Workiva Inc. (WK)

Investor Update

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Sep 20, 2018

Right again, sorry. So welcome to the folks online and in the room here. By side communities. So, as I was saying, without the microphone failure, there's an agenda in front of the folks that are present here. That 2 sessions, specific to community 1 in 9 30 here with CEO and President and co founder Marty Vanderplow in our EVP Steph Tramm. And, we listened to you guys last year So there are limited number of 1 starting at 1 o'clock to 2:30, our EVP, Chief Revenue Officer Scott Ryan, Both present. That'll be Everybody will be available for questions. Jeff is only available for the morning session. Questions about Unfortunately, we're not set up to take With that, I'd like to hand it over to Good morning, everybody. Thank you for coming. Taking time. Employees, but also better to access, constituency, obviously type of work you do, but, appreciate you being here very much. As Stuart said, we did listen to you what you said about And so what the decks we put together are really focused trying to be focused on what's new development. Obviously, you can ask questions about to these decks. The other thing I wanted to mention Jeff is speaking Nick. 1 of the best product guys, probably the best product guy I know. He'll be available to ask a lot of questions. He'll be available for you to ask questions about the product. Because obviously, that's something we've heard a lot about from you guys. We're spending on our fee. And it's been a significant investment. We know that. One thing I hope you come away with today is that we did it. So please Please feel free to ask questions about. We will address later this afternoon what we expect that spend to do in the future. It's not something that we plan to grow most of spend is winding down in terms of what we're building right now, which is the platform. So with that, I will turn it over to Jeff, who's just going to go through slide deck and talk about the platform that we're building. It's a true microservices multi tenant platform. And we're, you know, it's built all on APIs. Those APIs can be exposed over time based on our strategies. And it allows us to really build a lot of different applications very quickly. Obviously, to build the underpinnings takes time. And just going to give you an overview of that right now. So, Jeff? Okay. I'll just spend a few minutes, in a kind of kind of 20,000 foot level, kind of give you an idea of where our technology is and our architecture is is at. And I'll try to relate that to what's new basis what from what you've seen from last year's previous year. Walk through that. We've got a safe harbor thing up here. So everybody's seeing it. But let's just kinda walk through this. And the first thing I wanna start with is, say a couple of words about the core foundations that were built on, right? These are not these are not things that we necessarily spend a lot of energy on, but these are what we've chosen as our foundational elements to build our applications on. So A couple of things. First, on around data storage. Number 1, we've we've chosen, obviously, we're in the cloud. So, cloud technologies for data storage. We've chosen 3 things, right? We've everything, everything of all of our applications funnel down into 3 things, either a SQL database, large SQL database, blob storage, things like file storage, anything large, files, that kind of thing, or the third thing is the key value payer storage. Right? So these are the 3 fundamental aspects where all of our software boils down to this and fire storage goes. These things are low cost. It costs almost nothing to store, which is important to us, right, because we we we keep a history of everything. Right? We don't delete anything. So for us, having a low cost storage is important. Redundant. All of the cloud providers provide redundancy in the storage mechanisms as well. So you've got a SQL database up. We can replicate it it gets automatically replicated for us. We can handle a disaster recovery fairly easily as well. And we and this is important. We can crypt, all of these things. So these are sort of the fundamental tenants that were built. These are the foundational pieces of just our data storage. If we take that up a level and we talk about our poor service infrastructure, you know, what is that built on? This is new for us as well. Is to build all of this, solvent bills in the last couple of years on Docker containers that are managed by Kubernetes. Most of you have heard those terms in the treat kind of the core standard these days. And we've moved entirely to, to, this model. And that gives us the ability to scale in different ways, scale our services in different ways and also portability between cloud providers. Right? Because all the cloud providers are making available Kubernetes access across the things. So we could go to Amazon or Google or Microsoft, depending on the cost for each of those things. And we'll use each cloud provider as we need to. So these are sort of the foundational pieces that were built on top of. And if you look at this is a extremely high level of kind of how we're viewed. I kind of almost laugh at this one. It's such a high level, but if you want to ask more detailed questions, please do either at the end of the talk here. But essentially, if we were just to describe what our core services are, Martin mentioned we have a microservice architecture. You've heard the terminology a lot. We actually live and breathe on this. This is how we we develop software. So each of these items that you see up here, for example, a linking service or a cable service or a tech service. And to be perfectly honest, we're not we don't even have services name those things, but just to give you a conceptually what we're doing here, each one of them scales independently. So you know, you take linking, it can scale as it needs to to, you know, 50 servers if we need to, right, on the back end. So 50 virtual servers or it can scale down to 20 or at at night at 3 in the morning might need 3 to run. You know? So each one of these can scale independently. We can release independently and we can develop independently for each of these services, which is a key thing. Right? This is not a monolithic application. So each of these services can be developed by itself, have its own development team on it, and we can release those things independently. So we can have some things that are have been out for a very long period of time that are stable. And then we may have a new service that we're working on doing something, something different in a different space. We'll start that one up and just integrate it into the environment really easily. We can plug, so we can plug these new services in very easily as well. The messaging bus that connects everything together, you know, is one of our key secret sauce areas, right? This is a super important for us. So, I talk about the messaging bus, it's really the central, component in the middle. You know, it can handle billions of messages a day. And And the key thing here is that our, you know, any of our services, they really don't talk to directly to each other. They all communicate through a messaging bus. So that's all they have to know about is each one of them has an API that we publish, makes it easy to add new services to it, makes it easy to discover those services and and publish them out. Likewise, the users up here, we're showing up, you know, let's set up in a browser, you know, in a browser somewhere in the, in the world and they, they communicate through the central messaging bus as well. And that's really how the system works. Again, this is extremely simplistic view of life here, but, essentially, that's kind of where we're at. Now, each of these services, the fact that they are microservices and it allows them to communicate separately and to be developed separately We can also deploy them in different ways, right? So, service like calculation might might require a lot more memory than something like linking or or even text. Right? So we can we can pick and choose our virtual servers based on the memory size that they need and the amount of CPU that's required to actually perform at a high level. So we can basically customize and we can find fine tune all of these services to a point where it's cost effective for us to do that, right? So it becomes less expensive and it becomes, more performance for the user. And that's kind of what they see. One of the big things about our central messaging bus and our messaging strategy in general that would show them an async messaging system. And if you just understand what that is, I'll put it in terms of a client, for example. So a user might send a message in and and they may wanna do something like, generate a PDF of this document, for example. And they may send the message. And as soon as it gets to the messaging bus, we can return to the, you know, to the user and say, okay, we got it. We'll we'll notify you when that's done. And So even if if you've been out to our booth, even if you see our calculation engine, it works that way. Right? So you make a change to a number, send it into a messaging bus, returns, The calculation engine goes, pulls all that data out needs to out of a SQL database, runs a computation on it. Sends the result back to the client. That might take 200 milliseconds through the whole system, for something that's short generating a PDF or something like that might take may take, 5 seconds or it might take 50 seconds if it's a 500 page PDF, right? So it just depends on the complexity. But building it that way allows us to be fault tolerance. And that's a big thing for us. Right? So As soon as we get to the messaging bus, if if our if the whole system were to come down, if if Amazon or Google were to come down, for example, and we we were spun back up, everything would run and everything would finish just perfectly. So that's what this is all built for. It's built for fault tolerance. It's built, you know, it's built for scalability. And, the other part of this is this can support 100 of services. So, in our production environment today, we probably have around 80, 85 services that we're running. You know, but when we actually work and develop on these things, we'll do test services, all the tests services all the time. We may have several 100, 2 or 300 of these things running at a time. So and they are they're all communicating not only between the users and the services themselves, the services all communicate amongst themselves as well. So you can imagine that developing in this way requires a lot of fundamental stuff to be built. Right. And that's where we spent a lot of our energy over the last year, last 2 years. You've heard about our platform being built. We, we feel really good about we feel really good about where it's at. All of that core stuff that's out there, all the monitoring. Each one of these services, of course, has to be monitored, and you have to watch it and if if we feel like one of these, you know, instance number 3 of a table thing is starting to, you know, use too much memory or starting to go down, you you need to know that and you'd be able to take it down and spin up a new one. Right? So all that kind of stuff is is handled for us now. We've we've we put all those software in place to to make sure that's all All the fundamentals are here. You know, another good example is tracing. If you ever do want to debug something or you want to optimize all to a user for some reason, some requests, you got to trace it all the way through this system. And so you can make a request in there and it may ping Pong back and forth from service to service come back out again. All of that mechanism for us has been developed and, and is, is, operating at a high level right now. So we feel great about where the core services, where our core infrastructure and our core, platform is at. And this allows us to build software, much faster and, and add new services and new capabilities to the platform as we grow. Now, I'm going to take it up a notch and just say, if you take a look at our reporting platform in general, these are the kinds of outputs that our users look at, right? If you go to the pods over here and you walk through our user conference and you talk to the users, this is what they're looking at. They're looking at spreadsheets, they're looking tech stocks, presentations, maybe regulated filings that with XBRL, audit reports, any kind of dashboard. These are These are the end things that the user looks at. But if you take a look at just one of these, let's just focus in on tech stocks for a second. It's not made up of just tax, right, just raw tax, obviously. Within tech stocks, It may have tables in here. It may have images. It may have charts. All kinds of different things that are inside of a tech stock. And It's actually composed of fragments of these things. Right? So a typical text document might be a single file that someone stores on the back end somewhere in storage. We know our system doesn't work like that, right? It's all built out of all of these fragments. So We may have multiple text fragments that make up a document. We'll have, obviously, multiple images, but a multiple charts will have individual formulas, individual calculations. So even our calculations are not stored as a table or as a spreadsheet, right? They're stored as as, as calculations or as a graph of calculations. And that's very important to understand. So, You know, if you look at how the fragments are actually applied, we can apply the same fragment, the same formula fragment, for example, to a document, a spreadsheet, and a presentation. And so, of course, the advantage to this kind of fragment, relationships is that if I go in here and I change this, so I come in, I change my 58 to a 113 that ripples through everywhere we need. You guys have seen that in the past. So, that's a lot of the linking that we can do. And it's just, it's a general way of being able to change data that ripples through all kinds of documents. So, we can propagate this stuff everywhere. What I'll say is that, you know, this, in this case, right, we've gone in here and some users come in and they've changed in, you know, 85 to a 113, they've done it manually. But, if you look at all the complexity that's going on here, what our users have asked for and something that we've been working pretty hard in the last year, has been a workflow engine. So our users actually want to do this stuff, but they want to do it, automatically. Right? They want to be able to monitor certain processes, certain steps in our environment. And then when something happens, they want to be able to go in and kick off a workflow that might, might notify a bunch of people to go review a document or a section of a document, that sort of thing. So that's really what workflow is all about. And we've built a very, very general workflow engine that's very powerful. Fundamentally, what it's all about is really to automate repeatable processes. So these things that you do over and over again, we don't want to do anything manually. Any kind of repetitive process. So our goal is not to be able to do, not to have to do those kind of repetitive things manually. We want to unlock every action in WDS. So everything that you can imagine, we want to be able to unlock through a workflow engine. And I'll even drop down this bottom point here and trigger you want to be able to trigger those workflows of individual content pieces. And that's something that's very unique to us. Right? So because we, we can go in and do this stuff at a very, very low level of granularity, you saw on the keynote yesterday where we could we could look at an individual number, for example, within a spreadsheet. And you can say, Hey, if this thing, if this conditionally, if this thing gets above, whatever, 200,000 I think was the example they gave. Boom. I not only do I wanna just turn it red visually to someone, but I might actually wanna notify someone where I might wanna kick off a workflow or a process. So it's those kinds of things that we are now enabling ourselves to do. We can monitor everything that happens at a very low level of granularity in our system. That's what our general workflow engine has been built to do. And now it's a question of unlocking those use cases for our users. So we feel like we're in a pretty good spot with workflow in general to be able to do that kind of thing. And of course, you want to be able to monitor all of these processes when they're out and our workflow engine can do that kind of thing too. So, workflow is also a way to connect to external applications and drive processes within our system either externally or for us to drive external systems also. So, that's workflow. And if you look at kind of where we're moving as a company and we spent a lot of energy on workflow in year, and we'll continue to spend energy there over the next year. But we've got document spreadsheets, presentations, dashboards, audits, regulated filings, And then you add workflow on top of that. You can imagine that if you just kind of open this up to a user, this kind of looks like the wild, wild west, right, to them. The user interface for that, right, would would look pretty daunting. Like, there's a whole bunch of stuff to do. So the, you know, the question has been, how do you scope this down to a point where, just the, it's very directed. What a user needs to do, right? What they, what they were trying to accomplish. So what's the scope? How do you, how do you pull that down? And so we've been working hard on a thing that we call workspaces. You've probably seen that demoed out here as well. And Workspaces allows you to take all of these complex processes So based on the solution that you're in, let's say, an SEC filing that you're doing, or it could be, a SOX reporting report that you're working on, So based on the solution you're in, based on the role that you're in, and based on the workflow status, We're able to customize, a workflow or customize the user interface for you. So for this example, you see the left hand navigation in a SOX workspace is going to look very different from what it looks like in an SEC team. So if you're doing XBRL reporting or you're doing audit managing, And it's based on your role as well. Like, if you're the manager of an EXPRL filing, you know, you're going to see the the filing, report here. This one doesn't have it, so I'm, apparently, no one gives me permission to file anything. So, So you get all of these kinds of things are based on your permission or your role within an organization or within a solution. So This is from the user's perspective, right. This is one big advantage that work, that workspaces has given us. And this is the thing we've been working on really hard. But it's more than just a user perspective here as well. This is workspaces, really becomes easier to manage within organization. So in org itself, like within an organization, if they enable workspaces, they're we were able to expand our solution use cases in their org much easier than we could do in the past. It was fairly painful for us to manage a set of users or for their customer to manage a set of users. But here, we can they can do it themselves. So our whole goal is, hey, if I wanna be able to spin up multiple, workspaces, multiple solution types. I could have 4 SEC solution workspaces within the same organization, right? They all might be working on separate files, separate types of filings. And they may want to manage that and have different sets of users in there. Same thing. I can, I can do the same thing for, you know, for audit, and I can do the same thing for for any of our solution workspaces? So socks, audit, general audit, whatever. So we're finding workspaces to be extremely valuable to allow us to proliferate within an organization because it allows the customer to do this themselves rather than having to go to the IT group to say, Hey, I want to spin up a new group. I, and I want to manage the people that I'm allowing in it and all that kind of thing. Well, the users can actually do that themselves. That's a huge advantage for us. So managing those, user administration across workspaces you know, is a big deal for us. And so we spend an awful lot of time on workspaces. And again, this is, this is our next generation, product that has not yet gone out to all of our organizations, but it'll be shipping soon. And then, you know, if you look at, okay, we've got all these great applications. We've got a way to configure it. We've got a way to administer it. But how do we get data into our system? And in the past, we've done, you've seen in previous years where we've talked about our APIs. So we've got APIs available where companies can you know, a software developer in a company can write to it and they can, they can send data in, pull data out, all that kind of thing. But again, you gotta be a software developer to do that. We have packaged connectors, that allow them for, for certain, applications or certain connections. They they're set up automatically for you. And you can do a limited amount of things with those package connectors as well. And again, that's a no code kind of thing. And that's managed. And that's worked for us fairly well in the past. But what we're finding and what we've been hearing from our customers over time is that, look, This is great. If I've got my data already in a form that is suitable for reporting, you know, I basically got a a few spreadsheets or I'm getting down to a point and I want to repeat a process. These two types of connectors and APIs work fine, but we're still having the problem of I've got tons of data out there. I've got all kinds of data sitting in front of me This is where we talked in the keynote yesterday. This is our data prep tool on the right, which is hundreds of millions of rows of data. And more importantly than that is I want to couple that or I want to combine that together and, you know, pivot data in different ways with ad hoc data. Virtually every company that we have dealt with, and we deal with a lot of them. It's not just fully structured data that they're dealing with here. They structured and they have unstructured data that have come from some homegrown system, some place within a company, everybody's got it. And they want to be able to combine those two things together. And so that's what data prep allows us to do. It's a new product for us that allows to take these huge sets of data, combine it with some of the unstructured data that's out there, pivot it in different ways, and then say, okay, now I want to pull that data into Wdesk and use it in all my reporting applications. So it's a way to take us upstream in the company's processes. And we're pretty excited about the product. So, that's kind of where we're at today. These are the new, the big things that are coming out tool, which I think you guys, if you walk around the booths, you can see demoed for you. And they can show you some pretty impressive, demonstrations with that. So this is what data prep really does, right, is it takes the marketing data, your sales data, a lot of stuff that might come from, all of your structured stuff. But the important thing at the top is called spreadsheet data, but that is the unstructured piece of it. And that, every company, like I said, got that everywhere. And then data prep is really this tool in the middle that just combines all that together and allows you to do it in a repeatable fashion. Right? So I can do my this quarter's data and I can do next quarter's data and the following quarter's data, I can start to see a time history of that as well. So data prep will keep that history of data as well. We don't delete that data either. It's not something you write over. And, and, essentially, that's what data prep's all about. So the last slide that I have is just to let you know where we at with our next generation platform. We've been talking about it for a couple of years. We feel really good about it. This is, you know, our goal as a company is we've got companies using it now. Spreadsheets has actually been out for year, year and a half, in, in full force, you know, pieces of it have been out for a long time, but we're trying to unlock different solutions all of our new technology levels and our next gen stuff. And the SEC 1 is obviously one we're focusing really heavily on. The goal is to have that available for all users or anyone who wants to convert, or use it by the end of the year. And we've got something like 60 customers that are in beta with it right now. So it's pretty far along. We've been filing with it ourselves for the last four quarters. So, it's something that we've been filing with for a while, and now we've got customers doing it as well. We've We've been doing a beta program with customers for the last two quarters. It'll be our 3rd quarter on it. So That's kind of where we're at generally, where we sit. So we, we expect to be done, fully with the SEC solution space by the end of the year. And then there are several other solutions that will trail off and be completed by the end of the Q1. That's essentially where we're at in terms of our core platform. And then the sky is the limit after that. So Just one quick comment. We've had quite a few customers file with a new platform too. And, I think last quarter, we had 30 approximately file with a new form. And all we're getting is, you know, positive comments. Now, and then we get a comment about when is this feature coming. Because we're still catching up on features, but they love the performance, a lot of the new enhancements, and So Jeff's point, we're toward the end of this year, getting back to, I hate the word parity, but we're getting back to where we can move customers over. And then from then on, it's all about new stuff. So that's sort of where we're at. Thank you. In terms of data prep, so that has been out. There was a press release earlier in the year. So that's not like a beta thing. I'm curious, we're in terms of what kind of traction you're seeing with data prep. You know, what kind of uplift you see? Just, what can you tell us a little bit data prep and what you're that product in the market? Thank you. I'll pick that one. Clearly, for us. It's an ecosystem play. You look at data prep. I I'm not aware of And if I you know, if someone is aware of it, let me know. But I'm not aware of a true cloud, really complex spreadsheet directly attached to, a large data prep tool like that. We can, as Jeff said, put in hundreds of millions of rows of data, process it, and then kick it right into a spreadsheet. And so we have a lot of that. A lot of users trying it right now. We have had some sales that were assisted or were uniquely just that product. But it's an ecosystem play. Just like I talked about yesterday in the keynote, you know, we listened to our customers, getting data in was a big thing, and we've solved that. Far as I'm concerned. And we so we'll be able to expand in a lot of other use cases, move farther upstream. And it really, at the end of the day, it's about how that helps us sell a lot more solutions and we're convinced that it will help us sell a lot more solutions in the marketplace. It's not it's not a standalone product. It's an ecosystem play. Thank you, Brian. Welcome back to you. Quick one on the, going back to your first slide, when you talked about it data, you know, where you capture the data. So you have SQL, you have Key Value store, and block stores. Like, how do you kind of what's your is there a primary store, or how do you dump them into? How do you decide to dump them into different vehicles. And what are you doing there? Are you as you're on the cloud, did you go with the cloud size or are you staying neutral? Yes, I mean, we use cloud services, obviously, for that, right? So there are there are 4 services that we use from Amazon and some from Google, to store that data and replicate it, right? So we use their services to replicate it. The true, the truth is a layer above that is where sort of all of our secret sauce, all of our indexing goes of that kind of stuff. But we, we, we take those complicated indexes that we develop that are really the business logic for what we do. And then those get those get propagated down and stored in either a SQL database or blob storage or a key value store, depending on what the business logic looks right? So these are decisions that are made at a product level, for each service, depending on how it needs to store data, right? So we, you know, we treat it. It's stored the way it needs to store based on performance or based on other aspects of how we want to store the shape of the data, really, so we decide to store it based on that. So it's really more about performance. And we've simplified this way down, right? Like there, we have caching layers between all of this stuff. So things are fast to load and you can access it quickly. A couple of tech guys in the back here that will happen at me for even showing that slide, but But it's, it's, you know, there are a bunch of layers in the middle here. There are, our business logic sits above that. And we do a lot of our own index that makes things much faster and able to find data much quicker and we do some in memory stuff that, that is our secret sauce is kind of And just to sort of second part of your question, is that currently We're running on 2 commercial clouds. It's all either on AWS or on Google right now. And to Jeff's point, we can run cross clouds even in terms of how these services are deployed. And So anytime you sit on one call in a while, you start to develop a few dependencies. But in general, in general, we fact that we're settled on docker and Kubernetes, we can move from cloud to cloud. And as we grow, I envision a day, we will be sitting on different clouds for business reasons, not only cost, but competitive things for certain customers and things like that. So that, that day could come And because of the architecture, that's not going to be a big spend to move from cloud to cloud. It's been built. So we can move from cloud to cloud and use the best of what each cloud has to offer, but we're not going to be we're always going to use third party providers for that core infrastructure and for computing. Hi, thanks, Rob Oliver from Baird. Quick one for, for Jeff. And then for Marty, Jeff, can you talk a little bit about the technological challenges around the Workspaces product and where we are right now with that. And then, for Marty, certainly workflow collaborate and compliance are key themes with all of our public companies. And so if you can touch on what the Workspace is offering gives you guys in terms of like the platform and how much of that is pull from customers? Thanks. Yes. So I would say the biggest There are 2 aspects of technological challenges around Workspaces. The first one is an easy one for us to solve over time, which is transferring our customers from the way we used to store them. We have a lot of customers that have multiple accounts for us, and now we want to get them into the same organization, under workspaces. So there's a technical challenge of making all of that stuff happen. So that's a big one, but that's a one time transition thing, to worry about. The second big one for us is sharing data between workspaces, right? So that this is a huge thing. We spend a lot of time talking with our customer about what they want and what they don't want, right? Like the, the reason we have Workspaces is they, they want to isolate data in a lot of ways, right? Like, you want to get into this this safe space, call it, whatever, a double secret probation kind of space, right, that you can go into. And, and it is just the people that you want in that space that are there with you. And your own data and you need to know if anything is shared outside of that workspace, you want to know it. Right. So if you're going to share it outside then we, we provide gating mechanisms for that. Right. So our strategy so far has been, okay, if I want to share, let's say, a spreadsheet outside side of, outside of this workspace. So I'll allow you to do it, but it's going to be gated both on the push. And then on the other end of it, if somebody wants to pull data into their workspace, it will be a pull model, right? So we can gate on either ends of that, which is a technological challenge for us, but it those are things that we work hard on. So it's the sharing of data between Workspaces. That's probably the biggest issue for us. And people, we're hearing some really interesting ways that people want to share data. And just to see if we can like conceptually restrict that down to a gating between it as a goal for us. Because I think that's the way most of our customers see it, right? They want control. If you, if you're in a workspace, you want of that workspace. You, as a user, not as an, not as an IT person, right? So you can manage your own group of people and you can manage your own data. And you really want to know if anything is shared outside that workspace. That's the key thing. You before I just want to comment too on that. Sorry. Get the mic turned on. In terms of how we see workflow and and workspaces affecting our customers. That to Jeff's point, I mean, to to to move across an organization in a low friction way, we had to have work spaces. We had to have that. So that this group could come on, that group could come on. And if it's all managed by 1, group and within IT, there's another layer of communication. Every business group has to have on how they want stuff set up and there's a delay built in there. It's just it just doesn't work. And so it became clear that this concept of workspaces, which was developed with the help of our customers, was something that would allow us to spread across enterprises in a frictionless way. Obviously, it'll also get into how we price our products. The workspaces gives us a huge advantage in how we price solutions and Scott will get into that later. The number one thing after after Workspaces and and, obviously, we had to rebuild this entire, this entire platform. And build better scale for all the different things we do and better performance and all those things. But once you get that done and you get these Workspace components. The number one thing that was requested was workflow. I want prop uses that are automated. You know, if this number gets too high, I want to be alerted to it. I want to send it down to somebody to double check the number. I wanna know. And and those types of things now are still all email. They're just they are. They just are still email. That's just a fact. And, you know, and manually, you know, I have to check the number some time period. And if I see it's too high, send any, it's extremely inefficient. We've had almost every use case we do asking for workflow for quite some time. And, so we think that, you know, we, we don't quite know everywhere this is going to go, but we know that this is something customers need want in this day of compliance and trying to automate processes within organizations. This is something that's once we are able to spread and then provide workflow. It's something that organizations are very favorable on. How much of, development resources have been devoted to the 3 platforming that you've described? Yes, a large percentage, to be honest, It's been a pretty high percentage for us. That's a hard thing to measure. I've been asked that in probably a million times, internally. I think it probably asked me that every day. So you can ask him. He probably knows better than I do, but it's been a high percentage. It will be coming off in Q1. So that's the exciting part for us, right? It already is in a lot of ways, right? Like the data prep tool is new for us. Workspace is new, I wouldn't call that the Gen 2 transition stuff, but we do have efforts going on. Our new audit stuff that's out that was announced here at the conference as well. Like there are new project going on as well now. But a big part of what we would call, say, getting us back to where we were for square 1 and hate to say that because we're way beyond where we were in our Gen 1 app as far as capabilities go. But, call that parity if you want to, but, It's been a big lift for us for the last 2 years. And we're we feel like we're going to be through that by the end of the year. So we feel really good about it. We've got another quarter to go, but, we're getting there now. And we have customers, like we said, we have 60 customers that are, that are running really some of our most complicated solutions today on all of the new stuff, right? Nothing but new. And, we're getting pretty good responses back from them. They're pretty happy. We know we're really close. And I understand we've been running spreadsheets for 2 years and that's all in the new platform too. So the new platform isn't isn't that green. It's, it's pretty hardened already because spreadsheets has been running in that for 2 years now. And we have hundreds of customers using spreadsheets. So Yes. And I will say when you ask that question, there's all that foundational stuff that, I get it knowing, you know, because it's not product stuff, right? Like that, that foundational things of being able to put a new service out, being able to monitor it, being able to trace the request all the way through it, being able to scale it automatically, all that kind of stuff. I know we don't get credit for it. Which we shouldn't, right? Because it's not a product. It's not something to go sell. It's not something a user appreciates necessarily until it's something were to go down, right? Those are the things foundationally that you have to spend energy on as a development group. And we're through all that. We're long since through that. To Marty's point, we've been on spreadsheets for 2 years. And those sort of foundational things have been built and they're there and they work great. So we feel good about that stuff. And that's my only point there is we spend a lot of energy on that And if you're going to go beyond kind of a one trick pony for a company, you have to get good at these things, like to be able to scale and build other solutions and products. So we have spent a lot of energy on this, but we feel like we're kind of at the tail end of that now. There's just to this whole platform. And there's one other point I wanted to make that is really important from our point of view. The last sort of piece of the puzzle that we started to to develop for our this new generation was the presentations module. And we started that in January of this year. We will complete it by the end of the year. Now think about that, how much is involved in putting together into the presentations module. It's like building PowerPoint in some ways. 5 man person I'm sorry. 5 person years are gonna go into that. That is a minuscule amount of effort because all of the services are available to build it. The charts were there. The spreadsheets were there. The user interface components, the outline, all that stuff. So if we can build something that complex with that small amount of manpower. You know, obviously, 1920 will be where do we use that that, that power and where do we build new things for new markets? So I I just want you to understand that that investment not only creates a much better product and ability to scale, but it also gives us great efficiency moving forward building applications. And then the last thing is, you know, I think that it's it's we, in terms of assets, we have almost talented development teams on the planet. For a company, our size, to build a platform like this is extremely unique. And, it is a huge asset for us. I mean, these guys are our top flight, you know, computer scientists, engineers, and so on. And really built as a platform that we feel is going to be very powerful for the future. Reflecting on the 60 customers who are on V2 now, you said kind of what use cases, what's the most valuable pieces No battle plan drives contact with the enemy product. And it's kind of a related question to that. How do you overcome what I might to move mission critical platform, that's 4 days from something that worked fine and that works even better. I think how do you move it forward? The way you move it forward is, is by giving them some confidence, right? So we, we work with them. We work very closely with those 60 customers. We worked very closely with the 30 from the previous quarter, right? And they had success. And so the previous 30 had success. And then that begets success the next time. So we double that number, right? We can go to go to 60 And the only way that you're going to gain the confidence when you get enough customers that are using it, you can come say, okay, look, we've got sixty people now filing on it. After that, it'll be 200 and it'll assume you're the laggards that are not on it, right? So, but it will, it's not up to us necessarily to move people totally onto that solution. Now, we've got a lot of customers and the way we gain a lot of confidence, by the way, is by not moving them wholesale over, right? We've got, we've got, I think, it's, 850 customers that are using spreadsheets, which is our replacement for our 1st generation workforce product. And so those people are not all on, they haven't used it for their SEC product, but they were using, they have exclusively moved over to our new spreadsheet product, right? So that's happening. So we can do this in an incremental fashion as well. It doesn't have to be a wholesale move. So this is all an incremental thing. Just the the the echo what Jeff says. It it's interesting. These these people This isn't an ERP system, right? This isn't a huge, huge complex system. It's, it's complex, but it's not like an ERP system. These, our customers are pretty progressive. I mean, there's a lot of people that want to do this already. And, we've built transition tools that let them just move over quite efficiently. And so we're comfortable that transition over is not going to be a big cost item for us. We're also comfortable that not going to be a big hard for our customers, because we've spent part of that talented research team building tools where they just take all their files, transition them over, and they come right up in a new app. Now it, obviously, there's, it's never that simple, but it's not, it's not that challenging, frankly. And so, we're very I'm very comfortable. The whole organization is very comfortable that transitioning these customers is not going to be that challenging. Now in terms of Second question, what motivates them or I guess was your first question? And what features do they like? They just like the performance, they like feel. We have a much better UI in full. Scroll the whole document now. You can have multiple people in any part of the code or any part of the text, I'm sorry, or any part of the spreadsheet, it's it's just a superior experience. And these people talk they talk and they say, you gotta try this. This thing's amazing and that's the type of. So we're not really as an organization that concerned, it'll obviously be some work, but the transition over, you know, in its entirety, it will take some time, but we're not concerned about it, to be honest. And in terms of features, just like I said, just mostly, Just improvements everywhere, incremental improvements, everywhere, performance, feel, user interface, When I use it now compared to the, to the, to gen 1, it's like, you know, breath of fresh air. And it doesn't take them long to see that. We're signing up people out here like crazy to convert next quarter. They go into the pods, they look at it, they talk to someone who's already using it, So it's it's it's gonna go fast and, we just don't I just don't see a lot of issues. The other thing I'll add to it is, I mean, you start out by saying, Hey, how do you get your enemies to come over? The truth of the matter is we work really closely with our customers. And each one of them has a customer success manager. We've got a 1st class to be the best in the world in terms of thus managing, just making sure that everybody is successful. These are not our enemies. These are our friends, right? So that's a big part of this is that we work in parallel with them. They want to see us successful. If you walk around at the user conference, you'll find that out. Customers, they are pulling for us too. They're not, they do not treat us like an enemy. We do not treat them. So it is the opposite. And remember, it's a cloud environment, right? These, that's why CS is so effective. They log in to their account. Now, there's something weird here. Could you log in and log in and look? And, oh, I know how to fix that and they fix it for them. Logs it in the in the audit trail and it's a pretty that when you have a true cloud app like that, it's really seamless how customer success works with the customers, really. Really interesting process. Thanks. Matt Van Blee from Stifel. I guess, Not to harp too much more on workspaces, but building on the last point of how do you influence the customer come over maybe looking at it from a different perspective and the last couple of months, there's been more talk about profitable growth of the company. How are you thinking about balancing your resources on whether it's building out these transition processes, training, help those customers move versus now shifting your resources to building new products that new elements of it that can now drive growth going forward and sort of limit the resources of understanding there's going to be certain cadence for how are you focusing maybe 1Q 2019 and beyond? Well, I would answer it a couple ways. First off, I think that, you know, we, as a company, have always I mean, our strength has been our R and D org traditionally. We just build these world class products and, something like a transition problem. We view that as a technology problem. And so we've already, to your very point, made most of the investment for transition. Tools. That's, that's, 80% to 90% done, the transition tools. That doesn't mean it won't be tweaked going forward, but The other thing to say is that, and, and then it becomes a customer success type of activity. It's not an R and D act. It's, by middle of the year, it'll be primarily, customer success, customer services activity. And customers who have very large, large, installations that do very complex things. Obviously, we'll be talking to them and And, some of those, they've even indicated they wanna bring us in and pay us to actually do, you know, do it all for them. And so that'll part of our services activity. That won't touch R and D. R and D is we're in the midst of a process of figuring out you know, where is the biggest ROI moving forward in terms of new products? And that's why I We brought in a pretty much almost a whole new product marketing leadership team. A lot of that team has been, refreshed. And their job right now is to figure out where we make those investments that have a, have a strong ROI. And I mean, you can use this product for so many things now. Obviously, that's why we're bringing in the partners. Some of the more the smaller niche markets and for other things we don't want to chase, we want to enable partners to do that. That's why we're investing heavily in partners. So, I mean, the R and D decisions, there isn't going to be a lot. It's we're at a place now where there's very little technical debt. Much less than most of the tech companies I know of. And when you just after you go through all this and you come out of it and you have brand new platform like this. It's a great place to be. It's just a great place to be. And now I would I would speculate by mid, by third quarter, half of our R and D team will be working on new stuff. Terry Tillman at SunTrust, but you said ecosystem multiple times Marty and partners sometimes partners from the larger company. You all had an interesting press release earlier in the year though with SAP and you might be getting into go to market, but what I'm curious is with the work doing around next generation. What is the relationship with the next platform and what's going on with SAP? Maybe an update on that. And, with next generation, should we see more opportunities or more volume and velocity of partnership situations like the SAP relationship? Thanks. Sorry. I'm sitting. I'm not trying to be disrespectful. We went to what? 11 tumor parties last night. My feet are still killing me. So I sit down now and then said, don't don't take that the wrong way. Let me break that question to several components. First is the SAP, you know, we're sort of getting into the afternoon's agenda, but I'll touch on it briefly Scott can, Scott's smiling. He likes that. Good. Not as much to answer this afternoon. But in terms of the SAP thing, I'll answer from a technology point of view, and then we can get into the business issues later. But for me, personally and for the organization, What we're doing with SAP right now is a huge net positive as it sits today. We have very high level attention them on building a tight interface, native tight interface, no third party in the middle of us. And so when Stewart talks about TAM or we talk about market opportunities, having a very seamless technical data interface with SAP is a is just huge for us. It's like it's just for us that's we can go to any SAP customer and say, we can integrate seamlessly with your data, whatever data you want out of SAP, all the way down to the general ledger if you want. Right down to the any level of granularity. You only get that type of connectivity when the partner is fully invested. May have shown that in terms of building this interface. We're getting support, you know, very strong support. What happens on the business side, the options there, We haven't really explored that yet. We're starting to look into that. And we're starting to go to joint go to market jointly and understand how the relationship that would work. But regardless of what happens there, we've already hit a home run-in my mind because we're gonna have a seamless integration with SAP with their cloud and their native I mean, they're on premise solutions. They've built a really nice hub where you can get it all the data and, that's, that's just huge for us. Now, we're looking at interfaces. I mean, our, it's real interesting. Our, our own accounting team I was talking to the our, chief accounting officer And she said that, I don't think that's her title, actually. Are you here? Yes. There you are, Jill. I I'm gonna put words in your mouth. It is, you heard tennis are up to see if I'm if I'm lying. I don't lie. The but my memory is shot. So I'll take give you that. Oh, but anyway, the It was really interesting because, I was just chatting with her and out of the blue. She said, yeah, we're we're loving data prep. Oh, that's interesting. Tell me more. So she said, well, yeah, we're pulling in all of our expense data from concur. And our whole general ledger from Intact, we're running sorts of reports automatically, you know, in the spreadsheets and then so all the reports I get when I look at travel and expense spend and all these different details of, you know, metrics on the business. It's all automated. More right out of the core system and the Wdesk boom, how comes the the table I get or the chart or whatever it is, and it's automated. And so, connecting with other and Jeff had the slide up there a couple back. We're showing who we were connecting with. We will connect as well as we can with this strategic players in terms of what enterprises are using for all their different types of things, Salesforce or customer data, Obviously, they're general ledgers, the expense data out of systems like concur. So those, those will, those are very important and APIs we've built through data prep and into both in the data prep and in the spreadsheets are going to enable that. And Some of the companies actually are starting to embrace that at the IT level. That's a really positive sign for us, because once IT starts to embrace us and say, we should promote this internally. So, we have high value of the org. That's when things can really go well. I answered that question, Yes, so you guys announced earlier, I think earlier this year that you've achieved FedRAMP certification looking into the end of the year here for the U. S. Government, like the budget is pretty large, but maybe on defense of this. What are you feeling like that enables you from both attacking the federal market, but also going into and maybe customers that are, significant contractors for the federal government and having more cloud solutions within their organization that are certified and don't have to go through extra steps of security or firewalling. Well, we're we have a whole part of this this afternoon on FedRAMP and and Scott knows more about the about the federal government and I'll know about it my entire life. I'll tell you. So I'll defer to him on this afternoon on what the market implications are. But I will say this about FedRAMP. If you're an organization in today's environment, where cyber security is such a high, high risk. If you're not looking at how to, secure your data and your customer's data at the highest level. And from my point of view, you're not doing your job. And so We have gone through a natural maturation process of a company our size, but we have, if there's one area In terms of our maturation, we're leading its security. I mean, we have really pushed the envelope there. And, you know, we started and we were young and, and, the effort it took to do our first IT, the SAC 1. That was extremely painful and we were small. But every one of these, we pushed it out as soon as we could. And so if you look at organizations, our size, how many achieve FedRAMP at our, our sort of point in our evolution or our life cycle is is impressive that we did that. And that shows discipline within the organization. Even the FedRAMP people who reviewed our documents said, you guys took this really seriously. And a lot of people just try to get it through. And I'm very proud of that from an organization point of view because we're really maturing rapidly, and we're ahead of the curve there. Now it's interesting. This will have a big impact on the federal market. But that's only one part of going into the federal market. So I'm going to let Scott address that. But in terms of what commercial, what any company thinks about our security. When we say we're FedRAMP approved, that's huge. I think, oh my, you're up at that level already. That's like if you're manufacturing, you say your ISO or whatever, that just tells you, tells the customer that we're doing our homework to be here. And, the ATO we got from FedRAMP, we're very proud of. We're going to continue to work on that, go to the next level. That, and it affects every single security discussion we have. It doesn't matter what, if it's federal government or if it's a oil company or bank. When we say we're FedRAMP approved, that's like, oh, wow, great. Let's move on. So it's going to be a big thing for us. I'll let Scott address all the federal market stuff this afternoon. I mean, I can add something from the technology side of it was and we first discussed getting FedRAMP compliance. There were some arm wrestling going on whether we want to do it or not. So, because it has got a pretty negative connotation in the software world, right, in terms of being really tough to get and work into So, we were saying, do we really want to do this? Is this something you want to get into? So, we said, well, let's just take the first step and just see what it really entails, what does it really require us to do? As we got deeper into what we found. Number 1, as Marty alluded to, we technically were already there for most of this stuff, right? Like they were kind of surprised at long we were already. So that was good. The only things really that changed for us were some of the process. And those were not onerous for us. So it actually, everything that we had to do for FedRAMP, we were planning to do anyway. Just made us more secure and made our systems better. So it was not nearly the biggest lift as, is, but I was fighting it. I thought before we actually knew what we had to do. And I'll raise my hands that it was in the same. Well, and Jeff is talking about from the software side. I think FedRAMP requires real, continuous monitoring of your controls. If you monitor it all the time, if you find one deficiency, you have to more or less tell on yourself and, you know, call all the, the agency that monitors and say, we had this deficiency. Here's our plan to fix it, report when it's fixed. It's a very onerous ongoing process. And ironically enough, guys put it in the Wdesk and made that even that process much easier. We have our whole, you know, continuous monitoring of controls all set up in Wdesk. Other market opportunities. But it's, it is a very you know, when you first hear about it, you go, geez, not another one of these things, it's actually very good company that gets that level of discipline is really, much more secure and, you know, it just shows a lot of maturity in the whole organization, every part of the organization. You know, we're dealing with, what's the, how screw up my acronyms? GDRP. Is that it? You know, the secure GDP. I know, I think I threw up GDP. There's so many acronyms nowadays. GDPR, the European, you know, cybersecurity and information stuff. We adhere to that. Anything we see now in that realm, we embrace it and go for it because we know it helps us. These are well thought programs. They're not shoot from the hip. You know, let's make it more owners for business. That's what, you know, someone like in, in our situation, first things, here's another one of these darn things, but it turns out when you really dig into them, they're well thought out. Fed ramps are thought out program. As much as people complain about it, it's really, really thorough and well it out. It isn't perfect. And they're working to make that better, but it's really good. Is there a much duplicative cost in supporting Gen 2 and Gen 1 simultaneously? There's, you know, there is some. There's not a lot, though. I mean, when customers, get on the new generation, they pretty much turn off the old generation, except for having some archival of documents. We expect to see our spend and we look at infrastructure spend on both platforms Well, Gen 1 is that's a stretch to call the platform, but we look at what the first how much we're spending on each of those. We expect that to just shift over time. I think there'll be a little overlap in that month. It's very low. Maybe 10%. And infrastructure cost keeps dropping, right. I mean, the amount we play Google in AWS is the percentage, Stuart Wilcringe right now is not that much. It's a big, it's a big number, but as a percentage, it's a small number. Really, there will be a little bit of overlap, but it's not my mind, not. And the thing I would mention is Gen 1 is pretty mature, right? So there there isn't a lot of maintenance that has to go on there. The kinds of things you have to do are updates like the taxonomy to the current year for XBRL, that sort of thing. We've done that a number of times. It's pretty low overhead for us. So there's actually very little work that has to go on. So it's not a big deal. That's a good point. In terms of developer time, there's very little There's been very little going into it for 2 years. Then one is just sat there grinding away, you know. But the back end, the actual cost of the servers in the memory is there'll be slight overlap there, but not a lot won't be that much. Question from you again, sorry. Now that you have like a full microservices architecture, you kind of have a next generation product. It should be much easier to kind of come up with new solutions compared to the Gen 1. What do you think about the scope of what you offer to your clients and now do the reporting and SOX reporting, etcetera, that does this platform not allow you to go a little bit broader with clients and addressing some of the other issues around what you're doing? I don't think there's any doubt that that's the case. The the, you know, the next frontier for us is, like I mentioned earlier, where do we go? And if you want to look at the general, you know, collaborative workflow platform or you know, that type of thing, you hear about people talking about collaborative workflow environments and things like that. It has really broad implications of where you could take it. And so we're trying to figure that out. Obviously, a company our size, we have to find, use cases that are profitable right away and say, oh, we're gonna come into Exxon and cover everybody's desk with this. You know, it's just not a feasible thing to try to do right out of the chute. But if you have enough successes and you get IT bought in, When IT is bought into the solution and they want to start to push it, which we're starting to see in a few instances, that's where things can get really exciting. Because they become your sales team and your installation team in many, many situations. They're trying to find work, right? They're trying to make sure they're valuable in the future. IT does you know, and so in the next few years, it's going to be us finding use cases that we can address with partners or without in a financially viable way, and then sort of wait for the momentum to build or, you know, market to the IT people even and try to build momentum from that side too. So that's That's really the strategy. But you're spot on. I mean, we would like to see this platform used for all sorts of business processes in the back office. And even more importantly, we're starting to see some potential, you know, use cases where you're out in the, you know, the revenue generation side of these businesses. And that's where the budgets exist. And I'll add to that. Obviously, one of the things you take into account when you decide what next new solution to build is Hey, how does this line up with technically where we're at also, right? So the services that we've already built or the components that we built for the front end you don't want to have to you want to have 70% or 80% of it already there before you step into another market area to build a new solution, right? So you know, give you one clue. We're probably not going to go do self driving cars, you know, the next few months, right? So we're not heading that direction because our services there, it's hard to step from a text document to a self driving car, but, but we could do it. It just would be a lot of work, you know. So, those kinds of things. So it will be adjacent to our current solution space. You know, that, that's our, that's the strategy is to build out. As you build out a platform, you put in more opponent, you put in more core services, more front end components and more backend services. And then you, you try to pick one of those solutions now that you've got already got 70%, 80% of it there and just build that last 20% to get you there. So that is the strategy and moving forward. We're going to talk about this a little bit in the afternoon session, but it's a really good point, and I wanted to underscore. As we evolve now to the next generation platform and we think about that from a go to market perspective. Part of the reason we've made a significant investment in product marketing that Marty alluded to bringing in some really talented folks that can help us think about some of those trade off decisions around the use cases. I mean, we're blessed with a lot of different things that we can go after. And that is a bit of a blessing or a curse. So it's really important for us we prioritize internally on what we think we can get after with our direct motion, where we need to be recruiting the right partnerships and relationships in the market that can help achieve scale in some of the areas, be it, via industry or geography, more specific personas from a sales perspective, that we don't believe we're gonna able to get to as quickly as we need to question for Jeff. As the market for developer talent has heated up in the past 2, 3 years, what are you doing to keep people challenged and excited as a relatively small organization relative to humans out there? Sure. There's a couple of things there. First of all, talent for us is the biggest thing for us, right? This is we want to keep our key talent and retaining key talent and attracting new talent is number one thing for R&D in general. Try and do. We, as you've noticed and you've looked at our office locations in the past, sometimes people say, oh, you've got too many, right? But we, we have We don't, we're not built in Silicon Valley, right? So we're not competing with the Silicon Valley crowd necessarily, but we, we're spread around in, in places. Where we can attract and retain, retain people. We pay pretty well, to be honest. We pay, for the most part, Silicon Valley rates. All over the country, and we've got a couple offices in Canada as well. And so we pay fairly well, and we want good people But I think the probably the biggest thing for us is, this is what we always say to our developers. I hate to say it here because our customers may hear, we're in the most boring area you can be in as a company, right? We do an accounting stuff and financial reporting and It's hard to find anything more boring than that too. But we use the most innovative technology out there. And that's what the software developers really love, right? So they love being state of the art. They love like pushing the envelope and doing new things. And we'll continue to do that. And that frankly, if you don't do that, you're not going to keep good developers. They're going to go elsewhere. You're not doing all the new stuff. Stay with cloud infrastructure. You're going to start to lose your key people. Those are the kinds of things that we do is it's attract and retain in certain areas that are not as competitive as it would be in Silicon Valley and then make sure that we're state of the art in terms of technology and obviously pay paywalls. And culture is a big thing too. I mean, we really spent a lot of time trying to make you know, being a part of the Warkiva team fund and, I maybe talk about fund too much. But, you know, what makes humans happy is something I'm really didn't read about a lot and talk about too much probably, but you have to have key ingredients in your organization that that keep people happy, motivated, and we work really hard at that. We work really hard at that. And I'll just say that, Jeff, and his team is about as good at that, as I've ever seen, our, our R and D turnover is single digits, isn't it, Stuart? I mean, sure doesn't like that sometimes. He would like to see higher turnover. I'm just pulling his leg. That's not true. But, but, I mean, a stable talented R and D team like this is huge asset. It is our number one asset. And, that when you talk to customers, they, they're thrilled about the product and on top of that, think about the fact that we are world class in terms of release scheduling. Hello? There we go. The the we do releases daily. We push releases all the time. And, you know, you can't name another SaaS B2B company that does that. Just can't find one. That's, you know, and they have you. Yeah. I mean, I'll add to that too. Well, Marty is getting a new microphone here is that we do continuous release. You know, we have rewards be honest, but we were continuously improving, right? And I think that's the thing that people like in our we always challenge our get better. So, we're just, we don't sit still. We always try something new just in terms of our internal process and development manually improve and Test. Test. There we go. Got it. I got it. Working now. Jeff is one of the few people in the world. I know that's more modest than I am. So he, He understates everything. And, the fact that we have single digit, Turnover in our R and D org is a real feat. And it it it really speaks to the culture and it speaks to the, the problems we let developers or need developers to work on actually because part of our day one commitment we made to ourselves was that we were going to be a customer centric company and we were going to have the best technology. We were going to push the envelope all the time. You think about what we did in 2009, we went and we're trying to sell cloud apps. Back then, it was like the only other cloud app in 2009 that was in any of these companies was Salesforce. Most of them had never used cloud. And we are gonna always do that because if you don't do that in this industry, someone runs right by you. And so I hear everybody on the R and D spend. We're going to work on that, and we'll talk about that this afternoon. But I, you know, someone's spending 12% on R&D. I'm not going to own that stock ever. So it's just a philosophy we have and we're different, but that's And if you know, and so we're very proud of our R and D team. We get confirmation from all sorts of different sources it's one of the best ever and the customers just love that, those products for that reason as we push the envelope all the time to make it just stuff they can't get anywhere else and capabilities they've never had before. When you look at the evolution of the platform, starting the SEC, you're moving to next gen. I've heard the sort of one stop shop quite a bit, this week. Is that a new sort of mindset shift and you're thinking of the platform longer term bid end to end platform across SCC controls, risk. And is the new internal audit platform you announced this week sort of a reflection that, which integrated with SOX, enables you to bring in audit people, which can then buy stocks and sort of, as you mentioned, increases of adoption across the entire enterprise. Yeah. I mean, I lost mine now. You lost yours. Hello? Hello? Don, back there? Hello? We lost the whole deal. 1. Okay. We'll pass it around. So, the Like I tell people, the, it still goes back to what I said. It's our we have to figure out where the ROI is in this thing because we could build a cutting edge GRC platform on this if we thought that was a good business decision. I mean, all the pieces are there. I don't know if that's a good business decision. Scott tells me it's probably not a good business decision. God is shaking his head. It's not a good business decision. But you could do it. And the way I really look at it, it's a really comprehensive, reporting and to some extent analysis platform that you can take a lot of different business processes and automate on top of it. And so, certainly we're going to look at where there's synergy in the market like socks and audit, we think the fact that, and, and, and to be truthful, a lot of the socks customers would say, well, we don't want 2 different solutions. Please build internal audit. We heard that over and over and over and over. And we think that the synergies of internal audit are gonna help us get more SOX deals too. And then, then we're hearing, well, our IT controls, we'd like to be in the same system. We don't want to have to have all different system for monitoring IT controls. So we have customers putting IT controls in our SOX product right now. It's the same thing. It's a database of the testing regime, So, yeah, we're going to look for places where there's a lot of synergies between a lot of different business processes and try to settle there. Build momentum and get IT interested, obviously, and get our partners interested. Certainly, that is the strategy. I'll well, I was gonna add also that, From a technology standpoint, clearly, we are pretty tightly integrated, right. Everything we do, we try to integrate. And that's harder to develop software that way, but it has huge value for it. So it's much harder, for example, to put a working spreadsheet embedded into document or into a chart, right? Have that thing actually be functioning fully function fine and Yes, by the way, perfect for extremely important to them and they have the exact placement dollar sign. All that stuff is super important to work. So, doing that sort of tightly integrated analogy standpoint, harder to do, but it's, it's what adds the huge value to our customers. Doesn't mean that we give them everything at all capabilities at all times in front of them. They don't want to scope that down. Whatever they need to accomplish the task at a But it gives us the ability to add. So we'll be able to build out much easier because of that. So kind of the whole goal is to have a really tightly integrated from a technology standpoint. But then from a user interface standpoint or a product standpoint, we do want to separate those. So, your question was in part, how do we message this? How do we position in the market? Going to talk a little bit about that this afternoon, but while we're on the topic, the point that Marty made about the GRC Yes, we absolutely, we have won 600 customers in the sock space, great business for us. Our customers in that space have asked us to build out additional capabilities, like internal audit like support for GDPR for IT controls. Very interested in that space as an adjacency in how the information is shared from core Wdesk into that platform. However, from a general positioning standpoint, as we're going through transition as a company, we're nearing the end of the journey from a next generation perspective. And we're really asking our customers and partners to think about us more from an platform for reporting. So today, the market thinks of us as the world leader in financial reporting. Being able to connect back into that ERP system being an extension of that value chain for us in a market where there's $220,000,000,000 being spent yet companies are taking the output of that investment and dumping it into thirty five year old technology and passing things around via email and spreadsheets. That's where we believe we fit best. So today, that's integrating with back end financial ERPs. It could be supply chain ERPs. It could be customer relationship ERPs, but really providing that enterprise value for reporting and highlighting the important part that reporting plays in the end of that process. That's really as we go to market how we think about the position. All right. Good. Thank you. So I guess thinking about from an R and D perspective, building new products versus expanding these use cases, building on internal audit, how much more you know, maybe time consuming or or man hour intensive is building something like presentations that may be for making it more robust versus spending it on perfecting the intricacies of auto audit versus socks versus your reporting and maybe where you're from a strategic standpoint thinking about that on a Yes, I mean, in terms of Marty wants to take Well, let me just start at the top. I mean, you can get in a situation where you're not carefully monitoring your R and D investments, you can be building stuff that just doesn't help you. I mean, For instance, presentations, will when it comes, when it's general release the end of the year, the new next gen presentations, There'll be a gazillion request come in, and product marketing has to process those requests in the past We haven't been as disciplined as we will be moving forward about making sure every one of those has business value to our customers. And we, there's a combination of things you do to manage that. Obviously, you want to see how many people request a fee I've told many, many, many customers we can't do that because you're the only one that wants it. That's number 1. You just can't. You have to, you have to build the 80% for the 80 percent. You can't build every feature, but we have to have a more disciplined structure for knowing when it's good enough. And, we're not going to burn R and D dollars, making it perfect and pretty and everything else because we're perfectionists. All going to be driven by product marketing in the future. So, that, you know, that's, that's it in a nutshell. And I understand what you're getting at, but it the end of the day, we want to build a product that provides value up to a point we have to have customer satisfaction a point, we have to have customer retention up to a point. And we, and none of those are 100%, right? And, and because that, the last tale of that You know, that percentage making a customer happy is generally has no ROI in it. So we have to make sure we go far enough, but not too far, and we will do that. So. So, thank you guys for the question. We're going to wrap it now and ask you to come back here at 1 o'clock where you're here, Scott Ryan talked about go to market and then finish up with a little bit on the finance side. And the interim, please go to the Wdesk lounge which is right outside the main sort of event room. There's lunch there, and you can also, scroll through and test drive some of the software demos and talk to customers freely. Thank you very much.