June 30, 2022

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Similarweb Ltd. (SMWB) Q1 2022 Earnings Call Transcript

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Similarweb Ltd. (SMWB 4.63%)
Q1 2022 Earnings Call
May 11, 2022, 8:30 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Greetings, and welcome to the Similarweb Q1 fiscal 2022 earnings conference call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator instruction] As a reminder, this conference is being recorded.

I will now turn the conference over to your host, Raymond Jones, vice president, investor relations. Please go ahead, sir.

Raymond JonesVice President, Investor Relations

Thank you, operator. Welcome everyone to our first quarter 2022 earnings conference call. During this call, we will make forward-looking statements related to our business. These statements may include the expected performance of our business, and our future financial results, our strategy, the potential impacts of the COVID-19 pandemic, and its associated global economic uncertainty, our anticipated long-term growth, and overall future prospects.

These statements are subject to known and unknown risks, uncertainties, and assumptions that could cause actual results to differ materially from those projected or implied during the call. Again, actual results and the timing of certain events may differ materially from projected results or the timing predicted or implied by such forward-looking statements. Further, reported results should not be considered as an indication of future performance. Please review our Form 20-F filed with the SEC on March 25, 2022, in particular the section entitled Risk Factors.

Therein, for a discussion of the factors that could cause our actual results to differ from the forward-looking statements. Also note that the forward-looking statements made on this call are based on information available as of today’s date, May 11, 2022. We undertake no obligation to update any forward-looking statements we make today except as required by law. As a reminder, certain financial measures we use in presentations of results and on our call today are expressed on a non-GAAP basis.

In particular, we reference non-GAAP operating loss, which represents GAAP operating loss, less share-based compensation, adjustments, and payments related to business combinations, amortization of intangible assets, and certain other non-recurring items. We use this and other non-GAAP financial measures internally to facilitate analysis of our financial and business trends, and for internal planning and forecasting purposes. We believe these non-GAAP financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past financial performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. However, non-GAAP financial measures have limitations as an analytical tool and are presented for supplemental informational purposes only.

They should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. A reconciliation between these GAAP and non-GAAP financial measures is included on our earnings press release, which can be found on our Investor Relations website at ir.similarweb.com. Today we will begin with brief prepared remarks from our CEO, Or Offer; and our CFO, Jason Schwartz. Then we will open up the call to questions from sell-side analysts in attendance.

Please note that we publish a detailed discussion of our first quarter 2022 results in a letter to shareholders for investors and reference, as well as an updated investor presentation with a strategic overview of the business, both of which are available on our Investor Relations website. With that, I will turn the call over to Or Offer, CEO of Similarweb.

Or OfferChief Executive Officer

Thank you, RJ. And also to everyone joining the call today. I’m happy to have you all here on our one-year anniversary of being a public company. We started 2022 strong and post excellent result revenue growth of 51% over Q1 last year, and exceeded $44 million in the first quarter.

Our customer base grew 27% year-over-year to nearly $3,700, and our average accounts spend nearly $50,000 with us annually. Furthermore, over 53% of our annual recurring revenue comes from customer spend more than $100,000 per year with us. Those results excite us as we continue to see momentum building in our business. The one thing that I think we had Similarweb do better than anyone else is predict how the internet behave.

In order to create this prediction of digital behavior or how traffic moves on the digital world, we think vast amounts of digital signals generated from activity in the digital ecosystem and convert it into intelligence, and market data. We process the data using advanced proprietary machine learning techniques to produce comprehensive and timely digital signals. The solution that we built on top of the data enhance the essential revenue-driven operations team of our customers, which includes sales, marketing, analytics, commercials, and other designed to directly benefits a wide range of users from the C-suite to operational teams. The refined data and actionable insights we provide our customers give them a competitive advantage to win the market.

We see constantly how to innovate and improve our solution and our underlying data. This quarter, we made major investment and improvement in our mobile web and mobile app datasets. Across all marketing channels, which include referrals, keywords, and other topic metrics. We are also enhancing our solution to leverage up data from that data AI, previously known as App Annie, which is delivering app intelligent data.

As well as shipping new future releases that constantly make our product portfolio more valuable to our customers. Our go-to-market execution continue to be highly efficient globally. 54% of our revenue comes from outside of the United States in the first quarter. The expansion of our global customer base consisting of SMB, enterprise, and strategic accounts looking to gain an edge in the markets continue to gain momentum.

Today, 35% of our relationships consist of multi-year contracts and metrics that continue to expand over the years since 2020. Our customers appreciate the strong value we offer with nearly 80% of our customer base, currently purchasing more than one solution from us. Before concluding, we would like to take a moment to recognize the contribution of our 65 team member in Ukraine. We’ll continue to work when and where they can for an extraordinary situation.

Our hearts are with you and you are inspiring us all. Again, we are off to a great start in 2022, and we are only just beginning to unlock our potential within a multi-billion dollar market opportunity. Jason, I will turn the call over to you.

Jason SchwartzChief Financial Officer

Thank you, Or. And thank you to everyone joining us on the call today. For those of you who have been on our previous earnings calls, you will notice that we are conducting things differently. Based on investor feedback, we are prioritizing spending time on answering investor questions and reducing prepared remarks.

As part of this shift, we published a shareholder letter which discusses our results in detail as a supplemental part of our quarterly reporting. I will briefly cover a few clarifying topics now, then we will open up the call to questions. Our results in the first quarter continued to show our commitment to disciplined execution. Revenue reached $44.3 million for the quarter and exceeded our outlook of $41 and a half million dollars on the high end of our range.

Importantly, our overall dollar-based net retention rate, or NRR increased to 115% as compared to 103% in the first quarter of 2021. And for our $100,000 ARR customer segment and our increase to 127% as compared to 115% in Q1 last year. Our go-to-market execution during the quarter was stellar, as our remaining performance obligations or RPOs increased 68% year-over-year to $159 million. Our plans for 2022 include increased investment in customer acquisition costs ahead of our historical payback period.

We are executing in line with our plan to remain below 18-months on average, as indicators for returns remain consistent. As we exceeded our plans and revenue, we saw incremental gains flow through to our bottom line. Our non-GAAP operating loss was $19.8 million, which was less than the $20.5 million loss on the low-end of our guidance range. This result includes non-comparable expense impacts from our acquisitions.

Importantly, we achieved an estimated 32% incremental non-GAAP operating profit margin from the midpoint of the ranges. Turning now to Q2 2022, we expect total revenue in the range of $45.5 million to $45.9 million. For the full year, we are raising guidance and expect total revenue in the range of $196 million to $197 million, representing 43% growth year-over-year at the midpoint of the range. Non-GAAP operating loss for the second quarter is expected to be in the range of -$23 million to -$23.5 million.

And for the full year between $-82 million and $-$83 million. Compared to last year, our outlook includes impacts to cost of goods sold, related to our data AI partnership, and to the acquisition of MB Mobile. We anticipate non-GAAP gross margin will be approximately 73% to 74% in Q2 2022, and 75% to 76% for fiscal year 2022, as a result of these impacts. Our first quarter 2022 results indicate we are starting on track to reach our three year target of $450 to $500 million in ARR, and positive free cash flow as we exit 2024.

With that, Or and I are happy to take your questions.

Questions & Answers:

Operator

Yes. Thank you. And as I mentioned at this time, we will be conducting a question-and-answer session. [Operator instruction]  And our first question today comes from Arjhun Bhatia with William Blair.

Arjhun BhatiaWilliam Blair — Analyst

All right, thank you very much, and congrats on a great Q1, guys. I want to start with the net retention rate. Obviously, a lot of strength there. That metric continues to evolve as upsell and cross-sell takes hold.

I’m curious if you can just dig into maybe the underlying drivers a little bit, a bit more seats, more data consumption, cross-sell that’s driving that. I know you did mention 80% of customers are using multiple products. I would love to get an unpacking of that metric, and how high you think that can go if there’s continued momentum there as the year progresses here.

Or OfferChief Executive Officer

Thank you for that question. So if I had to think other of my have about different methods or contributes to the growth, I think all of them are a nice contribution. Some of them is the cross-selling or introducing a new products like the shopper in our cell solution to our customers. Some of that is more data consumption from some of the users were also able to accelerate API product, and then grow with the consumption.

And also we have had success with the meters approach, and that is adding more users or other upsell capabilities that each one of the lines of business have. And I think we will continue to have a great momentum, and that’s getting better. And we continue to innovate in bringing more new solution, and improving our own product so our customers are happy and buying more.

Arjhun BhatiaWilliam Blair — Analyst

Very helpful, Or, thanks. And then what if I follow, if I can on the app Annie or the data AI partnership rather. Can you just give us a sense for any updates on the development of that solution on the mobile side? Are we still set to launch by Q2? And we’d like to hear if there’s any early customer commentary since the partnership was announced in terms of reception or potential deployments.

Or OfferChief Executive Officer

Yeah. So we feel very excited about this partnership. The team here is working really hard, and as we end quote before, it will be in launch and introduced into the markets in the next few weeks, and the team is very excited about it. I think it’s unlocked a lot of opportunities for us, and specific region, in region where App is no dominant like Southeast Asia, in those areas, when we have customers and [inaudible] it’s all dependent on that ecosystem.

So we’re going to introduce this, and of course, I think it will have also a nice contribution to the upsell, cross-sell emotion as well.

Arjhun BhatiaWilliam Blair — Analyst

Perfect. Thank you very much. And congrats again, guys.

Operator

Thank you. And the next question comes from Ryan MacWilliams with Barclays.

Ryan MacWilliamsBarclays Capital — Analyst

Thanks for taking the question, and just want to say I appreciate the shareholder letter on your website, that was definitely helpful when looking through the quarter. Jason, just on the full year guide and also just from this most recent quarter, was there any impact from [inaudible] or anything we should think about as we move through this year?

Jason SchwartzChief Financial Officer

Not materially. For us, most of our contracts, and by the way, Ryan, good to hear from you and thanks for the feedback. But most of our contracts are denominated in US dollars. So while there often is somebody buying euro or otherwise.

But it wasn’t a material impact this quarter.

Ryan MacWilliamsBarclays Capital — Analyst

Appreciate that. And it sounds like RPO growth accelerated and there’s some strength in that retention in your business. But or while you guys have seen any impact from macro headwinds at this point? How do you think about your exposure to the potential for a worsening macro-environment? And how do you think your customers would maybe interact more or interact less with Similarweb under those circumstances?

Jason SchwartzChief Financial Officer

Hey, and what’s up? So it’s a good question. And from what we saw historically, even when we’re looking there, when COVID happened and there was a lot of uncertainty in the market, what we discovered back then and I can also think what’s going to happen is the world will go into this uncertainty time. Their need for market data is growing because companies in that stage need more context about where this stand. If the uncertainty is hurting them more than otherwise, they all go and replanning their strategy, and they need market data for that.

So I hope that the engagement will increase. Now, if it answers your question.

Ryan MacWilliamsBarclays Capital — Analyst

That helps for sure. I love this format. OK.

Operator

Thank you. And the next question comes from Jason Helfstein with Oppenheimer.

Jason HelfsteinOppenheimer and Company — Analyst

OK. I have two questions. One, if we do start to see slowing corporate spending, and we’re obviously seeing companies talking about pausing and slowing headcount already, what’s the maybe call it the seasonality on account renewals? And then just kind of when you would start to see that if you had clients taking longer to sign up, renew, etc., or how that would play into your typical cycle of upselling new products with each renewal. And then second, obviously, the market is increasingly focused on cash flow and visibility to cash flow.

You guys put in the letter that you expected to get to positive free cash exiting 24. I mean, any discussion about accelerating that, and any commentary on that. Thank you.

Or OfferChief Executive Officer

Thank you, Jason. Good to hear from you. And so regarding the cell cycle, and as we wrote for the 35% of the deal we have a multiyear. So a big, big chunk of the book of business, especially the big contracts are really locked in for multiple years.

And I think that the other accounts that are smaller, even the big companies, [inaudible] the average contract is around 50 K. So I think that it’s not a significant amount with, of course, companies to try to optimize it as the core product is not that expensive, which is around what they think there. So I’m not sure we’re going to feel any slowdown there. And now it’s maybe it’s too early to know, and I think the cash flow and question.

So we do look on the and the market dynamics and we did communicate our path to profitability in 2024. And we’re working hard into that direction. And I think that also internally, we did look how we can be more efficient. So we understand the market dynamic, and the tone of voice coming in.

So we do our now put a lot of emphasis about disciplined execution, making sure that we not spend money and where it places we don’t. Though we have great momentum, we just continue to do what we do and, continue to deliver and be more efficient as we do that. So we are seeing that and executing.

Operator

All right. Thank you. And the next question comes from Brent Thill with Jefferies.

Brent ThillJefferies — Analyst

Jason, just on the economic environment, I guess when you think about raising guidance into the sense of a stiffening macro headwind, are you assuming in the guide a lower close rate on what you’re seeing in the pipe? Are you assuming the same conversion rates as you go into the back half of the year? Meaning is your pipeline that good? And you’re taking close rates down and you still can raise guide or are you keeping the same methodology in place based on what you see right now?

Jason SchwartzChief Financial Officer

Hey, Frank. It’s good to chat. Like Or said, we’ve got a very, very disciplined approach to execution and how we forecast. And so we’ve got great visibility into our pipeline and also have great visibility into our backlog.

Having all of that backlog and being a really ARR  business, not just a monthly month-to-month contract, but a multiplied by 12, gives us that confidence to being able to give the guidance that we do. So we’re obviously looking at the numbers, looking at the pipeline, and looking at the conversion rates that we’ve had in the first part of the year and in and in current quarters. And using that as we give guidance that we know we can be.

Brent ThillJefferies — Analyst

OK. Great. And just a quick follow-up, Jason, on the multiproduct adoption by customers, can you just give us a sense of the average number of adopted products versus past levels and what you’re seeing on there? And maybe add on with what’s happening with shopper intelligence.

Jason SchwartzChief Financial Officer

Sure. So as we said in prepared remarks, nearly 80% of the customers today purchased more than one solution. Oftentimes that starts with both the digital research intelligence, and the digital marketing intelligence. And because those two go hand in hand.

We see more and more customers that are now getting on to a third solution as well. And depending on their on the business that they’re in, if they’re in a transaction or like a retail or a CPG business, the add on that, they do have to be shopper intelligence, a bit more of a B2B or a publisher business. The thing that they add on thereafter is really the sale solution. So we see that trend and that customer journey going from 1 to 2, and 2 to 3 happening.

Just the mix of which product or service or solutions that we’re looking for vary depending on the industry customers.

Brent ThillJefferies — Analyst

Thank you.

Operator

Thank you. And the next question comes from Tyler Radke with Citi.

Tyler RadkeCiti — Analyst

Great. Thanks so much for taking the question. I wanted to unpack the improvement, and net retention rate that I think you saw both in the 100 K customers, as well as the overall customers. What’s the primary driver of that? Is it more on the gross retention side or is it just the cross-sell and uptake of some of the new products? And how are you thinking about the sustainability of that improvement as you think about the rest of the year?

Or OfferChief Executive Officer

OK. I think that the improvement come in many angles. First, also globally, pension is improving very well and cross-sell, absolute improving customers are happier product that’s improved. We’re doing much better job on the relationship and working with our customer.

We put a lot of emphasis in the past year and a half and really grew a top topnotch customer success organization because of customer services. And we hired a lot of great consultants that work with our customer, helping them, working on the system, get the insight goods down the line. So all of those efforts we put, I think almost two years ago, are really helping to get folks now. And I think this is the majority.

Jason, you have more thoughts around that.

Jason SchwartzChief Financial Officer

Yeah. Or, I think you hit on that really well, because you have obviously, both sides, both from the gross retention. As well as the upsells, which drives the net. But I think what Or mentioned is that more and more our customers are able to see and measure the ROI, and that I think it’s a good mention of the [inaudible] or a report that was available on our site that we mentioned in the in the press release, that suddenly we’re able to have not only the sales solution, which we had previously had good metrics on the ROI, but also now on the digital research intelligence and digital marketing intelligence solutions, and that’s over 600% ROI for the customers that the forester interviewed.

I think it’s a good metric for folks to look at that quantifiable ROI that drives that growth for our customers, and ultimately drives that net retention that we’re delivering in the results that we showed today.

Tyler RadkeCiti — Analyst

And Jason, are you expecting that net retention could continue to improve from here or should it just kind of a peak just as you think about what’s embedded in the guide?

Jason SchwartzChief Financial Officer

We don’t guide on NRR. We’re very proud of the achievements. And we think that this is something that we’ve worked hard on. And the results you’re seeing in the numbers today, remember is the results of all the investment that we’ve done over the last 12 to 18 months, because NRR is really a 12 month look back number.

And that has to do with that disciplined execution that we’ve been talking about internally and sharing with you, because recognizing the need to not only land, but go from land to retain and retain to expand, that’s the model that we’ve been executing.

Tyler RadkeCiti — Analyst

Great. And then I just wanted to follow up on Brent’s question about close rates. It sounds like you’re saying that you have very good pipeline visibility and so you’re not really making any material changes in your closed rate assumptions. I just wanted to clarify that’s what you meant.

And then secondly, if you could just kind of characterize how you seeing the macro environment and business environment evolve through April and May if it’s better or worse than what you saw in March.

Or OfferChief Executive Officer

Thank you. So we’re seeing activity continue in line with what we saw previously. Again, we’re conscious of the macro headwinds we take. We’ve taken that into accounting the guidance that we put together.

Again, it’s the it’s just the way we’ve been operating for a long time. And we’re very humbled by the results that we’re able to deliver and report to you now and the App guide. That said, when we think about, I think Or mentioned, when we think about the macro environment, we look back at what happened over the last two, two and a half years. When you think about at the start of COVID, I think we all and here internally, we were not yet a public company.

We weren’t concerned as what would that do to pipeline and how that would impact spending. And as we’ve said, what I think the takeaway that we learned from the results and from our conversations with customers, is that they need Similarweb as much, if not more in tough times than in good times, because in good times you want to drive. You’re about driving your growth, and the digital intelligence that similarly provides enables decision-makers and operators to make smarter business operating decisions. In tough times like we see the macro trends today, it’s even more important to be able to optimize, and know where you should be investing.

and where you should be optimized, and where you should be focused on in order to deliver the business growth that you’re looking for. And where are there the opportunities to take advantage or to steal market from your competitor, or to identify which markets you maybe should reduce your investment. And we’ve seen that happen over the last two years. And I think that’s something that we hear from customers today, as they’re thinking about how to leverage Similarweb and they plan their the remainder of 2022 budgets and going into 23 in today’s macro environment.

Tyler RadkeCiti — Analyst

Thank you.

Operator

Thank you. [Operator instruction] And the next question comes on Patrick Walvarens with JMP.

Patrick WalvarensJMP Securities — Analyst

Oh, great. Thank you. And. Let me add my congratulations on two quarters in a row of 50% plus growth.

And or let me add my thoughts, prayers and well-wishes for your team in Ukraine. Jason, can we just talk more about the cash in the burn? So you have $120 million in cash and no debt, right? And your operating losses this quarter was $20 million, but you only burn 4, so that’s great. But how much should we expect you to burn through the rest of this year? Was this quarter really unusual because of collections or something like that?

Jason SchwartzChief Financial Officer

OK. So should I maybe take a step back on that, and just talk about how cash flow works in Similarweb in general. There is some seasonality to the renewal cycles that we have. Those typically have higher renewal cycles in Q4 in the beginning of Q1.

And you see that cash flow come in heavily in Q1 and Q2. And because we typically invoice our customers a year in advance upfront. So you’ve got higher cash collections in the first part of the year than in the back end of the year. And so this is something that we do account for, and we think that is something that you’ve seen and we’ve shown in the past or performed that way, if you look back over the last couple of years as well.

Having said that, we are going,  we aim, we will be burning less than overall on an operating basis, less than $50 million this year and including the obviously, the burn that we had for this quarter. So we’re talking it’s going to know more than enough. And from a cash on the balance sheet today, we have $125 million plus the additional $75 million credit facility. So we look at our available cash as being over $200 million.

We think that’s more than enough to take us all the way through to the cash flow profitability that we got into and our reaffirming today.

Tyler RadkeCiti — Analyst

Yeah, it sounds like it’s more than enough. And you know, and I heard Ors’ comments about we’re looking for efficiency, but when you look I’m here to tell people, when you look at all the start-ups that are starting to, just say, OK, we’re going to grow less fast, and we’re going to conserve our cash. I mean, do you guys think about that? And how do you, what do you do on the burn rate and so going down?

Or OfferChief Executive Officer

We don’t think we should slow down, but we should speed up. This is a different approach because we’re seeing a huge storm in front of us. As I’d like to say, we’re always just getting started and we’re seeing a huge market to capture technology and offerings, very unique. And so in a different world and different environment, maybe we would even accelerate the growth.

But as we’ve seen the macroeconomics and they said the tone of voice, I think that we need to continue to execute the same as we are doing now. Jason, do you have anything to add? 

Jason SchwartzChief Financial Officer

Yeah. Maybe I just have to worry that. when you look at it, if you look at the payback periods and that we again, we shared both in the shareholder letter and in the investor presentation. We’re tracking now on a 15 to 16 month payback on a gross profit basis for customer acquisition.

On the flip side, when you look at that second year, that net retention rate, we’ve got about a 45% to 50% contribution margin. And just to clarify that with that, is that gross gross margin minus the cost the sales and marketing resources that the customer success that we have in order to retain and expand those customers, those that’s providing a 45% to 50% contribution margin when you look back over the trailing four quarters. So this , the model itself is highly efficient and we were focused on that. And if you look back, you know, right as we came to market in the IPO a year ago, we had taken the company to a cash flow breakeven business and slightly profitable on the cash flow side.

We’re growing at 32%. As Or said, we see the massive tab ahead of us. We know that the model itself is very efficient. We’ve got that disciplined execution that we’ve been doing for a number of years in order to deliver that cash flow profitability in 2024 on $450 to $500 million available.

Tyler RadkeCiti — Analyst

Great. Thank you.

Operator

Thank you. And then a question  as a follow up from Ryan McWilliams of Barclays.

Ryan MacWilliamsBarclays Capital — Analyst

Back again. Thanks, guys for taking my question. Or, I know last quarter you talked about the desire to further your market-leading position in alternative down intelligence. But now with the drafting of Patrick question, some of the challenges that, you know, some start-ups or late-stage companies are seeing, like are you tempted to be the market consolidator or add additional functionalities as we go through this year, maybe pick up some teams or product that might take longer to develop?

Or OfferChief Executive Officer

It’s a great question that we are still inspired to be the leading player in what we call the alternative ecosystem. I think it’s like a new market that is now arising from the investor ecosystem, and we already have really great momentum. And this quarter we plan to launch a new platform dedicated for the investor solution. So it’s going to be a platform that you will be able to query stock and not website, like we have in or apps, like we have in our core products.

And this platform will enable us to integrate much more different data sources. And this help investors get signal, and build performance like [inaudible] and many of those, and a ton of people that do this is able to get visibility so and I hope that once we going to launch and start rolling up this platform to those who are going to make or it will make us able to buy and integrate company faster. And then we can be even more bullish on acquisition and consolidation in this market. So stay tuned.

We will put it in beta this quarter.

Ryan MacWilliamsBarclays Capital — Analyst

Pretty secular. And Jason, just on the gross margin side. Great to hear about the rebound and step-up plan for the second half. Can you just walk through some of the components of how you’re getting more leverage on the gross margin line? Is it just more usage of mobile product? [inaudible]

Jason SchwartzChief Financial Officer

Yeah, both the MP mobile as well as the data license agreement that you know starts hitting growth cost of sales this quarter are fixed costs. And so much like the much like other parts of a data acquisition or a data assets that we build out. Those are fixed costs that service the same number of customers, whether that’s $50 or $500 or$5000 customers. And as more and more cost we increase the number of customers, and increase the revenue per customer, and therefore the overall ARR and revenue for the company, we’re able to leverage that fixed cost more.

And that’s the  historical trend that we saw previously that took a gross margin from 54% in 2018 to 71 to 77 to 78 over three years thereafter through next year. Like we mentioned last quarter and the announced data AI partnership, we’re going to be short term hit as we integrated those costs into our data edge. But once that starts delivering and, and, and attracting more and more customer revenue, you’ll see that amortize and leverage to drive additional gross margin.

Ryan MacWilliamsBarclays Capital — Analyst

Excellent. Appreciate the color. Thanks guys.

Operator

[Operator instruction]

Duration: 41 minutes

Call participants:

Raymond JonesVice President, Investor Relations

Or OfferChief Executive Officer

Jason SchwartzChief Financial Officer

Arjhun BhatiaWilliam Blair — Analyst

Ryan MacWilliamsBarclays Capital — Analyst

Jason HelfsteinOppenheimer and Company — Analyst

Brent ThillJefferies — Analyst

Tyler RadkeCiti — Analyst

Patrick WalvarensJMP Securities — Analyst

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