All right, thank you everyone for joining us today. It's Brett Klein from the Morgan Stanley Tech Banking team. I really appreciate everyone being here. Julie, particularly appreciate you being here with us.
Thank you. Pleasure to be here.
This is Julie Iskow, CEO of Workiva.
Thank you all for being here and interest in Workiva. Appreciate it.
I tried to avoid that, and it still happened anyway. Julie, just to start, for any investors in the room that are less familiar with Workiva, will you just take a few minutes and frame the Workiva story and the opportunity ahead for everybody?
Sure. Workiva was started in 2008 by some accountants and engineers, and the goal was really for around financial reporting, transparency in financial reporting. But since that time, over the past 15, 16 years, we've evolved into a leading cloud platform for assured integrated reporting. And what that means is we have capabilities on a cloud platform that are around financial reporting, around ESG or sustainability or non-financial reporting, and around governance, risk, and compliance, audit, SOX, risk management, policies, procedures, and so forth. So we've come, again, it's integrated reporting, financial and non-financial reporting integrated together with GRC and assurance and risk management.
I can say almost 10 years ago now, Workiva's IPO, I was a user, and we actually produced the SEC documents on the platform, obviously much bigger and broader today.
Yeah, and our growth opportunity is we look at our TAM. We've got a significant TAM, relatively unaddressed around the we go out with a $25 billion TAM. We see ESG as a greenfield opportunity, and we see the concept of assured integrated reporting as something we can lean into the trends in the world around regulatory complexity, around investor scrutiny, data management, ingestion, and reporting. It's just around trends in the world that are just coming together around as we grow our platform and our capabilities to fit into that world.
Great. And you've been at Workiva several years, but took over about a year ago now as CEO. Congratulations again. I know it's old news in some ways. But what are some of the changes you implemented since becoming CEO over 2023 that you're most proud about? And then what are some of the opportunities ahead in 2024 and beyond that you see?
I won't say I walked in the door and there were changes necessarily. We had a very smooth transition from Marty, the prior founder, CEO. That was important. Beyond that, we've had an incredible year, a fun year. I consider a lot of the accomplishments that we've made. However, things that were started over the last few years, a lot of it is around the growth of the platform and focusing on multi-solution and account expansion. You see how we go out to the market with providing numbers around our large contract customers, and those continue to grow. Recently, 30% year-over-year and quarter-over-quarter. So we continue to increase there. ESG is a very evolved. It's an evolving market, and we've continued to evolve with it. We've built out our platform to become the leading platform for ESG reporting.
Of course, I would say also a lot of focus on non-GAAP operating profits. We continue to focus on productivity as well as growth. That's something we've shifted towards as well.
Maybe we could go a little deeper on AI, a hot topic now. You were early, at least I was at the event, for your customers announcing Gen AI capabilities in the platform. How are you thinking about the Gen AI opportunity in the near term and then longer term?
Sure. We did roll out generative AI capabilities. We brought in large language models from Google and Microsoft in-app, and we integrated them throughout our platform and all of our workflows so they are available for customers. We're getting great feedback, and they do appreciate that it's in our secure, controlled environment. So that was the first phase. But we're finding customers are testing AI with their trusted vendors of what we feel privileged to be one. We're watching them leverage the capabilities, utilize it, and we're iterating with them. Our goal initially is to find out what brings them value. And we want to work with them to understand that. And then as we find the capabilities around generative AI that bring the customer value, we will lean in and go into more specific use cases and ultimately, of course, monetize.
But really, we're focused on efficiency and effectiveness in the customers leveraging. And I will say we did roll out, too, a capability specific for ESG. You can do a draft ESG disclosure. So we're following customers' leads, understanding how they use it, what they're finding value in. And we'll continue to grow out a very robust roadmap with our generative AI capabilities.
I've never told you this, but I left Amplify at that event, and my wife is a general counsel at a public company. I pitched her Workiva. I was like, you need this. I hear you drafting risk factors from scratch.
Thank you. We're building champions everywhere we go.
You've hit on this, Julie, through many of these questions already on the platform. But if you just talk about some of the fundamental use cases, maybe some of the bigger use cases that are on the Workiva platform, and then how penetrated do you think you are in those specific areas?
Sure. Well, as you know, we don't give specific numbers around how penetrated we are in the market. But suffice to say SEC, again, one of our early flagship. Everything beyond that really has a very big opportunity for us as far as moving into the market. I mean, the TAM, that $25 billion TAM, significant around the non-initial SEC use case. And it's in financial reporting, and it's in ESG, of course, being an evolving, fast-evolving market, but very big market. And then, of course, on the GRC opportunity, governance, risk, and compliance, it is in every boardroom, every C-suite, the solutions that we have being talked about everywhere. So the market is significant and, again, relatively untapped.
That's great. Talk a little bit deeper on the multi-solution journey. Because if I think about some of these use cases you mentioned, you may have an internal lawyer that's focused on SEC but then also involved in ESG. There's some real synergy. There's still more users in the enterprise when you add these new use cases.
Sure. I mean, that's what it is all about in our growth, is expanding. And as I mentioned earlier, I mean, the large contract accounts continue to grow. We've put a heavy emphasis on multi-solution and account expansion. And we have a significant number of capabilities across the platform. We roll out, again, with the financial reporting, which includes not just SEC reporting, but multi-entity reporting and management reporting and private company or annual and interim reporting. It's our capital markets reporting. That's all in the range of in the bucket of the financial reporting. And then, of course, as I mentioned, our Governance, Risk, and Compliance suite has multiple solutions there. And then we've got the ESG, of course. But we also have verticals that we play in. So financial services, of course, is a significant one, and the public sector, and energy, and so forth.
We've got use cases around all of these. Again, relatively untapped TAM for us to go after.
That's great. Let's shift gears to ESG a little deeper here. ESG, mandates are coming online now as we speak and even into the next several years that are mandated in but not yet necessarily need to be met. Talk about the growth you've experienced since launching that solution. Then are you finding that a new tip of the spear for new customers? Or is it really being cross-sold into existing Workiva customers on other solutions?
There's a lot there in that question.
Sorry. I did bundle a bunch.
Start with ESG. Clearly, a very significant global opportunity for Workiva. Just getting started in that space. We go out, I think we estimated a $3 billion TAM, but certainly not the upside there. It is being supported, of course, for us with regulation globally. We just had the Corporate Sustainability Reporting Directive passed not too long ago. And the requirements still being defined, but very definitive timelines when companies need to comply with that. This past year as well, we had the climate disclosure rule in California. That's regulation that companies are looking to work with and need to comply to. In a few days, our SEC is meeting, and they're going to talk about the SEC climate ruling there, disclosure rule. So it's very much supported by regulation across the globe. But we've been selling ESG now, excuse me, for almost two years.
And it's been a top-booking solution for us even without the regulation in place, particularly in North America. Regulation hasn't been there, and it's still a top solution for us. Why? Because companies are thinking about risk management. They also want to disclose those financial or non-financial factors that affect their financial valuations and, of course, their stakeholders, not just their shareholders. And so some of them have made Science-Based Targets and are wanting to be tracking and monitoring and held accountable to those Science-Based Targets. So even without regulation in place, we are seeing a lot of traction and companies wanting to disclose and wanting to be accurate in their disclosures when they're needing data consistency, data integrity, and the data and narrative together. And that is where we come in. That's where we shine when that is the mandate for these companies.
Both regulatory factors propelling it, but also companies wanting to ensure that they are reporting for their stakeholders and, again, doing it in an accurate and responsible way.
A lot of complexity, particularly at the enterprise that you're talking about that you solve, and then a lot of different use cases. What do companies do that aren't your customers? Are they using Excel? Are there competitive solutions by certain use cases? How should we think about the competitive landscape?
Sure. We've got competitors. We've got point solution competitors in some of our markets. But we've got some legacy technology customers, things like that, or non-technology, excuse me, competitors. But when you think about our competitive advantage in the market and our moat, it really is what we described a little earlier as first and foremost, we have the platform. There is no other company in the world today that provides this financial reporting, the non-financial, the integrated report, along with assurance or the governance, risk, and compliance capability. There is no other company. So we have that moat. Companies want to buy, particularly in this market, a platform for all the reasons we understand platforms to be superior. It's a common repository for your data. It's a single source of truth. It's the user experience across the user base in the various departments across your company.
It's collaboration anywhere, again, on that same platform. So we have that, of course. And then when you think about other capabilities that Workiva has, we've been doing investor-grade reporting for well over a decade. And again, we are the only companies providing, whether point solution or legacy tech, done investor-grade reporting for a decade. We have been doing regulatory reporting for the same time period. And when I say regulatory reporting, we have the expertise. We have the capabilities in our technology to be able to respond to regulatory changes, whether these new laws and capabilities coming out, taxonomy changes that happen frequently. So we can be there when the law becomes when the regulation becomes law, we enable our customers to be compliant immediately.
Those two things, regulatory important, regulatory changes, the ability for us to provide the single platform, just the experience we have with investor-grade reporting, those are reasons. The competitors themselves are really point solutions, oftentimes, that we run into that don't have what I just described to you. They don't have the experience that we have. There are, of course, some legacy companies and competitors. But again, when it comes to the platform and our experience together and, of course, the capabilities that we have, we have very innovative technology, a fit for purpose for the uses that our customers.
One of the things I've always been impressed with is you've got the technology element that you described, the thought leadership of your employee base, too, and whether it's services teams or success teams. They come in. They own these tough, complicated, regulatory-driven mandates and rules and really facilitate for large enterprise customers how to deal with that. They're very impressive.
I mean, another great benefit and competitive advantage, we have a Fortune 100, we've got 90% of those customers in our base. We've got 6,000 customers overall across the globe. We have 85% of the Fortune 500, and we have 80% of the Fortune 1,000. That is a significant base. They're customers that trust us. We've built longstanding relationships with so many of them. And they know us, and they know how to use our platform and ready to accept additional capabilities and solutions that we can help them to become successful with.
Great. Let's shift gears a little bit and talk about the macro. You recently put out earnings, maybe just a first bigger picture one. I'm sure everyone's going to be asking all of our companies here this week. But how's Workiva seeing the macro environment, IT spending? You're a very steady business over the decade you've been public.
We have been steady, of course, as we go. I will say first, we had very strong quarter in Q4. We had records booking quarters outside of the U.S. and for the company overall. So very pleased with our performance over the last quarter. We met guidance over the full year in 2023 and exceeded. But we did see a macro, softer macro, and we do see that extending into 2024. And we look at it as around our guidances, first, that uncertainty that we're seeing. And it is taking longer for deals to get over the line. We're not losing them, per se, but it's taking longer. And we call it a very measured buying environment. That's what we're seeing. And we saw that in 2023, and we're seeing it as we move into 2024, just a lot more scrutiny on the buying.
And we're doing it, too, with our own purchases of software. We're making sure we really need it. We're thinking it through more methodically and deliberately and thoughtfully. So we're seeing this in our customer base. So we're being thoughtful again and prudent as we go out into 2024.
One of the strong points that I noted in your earnings was financial services, my industry. I think you disclosed that more than half of your million-dollar customers are in financial services. You referred to it earlier, but let's talk a little bit more about the financial services opportunity for Workiva and what you're experiencing in that.
Yeah, very significant. One of our strong verticals. And you know financial services, it's driven by regulation. You've got it everywhere. And we have a long history with the company of providing specific use cases and capabilities around the regulation. So we've been doing that, whether it's Dodd-Frank or Solvency or Living Will, we've been doing that. And we've built out a number of use cases on the platform that are specific to financial services. And we highlighted in our recent earnings calls some of the successes we're seeing in our financial services customer base. And half of our customers that are $1 million or more in contract value, of course, well over half are in financial services. So those customers, many have been with us a long while, and they're moving into many, many multiple use cases with us.
We see a significant growth opportunity there in financial services. We have solutions that provide a significant amount of value for financial services.
They're still a long runway, though, not that these customers are penetrated.
Absolutely.
New mandates or new regulations come out, and the platform can expand.
They're also in financial services, one of the verticals that, of course, where ESG is a very clear mandate for moving forward with your funds and so forth. So just wide open opportunity for us in an area we're putting a lot of focus and emphasis both on solutions, both on our go-to-market capabilities. So a big area of growth for us.
Excellent. On the go-to-market side, you've been a direct selling model historically, but also a big focus on building out the partner channel now and a lot of success in that area, too. Talk about the sales model, maybe at a high level. And then I'll come back with a follow-up on the partners.
OK. So partners is one of my favorite topics. I see it as an area for Workiva just to expedite our growth in a significant way. We've been using partners for a while now, but we have pushed hard over the last several years. And we're strengthening the ecosystem, broadening the ecosystem, getting better at working with our partners. But we go to market with them as a co-sell, and we are beginning to rely on them more and more for source deals. And that is exactly what we want to do. We want to move our services towards them. So they are lower value services to them. They've got capabilities there, centers of excellence around implementing the Workiva solutions. But then they go sell significant services around that. And you think of the Big Four and regional advisory.
I mean, they are everywhere we want to be in our customer base and potential customer base with digital and financial transformation. And when we work with them, we sell higher in the companies. We sell broader. We sell more. Our win rate is higher. Our deal sizes are higher. We are highly successful with them when we work with them. So we have been putting a lot into the ecosystem and strengthening that ecosystem and getting our team better at working with them and selling with them and enabling them, again, to not just do our services and implement Workiva capabilities, but to work with us and provide ever more value for our customers. They help us remain more sticky when they're in. They build use cases around it and capabilities. So we have an incredible partnership with our consulting and advisory partners.
I think you already hit on my second part, but I'll still ask it anyway. The partners, a lot of times, can be driven by these bigger digital transformation projects across the Office of the CFO or the Office of the GC. So it's almost net news, not quite the right term, but they're exposing to these bigger rollouts than all the benefits you mentioned.
Absolutely. And you talked earlier about multi-solution and account expansion. They are key for us in driving large account value and account contract sizes. So it's exactly it. We get in. We still own the customer, so we can go in together. Again, they recommend us for other solutions while they're in. I mean, they've built trusted relationships with their customers. And many customers pay many, many $ millions to have them in-house and guide them and provide recommendations on where they go with the technology and how they digitally transform. So building those strong relationships with those partners is key. It's also key globally. I mean, when you think about our footprint in Europe and in APAC, where we are continuing to grow and put emphasis, we're not as well known there as we are in the North America region.
We rely on our partner ecosystem even more there. It’s part of the way we move and go to market in an even more significant way.
Let's double-click on international. Again, noted in the Q4 earnings, a very strong international year for Workiva. Obviously, there's still a big North American opportunity. What's different in the international market? Statutory reporting comes to mind as a bigger opportunity outside the U.S. But what are you seeing there from a demand perspective?
So for us, when you think about Europe, Europe passed the Corporate Sustainability Reporting Directive, or CSRD. And what is that? It says financial data and financial reporting and non-financial data, non-financial reporting, or ESG or sustainability reporting need to be in one integrated report, and it needs to be assured. Again, who else in the world has a platform capable of providing that support to customers? We do. So that's what assured integrated reporting is. And we are the only platform in the world capable of providing that. Now, when you go to market, as I mentioned, in Europe, we're not as well known. So partner first play is definitely the way we go to market. It's not as easy to go out as like in the U.S., where you have one country with very similar regulation. Every country is different. And we're not alone in the SaaS market.
You need to approach each one of those markets a little bit differently, understand regulations and how they work. So there's work to be done. But again, the partners have a significant role in that, too. But we see a tremendous opportunity there. While they've been doing sustainability reporting longer than the U.S. has, I mean, the regulation has come in. They're moving. We're in more and more conversations with our customers about CSRD. And while it's not hockey stick because the regulations are phased in over the next several years, reporting starts for the 2024 data in the 2025 reporting years. So it is, again, a big opportunity. And it's not just ESG. It is that integrated report of financial reporting and non-financial or sustainability reporting, again, with audit. And by the way, we didn't talk yet about tagging, but we're the world's leader in XBRL tagging.
As these regulatory requirements continue to move forward, tagging will be a significant piece of it as well.
OK, great. I'm going to shift gears and just hit on financials and a little bit of what you said just a couple of weeks ago, a very strong 2023, announced a couple of weeks back in February. Total revenue was up 16% year-over-year. Subscription revenue is up 20%. You referenced this 32% year-over-year growth in customers at scale, which I think was 300K ACV or more. So all in all, very strong 2023. The question is really around the 2024 guide. I think it was around 14% at the midpoint, which is slight deceleration. So can you just talk about the underlying assumptions around the 2024 guidance that you gave?
Sure. Thank you for giving us credit for the 2023 year. The guidance is really for the one or two points of deceleration. It's really around a couple of things. We talked a little earlier about the software market. What I mean there is the uncertainty. I mean, we really look at the buying environment, very measured buying environment. We're being prudent about that. I didn't go into any detail on it, but I did mention we're moving our low-margin services to our partners for obvious reasons, for, again, commercial success with them and source deals and co-sells. Very deliberately, part of our strategy and by design. We're not expecting our services bookings to go up. Then, of course, we've not been quiet about the challenging macro and the uncertainty that we saw in 2023. Our bookings were a little softer.
While we met our revenue guidance, I think everyone here understands the concept of bookings versus revenue. For those reasons, the softer bookings, the uncertainty, and of course, the services, we're just being very prudent as we go out to market. Now, having said that, as I described, we have a very significant, long, durable growth market. The concept of the assured integrated reporting, the financial and the sustainability and the GRC together is resonating with our customers. Regulation is absolutely in our favor. We feel very confident in it, but we want to go out in a measured way, again, because of the buying environment, not unlike many SaaS companies that we're all talking to today.
Makes perfect sense to me. Capital markets, let's note that as well. That's a portion of your business. And oftentimes, a capital markets issuer, let's say an IPO company, may become a full-platform company over time. So a very important or nice part of the Workiva business. Now, we've seen some softness in the IPO markets the last two years. Stating the obvious, I feel it personally. What's embedded in your expectations for capital markets in 2024?
Softness is one description. There are others, of course, for what happened in the capital markets.
I'm always saying it's an IPO desert.
There you go. And I mean, what's great about highlighting that is one of our capabilities, one of our solutions is our S-1s around IPOs. And because we have broad-based demand for capabilities across our platform, we're still able to meet our we are very resilient and still able to exceed our targets and our guidance to the street. And again, that uncertainty and we don't know, you don't have a crystal ball. We don't have that crystal ball either. So we've not baked any of that comeback into our guidance for 2024. It will be upside. But we do work with a lot of companies who are hopefuls, IPO hopefuls. We work with them before they go IPO because of our private company reporting, because of internal controls. So we are happy to work with them on their journey from private through public. And we're talking to those.
So we have a pretty good eye on the market. But again, we're being very prudent. We're not baking any of that in. It'll be upside. We, of course, have something in our capital markets there because it's not zero. We do secondary offerings, and there are some IPOs. But the market for the IPOs was we saw a little bit of a comeback in Q3 and then softer in Q4 simply because of how those IPOs did. So we're being very realistic and practical about thinking about that market. But we all know there is some pent-up demand. It will be back, but we're not counting on it in the next several quarters. And we have plenty of opportunity around that. And again, we still work with those companies in their journeys to go public and.
Yeah, that's right. The IPO itself is not necessarily the first time to provide value. There's a lot of value in the platform.
Absolutely.
As these companies are private. If they do stay private longer, they can still derive that value.
Absolutely.
I'm going to open it in a minute to any questions from investors here in the audience, one or two more before I do so. I'm going to start big picture, then come back to the guide. But bigger picture, again, new in the seat as of a year. How do you think, Julie, about the trade-off between growth and profitability and what you're trying to achieve on the operating margin and free cash flow side of the business?
Sure. I will first say we're very pleased with the improvement that we saw in our Non-GAAP Operating Profit over last year, in Q3 and Q4 in particular. Having said that, we focus on both growth and improved productivity and improved efficiency. We will continue to do that. Make no mistake about it. We're going after the growth. We'll continue to invest in areas that we believe can help accelerate our TAM. We'll do that on the sales and go-to-market side. We'll continue to invest in areas around the platform. We spoke earlier about Generative AI and what that can do for our customers and for us and our platform and our capabilities.
We'll continue to focus on data management, which is fast becoming key to our customers in managing all of their data, and particularly for their financial and non-financial sustainability and reporting and doing audits and controls and so forth. So we'll continue to invest in there. And again, that platform play, having all of our solutions and capabilities be better together, that is our significant moat. And we'll continue where we need to do that. But we will focus on both growth and productivity. I mean, we're not choosing necessarily one over the other, but we are going heavy into the growth.
That's great. And then similar to how I asked in the revenue, maybe a deeper dive on operating margin, really strong margin trajectory in Q3 and Q4 of 2023. The guidance for 2024 doesn't reflect the same margin improvement that you experienced in those quarters. But just again, what are the underlying assumptions behind operating margin?
I mean, again, we're balancing and I wouldn't even say balance. We're going after growth, and we are working to become more productive at the same time. Growth, of course, requires investment. We just want to leave ourselves the opportunity to be flexible, to use that money in the right way, to go after our large and relatively untapped and unaddressed TAM. So that's highly important to us, that we keep that flexibility to be able to do that. So is it an investment year? Sure. Every year when you're a SaaS company our size is an investment year. So we're going to continue to invest where it makes sense. We're going to be thoughtful, supporting our strategy. When you have a growth market like we do, ensuring that you continue to invest is critically important. We're not going to sacrifice that for the growth.
So again, it's a balance of and again, I hesitate to use the word balance. We're going after growth, and we're going to continue to become more productive as we do, as we grow and we scale and we mature.
That makes a lot of sense. Let me pause here. Any questions for Julie from the audience? Just shoot your hand up. We have a mic we can pass around. Any? All right, I'll keep charging.
I got it all.
I'll keep charging along. Good host, I guess. Mike, thank you for helping me with the questions.
We've got one here, I think.
Oh, I'm sorry. Yeah, great.
I guess how should we think about the uplift of customers that you work with that are private and the revenue impact of them going public for you?
Sure. So again, we mentioned those on the private to public journey might join us initially for private company reporting and internal controls so they can prepare, of course, for SOX compliance and their public offering. And then they are with us for that year. And then we may see a downtick initially as the IPO capabilities, our S-1 capabilities, move away. But the conversion rate to then the financial reporting is incredibly high. So they will join us for whether it's SEC in the U.S. or ESEF in Europe and so forth, CETAR in Canada. We will continue to bring that customer along. They'll do the financial reporting. And then they may, depending on size and scope and globalness, they may do our multi-entity reporting. But they will certainly want to do their controls and audit with us and move to GRC and SOX.
And then there is the management reporting and ESG reporting. So once we have that customer in their initial public offering, we will plan to do account expansion, which is why it's such a great land for us when we do get those wins or an extension from the private company. So we call it, and we go to market with this as our private to public journey. And we help customers all along that lifecycle, pre-IPO, extending through a public company and maturity, so ultimately assured integrated reporting customer. Great question.
Any others from the audience? We've got a few minutes to go. All right, a couple more. I'll ask again. Keep thinking those questions. I know you've hit on this throughout this entire discussion, Julie. But let's put it together in one simple spot for the investors in the room. What are the key investment priorities Workiva is making today, I'll call it, over this year or year and a half that'll drive sustainable growth going forward? What are you excited about?
Well, I think, as I mentioned earlier, our growth strategy is very much intact. We're going to continue to build out the capabilities around our solutions to keep them leading in the market, significantly feature functionality enhanced over our competitors. We're going to continue to strengthen that platform, making it ever more open, intuitive, intelligent, and connected, making the solutions upon that platform, again, working better together to serve the customer. We're going to continue to expand our footprint and be excellent everywhere we play across the globe. And importantly, we are going to continue to strengthen our high-performing partner ecosystem so that we can expedite our growth and move into our TAM. Now, having said that, specific areas, again, are going to be our sales and our go-to-market, specific feature and capability around making sure we are leveraging new technology, whether it's AI or capabilities around that platform.
We're going to assure we can meet all the regulatory requirements as they come with our customer base, ensure that our platform is built for managed services if our partners want to move in that direction with us, as they have been doing so over the last several years. So we're going to continue to invest in our platform. We're going to continue to invest in our capabilities and our partners.
Great. Last chance. Anyone in the audience, final question or two for Julie? No takers. All right, last one for me. Almost 10 years since the company went public. I remember it well, December of 2014. Where do you see Workiva 5-10 years from now?
5-10 years. 10 years is a long vision for a technology company to be looking out. I wouldn't trust much of what someone would say at the 10-year mark. But certainly over the 3-5-year mark, I would say, as we've been building the best platform and solutions for financial reporting, for sustainability, non-financial or ESG reporting, and for governance risk compliance, we've also been building a platform that's incredibly capable of providing our customers with the capabilities around transparent reporting and regulatory disclosure. That assured integrated reporting that we talked about for the next 1, 2, 3 years, that's a phenomenal market for us, phenomenal opportunity, lots of green space. And the market around us is perfectly suited for a platform like ours. But we don't look at that as the limit for us.
We look at this platform as able to move in the direction of all the trends around investor scrutiny, regulatory complexity, again, cloud, and so forth. There are going to be a lot of areas of regulation. You can think of areas around the verticals that are getting more and more regulated. We believe over the next 5+ years that we will be that platform for, again, regulatory disclosure and wherever you want to report transparently. We are fast approaching that area. What do we look like in 10 years? I mean, we believe we'll have significantly moved into that tremendous TAM and untapped TAM that I've talked about, whether through organic or acquisition.
We believe we will have significantly moved into that ESG opportunity that's green space today but is fast becoming an area that companies are going to have to pay attention to if they're not doing so voluntarily now. We see ourselves as a large company moved beyond the $1 billion with certainty over that past 5-year mark and, again, playing just a broader role in transparent reporting and regulatory disclosure. That is the direction we're fast moving.
I want to thank you, Julie and Workiva, for being here as always.
It's been a pleasure, Brett. Appreciate the questions.
Thank you, everybody.
Thank you, everybody.