8×8, Inc. (NYSE:EGHT) Q2 2024 Earnings Call Transcript

That would just be winding in terms of trying to improve customer satisfaction and those kinds of things. And so to me the big three are case deflection, mean time to resolution and agent attrition. Okay. And then what does it mean for us in terms of revenue a lot more revenue and a lot higher retention rates, which means a lot more revenue, right? We generate more revenue. And we know for example when we sell and these are rough numbers I’m not going to get — but like when we sell one product to a customer we have a mid-80s type of retention rate given our small business base. We sell two products low 90s three products, mid-90s four more products, five 90s right? And so as a recurring revenue model the more products we sell the higher our retention rates and the higher dollars of revenue we generate not magic every large software company Oracle, Salesforce, Microsoft, et cetera does this.

We’re just at the point given our size to start to transition to that portfolio of products that allows us to sell more and more and get sticker and ticket.

Matthew VanVliet: Great. Thank you. Very helpful.

Samuel Wilson : Thank you.

Operator: I’m not showing any further questions. I’d like to turn the call back to Sam Wilson for any closing remarks.

Samuel Wilson : Thank you so much. I really appreciate it. To everyone out there we remain confident in our future. We have all the building blocks in place to achieve our long-term objectives. We saw early indications of success in our results this quarter as our adoption of new products increased. I just want to sort of reiterate transitions don’t happen overnight. But what the market we address is huge, we’re coming at it from a position of strength. We have an installed base that loves us and the products we’re launching. We have a terrific contact center platform that can enable next-generation AI technologies. For Kevin’s sake, I mentioned, we’re very cash flow positive and profitable, and we’re driving a return of money to investors.

And lastly, I think most importantly for everybody on this call, I feel like we have the right team in place to drive this business to the next level. So thank you for your time today. Thank you to all the employees that are listening to this. Thank you to all the partners and customers that listen to this. And I look forward to talking to you again in three months. Thank you.

Operator: Ladies and gentlemen, this does conclude today’s presentation. You may now disconnect and have a wonderful day.