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8X8 Inc (NASDAQ:EGHT)
Q2 2021 Earnings Call
Oct 28, 2020, 5:00 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good evening. My name is Simon, and I will be your conference operator today. At this time, I would like to welcome everyone to the 8x8, Inc. Fiscal Second Quarter 2021 Earnings Conference Call.

I will now turn the call over to Victoria Hyde-Dunn, Head of Investor Relations.

Victoria Hyde-Dunn -- Investor Relations

Thank you. Good afternoon, and welcome to 8x8's second quarter fiscal 2021 earnings conference call. Joining me today are Vik Verma, Chief Executive Officer; and Samuel Wilson, Chief Financial Officer. During today's call, Vik will begin with business highlights of our second quarter performance. Following this, Sam will provide details on our financial results and guidance. After these prepared remarks, we look forward to taking your questions.

Before we get started, just a reminder, our discussion today includes forward-looking statements about 8x8's future financial performance as well as its business, products and growth strategies, including the impact of COVID-19 pandemic. We caution you not to put undue reliance on these forward-looking statements as they involve risks and uncertainties that may cause actual results to vary materially from the forward-looking statements as described in our risk factors and our reports filed with the SEC. Any forward-looking statements made on this call reflects our analysis as of today, and we have no plans or obligation to update them. In addition, some financial measures that will be discussed on this call, together with year-over-year comparisons, in some cases, were not prepared in accordance with U.S. Generally Accepted Accounting Principles or GAAP. A reconciliation of non-GAAP measures to the closest comparable GAAP measures is provided with our earnings press release and PowerPoint presentation deck, which are available on our Investor Relations website.

With that, let me turn the call over to Vik.

Vik Verma -- Chief Executive Officer

Thank you, Victoria. Good afternoon, everyone, and thank you for joining us today. I hope all of you and your loved ones are healthy and safe.

We delivered a strong quarter across the board in Q2. As the only pure play integrated UCaaS, CCaaS and CPaaS provider in the market today; customers are embracing and validating our integrated platform strategy. In fact flat platform customers with at least two out of are three solution categories grew at twice the rate of the overall market and now represent nearly a third of the company's ARR.

Our new voice for Microsoft teams solution sold tens of thousands of seats this quarter and is one of our fastest-growing new products. We are accelerating acquisition of new logos as e-commerce delivers thousands of new customers per quarter and our pipeline significantly expanded due to both record partner deal registrations and the strongest conversion ever from our digital channels. In summary, our go to market investments are achieving strong returns and our team executed exceptionally well. In parallel, we have also made significant strides unlocking operating leverage in the company. We achieved our third sequential quarter of improved profitability, exceeded top and bottom line guidance and significantly reduced our non-GAAP pre-tax loss.

Steadily improving execution resulted in lower customer acquisition costs, higher operating margins and better cash management and we surpassed expectations for migrating off our legacy customer base with more than 90% of our customer base now on the X series platform. Most importantly, we remain on track to achieve non-GAAP pre-tax breakeven exiting the fourth quarter and expect to be cash flow positive in the second half of fiscal 2022. Looking ahead, we had a clear line of sight to both profitability and continued growth. As a result, we are comfortable establishing full-year guidance and raising our ending cash balance outlook for the fiscal year. Sam will cover more of the financial details later on the call, but he and the finance team have made a significant contribution in improving our operating margin, optimizing our investments and go to market and strengthening our cash position.

Let me focus my remaining remarks on highlights from the quarter, the three pillars of our platform strategy and thoughts on the second half of the fiscal year. With regard to our second quarter business highlights, our go to market and Channel First strategies saw improved growth globally, particularly up-market with midmarket and enterprise customers. We had a record quarter with midmarket and enterprise customers. We closed 48 new deals with ARR greater than $100,000 up from 30 deals a year ago. This includes 22 up-sell and cross sell deals, illustrating the effectiveness of our land and expand platform strategy.

At the end of the quarter, we had a total of 670 customers with ARR greater than $100,000, a 25% year-over-year increase. We had a very strong quarter overall for our contact center portfolio including a seven figure total contract value or TCV win with a global recruiting leader that added more than 800 contact center seats. We also delivered several eight figure TCV wins this quarter including a significant international add-on order from a global logistics company that included 1300 contact center seats and 13,000 voice for Microsoft teams seats. Channel successes accelerating as our channel program drove nine of our top 10 deals and 59% of overall new bookings. We partner with Master Agent, one of the top suppliers of Microsoft teams to the MSP community. This is a significant move to drive further adoption of 8x8 voice for Microsoft teams.

Our CloudFuel VAR program continues to ramp with the number of VARs qualified to sell, implement and support 8x8 after completing our exhaustive certification program. We added dozens of new VAR partners including Spectrotel in the US and One Com in EMEA. In the UK, Virgin Media business closed several new wins with state, local, education and special districts also known as SLED. These included Ashfield District Council purchasing 400 UCaaS seats plus voice for Microsoft team and Avon and Wilshire Mental Health NHS trust purchasing over 3,000 bundled UCaaS and CCaaS seats and we were very honored to receive both the Partners Choice Award top overall supplier for the second consecutive year from Intellisis and the International Vendor of the Year from Avant.

In sum, we are seeing an acceleration in sales momentum and healthy pipeline coverage with growth across our domestic and international markets. Customers in key verticals such as healthcare, manufacturing, public sector and financial services are choosing 8x8 X series for their cloud communication needs. Let me highlight a few notable wins.

We continue to replace legacy Avaya on-premise systems including a notable seven figure TCV win with a global manufacturing enterprise. With operations in North America and Asia-Pacific, this customer needed a tightly integrated cloud-based communication and contact center solution. This is a 2000 plus seat to UCaaS and 400 plus seat contact center deals in which 8x8 was selected expertise in global deployment and customer service. A marquee channel win and eight figure TCV deal is with a large veterinary practice. They were using several disparate communication systems including Mytel and were looking to consolidate them into a single platform to help support disaster recovery and business resilience initiatives. We won this 16,000 plus seat deal after a very competitive RFP with several other cloud providers.

We see continued momentum in SLED as government agencies respond to ongoing COVID-19 impacts. A great example is with one of the largest NHS community health providers in England. 8x8 replace multiple legacy telephony solutions with our platform for patient-facing contact center agents and back office clinical experts across 200 location. This seven figure TCV deal with 4,000 plus bundle seats builds on a successful 250 seat contact center deployment earlier this spring.

Lastly in financial services, we secured a 7,000 plus seat upsell deal with a long-standing enterprise customer. They continue to turn to 8x8 as a trusted business partner for their global cloud communication and contact center solutions. Moving on to my second topic for discussion. As you know, our open communication platform is the only pure play integrated technology platform in the market today that includes UCaaS, CCaaS and CPaaS. We are seeing strong growth across each of these three pillars from customers that want the advantage of an integrated platform. First, we continue to see strong growth for UCaaS solutions with customers that want to modernize their telephony platform. Success with our UCaaS offerings has long been our core business that recently growth has been powered by success with Microsoft team's integration, e-commerce and customers looking for UCaaS and CCaaS combination solutions.

With voice for Microsoft teams, we are seeing strong early adoption. From small businesses to large enterprises, customers are selecting 8x8's global cloud telephony solution that works natively across Microsoft team's mobile, web and desktop applications. 8x8 voice for Microsoft teams is an enhanced direct routing solution that connects to a customer's tenant on the Microsoft phone system, providing that customer with PSTN connectivity and global calling plans in 42 different countries worldwide. Our solution also integrates 8x8 contact center and third-party enterprise apps including Salesforce.

This quarter we signed several hundred customers and sold tens of thousands of voice for Microsoft team seats. A great example is with MSC Mediterranean shipping company, one of the world's leading container shipping companies headquartered in Geneva, Switzerland. During our May earnings call, I spoke about MSC previously using 20 disparate global communication systems prior to selecting 8x8 for our integration with Microsoft teams and global deployment expertise.

After experiencing successful rollout in Germany and the US, MSC expanded their global footprint to include approximately 17,000 UCaaS and CCaaS overall. Based on experience with similar customers, we believe that our global voice for Microsoft team solution is highly differentiated in the marketplace today. We have also seen accelerating demand for this solution with our channel partners in all geographies. Additionally, our e-commerce platform remains an exciting self-service entry point for small businesses and work groups. We have nearly doubled e-commerce revenue every quarter since launch and continue to have thousands of new customers each quarter with our 8x8 Express and 8x8 Meet Pro solutions. We are now offering 8x8 Express through several of our channel partners as well as with new affiliates such as Wicks where small and new businesses can easily add UCaaS capabilities as they set up their web presence and purchase other small business services. E-commerce is a high leverage, economically attractive way for us and our channel partners to bring large quantities of our customers on to the X series platform.

Moving to our second solution pillar, CCaaS. We see strong acceleration in demand particularly for bundled UCaaS, CCaaS deals. As businesses aggressively shift to operate anywhere engage customers remotely, demand for cloud-based contact center has increased sharply. 70% of new bookings, 12,000 K or more in ARR were from customers that selected bundled UCaaS and CCaaS as compared to 47% a year ago. Nine out of the top 10 deals were UC and CC bundled deals.

Overall, contact center new bookings grew 62% year-over-year and represented 32% of our total new bookings this quarter. We saw more large contact center wins as well as additional expansion of our base embracing a combined UC and contact center approach to support work from home agents, outbound sales, help desk and fiend employees. We also started rolling out 8x8's contact center Version 9.12. Important updates include new and enhanced functionality, bringing together preview, progressive and predictive dialing modes. This release helps our customers improve connection rates, maximize revenue opportunities and meet evolving regulatory requirements in the US and UK.

We also expanded our global reach capabilities with added support in Latin America, Europe, Africa and Central and East Asia, providing an enterprise telephony solution for organizations in 42 countries across six continents. Our third solution pillar is CPaaS where we have scaled globally with the expansion of our programmable applications and APIs to North America and EMEA. We achieved double-digit CPaaS revenue growth quarter over quarter and see signs of continued improvement in Southeast Asia. We nearly doubled the total number of deals closed quarter over quarter including double-digit wins from the US and UK.

New customers included transportation and logistics, retail and e-commerce businesses using our SMS, voice, video or chat APIs. We are also seeing customers find new ways to add CPaaS to our open platform to extend communication and customer engagements to meet their unique business requirements. One example is a leading UK insurance broker that wanted to extend their X series UCaaS and CCaaS capabilities to further enhance the customer experience. They added our CPaaS SMS notifications to provide information to new policyholders and alert existing customers about upcoming policy expirations.

We're also seeing demand for real-time performance monitoring to ensure high quality experiences as the number of virtual events, meetings and work from home requirements continue to increase. Callstats, our WebRTC analytics service is uniquely positioned to quickly provide administrators with those insights so they can easily address any network related issues. We saw a record level of account sign-ups for our Callstat solution.

We signed a new mobile carrier partnership with Telia for Europe to expand our SMS and voice network conductivity. We have a network of more than 160 carriers delivering coverage globally to enable businesses with our CPaaS solutions. Finally, we will shortly be announcing beta availability of Jitsi at a service, which will be the most reliable secured and scalable video meeting as a service solution in the market. Building on the

Jitsi open source experience, this solution empowers developers to add and customize video meetings to their website and real-time contactless engagement applications in areas such as telehealth, education and retail. We have several customers already leveraging the Jitsi at a service APIs to self host, embed and manage video meetings to engage customers online and in mobile applications. We expect to make Jitsi at a service generally available before the end of the calendar year. As we continue to explore the multiple growth opportunities afforded by our complete platform, we expanded the team throughout our organization including in sales and marketing, product development and customer success.

During the second quarter we also welcome Steve Seeger as Chief Revenue Officer. Steve has more than 20 years of experience in revenue leadership roles in prominent companies such as Typical Software, SAS, Xerox and Oracle. He has deep experience in enterprise software and cloud technology and we believe that he will be instrumental to our progression and growth. The final topic I'd like to discuss are observations for the second half of the year. We have demonstrated that the 8x8 open communication platform is fit for purpose as part of a customer's digital transformation to the cloud. We are uniquely positioned to meet customer demands with our global proven and scalable unified phone, video, messaging, contact center and enterprise API platform.

While the competitive landscape is always changing, the strategy of having a single platform solution has been validated by the market, which will ensure an ongoing source of value for 8x8. We are very pleased with our financial progress and are steadily unlocking operating leverage within the company. We've aligned resources and are investing in innovation and go to market initiatives that will provide tailwinds for the remainder of this fiscal year and beyond. A key component of continuing operational improvement and leverage has been our strong success with automating customer migrations. The migration of our legacy customer base is well ahead of plan and we exceeded our goal of having more than 85% of our customer base on the X series platform by the end of the calendar year. In fact, over 90% of our customer base is now on the X series platform up from 68% last quarter, above target and ahead of schedule and we remain focused in substantially completing our legacy migration program by end of the fiscal year.

We have already seen a reduction in churn rates, improved customer satisfaction scores and a decrease in support cost from customers migrated to the X series platform. Most importantly, now that the majority of our logos are on the X series platform, it establishes a solid base for platform expansion and upsell. This is a significant accomplishment and I'd like to thank the engineering and business team for their outstanding work.

With continued strength from channel partners, CPaaS rebounding and new initiatives such as voice for Microsoft teams with only scratching the surface and penetrating a $60 billion legacy market with hundreds of millions of seats all up for grabs. In summary, we are seeing market validation of our platform strategy and steadily improving execution across the company reflected in our financial results. We have a clear line of sight to non-GAAP pre-tax breakeven exiting March 2021 with continued strong growth this fiscal year and beyond. I would like to thank all of our employees for their hard work and dedication in achieving these outcomes.

I will now turn the call over to Sam.

Samuel Wilson -- Chief Financial Officer

Thanks Vik and good afternoon. We appreciate you joining us as we report the second quarter financial results. I want to echo Vik's comments that I hope you and your families are well and staying safe. For today's call, I will walk through our Q2 financial results and then provide guidance for the third quarter and full year. Lastly, we'll open the call to answer your questions.

Starting with our second quarter results, we're pleased to have deliver performance that exceeded guidance, improved operating leverage and reflects increased confidence in delivering profitability. Overall results were driven by better-than-expected performance in UCaaS, CCaaS and our bundled offerings. Total revenue for the quarter was $129.1 million, an increase of 80% year-over-year and above our $125.5 million to $126.5 million guidance. Total revenue was driven by better-than-expected results across the board.

Looking at our geographic mix, international revenue was 26% of total revenue up 37% year-over-year and the US was 74% of total revenue, an increase of 12% year-over-year. Our investments in expanding our global footprint continue to pay benefits. Looking specifically at service revenue, we generated $120.9 million, an increase of 19% year-over-year and above our $117.3 million to $118.3 million guidance. Total ARR was $467 million at quarter's end, up 20% year-over-year and from solid growth across UCaaS, CCaaS and CPaaS offerings. This growth was driven by our continued movement upmarket to larger enterprises, including winning several eight figure TCV deals. Channel was also an essential driver behind increasing our reach into midmarket and enterprise customers. As Vik discussed, our strategic investment in channel and product innovation over the last two years are delivery store results and our recent CPaaS expansion into the US and UK as well as voice for Microsoft teams is promising.

During the quarter we lapped some large channel led deals we closed last year and our July 2019 acquisition of Wavecell. As we previously discussed, these two dynamics did impact growth rates in various channel and customer metrics we provide on the IR metric sheet. These metrics will continue to change as we signed large enterprise deals with longer terms.

Now moving down of P&L second quarter non-GAAP gross margin was 60.9% driven by product mix and better than anticipated professional services revenue. Non-GAAP service revenue margin declined 90 basis points over the last quarter to 66.8% primarily due to product mix. As we have previously mentioned, CPaaS margins are significantly lower than UCaaS and CCaaS margins. Although overall CPaaS usage significantly increased quarter-over-quarter, it was lower than expected as the second wave of COVID effects in Asia-Pacific were felt. While the rebound has been slower than we initially hoped, we expect continued improvement into the December quarter.

Non-GAAP other revenue margin came in at minus 27.7% for the quarter, a large improvement from the minus 58.9% at year-ago and sequentially improved from the minus 34.7%, a key driver was our continued growth in our flex hardware rental program. Flex revenue was up nearly 50% sequentially, and has a positive influence on gross margin.

We currently expect that overall gross margins will be slightly lower in the third quarter because of product mix with increased CPaaS usage as the World reopens, our U.K. and U.S. business ramps and holiday driven usage. Looking at Q2 operating expenses, we're delivering on our goal of aligning the global business to drive both improved execution and efficiency. Non-GAAP sales and marketing expense continued to improve to 41.3% of revenue in Q2, 2.1% lower than last quarter. The combination of leverage from our digital marketing, optimization of media spend and moving from physical to online event has driven spending efficiencies. We've also added sales capacity and improved sales productivity.

Non-GAAP R&D expenses came in at 9.9% of revenue in Q2 versus 11.8% last quarter. We continue to prioritize investing in our differentiated technology platform advantage and completing the migration of legacy customers to X Series. Non-GAAP G&A expenses improved to 11.5% of revenue in Q2 from 12.5% of revenue last quarter, we hope to gain further G&A advantage as we scale revenue and related operations. A total non-GAAP operating expenses were up 1% year-over-year while total revenues grew 18% year-over-year, a clear sign we're making strong progress on our return to profitability.

Operating margins were minus 1.8% for the quarter, the best we have seen since the fiscal third quarter of 2018. We believe we have clear line of sight to a return to non-GAAP pre-tax profitability exiting the March 2021 quarter, and future cash generation. I would like to point out that due to the timing of certain expenses, each expense metric will not necessarily improve each quarter in a linear fashion. However, we have begun delivering returns and expect continued efficiency improvement trend in combined operating expenses as a percentage of revenue on a year-over-year basis.

Importantly, our top of funnel metrics including pipeline coverage rates continue to be good, our growth rates remain relatively high and our margin profile improved. These results show that we are harvesting the returns of our previous investments in demand generation and the channel. We expect to see further improvement in unit economics as we optimize our go-to-market motions. Our non-GAAP pre-tax loss was $3.3 million for the quarter ending September 30. This was better than the $7.5 million guidance provided in July, and the results of a combination of better than expected total revenue, margin improvement, more efficient customer acquisition, operational refinements and the timing related items such as reduced travel expenses offset by a currency headwind.

We're assuming the timing events will not reoccur when were giving guidance. I'm extremely pleased with how the team has been very diligent about each dollar spent.

Turning to the balance sheet, total cash, restricted cash and investments ended the second quarter at $175 million with $15.6 million of restricted cash. Excluding restricted cash, the balance was $159.4 million. This is a decline of approximately $8 million quarter-over-quarter. Our three quarter trend in cash usage was $48 million used in the fourth quarter of fiscal 2020, $20 million used in the first quarter of fiscal 2021 and $8 million used in the second quarter of fiscal 2021. Super proud of the whole team. Were focused on further reducing our cash burn through operational efficiencies, economies of scale and improved collections, collections continue to run ahead of expectations.

The operational improvements we have put in are paying off faster than expected. Further, we believe the better than expected collections is a good sign that COVID related risks are manageable. In terms of cash flow timing in fiscal 2021, we decided to pay our corporate bonuses on a semiannual basis using a higher mix of cash than stock as compared to prior quarters, which will increase our cash usage in the third quarter.

We then expect to see further improvement into the fourth quarter. We give cash, last quarter we discuss our intent to have approximately $100 million or more in cash, cash equivalents and investments on the balance sheet at fiscal year-end. Given our better than expected financial and business performance, were raising our expectation to over $135 million in cash, cash equivalents and investments excluding restricted cash.

We understand this is a large jump. As I said the program improvements we have put in place are performing significantly better than expected. Were focused on obtaining free cash flow positive in fiscal 2022 more likely in the second half of the year. One final item under liabilities I'd like to discuss is deferred revenue, which increased during the quarter to over $12 million. We have started our journey of moving toward building contracts in advance of service delivery and expect deferred revenue will continue to grow on the balance sheet.

Additionally, we have started a number of operational programs focused on reducing the time between booking a deal and receiving the cash. One metric we're starting to get asked more about is Remaining Performance Obligations or RPO. Under U.S. GAAP accounting, we disclose this number in our SEC filings each quarter. Simply, RPO is the aggregate of deferred revenue and revenue backlog for our subscription services.

For the second quarter, RPO was approximately $330 million up from $290 million in the first quarter and $220 million in the year-ago period or roughly 50% growth. Turning to our financial outlook. As we entered the third quarter, we have seen good sales funnel metrics, CPaaS usage rebounding and new solutions such as Voice for Microsoft Teams and meetings expanding our global footprint. Offsetting this is a blend of tougher comps from large deals closed last year, some revenue seasonality and continued uncertainty in the macroeconomic environment as a result of the pandemic. Taking all this into account, we're establishing guidance for Q3 fiscal 2021, ending December 31 2020 as follows. We anticipate total revenue to be in a range of $132 million to $133 million, representing 11% to 12% year-over-year growth. We anticipate service revenue to be in the range of $124 million to $125 million growth representing 12% to 13% year-over-year growth.

We anticipate non-GAAP pre-tax loss of approximately $3 million. We also feel more comfortable providing full-year guidance. First some color on service revenue. As expected growth rates in the second half of the year will come down as we lap the anniversary of the Wavecell acquisition and large channel deals won last year, which creates a tougher comp for the balance of the fiscal year.

We expect a bottom in the growth rate in 3Q and an acceleration in 4Q, we continue to monitor the COVID-19 situation as it remains fluid, especially for the usage base components of revenue. More importantly, our new service revenue full-year guidance is an increase to our prior color of 17% to 18%. Looking at total revenue, we expect to see continued customer engagement shift from desktop phones to flex hardwares rental sales and 8x8 apps on mobile devices and laptops, as work from home and work from anywhere continues to be the new norm.

We expect this slowdown in hardware sales to be reflected in other revenue. And so we're establishing guidance for full-year fiscal 2021, ending March 31 2021 as follows. We anticipate total revenue to be in a range of $519 million to $522 million, representing 16% to 17% year-over-year growth. We anticipate service revenue to be in a range of $489 million to $492 million, representing 18% to 19% year-over-year growth.

We anticipate non-GAAP pre-tax loss of approximately $16 million. As a reminder, this represents a significant improvement from the $59 million non-GAAP pre-tax loss witnessed in fiscal 2020. And so with that, let me turn to my final topic and discuss our IR program. I've had an opportunity of speaking with many of our institutional shareholders, and analysts to solicit their feedback. Based on this feedback, we're planning on making changes to the IR metric sheet. The goal is to more effectively report key performance drivers for our dynamic business model. We expect to discuss these changes in conjunction with fourth quarter results. And so we're providing ample notice. To wrap up, we remain well positioned to manage the business for the long-term, and are committed to accelerating our efforts to deliver better financial performance and enhance shareholder value. We feel confident in delivering on our financial outlook and have line of sight to profitability, positive cash flow and accelerating growth in fiscal 2022.

I'm proud of our second quarter performance. And we'd like to thank our customers and our partners for their continued commitment. Operator, we're ready to take questions.2

Questions and Answers:

Operator

[Operator Instructions] Your first question comes from the line of Ryan MacWilliams with Stephens Inc. Your line is open.

Ryan MacWilliams -- Stephens Inc. -- Analyst

Thanks for taking the question. Nice quarter. And I like some of the changes to the cash collection. For Vik, I thought that 48 new booking over 100,000 ARR was telling of the recent pull forward and up market adoption of Cloud Solutions. Can you talk about any further changes you've seen there for this mid-market enterprise purchasing since COVID. And are you seeing any changes here to deals like, are you seeing a sense of urgency from these larger customers?

Vik Verma -- Chief Executive Officer

Yes, and actually what has been quite interesting is, as you can see, our combination deals where people are buying two out of our three solutions is significantly ramped up at 70% of our bookings greater than $12,000 in monthly recurring revenue. What we've also seen is this whole concept of land and expand with people, we may buy for example, our contact center solution, and then immediately follow-up with our UCaaS solution. And increasingly, they're starting to also buy our CPaaS solution to customize the end user experience. One of the interesting trends we also saw was some very large contact center deals, if you remember, from my prepared remarks, we talked about a 1,300 contact center win and an 800 contact center win and several, I think 400 contact center wins. And so you're just seeing this trend more and more toward large global enterprises, selecting a communications platform starting with either a unified communication or a contact center solution, and then adding the rest as time goes on.

Ryan MacWilliams -- Stephens Inc. -- Analyst

Perfect. And then on Microsoft Teams, it seemed like 8x8 was head of the game here, Lisa and the team maybe won the first Teams direct routing integration this year. I know it's still early, but how is 8x8 Voice for Teams helps you engage with some larger enterprise customers that maybe 8x8 has engaged before? And have you seen any initial interest for these Teams customers to maybe add on contact center? Thanks.

Vik Verma -- Chief Executive Officer

Yes, actually more than initial interest, we've actually closed deals like that, would be a finding is Microsoft Teams pulled in a lot of 8x8 Voice because we added a PSTN connectivity, and we did it essentially seamlessly so that from a user's perspective, it was a completely seamless experience. And then we saw a tendency for people to add on, also our contact centers. So we view this as a very fast growing initiative for us, and we think we're very well positioned for it.

Ryan MacWilliams -- Stephens Inc. -- Analyst

Thanks for taking the question.

Operator

Your next question comes from the line of Rich Valera with Needham. Your line is open.

Chad -- Needham -- Analyst

Hey, it's Chad [Phonetic] for Rich. Good progress on the X Series migration. Im just wondering what you guys have seen with respect to churn as you've shifted this base? Thank you.

Vik Verma -- Chief Executive Officer

Okay, so this is a question that comes up several times. So I'll just hit it head on. So it's not that we go to the customer and requests that they migrate, we usually migrate them over the weekend, we let them know way in advance. And we see a lower churn rate on migrating customers and on X Series customers than on our legacy customers. And so we witnessed that again in the second quarter, we had lower churn rates overall compared to the first quarter. Not surprising, I think, given the ramifications of COVID. Everything are starting to settle down. But in terms of migrations, we definitely continue to see the trend that migrated customers have a lower churn rate.

Operator

Your next question comes from the line of Michael Turrin with Wells Fargo Securities, your line is open. Michael Turrin with Wells Fargo Securities, go ahead. Your line is open.

Michael Turrin -- Wells Fargo Securities -- Analyst

Oh, sorry, apologies. That was the double mute function apparently. Thanks. Good afternoon. Appreciate your waiting there for a second. Maybe to start-off with from the highest level. You've talked in the past around the importance of owning the stack. The messaging has since somewhat evolved toward single vendor open platform, can you just help us understand what that means for customers and for partners and how you're positioning competitively given this move toward the more open platform approach?

Vik Verma -- Chief Executive Officer

No, I don't think the message has evolved. It's all about owning the stack. And the only part that and as part of owning the stack, we provide API's. So basically, people can change the end user experience and customize for their various business needs. We think it's increasingly more important than I think you're seeing that happen everywhere. If you look at the messaging, increasingly, you're seeing people buy both contact center and Unified Communication together and CPaaS becomes a way to integrate and change the end user experience.

And so and then on top of that, because it's all part of one common stack, you have one common data layer, one common way of basically accessing all the various informations and a common user experience across the entire company. I view that as hugely differentiated and particularly as we go into a compliance and security environment as well having one integrated platform under one vendors control, we think is increasingly more and more important. The CPaaS function gives us the ability to then ensure you can add, for example, a video link or a SMS, reach or something like that at the end user experience level, and do it as still part of that one common platform.

Michael Turrin -- Wells Fargo Securities -- Analyst

Maybe one as a follow-up for Sam on guidance. I mean, you mentioned a few things in the script. But given the 19% services revenue growth, you just delivered in the 12% to 13%, you're guiding for in Q3. Is there anything, any change to call-out just in your approach to setting targets here versus the prior-team? And maybe is there anything you can add just to help quantify what you mentioned there around the lapping of way of selling some of the deal activity you saw last year? Thank you.

Samuel Wilson -- Chief Financial Officer

Yes, so we left Wavecell in Q2, so the 20% ARR growth, 19% service revenue growth is relatively clean, from a lapping and all those kinds of things point of view. What I was trying to call out was last year's comp was a big tough, there was a big surge between Q2 and Q3. And so we're seeing a little bit of that drop in Q3s growth rate. So but we did put the guidance out for the full-year. And if you do some quick math, you'll realize that there's a reacceleration going into Q4, and then overall, we did take the service revenue growth expectation up from the year previously, we had 17% to 18%. Now we're saying 18% to 19%.

So for the year overall, you're looking at something around 18% to 19%. And no, no change to sort of how we give guidance, we give guidance on what we think we can do.

Michael Turrin -- Wells Fargo Securities -- Analyst

Helpful, thank you.

Operator

Your next question comes from the line of Matt VanVliet with BTIG. Your line is open.

Matt VanVliet -- BTIG -- Analyst

Hi, how's it going? Thanks for taking the question. I guess looking at the channel momentum, still kind of outpacing the overall growth of the company and the mix of bookings remains quite high. The addition of new channel partners is pretty high but I guess as we think about that and then the guidance for the next quarter and next couple of quarters, you're talking about lapping some bigger deals, but you've brought a lot more partners into the network.

So I guess two part question on that. What's potentially slowing down on the overall growth in the channel business? And how's that weighing on the total growth rate, especially for the third quarter, and then second, on some of these big announcements around the VAR models, maybe a little bit more than kind of just reseller or I guess channel partners out there that are just kind of selling a bunch of business? How is that then a focus? And how is the market changing around that dynamic?

Samuel Wilson -- Chief Financial Officer

Okay, I'm Sam, I'll take the first part of this one on some of the channel metrics, then I'm going to turn it over to Vik for the VAR in the second half part of the question. So what I was trying to highlight in my script was simply that the way the IR metric sheet works on bookings, it's really on total contract value. And so if we book a very large deal, or a five-year deal, or whatever, they can create that concept of a tough comp. And so as we've been closing these larger and larger enterprise deals, I mean you really see an RPO, which is growing 50% year-over-year, you can really see that we can start to have an effect where a comp or a big deal or a couple big deals in a given quarter can whipsaw that growth rate number. And I just wanted to make investors aware of that, right. I still think the purest, cleanest way to look at our company is looking at ARR growth, which was 20% last quarter, it encompasses our CPaaS business and encompasses all those pieces.

The other thing I would highlight just on the channel piece is, if you look, we're monetizing our investments, if you go back a little over two years ago, we had literally 127 active channel partners. We've effectively grown that almost 10 X with I think we put the IR metric sheet 1,169 active channel partners, and we have a lot more room to go there. I think we have good traction and good momentum in the channel. We really like our channel partners, we really like where we stand. But we definitely have more room to run with that initiative. Vik?

Vik Verma -- Chief Executive Officer

Yes, I'll echo that. I mean, 59% of our bookings was channel. And more importantly, we have across the board record bookings. The key point on VAR that is another one that is an important area is as you know, we made a big push into VAR because we have this one integrated part platform. And we built a partner portal, which allows a VAR to essentially resell our products.

And we made an investment both at ScanSource and Virgin Media business. Both pipelines are growing quite significantly. And we've closed deals on both of them. And Virgin Media business in particular, had two very large wins that I talked about, that speaks to the effectiveness of having that one platform because what it allows a VAR to do is to sell voice, video contact center, plus API's all as part of an integrated bundle, and they can mix and match to their respective customers.

And to a large degree, it addresses two of the areas which we see a significant opportunities of growth for us, which is we want to increase our distribution reach. And we want to improve our brand recognition and VAR partners have a lot of brand recognition and a large installed base and their ability to resell our products, because we made it easy for them to do is a key part of our strategy.

Matt VanVliet -- BTIG -- Analyst

Thanks. And maybe as a follow-up, we've seen a lot of success around the overall industry, for obvious reasons as demand has then pulled forward for a lot of companies. How do you feel like you're performing in competitive deals? Are you still needing to get more efforts or you finding your way into most of the deals that you feel like you should be a part of right now?

Vik Verma -- Chief Executive Officer

No, actually, I'm feeling much better about demand generation, overall brand recognition and overall performance. I think for us right now, what I'm seeing more and more off is the we've been on a three-year journey when we have made major investments in our platform, major investments in our demand generation engine, our website infrastructure, our channel partners, and we're now starting to see all of that payoff, and were also starting to see it in terms of the leverage that we're able to get. So we like where we are. It's all about execution.

Matt VanVliet -- BTIG -- Analyst

All right, great. Thank you.

Operator

Your next question comes from the line of Meta Marshall with Morgan Stanley. Your line is open.

Meta Marshall -- Morgan Stanley -- Analyst

Great, thanks. Sam, I wanted to ask you a question maybe first, just as youve been in the role a couple of months, clearly you guys have talked about making the services organization more efficient or moving to kind of one generation of product that you have to maintain. But just are there other areas where you think there's opportunities for efficiencies within the business?

And then maybe a second question for Vik, just where are you seeing success in kind of bringing some of CPaaS's higher margin products into kind of the sales opportunity versus just kind of SMS? Thanks.

Samuel Wilson -- Chief Financial Officer

All right, so I'll take the first one, Meta. I guess this is my defect as a CFO, but I believe in continuous improvement. So yes, there are other areas we can improve on, there's areas that we've already improved on, we can improve more on, you did highlight a couple of them professional services, we're doing better. As I mentioned in the margin, in the script, flex hardware, rental saw nearly 50%, growth quarter-on-quarter, those are areas where it's kind of low hanging fruit, and we'll continue on that monetizing the channel, monetizing our marketing investments are a key piece, continuing to focus on cost structure, all those kinds of things.

We're really just focused on continuous improvement on each dollar that we spent, I hate to make it so simple, but it's really that simple.

Vik Verma -- Chief Executive Officer

And I'll give Sam kudos, Sam as well as the entire finance team, they've done a great job across the board. I think you saw it also in terms of how the team has executed in terms of overall margins improving, particularly professional services, as well as other margins. You also saw bottom line improvement, you've seen CAC improve steadily. So all of those trends are under way. And we were putting in all the efforts in place to make sure that there is continuous improvement across the board.

The other part, I think, which you were talking about, which I think is exactly the strategy we've been on, which is this whole concept of an integrated platform, I think we talked about the fact that UCaaS, CCaaS represented approximately 70% of our bookings greater than 12,000 ARR. And that's, and that actually is growing twice at the market rate and now represents a third of the overall company ARR.

So that's one part. The second is increasingly those customers then are asking us for CPaaS API's so that they can change the end user experience, I gave you one example of a recruiting company, which added CPaaS to go out and do a series of blasts to all of the various candidates who then click on it and can and then become part of a campaign which can then be talked to through our contact center.

We're seeing a significant interest in our video offering which is why we'll be making Jitsi as a service available very shortly where literally in minutes, you can add a video meeting link to somebody's embedded application, that will then become available over on a general availability by end of this calendar year. So CPaaS we view as a great addition to our overall platform. And we're also seeing significant opportunities for margin improvement, particularly as we move into voice and video services for CPaaS.

Meta Marshall -- Morgan Stanley -- Analyst

Great, thanks.

Samuel Wilson -- Chief Financial Officer

Thanks, Meta.

Operator

Your next question comes from the line of Peter Levine with Evercore. Your line is open.

Peter Levine -- Evercore -- Analyst

Great, thank you for taking my questions. And congrats on a good quarter, so as we think about revenue reacceleration, the go-to-market investments you made internally and toward expanding the partner ecosystem further gaining traction here. So looking at your pipelines, what's your confidence in your sales or being able to deliver in the last mile?

Vik Verma -- Chief Executive Officer

I mean, we've brought on board, a CRO who have a lot of confidence and Steve Seger, the team overall is executing well, we've had our last quarter from a bookings perspective was very strong. And we continue to feel like there is a good opportunity to continue to improve from there. So it is all about execution for us. I like where we're at. I like the fact that the investments are finally starting to pay-off. And I think now it's all about execution.

Samuel Wilson -- Chief Financial Officer

And all I would add is, the proof from the numbers, right, we had a great quarter, we have cited service revenue, total revenue, margins, everything right. So yes, we have extreme confidence that we can convert the pipeline into future revenue.

Vik Verma -- Chief Executive Officer

I will add one other thing, which is which I think is a team, I want to also recognize, which is our e-commerce team, we introduced e-commerce, I think literally a little over a year-ago, they're adding thousands of logos a quarter, which means the low end of the market, people can literally click on and have a fully functioning UCaaS system right off the bat, as well as Meet Pro. And so that becomes a great on ramped into our overall X Series platform. So it also allows us to free up our sales team to focus on larger and larger deals, which has been part and parcel of our strategies over the years.

Peter Levine -- Evercore -- Analyst

Great, and also last question, help me get a little more color in your pipeline, that environment throughout the quarter. And if you're seeing any changes in sales activity or changing conversation with customers here in the fourth quarter, now we have Election around the corner, COVID cases are spiking here across the globe. So curious if all this uncertainty in the last couple of months of the year is having any impact or if you're seeing any changes, obviously clear by your results and guidance you have given us? I would think not but just any incremental color would be great. Thank you.

Vik Verma -- Chief Executive Officer

Last quarter, actually, one of the good things about last quarter was it was a very normal quarter with normal puts and takes and it was business as usual. I'd like to see that continue.

Operator

Your next question comes from the line of Mike Latimore with Northland Capital Management, your line is open.

Mike Latimore -- Northland Capital Management -- Analyst

Great, thanks. Interesting to see more and more eight figure deals show up here. Good to see, in terms of I guess Vik, you just said it was sort of business as usual, I guess does echo to bookings kind of linearity as well, the booking sort of track you expected by month?

Samuel Wilson -- Chief Financial Officer

Actually it was, I will take this one, it was actually a little better than expected. So it was less backend loaded than we normally have. And I think that you just see the DSOs on the balance sheet are basically flat, right. So everything was kind of as expected, as Vik said it was fine. And linearity was actually a little better than expected.

Vik Verma -- Chief Executive Officer

And then Mike going back to your comment about the first part, which is, as you know, we've been in this journey to move higher and higher up the stack in terms of mid-market enterprise deals. But we also wanted to make sure we were able to serve as a small business customers in a very efficient manner. Our e-commerce has been adding thousands of logos at the lower end. And then mid-market, which frees up the sales team to go up to mid-market and enterprise deals. And so you're seeing both ends of the deal being serviced. And the fact of the matter is you have one platform, which allows you to go from small deals all the way to enterprise level deals and you can mix and match, you've got voice, video, chat, contact center, plus the API's now through our CPaaS acquisitions, so that we've seen the land and expand portion of it also be a very significant growth driver going forward.

Mike Latimore -- Northland Capital Management -- Analyst

Great, and then on small business, anything any change in churn in the small business category?

Samuel Wilson -- Chief Financial Officer

We've been migrating them, so as I mentioned earlier, we're seeing lower churn rates on migrated customers. So I'd say the only thing is, churn was down in the second quarter, and you can see the cash, right cash is doing fantastic, it's better than we expected for the quarter, so our collections are really no problem.

Mike Latimore -- Northland Capital Management -- Analyst

Great, thank you.

Operator

Your next question comes from the line of James Breen with William Blair. Your line is open.

James Breen -- William Blair -- Analyst

Thanks, just wondering as you think about this quarter rolls less, any changes you're seeing in the channel as those companies sort of adapt to what's happening, pandemic etc and given sort of the potential research as we're seeing here, on the COVID side, just wondering how the adoption is happening in the channel? Thanks.

Vik Verma -- Chief Executive Officer

No, I think we have enjoyed our interactions with the channel. As a matter of fact, I think our brand recognition within the channel has been going up quite significantly. Were also starting to see that that channel has also adopted our e-commerce engine. So for their small low-end deals, channel partners are now starting to put that on their website. So for small customers, they can actually go in and service them there. We're also doing these large, we call them Blitz days where channel partners and 8x8 folks go out and reach out to prospects all over the world.

And that's been extremely well received. We're also starting to see much larger deals come from the channel, we've seen a lot of 8-figure TCV deals coming from the channel, which means the channel is starting to feel more and more comfortable that we're the partner of choice.

James Breen -- William Blair -- Analyst

And with respect to just geographic dispersion, can you just talk about where sales are coming from globally and how to expect?

Samuel Wilson -- Chief Financial Officer

Yes, so if you look at I mentioned as an activity, look at our international business, it was up 37% year-on-year. So our previous investments that we've made in growing the channel, especially in the U.K. are really paying off I mean, Vik mentioned Virgin, but in general, we're seeing stronger growth internationally than we're domestic U.S. But I don't want to downplay, we're seeing growth in both markets part of it, it's just the U.S. markets so much larger, it's harder to get a bigger growth rate number off of it.

James Breen -- William Blair -- Analyst

Great, thanks.

Operator

Your next question comes from the line of Siti Panigrahi with Mizuho. Your line is open.

Siti Panigrahi -- Mizuho -- Analyst

Thanks for taking my question. And good to see progress in the business. A couple of questions, first on Microsoft Teams. Good to see this early success. You talked about 10s of 1000s of seats. So how do you characterize the successes, is more in the U.S. or outside the U.S., certain geography? And also any particular segment between this small, midsize and large?

Vik Verma -- Chief Executive Officer

No, actually, it's global. And it's broad based.

Samuel Wilson -- Chief Financial Officer

It's you've got small customers, you've got mid market customers, I think we even talked about 13,000 deal Microsoft Teams win. So yes, it's broad based. And it's global.

Siti Panigrahi -- Mizuho -- Analyst

Okay, and then we keep hearing pretty good, positive feedback on your technology and in a platform, as you talked about, and you're making progress on the go-to-market side. Now that Steve joined as CRO, I'm wondering what sort of changes we should expect, in a go-to-market initiative?

Vik Verma -- Chief Executive Officer

So I'm thrilled to have Steve Seger, on board. He's a former defensive end. And he has that kind of mentality. I think our team is a strong team, that generally in place and Steve brings that, we have brought everybody essentially under one roof. And Steve brings that intensity to kind of take it to that next level, we also see VAR being a very strong growth driver going forward. And e-commerce, as I indicated, allows us to go after the low-end of the market in a very cost efficient manner. So as I said, I like where we're at, it's all about execution.

Siti Panigrahi -- Mizuho -- Analyst

All right. Thank you. Thanks Vik.

Vik Verma -- Chief Executive Officer

Thank you.

Operator

Your next question comes from the line of Andrew King with Colliers Securities, your line is open.

Andrew King -- Colliers Securities -- Analyst

Hi, thanks for taking my questions. One quick one, that migration has really accelerated past where we were originally expecting, I just want to get an idea if there are any factors outside of COVID that accelerated this migration past your expectations? Thanks.

Vik Verma -- Chief Executive Officer

I mean, look the biggest factor is an awesome engineering and Biz apps team, they found a way to completely automate the process. I think Sam alluded to it in the past, where in essence, what you do is they found a way where you can take a customer that was on a legacy platform, literally map it over to a new platform, do all of the prep work beforehand. And over a weekend, literally a switch gets flipped, and the customer is now on the new platform. And they're other than the user interface from their perspective, all the feature functionalities are very similar. It was a phenomenal teamwork, and they migrated 10s of 1000s of customers over the last couple of quarters. So that's a great accomplishment. We also believe some of the IP that they develop, has opportunities for migrating, other customers that may not be on 8x8 platform or in the future and the whole goal here is to make sure you automate that process.

Operator

Your next question comes from the line of Will Power with Baird. Your line is open.

Charlie Erlikh -- Baird -- Analyst

Hey, this is Charlie Erlikh on for Will, thanks for squeezing us in. I would just ask one, I was hoping you could talk about your gross margins expectations medium to long-term, given a lot of moving pieces contact center growing strongly, CPaaS trend strong and UCaaS trends and video coming online, too. So how should we think about that putting that all together gross margin?

Vik Verma -- Chief Executive Officer

Its a super fair question. And I'd love to give you an incredibly articulate answer, there's really two moving pieces here. As our CPaaS business grows from a product mix perspective that drives down gross margin, at the same time as flex and our professional services scale up, that's a positive influence to gross margin. So roughly, we model it flat to slightly down, we think CPaaS has a little bit larger influence. And by slightly down I mean 10s of basis points, not four percentage basis points. That's generally how we think about it over the next, let's say, four quarters or so. And then after that, I'll have to reassess and give you an updated answer.

Charlie Erlikh -- Baird -- Analyst

Great, thanks.

Operator

Your next question comes from the line of Jonathan Kees with Summit Insights Group, your line is open.

Jonathan Kees -- Summit Insights Group -- Analyst

Great, thanks for taking my questions. And congrats on a good quarter. I wanted to dig a little deeper in terms of the video. In the past, you talked about like the number of users for the 8x8 video Meetings Pro, just want to try to get update on that. And also just try and get an understanding in terms of have you been using this as a lead in for the UCaaS, CCaaS sales, or is it just more of than upsell afterwards, just kind of get a better understanding in terms of the interplay between that and the more established offerings that you have. Thanks.

Vik Verma -- Chief Executive Officer

Thanks, Jonathan. Yes, no video, as you know, were still at several million users. The main point on video over the last quarter, as we talked about has been how do you monetize that. And there's been three very good approaches number one, increasingly it has become the on-ramp to both our 8x8 Express as well as overall UCaaS, CCaaS platform. So that's worked extremely well for us. The second and this has been essentially customer led, they increasingly like our video, Jitsi as a Service, as a way to embed into their own applications to add video capability.

And so we've already got several pilot customers on that as well. We've also got a very robust Open Source community that is continuing to innovate on that. So for us, video has become increasingly a way where we as part of a bundle, it's a differentiated offering, it's an on-ramp onto our X Series platform. And Jitsi as a Service allows us to monetize by putting in applets essentially into somebody else's larger app, where they're able to literally do it in minutes. And developers are we've got as indicated several beta customers on it already.

Jonathan Kees -- Summit Insights Group -- Analyst

So you're going to keep Meetings Pro more as a non-rapper now, without more monetize at Jitsi as a Service?

Vik Verma -- Chief Executive Officer

That is correct.

Jonathan Kees -- Summit Insights Group -- Analyst

Okay, great. All right, thanks.

Operator

Your next question comes from the line of Ryan Koontz with Rosenblatt Securities. Your line is open.

Ryan Koontz -- Rosenblatt Securities -- Analyst

Thanks for the question, I can take a sizable piece of the UCaaS term out there is in the carrier business lines, I wonder how you view the carrier opportunities to sell them white label product? Or do you prefer to really displace them typically with your own brand, your own channels? Thanks.

Samuel Wilson -- Chief Financial Officer

Okay. So I would answer that question sort of two pronged approach that we have. Number one is a lot of the carriers have traditionally sell to VARs or have a large VAR component to it. So that's obviously our VAR program that Vik discussed earlier. The second one is with e-commerce and even with some accessory stuff in our API's, we have the capabilities of white labeling, selling to etc, those discussions have occurred, are occurring, will occur, etc. I don't want you to read anything into that. But we have the ability with for example, Manager Express, we can white label it if that's what a carrier chooses to use that as a self service, zero touch on-ramp to UCaaS and then progressively move up from there, I will tell you, for sure, carriers are super interested in the idea of self service, zero-touch, no human being involvement type of stuff. And that's a lot of the activity we're seeing, when we mentioned that, that we're starting to have the ability to move e-commerce into our channel.

Vik Verma -- Chief Executive Officer

And I mean, and you can look at the example of Virgin Media business. In essence, they're standardizing on our platform, they're going to their install base, they can sell UCaaS, they can sell CCaaS, they can sell CPaaS. They can sell it for small business customers through our e-commerce offering. So we re increasingly seeing carriers as a route to market by them essentially co-labeling our products and are white labeling our products because we believe our platform is hugely differentiated, comprehensive, and fully integrated from their perspective, it becomes a one vendor way to go-to-market with multiple offerings.

Ryan Koontz -- Rosenblatt Securities -- Analyst

Thanks Sam, thanks Vik.

Samuel Wilson -- Chief Financial Officer

Thank you.

Operator

Your next question comes from the line of George Sutton with Craig-Hallum. Your line is open.

George Sutton -- Craig-Hallum -- Analyst

Thank you. One interesting thing that I don't think has been addressed is the decision to pay more of your bonuses in cash versus stock, which I think is an interesting move. Can you talk about the logic behind that?

Samuel Wilson -- Chief Financial Officer

Yes, I'll take that one. So look, when I came became CFO, back in May, June, I heard a lot of concerns about cash. I think with the latest numbers, we've really taken that off the table. We've, we're talking about over $135 million in cash, not including restricted cash exiting in Q4. We're on the path to cash flow profitability. So it's time to start to turn our attention to things like stock based compensation and those types of things to make sure that we're very shareholder friendly and what we're trying to achieve, right.

So it was really a function of the fact that we have cash, I don't know if you know this, but you're not earning much when your cash that's in your checking account these days. So it's better for us now to issue less stock at the values that our stock is trading at and just pay out our bonuses in cash.

George Sutton -- Craig-Hallum -- Analyst

I'm well aware of the current interest rates but I think it's an interesting move. Thanks.

Samuel Wilson -- Chief Financial Officer

Yes, we just do not have any concerns about cash balances right now. And I think this is just another way that we start to become more shareholder friendly

Operator

.[Operator Closing Remarks]

Duration: 69 minutes

Call participants:

Victoria Hyde-Dunn -- Investor Relations

Vik Verma -- Chief Executive Officer

Samuel Wilson -- Chief Financial Officer

Ryan MacWilliams -- Stephens Inc. -- Analyst

Chad -- Needham -- Analyst

Michael Turrin -- Wells Fargo Securities -- Analyst

Matt VanVliet -- BTIG -- Analyst

Meta Marshall -- Morgan Stanley -- Analyst

Peter Levine -- Evercore -- Analyst

Mike Latimore -- Northland Capital Management -- Analyst

James Breen -- William Blair -- Analyst

Siti Panigrahi -- Mizuho -- Analyst

Andrew King -- Colliers Securities -- Analyst

Charlie Erlikh -- Baird -- Analyst

Jonathan Kees -- Summit Insights Group -- Analyst

Ryan Koontz -- Rosenblatt Securities -- Analyst

George Sutton -- Craig-Hallum -- Analyst

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