管理層發言
Greetings, and welcome to the CXAI Third Quarter 2024 Earnings Call. Please note this conference is being recorded. I will now turn the conference over to your host Mr. Khurram Sheikh, Founder, Chairman and CEO of CXApp Inc. You may begin.
Thank you, operator, and thank you all for joining the quarterly earnings call for CXAI, pronounced Sky. I'm accompanied today by our Chief Financial Officer, Joy Mbanugo. We will discuss CXAI's financial results for the third quarter of 2024 and provide an overall business update on our progress in shaping the future of work and enhancing employee experiences. Everyone should have access to our earnings press release and the announcement of CXAI's availability on the Amazon Web Services Marketplace. We have also filed our quarterly earnings report today. This information can be found on our website. Operator, please move to Slide 3 and 2. These are disclaimer slides, and I'll let everyone read them at their own pace before we proceed to the main section. Operator, please proceed to Slide 4. To our shareholders, I am proud to share our Q3 2024 results and the significant strides we’ve made in shaping the future of work.
At the core of CXAI is a fundamental belief: prioritize the employee and everything else will follow. It's not solely about the work but about the people, the locations where they gather, and what they need to thrive. CXAI, or Sky, is redefining our understanding of work and life and how they interplay seamlessly. Let’s take a moment to provide a snapshot of our current status. We are an AI-first company that places employees at the center of the rapidly growing workplace experiences market. With our cutting-edge Sky platform, we are establishing a new category within software designed for employee experiences. Our headquarters are located in the San Francisco Bay Area, where we have key design and technology development resources. Additionally, our satellite hubs in Toronto and Manila support global deployments in over 200 cities across 50 countries on almost five continents. Our team of 80 global innovators at Sky primarily consists of engineers, but all our colleagues are excellent collaborators and design thinkers, creating next-generation experiences for employees worldwide.
Our clients include Fortune 1000 companies based in North America, and upon onboarding with Sky, they extend our solutions across all their employee sites globally. They choose Sky due to our advanced technology platform that incorporates 37 filed patents, with 17 granted. This significant intellectual property not only positions us as a technological leader but also as an industry pioneer. Our platform has been developed alongside leading AI companies within Silicon Valley's tech ecosystem. We are proud to partner with top cloud providers like Google Cloud and Microsoft Azure, and today we announced our collaboration with Amazon Web Services, which will help us scale our business further. A key differentiator for us is our solid global security and compliance credentials, which is why we have numerous clients from regulated industries. They trust Sky with their data to provide enhanced employee experiences in a secure environment.
The company is in a strong position today. The earnings release is out. Next, I will address the market, so operator, please move to Slide 5 and then to Slide 6 as well. As we consider the market, a significant topic in the news has been the return to office policies. This has been a hot issue, while employee engagement remains critically important. Recently, Amazon CEO Andy Jassy communicated a mandate for a full return to office policy starting January 2025. Many CEOs are following this lead, while others are reinforcing their remote-first policies. The data from Flex Index shows that, despite an uptick in return to office mandates, most companies still provide location flexibility for their employees. Regardless of the perspective on return to office debates, it's evident that employee engagement remains at its lowest since the pandemic, presenting a challenge for organizations of all sizes.
Gallup has developed an engagement survey called the Gallup Q12, which includes 12 questions assessing employees' performance, commitment, and corresponding business metrics. These engagement trends are vital since they correlate with essential performance outcomes for organizational leaders, including employee retention and profitability. Gallup estimates that disengaged employees contribute approximately $1.9 trillion in lost productivity nationally. As I present this data, you will see that engagement trends remain low both in North America and globally. Engaged organizations typically register around 70% employee engagement, indicating we have a long way to go in this area. This is likely one of the reasons CEOs like Andy Jassy are requesting their teams return to the office. His memo highlighted three driving factors: culture, cost, and innovation. Culture is integral to an organization's success, defining how people work together and ultimately shaping their identity.
The challenge of maintaining culture in a hybrid work environment is a notable paradox. Historically, there have always been remote workers not based at a company’s headquarters. As companies expand, they naturally grow their workforce in various locations. Therefore, the notion of the "new normal," whereby colleagues in the same city work remotely from each other, raises interesting questions. C-suite executives need to rethink creating a unified culture across locations, ensuring that employees working remotely can still be part of the team's overall culture. The future of culture will depend on combining digital tools with workplace environments to foster holistic engagement and organic relationship-building. Despite Amazon's impressive market capital and profitability, there is pressure for the C-suite to maintain consistent growth and profitability. High costs associated with real estate and human resources remain significant issues for organizations, especially when faced with occupancy rates below 50% and engagement analytics below 33%.
Managing costs effectively and monitoring employee productivity require advanced AI-driven analytical tools to not only analyze historical data but also to forecast enterprise usage and innovate workplace designs to meet key performance indicators. This is a pressing issue affecting organizations everywhere. Technology has empowered people to connect from anywhere, yet we recognize face-to-face interaction is essential for team cohesion and innovation. While we need these interactions, we also require new engagement tools tailored to today’s workplace climate. Employees need tools that empower them to work from anywhere, akin to the way smartphones transformed human interaction, and it's crucial to equip managers with similar capabilities to nurture and guide their teams in a positive work environment. Next, I want to discuss Gartner's latest hype cycle. Gartner, known for its foresight in technology trends, has developed a hype cycle for digital workplace infrastructure and IT operations, focusing especially on Generative AI applications.
Sky has been recognized by Gartner as a leading technology in this space, offering a range of solutions from workplace experience applications to augmented reality tools, all part of the Sky platform at various stages of this hype cycle. This is not a technology that will be realized in a decade; rather, it is an imminent transformation within the next few years. Gartner recognizes that our company’s offerings are pivotal for the markets we serve, marking a transformative shift that could be existential for some organizations. Hybrid work is here to stay, and enhancing employee experiences whether in the office or remote is crucial, and we possess the technology to achieve this. Operator, please proceed to the next slide. We are centered on AI. When we went public a year and a half ago, it was clear that we were focused on Sky as the AI-transitional platform. The world is now witnessing AI evolving into agentic AI, which operates independently to make decisions and initiate actions.
These agents are not just responsive; they can proactively take action. The ability of agentic AI to independently function allows CIOs to fulfill their objectives for Generative AI that boosts productivity throughout their organizations. A recent Gartner survey of 78 leading CIOs highlighted that two of the top four organizational benefits of using generative AI are enhanced employee experiences and productivity. AI is indeed transformative for the future of work, enabling scalable solutions that automate workflows, drive engagement, and enhance collaboration while fostering strong employer-employee relationships. We firmly believe in this technology and are proud to be industry pioneers in delivering these solutions to our customers. We envision that the future workplace will revolve around agentic AI, focusing on outcome-based solutions rather than just assistance. For organizations to deploy AI agents effectively, these agents must be dependable, trustworthy, and secure, which is why we developed SKY.
Now, I want to underscore why our products and capabilities represent a significant shift. The SKY platform embodies an AI-focused approach to workplace innovation, seamlessly integrating customer experience with artificial intelligence centered around employees to reshape work processes, resulting in more intuitive and efficient workspaces and happier, more productive employees. Sky is designed as an AI-native solution from the ground up, with a mobile-first and cloud-first architecture. Our solution operates as a platform that addresses the needs of both employees and employers amid their work lives. The architecture has been redesigned into a comprehensive data framework, and I will highlight the core components. On the left, you can see the Sky apps, which are compatible with all operating systems, from iOS to Android to web-based platforms, ensuring versatility across various devices.
These applications are designed with AI features to enhance user experience and automate workflows for optimal productivity. Next, we have Sky BTS, which stands for Behind the Scenes, where we establish rule engines and manage content delivery securely across all functionalities. This allows managers to digitally streamline operations using natural language commands tailored to their specific locations—a groundbreaking advancement. The third critical element is Skyview, a Generative AI-based analytics platform designed to transform workplace environments by enabling organizations to analyze extensive datasets, generate actionable insights, and make real-time decisions. All of these products operate together in a secure enterprise environment, providing ongoing feedback and enhancements to deliver unparalleled experiences for enterprises. Every Sky product is hosted on major cloud platforms, equipped with modern AI infrastructures that offer our customers best-in-class cloud capabilities, such as proactive monitoring, security, privacy, and automation.
Today's collaboration with AWS positions us on all three major cloud platforms—we have deployments already with Google Cloud and Azure, and we are preparing to expand onto AWS, which is the largest cloud provider. Importantly, all these deployments are safeguarded to prevent agents from making inaccuracies in production settings, ensuring we deliver a true enterprise solution. All this innovation within Sky has been achieved in close collaboration with our large clients across five core verticals: entertainment, healthcare, financial services, consumer, and technology, all comprising major players in the Fortune 1000. Collaborating with them has allowed us to provide comprehensive end-to-end solutions, and we are excited to see the realization of these initiatives. Operator, please proceed to the next slide. Now I want to delve deeper into our offerings and provide updates on their capabilities and availability.
On the left, you see the home screen of a typical Sky app. It features an intuitive layout centered around maps of locations, enabling users to access any action with one click, and with our Agentic AI solution, they can engage in actions with just a voice or text command, facilitating ease of use. The first pillar is providing a uniform personalized workflow experience across mobile and web platforms, powered by over 100 integrations with enterprise back-end systems. This manages the complexities behind the scenes with Sky BTS, offering users an intuitive, context-specific user interface to accomplish their tasks seamlessly. The next experience leverages spatial intelligence, an essential aspect of Sky's technology, aimed at optimizing physical spaces and enhancing workplace interactions by offering contextual awareness. Sky fuses intelligent interaction capabilities through 2D and 3D mapping, mobile positioning, and IoT technologies with pre-trained AI models to create real-time experiences that engage our customers.
The third aspect of our experience solutions involves AI Experiential Analytics. Utilizing AI to yield insights into employee engagement and workplace usage is central to Sky, highlighting the importance of data in decision-making as well as productivity measurement. This quarter, Skyview welcomed its first paid customer and is now available for all existing clients, driving excitement surrounding its possibilities. Our engineering team's successful and timely delivery of the solution to our customer base is commendable, and they are eager to leverage its critical capabilities. For new customers joining Sky, Skyview is bundled with the applications, ensuring analytics are included from the onset. Also, we are enhancing our services with Generative AI, allowing voice and text-activated tasks such as scheduling meetings through simple commands and employing features like search and discovery.
We are incorporating sophisticated multimodal LLMs to securely and responsibly integrate GenAI capabilities through a Retrieval Augmented Generation model utilizing internal enterprise data to enhance intelligent planning and user engagement across text, speech, and video. This streamlines administrative tasks, boosting efficiency and convenience for employers while also personalizing knowledge management. Next, I'd like to show you a video showcasing some of our capabilities. Operator, you may start the video now. As you can see, numerous actions are executed simultaneously to achieve the final goal, such as scheduling a timely meeting with previously unavailable individuals. The system locates the necessary participants, manages the invitations, navigates them to the location, and automatically updates the calendar—all accomplished through our Generative AI application. Pay close attention; you will notice that the initial command was unclear concerning the specifics; however, the LLM interpreted the meaning correctly, exhibiting its intelligence in navigating the requests efficiently.
This exemplifies the effectiveness of Generative AI in our sector. I am genuinely excited about similar applications that will emerge. Operator, please revert to Slide 13. This illustrates one of the key capabilities we are launching with our customers. The next topic involves Skyview and Spatial Intelligence. Here is a chart from one of our floors in India, showcasing the number of bookings represented by small buildings similar to those you’d find in Manhattan. As depicted, this space is fully occupied, and the colors indicate booking levels over the week. The advantage of this chart is that it provides a spatial overview of activity within the venue, while our Skyview analytics engine offers additional insights based on those activities such as preferences for particular spaces, usage patterns, and peak days. These insights empower managers and real estate teams to discern behaviors and trends, enabling them to drive necessary changes in policies.
Our customers are currently having a great experience utilizing our tools, generating new reports and insights for varying locations, as each one presents unique demands. Current BI tools are limited to providing raw statistics and numbers without context. Our platform offers contextual awareness, not only presenting insights but also identifying specific peaks in activity, such as which days returns to the office were effective or ineffective, furnishing actionable recommendations. Now, operator, I will show you a video of a new offering we're introducing today, which we'll be working on closely with our clients, named Sky Kiosk. I'll allow the video to play before discussing it further. This demonstrates how, utilizing our own technology in our San Ramon office, employees can book a room with just a few clicks and get all the necessary information on their mobile devices for navigation.
Sky Kiosk is our interactive digital signage built on Sky’s principles. It provides real-time updates on room, desk, and space availability, allowing users to secure a space quickly. The experience you observed illustrates how easy it is for employees to access the system seamlessly and efficiently. Additionally, Sky Kiosk supports notifications for events such as traffic updates or weather conditions displayed on a large screen, enhancing its functionality. An important feature of this solution is its compliance with accessibility standards, ensuring that all interactive elements meet ADA requirements, which is becoming increasingly essential in office environments. Having a Sky Kiosk at the entrance of many customer offices is crucial for engaging visitors, providing visibility into ongoing activities, and allowing them to manage bookings via their mobile phones. We see this as a complementary addition to our existing offerings and are excited about its potential.
Our clients are already eager to deploy these kiosks, and we anticipate significant growth opportunities in Q4 and throughout 2025. To conclude this segment, let’s revisit why customers choose Sky, based on what we've demonstrated. Firstly, we deliver outstanding user experiences, integrating seamlessly with existing systems, simplifying complexity into productivity, and providing a streamlined interface that everyone loves. Secondly, we transform complexity into efficient productivity. Enterprises face multifaceted challenges with various security needs, but we simplify that with automated workflows while maintaining enterprise-level security. Lastly, our insights from Skyview enable clients to better understand operations and identify areas for improvement, combining the capabilities of our platform, Sky BTS, and Skyview. We believe these advantages will benefit employees as well, enhancing their insights into the value they bring to the organization.
Now, let's shift focus to Q3. Operator, please navigate to Slide 16 and then to Slide 17. Before we dive into our financial results, I want to highlight that this quarter has been our most successful financial period to date. We achieved an outstanding revenue of $1.9 million, with record SaaS metrics. Our net retention rate exceeded 106%, and our subscription to one-time revenue ratio is at an all-time high of 88%. We maintained a robust gross margin of 80%, resulting in an 18% growth in recurring revenue. Congratulations to our team for their dedication in achieving these results, and thanks to our loyal clients for their unwavering support. This quarter has truly been a milestone for us. Another highlight is our listing on the AWS marketplace. Following our launch on Google's marketplace last quarter, this is another notable accomplishment, and we look forward to collaborating with the AWS team to promote Sky on their platform.
Additionally, we have successfully developed the new Sky platform that I mentioned since Q2, and I am pleased to announce that we have delivered the first end-to-end AI-based Sky pilot platform to a leading financial services customer this quarter. This marks a significant step toward making the solution widely available to both existing and new clients. Also noteworthy is Skyview, which has gained traction with its first paid customer, becoming generally accessible to all of our clients, representing a substantial growth opportunity. The Sky Kiosk is launching this quarter, and we'll discuss the Sky BTS next quarter when we reveal more details about this exciting new offering. These products signify immense potential for us moving forward. Now, I will hand over to my new partner, Joy Mbanugo, who has joined us as CFO and will review the financial results.
Thank you, Khurram. I'm delighted to join the company at such an exciting time. As CXApp transitions to an AI-native SaaS model, we're seeing an increasing demand for our AI-powered solutions. Operator, if you can move to slide 18, sorry. Yes. We're seeing an increasing demand for our AI-powered solutions, particularly Agentic AI capabilities that are reshaping workplace experiences. Our focus on subscription-based revenue, supported by our investments in these advanced AI features, is fostering a sustainable, predictable financial model aligned with our long-term growth. As Khurram mentioned, we have had the best financial results to date. This quarter has highlighted our commitment to operational excellence, effective cash management, and the pivots necessary for sustained success. Let's walk through these exciting results. First, I'll give you an overview of all the slides. I'm going to go through about four financial results slides.
First, I'll focus on the change in SaaS metrics year-over-year, then dive into more financial details quarter-over-quarter, and then the specific details year-over-year. This slide shows how our financial performance over the past year highlights our commitment to building a more stable, predictable, and growth-oriented business model. If we look at revenue, as Khurram mentioned, revenue increased 7% from $1.77 million in Q3 2023 to $1.89 million in Q3 2024. Recurring revenue, which is really important to note, has also increased 8% up to 88% from 80% in the previous year. What the company has been focused on is moving away from professional services and one-time contracts to recurring three-year multi-annual contracts. Our NRS stands at 106%, which is a significant increase from the previous year, about a 43% increase year-over-year, indicating strong client retention and upselling success.
This metric reflects the trust our clients place in our solutions and the value we continue to deliver, fostering deeper relationships and expanding our revenue potential. This also piggybacks on the concept that Khurram has talked about in previous quarters on land and expand. It shows our clients are sticking with us and buying more products, and hopefully, we'll continue to see that as we move into more AI features. Furthermore, very important to note is that we achieved a 22% reduction in non-GAAP OpEx, decreasing from $4.1 million in Q3 2023 to $3.24 million in Q3 2024. This reduction is attributed to cost-cutting measures, including workforce optimizations and a more focused marketing strategy without compromising our R&D investments. Our investments in R&D, particularly in AI-driven solutions, remain a top priority, allowing us to stay ahead in delivering value-added technology to our clients while maintaining a lean approach in other expense areas.
Moreover, our cash-based losses narrowed by 43%, which is tremendous. The Q3 2023 cash-based loss was $2.36 million, and it narrowed down to $1.32 million in Q3 2024. Overall, our disciplined cost control and cash flow management have brought us significantly closer to cash flow positivity, underscoring the strength of our financial strategy. Looking ahead, we remain focused on expanding our subscription base, deepening partnerships, and maximizing value with a commitment to profitability. Next, I'd like to discuss more. Operator, you can move to the next slide. I'd like to discuss more just a little bit about expense management. There's not a slide on this, but just to discuss it as we talk about how OpEx continues to decline. Expense management will remain central to our strategy to achieve cash flow breakeven, balancing rigorous cost control with strategic investments in product development.
That will be a big focus for us. This approach ensures we continue to drive future profitability while sustaining our competitive edge. Our disciplined resource allocation enables targeted investment in high-impact areas such as AI, R&D, and product innovation, reinforcing both our financial resilience and commitment to delivering cutting-edge solutions. Now we'll talk about quarter-over-quarter in a bit more detail. As previously mentioned, both quarter-over-quarter and year-over-year results increased. I covered a little bit of this already, but let's go into a bit more detail as you'll see this in the 10-Q. Revenue increased from $1.76 million to $1.89 million, about a 7% increase. Gross profit increased and loss from operations narrowed from $3.65 million to $3.2 million. We have also been able to hold gross margin steady at about 80%, and this will continue to remain one of our core metrics as we saw in the previous slide.
Notably, if you look at total operating expenses without any context, the total OpEx seems high, particularly G&A. However, we want to mention that if you dig a bit more into G&A, there's about $900,000 of non-cash stock-based compensation in that number. Adjusting for that would give you a much lower G&A number. Our focus will continue to be leveraging our strategic investments to drive growth while maintaining strict cost discipline. This approach supports our trajectory towards achieving cash flow breakeven and reinforces our resilience in a very competitive and growing market. Operator, next slide. So now I'll talk about year-over-year growth, which we talked about a bit, but let's dive into more detail as you'll also see this in our 10-Q. Our revenues grew by 7% year-over-year, increasing from $1.77 million in Q3 2023 to $1.89 million in Q3 2024. This increase reflects our ongoing traction and growth in our current customer base.
Despite revenue growth, our total operating expenses dropped by 14% from $5.64 million down to $4.85 million. This decline highlights our continued commitment to cost efficiency, especially in areas like sales and marketing, which were significantly reduced. As a result, we achieved a 21% reduction in our operating loss, improving from a loss of $4.23 million in Q3 2023 to $3.3 million this quarter. This decrease demonstrates our successful focus on disciplined spending alongside revenue growth. Lastly, our gross profit improved by 8%, reaching $1.52 million, showing that our revenue growth and cost management are both contributing to potential profitability in the future. In summary, the progress we've made over the past year and quarter over quarter is a testament to the soundness of our strategy and the dedication of our entire team to achieving financial resilience. Looking ahead, our commitment to Agentic AI, innovation, and cloud scalability strengthens CXApp's position in the market and accelerates our path towards cash flow positivity. With AI at the core, CXApp is poised to lead transformation in the workplace experience technology, delivering intelligent, outcome-based solutions that meet the evolving needs of modern enterprises.
Yes. Thank you, Joy. Joy has been great in joining us, not only helping us on the finance side but given her background with Google Cloud, has really been instrumental in moving forward in this direction. When we think about the overall landscape, I think the cloud partners are strategic to us. The reason is because we host our applications on the cloud; our customers are all cloud-based, and it is a natural extension of their enterprise environment with Sky. It's super important, and I think this was something that we've been working on, and we're very proud that we now will have deployments in all three cloud providers from a hosting side. I think that's super important. Some of the use cases I shared with you are all real customer use cases for deployment, and all of those customers want security and reliability. We're moving in a direction where some of the Sky features are must-haves now.
When you become a must-have, you need heightened quality, reliability, and security and this is what we get with our partnerships with the cloud providers. Now, with the multi-cloud capability, our customers can choose whichever cloud provider they want to work with us and still get the same level of scalability, security, and monitoring that they expect. That's super important. For us as a business, it's important to get cost efficiency. With AI-based solutions, cloud consumption becomes a key metric, and we want to ensure we're efficient in that sense. That is where having multi-cloud capability gives us that cost efficiency. Joy talked about the go-to-market, given when we look at all the different partners in the market that can help Sky reach its heights. The cloud providers are our best partners because today it takes a lot of effort for us to onboard these large Fortune 1000 customers, not only from building the application but what it takes to get the agreements in place, the MSAs in place, and get the overall engagement certified.
Being a small company, it takes a lot of bandwidth on our side. If we can leverage the marketplaces to onboard prospective customers faster, that's great; that helps us and also helps us in terms of scaling those customers to the next level. We think it's a natural fit. We are partnering with all of the cloud providers. We're really happy with our partnership with Google Cloud, and we are excited that we have these new cloud providers supporting us. So again, more to come in the coming quarters in terms of the immediate benefits for us, which are the ability to get our cost structure in line, improve our AI capabilities, and provide the security and monitoring capability that is super critical for our business, and then partner with them as we scale our customer base. I'm going to ask the operator to move to the last slide. This is our summary slide, and we'll have some questions that have come in, so we'll present those.
分析師問答
How has new management impacted growth at SKY?
Great question, Dennis. Yes, new management has really impacted growth at Sky. Joy coming on board has been a breath of fresh air for me to help with the financial strategy but also partnership with the Google Cloud Providers. We've had a lot of new talent come into the company since we went public, so there has been new talent. I'm super excited about also bringing new talent on board as we grow the company across the board and we really are working together really well. So, Joy, do you want to add something to that?
I think just joining at an exciting time and seeing all the work the team is doing behind AI. There's a funny picture I have of Khurram on one side and the team on the other, kind of talking about the app and the analytics, and it's just very exciting to see. I'm excited about the growth that we'll see from this area.
Could you partner with Palantir to implement AIP?
If I understand correctly, AIP is their Artificial Intelligence Platform from Palantir. That's a great suggestion, Max. I have not thought about it because we really are not working in the government sector as yet. We're with commercial customers, but we know some of the folks at Palantir, and we'll definitely see what we can do there. Ideally, we want to be really in the commercial space and focus on solutions that are commercially available. We're not going into any specific Defense Department contracts on this for now. At the same time, I do believe there is an interesting opportunity there, and we will definitely reach out and see what we can do there. But going back to our core, like I said, why do people buy SKY? We have a great UI, amazing insights and we have a general AI solution that really takes in all the customer experience, employee experience, right? For that, we need enterprises who are willing to engage to allow the employees to have those experiences. So if that's happening in those spaces, we'll definitely be there, but right now our focus is to scale up within the commercial segment.
Can you detail how your partnership with Google Cloud is progressing?
On that, maybe I'll start, and then Joy can jump in. We've had really great working sessions and meetings with the Google team. They have helped us get the message out to all their client bases. We're working with all the ISV channel partners. We've been invited to a lot of Google Cloud Conferences. So we're really starting that engagement process. That's happening on the go-to-market side. On the product side, I think you're going to see a lot of new innovations in the coming months that are powered through Google Cloud AI capabilities. I won't name them right now, but you will see those capabilities being implemented. Skyview is also implemented with Google Cloud's partnership, as an example. There are other features that we are deploying that are really going to leverage all the innovation that the Google Cloud team is doing. So that relationship is working very well. We actually have a Google Cloud representative in our offices nearly every day. There's a lot of collaboration going on, a lot of engagement, and we're really excited that Google is working with us so closely. Maybe Joy, you can jump in.
Yes. I think this is a great opportunity for our clients who are hosted on Google Cloud to use up some of their commitments. We're looking at opportunities there, not just current customers but new customers that are coming on in the future. It's a unique and great opportunity for us to continue to grow through our cloud partnerships, and we'll continue to work on this in the future.
Good. I think those are the questions we had. So I'm going to jump to the last slide here, which is why Sky? I want to recap the investment highlights I see on forward link here shortly. Sky continues on its business transformation journey to an AI-native SaaS model with continued positive trends of key SaaS metrics. We are excited to have achieved significant milestones in product delivery to meet our customers' expectations, which has resulted in continued growth for the past year, leading to our best financial quarter. The amazing innovations from our team with our analytics platform Skyview and the unique Sky Kiosk position us well for exceeding our customers' expectations to provide the best employee experience solution in the market. The future of work is one of the biggest issues of our century, and every single enterprise globally is looking to find solutions for the digital workplace and workforce.
We are super excited that with the team we have, the continued growth we're seeing, our customer base, and the partnerships we're making in Silicon Valley, we will be able to deliver this new software category of employee experiences. Sky stands uniquely positioned to lead the category and shape the employee and workplace experience landscape, given the ongoing digital transformation of nearly all enterprises globally. As we like to say, to the Sky and beyond. Thank you, everybody. I look forward to the next earnings call.
This concludes today's conference call.