Snowflake Inc. (NYSE:SNOW) Barclays 2022 Global Technology, Media and Telecommunications Conference December 8, 2022 12:50 PM ET
Company Participants
Mike Scarpelli – Chief Financial Officer
Unidentified Analyst
Okay. Hey, welcome to our next session. Mike, I’m glad you made it. It’s a traffic jam in the one-on-one meetings is like I hear it’s like terrible.
Mike Scarpelli
Yes. No, I know. It was more trying to get investors out of the room when I finished my last meeting.
Unidentified Analyst
Did you — but you were hearing…
Mike Scarpelli
Connecting both Zoom, there’s no lingering, you can just shut it off.
Unidentified Analyst
Yes. And one more question.
Mike Scarpelli
Yes.
Question-and-Answer Session
Q – Unidentified Analyst
One more question. Yes. Hey, you just reported like really good solid results last week. Maybe just to get the room kind of all on the same page, what were the highlights from your [era] [Ph]?
Mike Scarpelli
You know, really strong free cash flow, happy with the revenue growth. I’ve been saying, since day one, we try to guide the business to try to have a 3% to 5% beat, I think is a good beat. And given the challenges as what’s happening in the economy right now, I’m pretty pleased with how the company has performed.
Unidentified Analyst
Yes. Can I mention like, I think the one thing where you were surprising me a little bit is like the — you know when you went back to the olden days and you had like a economic turmoil, then customers often became very inward-focused and just said like, “Let’s keep the lights on, and let’s just not change anything.” Like what do you see in terms of new customer business?
Mike Scarpelli
Really no change. What you need to understand is new customers are coming to us that they have made the decision they want to be in the cloud, they don’t want to continue to manage their data on-prem. There’s many of these customers that feel they’re behind and want to catch up with their competition. They are also looking at the cost and are understanding the price performance of doing things in the cloud versus on-prem.
Unidentified Analyst
Yes.
Mike Scarpelli
And you have to understand too, we don’t just find a customer in the quarter and close them. The average customer is seven months, the average across the board. But large customers are one to two years to land these customers to just get them to get that first PO to start. And these guys aren’t making decisions for the next three months, six months. These are 10 to 15-year decisions they’re making in what they’re doing. And most, when you talk to customers, they are very much focused on the long-term. And the beautiful thing about Snowflake is, from an expense standpoint, you only — the expense only hits you as you consume.
And that’s why with our model, many of our large accounts, our average Global 2000 lands at $100,000. Yes, we’ve had customers that have landed at $3 million as a Cap One, we call them, but most land at $100,000. And, by the way, when they’re doing that, they also typically sign big service contracts with GSIs to do their migrations or us. I was actually just looking yesterday, our top 15 GSIs year-to-date, through October 31, is the data that I had. It — they actually sold $1.425 billion in services around Snowflake.
Unidentified Analyst
Wow.
Mike Scarpelli
And those are all customers that are just starting their journey to Snowflake.
Unidentified Analyst
Yes.
Mike Scarpelli
And that’s what gives me the confidence. People who would be spending of that type of money, if they didn’t plan — have in their roadmap, in their plans to move to Snowflake.
Unidentified Analyst
Yes. So, like what do you see — like there must be training and hiring like [indiscernible] to keep up with the —
Mike Scarpelli
The GSIs themselves are really — and we spend a lot of time with them on certifying their people to be Snowflake certified, there’s different certification levels. I will say, if you went back three years ago, we used to hear from customers, one of their biggest concerns was they didn’t have people who really understood Snowflake. Today, that’s not as big of an issue. We see people within new — it’s funny, you can see when we’re trying to sell into a Global 2000, and then you can see through their job postings, they have people that are looking for Snowflake [indiscernible].
Unidentified Analyst
Yes.
Mike Scarpelli
So, it kind of tells you we’re going to get those deals.
Unidentified Analyst
Yes.
Mike Scarpelli
But it’s getting better right now. We spend a lot of time training both customers and, more importantly, the GSIs. And they’re building up significant practices.
Unidentified Analyst
Yes. And then in the way like that lending spot, like of hundred thousands that — I mean in future give you a lot of comfort to — because you have that kind of expansion there. Is there a pattern for you that you see in terms of like there’s a typical guy or like can you talk about the journeys there?
Mike Scarpelli
Every customer is different.
Unidentified Analyst
Yes.
Mike Scarpelli
And some companies like to start with the easy stuff first. Others, we have one that I know is going to do the hard stuff first. It really depends upon the customer and what their journey is.
Unidentified Analyst
And when you say hard stuff, like is that like the classic enterprise data warehouse where everything connects in?
Mike Scarpelli
Yes. I have one large financial institution that wants to do their main big teradata warehouse, but they have hundreds of other data warehouses.
Unidentified Analyst
Yes.
Mike Scarpelli
But there’s one core.
Unidentified Analyst
Yes. Okay. I remember, like on the diligence calls for the IPO, there was — a lot of guys were first surrounding, and then the core was kind of the last step. Like, okay, so that’s interesting. But then the — like is that in a way the explanation for that crazy — well a crazy good dollar net retention as well, like — and from what you can see, you don’t sound like it’s slowing down, in a sense —
Mike Scarpelli
Yes. No — well, the high net revenue retention is driven by some of these big customers ramping very quickly. And if you look at, and we’ve said on the call, six — and I will give you this disclosure every quarter, six of our top 10 customers grew faster quarter-over-quarter than the company’s growth rate.
Unidentified Analyst
Oh wow.
Mike Scarpelli
That tells you. And I did have three customers who this was actually the first time that sequentially declined quarter-over-quarter. And those are three in the technology crypto space.
Unidentified Analyst
Yes.
Mike Scarpelli
Those three customers, actually from when we guided at the beginning of the year, they took out $41.8 million of revenue from us for the full year. These were three customers who have gone through some challenging times, but also did some heavy optimization. And by the way, all these three customers, we’ve been telling them for a while, “We can help you save money,” but they didn’t — they were growing so fast they didn’t pay attention. And now, customers are paying attention.
Unidentified Analyst
Yes.
Mike Scarpelli
But I would say those were three of our worst in terms of how big they were, and we knew there were big savings.
Unidentified Analyst
Yes. And then the — going back to that original question of like people kind of coming to you and haven’t made the decision, it’s from — on our end, it’s a little bit tough because we get like the noise from everyone. Like, you had like, “Oh, no, we have a cloud solution, and this one is really good.” Like what’s the number one — well, what are the top points that customers say like, “I want to go to Snowflake. And yes, my legacy guy said I have cloud, but actually I really want to change.” Because it’s a big decision; it’s a lot of work.
Mike Scarpelli
It is a lot of work. You know, when we are competing for an on-premise migration it is always we’re competing with Google, Microsoft, AWS tends to partner with us more at the gate. Google is definitely the most competitive there. Many of the times we only win in an Azure account when Synapse fails. And I’m not saying there isn’t any, but I have been asking my sales people for a successful implementation of Synapse in a large account, and they can’t find one.
Unidentified Analyst
Yes.
Mike Scarpelli
I have a lot of customer — companies we’ve heard trying. But generally, we get in there once they fail. I’m sure they must have some, but we can’t find any.
Unidentified Analyst
Yes. And then —
Mike Scarpelli
Google has some successful migrations.
Unidentified Analyst
Yes. And then the — does the legacy — legacies come up at all, like the —
Mike Scarpelli
We are never competing with Teradata. When a customer has made the decision to go off-prem, it is never against Teradata. They’ve made the decision to leave.
Unidentified Analyst
Yes. So that — it’s even before than the — yes, they all came.
Mike Scarpelli
Yes.
Unidentified Analyst
Okay, that’s interesting, yes. Okay. And —
Mike Scarpelli
And by the way, I’ve never seen and ask our sales people to, “Have you seen anything with Oracle and HeatWave,” or whatever.
Unidentified Analyst
Yes.
Mike Scarpelli
Not seen it once in a competitive situation with any of our accounts.
Unidentified Analyst
Yes. Okay, yes, makes sense.
Mike Scarpelli
Not saying it doesn’t exist, but we just don’t see it.
Unidentified Analyst
Yes, okay. No, okay, it makes sense. I mean, that’s what in Europe, in the market as well, quite a bit. So, it’s like it’s kind of the same. Maybe let’s change gear a little bit with like consumption models. So, you were kind of one of the first to drive that consumption model change. Like where are you on that realization journey of like, okay, this is different? You had ServiceNow, it’s nicely placed, nicely predictable, or relatively. Now, we’re on consumption, like you were few quarters in, like I think this year was the first time where your AI models were not totally perfect anymore. Like, where are you in that journey, and then how happy you are? Are you in like —
Mike Scarpelli
Actually, I’m pretty pleased with our models and what we’ve done. And where we’ve had skewing has been driven by a couple of customers that have been unique to those customers.
Unidentified Analyst
Yes.
Mike Scarpelli
I’m comfortable with this model. It took a little bit of time to get used to it, but I actually like it and the level of detail that we have in Snowflake, using Snowflake to do our forecasting at a customer — every individual customer, we have a forecast for their [rolls up] [Ph]. And we, using our predictive models, we predict where it’s going to be. And we’ve been pretty accurate from the finance side on where we’re going to land in terms of consumption. But I want to stress too, when we start a quarter, we start with zero revenue.
Unidentified Analyst
Yes.
Mike Scarpelli
Unlike a SaaS business, like I know I was at ServiceNow, I knew pretty much 96.7% of our revenue was in the bag at day one of the quarter, unlike a model like a Snowflake in consumption model.
Unidentified Analyst
And then the — if you pick this year, like you remember at the beginning of the year, there was like people were taking holidays, so it’s like a new input factor in the model. Like, is that kind of in the way like you’re constantly fine-tuning and —
Mike Scarpelli
We constantly fine-tune our model based upon the history. And we have seen, as we’ve become more of a global company, and especially what we have seen, for instance, we sold to a lot of U.S. companies but they have employees around the world. They have a lot of users in India. And you actually see during the Indian holidays, and there’s a lot of holidays in India, I’ve really noticed this year, that the downtick in daily consumption tied into those holidays. And so, our models are all — the more history we have the better we are at forecasting that stuff.
Unidentified Analyst
Yes.
Mike Scarpelli
And, unfortunately, during COVID, it was very different when people were working remotely; people weren’t taking holidays when people were sitting at home, they were continuing to work — do work.
Unidentified Analyst
Yes. And do you think there will be — I’m asking because like one of the companies later is [Mongo] [Ph], and they kind of start talking about that they’re starting to see like season — more seasonality coming in for their quarters in terms of like there is a — the Q4 has like a — the holiday effect, in the summer the Europeans will go on holidays, et cetera. Is that something that will eventually come through for you as well?
Mike Scarpelli
Well, I do see seasonality in consumption. Clearly, this quarter has a lot of holidays. And around July 4th, and in the summertime holidays, you see that, because remember roughly about 70% of our consumption is done through scheduled jobs. No human interaction, about 30% is human interaction with the system. And you can see that on the holidays. I see it on Saturdays and Sundays how it drops off, but it stays at the base roughly 70%.
Unidentified Analyst
Yes, the machines are doing it. Yes, okay. No, that’s interesting. On that note in terms if you — with the consumption model, you see all these new clients coming up, how do you think about like the current uncertain macro environment? Because like in theory you would think like — remember you probably attired all these investor calls we had over the summers like consumption model, less economic activity, things come down, but you have so many ramping customers that kind of lead out, they’re like, how do you feel about those, the environment and your goal there?
Mike Scarpelli
If I had such a massive market share, I would be more concerned. We are still very much in the growth phase and the early innings of migrations with customers. And what I would say is what you need to be able to do when you have challenging economic times is be able to sell on value. And it’s not just a cost replacement. It’s what the value you are driving. And data is becoming one of the core assets of most companies today. Whether you are a media advertising company or financial institution, getting real-time data and insights into your business is pretty important piece to companies. And we are getting data. There is one large oil and gas company. We sold them $3 million worth of Snowflakes they have consumed. And they themselves have said they see $30 million in value.
Unidentified Analyst
All right, okay.
Mike Scarpelli
My comment was we sold that too cheap.
Unidentified Analyst
Yes. One thing that surprises me all the time when we have the cold times after the quarter is like how much confidence or how much knowledge you have in terms of customers ramping, like how do you get that, is like customers telling — like how do you know like, “Oh, this customer is ramping. And next quarter he is going to be so much bigger. How does that work?”
Mike Scarpelli
My FP&A team, I have a team of data — small team of data scientists that built the model where we forecast by customer. We kind of go down to the top 200 — I forgot, 280 customers. We actually go and talk to the reps. Does this make sense? What’s going on? I sit through a lot of the big accounts. I sit through EBCs. I read. I get this all kinds of deal information I read and what customers are doing. That’s what gives me the confidence. But I get a lot of confidence when I started looking a lot more into what people are spending with GSIs. People don’t spend that type of money unless they plan on doing something on Snowflake. And I am digging into who are those big customers and where they are in their journey.
Unidentified Analyst
Yes, okay. So, that’s interesting. I mean that should give you a lot of comfort if you kind of see that sort of stuff is coming, yes, okay.
Mike Scarpelli
And after we guided to next year…
Unidentified Analyst
Yes. Let’s shift gear little bit like the one thing that got me excited and surprised is like how much you are changing the world. I remember in the early days of Snowflake, I was like “Oh, this is like a data warehouse on the cloud.” Now if I look at it, you are changing the world the way how a business is conducted. If you think about data sharing, what I am hearing from customers and how they are using Snowflake is just like, “Oh, shoot, this is a whole new world.” What are you seeing in terms of that understanding on the customer base in terms of like this is not just the one/two, this is like a much, much bigger thing.
Mike Scarpelli
This is fundamentally changing the way that – Well, first and foremost, it’s eliminating data silos. It’s getting all your data in one place, but it’s really dealing with a governance issue that you know exactly where your data is, who is accessing the data. And then allows that sharing of data without actually transferring data. And that cuts cost when you are not having to transfer data, and we think this is our belief that there will be a world where instead of bringing the data to the applications, bring the applications to the data. And that’s why we fundamentally think that Snowflake can become an application development platform where you have all the data without having to move it. Think of a world where you — because today what happens you have transactional databases. And then, you move all that data into your analytics.
There is a huge cost associated with moving that data. You can eliminate that cost. There is also a lot of security governance issues with moving that data that you eliminate that. And so, we do think fundamentally we are going to change the way that people operate. And the whole concept of data sharing is really resonating especially in the financial services industry, which are very data-intensive. And there is all kinds of data sharing that goes on between whether it’s between a trading platform in the banks or think of the fidelity with all the reporting they do out to various other financial services they deal with.
Unidentified Analyst
Yes, yes.
Mike Scarpelli
And you can do that without actually sending files, this is all data sharing.
Unidentified Analyst
Is BlackRock Aladdin like in that?
Mike Scarpelli
BlackRock Aladdin is in there. We’re doing something interesting with DDTC they spoke about it or financial services meeting in New York.
Unidentified Analyst
So if you think about that, like so that you become that, do you think that will be part of within Snowflake, or is that just in kind of wherever it is like AWS et cetera and then you just kind of using?
Mike Scarpelli
It’s used in Snowflake.
Unidentified Analyst
Okay, that will be interesting. Okay. Is that kind of in a way, like you mentioned earlier, and I’m surprised you said it that AWS use you more as a partner and less of a Redshift competitor, because like they probably had with Redshift, like a decent solution.
Mike Scarpelli
We can operate at scale. We are actually one of AWS, I think we are their now biggest ISV.
Unidentified Analyst
Okay.
Mike Scarpelli
We are becoming very meaningful to AWS, we are just at reinvent, and they’re leaning heavier on us, and we’re looking at renegotiating our contract with them right now. It’s not just about pricing. It’s about more commitments from them to work with. So, as I said, AWS, pretty much partners with us day one. They don’t try to compete. Yes, they still compete in the small accounts of Redshift. And that’s pretty good business for them. But within the large accounts to get all the data in one place, Redshift just can’t do that.
Unidentified Analyst
Yes, yes, yes. Okay, that’s interesting. And then the — at your Analyst Day, almost like a few months ago, we talked about the new development projects, and one of them was striking for me was like the idea of operational database that would come out in a way that fundamentally then would change the world because like, if you think about operational databases in the cloud, the only thing we have is like a MySQL, which is kind of dated, and now, AWS equals Aurora, but to MySQL, which is like 30 years old, Postgres is 30 years old. Nothing was built for cloud native, like, is that kind of? I mean, it sounds like if it works, it’s going to be like, really exciting.
Mike Scarpelli
We have been working on this for quite some time. And it’s really more with a transactional database within analytics database, all in one system. We see it being for more net new app development.
Unidentified Analyst
Yes.
Mike Scarpelli
Don’t think of this as going out and replacing Oracle transactional databases and stuff. It could one day but that’s not what we’re doing. We’re listening to our customers. That’s going to be more applications that are very data rich and have a lot of data.
Unidentified Analyst
Yes, yes, yes. Okay, that will be exciting. Okay. Shifting gears a little bit like the one big surprise last quarter. We also would like to the cash flow comments you made, the commitment to the cash flow margins for next year as well. Can you talk a little bit about the levers that you have as a CFO in terms of like, where are we on that gross margin improvement journey, which kind of happened over the last few years in terms of where we are on our tax?
Mike Scarpelli
So gross margin, I’ve said this since day one. And I’ll continue to say this is never going to have the same gross margin profile as a ServiceNow or a Salesforce, I really don’t see it may get to 80%. But it’s not going to go above 80%. I think we can get into the high 70s. Free cash flow will continue to expand. We really but there is seasonality in free cash flow on a quarterly basis, you really need to look at it on an annual basis. We’ve now guided to 21% free cash flow for the year. And I feel very good about that. And I think you’ll continue to see free cash flow margin expansion, we are very much focused on growth but it’s not growth at all cost, it has to be efficient growth actually just had a four hour meeting yesterday with all of our executives who are all hounding that they need more money, need more money and it’s not unless you can justify how it’s going to drive revenue and actually see the payback you’re not getting it.
Unidentified Analyst
Yes, and if you think about like the lot of the margin and cash for improvement like in the earlier part with gross margins, like even we negotiated the contract with the Hyperscalers, I’m sure it’s more like as you said like with AWS now what’s the — what’s from you to next like, it’s like basically keep growing, but kind of realizing so productivity et cetera or like, what are the factors?
Mike Scarpelli
Yes, there’s still more room in gross margin, in the gross margins. We still we think 32, 33 deployments around the world. We have a lot of them that are at scale. When you set up a deployment say in AWS Singapore, we’re paying for a certain amount of free pool, we call it that’s that reserved capacity, we’re paying day one, before we have a customer, we have to get to a certain level before that starts to become profitable for us. We have a lot of deployments that are not at scale, that that will help drive margin up. And as the bigger customers become a bigger percentage of a row of business that are on business critical, those guys with better margin profile on those customers, so that will continue to drive gross margin along with renegotiating with the cloud vendors over time.
Unidentified Analyst
Will there also be a mixed effect if you have more data sharing, because it’s only one time paying for…
Mike Scarpelli
Less storage, storage runs about 10% of our total revenue.
Unidentified Analyst
Yes, yes, yes.
Mike Scarpelli
I think it works. Storage is 10%. Compute is 89%. And egress charges, that data transfers 1%, that’s a pure pass through, we don’t make any margin on that, the storage margins are very low. That’s the compute, that’s the value of the software, we make all of our margin. And then clearly, as we get into these bigger customer relationships, you’re going to get a lot of leverage out of sales and marketing, if you can have $50 million plus customer relationships, those are very, very efficient from a sales and marketing standpoint.
Unidentified Analyst
And on that note, like talk a little bit about when you joined, please like the one thing that was interesting at this conference is now that the times have been tougher, like so many vendors that are just talking, it’s like yes, we were growing and we’re just getting every customer and now they’re like, should some of these customers are actually not really profitable or why they are spent my time on that like when you joined Snowflake, like you looked at how they were growing. And it looked like were like, how did you change it? And how did that help you kind of on the profitability side?
Mike Scarpelli
Well, we’re very much focused on large customers, I will say, when we joined, when Frank came on to the business, I’m not going to say, they didn’t have large customers, they did, but they had a disproportionate amount of what I’ll say, commercial customers. We’re very much focused on the largest companies in the world. And that’s why I always tell people, I don’t even look at how many customers we have. I look at how many global 2000, how many Fortune 500, who are the marquee accounts in certain regions, countries verticals, that’s what I’m more concerned about the quality customers, the ones that I know can be $10 million plus a year in revenue. And so, we’re very much focused on those large customers, not saying we’re ignoring the low end of the market, when I say low end, the S&P, we have a group that focuses on those 500 and less employees in the company, I called out that we saw some weakness in those. And what I want to stress so, those guys are still growing and consuming. They just are not growing at the rate we’re forecasting is a growing consumption.
Unidentified Analyst
Yes, yes.
Mike Scarpelli
APJ, definitely we see some weakness there. They’re not declining. They’re just not growing at the rate we thought, they were going to grow in a lot of APJ. It’s mainly Japan, Korea, and Australia, a lot of that is the dollar. The strength of the dollar, we price in dollars there, it’s become more expensive for people.
Unidentified Analyst
Yes, yes. I mean, on that note like, obviously like, you have your competitors and they’re like, but eventually is going to get expensive. Like, what are you seeing? Like, if I look at your net expansion et cetera, it seems like it’s vendor BS, but like, what are you seeing in terms of like price discussions, because you are getting quite big ticket items for some of the customers but the value must be this.
Mike Scarpelli
There is price performance. You got to look at price performance. When we actually sit down with customers, and look at real data and not benchmark data, put actual workloads and do POCs, nine times out of 10, we are winning in price performance, and by a considerable margin.
Unidentified Analyst
So is it in a way, like a situation where yes, you’re doing a lot for the customer, which basically means that the bill is high. But like…
Mike Scarpelli
The value, you have to look at what the value is you’re getting.
Unidentified Analyst
Yes, yes. So, you’re getting bigger as basically a function of you’re adding value and not like you’re getting or coming Oracle, yes.
Mike Scarpelli
Correct.
Unidentified Analyst
Last couple of minutes, like, how do you think about cash because like, you are now generating cash, you have a very strong cash position, how do we have to think about that, like, I’m not quite sure how much M&A makes sense for you guys at the moment, like, how do you think about that usage of cash?
Mike Scarpelli
Yes, we’re going to do M&A, but it’s going to be that is — when we look at M&A, it’s really two things we’re looking at, we’re looking at, can we find a team of engineers that have domain expertise that can help accelerate the development of a core functionality within the company. We’ve done some of this, the Acqui-Hire M&A and we’ll continue to do those. There’s also people who who solved a interesting technical problem that was something that was on our roadmap that we just don’t have the DNA, so, we were getting both the — they approved the technology but also good people. Think of that like the Applica acquisition we have done. Or, the Streamlit acquisition we have done. We are going to continue to do those. There are not going to be — don’t think of us doing multi-billion dollar acquisition. [Multiple Speakers] Because anything we do, we completely rewrite it in Snowflakes. So, it’s all just one product. At the end of the day, Snowflake is a simple business. We sell compute. And there is storage that comes with it.
Unidentified Analyst
Yes. And what do with the money then? Sorry, yes.
Mike Scarpelli
No, as I said, I am looking at a number of things. Right now, it’s earning pretty good interest, but I am not naïve. I have been looking at different things with share buybacks and other things like that, but haven’t formalized anything.
Unidentified Analyst
I mean you are always slightly different in terms of like stock-based comp. Like dilution to get out from there. Can you remind of us of your philosophy…
Mike Scarpelli
We have been running at pretty low dilution. Given our growth, we have been running around 2%. I think this year it’s going to probably be close to 3%. But longer term, my goal is to keep at 2%. And clearly, you have the trade off is you pay people more cash and less equity or vice versa. I am spending a lot of time looking at all of that, but clearly, our cash balances we have with $4.9 billion in the bank at the end of last quarter. And that will continue to grow. While we have been doing M&A, we have done quasi-buyback in terms of we are now doing that settlement on our issues with people where we can.
Unidentified Analyst
Do you see the employees getting kind of — are there investors that they kind of say, “Look, at this share price, I want more stock,” or is actually the other way, “Oh, can I have more cash?”
Mike Scarpelli
You know what I would say now it depends upon the country and where you are. In certain countries, they don’t value the — in general, they don’t value equity as much as they value cash. And I am hearing from people in the U.S. and some of the bigger markets too that they are more concerned about their mortgage payments and stuff and need cash versus equity, and so, looking at all of that.
Unidentified Analyst
Okay, perfect. Sixteen seconds, and I am a [gentleman] [Ph], so I have to finish on time.
Mike Scarpelli
You didn’t allow anyone to ask any questions.
Unidentified Analyst
Yes. Well, we definitely we booked it, but it’s one-on-one meeting. So, I apologize, all right, thank you.
Mike Scarpelli
Thank you, everyone.
Unidentified Analyst
Mike, happy to see you here. Thank you.
Mike Scarpelli
Thank you.
Unidentified Analyst
See you again.
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