ZUO - Earnings call 4 2024

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Operator

Good afternoon. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Zuora's Fourth Quarter Fiscal Year 2024 Earnings Conference Call. [Operator Instructions] Luana Wolk, Vice President, Investor Relations, you may begin your conference.

Luana Wolk

Thank you. to quarter welcome conference XXXX and call. afternoon, Zuora's fiscal fourth earnings Good

laws. federal we considered Zuora's call, and Officer. events our Tien Executive the relied risks today as materially the cause could our Officer, have On as securities call, expectations reflect update us joining Tzuo, forward-looking make and statements outlook. President should We to representative from results Chief Todd may views for that any expectations. statements actual of statements Zuora's only will represent be our as session.During to or Officer; McElhatton, future Founder date. These will These Chief beliefs view Traube, Financial our any today's uncertainties under subsequent not concerning upon of differ Robbie several statements and that Q&A and be obligation forward-looking to Revenue disclaim we and Chief are and that be any of subject

further filings non-GAAP. For financial to mentioned numbers are material refer revenue important other finally, please results, affect and our that except risks could the otherwise factors noted, our SEC.And today unless all of with discussion the

the results You for today's in reconciliation to from current and can find release. GAAP prior both a non-GAAP year the press

and turn call over the release call can Tien. Relations I'll investors.zuora.com.Now be of press a Our today's Investor to replay at found on website Zuora's you,

Tien Tzuo

weeks quarter joining in are fourth shared on for Thank a information quite based everyone, questions fiscal earnings filing you, few the call. our Luana, thank and imagine few a Zuora's XXXX I'd there you, ago. we

continuing revenue land. over adjusted $X and expressed the balanced to in the year. companies, success go fiscal marketplace investing was was we over were there the transformation of a spending technology by end land. primarily the And ARR growth falling in our year. the our that DBRR year-over-year. year-over-year, growth the big, have renewed a the new biggest million slowdown generate was customers for big market-leading high be full line this in could the their the $XX quarter. signs through X million affected. innovate which projects we new the uncertain CFO namely XX% year-over-year high is that we strengthened there's guidance that were to time, call. previous later context, control, that put of accelerating all ticked hoping QX general few the in quarters. start lower, back going trailing the customers from we've ARR QX, in with fiscal $XXX.X highlight us.To In the in go XXXX, let's spend our nearly trying spending. a $XX over free a nearly to short our subscription in us logos the the one points million, up profitability.For XX-month in area at to year digital talk fell general You of delivering we X And year-over-year, was XX% were QX by logo non-GAAP grew increased of actually year, of of about And all exceeding cash flow our $XX X million in churn, portfolio, in allowing guidance what the who also our be on the a years. Like ago, an our increase quarter, seen an many bottom cash XX.X%, consensus of to IT I'll we focusing short other that million, this, in improved But And seeing Many within year. that the of acquisition, our the the in slowdown saw of office income position details where that driven multiproduct We'll to large and At improved saw range on operating by of same

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an on down to over efficiency. product, XX customers see continue improving we to going see back in to announce you're in since also June, Consumption I'm Advanced go-lives.Third, you're and will so purchase this launched the And go-to-market going X pleased on, is area we our had 'XX, including focus double to fiscal us that that we've

to leaning quality leadership we've drive made generation and us and see to in our marketing going capabilities, efficient and a this. higher changes pipeline alliances demand You're into

application our is in gone integrators horizontal the We the and into potential help this with thing down around will you one us with is look company's invest the office big at and to last leading area the stack, ERP When it's CFO. application opportunity continue partnerships core journey.The to every has that system systems. cloud the almost a of exception,

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is year do on not the happen build going it's we're that new we with that to look going signing this make put we position back stronger into What I and Now for to to start our of year as the the fiscal market fiscal in strategy if when for year at going we're year, logos this and continue saying are good 'XX, great 'XX. plan. the the projects a us on will some ERP only in on place confidence focus put to has not us reflects.To summarize,

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Todd McElhatton

and met we adjusted Tien, non-GAAP revenue exceeding flow. thanks you, our for year free Thank our guidance cash range and total while for and full subscription high-end income the QX, on joining call.In revenue operating

significantly an about by as light unexpected top QX In of efficiency to pressures on our the year-over-year macroeconomic and preliminary quarter, $XX of last of growing logo ARR we for towards focused growth. fact, our year fiscal for line expectations as close QX on currency the driven our XXXX.Subscription revenue we're XXXX. free the accelerated of cash revised as churn as flow constant talked focus improved make both in reduction We line in and by the we a our expectations for slower progress workforce the was experienced. on QX million, The our fiscal bottom we million driving $XXX.X announced profitability Rule yielded well growth In significant XX% and reported. full we year. were DBRR new compared improvement At and adjusted growth, customer XX

was For as XX% million, the revenue reported constant XX% and in full currency. subscription growth year, year-over-year $XXX.X representing

X.X% XX% of revenue partnerships at we year-over-year, our our represented million continue decreased SIs, revenue. $XX.X expand and As professional to total QX ending with by services

X%.Non-GAAP full XXX margin the year-over-year. in for was year up services an over the year-over-year year-over-year up revenue points was revenue XX%. professional was improvement million, $XX.X basis Total QX QX X% for was decline a $XXX.X subscription year, For of million, of XX%, and $XXX.X gross full million,

gross basis increasing year, represented margin investment was For for subscription XXX optimizing improvement XX%, XX%, of decline hyperscalers and realized points by points. which our negative an from the of professional XXX our Non-GAAP continued our margin Throughout non-GAAP gross driven services the continued performance full year, in over fiscal we our was This margin customers. was QX basis efficiency. year-over-year. a

X%. year, negative the For our services margin professional non-GAAP gross full was

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year-over-year. $XXX.X addition, of volume, billion a In we processed XX% revenue growth of

As roughly increase a basis million grew year. quarter over reminder, sheet. cash free volumes the annual increase to significant year.Before $XX.X our million provide we organizational want organization. million Adjusted $X of ARR equivalents, quarter at $XXX.X we QX $XXX.X million full ended by in We free fiscal X% guidance, a cash this flow In restructuring end reduce In our and flow. sequential was on we in $XX over recent reduction, with approximately of in QX. decision and and full drive difficult an million XX.X%. I balance flow over the metrics $X bit QX a the provide of throughout and exceeded with the as January, charges a for of at regarding efficiency as late nearly net to these the optimization quarterly $X.X quarter, million landed connection million million incurred $XX.X Adjusted Total and ebb guidance last representing workforce for improvement the the changes. made million. $XX $XX year.Turning cash for by $XX million the we context million, a cash more to CapEx of to at turning prior our the year the was

growth.Now cash continue to office job incur primarily which efficient for the approximately the from in $X Enterprises results, impacted to charges, the the are severance actions expect costs efforts also half XXXX. part our in healthcare related We throughout being These in guidance. and anticipate first scrutinize were of turning benefits fiscal excluded consisted non-GAAP million our placement fiscal will payments, with of profitable of this We their as These employees. guidance. enhanced trend continue our XXXX, to of and are driving CFO such, investments. and to judicious expenditures

our to will support QX consistent QX. than be in of which our to I the mix customer turning services addition, want continue leading we as revenue In is this remind days with guidance. smaller to you fewer we've total implementations, year.Now trends portion professional business a our partners has X past seen that

For of currently million $X.XX subscription million. of $XX of weighted QX, $X.XX, $XX outstanding million. million share $XX.X non-GAAP million assuming million to $XXX.X $X.X revenue a expect approximately income million, $XX XXX.X of net of million, shares total operating and non-GAAP we per professional to average million $XXX.X to revenue revenue services of income to $XX to

million. million outstanding total non-GAAP assuming operating net million $XXX of full $X.XX $XX subscription and approximately $XXX we revenue the shares average per revenue year to income of $XXX million, million, professional For $XX non-GAAP services million million, million to $X.XX, share a income million revenue $XXX to to of $XX of XXX.X weighted fiscal to of $XX of expect XXXX,

for approximately to dilution 'XX. annual We of at share also expect be an X% fiscal

total year.For and of forfeitures DBRR divided by growth number XX%. during at end awards net the this the For fiscal of of outstanding ARR and is the fiscal XXX% of granted shares year, between XXX% expect purpose, the the equity by calculated we the year, of dilution to X%

churn instances. metrics by due in these noted, Tien X customer-specific activity headwinds and QX early we As saw QX to reflect the

our prior with rate. Rule of goal stated We made committed progress exiting in 'XX will and of XX to have as we quarters, And tremendous remain growth balance to run bottom a We fiscal our at line. continue I profitability.

free our near represents continues macro line expect a million We for backdrop full to to adjusted on us cash impact focused be in the closing, year-over-year.In while term, the $XX bottom This the showing we year. improvement $XX are leverage. disciplined flow million

with for We our This strategy alongside our continue to the accelerating accelerated half expand us to and to focus lighter runway land will on the of new bring customers. second growth logos in year.

retention rate over Robbie our cash your it I'll take to margins profitability generation.With strong will operator. will increasing We questions, improving flow turn while the and and Tien, that, free I keep and

Operator

question first Your Hotchkiss the of from Instructions] Sachs. [Operator comes Adam line Goldman from

Adam Hotchkiss

adds and logo a guess total to the new start on increase mentioned Sony new you Great. year-over-year on side, I I know logos the and Infor in basis. that

land the Just product XXXk-plus of you're and how on from any you ones besides the X a net about more adding adds the values commentary mentioned, side. like think versus noted you the perspective, on what, a looks lighter contract types should customers landing typical we that

there would color helpful. Just any incremental be

Tien Tzuo

absolutely. Yes,

as for it's continue arbitrary a good And IPO time. least the we media said, segments dramatic too like too saw where, up terms So the healthy cycle more mix There I continue focus to think in the type definitely pretty see do deals, you ones. Tien would obviously, in of company. market, noted a say that's diverse see actually. an sales still I they're but Sony, was companies, fairly on really club, is Infor, not number, It's say addition was in small, that well.In there is a it's with in And much. they mentioned. I XXXk mix SaaS indication X deal big. to we has perhaps was not a the growth SaaS that would not companies gear too a especially technology the can and continue here. well, private we decrease changed thought churn to an at There to locations, as to airline membership of that XX we XXXk traditional we with I a our customers, I

say I'd how So to business. think about that's the

Adam Hotchkiss

Todd, Okay. That's a previously past I really bit baked little fiscal would of 'XX. you And a indicator year deceleration for good now it looks of be that mentioned fiscal think the growth for there's helpful. the like then into ARR growth And guidance.

X mentioned of macro. churns some how versus incremental more just view you So getting is maybe on that conservatism that the much logo now a you're curious the of

Just any there the on incremental color dispersion useful. be would

Todd McElhatton

you we So headwind ARR thing to they're was look one deals, had churn. core last as future, in And took about, elongate as said, we in point the that going those us things that just a QX another same when significant give continue we When a larger one deals That's out a move there was pretty in large to in And that next we've the continue customer our DBR the year. look a talked point these the we And and into is of verticals. some took got of on of not there. into cycle. of to both at we've churns the push then some a customer. at

live. was one standard, not so And not

they The old happen. company. to make do an digital ]. potties other was didn't And Actually, [ transformation, trying a was porta

another And point. so that's us giving

of some because I elongated take that just larger judicious deals really X I And are quite that of together, we we're were seeing really think assume if to lot a those be that that's headwind to we're not on and points the those had year. So have us this we're things we cycle, going sales X seeing. the as

going a entire that's those what next we've for to that we're an growth. we X And landing bring ARR we're And So year perspective. from all then year obviously really churns assume through from have seen that headwind the lighter.

Operator

from question of line next from the comes Bennett Chad Craig-Hallum. Your

Chad Bennett

Great.

Just curious narrative number? a best that about considering kind do retention gross retention going kind the of the churn. rate that Just how the public Is math we think considering churn? of behind since on the of our

Todd McElhatton

we headwinds. We gone Chad, had be. running some a large It not actually ended where We said, year. like landing gross right bit was for they are in up we on but They only Zuora and Revenue not it and our we're the company revenue vertical, not until of like And that rate. to were looking not expand then it's right you facing well plan churned, aren't do actually retention had that company Maybe were our were on. to going below the absolutely up a canceling I we'd full macro canceling on live, we give before core really to unexpected us. talking And IT thought churn. bring we're little a whole just thing, the dime, color. that more a that big is project all live. projects literally,

So was something to that was a us. surprise that

sticky. they full X tend really linearity And them next driving for really is that's And year, we on The we're go yet. top XXX what's our again, customers live what a we've at be So a issue. got haven't long And once it. live, customers are gone to again, And seems moved timing the our we time. to it. year, forward. When only that driving keep take a customers, look

Chad Bennett

these customers or X that not are live curious, recognizing And from how revenue live? just were going have went not if And we for subscription Okay. long? just so,

Todd McElhatton

do as have need recognizing exact anybody internal the environment. don't as begin I a live. we dates they when So stand revenue because does as SaaS we soon went their that in they in the our environment But working up processes. that contract, organization as sign are we They

soon company, how revenue. ramps, is that depending the sign as So part as on contract, SaaS I if it think they of our any

run was that our of the So rate, part and it was ARR. in

Tien Tzuo

be been live for to over they the clear, company, have second X Yes. And just years.

But if for never on big they processes, internal we mentioned still call, digital project. transformation transformed. I just one-off And their ambitions they think so much have look and transactions, very you it's the really at

using our fit. wasn't ultimately overhead it the good system a of And so just

Chad Bennett

then maybe And last I could. just it. one, if Got one

what of service the up going line channel negative was to implementation investing that years revenue. year-over-year. transpiring. be our other And back the this a profit point? revenue to is there. couple like a we're And seem we're at gross on them running obviously back offer in negative running kind a in Just going at we doesn't it's profit. sacrifice materially subscription of invest get Should think for down and customers is gross avenue the service And is then our growth. revenue and is I that gross business we thought revenue this at service the margin We're And the clearly That going direct.

Todd McElhatton

run loss a full of us. the special little the year, bit is for I'll from think I QX to standpoint you, our it are objective a below always remind for QX. from just we is Chad, And slightly where

have in of business is XX-some-percent. the U.S., a is our We big which chunk

We shutdowns the Thanksgiving year a and week the the then end lot of have that companies have have. of we

And when Those we invest a fewer we do on and in just some lot have that put those, billable continues standpoint, are days customers. to take you partners. We're pressure investing also it. another in growth XX% of so the a investments those company. very But And subscription at margin we line those believe has help are drive continue us top this to positive that evaluate prudent. do almost point, them. this we From

Tien Tzuo

X.Xx mean, and porting It point Chad, we example, first the we think, through an I source do that. on I is, our at is pipeline other our are to see. as one the yes, important, it And partners. year-over-year

Operator

the Baird. comes Your next from Schulz Patrick from question line of

Patrick Schulz

'XX. you patterns incrementally and seeing of X the those now curious recent all some excluding have into provided could more of buying to budgets customers the churned, if from closure you deal compared more appreciate you're customers, large our rates that cautious with around guidance. Just been dig late color customers Kind

of Just environment the trying understanding better guidance. within to buying embedded get that's a

Tien Tzuo

see really consumption-based interested. subscription can remained shift are a X more in Recurring important. you is sort and to What tale is you in Yes. revenue we're if AI, is seeing overall there. In really pushing models customers sector, The anything, technology billing chime to of cities, people more will. of I'll right? Tien. There's models. spectrums, X really the important. do if This have

XXXk, X ends for of deals, let's specific overall feel market's good, and really, good, call and we're seeing from faster, actually spectrum, cycles, less so the And an it those the demand. smaller comes we to do, we we for than healthy it, the deals seeing On seeing need what we're right? and deal close we're good. really do trend When what

I think more there's scrutiny. simply just

that You $X us because X X right, talk a by ARR $X about deal, really long-term or million, sometimes, investment. see million million, as $X.X they multiply

approval. Perhaps, talking we're there build that have out start that we're continue about not to loosen and Those a our going to up? models. do You're sizable count something lot but says, it's to to Is on of into those things something scrutiny. just there going a

Todd McElhatton

thing, other to these really also one think it's important lost aren't deals. is Patrick, note I

and we look companies bundling away win a of levels. doing XX% our in at at against matter the As some rate that win billing, are when over seeing fact, getting of the fact, rates, those. they're record we're And subscription

Zuora we is actually they end it's took XX where So important phenomenon. during the to successful really not and they competitors. they an I from think we're deals year, is and what And fact, doing needed. being came both had another our is to high absolutely scale, away because solution low where enterprise against needed wasn't really end, what macro think thing at they this a I they interesting in said note, competitors, not This

Tien Tzuo

they that Yes. we competitor ago, those on are call. X and coming at I where back they about to or it picked of the or think X have of least need competitive true, a you all if want years think functionality the win backs. absolutely that's X customers mean to doesn't can the maybe mentioned realized them X that I X they us.

Patrick Schulz

was That quick Appreciate there. then And one helpful. color maybe the follow-up, very too. Okay.

go-to-market Just on investments. the

talk guys this the to you you're you efficiency. investments partner Could that's year is go-to-market investments some about around making and for big a mentioned the guys this improving channel year. focus going maybe how be about motion the You this you're thinking for of

Robert J. Traube

Robbie. It's

[indiscernible] the We sense. marketing we're we pipeline fast the create flat. those We're areas all make are around we sure and exactly that demand how moving as in making at in focused of much that on go-to-market, our [indiscernible] keeping terms look very more that of

Tien Tzuo

rate, like and get those close Yes. we really transformation demand. bigger. a closed And or Those generate We it industry our through Maybe how mentioned that. us. to demand do partners ourselves ways. on us primarily once really a on it how deals calls our previous little really, pipeline those We feel deals, at scrutiny through the the do BDRs, do through demand more calls, we you there's Think important through about think then demand. in Yes, I side, what tend we I'll add And we they X-digit generate to do X the a partners be there. partners. higher the it into on color SDRs we partner as just do deals, for but remain partners

And much, find to be I group. think AI more in to much be going to I is help. that we'd going productive we're think able

Operator

next line of Joseph Your Canaccord. from comes the from question Vafi

Joseph Vafi

does wanted it could those IT And then of then like have customers influence Just sound sure follow-up. at again. when to deals? there kind make those back begin on a X wondering, no And point those perhaps really X of competitive quick some projects come was I just

Tien Tzuo

the mean, I go definitely that is you headwinds, industry live, hitting will. if Yes. not did company that

us And so is company important. subscription this absolutely. we're recurring why That's business mean surprise. that did revenue really in by that is is take I the

optimistic work successful. them And so we'll another make eventually I'm have certainly them to with shot that and

Joseph Vafi

where that And certain see little Okay. it Great. areas R&D you the workforce reduction, reduction bit more there was little company? the a was on affecting could reduction? go-to-market? And across then do how Was the the And bit? down drill maybe broad-based a you and there

Todd McElhatton

the than net on last for a efficiency, about us was this of X% time give million done action we smaller savings and what little year. So had focused $XX they really

would following into And put buckets. so maybe I the it

effective were. these generalists really to be into just weren't be to just wasn't And is this able as especially generalists And found First COVID productivity did of they of people and and offshore. we there, a was bucket seeing we we hired did we wherever think and they're product when we aware kind office, scattered throughout get lot for when them. we we that, an us. lot And what from and let technology. folks in a We and did collaborate of also need we hiring, especially out, started

we And so those were the decision some made make. that reductions to

able So seeing get to very from efficient there, a we standpoint were more were but little of profitability. we

and efficient, and line.So we're the to I that So still out we're lot investment and we're of aren't, loss on the like capacity not capacity the outbound. bottom a Robbie us on there.On generating doing to getting think of right the we processing we're dropping marketing, really lot pipeline. what a our other it productive get We're partners, we're we're is, years G&A. feel just we we we've last in lot got that divesting just structure, a really invested there's there technology. doing are and and those we've how to field, through just not but focused where go-to-market last a X through smarter go-to-market areas how the the product in think side, need areas leading we're that hit learning I What is, the overall, organizations. spending the things have on got allowed we more There's certain deliver are That's in there's

Joseph Vafi

targeting differently going you were outlook. Great. here. of yourself of you Rule in. and couple do And targeting you getting of you time the line then of provided given or reductions, you're top the the But and that the to more cost again were it a a previously see one squeeze Rule on I know kind XX, just then parts the XX than to slightly moving last

Todd McElhatton

we at year ability really on weren't continue at we the would been exactly the last If of I how beginning profit we've were year do see the the didn't going to at the we said to bottom the XX%. dollars through that. put to sure that disciplined. last We're plus top line We things going to we said beginning that go. we line, delivered continue to X% do that So, of put

look guidance, at if you XX% the obviously, year. take operating imply margin over we're given of the So that's a going to end at that a the we've where

the So accelerate yes, line, the on on a be probably more opportunity that'll to but bit line. little got certainly top we've bottom

like get to feel lot I different that avenues we've So of like. how Rule regardless the got we looks what a can environment XX of of for

Operator

from [Operator next from Instructions] the question Your Joshua of Needham. line comes Reilly

Michael Rackers

is have ones I This here. on X quick Josh for just Michael today.

you help to First, growth you what of level a volume seeing over And us the could to lower the NRR? returning growth are more understand invoice in time? terms maybe of impact normalized invoice then

Tien Tzuo

compared said XX%. feel I ahead, that was to compare And was invoice jump that volume go Todd, you XX%. I'll in. can our to we in base But customer you certainly think Yes. continues economy. and countries, maybe, volume growth you can look, to the GDP to the Revenue the the continues general of outsized a grow have much large that see healthier growth

how the invoice reliance our that right for it our growth the us I the us? last the part you've right pretty part public right, think the market, own volume in what of reduce correlate customer. simply we're Understand, to been X, do, over So years. about growth. seen on we're we've does in It of X

multiproduct volume volume, about but of invoice we And Today, our can strategy. right, scheduled vectors products, in certainly so and versa. revenue by talk revenue multiple vice additional growth land you've grow heard can customers that by grow growth and also or us we expand billing cross-sell buy and

talk the fraud new can capabilities the they additional the within and You these about continue or ] [ a launch modules in heard FSP revenue product within call of each we the like, products, we that already in billing us product product, sell that even have. and to detection certainly in innovations,

if bag to see ability grow you you're a our give customers. long And right, our And customers. sellers, to to toolbox, broad to as our will, us so we tool going goal our do that, to bring value continue a is with to as

Todd McElhatton

market, natural think That's I follow we've would I of they up the that. there's hit one revenue our so us. And scale. for And an than thing seen, it which we'll a get the a fact that that bit volume, XX% have able to have we easy of down, not of our for we've opportunity by a our XX% that talked But we a especially the year. lot million avenues headwind headwind also we headwind reasons a $XXX only certainly have more for rates growth that's for And because to XX% we'll end the that the driver of We think, other accelerate, us a also those us. is, customers of Tien as base. XX% been something we is or to will can growth multiple don't in Michael, be But our we as certainly see installed for big Maybe And correlation we've grow. outside with correlation as maybe driven economies we metric. this of SaaS business, volume as that's right. is but Yes. base that within a of larger, get year the has we us that be where the that gives to think And take caused within of. seen come this advantage that ability installed grow our of past, get

Operator

we of And that comes Thill line from question, more Brent the one from time have and Jefferies. for

Eylon Liani

Thill. most first is us are environment Brent improving. is My question companies for telling the on that Liani Eylon is This

of So can the How savings those are there much anything reinvested would that versus that, question piece, through help flow macro you is the And quantify be cost that we from helpful. margins? on should of? other If layoffs being the structural layoffs. aware my than back the second is the be recent

Tien Tzuo

Yes.

look field interest Todd expectations the me air other general it same or at like this a obviously be year, of I Fed would at will I'll to other year? say Was that, the see be more Look, hey, growth revenue maybe the we're going Let the today, second will we But know following there we I'd one, announcements news of bit a muted the rates? the coming little and general the some just the the in optimism that companies Is a sense the there don't to recession let all, you end right? Is start been lower maybe read up their sense the picking you've are. certainly deal of a one. the like in first then you that level of be U.S., of start companies landing? if dodged what year. least it soft at all a

uncertain that I smaller So a land on but can it's logos. this We what's regardless macro, our be strategy, get we that we saying, at a them in environment, might like why in to I of prudent. ACV, them. be new like on sign that's think doing the right? going I our good look, to And of sales to proven strategy we continue live, customers. got can once We've a get grow the more engine smaller and leads least faster cycles to customers with we

us. this grew XX% who were actually with our their You customers stat, heard renewed about the spend of year

set up growth the And to overall so about we us ourselves durable of for continue macro. to what be that the in in happens allows to regardless a strategy long-term feel position great good

Todd McElhatton

cautious recent this The their only very I'd said outlook thinking And talk talk to about as is to what think all CFOs is when I being the them, they also XX-plus add thing about in everyone quarter. start in most I probably of Tien year. I

last bottom the that and to I I question, the was think what So as the given on we're savings hearing prudent million $XX year. there is that macro line the second on seeing for guidance will from of from based our we've was that really go the about customers.On your noted call

So I question. appreciate the

Operator

This you for Thank concludes today's your conference participation. call.

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Zuora (ZUO) 28 Feb 242024 Q4 Earnings call transcript