Derek Wood

Yeah, the stock had had a big run into the quarter.

I think expectations were running high.

We were a little cautious, thinking that the upside on the top line would be a little softer than last quarter.

We saw that.

We saw a pullback.

I think this is a great opportunity to get back in.

In terms of the margin,

outlook.

Yes, Q4 was below, but the full year was intact, was in line.

We don't typically see the company raise full year margins into a year.

And so this was not a surprise.

And the feedback was that they remained committed to driving margin expansion.

They didn't give guidance for next year, but we absolutely expect margins to continue to grow next year.

So I don't think the Q4 guide should be of concern.

And remain, you know, constructive on the top line.

The Q4 guide on revenue was above and fundamentals remain.

We're still bullish on it.

Again, near-term, their expectations were a little too high.

But year-to-date performance is great.

They gave disclosures of hitting $100 million in ARR from AI products this quarter.