Alteryx, Inc. (NYSE:AYX) Needham 2022 Big Data and Infrastructure Conference November 16, 2022 1:30 PM ET
Company Participants
Kevin Rubin – Chief Financial Officer
Ryan Goodman – Head, Investor Relations
Conference Call Participants
Michael Cikos – Needham & Company
Michael Cikos
All right. Terrific. Thanks for tuning into our fireside chat during Needham’s Tech Week. I’m Mike Cikos, and my cover spans across the infrastructure, analytics and security sectors here at Needham. I’m pleased we’ll be hosting Alteryx’s CFO, Kevin Rubin. And we also have IR, Ryan Goodman in the background as well.
Just for some quick logistics. I have a list of questions I prepared on my side. But if clients, at any point, have questions for Kevin and Ryan, please submit them and I’ll make sure that we try to get to address those in the allotted time that we have here.
And with that out of the way, Kevin, Ryan, thank you very much for joining our conference today. We really do appreciate it.
Kevin Rubin
Thank you for having us. We appreciate it as well.
Question-and-Answer Session
Q – Michael Cikos
And I did just want to start off maybe before we launch right into it. But there has been a number of different strategic shifts or pushes or initiatives, however you want to phrase it, from Alteryx since CEO, Mark Anderson, came to the helm. And I think probably just a decent level set here, but can you help investors think through maybe those various different initiatives? And I know if we could just do like a quick overview, because we’re probably going to tap into each one of those through this fireside anyway. But just to kind of set the stage for the audience.
Kevin Rubin
Yes, of course. And thank you for the questions and the opportunity. I would characterize the changes that the company has gone through over the last couple of years really in 2 big strategic initiatives. First, being go-to-market. We have made a significant amount of changes beginning with Paula Hansen joining us in early ’21, as CRO. And since has been promoted to President and now has full responsibility for the entire go-to-market organization.
And then the second big strong initiative has been around product and innovation. Suresh Vittal joined us in early ’21 as well, with the mandate in addition to continuing to evolve and develop the desktop products, he is solely responsible for our cloud initiative and launching the Alteryx Analytics Cloud. So maybe touching just briefly on each of those two.
So if we look at kind of where the go-to-market organization was when Mark joined us, we had largely land-and-expand motion that was land small, land fast, a handful of users, identify additional pockets of users, half a dozen, dozen users, sell those kind of drop them, run away, find another pocket of users. And that was kind of the viral expansion motion. It was very user-centric and driven by user-to-user expansion.
We found ourselves at kind of a crossroads, if you will. We were becoming more and more significant from a dollar end user perspective in a lot of our accounts. And we needed to be able to evolve that conversation to a more IT-centric and C-level experience. And so Paula and Mark have really driven a more enterprise focused, top-down focused conversation from a go-to-market perspective. And that includes how do we support customers post-sale. We really did not have a well-developed customer support and customer success organization when Mark joined that would be able to nurture, guide and support a customer after we sold.
We had traditional customer support if your licenses didn’t work or you ran into trouble, you can log tickets and get support. But we didn’t think holistically around how do you engulf that customer and ensure that they’re getting the most value out of what they just bought and use that as a catalyst to then ultimately expand later. And so the leadership, the changes that we’ve made in the go-to-market, the people that we’ve brought in are all experienced 15-plus years selling in billion-dollar software companies, selling into the C-suite, interacting with IT and really understand how to sell larger, how to sell bigger and how to have those conversations. So that was kind of the most significant transformation we saw from a go-to-market.
On the IT side — or excuse me, on the product and innovation side, it was really about how do we continue to harden and expand the desktop products. And so by way of example, you saw us this year release those products with FIPS certification, which allows us to go after the government space in a much more meaningful way. And so there’s been a big effort around hardening governance, enterprise deployment, et cetera, from the core products, as well as basically continuing to evolve those products. And then there’s been an entire initiative around cloud, right? We acquired Trifacta earlier this year, which became the foundation of our cloud infrastructure. So we use the terminology that’s our cloud back end, multi-cloud, multi-region, and stitching all of the cloud-based technology that we’re developing onto that back end to create an Alteryx-like experience by giving customers the freedom and flexibility of being able to relay those and/or use them in the cloud.
So those have been kind of the two big transformation efforts in the company over the last couple of years. And I think if you look at the performance that we’ve had this year and in particular, Q2 and Q3, a lot of that is kind of proof points that these transformation efforts are being realized and helping improve the execution of the business.
Michael Cikos
Great overview. And I know like even when I’ve been talking with clients who maybe are newer to the story or reengaging, it almost seems like market and just had a playbook where it’s playing a game at chess. You can kind of see the pieces being set up on the board, right? We want to invest in cloud and continue to evolve that product offer. We want to enhance and broaden our go-to-market to make sure that we’re properly addressing those top-tier enterprise customers that you guys really call your home base when thinking about a customer approach. So it makes a world of sense as far as the, I guess, the strategic initiatives and how they’ve been laid out thoughtfully and the execution against them.
I think if I jump — and I know it’s going to be a little bit wonky here as far as the transition, but to the most recent earnings, right? I think from our perspective and really from the investment community, what we’ve heard from clients is the most encouraging piece walking away from it was that, first, management laid out several different growth vectors that should support more durable growth when we think about calendar ’23. And I think probably one of the most important pieces there is the idea that in calendar ’23, the renewal base is again going to increase. I think people have been worried about calendar ’22 being a peak and then we’re going to be in a down year in ’23. So I’m happy that you guys have that out there. Can you talk to the different factors such as contract duration stabilizing where it is, or maybe the ELA deals that are making this building renewal flywheel possible for the Alteryx story?
Kevin Rubin
Yes, happy to, and I appreciate the question. I just wanted to make one comment on the points you made. The change that you commented, that Mark had a playbook so to speak, it’s really experiential, right? Mark has had the benefit of being with several scaled businesses where he’s led teams from relatively small companies to very large companies, Palo Alto being the most recent. And so everything that we did from a transformation perspective was intentional, and it was kind of in order, if you will, right? We knew that we had to change this before we change that and really kind of build upon the changes that were happening.
Suresh joined early ’21, several months before Paula. We needed to get product stabilize and product right before you start to introduce an enterprise motion on top of that, right? Paula had to make changes in her leadership and her organization before we started to meaningful — to start changing product and packaging. So everything that we have done has been organized and intentional to be able to build to a more durable and consistent set of execution in the business. So anyway, I just wanted to reinforce that comment that you made.
As we think about 2023 and in particular, the renewal base, again, if we go back a little bit, we really made an intentional decision from a pricing and packaging perspective in ’21 to focus on ECB, really focus on what is the annual cost of contracts that are being sold to customers, what that in conjunction with the value we’re providing. And as a result, that has really brought contract duration down quite significantly from an average of a strong 2 down to about 1.5 contract duration. And what that means is that customers are self-selecting the contract term that is natural for them and their motion and not being influenced by price.
And so we feel like we have a good balance of those contracts. If you’re a larger penetrated organization and you want to have less renewal cycles and you want to have more predictability in your pricing and you know that we are an important fixture within your tech stack, you may elect a three-year contract, so you’re only renewing every three years, and you’re not subject to price discussions in years two and three. If you’re an organization that treats subscription software like an annual operating expense and you want to renegotiate every year, that’s fine for us. We have very strong retention rates, and we’re comfortable having those conversations.
So that all leads to the reality that as this business has grown, I mean, if you look at ARR growth over the last eight quarters, it’s been plus or minus 30%, and this year it’s been plus 30%. And so it’s not surprising that, that renewal base is going to be significantly larger in ’23 than it was in ’22. On top of that, we can get into more conversation around the ELAs. We’ve laid out ELAs that have this burst component, that allows customers to expand into more use than maybe the ELA was designed, or the ELA had from a quantity perspective, but purposely designed to allow them to go test and fit Alteryx and other areas in the organization on the basis that when that first period expires, we’re going to upgrade them to a higher subscription tier. And so that gives us further visibility as we think about next year as it relates to those ELAs as to what that expansion likely looks like.
And then lastly, I would just comment that we also know that our ability to upsell is strongest in the year of renewal. So having a large concentration of renewals coming due in ’23 gives us more visibility and confidence into what that size and scale of the upsell likely looks like.
Michael Cikos
Great. And so there’s two pieces there that I know we’re talking to. The first is the contract duration as well as the ELAs. And I do want to address the ELAs because I do think that’s a very powerful seamless packaging of the solution that helps encourage customer adoption of analytics as a strategic initiative.
But on the contract duration for a second. So if you guys had been going back to calendar ’21 now, really focusing on pricing for value, maybe discouraging some of these longer-term durations where discounting may have been more heavily influenced, I’m curious where are we in the cycle now from moving away from those more discounted contracts? And I guess the follow-up question is, has that been a tailwind to your growth? Does it become a receding tailwind over time? How is that playing out for the Alteryx story?
Kevin Rubin
Yes, I feel like we’re — we’ve had now almost two years of stabilization in contract duration. So there certainly is going to be a population of renewals in ’23 that were sold in 2020 that are coming due. I think there’s an opportunity with that population to improve price, but also to make sure that we’re exploiting every opportunity for expansion.
But the renewals that are more — growing and more significant from a one-year perspective, those are all renewals that were put in place over the last year, better pricing, better establishment of value, right? I mean these are conversations that we’re having that I think based the conversation for the renewal in a healthier place than may have been the case previously. So we don’t really see a distinguishable difference in renewal rates from a customer that is coming off of a three-year versus a one year. I think we do a very good job today renewing both of those.
The three-year contract just gives us an opportunity to have a slightly different conversation around what have they experienced over the last three years, what was that pricing? How do we think about that pricing going forward. We’re not draconian in the sense that we’re going to go to those cohorts of three-year customers and slap down a 30% price increase because maybe they enjoyed a larger discount back then than we offer today. But we are going to work with them to find a compromise point that balances between the value that we’re offering them and the technology they’re using. And it’s also a great opportunity to then have that conversation around how do we expand the use and relationship.
As I mentioned, we have far more resources available to really have meaningful conversations with these accounts around what they’re purchasing, what they’re using, additional use cases and opportunities for them to continue to expand use. Not to mention we have an entirely new suite of products that weren’t available to them in 2020. And so it really does provide, I think, a unique opportunity to have a broader conversation with those accounts.
Michael Cikos
Right. And if I shift over to the ELAs because again, this is a newer packaging of the portfolio from Alteryx, which has really seemed to be hitting its stride as far as initial success, and I’m curious, can you help us think through what educational resources or — handholding is probably the wrong term, but what is Alteryx doing from a go-to-market perspective to make sure that customers are being nurtured to appropriately think about using this platform and maximizing the value coming off that burst capacity? How are you ensuring that use cases continue to evolve and develop at that customer level?
Kevin Rubin
So let’s start with maybe just again, kind of a level setting on the ELA. So with Mark coming in, Paula joining and all of the changes that we instrumented around the go-to-market, it was all designed to make sure we were positioned to have the right conversations at the right level of the organization, including being able to have conversations with IT and InfoSec around just the robustness and the governance aspect of the platform.
The other piece that we wanted to address in the spirit of making a purchase from Alteryx as easy as possible is product packaging and pricing. And so the ELA is a really elegant way to give a customer the opportunity to consume a bunch of technology in a single package, right? So we have two ELA programs. We have the on-premise technology. You’re going to get designer, you’re going to get server, you’re going to get intelligence suite, and it’s really intended to make that purchase super simple. And then you’re going to get burst, right?
So if you’re buying a 1,000-seat designer ELA, we’re going to give you 500 additional seats that you can use at your discretion during the first year, if it’s a multiyear, or for the year if it’s a one-year ELA. And we’re going to surround you with value engineering resources. We’re going to surround you with enablement resources. We’re going to surround you with customer success managers who are all designed to ensure that you understand where within your organization we can be impactful and how that impact can benefit different departments.
And so it’s a pretty powerful go-to-market motion when you can have a conversation with a customer that says, “Hey, I’ve been using you heavy in my manufacturing operations group and maybe I’m using you in the supply chain. But I haven’t really delved into the office of the CFO. I don’t really understand how you can help me in tax or in my monthly close or in FP&A.” And so then we’re able to go to an entire library of use case examples, we call them blueprints, and offer customers an opportunity to explore different use cases.
If you’re a U.S.-based company and you’ve been struggling with doing your R&D tax credit in the U.S., that’s a highly complicated but very repetitive calculation that tax leaders have to go through to maximize the credit on a tax return. We have an entire blueprint that can help those organizations automate that process. We had a large software company who presented at our user conference a couple of years ago where they represented, it took them something like nine months to go through their R&D calculation. They had acquired a lot of companies so they had to get information from a variety of different places. And they weren’t — it was basically a very reactive process.
So — and they were ultimately able to deploy Alteryx, they were able to automate the capturing and the methodology that you have to deploy for that example, and they were able to do it monthly. And so now they run that monthly and they can actually be very strategic around how they think about R&D investments and maximizing the credit that may be available to them. So we’re really trying to put resources around these organizations to identify the areas that they can benefit from Alteryx.
We — I often provide my organization as proof points and examples and talk to other organizations about how we’re using Alteryx internally to give other organizations an opportunity to understand what the art of the possible is. And so I guess the long and the short of it is we want customers to purchase our technology. We want to make sure they’re getting tremendous value from that technology and then we want to expand use. And the ELAs as we’ve designed them, I think, really afford us that opportunity.
Lastly, just to kind of finish off on the ELA construct, we also have cloud ELAs. So we’ve bundled the three cloud applications that all sit within the Alteryx Analytics Cloud, and we offer those as ELAs. You can buy them as kind of a package along with an on-premise ELA, you can buy them on their own. It really gives customers flexibility in how they want to think about cloud deployment. We have the designer cloud product. We have the Auto Insights product and the AutoML product.
Michael Cikos
Thank you for that. And I know we have a question that just came in on generating cash flow and the ability to pay convertible debt. I do want to get there. But before I do that, I just want to finish and close the loop on the ELAs here, while we’re on the topic.
So I guess, if I’m thinking about the ELAs in this model, like from my perspective, you’re helping customers maybe — you’re reducing that friction in the sales process, right? Because instead of hemming and hawing over maybe 1,000 seats versus 1,100 seats, you’re saying, hey, get spun up with your 1,000 seats, we’re going to give you that burst capacity for up to 1,500 seats. And then we can talk at a later stage as you guys continue to nurture your analytics initiatives.
And the other benefit, too, that I see for your customers and for Alteryx is that enhanced visibility. The customer can see the value that they’re getting, the incremental users that are onboarding with the Alteryx platform. And your sales reps can see, all right, if they’re constantly bursting to 35% or 40%, we know that we can actively go back into them and reengage for that expansion down the line. So I just want to frame that out and just make sure, one, am I mischaracterizing anything there? And then secondly, have all those learnings from the sales team and maybe the customer feedback, are they well aligned at this point? Or is it still more to iterate on?
Kevin Rubin
So you have it exactly right with one minor emphasis point. We do often see companies hand Alteryx licenses to users and find that it’s episodic, right? They’re giving Alteryx to users and deploying against use cases where they’re able to create value. And so it’s really hard to take that back from somebody that has seen success or has automated a workflow or developed a set of models.
And so the elegant part is once you actually get a user, a department, a line of business on the Alteryx platform, it becomes incredibly sticky. So to your point, if we’re seeing a large population of ELA customers getting 30%, 40%, 50% into their burst, there’s a high probability that when we renew those customers, not only are we going to capture that burst, but we’re going to be having conversations about moving that 1,000 — just by way of example, using that 1,000 tier ELA customer not to the 1,500 maybe that they’re now consuming, we’re going to be having conversations at 2,500. And along with that, by the way, comes another 1,250 burst licenses, right? And so then that looks like not a 2,500-seat customer, but at the end of that burst period now we’re talking about 3,000-plus seats. And then that virtuous cycle just continues.
So that’s how we think about leveraging these ELAs. And to your point, it gives us perfect visibility into what’s being used, what’s not. We have a very horizontal platform where we’re able to pattern, recognize if you’re in a particular vertical, and you’re using us across of a preset number of use cases. We know that those verticals can use another set of X number of use cases and create value. And so being able to introduce those is pretty powerful.
One thing I failed to mention that I just want to come back to as well, when we think about supporting organizations, we also have an incredibly vibrant community. And the community is something pretty unique to Alteryx. It’s an area where users can go, they can share, they can collaborate. They can get questions answered. And it’s somewhat gamified, right? And so we do see a large uptake of community activity. It provides educational criteria. You can get certified. And so it is an important part of the ecosystem of how we support companies and users.
Michael Cikos
Great, great. And then I did want to make sure that I was getting this question on the line that came in from one of our listeners. But the question is, can you talk about generating positive free cash flow and the ability to pay off the convertible debt outstanding?
Kevin Rubin
Certainly. So maybe back to the theme of our conversation thus far, right, in ’21 and ’22, we have made very intentional decisions to invest in the go-to-market and product innovation that has resulted in this business from a guidance perspective that effectively breakeven for the year, we’re going to burn a little bit of cash if you look at Q3 as an indication. But this business has been profitable and has generated cash in the past.
And so the commentary that we had on our Q3 call was we’re very mindful of the current environment. We made these investments specifically to put us in a position to be able to execute at times like these. And so as we go forward, we commented that we expect hiring to moderate and really start to see productivity improvement within the hires that we’ve put in place. And so as we think about ’23 and beyond, I would expect to see leverage in the model. And I would expect operating cash to track and converge with operating income over time. So as we see improvement in the profitability profile of the business, you’re going to see improvement in cash flow.
Specific to the 20 — to the converts, we have the ’23 notes that come due middle of next year. And we have the first tranche of what we have, the ’24 notes and the ’26 notes. We have ample cash on hand to address the ’23 notes, and we have a variety of opportunities available to us as we think about the ’24 notes. And I think we have time to do that. So we will be prudent and responsible in terms of how we intend to address those notes.
Michael Cikos
Thank you for that. And I know that we’re hung up just because on the ELAs and the go-to-market motion, just because of the success that you can see Paula and the team have driven. But one of the things that I don’t want to miss out on is, I know how important partners is for the Alteryx story as well, right? So could you highlight how Alteryx maybe is investing more in partners today than what it had previously, or some of those educational initiatives to drive a more strategic relationship with these partners that you guys are embracing?
Kevin Rubin
Yes. Thanks, Mike. I mean partners are incredibly important to our model. And more importantly, I think, to this whole analytic ecosystem, right? The analytics landscape is incredibly fragmented and a lot of different technologies need to come together to be able to support organizations, right? We represent this automation and orchestration layer within the analytics stack and obviously feel like we provide significant value.
But we’re not a persistence layer. We don’t persist data. And so we have to work in conjunction with the data guys. And we’re not a visualization competitor, and we don’t play in that space. And so you’ve got to be able to work seamlessly with technologies that sit upstream in terms of consumption. And so if you just think about the nature of that, that means that you need to have partners that are able to provide solutioning and support to organizations to be able to integrate all of this technology. It’s just — it’s going to be — this is an area of the software world that is always going to have this level of fragmentation and cooperation between vendors.
So if we think about the partner landscape, it’s a combination of your traditional distributors, resellers and solution providers, it’s technology partners like some of the technologies I just mentioned. And then it’s the GSIs, right, the large consulting providers that are doing largely a lot of digital transformation projects and trying to bring these things together.
We made some pretty significant changes to the partner program going into 2022 that was really designed to be more partner-friendly. As we think about scaling this business, partners are a key part of that ability to scale, and we see them as a vehicle to really expand our reach globally at a much more efficient rate without having to put Alteryx resources all over the world. So partners are incredibly important to this organization. And then being able to be tight with the GSIs as they’re deploying a lot of these digital transformation efforts and being a core piece of technology that sits within their solutioning has also been incredibly valuable.
So if we just look at Q3 as kind of an example, a proof point of all the work we’ve done from a partner program perspective to improving partners influence over half of our new ACV in the quarter. And so we do see partners as a very important and increasingly more important piece of how we scale going forward.
Michael Cikos
Great. And I did want to come back to the product offering for a second here. But I know if I think about like the core ELA that you guys had first introduced and now there’s a cloud ELA as well. So what’s — are customers today adopting cloud ELA without having that core ELA first in place? Or is it an either/or at this point? Or is it much more of an end where you’re stacking that cloud DLA on top of that original ELA? And then I have a follow-up as well, but I just want to make sure I’m thinking about that properly.
Kevin Rubin
So we view the cloud as really being incremental and expansive to how we serve existing prospects, existing customers and prospects. The two examples that we gave of $1 million cloud deals in Q3 were existing customers, and it was giving us an opportunity to really expand use and personas within those installed base. But it’s an end, right? If you’re a new customer who’s solely in the cloud and you’re looking for cloud-centric technology, then we have cloud ELAs and cloud products that suit your needs. And if your traditional large Global 2000 or Global 2000-like organization, we envision those companies being incredibly hybrid.
And fast forward five years, I would envision you’ve got a large population of desktop users who are building — maybe they’re doing more sophisticated bigger modeling and automation in the organization. They’re using servers to be able to automate the run time of those models. And then you’ve got a large and growing population of cloud users. The Auto Insight product could be used by a store manager or a production line manager or a business line — business unit manager who’s really looking to get near real-time insights into their business, but they’re not building models.
You’ve got folks that are going to be building out workflows in designer cloud. So we do think of it as “and”, right? I just — I don’t think there’s going to be one size that fits all and you can have organizations that are going to be deciding on different technologies for specific use. And the on-premise will have its place, given the lion’s share of data still sits behind the firewall in these large organizations, incredibly fragmented across systems. And then the cloud will have its place in terms of friction-free deployment, ability to seamlessly interact with other cloud environments, but also interact with what’s going on on-premise.
Michael Cikos
Great. And I just want to make sure that I’m being clear here for my own understanding. But like first, on the cloud ELAs, does that still enable that 50% first capacity like we have on the core ELA? That’s the first question.
And the second question, again, if I take that hypothetical where you’re looking out 5 years from now, and yes, there’s still a component of on-prem and cloud, but does the core ELA and the cloud ELA eventually converge and maybe the package longer term ends up being where you have both under one unified ELA coming from Alteryx? Again, just playing out that scenario since we’re on it.
Kevin Rubin
Yes. No, I would envision over time that we may have a combined cloud and ELA — excuse me, an on-premise and a cloud ELA. Today, the way that they were designed and they’re offered is think of them as kind of plug-and-play. So if you’ve got an on-premise kind of core ELA program and you’re looking to add cloud, it really just simply plugs in to the — it really just plugs into the core ELA. So the two are designed to be either purchased together or separately, whether or not we came with a combined package is, I think, less important. We can put them all together.
Over time, do we end up offering a combo ELA? I don’t know. But I don’t think that, that’s at all an inhibitor or preventing customers. It really, I think, creates, again, more flexibility. So if you’re an on-premise customer today and you’re looking to add cloud, we have a cloud ELA that’s super simple for you to be able to purchase and consume. And if you’re new and you want a variety and you want to have some cloud and some on-premise, we’ll put the two together and give you the right combination. Or if you just want to start with cloud, we’ll — we have a cloud ELA that can get you started.
So I don’t think whether or not those are combined is necessarily preventing any one customer from having success. It really, I think, provides flexibility. And look, at the end of the day, they’re all designed to encourage more use and more exploration of use cases across an environment that is just harder to do when you’re buying it license by license or pocket by pocket, right? So it really does change the ability for customers to think, I think bigger about how Alteryx technology can benefit them.
Michael Cikos
All right. And maybe one final question here before under the gun on time. But I did want to circle up. I know at the start of this year, Alteryx had acquired Trifacta. And I think at that time, there was a discussion as far as overlap in the customers. And I just wanted to think through this, but has Alteryx actively been engaging with those Trifacta customers as far as an opportunity to retain and expand? Or is this still something that might be more of a calendar ’23 event? Like, how do I think about those initial customers that did come to you through that acquisition?
Kevin Rubin
So there was a meaningful overlap in the customer base, which we actually thought was attractive. Because if you look at where Trifacta was selling, it was into data engineering, and it was to data engineers who were basically architecting a cloud data warehouse solution, and that’s not the traditional core use cases within Alteryx.
And so it allowed us to connect to a broader persona within the organization and have bigger conversations. For the population of accounts where Trifacta was in there and we weren’t, we certainly have strategies for all of those accounts that allows us to go in and have conversations around the differences between the two technologies and opportunities. So I think we’re well positioned from a customer coverage perspective from the Trifacta acquisition.
Michael Cikos
All right. Great. And with that, just under time. But I do appreciate it, Kevin and Ryan, thank you very much for the time today. I’ll say to the audience, if you have any follow-up questions and we weren’t able to get to it for whatever reason, please let me know. I can very easily communicate to either Kevin or Ryan. I know that they make themselves readily available. But any follow-up, don’t hesitate to reach out. And with that, thank you very much, guys. I really do appreciate it.
Kevin Rubin
Thanks for having us. We appreciate the time.
Michael Cikos
Take care.
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