INST - Earnings call transcript Q2 2019 | Instructure Holdings, Inc.

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Operator

Good afternoon. My name is Chris and I'll be your conference operator today. At this time, I would like to welcome everyone to the Instructure's Q2 2019 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. Instructions]. [Operator you. Thank Ms. Vice Instructure’s Investor Relations. Natalia President Kanevsky, of

may the begin conference. You

Natalia Kanevsky

by for everyone, Today's on hosted and and afternoon, joining Kaminsky, call Goldsmith, CFO. Steve thank being call. Good conference you us CEO; earnings today's is Dan quarterly

to begin, materially. the and today's on conference you we a risks differ expectations. current results and These include Before our are remind statements number subject significant will to forward-looking that uncertainties, actual like I'd based company's call forward-looking statements may of

available For factors please future content to reports as to on earnings statements call of the may today's today, a consent. results the financial we and as of except by with our prior the The time based obligation we and is assume property Securities or today's as our our cannot no written of are statements. of discussion today to such file Exchange affect made us could that to be All required from in reproduced law, and other and refer transcribed business, conference filings without release time Instructure's and disclosure any Commission. information update and

to call, also the will financial GAAP refer we non-GAAP and measures. During both

measures reconciliation our a website. Relations Investor find is can You posted the our GAAP included to of press non-GAAP in to which our release, section of

GAAP today will All a non-GAAP unless are of measure. state we we the the discuss financial is nonrevenue that measure measures

turn the to like to CEO, Goldsmith. I'd over Now Instructure's Dan call

Daniel Goldsmith

and our as work people. another everyone. school with growing our XXXX. the introduced into more the representing new quarter our growth and QX management half the Instructure the new development of on I’m and introduced products, good grow of expanded delivered resonating to million we $XX.X base year-over-year million Thank we for people solid XX Canvas, In employee of you, We welcomed of XX% first first day Natalia with family. performance Instructure’s MasteryConnect in with Instructure our during and revenue business was mission partnerships customer afternoon platforms. helping we of and QX, learning growth. Bridge capabilities than and last pleased day features is Portfolium

bringing positions filled Officer, as have most experience key recently XX year executive of Sales. Strategy as more Maylett, including and Global businesses. Marketing than this Officer years Marta Chief Jennifer Chief DeBellis expanding SaaS on Frank Frank Goldsmith, EVP of in sales brings We and

XXXX institutions than our these capabilities. and our Long these new more XXXX customers executive and existing Annual We partnerships of With addition leaders, introduced We our now our this prospective is platform as Canvas complete. are to InstructureCon the excited and XX learning expanded Event of Beach, team in Earlier management held We build-out California. hosted well. about senior month, we over features from announced partners. the attendees

For example their we through enabling Amazon directly are and with Canvas. to access educational working Web Apple Services content

We members the also already with and success natural who of Instructure feel like MasteryConnect family. integration efforts of our Portfolium the share

QX In Instructure’s growing across K-XX new and market are education. higher added we We share increasing revenue many and customers.

for total Canvas. are College from University key access in Global and learners. international learners school District and Europe's Kommun Maastricht additional of University combined Superior Regional for include Diagnostic University helping higher use of of North than with to In Canvas in City Gävle learners more for Ireland, Blackboard and Shelby capabilities its Centre Union include total Carolina Blackboard Cincinnati, at will chose across Canvas all Community District Canvas now highlights use MasteryConnect Northern University go-to-market In Charleston for District with QX, displaced California Sweden the the Australia, Schools In Hampton select move total United a learners. use use School in learners. mature e learners. University, School the University instead of in work. East students its largest incumbent for the its institution Learning Australia, in finally, learners. Portfolium in Canvas Law XX,XXX assessment education in the learners. Alabama moving Internationally, in Rowan K-XX, the of School from Tennessee, district the to XXX,XXX College education Uppsala we the continue Carolina higher regions Carolina XX,XXX of in in the of the Services expand Aalen of for College of K-XX leader County Germany, in XX,XXX Propaganda of Boys XX,XXX will Escola University East de High in quarter XX,XXX will South will in County School, Jersey France, Southern education XX,XXX and to and Oxnard Partnerships strategy. as one Canvas Northwest and University Some Virginia offer Education a and a Brazil, longtime New Netherlands, and districts of And our XX,XXX California Orange wins Sydney innovative well County a all for High Marketing, SynLab, to will States

existing continue and and unlock as prospects and solutions, new SaaS the in opportunities pursuing countries are patterns We with to for open success are who we we new to source are expand. learning using

In to in and we Now let's heads our hosted talent where first June, of turn employee Park development. us standalone Conference, joined City, our attention HR discuss Bridge to Bridge.

pathing, Career, During announced with and for expanded that Engage, measuring we Platform for engagement. Development the event, sentiment Bridge the Employee and new employee career products include

use most important they now to comprehensive their asset: people. With companies is Bridge invest solution these as in for a their additions,

as for looking are they invest shared or And employees notable solution. Bridge further say that employees. jobs that turning to companies they recent current do, Organizations that their research conducted employee with are During to in U.S. ways their BridgeCon, also development. for a leave nearly One for are Poll. develop likely we is Harris XX% to likely somewhat they of we finding

prospects across its include: we signed the Bridge We have and TELUS trainees. embraced Key worlds have And, International and organizations. largest full Omaha, from continue one of employee corporate a will opportunities employee as QX, into for change. continued of customers Express Bridge Bridge. contractor employees academic countries. and XX,XXX and expand evolved In Bridge converge, added professional see for development XX make their to our world's this use launched University, American Bridge of We for company, a examples or with a platform in and to their customers of and staff. corporations, development expanding progress the projects LMS we State the within studios Colorado animation highlights who Mutual Google Canvas Waze, XX,XXX all will for use Bridge buying of University Western faculty and education. development University, a Governors few Tulane adoption of are and

the we significant we are attach-rates, deals. the business, of win-rates, As evaluate Bridge monitoring and success

against progress these demonstrate results QX Our all metrics.

role, forward. opportunities, the to During considerable workplace, taking at right growth six in review months time and evaluate the the spent the weigh I first ultimately time in will our I to am schools, our my have moving events. our and in allow changes us make investments, which with customers business,

Budapest. of ongoing talent improving of the in a initiatives such through efficiency are growing as business We series our engineering

to forward, our half plan, our prospects strategy, mind, foundation second progress products. we of this are this look by the making for strengthening now excited continued partners, in our executing XXXX thank would team and mission. to it Instructure and solid opportunity With of our employees the Steve. like turn to their I commitment We and the beyond. I’ll to on to take over for customers, our and and support and our

Steven Kaminsky

and us today. thanks Dan for Thanks everyone joining

As Dan growth. a with we QX mentioned, healthy delivered solid revenue

year-over-year of revenue was and of revenue on which me from $XX.X recent of growth some financials. QX a result the contributions Total International XX%. customer to as million, Let $XX.X growth, million. provide This over subscription was XXX%. net our a total retention revenue additional our acquisitions revenue is direct grew percent revenue the of details XX% healthy

our two entirely is As the our acquisitions, from revenue. includes total contribution this quarter a which revenue almost domestic reminder,

was of end for exclude revenue quarter QX. month QX If you have at international a of to essentially the would been second percent Twelve total billings our rolling the revenue, basis. to the growth acquisitions, equivalent XX% from from were rate. incremental as two to This also includes $XXX.X that XXXX, billings rolling of a on calculated added quarter twelve-month which also the million, up

commentary, my of a per XX.X%. remainder will was discuss and all Gross otherwise the noted, QX results non-GAAP are numbers unless basis. margin in For I common on EPS share

acquisitions. impacted year. quarter, year-over-year a basis modestly we quarter, recent $XX.X our was Of improvement total last to revenue, decrease, policy by to those represents, XXX gross realized to basis the After XXX points as million. As the adjustments, two points our majority operating of partially QX expense a by for compared decrease compensation related efficiencies. This discussed percent related expense of incremental change margin of acquisitions. XXX a last we offset last in basis the was point discussed accounting we was operational the

million, last Our year-ago. lower QX which operating QX $XX.X of million for a was million, year. per Non-GAAP compared $X.XX million. net is $XX.X same for loss as loss loss the QX $X.X share period than to was was in GAAP net $X

XXXX Turning $XX.X Free quarter to the cash, balance in our of cash equivalents securities. sheet, for expectations the the flow and of with we quarter marketable in-line million negative ended cash $XX.X million. second was

full-year. approximately reach cash free breakeven to the track on remain we for for flow Additionally,

for talking investors over the factors. provide direct comp for been looking additional let increase received change, our now in granularity. more me quarter, to requests our In so stock-based expectations recent have last the we color of bit philosophy compensation As year-over-year we've is surrounding result a at four XXXX, full-year a

component usual. growth, first headcount which incremental as is The of business a is factor

The is executive of equity compensation. CEO and second portion the component

to MasteryConnect. CEO, company. prior ranks mentioned, This stock-based component normalized The we XXXX. compensation implemented is change increase receive Combined, as reminder, incremental remainder Josh is joined acquisitions when our compensation. contribute a recent for And, from A additional equity did these year-over-year grants. of and overall compensation. executive was related expected the have stock-based Dan less account the the than Portfolium As Coates, to added to third not slightly for Dan of in which our factors any has half headcount in philosophy the

the end Let me our third quarter expectations and remarks a around for full-year. my with discussion

$X.X million, expect third $X.XX. to net $XX.X we the $X.X range and to loss share non-GAAP million per of million the to quarter, million, $X.XX in of $XX.X net non-GAAP For common loss of revenue

$XXX million, as full-year, previous guidance million. in the the $XXX revenue million $XXX to we $XXX to our of to range For expect of compared million

from common net stated non-GAAP compared guidance million, net loss guidance loss and $X.XX of non-GAAP to increase slight million, Included $XX and million the GAAP loss expect quarter. two our as increase full-year net for a finalizing of We previously since of stated last of accounting per last call. to addition that as previously for of made million acquisition, were $X.XX. our stock-based a $XX.X $X.XX the $XX.X to MasteryConnect compared executive the in to due to million The hires share to $XX $XX.X $X.XX, is slight to compensation, is the

expect calculating go third and the busy we shares as for head solid million delivered for into questions. our summary, third quarter. we're ahead. lines XX.X and and For full-year. to the With open EPS, be Operator, we that, important well-positioned In XX.X we a please million the quarter, for let’s quarter our

Operator

Thank with Oppenheimer. from question Schwartz you. first [Operator Your Brian Instructions] comes

Your line is open.

Brian Schwartz

a this just had the bounce ask the the the questions domestic Yes, first from my here to in contribution even out you afternoon. from for quarter strip the taking when business here want Thanks back acquisitions. Hey like looks Dan, about it I quarter hi.

if here little deeper domestic bit wondering on the into seeing you're dive side. a you Just can what

other deals commentary any performance have swung if big and on business? that wondering any in the that the Just you U.S. quarter

Daniel Goldsmith

the Brian, how to doing, you. it’s for Thanks good you question. are Hey from hear

as things So actually going the this are expected basically year.

and we the year. leaning sort right the but signs as business outliers first we're proactive mentioned, more now are good of expected some in we from there's don't I into either is through half direction of think that generation any demand As and seeing usual

Brian Schwartz

or pricing? happening of be questions and based products to trends but Fair questions terms guess helpful. vary to that on I I certainly realize I on in time comment enough. is and if whatever get know just Dan what's is, the what the a pricing go core we you on years with the could that's any I do then of ask of on market other proceeding you back just on also the horizon in lot going to on you seeing commentary overall terms that years or engagement Canvas Thanks. what you're on pricing of side seeing three renewal And like-for-like And if would renewals then want you are don't then five want

Daniel Goldsmith

wish as is here. market. as mean I things in focus more the that very well. is I consistent Brian. having just one Yes, pricing we fair sort and you I had usual of exciting pricing The for answers of on the

market now perspective, like our from So there's less a perspective sort cycles our add some we're there's of as price portfolio, standard things success. know with for you MasteryConnect different educational comment of us. nothing and really anymore obviously well? to pricing we from more sales and remaining pricing do a products don’t for Portfolium general and seeing But in Steve, strange point pricing standard as to very levels like the I the areas the in student consistent and are want

Steven Kaminsky

time would the something a week especially This side very the question typical education your we Yes, there's on that's such because or answer year high so volume two where by have renewals in just are expected. to of coming of always part as incredibly of is if business. an the our slips second the Brian,

nothing there's with consistent years rates the typical seeing activity. unusual However happening, and prior are very we're pretty renewal

Brian Schwartz

I'll then and it me off. pass from question Last

to commentary, want talk else and in you're your initiatives in place the guess in maybe efficiency trends Dan And over push maybe the with that better operational the than sort here so I forward going overheads to improve the outperformance far it remove afternoon. some you're there the here to Just that's efficiency time? on anything starting maybe the did what saw hear improvements productivity. put quarter. you're can results there that margin can continue is the you of seeing margin what you that about Can I this that happy maybe in that Thanks. even that does about what even we those gains on of that seem ask in

Daniel Goldsmith

So that's two right. that's Brian, but technically questions all

continuing fall doing, just So a on couple efficiencies more a driving be those But that the efficiency, we're We're impactful. that business are to can comments. invest of optimize number the operational looking of of quick and on or efficiency drives we line. operational how mechanisms our business side within what some some can at in optimizations those bottom we the a lot pursue just

the time to efforts. well to there of yes and absolutely we about for to make at on working cost service, vendor our well. Budapest sure managing the the some doing customer sales of resources latter right the size side. We've your piloting work those then support we're expanded model, CS, our look of actually the customer question, optimizing in at are costs things contracts Some that make headcount two are actively for part to One to we've and we've and base shifted power we or rightsizing teams as a implemented our is as managers they're that sure variable control model We're our in on some talked times number have looking part the Budapest of and we've a both engineering side side.

The the is we the right that second have thing in people organization. ensuring

or the six So of a in we great brought over so. lot past talent months

We're organization bringing of proud Head most the great One the some of with things coming the that is are the Sales. an recently of we talent executive team overall senior Global the I'm Maylett into into where with of hiring as company. Frank especially who's really now

Brian Schwartz

on my good afternoon. well job right, thanks All for and the this questions taking results

Daniel Goldsmith

Thank you.

Operator

question Zelnick Crédit Suisse. Brad comes Your next with from

open. Your line is

Unidentified Analyst

on you any potential Dan lot that the monetizing with in Can surrounding at is of on how Hi, positive thinking an are thanks of update on we InstructureCon. just for taking my thoughts a DIG about guys provide potential opportunity. for updated heard us you And Bob Brad. question. timeline? This buzz

Daniel Goldsmith

Yes, foremost so DIG and codename that to and from data initiative a clear we want the the and DIG around have really be learning. machine perspective, DIG data for first is analytics, science

areas reiterate, but over to in days. time We it's we continue relatively release will products that these early have we

some not fantastic product getting great looking are right. phase, We than we're we're PVT we're of progress other number now to universities There's tour this the and share feedback. phase, a with details to of the in making right working lot a validation get some have

and on data great a opportunity big industry for really and as well I us a markets and like data present products. the to make think industries education new introduce vertical impact as

releases. might So when and we look product look see products beta and year continued next efforts, towards through the when end considering of we experimentation this year and we towards more

Unidentified Analyst

helpful follow-up. speak That's quick initial performance it's to your just you your of recent acquisitions, can performed I about a expectations? early they know and have relative the but just

Daniel Goldsmith

question. Great

that you pleased on sort And some and some Portfolium delivering interesting large how schools day smooth goes some of MasteryConnect, calls. highlighted generally districts only Canvas you forward, very acquisition see to more led are, and both as see with around can only but they So Portfolium with the Portfolium what we’re by they're for every of in where we we're and interviews with into well more expected acquisition the MasteryConnect business. Portfolium deals an was, contracts within the know not some on come also pleased those we it

a execution. for So expectations it's days of and the integration the both right number our solutions. the still on pleased with We're we're still with results mark early We're around with product field are that pleased those. of for working both elements on

product stay next So months. advances over six for to nine more the tuned

Unidentified Analyst

Perfect, thanks for taking my questions.

Operator

from Needham Berg Scott & with Your question is Company. next

Your is open. line

Unidentified Analyst

on Scott. Josh for is this guys Hey

simplifying are their you accelerating to there's migrations driver at time. Cloud think this savings of IT we total these from more some or specific customers? structure any has to hearing with some Moodle or products customers InstructureCon Do what like taken you accelerating So spoke migrating these ownership from Canvas, cost

Daniel Goldsmith

and sort thing model and source solution open organizations by a around proceed and open solutions allocation traditional resource. purchase of source generically more budget is Moodle that their of solution effort or organization source SaaS different lot open the means which Moodle, Yes, your is free and takes

customers healthy You and in got total and security into of we or is lot like innovation We working alluded don't selling you've some have benefits audience do keep get a the you really the those and the to the cases every manage of TCO ownership SaaS. we cost what that source that around in progress of stability same way to to that many converting is to of to the the found platform ongoing still prospects. It's but a see sale Moodle need the work along to key there open quarter over lines. we

The other other the regional thing education by Moodle organizations. There's the is that many space is prevalent in not element more international so global much really or with is and market is educational international more market. or

addition markets articulate strong us just would of Canvas able and conversion places in we're in to, as credibility Spain the in expand also to So TCO establishing being we momentum region. DACH France like into it's which

Unidentified Analyst

for Okay, history. great. and for growth in greatest And then is InstructureCon company think OpEx number of that Canvas hires you these for company we the developers rest just How throughout one the about hiring should of year? also the pace engineers me at implications mentioned the of more and the

Daniel Goldsmith

you do to Steve comment? want Yes,

Steven Kaminsky

remove of and some points two went up again went year-over-year by the stable, remarks, basis the if you a basis compensation I you which that the the Yes, effect G&A improvement. mentioned decrease close tens is versus change engineering once relatively look but total both and The of look point so year-over-year, at point stable XXX marketing was and down we've and actually if efficiency of relatively details XXX you operational acquisitions. sales taken basis it the prepared at it was actually number look at in it

think up. where I So shows it that's

the products. very with to time of the over in So saying leverage what for of investments our it's This more most to will make going as is years leverage slowly. major we've categories we been slowly several consistent three continue R&D that OpEx

Daniel Goldsmith

Budapest. too out thing mention of other strong getting to we're The is already productivity

the resources we look R&D a apply the function, much of global to our So when lot better business. profile more cost at cost able profile a within at we're

unlocking that's a potential. to contributing that So factor us

Unidentified Analyst

guys. great. Okay, Thanks

Daniel Goldsmith

you. Thank

Operator

Your next SunTrust. question with Lemus is from Eric

open. is line Your

Eric Lemus

Hey the guys. Thanks for job and in taking quarter. nice questions the

holdout You know finally prepared to a that switch remarks made of some you the talked Canvas. these about schools in over

there's opportunities look current solutions that and under for you to at more schools the already or If stay have? schools with those switch willingness now the of are RFP, some those you bid legacy up solutions of and for they do think

Daniel Goldsmith

think in LMS pressure there's legacy said, and with So expectations pace for it or where enough. more enough hey may varies teachers for more wonderful, they in That not keeping not, also prioritizations their to so terms good solutions innovation resistance it's organizations institutions at their general and students. but solutions and it and current priorities. be as some might well are passes, good I and this though of there's we looking it's within as saying stable have not not solutions, high be switch being is time just other It's

introduced With able as value opening that of seeing well the pipeline increase moves as are learning in platform. and of the are the our we addition advances additional Canvas, MasteryConnect we we And good forward Canvas Portfolium within deals. some core to in InstructureCon a during proposition as

of sales organizations the is piece motion just Canvas. power some don't understand other The is

of And so over pattern button into Renew the pressing again. they've a gotten over and

we're us created the see market more that would come with into to before. so leaning starting opportunities have never to And market,

organizations the creating think to that demand don't trying, before they consider I the there's and happening an been we’re inclination more value to generally moving understanding So dynamics change driving create these that haven't of market is organizations. in proposition different for where of something we're of

Eric Lemus

really Great. Thanks. That is Dan. helpful

of do customers now conference? content look back to and when excitement the the lot themes, editor from data think the actually you that of But the conference analytics, whether the most customers on cetera. a you amount what digest of you to prospects to Next from obviously question presented acquisitions, at that the talk a There switch Conference. practice Canvas lot was et and be you garnered customers

Daniel Goldsmith

I lot and I for excitement phenomenal. asking know Malcolm of Heath Love Dan she Canvas of about But although well. you you're our generated is speakers a if was Gladwell as excitement one platform. hit Bettina think more don't garnered that were about was there the were

two updates things around a gained had We had analytics institutions of So it and in unlocks doing. analytics. We lot platform that for I of about released to of the opportunity. three analytics change lot were constituencies course an on capabilities really capability, or that allow a Canvas, to at think out what excitement based teachers lot there's of a we're to release more and analytics, within usage those impact to analytics, student look a lot more potential we understand,

So capabilities it a excitement. third think integrations some group Canvas was the little a and generate communications more is lot of of enhancements are people about. integrations, but that very was then thing also of with our thing. I doing subtle We excited a made which we're and some Portfolium MasteryConnect that And to in the big the

dialog of a data data they're ML got around And what bringing and code-name the the lot discussions Our science something use transparent is of open about DIG dialog. education. sort of into in around talked that we've

So that continuing we'll got of well. lot and conversations be a traction

Eric Lemus

you. great. Okay, Thank

Operator

Peterson Your comes Instructions] from James. with question Raymond next Brian [Operator

Your open. line is

Brian Peterson

you. thank Hi,

business. the So wanted term longer Canvas for maybe on hit just opportunity to growth the

how curious to look strategic that the right M&A, You've we growth way about thinking about be just had profile longer-term? should I'm interesting some

Daniel Goldsmith

want I your question. just make Hey to sure Brian, how understand I'm I you? sorry are

Canvas? You profile want longer term growth for to the understand

Brian Peterson

share significant gains of in the there past. Yes, a been just have amount obviously

the You've that? get some How we longer looking just is range made to potentially that a should we high at digits, is as growth M&A, I’m profile XX%, growth, look think maybe it the on about term. single

Daniel Goldsmith

I organic on Yes, than on were for our comment much talk We range, that. maintaining on know is six moving growth the be months are not of educational already Canvas as seeing can't the LMS only a really will me I accelerating our impact even expansion product and What ago. come and we're those in they focused to solutions, of opportunities and product forward and capabilities core new acquisitions I the say were broaden love to prospects look more to competitive. core we're LMS greater education make through growth to our to TAM we that can acquisitions you'd introducing specific growth there and and but and seeing and offerings the those of the education new education come we're seeing also more

handful were of this fact there not with market way have In would the of to past quarter MasteryConnect or not have come addition that the our come deals past. a maybe the in

a rhythm little as more for we're those in international probably will layer Asia-Pac, growth the represent to us they only but some the that way great takes of going get opportunity into it. Brian other that as and Right strategy us time with now markets more element So We're that's I add could we're drive Europe well growth. I mentioned operates to in continue especially describe over The for give that growth in my best remarks, it expanding into and additional how a as time. as is revenue groove I'd to opportunity opportunity well. to sustained markets

Brian Peterson

And sales Dan. high over the on Thanks Thanks a anything that maybe last Bridge business, of just logos it. profile the have quarter. as cycles couple obviously can changed some you there guys. follow-up those quarters? Is Got in just share this how on

Daniel Goldsmith

Brian. question good Yes,

beginning early the as adding of about mobile voice and offering for expansion in the of path thing Platform of So and the a Career the expanding is eight June. within the at employee for as Employee as capabilities introduced sentiment things, career still well well We engage just Bridge we're phases. with ago Development couple weeks

in. employee last still attach days coming we're number it's our seeing of on the that the over but metrics the as that pleased even with one rate of come early for in attach So to wins weeks eight key actually employee deals, and play. wins The development three we're speaks development coming rates the into

we're we around about So significant pretty really driving My deals We've employee that development excitement pleased well. always forward. suite are. where is as tempered with the talked

Express data are quarters. American a or understanding the family. a like But So trend we're and very Instructure whether in more measured welcome be organizations couple these really to want creating we to give it points happy and Bridge to not

stood In progress, sales six a changes also the team our of terms through last over lot as sales up, team we’ve well. months our our know Brian within of as we've you gone

So filled pipeline. we up hitting speed and sort more our stable with into late QX feel of with team running much Bridge and QX, and

as the we're in mentioned in then quarter. So deals logos past attach and of remarks, progress rates, continue metrics we're we've to watch sort made is going this watch of all sizes significant and I rates. also win And to three those which watching

Brian Peterson

Great color, thanks Dan.

Daniel Goldsmith

Yes.

Operator

is from Rishi D.A. with question next Davidson. Jaluria Your

Your line is open.

Hannah Rudoff

Hi Rishi. questions on Thanks my this taking Hannah is guys, for for today.

nice exact team. for you Just the priorities if just built starting three talk maybe you to Frank? you've ask out off, I could was top wondering that about it's see the

Daniel Goldsmith

Great, Hannah great questions.

So priorities. three yes, so Frank coming in

global with start our me let So of fabric methodology. sales a

we to of sales to the So the our execution. execution have and cultures in be Frank first sales first teams been things and make builds sales past. process. and so methodology going on and and a built sure is that our want methodology he's He teams, global team, the foremost diligent has very as focused we've establishing we strong one strong

team The other be so with Frank deals, to is and the that key prospects focusing good to key ensure have that on for markets. going that thing key we is approaches

getting ahead very early as being as and strategic of opportunities possible. we're So

have and working Historically, marketing overall had as Frank going as what be will as Frank connectivity ensure Frank to we've great a team closely very models big been that has part pre-sales previous And focusing some through some sales executive in other the been the will done be on thing across then piece these the gone is companies, but a of with disconnects not process. very be working that's have coordinated as connected. on that well. well services product one. second that may or the third we would the is his and job So factors of

Hannah Rudoff

on that? the still side, philosophy on Great. build That's build about to you speak super little any M&A capabilities you're I your helpful. could And if out wondering looking buy versus then a Bridge and was

Daniel Goldsmith

Bridge company? to or specifically in roles regards With the

Hannah Rudoff

I would specifically. Bridge say

Daniel Goldsmith

a will Bridge good to opportunity product milestone is launching of moving part to us the market accelerate So company put we We've had so In the for this organic forward Bridge. a right be business wanted product more development with we based but to customers in really on. that right platform and capabilities we much lot amount profile BridgeCon working within to the it have this enhance time upon, space of to products. broadly But with it space, into reach flushing there's corporate be terms at although of have whether now, the of out a a lot across in our lot do now. key employee in as a get of business we product and the in investment and of out would Bridge of or the our Edu

it's Now growth. execution about and

Hannah Rudoff

you. thank Great,

Operator

Your next Markets. question comes from [Indiscernible] Capital with Berenberg

line open. is Your

Unidentified Conference Call Participant

taking question. for Thanks guys. Hi my

provide I any larger larger the that? like just AMX Bridge Bridge wondering you with companies was in previously new size question using seeing any if that details wondering that Bridge provided contract that was seems if disclosing any of And companies provide number. and you if currently wins and maybe colors, update you're and change it around to Another they related guidance significant are keep could adopting XXX I are over

Daniel Goldsmith

grown on Steve, that since one Yes, we amount released, a is good what so released we about? I'd not say probably XXX we've first that the number. have

Steven Kaminsky

last I was year. on QX That believe the call

Daniel Goldsmith

around Yes, so was year QX last XXX. probably

now. number customer account grow. continue updated So we to an releasing We're not right

consider main motions. learn And growing solidifying us employee sales logos, large some things happen. seeing We're with maturing introduction how the that few selling and forward development and and and great I for team when starting of enterprise regarding is something mentioned platform, build the to land moving mentioned and continuing three we're the memory can and the And have attach and to customers deals products around you something of of earlier where our organizations that examples our and in or at we we steady adopt can fact a a we and expand like those rates, significant ability that those to those we're elements deals. and But now some lot TELUS continued in our progress companies at muscle to of work organizations introduction we're within AMX level win to within the more rates ability been now making we have MSAs are do place Bridge that expand. demonstrate company other others those there's introduce that have look success of logos and we new with but time as some

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Unidentified Conference Call Participant

you thank guys. Okay,

Daniel Goldsmith

Sure.

Operator

Q&A now this Thank call. gentlemen, and At may you Ladies period time, conclude this and does today’s disconnect. you.

Instructure (INST) 30 Jul 192019 Q2 Earnings call transcript