E2open Parent : Fourth Quarter 2024 Financial Transcript

Transcript of

E2open Parent Holdings, Inc.

Fourth Quarter 2024 Earnings Conference Call

April 29, 2024

Participants

Dusty Buell - Head-Investor Relations, E2open Parent Holdings, Inc. Andrew Appel - Chief Executive Officer, E2open Parent Holdings, Inc. Greg Randolph - Chief Commercial Officer, E2open Parent Holdings, Inc. Marje Armstrong - Chief Financial Officer, E2open Parent Holdings, Inc.

Analysts

Chris Quintero - Morgan Stanley

Adam Hotchkiss - Goldman Sachs

Taylor McGinnis - UBS

Mark Schappel - Loop Capital Markets

Chad Bennett - Craig-Hallum

David Ridley-Lane - Bank of America

Presentation

Operator

Greetings. Welcome to the E2open Fourth Quarter and Fiscal Year 2024 Earnings Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to your host, Dusty Buell. You may begin.

Dusty Buell - Head-Investor Relations, E2open Parent Holdings, Inc.

Good afternoon, everyone. At this time, I would like to welcome you all to the E2open fiscal fourth quarter and full year 2024 earnings conference call. I am Dusty Buell, Head of Investor Relations here at E2open.

Today's call will include recorded comments from our Chief Executive Officer, Andrew Appel; our Chief Commercial Officer, Greg Randolph; and our Chief Financial Officer, Marje Armstrong. Following those comments, we'll open the call for a live Q&A session. A replay and transcript of this call will be available on the company's Investor Relations website at investors.e2open.com. Information to access this replay is listed in today's press release, which is also available on our Investor Relations website.

Before we begin, I'd like to remind everyone that during today's call, we will be making forward- looking statements regarding future events and financial performance, including guidance for our

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fiscal fourth quarter and full year 2024. These forward-looking statements are subject to known and unknown risks and uncertainties. E2open cautions that these statements are not guarantees of future performance. We encourage you to review our most recent reports, including our 10-K or any applicable amendments for a complete discussion of these factors and other risks that may affect our future results or the market price of our stock. And finally, we are not obligating ourselves to revise our results or these forward-looking statements in light of new information or future events.

Also during today's call, we'll refer to certain non-GAAP financial measures. Reconciliations of non-GAAP to GAAP measures, and certain additional information are included in today's earnings press release, which can be viewed and downloaded from our Investor Relations website at investors.e2open.com.

And with that, we'll begin by turning the call over to our CEO, Andrew Appel.

Andrew Appel - Chief Executive Officer, E2open Parent Holdings, Inc.

Thank you, Dusty, and thanks to everyone for joining today's call. I'll begin with some thoughts on the state of the business and our strategy for returning E2open to strong, sustainable organic growth. I'll then ask Greg to update you on the work he is leading in our commercial organization. And finally, Marje will review our fiscal fourth quarter and full year 2024 financial results and provide our fiscal 2025 guidance. Then we will open up the call to questions.

Overall, our revenue results for the fiscal fourth quarter were solid and in line with expectations we have previously shared with you, and we continue to perform well on profitability and cash flow. I'm pleased to say that the company has shown improved operational execution in a number of key areas, including client engagement and sales conversion. And importantly, we've made progress implementing our plan to reaccelerate organic growth that we previewed on last quarter's call. We are on the right track and during the quarter we saw tangible evidence of this in key areas. While we still have work to do over the coming quarters, we have identified the key issues and I am confident we can address them in a reasonable timeframe.

As we move forward, we have many reasons for optimism. Global supply chain volatility is providing a strong tailwind of demand for our highly differentiated supply chain solutions. This provides an attractive market opportunity for E2open, which we are well positioned to capture. We have the privilege of working with the world's largest and most important companies on activities that are absolutely core to their operations, how they make, move and sell their products. We are long-term partners to these industry leaders as they transform their supply chains to increase visibility, flexibility and efficiency. Our mission is clear, to use our platform to deliver enduring value and measurable impact to our clients. To put it simply, our clients' success determines our success.

What enables E2open to serve our clients with distinction is our broad software capabilities accessible through a single interface powered by the industry's largest partner network, and robust applications spanning the entire supply chain. Uniquely in our industry, our platform links complex channel management to demand and supply planning, and integrates those activities with

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multimode logistics and multi-tier manufacturing. And we do this collaboratively in real time across a diverse set of channels, distributors, retailers, suppliers, logistics, service providers, and trade and customs agencies.

Industry analysts consistently recognize the strength of our software. In December, E2open was selected as a leader for the third consecutive time by IDC in the category of multi-enterprise supply chain commerce network providers. And in April, E2open's cloud-based,multi-tenant transportation management solution was again named a leader by Gartner. Our leadership is also apparent from the prominent role our platform plays in powering global supply chains.

For years, E2open's products have been deeply embedded across the Fortune 1000 universe of companies that carry out a large share of global commerce. Here are just a few of the metrics to illustrate this point. Our platform now has 480,000 connected parties and processes 16 billion supply chain transactions annually. Our logistics ecosystem handles 21% of all ocean freight bookings. Our global trade solution provides trade compliance and import export capabilities in 230 global jurisdictions and performs 67 billion annual restricted party screenings. Our channel applications manage $14 billion of incentive payments a year for more than a million connected channel partners and resellers. And our supplier collaboration software enables 155 million annual orders and 59 million annual shipments across multiple tiers of our customers extended supply networks.

Given the scale of E2opens impact, it is clear why our platform is so well regarded. But as a CEO who is passionate about client relationships, I believe the highest recognition is when a major global company selects us to provide mission-critical software. In the fourth quarter, we once again closed several large subscription deals with major companies in diverse areas such as consumer goods manufacturing, retail, electronic component distribution and healthcare. These wins, often if not always in highly competitive situations, validate the strength and the uniqueness of our portfolio and the dedication of our people. They show that the world's leading companies continue to trust E2open to lead complex supply chain projects and deliver unmatched operational impact and value. And they demonstrate that when we go to market with distinctive solutions backed by a client-centric impact orient selling approach, we make it very difficult for a customer not to sell select E2open.

For my entire career, I've made client centricity a top priority, and I've brought the same approach to E2open. Just last week, I took part in E2open's Annual Connect Europe event in Amsterdam, along with 175 of our most important clients and partners. During the three day event, I attended customer led sessions that highlighted the pivotal role of E2open software in addressing complex supply chain needs at some of the world's leading companies. I had the privilege of meeting with seven or eight of our larger clients and implementations in progress, and I was pleased to come back with a view that we're doing distinctive work, that we're talking about impact and value, and that we're on track to deliver some terrific solutions and extend those relationships.

In fact, in conversations I have had with dozens of clients since becoming E2open's Interim CEO seven months ago, what stands out most is the unique and distinctive value our products deliver. In large part, this is what convinced me to accept the permanent CEO role in March of this year. For example, multiple customers of our planning solution have achieved a 30% reduction in

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inventory-related working capital costs. A major consumer goods client has used our global trade application to increase its utilization of free trade agreements by 600%, while a global parcel carrier uses this application to fully automate customs filings in 22 countries on a single interface. A leading transportation company using our logistics applications has reduced in-process shipment times by more than a third, and an iconic technology supplier using our supply solution has reduced expedite costs when fulfilling customer orders by 11%. Clearly, E2open is a highly valued partner to companies that use our products. Communicating this distinctive value clearly and delivering it consistently in everything we do are the themes that I will personally drive as CEO.

Meanwhile, we will continue to invest in our long term product vision. Just last week, we announced our first major product launch of fiscal 2025, which is a new supplier network discovery capability within our supply family of applications. In addition, each quarter we roll out new features across our platform, which we have done for six years following a predictable time table of delivering innovations is highly valued by our clients. Our global trade management solution is a prime example of this. E2open's global trade solution combines a best in class application with the industry's most complete proprietary trade content database and our worldwide staff of over 200 personnel monitors trade rules across 230 global trade jurisdictions and updates our global knowledge repository for any changes. This combination of an application and data is a major differentiator for E2open and in the volatile arena of global trade, real time data empowers our customers to take full advantage of free trade agreements and duty savings programs and stay compliant with ever stricter rules around forced labor sanctions and dual use controls.

Finally, I want to emphasize the importance of returning E2open to best-in-class retention levels. We ended fiscal 2024 with gross retention of approximately 90% and net retention of approximately 99%, which are down from a year ago. However, our in depth analysis of the higher churn we experienced in fiscal 2024, which I have personally led, has shown that much of this is very controllable with tried and true management processes that we are quickly putting in place. Just in the last quarter, we have made progress in stabilizing churn and now have significantly improved visibility into its trajectory moving forward. More broadly, the key to consistently high retention is instilling a client-centric mindset across our entire company. We will do this in a variety of ways. We will exceed our clients' expectations on implementations, we will deliver unique and measurable value, we will build client relationships for the long-term and we will work closely with leading systems, integrators and value added partners. With this approach, we can deliver transformational impact to our clients on every project, large or small. By putting clients first, every E2open engagement can result in a delighted, referenceable client willing to advocate for E2open, which will then help us win future business.

In conclusion, while our growth acceleration plan touches many elements of our business, it is very achievable and has already generated positive results and momentum. We plan to build on our progress throughout fiscal 2025 with clients at the core of everything we do. Delivering client value with differentiated and distinctive solutions has been the cornerstone of the successful growth efforts that I've led at other major companies, and I am confident that this approach will return E2open to the double-digit organic growth rates that the company enjoyed just a few years ago. While we still have work to do, we are moving in the right direction and the changes we have made to our business are laying the groundwork for success that will ultimately benefit our employees, our customers and our shareholders.

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I'll now ask Greg to provide an update on our go-to-market activities.

Greg Randolph - Chief Commercial Officer, E2open Parent Holdings, Inc.

Thank you, Andrew. During our fiscal fourth quarter, we continue to execute our organic growth playbook. Our entire commercial organization is now aligned on putting our customers first and building long-termvalue-added relationships with them. We also continue to bring in new, experienced talent. I'm very excited that Steve Baird has joined E2open as North America Sector President reporting directly to me. Steve has an impressive background leading high-performance sales organizations and delivering ARR growth at software firms such as SAP, Apptio and PTC. He has a proven track record as a transformational sales executive and is a fantastic addition to our commercial leadership team.

I'm equally pleased to announce that Mark Nordick has joined E2open as our new SVP of Global Services reporting directly to me. Mark will lead our professional services business bringing over 25 years of experience in leadership roles at Blue Yonder and IBM. Mark has successfully built and led high performance global teams in large and mid-sized SaaS and consulting services organizations in multiple regions of the world. I'm confident he is the right leader to make our PS organization a strategic differentiator for E2open.

My initial focus at E2open was to quickly put in place key elements of a high performing sales organization, ranging from new leadership to effective sales enablement, and then establish a disciplined operational cadence to improve near-term sales execution. These efforts are already producing results. In Q4, as we did in Q3, we drove in quarter deal conversion rates at a much higher level than the first half of FY 2024 and won important deals across multiple product families with new and existing clients. With these basic building blocks in place, we are now pivoting to more targeted changes to our go to market model designed to position E2open for higher future growth; a cornerstone of this effort is ensuring that our sales capacity and talent are optimally aligned to our highest growth opportunities. Specifically, we are creating account focused teams that are solely responsible for maximizing satisfaction and retention within our existing client base. These farmer teams will build the long term client partnerships that are vital for a cross sell focused growth strategy.

In parallel, we are forming product specialized hunter teams. These teams will consist of highly skilled, experienced sellers and will be responsible for driving product level growth in both new logo and existing client accounts. As we implement this new commercial alignment, our primary measure of success will be acceleration in bookings and returning retention to world-class levels. To this end, we are executing a variety of proactive, tailored measures in three critical areas, namely cross selling our existing client base, leveraging our system integrator partners and expanding our new logo business. Given our large existing customer base, cross selling is a critical growth factor for E2open that we are now pursuing in a far more systematic fashion than in the past. Our product team has led a deep dive into this opportunity, focusing on industry and product- specific areas where we have deep, successful penetration with key clients. We then use these insights to identify and quantify by size and product line similar use cases with existing clients that present strong opportunities for cross sell.

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Based on this work, we now have detailed visibility into $2 billion of cross sell opportunities with our current client base and in addition, we have identified another 500 accounts with very modest solution penetration, low ARR, but significant upside potential. We are rolling out targeted product level campaigns to aggressively cross sell in both areas. We expect this to be a major source of future growth for E2open.

To illustrate the power of well executed cross sell, I would cite the example of a current client, one of the world's largest contract manufacturers and a user of E2open supply applications. This client recently selected E2open's global logistics orchestration, or GLO solution, to be the next stage in their supply chain journey. GLO uses real time visibility into multimodal shipments to identify unexpected events and provide tools to resolve them by orchestrating corrective actions. We achieved this important cross sell win by positioning E2open as a long-term partner with industry- leading solutions that met the client's immediate and future needs.

To further enhance our growth capabilities in the fourth quarter, we realigned E2open's marketing function, which has top of the funnel sales pipeline responsibility, to report directly into the commercial organization under my leadership. This move will ensure that we have consistent inflow of new, high quality prospects. We've also scrubbed our sales pipeline of early stage deals, not meeting stringent criteria for strategic fit and win probability. With this result oriented approach to pipeline management, our pipeline is now moving in the right direction. By combining a growing high quality pipeline with the improved conversion rates we've already achieved, we now have the foundation in place to accelerate future growth.

Another promising growth vector for E2open is proactive collaboration with systems integrators. Andrew and I have worked together closely to forge strong go-to-market partnerships with select SIs. The goal is to jointly identify clients with supply chain needs that match well with E2open's product offerings and then bring in our sales teams to co-sell alongside the SI account team. This approach is working well. Our pipeline of SI-related projects increased materially in the back half of FY 2024, and the services pipeline of our SI partners has grown as well. This is evidence that our SI strategy can become a major contributor to our future revenue growth.

We are also taking targeted steps to grow our new logo business. In recent years, competition for new logo deals has been weighted toward point procurement of planning and transportation solutions. However, customers are recognizing the limitations inherent in standalone, disconnected point applications that do not support multimode, multi-tier collaboration across increasingly complex supply chains. This trend plays well to E2open's strengths, and we are running specific sales and marketing plays to capitalize on it.

We recently scored our first major success by winning a highly competitive new logo deal in the planning space. The new client, a well-known consumer electronics supplier, evaluated E2open's planning application very highly, but the key to closing the deal was E2open's unique ability to link planning and supply collaboration, a critical element of the client's supply chain vision.

Finally, I want to provide some commentary around churn. While our large customer retention metrics remain healthy, we have seen elevated churn within our long tail of smaller contracts. We

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are now implementing a detailed account by account plan to stabilize churn and improve retention. This is a top priority in the commercial team's weekly operational cadence, and we are seeing positive signs of progress. For example, over the last two quarters we had several at-risk renewals where, as a result of proactive engagement with the client, we turned potential down sell into successful upsells, in one case tripling the ARR value. These success stories show that we can bend the curve on retention by driving a culture of long-term partnerships with our clients and instilling the operational discipline for early engagement on renewals.

In summary, I am very proud of the way that our commercial organization has embraced the growth-oriented,client-centric changes that we have made over the last six months. We have a clear view of what we need to do to return E2open to double digit growth rates and we expect to drive improved performance as we move through FY 2025, laying the foundation for a return to accelerating growth in FY 2026 and beyond.

At this time, I'll turn the call over to Marje for discussion of our financial results and guidance.

Marje Armstrong - Chief Financial Officer, E2open Parent Holdings, Inc.

Thank you, Greg. Today I will review our fiscal fourth quarter and full year 2024 results and then close with a discussion of our FY 2025 guidance. But first, I want to express my sincere thanks to all E2open employees for the dedication and energy you've shown this fiscal year. While this has clearly been a year of transition, I know that you all share my enthusiasm for the positive changes we're making at E2open. By continuing to move as one, we can realize our company's tremendous potential and also have a fantastic team experience along the way. So thank you all.

Now turning to results. Subscription revenue in the fiscal fourth quarter 2024 was 134.4 million, above the high end of our 131 million to 134 million guidance. While this represented a 1.8% decline on a year-over-year basis, subscription revenue increased sequentially for the first time in four quarters. As Andrew noted, we also closed several large subscription deals during Q4, following up on the improved bookings quarter we had in Q3. This marks two quarters in a row of improved in quarter deal conversions compared to the first half of FY 2024, and is a positive sign that the growth-oriented changes we have made at E2open are on track and generating momentum.

I would note that in line with our expectations, Q4 revenue was negatively impacted by elevated churn. As Greg and Andrew outlined, we have made progress on stabilizing churn and we're confident in our roadmap to return retention to normal historical levels, as we get through this year.

For full fiscal year 2024, subscription revenue was 536.8 million and grew 0.7%. Full year growth performance reflected E2open's ongoing transition from an M&A focused company to one with strong, consistent organic growth. We now have new commercial leadership with relevant experience to undertake a comprehensive growth reacceleration plan in close collaboration with our longstanding product and R&D teams. We see this plan as very achievable given our attractive TAM, large existing customer white space, focused SI strategy and significant opportunity for new logo business.

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Professional services and other revenue in the fiscal fourth quarter was 24.1 million, reflecting a decline of 18.0%. Sequentially, PS revenue was down slightly, but as a reminder, the fourth quarter has fewer workable service hours due to holidays. Our PS business saw improved bookings in Q4 following a good Q3 performance, and the business ended the fiscal year with higher backlog. Overall, the organizational changes we have made to our PS business have led to better sales execution and stronger collaboration with a broader commercial team. These improvements provide a solid foundation for our new PS leader to build on during FY 2025 and beyond. Given the progress we've made, we now believe we have reversed the sharp decline in our services business and that it will return to modest revenue growth in FY 2025.

Total revenue for the fiscal fourth quarter was 158.5 million, reflecting a decline of 4.7% over the prior year quarter. For full fiscal year 2024, total revenue was 634.6 million, reflecting a decline of 2.7% year-over-year.

Turning to gross profit; in the fiscal fourth quarter of 2024, our non-GAAP gross profit was 110.9 million, reflecting a 4.9% decline year-over-year.Non-GAAP gross margin was 70.0% in the fourth quarter compared to 70.2% in the prior year quarter. Non-GAAP gross margin for full fiscal year 2024 was 69.4% compared to 68.7% for the prior year. The improvement in full year gross margin, even in a year where our revenue performance was well below our potential, was driven by a higher mix of subscription versus PS revenue, as well as proactive efforts to drive operational efficiency.

Turning to EBITDA, our fourth quarter EBITDA was 55.1 million on a 34.8% margin compared to 61.2 million on a 36.8% margin in the prior year quarter. For full fiscal year 2024, adjusted EBITDA was 220.3 million compared to 217.1 million versus the prior fiscal year, an increase of 1.5%. Adjusted EBITDA margin for the full fiscal 2024 was 34.7%, up from 33.3% in the prior fiscal year, as we remain focused on our commitment to operational efficiency and profitability.

Finishing up on profitability, net loss for the fiscal fourth quarter of 2024 was 45.5 million and full fiscal year 2024 net loss was 1.2 billion. The full year net loss figure included non-cash goodwill impairment of 1.1 billion that reflected charges we took earlier in the year.

Now, turning to cash flow during the fiscal fourth quarter and full 2024 fiscal year, we generated

36.9 million and 116.0 million of adjusted operating cash flow, respectively. We view strong, consistent cash flow as a key performance metric and as an important indicator of our financial strength, and so we're pleased with our fiscal year cash generation and our rising level of cash conversion. As a result of this year's strong cash performance, we ended FY 2024 with 134.5 million of cash and cash equivalent. This represents a year-over-year increase of 41.5 million, even with the impact of certain non-recurring cash costs during the fiscal year. This completes my remarks on our fiscal Q4 and full year FY 2024 financial results.

At this point, I'd like to introduce our FY 2025 and first quarter fiscal guidance and provide our thoughts around key drivers of our forecasted performance. We expect FY 2025 subscription revenue in the range of 532 million to 542 million, representing year-over-year growth of 1% at the high end and a decline of 1% at the low end. In terms of key performance drivers, we expect bookings momentum to build as we move through FY 2025, with the revenue impact becoming

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stronger in the second half of the year. In addition, given the timing of previous customer retention decisions, we expect churn to remain elevated in early FY 2025, but to improve steadily after mid- year, given all the actions we're taking now. Together, these FY 2025 trends should position the business well as we exit the fiscal year for higher subscription revenue growth going forward.

For the first quarter of FY 2025, we expect subscription revenue in the range of 130 million to 133 million, representing a decline of 3.6% to 1.4% as compared to the prior year fiscal first quarter. The Q1 growth rate is consistent with the earlier comments around the timing impacts of our FY 2025 performance drivers. We expect FY 2025 total revenue to be within the range of 630 million to 645 million in FY 2025, representing year-over-year growth of 2.0% at the high end and a decline of 1.0% at the low end. Our total revenue forecast includes our professional services business. We expect our PS business to build on improved bookings over the last two quarters and higher backlog by generating mid-single digit revenue growth in FY 2025, back towards the PS business's prior baseline. We expect FY 2025 gross profit margin to be within a range of 68% to 70%. The midpoint of this range is roughly flat to what we achieved last year. Overall, our gross margin targets for the new fiscal year reflect the strong underlying fundamentals of our core subscription software business.

Finishing up on profitability, we expect FY 2025 adjusted EBITDA to be within the range of 215 million to 225 million. This represents growth of 2.0% at the high end and a decline of 2.0% at the low end and implies an adjusted EBITDA margin of 34% to 35% for FY 2025. This is consistent with last year's performance and reflects our commitment to maintain profitability as we do the work necessary to reaccelerate growth. We will continue to focus on driving operational efficiency in order to free up resources for investment in client focused areas such as product innovation, flawless implementation, customer experience and sales productivity.

Given the importance we place in generating strong cash flow, I want to provide some comments around our FY 2025 cash generation expectations. Overall, we expect adjusted operating cash flow to grow in FY 2025 as compared to FY 2024. Couple of cash flow drivers to consider we expect CapEx to be approximately 5% of revenue in FY 2025 consistent with prior year. We plan to drive working capital improvements and expect FY 2025 working capital to be a modest use of cash. Cash interest expense, net of interest income and the impact of our interest rate collars is expected to be in the range of 90 million to 95 million. This outlook assumes that [Indiscernible] follows the current forward curve that we meet our internal forecasts regarding investment of excess cash and that term loan repayments are limited to required amortization of around 2.7 million per quarter. Finally, we expect non-recurring cash costs in FY 2025 to decline significantly as compared to prior year. Based on our guidance for FY 2025 adjusted EBITDA as well as our outlook for cash generation during the fiscal year, we now expect year end FY 2025 net leverage to be below four times.

In conclusion, FY 2024 marked an important inflection point in E2open's transition from an M&A focused company to one that is positioned to deliver sustainable, double-digit organic growth. While our revenue performance this fiscal year was far below our potential, we delivered strong profitability and cash flow, again demonstrating the high quality of our underlying business model. Moreover, during FY 2024, we brought new, experienced leadership into the company to support our teams in implementing a client-centric plan to reaccelerate growth building on the strength and

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industry experience of the long tenured talent across the organization. We showed clear signs of progress and momentum in the second half of the year and as we make these growth-oriented changes to our business, major customers continue to place their trust in E2open by selecting us for large, strategically important software engagements. We look forward to building on these successes in FY 2025 as we lay a strong foundation for E2open's return to double-digit growth.

Before closing, I want to acknowledge our announcement in March that E2open is conducting a strategic review. The review is proceeding as planned, but we will not comment further until doing so is appropriate. Meanwhile, I can assure you that our entire management team and experienced employee base are keenly focused on serving our customers and executing our growth plan.

That concludes our prepared remarks. I want to thank everyone for joining us today, and we look forward to connecting with you as we proceed through the fiscal year.

Operator, please open up the line and begin the Q&A session.

Operator

Thank you. [Operator Instructions] Our first question comes from Chris Quintero with Morgan Stanley. Please proceed.

1. Hey, everyone. Thanks for taking our questions and great to be on the call with you today. I've got two questions. Andrew and Greg, you both have been on board for a few months now and clearly have prioritized and gotten a better hold of the churn. But I want to ask around the products that E2open has today. So from your perspective, what product areas are you really leaning into and thinking gain meaningful market share in? On the flip side, are there any that you are looking to de-emphasize? And then second question. Really great to hear about the new tailored measures for higher growth. Between the three that you outlined, where do you expect more of the growth to come from? Is it the cross selling, the SI partners or new logos? Greater color there would be really helpful. Thank you.

Greg Randolph - Chief Commercial Officer, E2open Parent Holdings, Inc.

Yeah. Hey, Chris, great to hear from you. Yeah, great questions. So, on the first topic, our product platform, I've been at this now for eight months with the company, and what I've told my team and the people that I'm recruiting into the organization is that this is a salesperson's dream, to have the capabilities, the breadth of products that we have, and the competitiveness with each product category that we take to market. We can literally win in each of our five key product families across multiple industries. And we have this vision of being an end-to-end supply chain provider, and we have the products to back it up. And so it's an incredibly marketable platform, but we can go toe-to-toe, and we've proven it in my opening remarks, that we can go toe-to-toe with the best point solution providers in the marketplace and win. So that, quite frankly, every product category has strength and we're able to drive growth with each of them. And if you think about, if you think about the growth vectors, first of all, with our SI partnerships, we've really ramped up over the last six months and established a deeper relationship with those core partners. And we're starting to see a significant improvement in momentum around pipeline, and they're helping drive

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