Great. Great to be here with you, as

always. Great to be here.

>> Yeah.

The uh we we decided we would interview

each other today, and I'm going to start

by asking you the first question. So,

Palantir just [snorts] reported while we

were in the back room getting ready, the

CFO of Palantir called you. What were

you guys uh I know without violating any

uh you know, privacy issues, what were

you guys talking about?

>> look, I mean, to me is I they they had a

robust quarter. I mean, if you look at

their growth, it's just phenomenal. I

think it's a good example of you know,

what's the validation for this AI

revolution, right? All the CapEx

spending. Palantir, I think, front and

center. And I think

>> they grew their US business 100%.

>> Exactly. Look, and I think I think what

Palantir is doing speaks to And

obviously, it's a big focus of

everything that you're doing when it

comes to Athena.

Look, I think this is just the beginning

of the AI revolution. The soft- like

when you think about the software, the

use cases, and I think what they're

seeing is a lot of the stuff that, you

know, you're seeing with Athena, right?

I mean, it's you know, I I guess I'll

I'll go to you, okay? Like, you know, we

talk about Palantir, and I know I think

also like a lot of the stuff that

that I see with Palantir, it it reminds

me, if I go back a few years ago, right?

Where like no one gave them the respect

in terms of on Palantir, and look what

Carpenter have done. When it comes to

like Athena, it really feels like Athena

is changing data. She is. Yeah, it's

funny, because if you look at our

quarter, we grew the business by 50% top

line year over year at scale. I mean,

that's, you know, then you look at

Palantir at 100, you know, you feel a

little like you're you're sleeping

there, but at 50% growth, we were I was

super super proud of what we did. I

think there was some confusion in the

quarter, and you know, listen, we've

projected $397

million in EBITDA

for this year, and you know, we very

much expect to be meaningfully net

income positive this year, which I think

is causing confusion.

>> It's good you hit It's good you hit on

there cuz right there is

>> Well, a lot of people are talking about

that. And and the truth of the matter is

that you're projecting 397 million in

EBITDA. We expect to be, you know, net

income positive. And the restructuring

from the Marigold acquisition, which by

the way, we are just

killing

with that acquisition. I mean, if you

look at the business, we grew 29%

organically in the quarter and 50% total

in the quarter. That's because Marigold

was so far ahead of where we expected it

to be. And you know, quite frankly, our

organic business is growing because of

Athena.

In the first quarter, we saw our Agented

volumes go up by 700%.

60% of which was Athena.

So, But but also goes I remember like

when we sat down and now is the at CES,

January and and now you think you're at

Milken I can't believe you're doing it.

You The outfits just get better though.

I know. No, you you're

you could wear the same outfit. I don't

think I could pull that off. But but but

but if I go back to CES in January and

here we are at Milken in May,

I mean, to some extent like the strategy

is really playing out exactly and even I

think almost ahead of plan. Yeah,

Athena's way ahead of where we expected

it to be. 100% of our enterprise clients

have Athena now in their hands and

everybody's using it. And and quite

frankly, if you look at Zeta's return on

investment, according to Forrester, for

every dollar that's spent on our

platform, we return 600%

return on investment.

So, $1 equals $6 in business. Our

clients using Athena are seeing a

substantially higher return on

investment than that. And and that

speaks like look, just like Palantir

>> way, we're supposed to be interviewing

each other. But but but to some extent

but you but but what I was saying is

like just like Palantir, what we've seen

there, it's really it's my view that

you're actually starting to see not just

validation, the actual use cases play

out. I mean, that's what that's really

what you guys are seeing in terms of

when it comes to Athena.

>> Yeah. The use cases have been

really surprising how many they are. And

And when you look at a 700% step up in a

Gentex utilization in the quarter, and

60% of that being utilized by the

platform that you put live in that

quarter,

right? And And you know, we're going to

be rolling out V2, V3, V4 of Athena, you

know,

you know, almost, you know, every month

or or every other month over the over

the next year. Let Let's talk for a

minute about SaaSageddon. Yep. Right?

So, you you're getting asked this

question. You're on CNBC, you know, if

not every day, almost every day. What do

you think? How does a company

like Palantir or us or others, how do we

react to something that's so

nonsensical?

Look, I think part of the pri- And I'll

almost

I'll almost call it it's like a we call

it the AI ghost train in terms of

Anthropic, basically that they're going

to, you know, structurally break every

piece of software and they're going to

ruin I think you have to separate out

are there going to be areas of software

disintermediated relative to Anthropical

but of course and like For sure. And And

And I think those companies could

clearly be exposed and those are the

ones either cause M&A or structure those

companies are on the loser category.

But I think for software companies, and

it's not just you, it's not just

Palantir, it's a Salesforce, it's a

ServiceNow, it's everyone. It's trying

It's trying to figure out, okay, when

does the monetization phase start? See,

my whole point is if you think about

data centers taking two or three years

to build and GPUs and the infrastructure

and the

we're only now just starting to get into

the software phase.

Yeah, cuz

all of these tech cycles start with

infrastructure. Exactly.

>> Right? And then the application layer

that sits on top of it comes next, aka

software. And that's why I think like

what we see with Palantir,

what you guys are seeing with Athena,

this is actually just the start

Snowflake seeing and others. So so my

view is that they painted software all

with the same brush and you see it

structurally if any sort of thing

happens it takes the stocks down

significantly. The reality is is that

the software use case phases are just

starting. I'm sure you see that when you

talk to customers, like when you talk to

customers today, how much different is

it today than 6 months ago? Oh, it's I

mean and I remember we started working

in AI in 2017.

So for years and years nobody even

cared. Like they would be like, "What

what What are you talking about?"

Now we're getting pulled into use cases.

We're you know, I think Athena is going

to solve far more problems for our

clients than people expect that she

will. Totally. And then look it just I

think so to your question I would just

say I think investors to me is covering

tech stocks in late '90s, it's the most

I think

incorrect narrative

that I've actually ever seen in my

career relative to software what's

happening. It will take time to prove

itself out, but the reality is AI native

stocks are never going to unseat core

install bases. If you look at the data,

if you look at ultimate lab use cases

where they're going to play on, LLMs

will partner with software companies and

over time LLMs will get commoditized and

you'll have you're going to have

hundreds or thousands around the world

relative to you know to models as they

ultimately deploy. Software will be the

hearts and lungs of AI.

>> Well, and and and data, right? I mean,

if if you look at it, proprietary data,

I think it's going to be the biggest

differentiator as you think about where

these models are going, right? Because

models are only as smart as the data you

feed into them. Exactly. And if you look

at and I'll talk about data again. We

have if you think of the mode around our

business, we have 555 million people who

have opted into our data cloud that we

have never fed that data into a large

language model ever, nor would we. It

simply trains our models, and then we

take our clients' first-party data,

which

includes 51% of the Fortune 100, we're

ingesting all of their data into a

consumer data platform, we're matching

the data together, and it's training the

models just for that client. One of the

really interesting things that I think

people missed about our company was last

year, our net retention rate as a

company was 120%.

And most software companies are happy at

100, we were at 120. That's because once

our clients ingest we ingest our

clients' data and we map it with our

clients' data, it's almost impossible to

fire us because you keep getting better

better return on investment for them,

therefore they keep growing with you.

But that really goes to the broader

theme here. And I think well, you saw it

in your in obviously in this quarter in

terms of those numbers, but I think more

and more we are now in the software

phase. We are and I think that's what

companies are starting to see like, how

do I deploy it? I've spent tens of

millions or more on infrastructure.

Where are the use cases

Where are the use cases Use cases aren't

not coming from Nvidia, it's not coming

from a lot of the infrastructure, it's

coming from software.

When do you think the street gets that?

Or how do we convince the street of

that? Like I I just That to me is

confusing.

>> But but I'd say David, I think like the

issue that like from a communication,

the street, and the SAS apocalypse, or

the AI ghost rate, it's not

These are conversations that I see with

so many of my some of the best software

companies in the world.

I think it's going to start Look, it

starts with the results. Just like you

guys are showing in terms of the actual

monetization.

And then I think it really starts to As

you start to see these stacks and the

infrastructure get built out, I think

investors are going to realize it's the

most disconnected narrative

in the last 25 years relative to the end

profits and others

the view that they're going to un-teach

software companies. And I think it's

really Our view is the second half of

'26

is where it really starts to play.

Because that's where the use cases start

to play. I mean, we've seen it, you

know, you showed it, you saw it on

Palantir, but it's really as we get into

the second half of the year, that's

where that starts to run. And that's our

view like software, and we think

software stocks are you know,

potentially they're up double what tech

is in the second half of the year.

Interesting. You know, it's funny, at

Zeta, this was our fifth consecutive

quarter of accelerating organic growth.

And it's it's all coming from Athena

now.

And it you know, it's one of the things

I I find interesting cuz we are a native

AI company. We We re-architected our

entire platform to put AI as native and

data as native, but foundational to the

application layer. It's been so hard to

explain the AI. When we go into a client

now and talk about Athena,

it's almost like we've been driving this

Ferrari. The AI's in the engine, but you

can't see it, and now Athena is the big

head ornament, hood ornament, sitting

right on top. We're going in with a full

Athena pitch to all of our

That's really what we're doing.

>> it almost Athena's really it's changed

the company in terms of like for sure

the go-to-market strategy

and at a time where customers across

verticals are looking at how they're

going to monetize AI. What what else are

you seeing in the markets outside of

this stuff right now? I mean I think

like right now and I just got back from

Asia for a few weeks. So like I could

tell you

>> I don't know how you do it. You like I

called you last week just to say hi and

you're like I'm going to go to Korea.

I think part of it is like the only way

you could understand what the demand

looks like you have to see it globally.

So I think it's very easy while the

bears they're negative on AI in the 35th

floor in New York City office building.

So you don't see AI when you're in Metro

North. And I think the reality is that

the demand that we see it's 12:1 demand

and supply. Wow. And obviously you're

going to get to be at Milken he'll be

talking about the massive AI

>> in about 20 minutes. But but the reality

is like the chip demand is unlike

anything we've seen. It's a super cycle

in terms of memory and overall chips.

But guess what? In terms of that capex

build out it's all getting built out for

what the use cases are going to be. And

I think more and more you're seeing I'm

seeing from CIOs in so many companies

they're now going into that next phase.

And I think there's an arm race, right?

Like which are the stack players that

are going to benefit? Like who are some

of the niche software companies where

some of them might get acquired? Some of

them might fall apart. And I think it's

trying to it's it's those that stay on

the treadmill will get passed by.

Well, that's I mean if you look at guys

like Palantir, right? Didn't they go

through something like this a few years

ago? So I look Palantir is a good

example like and obviously you know

being such a supporter of them over the

years

you know so many times

>> way, watching you talk to like the guys

who run that company while we're in the

other room. The These are your boys,

right? Like you get along really well

with them. Well, part of it is like I'm

a huge believer in what Karp and

Palantir have built. And but but it's

very easy to look at them today

just like it's very easy to look at

Nvidia today. You don't see a few years

ago. You don't see where like they were

building it all on government. They were

building the infrastructure. No one

believed in No one gave them a multiple,

and look where it is today. No, so I'm

saying like that's why like like I said

like it's a lot of the stuff that you're

going through that I think other

software companies that are that are

thriving are going to It's very similar

to what Palantir a few years ago where

it took time for them to execute, show

the vision, and then investors

ultimately rewarded them. And that's why

I just think right now we are going

through this massive prove me phase

for the rest of software. Because I

think right now it's like, okay, there's

Palantir, and they're maybe put up here.

And everyone's trying to figure out who

else

is going to join them. Is it Snowflake?

Is it MongoDB? You know, is it Zeta So

everyone's trying to figure out who

those software Where does Oracle fit?

Where does ServiceNow? Where does

Salesforce? And I think that's why right

now we're in that phase. Interesting.

So, we're sort of in the We've got

infrastructure and software in the same

sort of concentric circle growing

together right now.

>> Well, cuz like right now like every

investor, they're focused on like

hardware, chips. I I don't care if it's

easy or year up here. You own memory

stocks. You own chip. Software is still

do not enter zone. I think that's the

wrong trade, but it's really because

like you're not getting paid to own

these stocks right now because the more

And I think that creates the massive

opportunities.

>> Right. If you look at the reactions like

ServiceNow and others,

but if you look at how it plays out,

okay, as companies go from like the

prove it phase or maybe the skeptic

phase from an investor to here, that's

the huge multiple re-rating. And then

And that's what's going to separate the

companies where we'll be here a year

from now. And there will be stocks that

you look back on and be like, what? How

did no one think because it was the

prove it phase. And I think that's we're

going through that now, not in chips.

In software. Right. Cuz chips are

already seen that. We've already seen

that. And right now, but go back I could

go back in terms of like these periods

of AI revolution. Go back a year ago.

Or go back like 2 years ago. There was a

video It can only be a video. AMD can't

be successful.

Memory stocks

>> Intel can't win. Intel can't win. Micron

can't benefit. SK Hynix, no, it's the

memory stocks. They're What about

SanDisk? They're not No one's going to

pay a multiple like that. So, the point

is like now it's consensus and that's

that's where the crowd is. Software,

it's still No, it's the I I believe as

an investor that so many of them are

structurally troubled. But I disagree

with that because ultimately the hearts

and lungs of these use cases will be

software. We're going through from May

to let's say like December is the prove

it phase for software companies. Well,

it's interesting cuz if you look at most

of the infrastructure and and I mean,

listen, they've built some insane

companies. Like these are great great

great companies. But they're effectively

selling the infrastructure once. Yes.

When we sell a client, it's a

subscription for a very long time. And

if you look at those use cases,

you know, you you would think software

companies that win it I want to go back

to your original premise, right? Cuz I

do agree

they're going to be what I call workflow

management companies that have built

platforms that

if they don't pivot, they're going to

have some real problems. Sure. Because I

think agents are going to

disintermediate them. As well as

seat-based models.

>> Yeah, of course. Well, the seat-based

model people were beating the living

crap out of us for charging a

subscription fee and a utilization fee

year 5 years ago when we went public.

And somebody was asking me the other

day, well, it seems like you've done

really well on the transition

to subscription. I'm like, we didn't

transition. Like we're doing we've been

we're we're 60%

>> your premise before you

>> That was the premise.

>> It was a hurdle before everything. That

was the whole thing. And they beat the

living out of us at the IPO for that.

Like nobody wants a utilization model.

You got to have a seat-based model. You

got to have a CPU model. And we just

didn't think that model scaled.

But it looks like now everybody's trying

to move to sort of your subscription fee

plus your utilization fee. Because of

the worries, too. And again, this also

goes back to a lot of AI alarmist, job

growth job's going to everyone

everyone's going to lose their job. And

and I think a lot of that is more of a

dystopian type narrative. I I think a

lot of that is going to be I'm not

saying there's going to not going to be

areas around that, but the view and I

think you're starting to see changes now

even in the job market and some of the

ones, you know, that that we've seen.

I'm just saying I think that's also

playing into this narrative about seats

going down, job growth, pricing power's

going

>> Well, if you don't need the employees,

why do you need seats?

>> No, but that's

>> Right. But but but then to you like the

question I would say for a lot of

software companies like, are you losing

pricing power?

Are you? And like what would you say to

that? Like you know, there was like cuz

you know, there

>> Well, we we we grew 50% last quarter.

And if you, you know, looked at the

business, it we're adding operating

margin this year and getting more

profitable this year. The the the

interesting thing when you think about

sort of how this all plays out, right?

This morning I did a I was I was invited

to a panel at the Milken Global

Conference with some of the largest CEOs

in the world.

And I then ended up having Coke or diet

Coke with the Wait, cuz you only drink

diet I only drink diet Coke. I only

drink I love I have I have I love diet

Coke. My wife doesn't love me drinking

it. I probably shouldn't be announcing

this on a live stream, but I had a diet

Coke with a senator a US senator today.

And what I can tell you is

whether it's a global CEO of which there

were I'd say 15 to 20 Fortune 500 CEOs

in in the room.

Uh or the senator,

the job repercussions of AI are the

third rail discussion. Mhm? Nobody wants

to have it.

But unless we start having it, we're not

going to figure it out, right? And And

it's something like

when you look at sort of AI,

I look at Athena.

Last quarter, not only did we increase

our Gentik uh utilization by 700%,

but clients who adopted Athena used 78%

less labor to manage the platform. Now,

what I say lovingly is and they can use

those employees to be repurposed into

other functions in their business.

Productivity, yeah. Right? And And I

think that's that's going to be a big

part of it, but I think there's another

part of it that we're going to have to

think about where where do some of these

jobs go? But then I would say and I

would tell you like my whole career

coming from Asia to here and so many

times I'd be in Taiwan and you see you

know, you see a fab 18 hours a day. You

know, the amount of production and I

land in New York Airport there's a fist

fight at Dunkin' Donuts. And then you're

like there's a reason

>> Why are you in Dunkin' Donuts? At And

New York Airport.

>> Okay. And then you're like there's a

reason we're 17th in math.

At that point for so much of my for so

much of my career, now for the first

time

US is ahead of China when it comes to

tech. So, I can make the other argument,

the amount of data centers going to get

built, the ripple effect, engineer,

private companies, innovation. So, so so

that's why like I do think the view of

AI you have to address it, yeah, but I

do think going back to like even weaving

into like software and private credit

and seeds and pricing model, I do think

we're going to look back and be like the

bark was a lot worse than the bite 100%

100% 100%. And by the way, we're at, you

know, 4 4 and 1/2% unemployment for the

third or fourth year in a row.

Three years ago, and this is I think

I'll show how incredibly old I am. I

think this is my 25th or 26th Milken

Global Conference.

Three years ago, the entire conference

all

>> when you started to go to Milken when

you were 14 years old? I loved you.

That's a me That's That's why I love

you. So, 14 years ago was your first

Milken? That's a me Well, in in all

seriousness, three years ago, all

anybody could talk about was aging

global population, and we're never going

to have enough people for all the jobs

we're creating. Now, all we're talking

about is AI is going to disintermediate.

As you said, pendulums swing hard, but

they're almost always wrong. They

overcompensate,

and I think we are going to find great

great jobs for people. But but when you

look at the difference between the

winners and the losers, I think

productivity accelerants

are going to be major. Tomorrow, I'm

moderating the lunch in the main

ballroom, which is Yeah, it's huge. It

was It was nice of Mike to ask me to do

that. They obviously they probably asked

10 people and you know, nine said no,

and then they ended up on me. But

it's all about

is this going to be the step function

in the productivity curve, right? Cuz we

we've been stalled for a few years. We

had this massive productivity that

started with the computer.

Then we had this massive productivity

that started with the internet. And for

the last 5 to 10 years, we've been very

stalled in productivity. The question is

does is AI the next step function? Or is

it just going to keep us sort of growing

at 2 or 3%? And and I don't think

anybody's going to know the answer to

that for a few years.

>> But the use cases will be the key. And

now we enter the software phase, where

obviously that's a huge part of you

know, where Athena and Zeta Plus. Well,

the one good thing about our stock right

now is it's buy one get one free. And

you know, we bought back I think 25 or

30 million dollars worth of our stock

last quarter. We're going to continue to

aggressively buy back our stock. And and

you know, as long as it continues to be

uh, you know, buy one get one free,

we'll keep doing that.

>> also part of it, too, is that you can

just execute on the plan, show the

numbers, build it out, and everything

else, you know, takes care of itself.

Damn, what else do you want to talk

about tonight? I mean, I would just say

like who

when we talk about like SaaS apocalypse

and just everything that we're seeing

from cu- Can you just like maybe like

without obvious

>> I asked you the question. Now you're

asking me a question. Bu- bu- bu- bu-

without without without naming customers

can you just explain

how the conversations specifically have

changed? Like if you just go back to

>> So, back to what we were talking about.

Athena has changed the narrative with

our com- customers in ways that I didn't

even think possible. So, I think a lot

of our customers just looked at us as a

marketing platform. And we did a good

job, and we had a good return on

investment. And when Athena was first

sort of introduced at Zeta Live and then

really we got behind it at CES and then

she was born you know, in the first

quarter we did that big birth

announcement

>> birth announcement

Uh, you know, when she was born clients

started looking at us more like an

innovation engine

and less like oh, they can just help us

with return on investment for marketing.

Yeah. And it's opened up entirely new

doors and new use cases. One of the

things that I thought was the coolest

statistic we reported in the first

quarter was that clients who use

multiple use cases on our platform,

which is the single biggest driver of

revenue unlocked, went up 50%

year over year.

Clients who use us for, you know,

customer acquisition, retention,

monetization went from doing one

to two or more went up 50% and that is a

flywheel that's going to continue for

many, many years. I mean, I would just

say to that point from my perspective, I

think the main thing that software

companies right now are struggling with

is like a lot of acronyms, a lot of

great marketing stuff.

But We call it we call it roadmap AI.

It's like we're seeing a lot of roadmap

AI nowadays. But but but customers don't

want

roadmaps. No, so that's the that would

be the one thing that I would say is

that I'm seeing a lot of companies that

I meet with whether it's private or

public

it's like they have a lot of everybody

but they have a lot of roadmaps.

But right now customers want

action. Look, I think it goes back to

like part of why I think Palantir has

been so successful is like

if you work with them as a customer and

you do their own co-

they

they could show results. And I think but

but like to some extent like you guys

are almost like there there is a lot of

similar DNA in terms of like this is not

top like in the you're seeing

>> We've because of you we're spending more

time with them and getting to know them

better and and it's been really

interesting. But what I would say is the

thing that the Palantir guys do just so

incredibly well

is they solve problems and they execute.

And and that's sort of key to success in

almost any business. Solve your clients'

problems

and execute. And Palantir does that. I

mean, they do that as well as anybody.

And and it's 8 of we we feel like we do

it in in all the world as well.

But it is it is crazy to see

sort of we'll go It's funny. If we're on

a pitch,

we might go into a room where seven

other companies have said they do the

exact same thing we do. And then you

actually

>> Like they're they're just making it up.

And then we come in and they're like,

"Oh, we

I said I'll I can say this to a client.

Great. Test us.

If I don't cut your cost to create

customers by at least 50%, I will give

you your money back."

Even on a test.

Cuz there's so many things like that's

where like where you're going to thrive

and obviously have a massive install,

but but a lot of it comes down to that,

right? It's like proof of concept. It's

proof of concept. And if you think about

it, that's one of the reasons our net

retention rate's so high. Mhm. Because

if you land with a client and then you

massively expand with the client, your

net retention rate's going to continue

to go up. We've given long-term guidance

of 110 to 115% net retention rate. We

were at 120 last year and we were well

ahead of that, the top of the range in

the first quarter of of 2026, which is

traditionally our lowest net retention

rate quarter of any year for a whole

host of reasons, and we were still well

above the 115.

That's because we come in

and say, "We'll prove ourselves."

And when you do that, clients move more

budget, which then naturally drives your

your net retention rate. But

it it I do think that it's crazy how

much road map AI is out there versus the

companies that are really delivering and

really executing.

>> Well, that's the

I think that's the separation. And

you're seeing like from cybersecurity to

software to that is like a huge

>> are good cybersecurity companies at this

point?

>> to to me it's like when you look like

CrowdStrike and Palo Alto,

they're almost playing a different game

than everyone else in cybersecurity

because of I could argue like Palo Alto

in terms of like cyber arc acquisition,

what George has done at CrowdStrike in

terms of building out the AI suite and

what they've been able to be successful

cuz right now when you think about

cybersecurity, that's going to be a huge

piece of every

>> Oh, for sure.

>> you know? For sure. So, I So, I just

think like what what we're seeing in

cyber

is very similar to what we're seeing

across other areas of software. And

looking like physical AI is just

starting, right? Like when you think

about like autonomous and robotics and

what we see with physical like like that

phase right now is just starting to play

>> I think world AI is going to be very

big. And I I think you're seeing a lot

of that come down the pike.

>> And then when you think world AI, it's

like US, you still have less than 5% of

companies gone down the AI path. Asia

ex-China less than 2%. Middle East has a

huge build out in regard obviously, you

know, conflict now, but if you look at

the data centers that are getting built

in Middle East

>> Yeah.

>> Europe continues to build

>> and and once the the conflict is done,

that'll come right back.

>> data centers outside the US are

happening in the Middle East, which just

shows Well, they're the closest to the

energy, right?

>> Well, and also and who's who's really

front and center of all of those deals

US tech. Right. So, I just think and

then also what we're seeing on the

government side is just it's I I think

it this next phase right now where

you're going to see just massive

government spending on AI. It's a huge

part of the administration that we've

seen in the beltway. So, you would sum

it up by saying you think the back half

of the year, how does that look? Oh, I

think that I mean we've said it we think

tech stocks are up, you know, another 12

to 15% second half of the year, but I

think stars of the show

will be the software companies that

could produce show the use cases. We're

in a skeptical phase now, but I think

that this is now we're now going into

the software phase of AI. Well, and I

would tell you for Zeta in particular,

with in addition to everything else we

announced

coming out of the first quarter was the

highest pipeline we've ever had. Our

pipeline was up 40%. So, I I I see it in

the adoption and I see it in the use

case.

>> And the timing. So, look guys, first of

all, thanks everyone for coming and as

always