Christopher Reid

I mean, ultimately, ultimately it models that like SAS because the way we make money is a function of the amount of advertising someone is doing.

So, um,

That's a pretty stable input.

The input is how many impressions, how many ads are we managing for you?

Then the output is we're either charging a fixed amount per ad or we're charging a rev share amount per ad.

We're primarily rev share focused.

But the two model really similarly because at some point, a CPM and a rev share are actually the same thing.

They're transacted on a per impression basis and they can actually back out the exact same way.

So it's really two sides of the same coin.

And I would say yes, because normally in SaaS, you have a lot of upsell opportunity, right?

And so that's fairly typical.

With us, there is some variability because some publishers grow really quickly.

And as they grow, that kind of looks like over 100% retention.

But if a publisher shrinks, they don't.

Modeling retention in our industry is like a little more complex because you do have that variability.

You also have variability across quarters.

So Q4 is a huge advertising season.

So revenue goes up.

So you don't really have retention going up.

So we can look at revenue retention.