Bruce Buchanan

We still have a very, our philosophy commercially is play the long game, deliver lots of value.

Don't try and lock in clients with complicated contracts.

It just slows down the sales cycle.

And try and make it really easy for them to get up to speed.

It depends which way you look at it.

But on the way that we find is most important is our e-commerce clients.

So what we call the supply side of our business.

So when we're powering those actual transaction side.

Our revenue churn on a gross level for those is low single digits.

So we are net negative churn, if you will, on our e-commerce clients.

But on our advertising or product sale clients, it's a bit more fickle.

Like, you know, whatever product's being sold and whatever, you know, sort of like Google AdWords or Amazon sponsored product listings, people are coming in and out with different deals all the time.

And so the movement in that marketplace month to month looks quite high.

On an annual or biannual basis, it's fairly steady, but you get a lot of movement by different seasons and months and that sort of stuff.

But we don't tend to think of that as churn, and it's more the marketplace dynamics of who wants to acquire more customers this month and who's trying to launch a new product and who's got a big push into...

It's probably about neutral, but we tend to focus on the e-commerce side, which is a negative change for us.

I don't think I'd say it here.

I mean, you can look at the pattern that we've done before.

There's not too many businesses that are actually in our space.

So, you know, what I'd say is if you look at the business as a focus on the transaction moment, and we're sort of a, you know, we're an abstraction layer or a widget or an API to rule all the other widgets, you know, in a way to make them smarter to get into the e-commerce mode, into the e-commerce environment or that transaction moment.