It's so quiet, you guys. Are you so tired already?
Long day.
Yeah.
But.
We're going to light it up, okay? We're going to light, you know why? This is my last fireside chat for a Goldman Sachs Communication and Technology Conference. We're going to make it really good together, right? Aren't we?
Yeah.
Right? Yes.
There you go. There you go.
Monday.com is a truly special company. I think you've heard me say that. It was probably one of the first or second IPOs that I worked on at Goldman Sachs. We'd been aware of the company for quite some time. We knew that they were onto something special. It was hard to describe it back then. Is it the next ServiceNow? Or is it the next Salesforce? Or is it the next this, this? They are the next Monday.com. Congrats on being so unique and sticking to your vision. The idea was that software needs to change. It's too complicated. It's too cumbersome. We're going to simplify it. We're going to add value to every possible professional user. I like lofty goals like that. You never achieve lofty goals very easily. It takes a lot of complexity to simplify a product. Here we are. Congrats on the journey.
We do have a new executive who's joined us. Is this your first fireside chat at a public conference for Monday.com as an executive?
For Monday.
Yeah, there you go. We want to create a nice little niche for the conference. Thank you both, Eliran and Casey, for joining us. Casey, welcome to your first fireside conference. Maybe start with you, Eliran. What does success look like? You were absolutely right when you told me in 2021, you worked on your IPO, that we have a goal, and this is the goal. You delivered. This is 2025. What next? What is the goal and the vision of the company looking into 2030 and beyond?
Yes. First of all, thank you for having us. It's really exciting. I met Casey when I joined monday.com, four months before the IPO. I remember this moment. What does success look like? A few things about monday.com that are very unique for me. One is to continue to maintain the culture that we have at monday.com. It's really a unique culture. Innovation is the core of everything we are doing. I would like to think of us as a company that continues to innovate at a very rapid pace. That's one thing. The second thing, we want to be the go-to platform for work management entirely. Meaning, you know, we have now work management. We have monday.com CRM. We have monday.com Dev. We have monday.com IT Service Management. On top of all of that, there are all of the AI products that we are now bringing to the market.
Monday Vibe, AI Vibe Coding that actually went live today, Monday Magic, Monday Sidekick. This is a compounded effect because this is a perfect fit, the AI products together with the solutions that we have. Definitely to continue to develop the platform. In five years from now, you mentioned maybe ServiceNow at the beginning of the conversation. ServiceNow, like, you know, the go-to platform in the world of work management. This would be great for us.
Got it. Casey, give us a little bit of a flavor for your background. What have you done in enterprise software? How do you see your mandate at monday.com going forward?
I've been doing this quite a long time. This is my 29th year. I started straight out of middle school, just so we're clear.
We do look young, yeah.
Twenty years at IBM. Learned a ton, right? There were some very, very good years at IBM. There were some challenging years. I cherish both because I learned so much from that experience. I left IBM, moved on to a smaller public company. I have this question all the time asked of me. Why did you leave IBM?
Why not? Yeah, why not?
You spend 20 years with somewhere. They just assume you're just going to die there, right? I tell this story because I think it's interesting. A lot of us can relate to this. I had a mentor who said, listen, Casey, we've taught you a lot at IBM. You've been exposed to good, bad, ugly, et cetera, right? You're never going to really leverage all the things we taught you here at IBM. I think you should leave. If you tell anybody, I'll deny it. Go to a smaller company and show them what you've learned, right? That's where you'll provide the most value. I left, went to a smaller public company, Verint, which some of you have heard, just was sold to Tom Abravo. We had a good run there for a few years.
I took on a very challenging opportunity where I'd say I learned the most in this last couple of years working at Talend/Click. Talend was acquired by Click. I was brought in to do the integration of the go-to-market team. We combined a data integration company and an analytics company. One plus one is three. We sold it. That was a very interesting experience. It was a private equity experience. Everyone understands what that means, right? It was a finance culture. Learned a ton doing that. When I had the opportunity to join monday.com, I jumped at it, right? Here's a company that has built an amazing culture.
How did you hear about monday.com in the first place?
I was a user of the product.
That helps.
I saw a ton of value from the product. When they reached out, I was like, oh, I got to take this one, right? More importantly for me, I wanted to be part of a growth story. I wanted to be a part of a culture that was about innovation. If you say anything about monday.com, it truly is an innovative culture. Roy and Eran are geniuses. They think about what can I provide to the market, to our customers they want. They think about innovation on a daily basis. For me, that's a great opportunity for a Chief Revenue Officer because we love having new stuff to sell to our customers. Being a part of what is an amazing culture just makes my job that much easier. That's how I ended up at monday.com.
Got it. You've been at monday.com for six months. How do you explain, rather, not perceive, the go-to-market strengths of the monday.com business model? If I could dare to ask you to dare to answer, what are the improvements you see to a good go-to-market model that monday.com has?
Yeah, monday.com does a lot of things really well. If you think about our performance marketing engine, it's best in class. We do things other companies can't do, and therefore, we generate a ton of leads for our organization. We're very good at that high velocity, converting leads into transactions in a very short amount of time. Where I saw the opportunity, though, is there was an opportunity, obviously, to move up market. When I say move up market, I'm talking about, you know, SMB to mid-market and eventually get to enterprise. There's a lot of things that can be done that need to support that sort of motion. At monday.com, that's foreign territory to them. They haven't had to do that, and I would argue we still don't necessarily have to do it, but we want to do it.
What we are doing at monday.com is really building out that infrastructure to move up market. That means build the marketing engine to do that in SLG motion with marketing. That also means, obviously, training our reps in a different way, hiring different reps to do outbound, et cetera, building offerings that resonate. The real advantage we have now and the real low-hanging fruit is the opportunity to cross-sell. When you have 250,000 customers with the majority buying one product, if you can sell to them any of the other products or even better, sell them all, your wallet share goes up dramatically. That is definitely an opportunity for us and where we're organizing the team around.
Got it. What are your priorities from a hiring standpoint in sales and marketing? I know you talked about moving up market. What is the profile of people that you're looking to hire? How do you not hire too much where it becomes a little counterproductive, but you hire at the right pace and the on-ramping and the enablement, all those things are fairly successful?
Right. A couple of things. The good news is there are a lot of great people at monday.com. There's a lot of talent, and they're very open to taking on new enablement, new learnings, and changing if they have to change on how they do their roles. We have a ton of talent to pull from, one. Two, we are augmenting the organization with some leaders that have done it before, as I like to say, that are part of my network that can come in and help them mature the organization in a way that will enable us to move up market. That's one of the things that I'm doing. As far as enablement goes, that's a big lever for us. I would argue that we haven't necessarily had to do that very well.
I think today we need to, if we're going to capture all the cross-sell opportunity, all the opportunity to go outbound and move up market, and to get more productivity out of the reps. That's definitely something that's underpinning everything that we're doing right now.
I know a lot has been said about the Google performance marketing changes. The SEO industry has gone through a lot of pressure because of what AI has done. How are you dealing with it? How are you regearing the lead generation engine to accommodate the changes that are happening in the industry? How balanced is your lead generation as a result?
I'll take this one. I didn't expect this question at all. You know, Casey, you're with us for the past four and a half years. You know, monday.com is the best in class when it comes to performance marketing. What we have done in PLG, getting to $1 billion, is we built a machine with Big Brain BI that is phenomenal. I think we called it out in Q2. It was definitely overstated. It was not happening in isolation. We already shifted budgets into different channels, namely B2B, LinkedIn, video, influencers, and others. We're already starting to see returns. This is part of the ordinary course of business. Casey, maybe, when we spoke earlier with investors, you mentioned that you see an opportunity there.
Yeah, it really is an opportunity for us to accelerate our outbound motion as well as moving up market. When I say that, we shifted investments in mid-funnel. Obviously, those opportunities take a little bit longer, but they're higher value, higher quality. They're a little bit elongated in the sales cycle. That does present a little bit of a challenge for us. The reward for us is so much greater. I think it's an opportunity for us to accelerate that motion.
Your performance marketing has been very productive. How are you reducing your reliance from, let's say, a percentage, 100% performance marketing dependence to, if you were to dial it down, where are you getting your sources of leads from other sources if it's not from searches?
Actually, we don't want to reduce searches if we see the return. Maybe just to explain on the monday.com business model, this is hybrid. We have the BI system called Big Brain, and every campaign that we are doing, we see the return quite immediately. When we see a good return based on our KPIs, we continue to invest. I think it's important to mention that we don't want to let go of the SMBs and mid-market kind of lead generation. This is an area of strength of monday.com. On top of that, we have the up market motion that we have. We don't want necessarily to move out of this if we see the returns. If we don't see the returns that we are used to based on the KPIs that we determine, then we are investing in other channels. We continue to see top of funnel lead generation.
Back in July, it went to normal. For us, it's something that we'll continue to do.
Got it. I think one of the ways in which that reliance may impact the business is you may not add the same number of net new customers that you've been adding before. In terms of the value of the customer, which is what you're talking about, Casey, as you move up market, one customer there is worth maybe three small customers or four small customers. If you have to advertise, get 20 paid clicks, result in 15% translation conversion, just getting one customer the long, hard-fought way might be more economical in the long run because that customer is going to be more valuable, although it took a while for you to find them.
Yeah, maybe I will start. If you want to add, we had record net adds of the 100K customers in Q2. This is something that was very positive. NDR for 50K customers and 100K customers was above 115%. We said, you know, we finished last year with 245,000 customers. It's a big number. We were scared, and we said that we are going to grow.
How many were you at the time of the IPO?
86.
Did you ever think that you would triple your customer base in like three years?
To be fair, no. When we went public back in 2020, based on the numbers of 2020, we were at $161 million in ARR. The guide for this year is north of $1.2 billion. Think about that. This is the scale of monday.com. I'm going to think about it next week.
Credibility, he rocks in my world. He said, we will not let you down, and outperformed revenues, outperformed margins, outperformed free cash flows.
To be fair, I didn't know because I joined the company before the IPO.
I mean, your expectations on you now are from the account and revenue side now.
You highlight tripling the customer base. I think I stared at that three or four times. I just couldn't believe it that we had 250,000 plus customers. Therein lies the biggest opportunity, right? If you can unlock those customers, I mean, what a huge opportunity we have. That's obviously a huge asset that monday.com has that we're going to tap into. Fantastic.
Revenue per customer, I'm sure it's like a very small amount of revenue that you generate. It looks like a rich enough base.
It depends on the segment, by the way, because it's hard to do the average. You have the SMB segment.
It doesn't mean anything. Yeah, of course. It's going to have a wide range of distribution, obviously. Another thing that struck me at the time of the IPO was how much cash do you have on the balance sheet? You said X. How much money have you raised in your life? It was the same amount. Effectively, you burnt cash and then generated the cash. You had just back to when you didn't need money to go public.
I think at the time everybody was speaking at growth at all costs. We spoke about sustainable growth, meaning, you know, we wanted to make sure also that we are becoming efficient and the, you know, the revenue goes to the top line, to the bottom line. Now we have $1.6 billion in cash at the end of Q2. You know, we are going to, we generated last year more than $300 million, and this year we also gave a, you know, similar number. Yeah, we need now to invest the money. We'll invest it in the business. We'll consider potentially M&As that can either be tack in or, you know, acquiring or potentially opportunistic. We need to think about, you know, potentially return to shareholders in the longer term or other uses of cash. This provides us with a lot of flexibility.
My tough one is coming next, about 30%+ growth rate. Before that, Casey, I wanted to get your feel for the pulse of the spending environment. What is it like out there? You know, there's cross currency. Some people say SMB is getting a little weaker. Some say SMB is actually getting better. Depends upon who you talk to. What are you seeing?
I haven't seen anything dramatic. What I have seen is SMB definitely doing vendor rationalization. If you can provide more than one product and they can consolidate, they're very interested in that. Up market, I haven't seen a whole lot of change, at least relative to what we're doing. Excuse me. We continue to see tons of new opportunities, especially outside of the IT organization, which is pretty interesting, pretty compelling. I was telling somebody earlier that it truly amazed me the fact that we're able to coexist with the likes of ServiceNow for Service and Jira for Dev, and Salesforce for CRM. We're seeing customers go outside of the normal IT buying centers to go and get value for their particular organization. They're engaging us to do that. It's been pretty compelling.
I haven't seen a dramatic shift, but we are seeing some vendor rationalization in the SMB and mid-market space.
Got it. Eliran, tough one for you. Why can't monday.com be 30% growth rate longer term?
I didn't hear the question.
30%. Three, oh.
I'm going to speak about potentially what we need to do in order to continue to grow the business. For us, we have now a full product line, right? Again, monday.com Work OS, monday.com CRM, monday.com Dev, and monday.com IT Service Management. We have introduced three AI products that are going to complete the offering. We are now going deeper inside each one of the products rather than adding additional products horizontally. We believe also that with the platform capabilities at MondayDB that we invested as well, now getting into 3.0, we have the right product suite, the right platform to benefit from additional scale in the next few years. In terms of headcount, and maybe I'll defer in a minute to Casey, we believe that the investment in headcount hiring is already, the bulk of it is behind us.
We're going to invest, continue to bring talent mostly to the product and R&D organization, but not at the rate we used to do in the past. We will continue to scale the business. We're also looking at margin expansion in the next few years.
That was actually my next question. How do you balance growth versus margin expansion? Is the business at scale that you can do both?
Yeah, priority number one for us is growth because we believe now there are tons of opportunities. We are well positioned to take advantage of this current market trend in addition with AI because, and you might get to AI later, but we believe that we are well positioned to take some low-hanging fruits. If we need to invest, we will invest. We're also mindful to the margin line. We're not going to improve margin like we used to do in the past. Like in, I don't know, four years since the IPO, in the last two years, we went to 15% in the end of Q2. We care about margin, but we care about growth as well as taking the opportunities.
Got it. Casey, when you look at the product portfolio that you have to take to market and sell, how do you see AI adding to a more efficient workflow, new productivity enhancements, etc.? I know that we have the Monday Vibe and we have instances of AI infusion. How do you see, as you speak with your founders, their product people, when you walk away from those conversations, how do you think about how AI can be sold to your customers? How do you commercialize AI?
Yeah, and if we all agree that the market expects AI to be embedded in everything that we do, and I think we all agree on that, you know, monday.com's approach to it in the way that I mentioned earlier, what do our customers want, right? They want time to value. Even before AI, monday.com really excelled in this space. You could build a monday.com board in a matter of a couple of hours, right, without services, without any special help, right? We now have tools that allow you, specific to monday.com board, for example, that allow you to do the exact same work in a matter of seconds or minutes using natural language. That's immediate value our customers are getting from the software. We launched Monday Magic, you know, a month ago or so. Monday Vibe, coincidentally, was released today. I would encourage everyone to check.
This is a game changer, in my opinion, right? This gives you the opportunity, as what I would call a layperson, to go develop an application in a matter of minutes, right, using natural language, a very intuitive engagement for our customers to do it. I've used it. It's absolutely amazing. I think I'm less biased than maybe Eliran because I've only been here four months. It's a game changer. I think the common thread to AI for us anyway is that it unlocks the value of monday.com, which is already pretty tremendous. I think we have a pretty significant advantage leveraging AI in our products versus some of the pure, let's say, AI companies because we have an enterprise-enabled platform that has all the governance, security, compliance, all those things so that you can deploy whatever you build immediately because it's a monday.com platform. I think that's a huge unlocking lever for us.
Eliran, what has the management team been thinking about how you can incorporate AI into your IT Service Management workflow, your CRM workflow, any of the core work management, or other things that the founders are thinking about?
You mean internally or?
No, no, to the externally. I want to talk about internally separately as well.
Oh, externally. Because we, you know, monday.com is built as an open source. If you think about the way monday.com is built from day one, it's an open source. The architecture is schemaless, meaning you can use it in any way or shape or form that you want. Just as a reminder, I spoke with some of the investors earlier. When you sell monday.com to customers, you don't really sell a software. You sell a bunch of building blocks and Lego bricks that basically you can build the software of your dreams, right? You can build anything. This is why we are servicing 200 different industries. We never thought that monday.com is going to be big with construction companies, with hotel chain management because they take monday.com building blocks and they build the software that they want.
When we think about it, this is the AI is completing the vision of democratize the power of software. Not only that we give you a building box that you can build any solution that you want, we're now providing you with AI tools that will help you do it even in a faster way. Monday Magic, for example, you go and sometimes you are now covering a company like monday.com and you say to the, you use monday.com to say, I need a board to cover companies. I don't really know what questions should I ask you, how to build this board because there is an onboarding process. Magic will start to ask you, what do you want? Are you missing that? Because it's rather than just helping you do the work, it's doing the work for you. This is in monday.com boards and dashboards.
Monday Vibe is addressing applications on top of monday.com, like in the ecosystem, any application out there. As Casey said, we released it today. The results are amazing. We got a lot of stats, which is amazing. Monday Sidekick helps you to, you know, is your agent to do all kinds of things. The management team thinks about how we can leverage AI together with the platform of monday.com's execution and platform. It's a compounded effect. This is something that next week we're going to announce in the Investor Day. It's going to be big. It's going to be huge.
Oh, nice. Are we going to hear about scalability breakthroughs? I think you've been talking about that previously. The largest deployment was a certain size. How is the core platform scaling to accommodate bigger and bigger deployments? Not that it's not a CFO question, but as you mentioned.
No, no, yes. We invested in MondayDB. For the past two years, scale, speed, and performance. There was a staged investment in order for us to be able to service the bigger and larger customers that are now landing bigger. You can see it by the success of us going up market with NDR getting better as well and the net heads of $100K. This was an important, I would say, a very significant percentage of the R&D team is working on the platform because we want to be able to not limit ourselves as we sell to the big organization out there. Casey, you have a certain philosophy about what it means to go up market. It's not the Fortune 100 or 500.
No. If you look at where our revenue comes from, we have, I don't want to use specific numbers, but a pretty significant set of customers that are spending at least $50,000 a year with us. There's a certain segment of customers that are spending $100,000. If you take those segments of our ARR, you understand that a lot of those customers then go to $500,000 because the first transaction is never the $500,000. It's always the $50,000. We are seeing a significant hockey stick in this regard. $50,000 is going to $100,000. $100,000 is going to $300,000, etc. It's a very natural, healthy way that we're growing and moving up market. A lot of that's coming from the mid-market space as we push into that market and the enterprise customers are pulling us up.
The first time you guys broke out your $50,000, or the first time you break out of the $50,000, $100,000 cohorts and how you showed the growth in those cohorts, I still remember that quarter. Gilli and I were writing the note. I said that's the most important thing that stood out. If you can look at the growth algorithm, the $100,000, I don't know, Gilli, if you remember that, but the % of revenue that comes from $100,000 is this % of revenue from $50,000. It was hitting a threshold where you could not ignore, but you could not be worried about what was happening in the rest of the business. This was going to be the leading light. If you project this out, could monday.com conceivably land a $10 million customer? What stops monday.com from landing a big, like the big league?
If you look at ServiceNow and Salesforce and Workday, they made their word mark by landing wall to wall, you know, 20,000 employees, 30,000 employees. What stops? Why would you not be able to do that?
Short answer is we will in the very near future. Let me use an example. You know, there's.
That's the best thing I heard today.
We already have. Yeah, over, you know, the long-term period, the customer of 80,000 seats. If you take all the period of the contract, you are exceeding $10 million.
We will get to the $10 million ARR in the very near future. A lot of these examples are similar. There are a lot of them out there where we have very, very large customers. I'll just say Fortune 100 global institutions are better described. A couple of years ago, they signed up for $50,000 online, right? Major enterprise, definitely below the radar of IT and procurement. The next transaction, it was $200,000. That was six months later. Before you know it, less than a year later, we're at $500,000, then $1 million. That's why I talk about this $50,000, the third and fourth transaction really gets you into that range. That very customer, which started at $50,000 in 2022, I predict will be at the $10 million by the end of next year, right, based on how they're consuming. There are a number of opportunities like that.
Are they accelerating at all at that pace? No. That's the progression we're seeing. This is a very healthy growth model because we get into a department and then it spreads, right? Oh, what are you doing? Let me use that. Can I do that? Let me use more of this. I didn't know it could do that. Before you know it, you have, you know.
Have you tracked? We had Atlassian earlier today, the President of Atlassian. She's actually retiring at the end of this year. They had disclosed 50% of their user base, business users, the other 50% developers, customer support, et cetera. Are you at the point, and if you have disclosed, maybe I missed it, but do you have a rough feel for the persona of your user base, how it's split over developers and customer support people, finance people?
You know, more than, and maybe Casey, you have specific when you speak with customers, but close to 70% of our customers are non-tech. This is almost like, and this is the unique.
Users, you mean end users?
End users, sorry.
Non-tech people.
Non-tech people. You know, 30% and some are tech companies and potentially. It's not the developers that are actually using monday.com. It's the entire organization. In marketing, we see a lot of marketing people, finance people, construction. It's like a whole slew of users. It's interesting.
My final question for you, if you guys have questions, please do raise your hand. We talked about AI in the product, externally speaking. How have you been? I know you have Big Brain BI, which tracks all your expenses, gives you not just expenses, but that is the big information system, insight system. What have you done with AI internally in development, customer support, marketing, sales enablement, SDR resourcing to get a leg up?
All of the above, maybe Casey. I'll take the on the sales side. This is probably the most exciting part of my business, right? If you understand today, we get hundreds of thousands of leads a year. Our ability to provide a consistent engagement with our customers is zero, right? You cannot get to all of those leads, one, two, at least in an efficient way. Oh, by the way, you're going to.
By the way, you're not alone. Marc Benioff said that they have not called back 10 million leads.
Right.
Now they can because of AI.
It's the exact scenario, right? Now we're able to give a very consistent experience in a very responsive way. There's nothing more frustrating than engaging with a company. You expect the callback, and it doesn't happen in an expedited way, you move on. Now we'll be able to leverage AI agents to get to every lead within two minutes, right? Nurture those opportunities, hand them off to a live seller. That's an opportunity that's curated. It's warm. It's ready to go. Our ability to convert leads will definitely go up. Our ability, obviously, to give a better experience for our customers will go up, right? All of that is a lift for our company. We're obviously leveraging AI across the entire organization.
For us, and from where I sit, when you have 300,000 leads a year, if you can convert better there, the lift to your business is, you know, yeah, significant.
I would add to that. Customer support, we are using AI. More than 50% of the calls are already going through a chatbot and AI capabilities. A lot of efficiencies. Development, we did a month hackathon. Every division in monday.com's DAO had to go through a hackathon. We did in finance one week. People are using Monday Vibe Coding, and they develop all these applications to do cash flow management, to do a reconciliation of bank statements to the cash. It's unbelievable because you do it. For me, I'm old school. Like I'm a dinosaur by now. People, the young people, are doing it like my daughter is texting. It's flying. They are doing all these things. Development processes, it's not that we are, you know, there is always like this, yeah, companies are going to reduce force. We don't want to do it.
We want to actually, every person that we hire to do much more because he has more time. In development, we used to do things that took months. Now they're being done in days and weeks. This is a productivity enhancement tool that is amazing. We want to do more, potentially, with the people that we have. The vision of monday.com is 10 experts developers. It's something that we're seeing. Every division is doing better with using AI. We force, in a way, quote unquote, people to get out of their comfort zone and do that.
How are you using AI, Eliran?
As I said earlier, I'm using AI.
Empowering your employees to use it.
All the search is being done on AI, internal development, documents. I read a lot of legal documents. I do sentiment and browsing. I read a lot of stats from the market, earnings, sentiment. I use it mostly as an education tool, like a wiki. Unfortunately, I'm not involved with the team on the day-to-day, but the team is using it much more. I use it mostly for learning and gaining a lot of data. You have access to a thousand Einsteins out there. I consume a lot of data with AI and it helps me to analyze the data.
The way it looks like, you know, to our development organization that does not use AI, somebody that uses it will be putting out product releases much quicker. If you are on the go-to-market side, and if you're not using it to create SDR resources or lead nurturing at different points, somebody else is going to do it and accelerate their time to achieving quota, accelerate the time to close. It's a competitive necessity all of a sudden. Those without AI will be the losers. People ask me, is AI going to take away jobs? It takes away jobs if we don't adopt AI, right? You don't see it today, but it's going to happen 12, 18 months, 24 months from now. It looks like you're on an early start to this. I wish you well in your journey.
I wish you that whatever goals you have for 2030, that when we have you come back in the next several years, you're happy with your progress, first of all. Do my best to Eliran and Roy for me, please. Yeah, tell them to wish.
We wish you on there from Roy and Eliran as well. Good luck in your new journey.
Thank you so much.
Pleasure. Thank you.
Thank you. I really appreciate it. It's been a great partnership. Thank you for everything. Thank you for your support of Goldman Sachs. Thank you to your clients for your complete attention. We still have half a day more, but I don't have any companies tomorrow. I'm ending this with monday.com. How cool is this, right? I started with you guys at Goldman Sachs. You're the first IPO that I worked on. I'm ending the.
The closure.
It's the way to go out. Maybe it's all karmic. It's very karmic.
I believe in karma.
Cheers. Let's give it a round of applause.