QUMU - Earnings call transcript Q3 2019

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Qumu Third Quarter 2019 Conference Call. At this time, all participant lines are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to your speaker, Dave Ristow, Chief Financial Officer. sir. ahead, go Please

Dave Ristow

third and Investor conference for closed, call. release at is for a everyone, a XX, quarter of qumu.com. section copy we our of XXXX press which the results our earnings After on announcing ended thank afternoon, September joining XXXX, the you available third issued quarter Relations Good the website market our

increase our our be number certain that and and efforts statements expected to financial to results making respect and forward-looking results, cause materially. will could customers. We designed of with with to traction penetration are uncertainties These strategy go-to-market today actual differ risks statements and a involve

and these financial Please Form a specifically, of Form that events XX-Q to only reflect our obligation of SEC any we publicly forward-looking risk of update our opinions future or call, statements filings, may information, our our result press undertake statements refer a note whether as to revise factors affect otherwise. no results. the that XX-K and or as detailed description forward-looking new this results our date release, Please and more of for

our all financial the measure. We isolation adjusted filings of which call results. this measure, will or are reconciliation to to from our we for find its analyzing substitute company’s disclosures Non-GAAP measure. intended you measures a and superior will to additional to encourage when our with GAAP and comparable considered consider or posted this not including with regarding is performance. be in measure measures non-GAAP release discuss today, financial non-GAAP In the During SEC, of a press our EBITDA each website, you GAAP

will turn Vern call Qumu. Now Hanzlik, President with to and CEO of that, over I the

Vern Hanzlik

I’d review progress Dave back the strategic open finished, against everybody. more plan. I’ll and hand comments then Dave to a you, our to is on numbers. the like welcome, When call with few and for Dave, Thank details our

was the during during for solid start which much regained of we a momentum at quarter the Qumu, QX XXXX. Qumu, generated which we of

financial significant was $X.X Looking like American highlights. large Vodafone. by million million last Driven expansions some and at Express, for XX% KPMG, the clients in from up QX from year, USAA, enterprise Raytheon to Revenue of $X.X quarter

improvement For the nine year. the last Gross of increased nine months high also to is million to and quarter revenue at at XXXX. the first to the months year. strong annual XX% XX% first reported is was in $XX.X period period XX% comparable XXXX, XX% for guidance, for marks important from note, margins and compared significant It same of of the our X% the end last

improvement gross for with Adjusted EBITDA $XXX,XXX, QX combined combination last of year, a margins, a over by the expenses. driven higher quarter was revenue, operating lower loss XX%

months first adjusted We the half. in loss $X.X XXXX, ended million cash, million, the up nine million year’s For was QX. with in from in EBITDA $X.X loss of cutting $X.X quarter last

our With guidance and EBITDA strong are XXXX. for we reiterating results, these revenue adjusted

support in key factors. confidence the future several Our by

this quarter, deals valued closed we First, at several have already $XXX,XXX.

proof pipeline number sales our prospects. multiple of steady Second, fueled remains with pilot a by running or currently of projects, robust, concepts

keeps to an them BT’s fourth, customer at while this live quarter, means in high And the committed has partnership. our important first it platform current Third, is BT conducted customers, our event one customers. for our discuss hear what for on and the our Qumu XXX early significant, you more milestone of retention we reached when base And of Qumu. customers partners within number all-time XX.X% much actually an

means a few the AT&T, Summit, tell take them from you and we Qumu website. partnership you to the Qumu others their page conversations, Boeing, our watch their exactly asked companies on can Express ago, months GSK, at to Scripts what few So minutes organizations. AmeriHealth, Customer the like with a XXXX found About video these of be resulting and to which encourage I and

overview, Dave a details quarter. financial future now to back for that the the for over call few I’ll With hand

Dave Ristow

of with Thank first begin XXXX, you, to to a of or brief year-to-date revenue Vern. commentary I’ll and on highlights. financial margin our increased $X million record XX% XXXX XX.X%, XX%, some million non-GAAP increased a strong customer are which months current $X.X nine confidently Gross adjusted coverage, we Compared the XXXX. Combined positioned pipeline plus to revenue retention at times measure, finish XX%. stands a three improved our of with EBITDA, for or our X%.

were of period our the Year-to-date, into of XXXX, of XXXX, September $X.X from the XXXX. third revenues of from total revenues XXXX. nine quarter improvement million for in Now the for $XX.X financial Total the million ended million months XX, comparable results. rest $X.X the were getting $XX.X improvement an an third quarter in

and XX, million and and $X.X license million million million million XXXX nine months million subscription, million for months XXXX XXXX $XX.X ended XX, $X.X September September XX, was Software and months and maintenance the and appliance and and and revenue support ended revenue for XXXX September ended $XX.X three XXXX three and respectively September was respective respectively. months ended XX, million for the XXXX respectively. $X.X $X.X XXXX for the $X.X and nine and XXXX the $X.X

revenue support subscription, For the of of first and support revenue. maintenance XX.X% SaaS revenue months XX.X% annualized comprised maintenance and was XXXX, nine and

both Vern total million mentioned including expansions of signed a value with that we a TCV. contract than Qumu. opening company annual The his major new in value, seven-figure and represents number contract As ACV in a QX, contract deal secured customer insurance $X large in or remarks, more

an deal services with existing We another customer. seven-figure closed financial also

of In is analytics a intelligent investment an and expanding a than deal AI-driven network, our telecom ACV and more with deploying large This in another services TCV. Qumu’s $XXX,XXX and upgrades, and a captioning. delivery expansion $XXX,XXX million $X.X $XXX,XXX advanced And platform video represents on-premise latest finally, to three-year software. customers customer Pathfinder expansion, financial a their with upgrading renewing including

for compared gross of margin XXXX, quarter quarter XX% revenue, from XX% third the the to for third Transitioning XXXX.

increased XX% the September to gross of was in periods prior the For compared months months in as XX, the year June Cash compared $X.X XX%, license the for change quarter June nine cash XXXX. XX, by to XXXX, XX, of at XXXX. XXXX. was margin gross equivalents The revenue nine impacted totaled ended to favorably million first XXXX, term and first million of compared margin $X.X

compared period the XXXX, XX% was of the million was the due $X.X versus of to EBITDA $X.X $XXX,XXX quarter an loss Adjusted XXXX third lower for operating loss improvement expenses. nine for revenue EBITDA $X.X combined of $XXX,XXX margins, and of XXXX. months or loss quarter first million a XXXX, the in the improvement third same to million with in Adjusted higher

accounting per three share of by – loss months favorably and a $XXX,XXX, of warrant computing XXXX, loss ended the the require share. $X.XX exclude liability $XXX,XXX decrease in XX, from during income loss diluted resulting net exclude accepted generally our impacted of the basic were we decrease September principles warrant we in that value the – income per when the While that fair from the

be warrant loss in $X.XX share per the per from impact difference expense. fair of included liability driven resulting also decreased on a our in which in our represented XXXX, are to the other XXXX in $X.XX from As $X.XX XX, price, XX, per $X.XX a loss fluctuations to income basic Changes June preliminary share non-cash September and by per a of share stock on share. diluted value result,

impact the net both gains In the XXXX, from our basic note important Also, and on liability. of loss computing we adjusted exclude which our to material last positive during to expense we EBITDA, year-over-year related sheet one-time experienced investment windfall skews income BriefCam, our year. that or sale this of impact in this inherently a balance warrant’s had comparisons It’s of EPS.

move timing as We Each the our to subscription I’ll we quarter, on as that, our opportunities in annual evaluate business. of With growth and perpetual monitor size well guidance. guidance. license

As Vern noted, guidance are previously EBITDA adjusted reiterating for our revenue and we XXXX.

– during loss balance this net previous which an margin year. to management’s of we low the differs $XX of loss revenue guidance million, gross fair high to approximately of value XXXX approximately to loss due in the $X.X $X.X XXs increase from to the Specifically, of is the in Net expected XXs. deliver liability for warrant percentage be intend net previous million, of million expectation company’s

is refer to bookings to Please Adjusted issued be EBITDA forecasted for our $X.X adjusted previously for growth. XXXX approximately XXXX contract loss million, the value reconciliation earnings annual guidance. previously expected of EBITDA. had release provided a loss the for as to same guidance Qumu net forecasted

the solutions, beginning an customer-driven any and of mix our and to performance in or increasingly given a metric to software a service less has has predictable period. significantly deal-specific, ACV transitioned, relevant business XXXX company by which XXXX judge bookings of in more the as As on-premise become during less SaaS and

in EBITDA. believes that Qumu’s or XX% Although to X% performance, relevant XXXX compared management particularly in ACV and adoption range ACV is as customer no of as grow as bookings our longer a are measure measure bookings of a of the expected financial technology XXXX, of compared as to to to revenue adjusted

this will on EBITDA the bookings guidance and be XXXX, Accordingly, to a successful longer revenue on we throughout financial for no we remain XXXX summary, providing growth, results are working continued be year. and hard of we go-forward the of ACV this drivers key improvements to will these we XXXX, adjusted our guidance, as annual focused and in confident performance. shareholders in balance continue be will In basis in our indicators deliver

over I’ll Vern. With turn it that, to

Vern Hanzlik

with and self-service the met underway want with enterprise take new Thanks, a to Dave. I a users discussion the piece self-service overall enable exciting strategy. Qumu’s in in an the broadcasting video it video. about I movement could and significant recently about aligns how and Qumu talk minute more solution every how and and many existing case, of of of was our customers

own that events every As conducts streaming self-service existing its user events. quickly telecom delivery, capability, have within from including and they issue and of The every streaming company’s an employees actually customer up one about set By live to the now live using Right Zoom. demand Qumu application, their month. the platform twice this streaming example, our easily videoconferencing month. amount XXX is enables customers

walk platform, and phones, their desk launch live the pick employees room can webcast up for conference With this a on-demand streaming its now mobile distribution. any record a customer, to down sit and Qumu or video their at

base across Qumu happening our fits. customer is This as movement where

it with other teams easy make and broadcast video tools. we into video Zoom, turning for systems our video-recording to collaboration create gateway, users unified First, communications Webex, and more

the daily meetings without from or use webcasts IT use can tools, internal organization already large-scale any which to Now, video teams. launch support they same for video

corporate more Second, were content, networks. video individuals pressure on puts more generating means self-service which more

over taking intelligent Qumu’s and customers its is these streaming, access of – content, right video In To need the both for management deliver where security used cases, us. intelligent video summarize, platform control. is being upgrade Qumu

are ability even generation from of the video next explosion benefiting and video We further its into conferencing capability of extend streaming. our to self-service

to our like we report questions. call before against our I’d of plan on, pillars four strategic up progress Moving open for our the

and first execution is growth. Our new pillar sales customer

revenue our Xx and Our marketing steadily at pipeline coverage keeping than efforts for more XXXX. are strong sales

can The the within videos. self-service how papers, live powerful prospect is instructional marketing concept seize of decision-making in Qumu strong One their educational our focus pipeline organization. assets potential learning-focused is with valuable their analyst ways streaming, to process, webcasts leadership enable helping keeping team’s and end and customers the improving broadcasting industry on-demand is marketing to including and role customers the help reports, immediate understand extremely

Management with we the we week, last and in Zoom action. engine. globe. demonstration our a and and broadcast webcast capabilities across we The discussed was live example, live instructional streaming into live self-service platform As partner, Denver, next-generation Zoom into that BT’s the both and conferencing engines. Qumu’s broadcast entire just an how event BT joined conducted event transformed are as video using live a event from Head live streaming streaming of titled streaming applications conducted broadcast was live firms a viewed our an turning This self-service was from me Product Zoom of successfully a

example. educational Another

to markets sales titled and videoconferencing video marketing rights topics deploying technology newly of seven The Qumu’s with in supporting survey in networks. We corporate on our Research hybrid chosen expanding report distribution in attitudes critical are a and partnered considerations for visibility streaming indirect critical These and direct and decision-making data investing are published for like XXXX. recently both for platforms, and includes intelligent comprehensive Wainhouse channels. video report integration efforts exclusive video

We channel to sales continue grow indirect our to partnership pipe. build on our

For partner most sales XX% the our were quarter, our XX% were recent delivered of direct, indirect channels. through or

mix revenue is year-to-date indirect. XX% the and However, XX% basis, on direct a

with partnership from customers. compete live we event of early our one new is As complete encouraging as I mentioned, BT our their results producing results first – –

marketing that look sales to Qumu relationship increasing teams and as I momentum introduce BT to forward customers. their for

retention. of The is our pillar second success and strategy customer

build, also being expanding I our our during equally quarter. earlier, continues records customer as retention including existing our As But maintaining third we Dave the are as reaching customer important mentioned successful earlier. to accounts, notable steadily existing covered growing and relationships, expansion new

newer our significant base include pace. taking customer technology deals and a which hold Qumu’s those is very in of Each at offering,

hybrid and scalability in a The enhancements third Qumu is to the VCC platform The Qumu’s delivery or Video strategy the customer deployment on addition innovation. mid-September, hosted upgrades, product system well pillar version of built is XX as video Center, In VCC new this platform. earlier as a Qumu’s external announced post released includes is year, of our performs market the capability. XX. on-premise VCC our Control intelligent integration version we version we

our – renewed on-premise to pace, future. new lays because to on-premise to primarily in hybrid platform, the environments cloud to upgrade a intelligent platform the or them delivery at Due continue customers Qumu’s transition existing the foundation record for and

pillar pillar conditions. Our our and final financial is fourth strengthening

gained and manner. and cost-cutting moved service increasing As helping our measures revenue and of containment capabilities and the drive we focus beyond and momentum, us now the capabilities past Qumu’s cost-effective product plan in product have efforts a service and on

our video platform up, to are strategy video wrap well in interested and the responding To Qumu’s large strong. our customers first are implementing intelligent

in a remain backdrop, our highly XXXX. momentum for expectations in growth confident we as the With

our problems self-service the a do existing on efforts; in within to Going our forward, – to our can on and XX%; the of with our grow to monetize video to existing is and conference and within streaming while results. footprint tremendous as video laser-focused their provide maintaining addressable above net our direct-sales customer BT customers capitalize upon with others; bringing grow new Qumu our maintain with total on opportunity focus execute video tough by markets; financial retention market larger investment; with enterprise our our follows: stay channel to our new build existing finally, what defined solving the partnership base much companies video of momentum and customers’ strategies; extending

Now, questions. the for up let’s open call

Operator

of Thank Steven you. Instructions] with [Operator Dougherty. the Our Frankel from first comes line question

now open. is Your line

Steven Frankel

to why to Good opportunity. customers forward. for understand, Vern. going Thanks into help ACV not recurring any afternoon, more dig a think is how on should Dave focus license the me revenue? Maybe and about longer and are want I seeing less important? that’s traditional this Or ACV decision we you sticking to model,

Vern Hanzlik

we of it to it’s barometer and as be growth was a from breakeven the line think will don’t as But it’s success ACV get it. was of But decision I the our revenue that we’re and report that to beacon on-prem we Well, We XXXX. as where getting is on of the think revenue I’m But sorry, new so we far business recurring to our profitability. ARR continue the we’re number SaaS. growth as as the would Dave. XXXX. customers move the And of to challenging then laser-focused want our the some the move are – profitability the a Steve. why revenue, business I in think retention I it’s more – net – top ahead, I think piece, something transitioning communicate there ARR also ARR and number to that. go be the but on important into a from for and mix – we of into

Dave Ristow

think previously who existing I into we an solution mean had decision-makers, we technology whereby the customer going I focused component a place essentially had set. the communicated got entire proof-of-concept Steve, they They to swung platform. it SaaS-based an once is the through evaluated on And other the – on-premise. hybrid

those treated, a conversions give – scripts also how really licenses also, is focused going reporting perspective; so transparency to into the are three treatment, we’re these hybrid, as offer be very makes meet that go down where of grow we’re and both existing haven’t base requirements therefore, included on-premise within serve both that are essentially how through other in revenue; got start our will the depending with particular – moving to actually to EBITDA, And to that and and/or changes so our customers within it’s looking we as we’ll And as of to really larger got metrics of seeing concept ACV through happening accounting to adjusted beauty as come XXX, intend they mentioned we folks that tend result, or making the at needs will essentially Still ahead customers’ be on And to we’ve Qumu an upon greater in are to made off platform to we of term that ARR that focus marketplace. they which the up but have but think, that offering way proofs and emphasis we’re really bookings We things: our swing these is flexibility have of on we’re earlier visibility are – – from proofs the how prediction other, difficult. impacts are as included additionally, then that time. kind what’s to and those I concept ASC it the the so this going or calls, movement trying that most. matter meets ability the and Vern and – working guidance and we’re that other decisions. sure we’re a And deals, QX at which of calculated. on, on going Steve, decision the what one focus up and that oftentimes, ACV predict this those

So help? behind. the that – Does that elements those are

Steven Frankel

And hybrid in maybe, and you on-prem new did if the those can you cloud, wins for does. That between break How did into have? some – give quarter, an how insights us many opener? out

Vern Hanzlik

their So, that That mentioned six they We’ve was were pressure are those, had majority mentioned in we able they cloud the those were majority was quarter. hybrid That them. largest AmEx script, a growing networks mentioned about The want. of wins in sort – And cloud long the say, was a win we the is But to both most – some because new or our have that and quarter. of first-generation Europe. their new hybrid. which Martin, one would were piece that those if mentioned new in was But hybrid was other and my just wins new transition delivery as – of, be largest can But Lockheed expanded either our the the had smaller, of you in and our customers on ones they time probably the of of I networks, are And $X.X here are Raytheon, ones I in million. the TCV been that are above one. the people they expansion there footprint, that net base, which the revenue Japan know of in Steve, because that staying that. to future in delivery expanding, USAA, demand that building people of on-prem. out are

model. for quarter. an out more of with that maintenance the we stack We the model within the revenue of ARR licensing but get to get It So adds us, that. on-prem stays

of sales we’re those account-based we complex, of of that grabbing customers of are on to opportunities signed what the working using cloud – new continue our our starting to kind That’s concepts inside So in hard – use gateway firewall with what we and customers to lot traction have though have, but fashion, and customers, transition, generation – kind cycles get with more that’s our the what biggest stuff on our these early seeing is marquee a that. which the and they’re proof even longer marketing then and product really whether doing. that’s talk the and BT hybrid about self-service videoconferencing, that’s is we the

So…

Steven Frankel

if number you us talked those about Have of update converted? last POCs? the overall proof could Vern, concepts on you of you quarter, any the grown of

Vern Hanzlik

as we or eight I same number The the a totality, number, we said about XX. I couple but quarter is of nine a remember can’t the exact think converted those. last or

we was And those. win feel them of a was competitive competitive win. a One in significant about And It quarter. the good win.

Some we test. we’ll qualify make got Germany, the through just next of rates them – qualify week. and we’re tests I quarter a of of We going them that lot if that are kind couple one we in still kicked those a converted that that last acquisition it that still we in another – the the Middle want we’ve now those. at test we we win so be of going still of on. very we’ve us. them those to significant but buy, people next pretty can high, are might… that before hit East, they so off just for Two done they of hard mentioned on, the sure after We’ve think phase go show right them are are they’re those We But that

Steven Frankel

the any detail give customer that? on Could think win. mentioned that And quickly in us and can script ramp-up BT And that do the you you effect? you first you how that got you snowball more maybe

Vern Hanzlik

the deals can see from obviously, run we’ll everything. perspective, BT They So, that I we’ve QX, think in operationalized more these.

period this ones events, So, a for over pretty snowball. pipeline think and months. to will we start to And XX they where between or two that that events, from are three healthy the run got that – nine these event will that, we customer commitment XX but the a XX These of is their anywhere won, QX. events – ran. somewhere that are We’ve

we formula, a and us of going those for service on are what’s that a basis. our the call, the the, the to which They initiate PO what close relationship, and we side working to side longer those helps like the them But need with they themselves to. we our they But normal, in see cloud those in team to order actually are and sales the service – quarterly cycle they’re an ones with – if side, BT think push then that direct order start qualify within have of over to team And we’re we’ll We’re line. see are other that more and our in to work quarter. operations going to momentum QX. resell running

in it see We that, I continue we Steve, yet, more We’ve that momentum XXXX. haven’t about of sized on, reps kind we’ll focused our XX they’re these strategic the people sales XXX, on about to got of plan mean, a supporting a in that they’ve us experts cycles. these ramps-up, got as but XX that focus there’s lot always to XXX – are world, thought accounts about that they’ve as lot

in ramp to to think to QX, going our coming XXXX. it’s we that business but the in think see We ramp see that in it’s going significantly XXXX. in, we ramp So, revenue

Dave Ristow

Okay. Maybe, insight directors. decision couple a net add And Or are new new those replacing of into were to your some they somebody? seats?

Vern Hanzlik

replacing were we opened. seats that had They

Dave Ristow

several, be will background, event financial very Mary. also how contributor. and will the also as valuable be a strategic the a both a get kind targeting of we’re and going the an ramp business. resumes is and significant, contributor at this of $XXX-million-plus good extremely has Ed’s will go space about a focused expertise business. additional Ed as technology for business think be strong our ahead brings if result, you the in will strategic to rate the from go-to-market and And too, here, Or that add we run and model, an enhance a marketplace Mary, addition. view, From we CFO positive look strong well perspective businesses. point of She been of

board, them with them and to have forward We’re to looking we’re excited very them. on to have and board, on working

Steven Frankel

questions. else some Okay, I’ll great. somebody let ask Thank you.

Vern Hanzlik

Thanks, right. All Steve.

Dave Ristow

Steve. Thanks,

Operator

from Rhee the question next [Operator Van Jeff line Instructions] Craig-Hallum. comes Our of with

now Your is line open.

Jeff Van Rhee

with Great. Vern, for questions, A guys. Thanks from my competitive few start maybe, me, taking differentiation. just

this those Zoom not You you’ve But pipeline clearly, biggest and about other company. questions talked the show only solutions, duration they in for you the guys looks like. that at how about there. deals. do And collaboration who video about being a have how differentiate? enterprise. in specific a two, And the proof-of-concept what exploding Win sort changed? lot you’re bit Talk rates And of the your up little talked more two and

Vern Hanzlik

So, I where looking just on-demand I and network, Jeff, proof-of-concept a focus really behind think is us, of delivery whether piece question. the or just firewall. the on for in our customer for mean live the the on we that’s hybrid it’s

on the of the they was customer because won that they the and a both. ones very cloud, we – one wanted weren’t So we a good disjointed the that solution. really had And competitor last quarter good had service, didn’t delivery on we had a won against so they but that holistic – they’re very

So requirements. got some stack the landscape. of And then competitive disqualified our our videos worked better couldn’t the the because they just meet stack, than vendors other

and for is of us that software Webex a to the piece things that a differentiator because kind have, Zoom. or But that of it. can’t piece, We but differentiate then I it don’t stream we actually asset, a our they those, they is can have we have advertising topical gateway lot competitors unified video-on-demand of that Zoom their highlight to because and connects Zoom communications can’t in meeting as our one a manage big of either be is federate And the they very it accounts. what us seems

live, customers user concepts our they a and differentiator create a – constituents, and on in our it our we of stream great bring to these we can proof to start network see us. And And that, that’s own so it when that for experience. huge when

not can with product a what it we it do with people. integration There’s of there’s them. out demonstrated not holistic, British Zoom, the lot. box with Telecom a having the So any That’s – we

of both sort focus so some first? on then use that’s easy got those with the to we standard. get Zoom do And trying works, how leverage when this these it go customers it the it to to you You with people – of we’re we show communications? what And and are and "Look, delivery with make doing Is what cases education? to Is platforms. executive management things environment to button integration corporate

it platform proof can to be Is concept as integrated conferencing?" video focus then we of you are that – enable and the the so and your how we win. sold going should

of going of experience, when got on thinking because win we’re about right, some those we or right. Some them a constituents it right the to it user people we’re that types – concept focus things. we are on can think making make usually of we’ve invest kind about proof that that different focus in We sure

Jeff Van Rhee

Fair then there. the It that. ago, lean rates, you – looks retention a over or year going enough. were into briefly, little remember like very And the progress four a I quarters good just so of really to

briefly, Just in retention is a nutshell, core jumping of very what’s here? the the that? Why

Vern Hanzlik

talk SaaS world-class in our mean, have two but customer we a that the we people – about. group to support Well, have I continue

It’s started core one we it paying as pillars. on focus of we dividends. Secondarily, beginning – an as at the We of that XXXX. our did energy,

can solution these day numbers, we still call, and, in do day as see work the out. concrete inside, to just adoption As you more and do, got this pouring we use that it’s with people to like I think in better, platform can I our creating

that quality big base That’s talking quality people. because it’s expansion So we’re out getting our and sure why just to of to them. we’re we’re talking support making of of service,

them I that all mean, because we’re And customers of renewals. that more. those expanding have telling getting is things come we play, are We’re into our of

And I group. he’s creates website the the expansion, Boeing has talking for software industry one you’ve I think things in talked just support of quote years. ever in group. it and there. that been had support on like in it that our about best renewals, about XX creates not the customers creates a It’s We’re and

it’s customers hear good to like we our think things, those So when but that. say I

Dave Ristow

go touch use we them very innovate, closely marketing what touches like with coms summits. use for why with marketing renewal That then and I our we we’re together them users renewals from of bringing things to understand not increase. base unified group Zoom, with my are we just creating, I also that, think, enable outbound what works of we new and existing enable support continue to how perspective. only customer a Jeff, ahead – best-of-class them components to And, how but continue them our I to mean other help and But all to cases understand connect what group at rates with and hear. a gateway, example, customers cases,

Jeff Van Rhee

last tracking Great. it. XX% me, just this for to year, And one in XXXX you’re revenues, minus somewhere the Got X%. then around

we think going to I consensus forward. trajectory the is the that XX% use the of to out-year XXXX. in obviously, looking number, try some bookings Without for make sense

least Any and what the deal line top XX% a able know give do you XXXX, is XXXX guide, like? either reiterated sort conviction the comfort a want How you be be sitting seeing XX% don’t give I level acceleration which great. of, or pipe You to you semblance would you’re sense, number? we X% probably growth comment consensus, because your as Just what Might of, but can on looks flow, without with us growth? sense that get this formal help a to around of XXXX see there any year? you the at the bookings versus

Dave Ristow

you this of are confident running been business, in today. transition okay? put difficult hybrid, not our I through back you take the We where going and sets – yourself obviously quote think, terms we Jeff, of But on-premise to net-net, out a very think if number. we’ve when We the K. it’s solution this want we’re step shoes, put into put into I enough to guidance going

We’re drive down new board with help members business to this doubling forward.

We continue very to good about think And essentially within grow. feel relatively TheStreet’s I to And innovate to and we we’re I think we feel at. the where good competitive year. guide what next about going landscape, speaking,

Vern Hanzlik

kind is. ARR the consensus Jeff, what and the think – at comfortable we that with execute to – can where see revenue, kind partners we where getting what number look those it. as very the we of we mean within think, to have I we’re I of I get to it’s reoccurring

are numbers, a I they our things up, this than that inflection start do with different the evaluating. but focus. sort market into to see things foundation starting they starting we’re have renewals well we’ve change. financial that communication But these They to things business, of see in of they’re the in that we’re to And are mean, and clients still know to doing just We our I video, from We’re not with these little larger think the bit. just of channels some of investing then point it the the mentioning energy People need the on. stack, more. in pick fit the

look we good So to we’re XXXX. feeling out as

Jeff Van Rhee

enough, okay. a Thanks Fair guys. Yes. lot,

Vern Hanzlik

Jeff. Thanks, right. All

Dave Ristow

Thanks, Jeff.

Operator

question-and-answer session. remarks. turn to would Thank now to I Hanzlik you. like today’s Vern for the back concludes over call closing This

Vern Hanzlik

have Thank great again your you rest day. and us for a of joining today

Operator

call. conference this for participating. and gentlemen, Thank Ladies concludes today’s you

You may disconnect. now

Qumu (QUMU) 1 Nov 192019 Q3 Earnings call transcript