BlackLine at William Blair Conference: Strategic Growth Insights

On Wednesday, June 4, 2025, BlackLine Inc. (NASDAQ:BL) presented at the 45th Annual William Blair Growth Stock Conference. The company discussed strategic shifts and growth opportunities while addressing potential challenges. BlackLine’s leadership emphasized a focus on innovation and strategic partnerships, though concerns about the macroeconomic environment were noted.

Key Takeaways

• BlackLine anticipates an inflection point in growth in the latter half of 2025, driven by demand generation and pipeline build.
• The company is transitioning from seat-based to value-based pricing, aiming for 13-16% revenue growth in the next three to five years.
• Strategic refocus includes geographical expansion in Mainland Europe and Asia, and strengthening relationships with key partners like SAP and Workday.
• Studio 360 and AI initiatives are central to BlackLine’s innovation strategy, with significant announcements expected in September.

Financial Metrics and Growth Strategy

• BlackLine is targeting 13-16% revenue growth over the next three to five years, leveraging eight to ten major investments.
• Key performance indicators include CRPO, billings growth, and ARR growth, which will demonstrate the effectiveness of recent strategic changes.
• The company is moving to a platform-based pricing model, launched in North America and expanding globally, to align with customer revenue and consumption.

Operational Updates

• A management overhaul in 2024 introduced a new leadership team focused on building a hard-working culture.
• Strategic changes in 2023 refocused efforts on specific geographies, customer segments, and partnerships.
• Studio 360, integrated with Snowflake’s data lake, is gaining traction with 400 customers evaluating the platform.

Future Outlook

• International expansion in Europe and Asia presents significant growth opportunities.
• BlackLine’s ERP-agnostic solutions support companies transitioning from on-premise to cloud solutions, with a focus on finance.
• The company is strengthening its partnerships with SAP and Workday, crucial for its growth strategy.

Q&A Highlights

• Positive early reactions to Studio 360 were noted, underscoring its importance in BlackLine’s strategic roadmap.
• The company emphasized the need for 100% accuracy in financial reporting, highlighting the critical nature of its solutions.

In conclusion, BlackLine’s presentation at the William Blair Growth Stock Conference outlined a clear path for strategic growth and innovation. For further details, readers are encouraged to refer to the full transcript.

Full transcript - 45th Annual William Blair Growth Stock Conference:

Jake Reberge, Analyst, William Blair: Well, thanks everyone for joining here in person and for those that are listening over the webcast. Before we kick things off, my name is Jake Reberge. I’m the analyst at William Blair that covers BlackLine. And for a full list of our research disclosures, please visit our website at williamblair.com. But with that, really excited to have Co CEO, Owen Ryan and Chief Financial Officer Patrick Villanova here with us today digging into the story.

Thanks for coming out.

Owen Ryan, Co-CEO, BlackLine: Good to be here again.

Jake Reberge, Analyst, William Blair: And I guess just to kick things off before we we dive into things. For those that may be newer to the story, Owen, can you give us just a kind of the the history of the company? What products what are kind of the the key product areas that you serve and the the key markets that you’re looking into expand into?

Owen Ryan, Co-CEO, BlackLine: Sure. Great. And thanks again for being here. So we’re actually in our twenty fifth year, so twenty fifth anniversary coming up. Our core products really I would say are in a couple of areas.

One is across the whole record to report stream. So for us, that’s everything around financial close. And when you think about financial close, you think about the posting of sort of transactions matching journal entries, task management, reconciliations, intercompany accounting, pre consolidation, and consolidation. So we start sort of at the headwater of a river and you think about that from the perspective of everything that starts a transaction all over right through the consolidation process like what comes out from a reporting perspective. That’s one part of our business.

It’s the largest part of our business. The second piece of our business is in the invoice to cash stream. And so we cover most aspects of everything you need to do around the whole accounts receivable life cycle. And then the third business that we have is a platform that we’ve, we have released last year, something called Studio three sixty, which basically serves as the underpinning of everything we do across financial close and invoice to cash and allows us to connect to all different ERPs and sub ledgers and systems and have a new relationship with with Snowflake that allows their data lake to sort of tie very closely to what our systems do to allow our customers to use and manipulate and manipulate is a bad word in accounting. Use our information in a way, that allows them to to really get more out of the information that they use in their in their, in their business.

We operate in all the major markets around the world. We tend to have, you know, roughly 50% or greater market share for on the wall, the largest publicly publicly traded companies on stock exchanges, and we continue to grow and have a great future in front of us.

Jake Reberge, Analyst, William Blair: Yeah. That’s a helpful helpful background there. So you recently took over the the co CEO role with Therese. So what what are some of the key changes that you all have done at BlackLine since you took over? And what are so maybe talk about kind of the the successes to date and some of the changes you’ve made as well as some of the the priorities moving forward.

Owen Ryan, Co-CEO, BlackLine: Yeah. So when when Theresa and I were asked to step into these roles in March of twenty three, you know, the first thing we really did was take a hard look at the strategy of the company and figure out where what what we needed to do to sort of really get us back on the path that we wanted to So we made a lot of strategic choices of both things that we would and would not do. And when you’re sort of a growing enterprise, sometimes you tend to sort of bite off more than you can chew. And so there were a lot of things we said we’re not going to do those any longer and really tried to focus. And that focus was around the geographies we would play in, the customer segmentation, the industries, the ERPs we would work with, the partners we would work with and how we would innovate and grow our platform as we move forward.

So that was a good portion of the work we did in 2023. Over the course of 2024 is we replaced pretty much everybody on the management team. So there’s only one person that survived the changes that we want to put in place. Not that they were bad people, but the people that we had were not going to be able to take us to that next level. And so what we really did was brought in everything new from chief marketing officer, know, chief commercial officer, people running product and tech to CIO for, our own internal use of, technology, new c And and and all that was really brought together across 2024 into 2025.

We had to rechange or change our operating model, to sort of reflect the realities of what we were trying to do as an organization, and that combination of a new operating model in ’24 a new leadership team throughout ’24 is now really taking root what we’re trying to accomplish in 2025 and beyond. We feel very good about the leaders we have in place. I describe them as a lunch bucket crowd, I e, they show up in overalls with a lunch bucket and a shovel and work because that’s what we wanted to build culturally in the organization and make sure we’re working really hard for our shareholders and for each other to drive success.

Jake Reberge, Analyst, William Blair: That’s helpful. And then so that’s a lot of the go to market, the leadership. You’ve also expanded the the breadth of the platform quite a bit over the last two years with solutions like Studio three sixty and a deeper push into AI and some of the strategic product offerings. Which of those solution areas are you seeing the most traction with? And where are you looking to to dig deeper into moving forward?

Owen Ryan, Co-CEO, BlackLine: And I like for us to to piggyback because he understands sort of from a user perspective a lot of the great things that we’re we’re trying to do. I think the immediate opportunity is for us is in Studio three sixty. We’re in the market with it. It’s getting a lot of receptivity. In the first quarter of the year, we had 400 of our customers sort of looking at what Snowflake were brought to Studio three sixty platform.

And and And so we’re seeing a lot of interest and uptake in that number of large enterprises have gone live with it very early the process. So we’re really encouraged by what that all can mean. We’ve got our Beyond the Black Conference coming up in September. So I don’t want a front run where we are, but we have a number of significant announcements that we plan to make around what we’re doing with with artificial intelligence. And the one thing that that’s important to think about and understand for the use of AI in finance and accounting, there’s tremendous opportunity that’s there, but they also have to make sure there’s an audit trail and it’s transparent because you can’t get a preparer to be comfortable without not understanding what’s going on, a reviewer, a controller, a CFO, your internal auditor, your external auditor, the PCB, the SEC.

Everybody wants to see and understand a trail. So it’s different than you might see in other parts of the marketplace because you just cannot have a black box with results coming out. And we’re seeing that in the marketplace as we work. A lot of our innovation is within through our customers and within through our partners. And when you serve like we do, most of the world’s leading auditing firms rely on BlackLine, run on BlackLine, and implement BlackLine.

So when you have that, you can bring that to the conversations with your customers. And and I think that what we’ll be rolling out will be meaningful. It will it will drive real efficiency and accuracy and insight for our customers, but it will also withstand the rigors of whatever body comes to look at what’s what’s underlying all that. But I know you’re living in this as well.

Patrick Villanova, CFO, BlackLine: Yeah. I mean, just as a little background, while I’m newer to the CFO role, I’ve been with BlackLine for almost ten years. I’m a trained accountant by nature, so I’ve been using our solution that entire time. And I guess maybe where I, you know, see similar to what Owen was talking about, just to elaborate on it though, where we’re going and the announcements we’re gonna make. We have four solutions as Owen indicated.

We started with financial close twenty five years ago. And then about five years ago, we we branched into invoice to cash and then intercompany. And then recently, we built an FRA solution, which is preconsolidation analytics and basically takes all the information that’s coming out of your financial close and provides different levels of information reporting and insights to finance and accounting. Studio three sixty is the foundation for the the next phase of our innovation. And what I mean by that is it’s really not a product, it’s a platform.

It’s a platform powered by Snowflake that connects all four of the solutions that I just mentioned together, and that’s critical. Because what that does is that it allows data to flow seamlessly from solution to solution. And so what does that mean? The key to have a successful AI strategy starts with data. You have to have data that is sanitized, that is clean, that is accurate, and that has a single source of truth.

And that you cannot have four different datasets in four different solutions. You have to have one dataset. So by launching Studio three sixty in the last year, we are enabling our customers to use the same data in all four solutions, which sets the foundation to start to use AI within that platform because AI will be analyzing the same dataset throughout. Now we’re gonna do it prudently because as an accountant, the saying I I use a lot is 99% accurate in in the accounting edge industry is 100% failure. You have to be 100% accurate.

You don’t have the benefit of rounding errors or forecasting errors. It has to be accurate. So we’re gonna be prudent about how we release this technology, but having that platform in place with clean data is the foundation for the future of that innovation. To Owen’s point, we will have an audit trail. We’ll have transparency.

We’ll have that visibility. That’s a keyword. You have that visibility in terms of what the technology is doing. That not only builds comfort with a CFO and a CAO and people that sign, you know, sign those attestations every quarter. But it’s critical for auditors, for the SEC, for the PCB, for our regulators that they can see that as well.

That’s the next phase that we’re heading to from an innovation standpoint.

Jake Reberge, Analyst, William Blair: That’s helpful. And then Patrick, sticking with you, how are you measuring this? So you made a lot of operational changes. You made a lot of changes with the product. How are you measuring the success of those strategic changes?

What KPI should we be focused on? And then when considering your medium term growth rate and kind of that growth outlook for 13 to 16%, how should we think about some of the the building blocks that should help drive that acceleration in growth?

Patrick Villanova, CFO, BlackLine: Yeah. So I guess there’s three or four questions in that one. But, I guess, to start, in terms of is this working? Is everything that Owen just talked about strategically, all the changes we make, are are they working? We signaled in February as well as in May that we expect to see an inflection point, in our growth trajectory in the second half of this year.

Now, what gives us that confidence or why do we feel that way? We have seen several quarters now of pipeline build or demand generation. And that’s a in large part in terms of our innovation, the the marketing we’re doing out in the market, our industry approach, our partner approach, all that is generating more demand. That pipeline build converts anywhere in six, twelve, eighteen months depending upon the size of the opportunity into a booking. So in our industry, revenue is a trailing indicator.

So you would wanna look towards leading indicators in the second half of this year. That would be things like CRPO. That would be billings growth. That would be ARR growth. Those leading indicators are would be the best data or metrics to look to to show that the strategy that’s been implemented in the last year or two is working.

That turns into revenue in 2026 and beyond. So then to answer the second part of your question, the way we approached our target model, this is the target model we shared with investors back in November. This is a three to five year plan of how we’re going to get back to 13 to 16% revenue growth. What we did was we took a portfolio approach to how we invest and deploy our capital internally. Investing in ourselves is still the number one thing we invest in as a company.

And we have, call it, eight to 10 major investments that we’re making now and in the near future that’s gonna drive or be a lever for growth. In no particular order and let me be clear. There’s no one investment that represents, like, 90% of potential. These are evenly distributed just like you would on in a standard investment portfolio. And over time, some may overperform, some some may underperform, but we have a great investment thesis for each.

And so in no particular order, things that we’re investing in, we have a new pricing model, which we expect and by the way, each one of these, we expect half a point, maybe a point plus in growth. And then it accumulates upon where we are today, six to eight, and in three to five years, get to 13 to 16. So we have a new pricing model. We have the innovation that Owen and I just talked about. We have a industry approach where we’re really driving down and selling by industry.

We have a stronger partner approach, not just with SAP, but we have about 75 other partners that we sell with around the world. And we are also now making investments in the federal space. Those are investments we’re making this year that we expect to manifest and materialize in 2026 and beyond. So those are five or six of the most critical investments that we’re making, and they each build upon themselves from a growth perspective. I guess maybe one other thing I wanna highlight, we have a significant opportunity internationally, notably in Mainland Europe and Asia where these are markets that are underpenetrated, and we are making investments there as well.

So when you add all those up, you can plot a very clear confident path to growth over the next three to five years, and each one of these growth levers build upon one another.

Jake Reberge, Analyst, William Blair: That’s helpful. And then shifting back over to to Studio three sixty in that new platform release. Owen, can you maybe talk about some of the feedback that you’ve received from customers on that new product? And then Patrick, kind of tie the bow on the Studio three sixty, maybe could you dig a little bit deeper into those pricing changes that are resulting from, from Studio three sixty and why you think that will be so much of a, a lever over the next few years?

Owen Ryan, Co-CEO, BlackLine: Yeah, think you know, the early reaction to Studio three sixty has actually been quite positive. I think that, you know, what we’ve what we shared at Beyond the Black, how customers have sort of really begun engaging, there’s a fair number of inbound calls compared to what we might normally receive. You know, our our reps that are in the field, our partners that are are talking with customers and prospects. All that’s been been very, very positive. There was a little bit of skepticism because we had tried to launch something a couple of years ago.

It didn’t take off the way we wanted. So there’s some question got some questions we got like, what’s different? Why is it, you know, better? Why is it more powerful? We’ve dealt with that.

So there was a little bit of explaining for some small segment of the market, but we did have to to do that. But overall, receptivity and interest is has been quite hard high. And again, that ability to have sort of that snowflake partnership with Studio three sixty so our customers can use information and data even more powerfully, think, has has become very compelling. But I know you’re talking to the front lines every day as well. So

Patrick Villanova, CFO, BlackLine: Yeah. So, you know, from a overall platform perspective, the receptivity has been good. It is early, but they’re seeing our customers are seeing the benefit of it. And I guess to pivot to the second part of your question related to pricing, I guess maybe to zoom out for a minute. Studio three sixty alone is not driving the pricing model or pricing strategy changes that we implemented earlier this year, but it is a catalyst.

And the reason for that is to have the pricing conversation, you have to have the product conversation. So what I mean by that is, and maybe just to to back up that this was not this was a decision long time in the making. A lot of research went into it. In 2024, we we hired third party experts on pricing and engaged them in terms of where we could take our pricing strategy. We reached out to all of our customers and actually some of our former customers to gauge their interest in going to a platform based pricing model and moving away from seat base.

Now, obviously, to go to a platform based model, you have to have a platform. So Studio three sixty was part of that conversation. What we learned during that analysis was that an overwhelming majority of our customers had interest in a platform based pricing model and getting away from users. We did see, if I had to look at a cohort that didn’t have the same level of interest as all of our customers, it would be lower mid market. These are customers that maybe have a hundred, $200,000,000 of revenue, maybe five accountants, and that’s not a conversation you typically have about platforms and finance transformation and we’re okay with that.

So we launched our new pricing strategy in the first quarter of this year in North America. Now, in the second quarter, we’re introducing it to the rest of the world. And what we’ve seen so far is that the receptivity is in line, if not slightly above, what our thesis statement was based upon what we did in 2024. Customers are very interested in getting away from the conversation around how many accountants do you have and how many users do you have. And now we’re having more meaningful conversations with CFOs and CAOs about delivering a platform, about getting your entire organization onto that platform for a flat fee, about driving a cultural change in in terms of how you interact with BlackLine rather than just having pockets of accountants throughout your org logging in.

You have an entire office of the CFO logging in, understanding the power of the platform, and that’s a much, much different conversation. And so to elaborate on that in terms of where is that taking us, where is that taking the conversation, well, now rather than talking about how many users we have, we’re talking about we’re delivering a platform and how much are you consuming of that platform. And this is the most critical element. This is why it’s been embraced so much. This is why the attach rate is where it is.

So rather than talking about users, we’re now having a conversation of your platform fee is based upon your revenue as a customer. And if your revenue grows, and there’s about 25 tiers, so it’s not every percent, but as your revenue grows, your platform fee goes up. Our revenue goes up if your revenue goes up. It’s a great handshake in business. On the right side of this pricing placemat, and it’s very simple, very digestible, which is critical in the pricing world, ease of digestion, ease of understanding, is all of our consumption based products.

Right now, those products represent about one third of our revenue, and that’s, for example, matching automated journals, automatic cash application, automatic intercompany, and then some of the agentic AI that we’ll be talking about more b to b in a few months. Those consumption based products, as you use more, your price goes up. However, your per unit price goes down. So again, a great conversation to have with controllers, CFOs, and CAOs because more revenue for us means a higher level of automation and a higher per unit ROI for you. And so we got away from these conversations of how many accountants and users do you have to, let’s talk at the c suite and board level.

Let’s talk about if you win, we win. If you have a higher ROI, we have more revenue. And it’s a great pricing strategy, great business relationship to be in where both parties are benefiting at the same rate. So that’s why we’re seeing the attach rate that we are. That’s why we have this built into our our midterm model or target model in terms of a a a notable growth lever as we work through our 4,400 existing customers and introduce this to new logos.

Jake Reberge, Analyst, William Blair: That’s helpful. And then thinking about one of the catalysts for your business is is ERP migrations. And I think one of the more attractive thing about selling into the office of the CFO is just how early it is in the digitization process. I think still 70% plus of ERP systems are in an on prem environment. So what what are you seeing on that front?

What are some catalysts that could cause those those migrations to pick up and and how does BlackLine benefit from the the migration activity?

Owen Ryan, Co-CEO, BlackLine: Really good question. And I think, you know, we’re still as you point out in the very early innings of this, I think where BlackLine is going to benefit is as companies have been thinking about the migration and as some of the big ERP players are shutting down saying they’re going to shut their customers off from being on prem solutions in a number of years. One of the challenges that ERP houses are having is showing and demonstrating what’s the value. Why why am I getting anything out of this lift and shift from on prem into the cloud? And candidly, it’s not an easy argument to make.

In fact, you know, when you’re spending 10,000,000, 50 million, a hundred million or more just on sort of the software before you even hire hire the SIs to to put it in, it’s not a particularly compelling value proposition. Where that changes is when you start with finance first And in particular, you start with BlackLine. And and what we’re seeing in the market and if you, you know, I’m I’m gonna guess this group doesn’t follow the oil and gas industry, but if you were listening to the CFO of ExxonMobil this quarter, she talked about the power of what BlackLine has done for them as an organization. It was an it’s an interesting customer because Christian Klein from SAP happens to be executive sponsor for SAP on their account, and I happen to be the executive sponsor for Exxon from a black line perspective. And I think for the first time not for the first time.

For a very obvious time, you can now see the power of starting with finance first if you’re in the in the SAP world. Because historically, we were always paddling sort of like, you know, how do you start with black line versus being on the trail end of the train. And and that was just really eye opening, I think, for a lot of people. And then those stories start to get told. And if you were at Sapphire in the last couple of weeks, you would have heard that story being told and an example of Delta Airlines and what all that means.

And so we think we’re very encouraged because we’re starting to see lots of conversations where these teams, the reps in the field forget the leadership now. The reps in the field are saying, hey. I need to start with BlackLine to have a more compelling story to to move forward. And I think where that opportunity really embeds itself even more with places like in SAP in particular, where we used to sort of be the last item on a bill of material and it was like an opt in. Now it’s more of an opt out.

We’re much higher up because of the criticality of what we do for them. And so very encouraged by what we’re seeing and and people now understanding BlackLine is a true differentiator in helping you achieve value, and a better transition from on prem to the cloud. And I know you’ve had to answer this question now for quite a lot over the last two days, but maybe just bring it to to life for for these groups so they can understand why it why why it matters to go with finance first.

Patrick Villanova, CFO, BlackLine: Yeah. And as a trained accountant, I like to do things by example. So and and talking about the sales motion that used to happen versus that’s happening now. So to Owen’s point, what used to happen is as an SAP rep would go to one of their 30,000 customers and say, you have an on prem solution that by 2030, we’re no longer going to support. And that sounds like a far time away, but anybody that’s been put through an ERP implementation or rip out and replace, it takes several several years.

So if you’re not thinking about that now, if you’re an on prem SAP customer, you’re already behind, the the process. So what used to happen is, oh, we’re gonna take you from on prem to the cloud. It’s gonna we’re gonna charge you $10.50, hundred million dollars depending upon how big you are, and nothing’s going to change. And while that might sound good to a CFO or CIO, like, oh, great, you know, I want my new reporting to look identical to my old reporting, it’s also not a very strong value proposition that you’re spending millions and millions of dollars and nothing’s going to change. The second problem in that statement is things actually do change.

And while the technology is moving from on prem to the cloud, what’s critical in that process is the transfer of data between those two systems. And it’s not just the raw data, but it’s how that data comes through and how it’s sorted. And what I mean by that is how does it come through by legal entity? How does it come through by segment? How does it come through by dimension?

How does it come through for internal reporting? Internal reporting is at least 10 x external reporting when dealing with an ERP, how you report to your own management team. And what happens or what has happened is that transfer of data, data gets lost. It gets leaked. It gets manipulated.

And what we are now doing is and I guess let me be clear. When that happens, what happens? They call BlackLine and say, hey. Our new reporting doesn’t look like our old reporting. What happened?

Then they implement BlackLine at the end of this multiyear ERP implementation, and we’re in a cleanup process. And we normally fix it. Actually, almost always fix it, but it’s expensive, it’s late, and that’s not the proper way to run an ERP conversion to the cloud. Now we’re starting with BlackLine. And what do we do?

Well, first and foremost, BlackLine is identical in any ERP instance. We are ERP agnostic. We look identical for an SAP on prem ERP as we do for a cloud ERP, and that is a critical first element to this conversation. So we extract data from the decades old SAP ERP. We reconcile it, we cleanse it, we ensure it’s complete and accurate, and we map it by legal entity, by account, by region.

We can map it multidimensionally. And then once you do that, we bring automation to your closed process and efficiency. So the value proposition that we bring on the front end is assurance that your data is gonna come over correctly. It’s gonna come over accurately. It’s gonna come over in the proper dimensions, for lack of a better term.

And it’s gonna come over with a closed process that’s more efficient than it used to be. So now, if you just visualize this, you’re moving from an on prem ERP to a cloud ERP. BlackLine’s sitting over here and it’s sitting over here identically. It comes up out of the on prem over to here and then back down into the cloud ERP. It builds confidence in the process.

It lets CAOs and CFOs like me sleep at night that no data is lost or manipulated or contorted. And I know that what I land with is a cloud ERP and a closed process that’s more efficient than it was before. That’s why you start with finance and not why you end with finance. And that change in the paradigm, that change in go to market motion is an opportunity over the next a notable opportunity over the next five years for BlackLine. And we’re the only company in town that can do that.

Jake Reberge, Analyst, William Blair: Yeah. Very very big opportunity and nice to hear you’re getting involved earlier and earlier in the And so when you think about that digitization wave and how tight your partnership is as with SAP, it’ll be interesting to see how that goes moving forward. I I guess just taking a step back, I think we have time for one more question here. The macro environment, obviously, a big conversation topic with a lot of investors. What are you seeing in the macro?

What are you hearing from customers on the ground? Yeah. Would be would be great to kind of flesh that out.

Owen Ryan, Co-CEO, BlackLine: You know, it’s obviously, everybody wakes up every morning and wonders what true social or Twitter, post or email might have been sent out or phone call, whatever it is. And I think over the medium to long term, we feel very good. When I say medium term, over the balance of the year. I think the demand that we’ve seen from our customers is strong. I think they’re I don’t want say they’re immune to the shocks of whatever the latest post is that comes out.

But I think the more I don’t want to use the word insanity, it’s the only word I can come up with right now. The more there is volatility of what’s being communicated, I think people just become a little bit more immune to it and they begin to realize they got to make decisions to move forward with what information they have. I think we had the benefit in the April ’2 and April 9 coming after March 31. So all the news around tariffs happened and we had a really good close to the first quarter, which was encouraging because some others said they saw demand slack. We didn’t see that.

We continue to see our pipeline growing very nicely with what we believe is high quality pipeline. So I think over the balance of the year, we feel good. The tightening relationship with a Workday and an SAP is very encouraging. Lot of their business takes place in the fourth quarter. So, again, I think we feel really good.

What worries me the most is the last two weeks of June, if I’m sitting here being honest, because July 2, July fourth, and July 9 all come after June 30 this time. And so you’ve got what’s gonna happen with the tariffs, what’s supposed to happen with a big beautiful bill. Those are things that, you know, may cause some customers to sit there and say, let let me get a little bit more clarity just as we get closer to it. Don’t think it changes what we expect to happen over the year, but in the really short term, that’s what causes me to worry. And I worry about everything as you know, Jake.

So I I don’t sleep or I sleep with one eye open worrying about things. So that’s, you know, that’s where we’re at. I think customers know they gotta go on this journey. They understand it. You know, medium to long term, no real worries from our perspective.

You know, next twenty five days, I worry about a bit more.

Jake Reberge, Analyst, William Blair: That makes sense. Well, thanks thanks very much. Thanks, Owen. Thanks, Patrick. Appreciate all the investors in the room.

For those that wanna dig deeper into the story, we will be hosting a breakout session in Jenny B upstairs in about ten minutes. But thanks everyone. Nice, thank you.

Patrick Villanova, CFO, BlackLine: Thank you. Thank you.

Owen Ryan, Co-CEO, BlackLine: Well done.

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