Patrick Bosworth

And so it's very unusual for a software company to have that degree of stickiness.

I've never found one that did.

We don't know.

What I will say is that the selling into the lodging market is incredibly difficult.

Some of it's because of the fragmented value chain that I described earlier.

Some of it is because it's about as old school of an industry as you can get that does not embrace technology quickly, although that's beginning to change.

And so the dilemma for us is that we've experimented with pouring additional cash into additional sales reps or demand gen or other things.

the cash gets spent very inefficiently.

So that ratio of sort of cash to ACV doesn't actually hold.

It becomes massively less efficient.

And so there's almost this force of nature where it's actually really hard to grow the business faster than it's naturally growing.

Because there are these time periods where a hotel company

is looking for new technology, either because they've bought one of our incumbents and they're stuck in a five-year contract.

And no matter how many times you call on them, they can't buy for another three years because they have to wait, or because they're in the process of doing a massive replatforming of their property management system.

And until that's done, they just really can't take on something.

I mean, so there are these sort of fixed impediments to some companies moving quickly.

And so

What we've learned is we can grow more rapidly by expanding the new geographies, which is why we have offices, I think in, I think we're in seven countries today and we'll soon be in nine countries in terms of physical offices.

By the end of this quarter, we should have close to 3000 hotels.

That's amazing.