SPSC
#I think there is a whole host of different decisions.
Staff turnover is one.
The whole inflection of the industry as ---+ whatever I said is if you have a dozen or 20 retailers you are working with, and those retailers aren't changing and evolving and you're not adding new retailers, there's probably going to be ---+ that's going to be a tough sales cycle.
We can talk about the 50% to 75% lower total cost of ownership, but it's working ---+ they've got other priorities.
So, when their environment is changing, their retailers are asking for more.
Oftentimes, we're moving in and taking a piece of the business, because they just can't onboard and make the changes for their retailers fast enough.
So that's an opportunity.
If they are changing ERP systems, so that's where channel is important, that's an automatic that you are going to re-look how you are doing that.
And I think it is ---+ it's educating them on the alternatives, so when and if they are interested in making a move, that we're top of mind.
So I think there's a whole host of reasons.
Sure.
So as it relates to EBITDA, we set what the expectations are for the year.
And then we take the opportunity to ---+ if we are ahead, for example, we will take that opportunity to invest more back in the business, to keep on growing the business.
And so really our philosophy has not changed.
We hold ourselves to an EBITDA number for the year, and that has remained consistent.
So the fact that we're slightly ahead in Q3 is why Q4 comes down slightly.
We are remaining the same in what we have said all year, as it relates to the high end of EBITDA guidance.
Yes, so, our acquisition strategy has remained relatively constant since 2010.
We believe we can accomplish our long-term goals through organic growth, and so we are primarily focused on organic growth.
Having said that, we have $135 million of cash and marketable securities, so we're always out looking.
But what we're looking for are high-quality companies that fit right in our sweet spot.
So all three of the acquisitions we've made since we became a public company, there was no change in the direction or the strategy of the business, and that we think that can help us accelerate or maintain our 20%-plus recurring revenue growth.
So we're going to continue to be very focused on organic growth, and look for opportunity as it's out there.
It's a very fragmented market.
And we go after five primary markets, and they're all very meaningful to us.
As we had mentioned, we have over 400 partners, and I think it's just a continual journey for channels.
And they've executed in the past, and continue to execute as adding new partners and expanding the relationship with the existing partners.
And I think you're going to see a long-term general trend of that.
We have been very marginal on any price increases.
And we'll continue to do small things here and there, but we don't see any drastic price changes in at least the coming few years.
Again, we've done some things where we'll ---+ maybe a few percentage points and that, but nothing drastic at this time.
We do think, long-term, as we become larger and larger and as we continue to add more value to our customers, I think that opportunity is out there.
It's still less than 20% of retailers that are sharing that data.
So that's also part of the reason why we believe this is a long-term opportunity for us, that we'll get the benefit from it for many years to come.
But there has not been an inflection point as it relates to retailers sharing the data.
Sure.
So, it's been pretty consistent around about that year-and-a-half, on average, breakeven.
We've been at that point for the last couple of years.
It was a little bit longer, prior to that.
