docs. It can help me stay organized heading into that board meeting.
I may be having a one-on-one with Drew, and it can surface, "Here's your one-on-one doc with Drew," or "Here's the three other docs you've recently collaborated on.
Mm.
It brings all together your content in a way that helps you stay focused and organized throughout your day, right? We just released this to private beta a few weeks ago. We'll be rolling this out more broadly throughout the summer and the fall. One thing I'm encouraged by is we've been using it internally for a couple months. I actually use it. I use it almost every day, which to me is encouraging. I'm not the biggest early adopter of tech.
Mm-hmm.
If I'm using it, I appreciate that early signal. That's certainly what we're gonna be paying attention to is these customer signals on adoption to see how far we keep investing in this.
It's amalgamating content, right, from across, whether it's Google, whether it's in Dropbox, whether it's somewhere else. It is applying search. You've had the search capability for a while. I assume it's kind of an upgraded search. You're saying it'll kind of detect these scenarios and sort of nudge you?
Yes.
Right? Like saying, "Hey, we went out, we see this meeting on your calendar.
Yep.
We went out, we pulled all this together for you.
That's correct.
As one example.
Yes.
Okay. what about... again, what was the number? 800 billion pieces of content?
Correct.
Okay. A lot of content. As you think about applying AI to that, do you see an opportunity to monetize it? Or why shouldn't it end up being something where you just say, "Hey, users, you get this for free. Your experience is better," and you know, they become stickier. I mean, if that's one end of the spectrum, right? The other end of the spectrum is, you know, five bucks a month.
Yeah.
Like, kinda something that's separately priced.
Sure. The focus right now is building a great product and driving customer adoption. That's really what we're focused on in this early stage at this summer or this fall timeline. With that, we'll hone our go-to-market approach, hone our monetization, pricing, and packaging approach. Early thinking is that it will be its own product, and we'll offer that both through our self-serve channels and our outbound channels. Eventually, we could also have a freemium version that we embed within our other product suites.
Mm-hmm.
Other product sets, and then we can have a more premium version that we sell. The initial thinking right now is it'll be its own product that we sell via self-serve and outbound. It'll take a little while for it to translate to billings and then to revenue and to have a meaningful impact on revenue. Again, my initial focus is that customer adoption angle.
Okay. Do we know anything yet or will we at some point about the technologies that you're relying upon to build that? Like, so in other words, it could be AI. It may or may not have something to do with generative AI, right? Which means it may or may not be using kind of a foundational layer like ChatGPT, the large language model like GPT could be using Google Bard and that Google LaMDA and that entire stack too. Is there anything that we're able to know about that at this point? Like just kind of who you're working with or?
Sure.
who you're relying on?
Yeah. We're partnering and building off of OpenAI and other large language models. I think this is where we'll be learning from our customers and refining our approach to engaging with that data. This is where it ultimately will add in the Dropbox touch, the Dropbox advantages to really bring value on top of what's already available with OpenAI and ChatGPT.
Okay. The other thing that I recall coming off of the earnings call is Drew referenced this concept of a silicon brain.
Mm-hmm.
Which I liked. He was talking about a personalized GPT type of product. Can you help us understand? If someone is out there who's a skeptic.
Yeah.
and says, "ChatGPT and OpenAI will just be able to do it on their own somehow.
Right.
That's the debate for every software company in the background, by the way. Right? That's what people are trying to figure out right now. Is it defensible? Is it not defensible? What do you think are the kind of the assets or the differentiation that Dropbox has?
Yeah.
to kinda, these assets that you're pulling together to create something unique?
Yep. Great question. What's the right to win that Dropbox has?
Yeah.
I think it starts with customer trust, I would say. Again, 800 billion pieces of content. Customers trust Dropbox with their data. They trust Dropbox with their content. Again, you start with that 800 billion, those files we already have. You talk about this organizing cloud content solution that we're working on, which will bring in even more content. That gives us a massive base of content and data to operate against. Again, this is where Drew talks about the personalized GPT, the silicon brain.
Mm-hmm.
This is your data. This is your content. It's not the world's content. It's your content. It's pertinent to you and your company. This is where you can do searches on things like what "Hey, what's my passport number again?" Or, "Remind me what my travel schedule is." Or, "What were the last five questions Mark asked me on the earnings calls?" "What's the company PTO policy?" You can engage with this at the personal level to you and your work and your personal life, right? That's something different that Dropbox can offer because we have that corpus of data that we're able to leverage. I think another key factor for us is our neutrality, right? We are a bit more of a Switzerland. We're more of an open platform.
We engage with Slack. We engage with Google. We engage with Microsoft, Adobe. We have these partnerships. We have these relationships. We're not a walled garden approach. That enables you to find and track and engage with your content across all these different providers. Now, I go back to this, this customer trust. We take that very seriously. We wanna make sure that customers continue to know that they, we'll keep their data private. We're also not an advertiser, right?
Mm-hmm.
Maybe they have a certain level of trust with other companies, for example, Google, which may use data for advertising. We're not gonna do that. This is our core business where we need to make sure that the data that we keep to ourselves and customers continue to trust us. I go back to customer trust, the data that we sit on, our neutrality, all of those are advantages and differentiators for us.
Okay. Those are great examples by the way. The PTO or what are the last five questions that someone asked me. That helps a lot to bring it to life. Maybe we can double-click, for a moment on one of your, financial metrics.
Sure.
that people always take an interest in, right or wrong, which is the paid user ads. The most recent quarter, you had 120,000 in Q1. If I think backwards in time, and go back a couple few years, these numbers have been, you know, 200k, 300k, right? Type of range. If you see 100k, that's kinda temporarily depressed. You know, and perhaps there could be something better than that whenever we get back into a more normal economy, right?
Is that a possibility, or do you think for now, are we being more logical and rational if we're just kind of dragging, right, for a little while on this 100k level?
Yeah. For now, I think we've shared to expect about $100k per quarter this year. I think you hit on them. The big depressures to that number are the economy and the pricing and packaging changes, where we're seeing price sensitivity. Those are items that are putting some pressure on that. Now, what are we doing to turn things around and to drive more paid user growth? I'll give you an example. A lot of our self-serve teams, our larger self-serve teams, have never had any sort of customer support from Dropbox.
Mm-hmm.
They may not even know of some of these other solutions that we offer or if they're about to churn, no one has been engaging with them as they're about to churn and just say, "Hey, we know we gave you a price increase. Well, maybe there's a discount we can offer to keep you." Right? One of the things we're doing is leveraging some outsourced support to engage with our larger self-serve teams to try to retain and attract them, or to retain them. This is a new muscle that we're rolling out actually in this second quarter. Hope to see that drive some improvements. We're also rolling out these new products. I talked about Capture, I talked about Replay. I talked about this organizing cloud content.
Those are all early days, it's hard for me to say that this is really gonna inflect our paying user number. We're trying a lot of different measures to help drive growth. I go back to the point I talked about earlier. We are seeing signups increase, right? It, and it takes a while for signups to convert into trials and then convert over to a paid state. At least people are coming into that top of funnel, and that gives us a runway into to drag them into a paid state. There's, there's levers that can bring us there, but for now, I'm still assuming about 100K per quarter this year.
Okay. Excellent and well said. Very helpful. Let's jump back a little bit. You had mentioned FormSwift...
Yeah.
very, very briefly, I think, in the, in the beginning of when we were talking about how the footprint had been expanding. That's an acquisition you did in Q4. It's a form management platform. I think you went over that one, sort of quickly. Can we dig a little bit deeper into that, just in terms of trying to understand what is that product, and where did you see the, where did you see the fit and the strategy to make a move in that direction?
Sure. FormSwift is a forms company. It offers a large library of templates where it could include things like tax forms or legal forms, real estate, financial forms. It fits within the strategy of enabling people to do more with their content. If you think about an agreement workflow, one of the major customer problems is the cold start problem. People don't wanna start.
Sorry, the what problem?
cold start problem.
Okay, got it. Mm-hmm.
They don't wanna start with a blank page.
Mm-hmm.
They wanna start somewhere, right? We are offering them these forms, these templates that enables you to, if you think about workflow, start with a form, and then eventually maybe you'll wanna send it for signature if you're talking about a will, if you're talking about a real estate agreement, you can send it for signature. If you wanna use DocSend, you can share it and track how people are engaging with it, eventually you store the document. It fits well within an agreement workflow thesis. It also fits a lot of the other things we look at when we look at M&A. It's largely self-serve. It focuses.
Mm-hmm.
on individuals and SMBs. I think we, it was a reasonable valuation. I think all of these fit, and we feel like we can continue to grow this business at a healthy pace. That's where we're focused on integration, right? Integration is something that Dropbox is continuing to get better at and build its muscle towards. This is where right now you can go to the Dropbox website, find these FormSwift templates, and engage with those templates. We're seeing some momentum on that front. You can also go to the FormSwift website, and we'll offer you a coupon code for Dropbox products. That's a nice potential lift. We had 50 million people went to the FormSwift website last year, so it introduces another top of funnel for us.
Hmm.
This is where, you know, bringing these products together, that can drive some potential future growth.
It's going to be 2.5 points of growth this year, so it's fairly small.
Yeah.
What do you think about long-term potential? Is this something that's gonna outgrow the core business for a while?
Yeah. Right now it is outgrowing. It's growing at a faster pace than the core business. We think that can keep up for the foreseeable future, just as we engage in some of these marketing motions, as we bring it into the core product more, as we introduce it to our customer set. We think the company's off doing a nice job so far, and we're gonna continue to fuel that momentum.
Okay. We have just about seven minutes remaining. I thought I would do a quick scan of the audience and see if any hands go up. We would be very glad to get you a microphone. We have one on the far side. We'll get a microphone right over to you.
Hi, thanks very much. Quick question first on paid user growth and if you could perhaps break it up by segment. When you look across the 100k, you know, what do you think? Is it a mix in the shift from the past, or is it perhaps gonna take, you know, the same kind of trajectory? I know I'm asking about expectations. All good. We understand the economy is not where it used to be. A second question around equity-based compensation and how you're thinking about it. We're proud at J.P. Morgan, plug, that we now have Global Shares. Just wondering how you think about equity-based compensation for all of your employees.
Sure. Maybe I'll start with equity compensation. Let's see. We do grant RSUs to most of our employees. Now we are trying to be thoughtful and disciplined as far as our stock-based compensation. I do expect, particularly after the reduction in force for SBC, to see some leverage in SBC this year, and hopefully to see that translate through into the future as well. We do grant RSUs to our employee base, but SBC is something I pay a fair amount of attention to, as does our board, we continue to drive that down as a percentage of revenue over time. On your other question on paid user growth.
A few of the drivers of the paid user growth, we have introduced this family plan which allows 6 licenses per license or 6 seats per license, and so that's been a key driver of our that new paying user growth in recent times. Acquisitions have also fueled. FormSwift had a nice Q4 and Q1 that contributed to that paying user growth. Now it's offset by some of these teams churn, right? We're seeing that heightened price sensitivity. Docs and Sign also seeing some macro headwinds that's putting some pressure on things. Now, if I think about what might be a future growth catalyst that really, 'cause the thing I pay the most attention to is ARR growth as opposed to the growth of our paying users.
One of the major angles that we have, major opportunities we have as a business, I think, is this multiproduct, this suite type approach that we're contemplating. I'll give you an interesting stat that we'd recently ran a customer survey. 50% of our customers say they would want us to offer an e-signature capability. Only 8% know that we already do. There's a big gap between in customer awareness. It's the same for Transfer, it's the same for-
Yeah.
The Forms. Most of our customers want these capabilities, they just don't know we have it, right? Because they see us as this invisible, behind-the-scenes product that just stores and syncs your files. We have a lot of work to do to drive customer awareness to make things easier for our customers. Another angle to that is we used to have three legal terms of service if you wanted to buy file sync and share, if you wanted to buy Transfer, if you wanted to buy Signature, you had to go through three different legal terms of service gates, and 90% of customers would drop as they hit that second gate, right? We've unified our terms of service this past quarter. We've seen an uptick in trials as a result of that.
Just simply making things easier for our customers, driving that awareness, integrating our products, and ultimately, this can culminate in bundles and suites which, as customers are looking to consolidate their spend across vendors, this is another key potential growth strategy that we're contemplating. It could be a driver for, you know, ARR growth and paying user growth.
Thank you for the question. Do we have any others in the room? No. Okay. In, in the final, couple of moments, maybe what we could do is, spend some time talking about the pricing and packaging change.
Sure.
That had happened last year back in June, right? We're quickly getting to the point where it would be kind of the one-year anniversary. What do you think? Any elements of that that have gone better or worse than you would have thought? I think the piece that people are always trying to understand, trying to monitor is, you know, will it be kind of accompanied by a little bit of an increase in churn?
Mm-hmm.
Right. Typically or commonly it would be, but I think the magnitude of that can be difficult to measure. Then sometimes you've had price increases that are also stimulating people to go from, you know, monthly to annual or like kind of further.
Mm-hmm.
different types of upfront billing.
Mm-hmm.
How has it gone?
Last June, we rolled out a 20% price increase across our standard and advanced teams plans, and we did that because we've been adding value to those plans really since 2017 when we first introduced those teams plans. Recently we've introduced a lot of security capabilities that strengthen those plans. That was where we had raised the value associated with those plans. It was not an inflationary moment to raise prices. It was no, we've added a lot of value. This went into effect last June. It went into effect immediately for our monthly customers and flows through to our annual customers according to their billing cycles. In Q3, everything was good. Off to a great start. As the macroeconomy started to turn, we started to see this heightened price sensitivity.
We started to see increasing churn. We really saw that flow through in the fourth quarter. You can correlate it very closely with customers that have gone through layoffs or have gone through restructurings.
Mm-hmm.
themselves. You can see, okay, there's a clear cost-cutting methodology philosophy going into that customer, and that's flowing down. Even I am putting pressure on our internal software teams to find, "Hey, how can we cull our licenses down?" We have been seeing that flow through. This is where going forward from a pricing and packaging perspective, this, while it still was a net benefit, it still was a positive, not as much as it was in Q3 and has been dwindling down in Q4 and Q1.
Okay.
What we'll be doing going forward from a pricing and packaging perspective is those bundles and suites as the core driver of our pricing and packaging strategy.
Okay. perfect timing, we are exactly at the end. Tim, I can't thank you enough for taking the time. It's been super informative for us.
Awesome. Thank you, Mark.
Thank you.