All right, I think we can go ahead and kick it off. Thanks so much for joining us on day one of the Goldman Sachs Communacopia and Technology Conference. I'm Gabriela Borges. I help lead our emerging software franchise here at Goldman. Delighted to have on stage with me, Yamini Rangan, CEO of HubSpot. Thank you for your time.
Thank you, Gabriela, for having me here.
So, Yamini, I wanted to start with a little bit of a TAM and resources question.
Sure.
So CRM is arguably one of the largest and most vibrant TAMs within the software industry. How does HubSpot think about where to focus your time and energy and resources within the broader construct of multi-billion dollar TAM?
Yeah. It's a great question. Yes, CRM is absolutely a large, growing, vibrant, you know, market, and within that market, we focus on companies with two to two thousand employees. And the reason we picked that focus area is because, first of all, these companies are just underserved. They have historically focused on either patching together a bunch of point solutions or they have used, you know, enterprise-class solutions, which are pretty difficult for them to implement. And so, within that market opportunity, we have been very laser-focused on serving companies with two to two thousand employees. So within that, if you look at it, you know, including CRM and commerce, it is about a $76 billion opportunity today and set to grow pretty significantly over $100 billion by 2029. So we're not opportunity constrained in the market that we are in.
So specifically, we focus on how do we serve those customers within those companies better, and we focus on three key attributes: by making it super easy. CRM has been always difficult. Business software in general is difficult, and we want that early set-up to be super easy, intuitive, and efficient for people to use. And when we talk to customers, they'll say that's why they use us. The second reason is fast time to value, and CRM, again, has taken, you know, multiple months. Most CRM implementations, you know, take nine months, 12 months, sometimes even multiple years, and we are focused on getting value for our customers in a matter of weeks. Most customers will get it up and running in, you know, seven to eight weeks and start getting value immediately, and we focus on that. And third is just having a unified platform.
Again, if you look at how the CRM industry developed, you started with one area, marketing or sales, and then you acquired your way through multiple areas, and that is a problem for customers, as in they cannot get a single view of the customer. They have to deal with messy integrations, and so we focused on organically crafting a platform with a unified view. And the combination of being easy to use, with a fast time to value, and a unified view of the customer, makes us deliver more value for our customers, and that's how we think about the market, and of course, I'm sure we'll talk about AI. If the last five years have been about, you know, driving a customer platform, the next five to 10 is really going to be about how do we drive value from a usage of AI perspective.
Let me stay on this topic of a unified view of the customer and making it easy for your customers to have essentially a single pane of glass. Some of the feedback we've gotten is around Smart CRM which is your system of record that connects all different hubs together. Talk to us about what it means in practice for a customer to use Smart CRM, and every CRM company will talk about having a central system of record. How are you differentiated with Smart CRM?
Yeah, that's a great question. So, you know, if you step back in 2014, HubSpot announced a free CRM, and that free CRM came with any hub. So if you bought a Marketing Hub or a Sales Hub or a Service Hub, the customer got a CRM. Over the past few years, we have invested significantly within that platform layer, which we call the Smart CRM, and we've made it easy to extend, customize, integrate, and to the point where when we ask customers where they spend the most time and where they get the most value from HubSpot, it is that single unified view of the customer. It goes without saying, but if you think about a typical small or medium business, what they wanna know is, who is visiting my website? Which blog are they reading?
Which website, you know, pricing page are they looking at? What do they end up buying? And where are they having support issues? These are like basic things that they need to know about a customer, which most CRMs make it very, very difficult to get to because they've acquired companies. You know, different companies, and it's a very cobbled approach. You can't get to simple questions that customers wanna have, and our Smart CRM layer does exactly that. It tells you who visited your website, what do they read, what do they buy, what are the support questions, and it adds tremendous value, which is why now our Smart CRM is kind of a distinct platform layer within our customer platform. So I think, you know, over the last couple of years, we have made it easier to customize.
One of the things that we did a few years ago is called a Custom Object. You know, it sounds technical, but it allows a, you know, a small, medium business to really come up with whatever they wanna put within that object and be able to customize it. That has helped us, you know, take off on that platform layer really well, and that continues to add value for our customers.
One of the other things we've picked up on with custom objects is it's also fueled a lot of your market share gain into the two hundred to two thousand cohort. And we had a conversation last year about how your market share, two to two hundred, versus your market share at two hundred to a thousand, you're still ramping momentum in two hundred to two thousand.
Correct.
So let me ask you from a go-to-market standpoint, how do you balance what has historically been HubSpot's success with product-led growth to being able to gain share with larger customers, given that the ecosystem for go-to-market can be different for large versus small?
Yeah, it's a great question. I'll maybe step back and kind of like, explain what our go-to-market strategy and how we're scaling that go-to-market strategy across our digital partner, as well as sales-driven motions, because I think that's the heart of the question you're asking. Our go-to-market strategy is simple: we want to drive volume at the lower end of our customer segments, and we want to do that by acquiring customers very early in their digital journey. And we want to deliver value at the upper end by driving multi-Hub as well as platform adoption for up-market customers. And these two, we balance it very carefully.
If you think about the lower end of our segments, we, you know, we made a bunch of seats pricing changes, but really, we want to get customers, you know, early in their process as a company to get started on HubSpot and continue to scale with HubSpot. The way we have scaled our digital motions and product-led motions is starting with a huge freemium funnel. A freemium funnel means that, you know, you provide freemium tools, could be like an email generator, signature generator, or a Campaign Assistant that opens up the funnel. When people use our free tools, they begin to see the value of our paid tools, and that has allowed us to increase the sign-ups year over year. That's how we have continued to scale from a digital motion.
Start with free tools, and then transition them into a very compelling Starter to your product and continue to scale them as they grow. That is the lower-end motion. In the upper end, we have leveraged our partner ecosystem as well as our sales-driven motion. Our partner ecosystem has about 6,500 partners that have now very successfully transitioned from marketing-only partners to CRM and full platform partners. And we've encouraged them to source, co-sell, as well as continue to bring new partners into our ecosystem. And this year alone, we have seen co-selling improve by 72%. So the partner ecosystem is scaling and selling well. And then in terms of up-market, which is our rep-driven motion, you know, we had to make a choice.
If you looked at HubSpot historically, we were really good at selling to a 200-person company or a 200-500-person company, but not to a 2,000-person company. Over the last two to three years, we have upskilled our reps. We have helped them, you know, spend more time with partners and drive a really cohesive go-to-market motion with partners. We have upskilled them to talk about the lower total cost of ownership when consolidating in HubSpot and communicating the value of our entire platform. And all of that translates into a couple of big metrics that you hear consistently in our earnings call: multi-hub momentum, as well as larger deals upmarket. And we've continued to scale that, and that's where you see the consistency in terms of the results.
One of the limiting factors to your share gain upmarket historically has been some of the compliance and HIPAA regulations that you've recently announced having achieved. Simplistically, financials and healthcare, that's a huge part of the CRM TAM. How do you think about the impact that now being able to have the functionality to meet HIPAA compliance, how is that going to impact your pipeline and your ability to have those conversations with customers that are in healthcare and financials?
Yeah, I really like that you keyed in on this, you know, even post-earnings, and I think, it is an important way in which we are expanding our market share, so what we announced recently is the support for PII information and also compliance in terms of HIPAA regulations, and what that does is it opens up doors for us in markets like healthcare, financial services, insurance. These markets we were serving before, but not with a great fit, and supporting sensitive data allows us to get into those markets. Now, if you think about those markets, they're more than $10 billion by 2029, so fairly large, sizable markets, and already, since we announced the support for sensitive data, we've seen a couple of things.
One is more upmarket customers signing up, and these are not just, you know, ones in the industries that I talked about, but also ones that wanted to support, you know, sensitive data within their CRM environment. So more use cases, more upmarket customers kind of in the pipeline, as well as, larger ASP, you know, and win rates for some of these customers. So overall, this is like a continuous focus on making HubSpot a better fit and the best platform of choice for scaling companies.
Let me ask you the more nuanced version of this question, which is: we have someone like Veeva in the life sciences market-
Sure.
which has a ton of custom-specific life sciences workflow. How do you think about the balance between which end markets make sense from a horizontal standpoint, from a product standpoint versus which parts of the market are not worth going after because they require too much bespoke?... product-specific work?
Yeah, it's, it's a great question. It's almost a debate of, you know, do we go verticals or do we stay horizontal, that we have almost every year with our product leadership. And I would say that, you know, I started talking about the TAM and the total addressable market that we are after. In the two to two thousand space, it's more than a $100 billion market. We're in single digits, right? And we think that with the level of innovation that we can drive, we can go from single digit market share to multiple times that over the next few years. And we can do that by being horizontal.
Because when you look at what is consistent across customers within this, they wanna consolidate on fewer platforms, they wanna eliminate costs by eliminating point solutions, they wanna have higher visibility, and they want cohesion within their front office teams to be able to drive growth in any environment, and we can do all of that, and we can do that in a horizontal manner for a few more years to come. I think at some point in our growth, when we have successfully gotten to 20+% growth, maybe we'll go into vertical solutions, but I think we have a long runway to satisfy the needs of customers while driving market share gains within the market we operate in.
One of the more interesting step function changes that I think we've seen on the horizontal platform is with Content Hub and with Service Hub. So maybe let's take those two pieces separately. What are some of the functionality upgrades that you would highlight in Content Hub? And it sounds like we're now at the point where customers are landing sales, marketing, and content. A little bit about the momentum that you're seeing in that product.
Yeah. You know, content marketing is really transforming. If you are a content marketer, your job today looks nothing like the job that you had 24 months ago. In a very short period of time, you've seen, you know, how you market with content completely transform. Content marketers, a couple of years back, they would write a nice piece of content, they would put it on their blog, and they would try to get, like, visitors either from search or social to come to their website. Today, you cannot do that. You will not get visitors to your website if you just have a blog. And instead, what they need to do is they need to be where the customers are. Customers are on social media, they are on TikTok, they're on YouTube. They like short-form video. They, they like, you know, Reel surfing, right?
And so content marketing has really transformed in not just the type of content you create, but the channels that you make those content available. So last year, we looked at all of the trends that were shaping or reshaping and transforming, you know, content marketing, and we said that we had to completely rethink our hub. We used to call it CMS Hub back in those days, if you followed us for a while, and that used to be about your digital presence and website presence. We said: "We're gonna completely transform it and call it Content Hub," for this specific reason. And what we launched in April this year was new Content Hub, and if you look at the features, it's Content Remix, it's AI blogs, it's Brand Voice, it's all of these features are AI-first features.
If you take Content Remix, it does something very simple but exceptionally powerful. It takes one piece of content that you've created, like a blog, and then very quickly, in a matter of seconds, transforms that into a social post, into a short-form video, into an email campaign. And that drives a level of, you know, productivity for content marketers today, and that has been one of the fastest areas of adoption. And since we launched Content Hub in April, we've seen the attach rate of Content Hub to Marketing Hub triple. It literally went, you know, three x the attach rate in a matter of few months, and I think that's where our AI strategy of embedding AI features into our hubs and into our platform is beginning to really pay off.
I think it was about 180 months ago that you talked about making AI a primary color across the R&D organization. So bring us up to speed. How has the internal business units, or how have the internal business units been using or utilizing that AI group? And what would you highlight as the most interesting progress that that group has made over the last 12 months?
So you're talking about our internal adoption of AI o r are you talking about our product strategy with AI?
Let's do both separately.
Okay.
So maybe let's do product strategy first and then let's do internal.
Okay, lots to talk about in both. You're absolutely right. Last year, as we saw generative AI kind of, you know, come in, we pivoted. We already had enough in the roadmap with AI, but we really pivoted the whole organization to focus on AI-first experimentation as well as product releases. And since then, we have launched about 80 new features embedded within all of our hubs as well as the platform. And I would say that, it's. One, it is a transformative shift that's happening within the application space, but it's going to take time. You know, you see it first in the infrastructure layer, then you see it in hyperscalers, and then you begin to see it in, you know, other layers of the stack, like LLM and application layers coming next.
When we look very closely at the areas that are driving usage and repeat value for our customers, it's threefold. First is marketing. We're seeing a ton of usage in marketing. In fact, I would say 65% of HubSpot AI users are doing it with marketing and content use cases. And within that, and I talked about this, which is, you know, creating content, personalizing content, distributing content, all of that, we're seeing consistent value. And you know, that's, you know, there's more work to be done in terms of awareness, but we're seeing good value. The second area, I would say, is service. You know, AI chatbots are now consistently solving between 20% to 40% of, you know, chat as well as tickets with a lot of our customers that are leading-edge customers, and that creates value.
In addition, you know, using AI for call summarization, conversation summarization, and even retention is beginning to take shape. And so we're happy with kind of like the progress that we are seeing within service. And probably the third area, probably this is the one that is lagging behind marketing and service, is sales, where the sales use cases we are seeing are researching prospects and making your discovery time and prep time for calls much shorter, and also doing faster follow-ups. We have not really translated this into high levels of sales productivity, but we are beginning to see use cases that are consistently adding value, and we're still super early.
What we would like to see is almost like weekly usage for every one of the AI features that we have launched, and we're probably seeing, you know, inconsistent usage and all of our efforts is really to drive a level of clear awareness of the different AI features and weekly as well as daily repeat usage that can add value for our customers.
You alluded to this a little bit with the sales AI functionalities. Are there a couple of examples that you would call out where we're not there yet, because to your point, it's still early, but perhaps have the potential to move the needle much more meaningfully three, five years from now?
Yeah, I would. You know, so why are we not seeing just wholesale adoption is really the question, and I would break it down into, you know, three factors. The first one is just the technology needs to just close the gap, right? There is still some inaccuracy and some inconsistency in terms of what these LLMs and training models develop, and I think that's going to be the easiest one. The level of technology innovation and how quickly these AI technologies are developing is gonna close the gap there. The second is how we productize our features and how it shows up within our product. You know, I think, you know, we serve SMBs. They don't have the time to go and become LLM experts or agent builders, prompt builders.
They come and use the CRM, and it needs to be super easy for them to identify, discover a new AI feature, and make it into kind of like day-to-day flow. And so part of what we are doing is making our product easy and making it super easy for people to recognize an AI feature and then begin to use it. We're improving it based on where our customers are clicking or not clicking, and there's a lot more work to be done. And then the third thing I would say is just customer adoption of technology. Every cycle, we see technology, you know, grow exponentially, but people's ability to adopt technology takes a little while longer, and in leading-edge customers, they're leaning into AI. But for a lot of our customers, they still have questions on: Where's my data?
How can I have control of that data? Where, where should I look for, you know, the safest route to kind of like adopt AI? And there's a lot of education and awareness building that we're doing there. When all three consistently get better, you're just going to see large-scale adoption.
Maybe I'll follow up on the second bucket that you talked about which is HubSpot's own roadmap and plans to productize AI. So one of the things that has consistently been in the DNA of the company has been a focus on the customer. How do you use the customer data, whether it's utilization of AI functionality or feedback more broadly, to then inform your own product roadmap on AI? Talk a little bit about how that feedback loop works.
Yeah. You know, one of the great things is like HubSpot runs on HubSpot, and we are kind of like a testing ground for all of the things that we try to do. And the benefit of that approach is when we learn that something works, then we obviously feed it to our product teams, but more importantly, we feed it to customers and gain their feedback. So it's a really nice loop of we'll experiment something, we'll talk to customers about it, and when we learn that both things work, then we feed it into the product, and it becomes like a nice loop. I will say that as much as we pivoted on the product and R&D side to go all into AI, we also did it internally within our marketing, sales, and service teams to experiment with AI.
And a lot of the success that we have seen today reflects or mirrors what we are seeing within, you know, our customer base as well. I think our marketing teams were the first out of the gate. They have been using AI for personalization use cases, specifically, where someone comes into our website and they fill out a form. Then it's not just about sending a generic email, but personalizing the content to be able to have a more, you know, a targeted conversation with those customers. That has, like, improved our conversion rate. So marketing teams have really adopted. Same thing with the content remix. I mean, internally, our social media managers, our content managers are leveraging AI to create content and distribute content much more productively, and also using content translators.
We've been able to, you know, take our English language content and translate it into other language at a much faster clip. So the marketing use cases are leading, followed by service. You know, I've shared this externally, and you know that about 30% of our tickets are now resolved by AI, and that has meant that we can, you know, take the head count and apply to other areas of the business to drive productivity and growth. So we're beginning to see that. Sales is probably the one that is lagging, and where we begin to see pockets of improvement in sales is improving discovery as well as improving the follow-ups.
And what this helps us do is, one, you know, when we see our own teams adopting AI, it gives us conviction that there is something in terms of productivity there, and then it allows us to go and share best practices with our customers to, in turn, drive their adoption. So, I would say it's still early days. I wouldn't say that, you know, we can plant a flag and say, "Yeah, it's driving all kinds of productivity." It's in very specific pockets and use cases, we are seeing, you know, value. Now it's a question of how do we get everybody within our internal teams, and outside, certainly everybody within the customer teams, to see the same levels of improvement.
And so the flip side of the productization question is the monetization question. One of the anecdotes I really like about Smart CRM is how you went about changing the pricing model to monetize Smart CRM by essentially asking customers, where do they see the most value? So maybe talk about where does that apply from an AI standpoint? How do you think about monetizing some of the AI functionality that we've just been talking about?
Yeah. Here's how we think about AI monetization, and it's probably very different from a lot of other folks in the industry who are thinking about the same problem. One is that, we think every CRM should be an AI-first CRM. You know, when color TV was introduced, after some time, it just became TV, and you expected it to be a color TV. You didn't, like, go and, you know, expect it to be a black-and-white TV. And same thing with CRM. Every CRM has to be an AI-first CRM, an AI-native CRM, and so there's a ton of functionality that we will roll out, we have rolled out, that is just going to be table stakes functionality for a good AI-first CRM.
The second way that we think about monetizing is that when we do drive differentiation in terms of features, it will show up in our results. So specific example being the content use cases that we talked about, having Content Remix, having an AI blog feature, having a Brand Voice feature, these are all AI-first features, and they have directly led to 3Xing the attach rate of Content Hub with Marketing Hub. We're seeing the same thing with Service Hub. The AI features within Service Hub are driving better attach rates as well as multi-hub wins within our customer base and new. And so there's a level of differentiated features that will improve attach rates, that will improve upgrade rates, as well as increase the number of customers that we acquire over competition, and we're beginning to see that.
I think the next stage of it is just a lot more transformative features, and, you know, the whole world is talking about agents and, you know, we're certainly kind of at the forefront of that, and as that technology begins to take shape and add value, then we'll explore a lot more of usage and outcome-based pricing, but only after making sure that we have driven value. One of the things that I really like about how we think about pricing is it's always based on first principles: Add value to customers, and when you've consistently driven the value, then you monetize. You saw us do that in Content Hub, you saw us do that in Smart CRM, and we'll continue to do the same with AI.
I want to bring in a little bit of intersection with macro. And I'll ask it that there's a glass-half-full view on the SMB base that you have and how remarkably resilient it's been. There's a glass-half-empty view, which is it's been a drag on NRR. As you think about optimization for seat count and things like that. So how do you think about the health of the SMB at this point in time? Are you still seeing a drag from perhaps COVID contracts that were assigned in 2020, 2021, creating a drag on seat count optimization? And then to the extent customers are talking about AI, how much does that help you think about the go forward for the business and the health of the SMB?
Yeah. You know, the market is choppy. I think, you know, it's been choppy. I don't think, like, the markets that we are operating right now resemble anything close to what we had seen in 2021 . And I'd say, you know, coming into this year, what we consistently see with our customers' buying patterns is that they're all doing committee buying, and committee buying takes time. It takes more demos, it elongates the sales cycle, and when they do that, they wanna make sure that you can address the total cost of ownership and reduce that and increase the value that you're delivering. And so the cycles do take, you know, time, and we've consistently said this.
We saw this in Q1, we saw this in Q2, we saw this all of last year, and we're just going to assume that it's going to continue until we see something different. So we operate in that environment. Now, within that environment, if you look at our customer base, we see a few patterns. One is our customer dollar retention or retention of our customers have consistently hung in the high 80s, and that I would attribute to us being a platform company and having a very compelling value as a platform. So we've been able to maintain our, you know, retention rates in a high level. The pressure that we saw last year, and it's continued into this year, is downgrade pressure. There were customers that were, you know, optimizing their budgets or looking at, you know, seats optimization or edition optimization.
We saw last year a ton of, like, downgrade pressure. This year, it got a little bit better. What has not improved from a customer perspective is upgrades. The upgrade rates from, you know, a few seats to many more seats, or few hubs to many more hubs, or to other tiers within our, you know, editions, we've not seen the upgrade rates come back anywhere close to what we saw in 2021 or 2022 , and I think it attributes to, you know, whatever broadly we are seeing. I think our peers talk about the same kind of, you know, impact on the business. That's where we see. Now, having said that, we certainly look at macro as context, and then we think about controlling the controllables within our business, and here are things that we are controlling.
One is delivering a compelling value of a platform and driving a pace of innovation. What we've done with Service Hub this year, what we did with Content Hub, what we've done with Smart CRM, shows that we are, you know, continuously innovating and maintaining the pace of innovation that helps us, you know, compete better and provide compelling value. The second is, you know, we're continuing to move upmarket, and the value that we provide to upmarket customers, a thousand-person customer today, you know, they need a certain level of sophistication, they need a certain level of control, and they need a certain level of flexibility, and our product has gotten better, our go-to-market has gotten better, and so we're driving, you know, more upmarket momentum. And then third is, you know, we're just an AI-first company.
We're committed to AI-first innovation, and we want to be leader, and we are positioned to win within AI. And so those three provide us enough, you know, durability of levers for us to continue to grow, and we're still operating in a market that is where we started the conversation. It's a large market, we have single-digit market share, and we have durable levers of growth growing, going into the future.
A couple of times during this conversation, we've talked about how one of HubSpot's strengths is the organic development. Your ability to launch, essentially almost the entirety of the platform, has come through organic growth. As you think about what the customer needs for the next five, 10 years of evolution, in what scenarios would you consider a more transformative acquisition and perhaps going externally to build or buy, to buy a technology as opposed to building it?
You know, our M&A philosophy has really not changed. We are very much Apple-esque in terms of how we think about acquisitions. We care first about customer experience and having a crafted, beautiful product that is easy to use and fast time to value. And we will certainly consider, you know, acquisitions, and we've done it, right? Like, last year, we acquired a company called Clearbit that is in the data space, and that gives us 200 million data points for company and contact enrichment. But we're going to take the time to make sure it is natively built into our product and does not impact the customer experience, because at the end of the day, we win because we are easy, not because we're just, like, attaching a number of products.
And so I think we're going to continue to stay consistent with our M&A philosophy there.
I want to end on both Inbound next week a nd then a little bit on the margin structure of the company. So, maybe we'll do margins first. If I think about the pace of innovation that you've just been talking about, AI, service, Content Hub, et cetera, how do you think about balancing all of the things you want to accomplish from a horizontal platform standpoint and a go-to-market standpoint, up market, with getting to 18%-20% margins in 2026? A little bit on the puts and takes on how you think about that investment decision.
Yeah. I think, in terms of margins, we've improved from, you know, 8-9% a couple years ago to about 16-17%. And if you look at the drivers of our margin expansion over the past couple of years, it actually starts with COGS. You know, we've done a lot of work in terms of our infrastructure to improve. We are almost best in class when it comes to, you know, COGS, while maintaining a level of reliability within the infrastructure, and obviously, we get to, you know, growth margins. From there, we look at how do we improve our sales and marketing efficiencies in a consistent manner over a long period of time, and we've made a number of changes within our partner motion, including commissions for partners.
We've made a number of changes within our support, as well as the services team, to drive efficiency, and we have leveraged systems to drive a level of sales productivity. And all of that has helped us reduce our sales and marketing as a percentage of revenue from what it used to be, about 45%, down to about 40% right now, and we still have ways to go in terms of continuing to drive efficiency. I talked a little bit about the internal use cases of AI. It's early days, but we think that it's going to help us provide leverage in terms of scaling our go-to-market efforts there as well. So we're, you know, we gave. We set a target of 18%-20% in 2026.
We're almost there, and so we're going to continue to remain focused on driving a balance of growth as well as, you know, efficiency and culture, which is an important part of scaling HubSpot.
So, for those of us that are coming to Inbound n ext week, what are the one or two questions we should be asking your customers and partners as we mix and mingle in the audience? And maybe as part of that, what are you most excited about?
Yeah, you know, I think there's a lot of conversation on AI. We are at the stage in the industry where we got to separate out what is hype versus what is real value, and that's the focus for us at Inbound this year. We're really getting down to where is there real value? Where are the use cases that's driving a level of acceleration for our customers, and so you should ask our customers about all of that. I think you should be interested in how we are continuing to innovate within our product platform, so like every Inbound, it'll come with a set of product launches and continued, you know, innovation there, and then, you know, we want to make it as easy as possible for you all to understand the durable growth and efficiency levers for multiple years to come.
Fantastic. Please join me in thanking Yamini for her time.
Thank you so much.
Thank you so much.
Thanks a lot.