Simon Belanger

And I will say if they can execute this, the company is trading at like 8x forward earnings.

It is cheap.

There is absolutely no question that it's cheap.

But if you go to this freemium model, you never really convert a lot of these users.

The bear case is ultimately right.

Because I used to run a freemium model on our platform.

I will tell you, it was terrible.

It was a complete disaster.

I mean, there were so many people who just signed up and never had any intentions to pay at all.

So you get a lot of these with these freemium models.

And we'll just kind of have to see how this one turns out.

So the company raised guidance.

They now expect revenue of around $26.5 billion, earnings of $24.40, and ARR growth of 10.2%.

So you're looking at very cheap valuations.

But there's also another issue, which I actually think is what caused the stock to drop.

The CFO is leaving, and obviously the CEO is transitioning to the chair of the board.

So you're in this big shift in company strategy, the AI build out, the freemium model, and you're losing.

Both of these people have been with the company.

CFO was 20 plus years, I think, and the CEO, I think, was 17 years.

So it's not really a good sign in the midst of trying to do...