First of all, good to see you again.
Good to see you.
A lot has been going on in Sprout, if you think about it, like, in terms of how you evolve as a company.
Yep.
Can you maybe talk a little bit, like, so the main push is, from my perspective, like, to go upmarket?
Yep.
And, like, there's been a good few name changes, and I, like, appreciate it from the coverage perspective because I can tell my wife, like, "Look, they're signing these and these guys," and we're like, "Oh, I kind of know them," you know? But which is nice compared to, you know, but that's not why you did it.
Right.
Can you talk a little bit about, like, that evolution upmarket, like, and, like, you know, we start with the outcomes, but then also I wanted to talk about, like, the operational changes that were needed?
Yeah, and maybe it's good to kind of level set on, like, to your point, like, the move upmarket, what's maybe started that or spurred that.
Yeah.
And we were just talking about this in the last meeting. If you went back maybe three or four years ago, you know, and we were starting to get pulled into the enterprise space, right? A lot of the incumbents in the space, there was a lot of frustration with some of our competitors upmarket.
I thought it was only one, but anyway. Yeah, yeah.
Yeah.
But, yeah.
I mean, you gotta remember back then there were more than one, right?
Yeah, yeah.
And there's still, you know.
Yeah.
There's a couple, a few fewer than there used to be, but there was probably three or four, like, you know, you had Social Studio back then, you have Khoros, you have Sprinklr, right?
Oh, yeah, yeah, yeah, yeah.
You have multiple folks in that enterprise space, and we started getting pulled into these deals 'cause they were frustrated. And what we realized was when we were getting pulled into those deals, we were losing them. They really liked our product, but we were missing certain feature sets. We were missing feature sets around social listening, having, like, large, like, workflows for large organizations. We didn't have as strong a social customer care. And so what we realized was there's this real need to kind of serve some of these enterprise customers.
Yeah.
And so we made a decision to start investing in these areas from an R&D standpoint. Let's close the gaps.
Yeah.
See if we can start winning some of these larger deals, right? We were winning enterprise deals, but we were probably winning them when the use cases weren't as sophisticated, right? The, like, the lower-end use cases.
Yeah.
If it was a purely marketing use case in the enterprise, we would, we could win those deals against our competitors. But when it was a more complex kind of deal, we would lose those deals. And so we started to build out these feature sets and kind of closed all of those kind of gaps.
Yeah, yeah, yeah.
And so the product now, when we're getting pulled in these large RFPs, because it was built on a single code base, because there was no long implementations or heavy services, we were very disruptive and continue to be very disruptive in the enterprise space, right? You can get up and running on a product in days if in weeks where our competitors have a much different kind of, like, implementation process.
Yeah.
And so we start winning these large accounts like you talked about. And so what that really spurred was, like, okay, the product now is in a place where we can win these large enterprise deals. We now have to, like, go look at the go-to-market team, right?
Yeah.
Like, "Hey, by the way, we need to start investing in the things that go with going upmarket," right? We need more, like, senior AEs, we need solution engineers, right? We need a much better kind of onboarding process.
Yeah.
And so we started to make those investments on the go-to-market side. And so over the last couple of years, those are the types of changes we made internally at Sprout, and that's why we've been able to kind of go at a much faster pace up into the enterprise.
Yeah, yeah, okay. Like, the one question I get is, and I think the answer goes down to kind of how much work is needed on the product R&D engineering, but the one question I get is, like, well, so you had competitors up there, and Social Studio, they put the white flag up, you know, and you think, like, Salesforce is leaving money on the table. It's like not, like, their style. Sprinklr kind of moving into CCaaS and kind of, in a way, to some degree, giving up. Like, you could say the market is not interesting, or you could say it's just too difficult. Like, can you, like, how do you think, you know.
Yeah.
Think about the product that you have and bring to the table that kind of makes the difference there?
Yeah, I think the difference in the approach we took is, like, those two folks you talked about. They really focused on the very, very high end of the enterprise, and they were solving back when, we believe, like, when everything two, three, four, five years ago wanted to be custom-built and customized because that's what customers, like, wanted in that space.
Yeah.
And so I think the reason why they've struggled to go downmarket or kind of get outside of that, you know, top thousand customers is because their products were built for the very, very high enterprise.
Yeah.
And so I think the reason why we feel really good about the way we're positioned is we can serve those very high-end customers, but there's a massive market opportunity that goes well below, you know, the Fortune 1000 or Fortune 500.
Yeah, yeah, yeah.
I think that's the big difference between our company and some of the Sprinklr and Social Studio of the world is their product was not built to go downmarket.
Yeah.
It just wasn't. And when I mean downmarket, I'm not. I mean, not even the lower enterprise. They were very built for the very high-end enterprise.
Yeah.
So I think that's the big difference in the way we look at the market and the way they looked at the market.
On that note, like, I kind of, I don't know if it's a fair comparison. Stay with me for a second.
Yeah.
Like, it kind of reminds me a little bit of the Medallia, Qualtrics market where you had, like, the high end, and they were white-glove service customizing the heck out of you, but then the customers got better and kind of were like, "No, I want to do this. I don't need white-glove service. I want to get my hands dirty," et cetera. It feels a little bit similar here in this space that people are now realizing, you know, what social is, how you kind of benefit from social, and they want to do it themselves. Is that kind of a fair analogy?
You're exactly right. If you went back five to ten years and when the more heavy enterprise solutions were built, they were built for a very small team of very, like, power users. Right? Like, and very complex software and only a handful of folks would be managing this. You fast-forward today and you think about the folks that we are now selling into the marketers or social customer care. So like, they don't want super complex, hard-to-use, like, the users on the other end. It needs to be easy to use for them, right?
Yeah.
They need to get up and running right away. They have multiple users now that want to get onboarded. You're talking about onboarding dozens of users, sometimes hundreds of users, and so that old approach of building, like, a heavy custom software, to your point. Doesn't work when you're trying to deploy it across hundreds of folks that are not the most sophisticated, you know, users when it comes to software.
Yeah.
And that's where I think the market's evolved. And I think that was, if you go back to the early days of Sprout, that was one of the core tenets of the way the founders started the business. They, both the two main co-founders, they came from heavy enterprise software backgrounds, and they didn't want to build software that way. They wanted to make sure that they built this in a way that was always going to be easy to use for the end. They wanted to build for the end user.
Yeah.
They didn't know how that was going to evolve over time, but they knew that that was going to be very core to the way they build a product.
Yeah.
That's always been, like, at the center of the way we build our product.
So that all makes sense. Now, like, let's talk a little bit about go-to-market evolution. So now we're going more upmarket, and I mean, I have to say, like, I've seen it over my years. It's also tough for you guys because you've been selling very differently. It was, like, a lot of inside sales, a lot of trial, and good luck to you. And now it's different. Like, can you talk a little bit about that evolution and your learning, and where are you on that journey?
Yeah, I think we're still early.
Yeah.
It's definitely an evolution, right? You know, you go from a very heavy inbound trial-led motion.
Yeah.
Right? And now you have to do more, like, you need more BDRs, you need a more outbound motion. And so we're, we've definitely learned a lot, but I actually feel like we're in a pretty good spot. We've closed a lot of deals over the last 12 to 24 months, as we've talked about. But we could always get, like, I don't think anyone thinks that they've solved the enterprise, like, sales, like, process, right?
Yeah, yeah.
Like, we could always be getting better in that front. I think with Mike coming in, our new CRO, in September, I think he's brought a lot of experience from Salesforce on how to build, like, an enterprise-grade team, what type of rigor, what type of rituals, like, you know, the organizational structure you need in order to execute in that kind of enterprise environment. So I feel like we're in a much better spot than we were a year ago.
Yeah.
But still, I would say, you know, early innings as far as, like, where are we in our, in the overall, like, move upmarket, there's still a lot of things that we want to, you know, we want to be doing.
Yeah, and then, like, how does it then start kind of translating the numbers? Because that was a little bit the frustration.
Yeah.
That, you know, investors had, like, "it's a great story." We all believe it, but where do I see it in the numbers?
Yeah, so I think, you know, we've talked about this. Like, we've seen really strong behavior from our existing customer base, so if I think about, like, where are we and, like, when is it going to start showing up in the numbers?
Yeah.
We've talked about really continued strength in our gross retention. We're seeing really good, you know, like, our existing customers behaving really well, feel really good about that. Where we kind of see the pressure, what you're talking about, we see a little bit more pressure on the new business side, right?
Mm-hmm.
We've definitely been hit with some of the more macro pressures around longer sales cycle decisions, like going through, you know, multiple reviews where they didn't before. What I will tell you, though, is when decisions are getting made, like, we're winning a majority of the deals. So we feel really good because our win rates are really high. We also haven't seen, like, the overall demand fall off. We've seen it more just get pushed out. So what encouraged me is I do think when the market starts to get a little bit stronger in this area, we're well-positioned. We have the best product in market. We have really high win rates. We do have really strong top-of-funnel demand. It's just a matter of, like, buying decisions getting made. That's when I think you're going to start seeing it show up in the numbers.
What about if you guys just learned that that's how it is up there? Like, do you know what I mean? Like, I mean, you say macro. Like, is it macro plus? Like, you kind of realizing up there it just takes longer or you just need to be on top of more people or?
No, I mean, I think, like, if I look at the size of the deals and, like, the demand, like, yes, our deal's taking longer, of course, as you move more up enterprise.
Yeah, but I mean, yeah.
But we want enough deals to know, like, what it really should be.
Yeah, yeah.
At this point, you're, it's not like we have zero idea of, like, how long these deals should take in a normal buying environment.
Yeah, yeah, yeah.
I think we have enough of that to at least understand how those cycles should work. I think it is more of, like, the pressure of getting these decisions made than it is, like, not understanding, like, how long these deals should take.
Like, from you as a CFO, because, like, at the end of the day, you have to present the numbers to us.
Yeah.
If something goes wrong, it's like you're the poor guy that gets blamed. Like, how do we think about, like, the tools that you have or the things that you need to do? Because, like, in the, there were different metrics that you needed to track as a CFO in the inbound, you know.
Yeah.
Trial model versus now. Now it's about pipeline coverage.
Yeah.
You know, it's pipeline evolution, closure rates, and all that stuff.
Yeah.
Talk a little bit about, like, you know, the evolution there.
Yeah, so that's definitely been an evolution for us and an evolution between us and the RevOps team.
Yeah.
I think one of the things that gets me excited about Mike coming in is, you know, the cadence around monthly and quarterly, you know, like, meetups. Like, we have monthly and quarterly meetings with each of the different sales leaders within the sales organization to understand, to your point, all the dynamics around all the way pipeline down to conversion, all the way down to, like, what's the investment we're making from a cost perspective.
Yeah.
What are the payback periods, right? What's, you know, how is, how are these businesses operating, what's working and what's not? And so I think that has evolved over time. And so I think that's the part for me, bringing in someone like Mike that I can now partner with on that to help drive, for example, like, "Hey, Mike, here's what we're seeing in the mid-market business. Like, what are you doing here? What are your, you know, like, is this temporary? Is this longer term?
Yeah.
And so I think now having him in here, having someone to work with on this will provide a lot more for me, provides a lot more comfort in our ability to kind of go out there and use the data to execute on the business.
And do you see it already in the, like, you know, the classic software LTV to CAC and that sort of stuff? Do you see that changing for you already or is it too early?
We've seen that change over the last 12-24 months, I would say. We've more moved up to more mid-market enterprise. Like, the LTV to CAC on those deals is just so much stronger than the downmarket.
Yeah, yeah.
And so, already starting, like, that was part of the. We used that data to make the decision we made about a year and a half ago to kind of move away from the low end of the market, was all based on the unit economics of the business.
Yeah, yeah, yeah.
Knowing that, like, these larger accounts are much better for Sprout, higher quality. So, like, that was the thesis for why we moved upmarket or why we, you know, kind of focused on that part of the market right now. And so that still holds true today. Like, those customers are just much better customers for us.
Yeah, yeah. Okay. And then, obviously, if you move upmarket, that kind of creates a dynamic somewhere else, which is downmarket, like, in terms of, like, you know, what's going on there. So last year we had that, "Okay, well, I'm going to give you a lot less support or no support on the really kind of entry level," but then there's also that kind of risk that you kind of over-empty kind of the level downmarket. Like, where are you on that kind of?
Yeah.
Kind of math? How do you call that, actually? Like, is it low? Yeah.
It was still SMB.
Yeah, yeah, yeah.
What I would say is when we made the pricing changes, about a year and a half ago, the SMBs that are now coming in at the price points that they're coming in at, like, those are for us. They're fairly good customers to bring in, right?
Yeah.
Like, for me, it's more about, like, we want to make sure when we made those changes, yes, did we kind of force some customers out of the business that were paying us, like, way less than they should? Yes. But the new customers coming in, those, like, we like those.
Yeah.
Let's be clear now, the customers we're bringing in on the SMB and the lower end of the agency, if they're willing to pay, like, what our minimum price is now, we feel good about that. Now, granted, they're still not as good as the enterprise customers, but the unit economics now for those types of customers is much better at the price points they're coming in at.
Yeah.
I don't think you, Raimo, you're ever going to see us get out of that end of the market because you can come across some really sophisticated, really strong SMB, lower-end agency customers. The problem before was that they weren't paying us, like, it didn't make sense for what they were paying us for the product and the value we were giving them. Now, on the new pricing, like, we feel like, "Hey, even at the minimum price, we feel like that's, like, the unit economics work at that part of the market.
It is part of that also that because you got pulled upmarket, the product got so much more feature-rich and more powerful that then, like, for an entry level, it was just like, they were not, you know, you couldn't charge for that product.
Yeah.
In the entry level. And so it was just, it didn't make any sense anymore?
We talked about this before. I think one of the things that we did not do a great job over the years was on the packaging side. I think when we would release a lot of our feature sets, we would put them in all our plans.
Yeah, yeah.
To your point, like, the low-end plan was so feature-rich that it, like, a customer would come in on that and they would, like, the low-end customer for the price point we're offering, they would never have to upgrade or do anything because we, like, we didn't do a really good job saying, "Okay, well, like, in the, you know," and we're much better at this now. Like, this was something we fixed over the last couple of years.
Yeah, yeah.
But for the longest time, like, there was so many, like, there wasn't a big disparity between the lowest plan and the highest plan from a feature standpoint.
Yeah, yeah, yeah.
Because of that, we felt like we were just giving away way too much value downmarket.
Yeah, yeah, yeah. Okay. I'm asking this question to everyone in the that I have here on stage, and there's quite a few. Like, so GenAI.
Yes, yes.
So how do you think about GenAI for your space?
Yeah. So we actually are pretty excited about it for a couple of reasons. One, there's very few companies like Sprout that have access to the social media management data. So if you think about the impact that GenAI could have on social media, we think there's already this big moat around our industry for the folks that have access to these APIs from the three dozen networks that we have access to. So, the ability for us to apply GenAI across social media management, I think, is already going to give us a big leg up on most companies.
And how.
Outside of the social media management space.
And how should we think about it? It's like content creation. Like, how do you?
Yeah. There's two or three things right now that we have rolled out. One is on the content creation side. Like, for example, what we can do is with GenAI, we can go back and look at all your previous posts, the tone you used, and what type of engagement you've got. And we can auto-create these posts for you that say, "Hey, by the way, it's written in your voice. It's written in your tone. It's written in a way that we know resonates the most with your customers because we can go back and look at everything." And so here's a suggested message that we think will work based on, like, whatever prompts you put in there. And you can go in there and tweak it, and then you can use it.
Then on top of that, we've had this for a while. We could also tell you based on all the data that we have across the networks in your own post, what's the best time to post that message on what network? "Hey, by the way, you should not post this at Instagram at 8:00 A.M. You should post this at LinkedIn." You know, like, like.
Yeah.
We can help you determine when and where to post your message. Because most folks, when they're thinking about their marketing campaigns, they're thinking about the campaign, like, holistically, not like I need to have a separate Instagram campaign separate from a Facebook campaign. Like, in general, it's like, "Hey, I've got this, this marketing campaign, and I want to run it across these networks." And each one of those networks has a different kind of engagement. So that's one area. The other area is on the social listening side where what we're starting to provide customers is suggested queries or suggested things that they should be digging into based on using.
So we'll use AI, and we'll prompt it to go across, for example, whatever we believe is most relevant for that customer and tell them, "Hey, by the way, maybe you should go run this query on this issue or this thing that's going on. And by the way, like, you should dig into this.
Yeah, yeah.
Because one of the biggest questions we get on the social listening side is customers are very impressed with how much functionality it has, but they're sometimes not as familiar with it, like what should I ask, right? Like, what should I be asking?
Yeah, that's a problem.
You know what I'm trying to say?
Yeah.
So, like, helping them understand that is really important. And then the other part of that is, it goes in the other part that we're really focused on right now is on the care side. So not only can we take, for example, "Hey, by the way, we've noticed this issue popping up on social listening," but now we're going to automatically take that and give your care team a heads up. "Oh, by the way, we noticed there was a fire at one of your stores." You might get a bunch of inbound messages, care team. And so now we can automatically, for example, take a listening, something we learned on the listening side and inform the customer care team.
And then on the customer care team, what we're doing is a way to automatically route and escalate messages if they, if they're coming in at, like, massive volumes. "Oh, by the way, we've noticed there's been 200 messages with the same type of issue. There might be something brewing here that you need to address. Maybe there was a product defect.
Yeah, yeah.
Or maybe something happened, you know, there was an accident at one of your plants. You need to deal with this. And so we're using the AI on the care side to help them be way more efficient with the way they're routing messages and how they're dealing with issues. And maybe, by the way, there's a big issue blowing up on social that we've identified through these care. And now we're going to automatically notify the marketing team. "Hey, by the way, you might want to get a marketing message out because we've noticed, like, this big issue on the care side.
Yeah, yeah, yeah. And then, I mean, how, like, in a way, then we, you know, obviously the next big question is, like, Salesforce, Agentforce, et cetera. Like, a lot of that will be call center care, but, like, social will kind of be a big role in there and use it on the data. As I said, like, how's that relationship evolving?
Yeah. So I think if you, if you saw it at Dreamforce, when Marc did his keynote on Agentforce, the only social player on his slide was Sprout Social. So we will be the social media provider of Agentforce out there. So if you're going to, if you're going to roll out a one of their AI agents to do care, for example, and you're going to do this on social, that's going to be powered by Sprout. And so we're pretty excited about the opportunity there. And, you know, it's going to roll out, you know, either later this month or early next year. And so we think it's a pretty big opportunity for us as it relates to the Agentforce rollout.
Yeah. Okay, and is there a way? That's a part, like, how do you monetize that? Sorry, I'm like a simple question.
Yeah, yeah, yeah, yeah. That's a good question. So they would, they, in those, like, very similar to, like, the Service Cloud relationship, they would sign a separate contract with Sprout.
That's like.
To do that.
Data access?
It's like basically, like, we want to enable, like, social care or the social data into the Agentforce. Like, we want to turn that on, for example.
Yeah.
With, we want to add social to the Agentforce.
Yeah, yeah, yeah, yeah.
Piece.
Okay. So that's like an API call and then you kind of, yeah. Okay.
Yeah, so we have a direct, like, integration into Agentforce in order to do that.
Yeah. So if I listen to you, then, you know, it's all coming together nicely. So now the tough question is like, how do I think about the implications on growth then?
Yeah.
And obviously, like, macro was terrible. Like, hopefully macro gets better. Like, but how do you think about that kind of dynamic for you guys?
Yeah. So for us, all those things we've talked about, Agent, like, these are all very, right, early innings type things, right? So I do think these are really strong if I think over the next couple of years and, like, where we're headed and the things we're building for.
Yeah.
I think for us, we get pretty excited about the market opportunity, not just with, like, stuff like Agentforce and some of the AI stuff, but we do believe that we're going to be solving more problems. Like, more problems are moving to social. Think of all the things we talked about.
Yeah.
They all have this social interaction. And so we do think, you know, from a growth perspective that over the next couple of years, there's a lot of things that we get excited about. Now, granted, if I'm just looking near term and we talk about, like you said, like, we still got to deal with the macro.
Yeah.
But if I step back and say, "Okay, two, three, four, five years from now, we feel really good about, like, where how we're positioned. I think we have the best product in the market. You look at our win rates that we're having, the fact that we're solving, you know, a lot of different use cases now than we were a couple of years ago, we feel pretty good about the way the product is positioned.
So if you think about, like, obviously your growth slope, you know, and people were upset about it.
We were upset about it.
Yeah, yeah, yeah.
Let's be clear.
Like, yeah, yeah. Is it, like, some of the stuff was learning, but was it predominantly macro then? So if macro gets better, we kind of should all feel better?
Yeah. I mean.
How do you feel about that growth dynamic?
Yeah. I think we've talked about this. Like, if we look at the behavior from our existing customer base, we feel really good about that. And so I do think the pressure we've seen this year is, has been on the new business side and has been, you know, macro-related, right? And we've talked about that.
Yeah.
So we do believe that there's a lot of upside to the business to the extent that that change is going forward. We feel good that we're in a pretty good spot.
Okay. And then, last question on selling, Tagger.
Yeah.
Kind of really interesting, kind of deal. A very new market in a way where we were all like, "Okay," you know, like, for me as a slightly older person, it's like, is that kind of really real? What are you seeing there?
So it's our fastest growing product.
Okay.
I mean, now granted it's off a smaller base.
Yeah.
But like, it's overperformed our expectations. And what we're finding within organizations is the ability for organizations to, like, take some of their direct paid spend and spend it. The return on influencer marketing versus their traditional paid media spend is like, I forget the data, it's dramatically better. I think it's five to eight times more.
Yeah.
You know, efficient to run an influencer marketing campaign than it is like a just a straight, like, paid advertising campaign. And so we do believe that, like, we are early innings, to your point. A lot of brands and businesses haven't figured out, like, exactly how to execute against this, but the ones that have, like, they're spending a lot of money in this area and they're willing to spend, you know, for example, like a product like Tagger to manage that amount of spend. Like, we see, like, the ACVs of these are very large. Because if someone's going to spend $10-$20 million on an influencer marketing campaign, they're going to spend hundreds of thousands of dollars on the software. Like, it's peanuts compared to, like, the value that they're putting through there.
Yeah, yeah, yeah.
And so we get pretty excited. I will say it's early, right? Like, there's a lot of things we still want to build out in that product.
Yeah, yeah.
It's still a very immature market. A lot of customers, we go get in front of them and they want to do something in this space. They don't know how to do it, right? So like, and so, you know, we're spending more time with some of the agencies because I think they're helping out a lot in this, in the early innings. Very similar to, like, the way Sprout was seven, eight years ago. Agency is still a big part of our regular social media management business, but it's a much smaller part than it was a while ago because a lot of folks have brought that in-house over time and moved away from the agencies. I think we're in a very similar stage right now where I do think agencies are a little bit more helpful for these customers.
And so, you know, we believe it's going to be, you know, a big part of, like, the next five years as far as, like, where people are putting their money.
Yeah. Okay. Last couple of minutes, shifting gear a little bit. Like, obviously if growth slows down, you want to see more, like, profitability. Can you talk a little bit about, like, the action you've taken there and, you know, how do we think about that going forward, actually?
Yeah. So, so we talk about this a lot internally. And we've been very consistent with the year-over-year operating leverage we've driven in the business. Like, we continue to drive margin in this business year over year. And I don't see that slowing down. If you look at Q3, I think we drove over 200 basis points of margin improvement just on a quarter-over-a-quarter basis.
Yeah.
We guided to a really strong Q4 from a margin standpoint. So I think what you're going to continue to see is balance that. Like, if we're not, to your point, if growth is not where we want it to be, then we're going to drive more margin in the business. I think we've always been pretty, I think, you know, we have really good guardrails around the business. We've never gotten over our skis. We've been cash flow positive for a very long time.
Yeah.
If you look at our free cash flow this year versus last year, it's going to be almost double by the end of the year than it was in 2023.
Yeah.
And so we feel really good about the progress we're making on the margin front.
Yeah. Okay. And then, last question for me is like, how do we think about then capital return, you know, capital structure, more capital structure?
Yeah.
Like, what do you want to do? Yeah.
Yeah, that's interesting. You know, we've got plenty of cash for, like, what we're doing right now. And so I think we've always, like, when we talk about this with the board, it's always like, unless there's some kind of big transformative thing you want to do, we haven't historically been, like, let's not, let's not just have cash to have it on the balance sheet unless we have a use for that cash.
Yeah, yeah, yeah.
And so I don't see any, like, major capital changes unless we were going to have a shift in strategy around, like, what to do with capital. If we thought we wanted to be way more aggressive on the M&A front, then you could see a change. But you know, historically, we haven't done a lot of.
Yeah, yeah.
A lot of deals and so I don't see, unless that were to shift, I think we'd be, we'd probably stay where we are now because I know a lot of companies have done these big cash raises and it just sits on the balance sheet. Like, we've never been, like, that hasn't been super interesting for our board.
Then, like, from a thinking about M&A as well, like, if they're, like, look, I mean, you had some interesting acquisitions, but they were not like, you know, I don't want to kind of talk them down, but they weren't all game changers. They were just really good.
No, they're not, like, large revenue businesses that we acquired.
Yeah. I mean, like, does it even make sense in your, like, how do you think about that?
Yeah.
I mean, unless someone up higher comes up with, like, some crazy idea. Yeah.
Yeah. I think there's some adjacent spaces that we've talked about, you know, that could be interesting if, like, we saw enough momentum from our customers that say, "Hey, by the way, we're doing more and more of this thing in social." Maybe it's reviews and reputation. Maybe it's PR. Like, if there's adjacent spaces where our customers, like, we get a lot of feedback with almost 30,000 customers telling us, like, "Hey, by the way, we're doing more and more of this is moving to social," then maybe there's something larger there that we would look at. But like, there's nothing right now that's super, like, large that's super attractive in our space.
Yeah. Yep. Okay. Perfect. Hey, that's actually also a very good closing statement. Hey, good to see you again.
Thank you. Yeah, good to see you again. Thank you so much.
Enjoyed our chat. Thank you.