Going Global

>> ALL RIGHTY. OUR NEXT GUEST IS MOST KNOWN FOR HIS LAST START-UP ZENEFITS. WHO REMEMBERS THAT? RISING STAR WORTH A LOT. HE IS ONTO HIS NEXT THING WITH RIBLING CO-FOUNDER AND CEO PARKER CONRAD AND YOUR MODERATOR MARY ANN ACEVEDO. >> WELL, HI. . >> HELLO. >> THANKS FOR BEING HERE. I SAY THIS EVERY PANEL. IT'S SURREAL WITH SOMEONE I HAVE ONLY SEEN ON ZOOM AND I'M ACTUALLY IN PERSON. SO THIS IS EXCITING. RIPLING HAS BEEN ON A ROLE THIS YEAR. EARLIER IN THE YEAR HE RAISED A VALUATION OF OVER $11 BILLION, MAKING YOU OFFICIALLY A DECK CORN. NOW YOU ARE HERE TO LAUNCH WHAT YOU DESCRIBED AS THE BIGGEST LAUNCH OF YOUR CAREER. TELL US ABOUT IT. >> YEAH. SO RIPLING IS GOING GLOBAL. FOR THOSE OF YOU WHO DON'T KNOW, ONE OF OUR — WE HAVE THREE CORE BUSINESS LINES, HR CLOUD, I.T. CLOUD, FINANCE CLOUGH.

HR CLOUD, LIKE MOST HR SYSTEMS, IS UNTIL TODAY, FOCUSED ON THE U.S. PAYROLL, BENEFITS, ALL OF THAT IN THE UNITED STATES. WHAT WE ARE LAUNCHING IS EXPANDING THAT GLOBALLY. THE REALLY INTERESTING THING ABOUT THIS WE PUT IN THE HARD WORK TO BUILD NATIVE PAYROLL, NATIVE BETA ADMIN, HRS ACROSS ALL OF THESE DIFFERENT COUNTRIES. IN RIPLING, THERE IS ONE PAY RUN. EACH RUN IS A DIFFERENT EMPLOYEE, DIFFERENT COUNTRY, DIFFERENT CURRENCY UNDER A DIFFERENT TAX JURISDICTION. YOU HIT RUN, AND WE CALCULATE ALL THE TAXES IN MILLISECONDS. THE MONEY IS OUT AND OFF TO EMPLOYEES AROUND THE KHROEB. . >> I REMEMBER OF OTHER STARTUPS IN THIS SPACE ALREADY DEAL BEING ONE OF THEM. WHEN I TALK TO YOU ABOUT THIS FOR THE ARTICLE I WROTE, YOU DESCRIBED A LOT OF THESE OTHER COMPETITORS AS MORE PAYROLL AGGREGATORS. >> YEAH. >> CAN YOU EXPLAIN A LITTLE BIT

MORE HOW YOU THINK RIPLING IS DIFFERENT FROM THESE OTHER COMPANIES AND ALSO DEAL IS ONE OF YOUR CLIENTS, RIGHT? . >> THEY ARE. DEAL RUNS THEIR HR ON RIPLING GLOBALLY. YOU HAVE TO SORT OF START WITH WHY THIS IS — IN SOME SENSE, A VERY CROWDED SPACE. ADOBE SOFTWARE IS REALLY HARD AND WHAT COMPANIES DO IS THEY GO OUT AND STRIKE BUSINESS DEVELOPMENT TOOLS WITH — YOU KNOW, COUNTRY BY COUNTRY, THEY'VE GOT DIFFERENT VENDORS AND SUBCONTRACTORS. AND AS A CLIENT, WHAT YOU'RE DOING IS WHEN THEY'RE HELPING PAY THE EMPLOYEES, WHAT THEY'RE DOING IS ACTUALLY SHIPPING OFF YOUR DATA TO THIRD PARTY SYSTEMS IN EACH COUNTRY ALL AROUND THE GLOBE, AND THEN SOMEONE IS MANUALLY SORT OF RUNNING PAYROLL THROUGH THE SYSTEMS FOR YOUR COMPANY OR THEIR CLIENTS AND THEN SORT OF TAKING THE RESULTS OF THAT IS SHIPPING IT BACK INTO THEIR SYSTEM. AND WE THINK THAT'S JUST A TERRIBLE PRODUCT EXPERIENCE. WE'VE DONE THE HARD WORK

BUILDING THIS STUFF NATIVELY SO THAT WE'RE NOT RELYING ON THESE. AND BECAUSE OF THAT APPROACH YOU SEE AS A CLIENT OF THE SYSTEMS, YOU SIGH THESE OFTEN REALLY MYSTIFYING LIMITATIONS. YOU COME IN AND YOU HAVE TO FINALIZE SOMEONE'S PAY. EVERYTHING HAS TO BE LOCKED AND LOADED LIKE 45 DAYS AHEAD OF LIKE THE CHECK DAY. AND LIKE A LOT HAPPENS IN 45 DAYS. SOMETIMES YOU HIRE NEW PEOPLE, SOMETIMES THEY GET TERMINATED, SOMETIMES YOU GET A RAISE OR A BONUS OR SOMETHING LIKE THAT. YOU KNOW, SOMETIMES WITH THESE SYSTEMS YOU CAN'T PAY HOURLY EMPLOYEES OR SALES COMMISSIONS. IF SOMEONE EXERCISES STOCK OPTIONS, YOU CAN'T WITHHOLD THE TAXES THAT THEY HAVE TO PAY IN CASES LIKE THAT. A FRIEND OF MINE ACTUALLY WHO USES DEAL WHO TOLD ME THAT HE HAD HIRED AN EMPLOYEE IN U.K. AND SET THEM UP HAD THEM ON A BI WEEKLY PAY SCHEDULE AND THE DIFFERENCE IS LIKE 24 VERSUS 26 PAY PERIODS A YEAR AND HE WANTED TO SWITCH THEM, HE REACHED OUT TO DEAL AND SAID HEY, I NEED TO MOVE THEM FROM BI WEEKLY TO

SEMIMONTHLY, AND THEY SAID, I'M SORRY YOU DON'T THAT. ONCE YOU'VE GOT SOMEONE — EITHER COUNTRY ON A PARTICULAR PAY SCHEDULE YOU CANNOT CHANGE THEM FROM THERE. AND I TOTALLY GET WHY THAT PROBABLY IS. YOU HAVE TO DEAL WITH IT MANUALLY AND HAVE AN OPS PERSON DO THAT AND THAT MIGHT SCREW IT UP BUT IT'S HEMATIC OF SORT OF DOZENS OF COMPANIES THAT YOU HAVE. WHEN YOU'RE WORKING WITH COMPANIES THAT DON'T HAVE REAL PAYROLL SOFTWARE THEMSELVES THAT THEY CONTROL, SO THAT — YOU KNOW, THAT'S THE REAL DIFFERENCE BETWEEN — WITH WHAT RIPPLING HAS BUILT VERSUS WHAT THESE OTHER SYSTEMS HAVE BUILT IS THAT YOU'VE GOT NATIVE PAYROLL AND NATIVE BENEFITS AND ADMINISTRATION, YOU'VE GOT LOCAL COMPLIANCE ENFORCEMENT IN SOFTWARE TO ENFORCE THINGS LIKE MINIMUM WAGE AND SICK LEAVE MAN THE DAYS LOCALLY AND AT THE FEDERAL LEVEL, YOU'VE GOT REQUIRED COMPLIANCE TRAININGS LIKE ANTI-HARASSMENT TRAINING COUNTRY BY COUNTRY ALL BUILT INTO THIS SORT OF ONE PIECE OF

SOFTWARE TO MANAGE THE STUFF GLOBALLY. SO DO YOU FEEL LIKE YOUR COMPETITIVE ADVANTAGE IS HAVING THIS EXISTING TECH THAT YOU BUILT ON TOP OF SO EVERYTHING CAN BE INTEGRATED? >> I THINK IT'S VERY DIFFERENT, THE DIFFERENCE IS THAT THE EXISTING COMPANIES IN THE MARKET ARE SORT INCREMENTALLY BETTER THAN SOME OF WHAT THEY WERE BEFORE BUT MOST OF THESE GUYS BECAUSE THEY'RE PAYROLL ALLIGATORS, THEY'RE LARGELY FAKING. LIKE THEY HAVEN'T BUILT THE ACTUAL PRODUCT. LOOK, IF YOU'RE A START-UP ONE OF THE THE FIRST THINGS YOU LEARN IS YOU CAN'T OUTSOURCE YOUR PRODUCT TO SOMEONE ELSE. YOU'VE GOTTA BUILD IT YOURSELF. THAT'S WHAT THESE COMPANIES HAVE DONE IS TO OUTSOURCE THE PRODUCT TO DOZEN OR EVEN MORE SORT OF KIND OF CRAPPY VENDORS IN DIFFERENT COUNTRIES AROUND THE GLOBE AND IT'S BECAUSE THEY HAVE THE MOST COMMON DENOMINATOR PROBLEM WHERE, YOU KNOW, FOR THEM TO BUILD FEATURES OR SUPPORT SOMETHING FOR THEIR CLIENTS, THEY NEED EVERY SINGLE

ONE OF THE COUNTER-PARTIES TO SUPPORT SOMETHING OR SORT OF RISK FRAGMENTING THEIR INTERNAL OPERATIONS PROCESS. IT'S BECAUSE OF THAT THAT AS A CLIENT YOU SORT OF DISCOVER THESE KIND OF HEAD SCRATCHING LIMITATIONS OF THINGS THAT THEY DON'T SUPPORT OR THINGS YOU DON'T AND THE ANSWER TO THAT IS, LIKE, LOOK, IT'S VERY SIMPLE. WHAT YOU WANT IS YOU WANT A SYSTEM THAT WORKS JUST LIKE THE BEST OF THE SORT OF PAYROLL SYSTEMS THAT YOU HAVE FOR EMPLOYEES OF THE UNITED STATES. YOU JUST TWABILITY COULD WORK ALL ACROSS THE WORLD. IN CANADA, U.K., INDIA, FRANCE AND GERMANY AND AUSTRALIA TO BE RIGHT IN THE SAME PAY RUN ALONG WITH YOUR UNITED STATES EMPLOYEES AND HAVE IT HANDLE EVERYTHING THE WAY IT HANDLES IT FOR YOU IN THE UNITED STATES. AND THAT WOULD BE SUPER POWERFUL. AND THEN OF COURSE YOU HAVE ONE SET OF REPORTS. IF YOU NEED TO FIGURE OUT LIKE HOW MUCH DID I SPEND ON ENGINEERING LAST MONTH, YOU GOT ONE PLACE WHERE YOU CAN KIND OF PULL THAT DATA.

YOU'VE GOT ONE GENERAL EDGER IMMIGRATION THAT SINKS THINGS OVER TO YOUR ACCOUNTING SYSTEM. YOU'VE GOT ONE SET OF ROLE BASE PERMISSION SO THAT YOU CAN HAVE A PAYROLLED A MINUTE THAT ACCESSES PEOPLE GLOBALLY. YOU'VE GOT ONE SET OF WORK FLOW IN NATIONS THAT WORK ACROSS THESE DIFFERENT SYSTEMS. IT'S JUST SO MUCH EASIER TO HAVE THIS ALL IN ONE SYSTEM. >> SO JORDAN MENTIONED, WHEN YOU PREVIOUS STARTED AND YOU WERE FORCED TO RESIGN, A FEW MONTHS LATER YOU STARTED RIPLEY. I'M CURIOUS WHAT HAPPENED DURING THOSE THREE MONTHS. WHAT LESSONS DID YOU LEARN FROM YOUR EXPERIENCE OF WAS IT HARD? >> YEAH, WHEN THINGS GO WRONG IN COMPANIES, THERE ARE PEOPLE WHO HAVE SORT OF THIS INSTITUTIONAL APPARATUS BEHIND THEM, YOU KNOW, HOT AND COLD CRISIS, PR, YOU KNOW, AND THEN THERE'S LIKE ME, AND I WAS LICK SORT OF HIDING IN MY BASEMENT AND SORT OF EXTREMELY DEPRESSED AND NOT TALKING TO ANYONE NOT THE MEDIA OR FRIENDS AND STUFF LIKE THAT. AND SO A LOT OF — I SORT OF WATCHED THIS SORT OF MEDIA ABOUT BENEFITS UNFOLDED AROUND ME WITH

SORT OF THIS GROWING AMOUNT OF HORROR. AND THERE WERE A LOT OF RESTRICTIONS THAT I WAS UNDER THAT I WAS SORT OF UNABLE TO TALK ABOUT. AND I THINK A LOT OF THAT STORY HAS REALLY NOT EVEN BEEN TOLD GETTING INTO TODAY. THERE WAS A CERTAIN POINT WHERE I REALIZED, LOOK, THE ONLY WAY — I WASN'T — YOU KNOW, I WASN'T GOOD AT DOING THE WHOLE MEDIA DANCE WITH THIS. YOU KNOW, LIKE — YOU KNOW, THE GUY THAT SUCCEEDED ME DAVID FACTION HAS THIS FIXER THAT GOES OUT AND ATTACKS ANYONE THAT SORT OF OPPOSE HIM AND, YOU KNOW, I DIDN'T HAVE ANYTHING LIKE THAT. AND, YOU KNOW, I SORT OF REALIZED AT A CERTAIN POINT THAT THE ONLY WAY THAT I WAS GOING TO BE ABLE TO TELL MY STORY, YOU KNOW, IN ORDER TO REALLY SPEAK TO, YOU KNOW, MY FORMER COLLEAGUES, YOU KNOW, EXTENDED FRIENDS AND FAMILY, THIS SORT OF — THE MEDIA, THIS SORT OF TECH SYSTEM, YOU KNOW, FOLKS LIKE YOU, WAS TO BUILD THIS SPECIFIC COMPANY, AND TURN IT INTO A MUCH BIGGER $100 BILLION PLIG CABILITY, AND IF IF I DID THAT

IT WOULD FORCE SOME KIND OF RE-ASSESSMENT ABOUT EVERYTHING THAT HAPPENED BEFORE. AND THAT WAS REALLY FOR YEARS, THAT WAS WHAT GOT ME OUT OF BED IN THE MORNING AND A LOT OF OTHER THINGS, YOU KNOW, OVER TIME THAT ANGER SORT OF FADES AND THERE'S SO MANY THINGS THAT ARE EXCITING WHERE WE'RE GOING THAT SORT OF TAKE THE PLACE, BUT THAT WAS WHERE IT STARTED. AND THE BIGGEST LESSON I LEARNED IS VERY RELEVANT TO OUR LAUNCH TODAY BECAUSE WHEN I RADIO BACK BEYOND ALL OF THE STUFF IN THE MEDIA, THE THING THAT I THINK REALLY SORT OF KILLED THAT COMPANY WAS THAT WHEN WE STARTED OUT, IT WAS ALMOST LIKE TOO EASY FOR US TO GROW. WE HAD — YOU KNOW, EVERYONE WANTED THIS THING WE WERE THE FIRST COMPANY TO HAVE THE HR. AND BEFORE THAT YOU HAD LIKE FOUR YOU NEEDED TO SET UP, ONE FOR MEDICAL INSURANCE, ONE FOR DENTAL INSURANCE, ONE FOR PAYROLL, AND IT WAS JUST A LOT OF ADMINISTRATIVE WORK AND WE KIND OF GAVE PEOPLE THIS ONE BUTTON YOU COULD CLICK TO SET PEOPLE UP EVERYWHERE MAGICALLY. AND THE INDUSTRY HAS RANGERLY

COME TORNADO THAT, SO EVERY COMPANY THAT DOES THIS IN THE UNITED STATES BEER NOT GLOBALLY, BUT IN THE UNITED STATES IS ALL IN ONE HR. THAT'S THEIR TAG LINE BUT, YOU KNOW, WHAT HAPPENED IS BECAUSE — EVERYONE WANTED THIS. EVERY PERSPECTIVE CUSTOMER WANTED THIS PRODUCT, AND WE SORT OF SAID, OKAY, LOOK, OUR BIGGEST FEAR IS THAT THERE WERE THESE OTHER COMPETITORS THAT WERE GOING TO ENTER THE MARKET AND SORT OF — WE THOUGHT WE KNOWED TO SUCK ALL OF THE OXYGEN OUT OF THE ROOM. WE KNOWED TO GROW AND BASICALLY CAPTURE ALL OF THE DEMAND OR SOMEONE ELSE WOULD. AND THEN WE WOULD BE LEFT BEHIND IN THEIR WAKE. AND SO I MADE IN VERY CONSCIOUS DECISION, THAT WAS A MISTAKE. WE SAID, LOOK, WE'RE GONNA GROW OUR CUSTOMER BASE AND, YOU KNOW, OUR PRODUCT IN — YOU KNOW, WE'RE GOING TO OUTSTRIP OUR ENGINEERING CAPABILITIES, AND WE'RE JUST GONNA — YOU KNOW, CUSTOMERS WITH ALL OF THIS ADMIN WORK AROUND THIS STUFF, WE'RE GOING TO TAKE IT ON OURSELVES AND OVER TIME WORK TO AUTOMATE

IT. AND THE PROBLEM WITH THAT IS ONCE YOU SCALE UP THESE PROCESSES MANUALLY, A COUPLE OF THINGS HAPPEN. ONE IT GETS VERY HARD TO AUTOMATE THEM. IT'S HARDER AND HARDER THE LARGER THOSE PROCESSES GET. THE SECOND IS IT'S AN INEVITABLE AREA AROUND THIS. YOU KNOW, PEOPLE MAKE MISTAKES. THEY CAN BE RIGHT 99% OF THE TIME BUT NOT 100% OF THE TIME. AND IF YOU'RE NOT DOING THINGS IN SOFTWARE, PEOPLE START TO NOTICE, LIKE, YOU KNOW, SOMETHING'S NOT — YOU KNOW, THE IDEA BEHIND THAT IS GREAT BUT THE SORT OF ACTUAL — YOU KNOW, THE ACTUAL PRACTICE OF IT LEAVES SOMETHING TO BE DESIRED, SO THAT WAS ACTUALLY — WHEN WE LOOK AT THE GLOBAL MARKET WE NOTICED THAT EVERYONE WAS MAKING THAT MISTAKE. THAT EVERYONE WAS BUILDING, YOU KNOW, THESE COMPANIES ARE ALL BUILDING LARGELY WITH PEOPLE VERSUS INSTEAD OF SOFTWARE. YOU KNOW, THIS HE HAVE GIANT OPERATIONS TEAMS. I LOOK AT THEIR JOBS AND THERE'S LOTS OF PEOPLE THAT — YOU KNOW,

IT'S NOT LIKE RIPPLING WHERE HALF OF THE COMPANY IS THERE AND WE SORT OF KNEW JUST LIKE WITH DEEP, RELIGIOUS CONVICTION, THAT THIS APPROACH DOES NOT WORK. IT DOESN'T WORK FOR THE BUSINESS. IT DOESN'T WORK FOR CUSTOMERS. IT'S A FOUNDATION OF SAND THAT YOU'RE BUILDING ON. AND THAT WAS WHAT LED US TO DECIDE TO ENTER THIS MARKET IN THIS VERY DIFFERENT WAY. SO BUILD A PRODUCT THAT WOULD HELP YOU MANAGE YOUR EMPLOYEES GLOBALLY WITH, YOU KNOW, PAYROLL, HAD HR, BENEFITS ADMINISTRATION, BUT BUILD IT LIKE REAL TRUE SOFTWARE AND ALL THE WAY DOWN WITHOUT MAKING THE COMPANY SORT OF MANAGING OFF PIPELINES TO GET DATA OVER TO ALL OF THESE DIFFERENT SYSTEMS AROUND THE WORLD AND BRING IT BACK. >> WHAT ARE THE ISSUES THAT YOU HAD AS FAR AS COMPLIANCE ISSUES IS THIS. >> THERE'S A FEW THINGS. THERE'S A LOT MORE TO THE STORY. AND MORE THAN WE CAN COVER JUST A FEW MINUTES ON STAGE. BUT WE HAVE A REALLY STRONG COMPLIANCE STRUCTURE IN

RIPPLING. WE HAVE HIRED, YOU KNOW, GENERAL COUNSEL, VANESSA WU, WHO'S INCREDIBLE AND WAS ONE OF — A VERY EARLY HIRE AT THE COMPANY, YOU KNOW, HIRED A LOT OF LEGAL INFRASTRUCTURE MUCH EARLY EARLIER THAN MOST COMPANIES DO. AND RADIO, WE'RE HE VERY CAREFUL TO DO THE OUR Is AND CROSS OUR Ts ON THAT STUFF. >> ONE OF THE THINGS THAT I FIND IS A LOT OF COMPANIES DECIDE TO EXPAND AND GROW OVER TIME AWAY FROM THEIR CORE PRODUCT. UP OBVIOUSLY ARE DOING THIS, YOU'VE EXPANDED A LOT ARE YOU EVER CONCERNED THAT YOUR FOCUS MIGHT BE OFF, HOW ARE YOU BALANCING YOUR FOCUS CAN GROWTH? I GUESS THE POINT I'M TRYING TO MAKE IS SOMETIMES WHEN YOU TRY DO TOO MANY THINGS YOU DON'T DO ANY ONE THING VERY WELL, HOW ARE YOU GOING TO MAKE SURE THAT DOESN'T HAPPEN AT RIPPLING AND ALSO ANOTHER QUESTION I'M CURIOUS ABOUT TOO, WHERE DO YOU SEE THE MAKE-UP OF YOUR REVENUE IN A COUPLE OF YEARS NOW THAT YOU HAVE THESE DIFFERENT LINES OF BUSINESS? >> YEAH. SO, LOOK, I HAVE A VERY

DIFFERENT POINT OF VIEW ON HOW TO BUILD A REALLY ENDURING COMPANY FROM A PRODUCT PERSPECTIVE THAN MOST PEOPLE HAVE IN SILICON VALLEY. IT'S COUNTER-INTUITIVE WISDOM. MOST PEOPLE SAY YOU SHOULD FOCUS NARROWLY — AND I WAS BACKSTAGE AND HEARD SOMEONE SAY THAT JUST A FEW MINUTES AGO. AND I THINK THAT ADVICE IS TRUE SOME OF THE TIME, BUT IT MISSES ENTIRE CATEGORIES OF VERY SUCCESSFUL COMPANIES THAT COULD HAVE BEEN BUILT, BUT WERE NOT BECAUSE THAT'S THE CONVENTIONAL WISDOM ON HOW YOU SHOULD BUILD THESE COMPANIES. LOOK, THERE ARE SOME VERY WELL UNDERSTOOD ADVANTAGES OF BUILDING A FOCUS BASE IN ARE NOT WORTH COVERING. BUT I DO THINK IT'S WORTH DISCUSSING SOME OF THE ADVANTAGES OF WHAT I CALL A COMPOUND START-UP, TO DISTINGUISH IT FROM LIKE A FOCUSED COMPANY AND A COMPOUND COMPANY IS ONE THAT'S BUILDING SORT OF MULTIPLE DIFFERENT PRODUCT LINES IN PARALLEL. AND THERE ARE A FEW. THERE ARE FOUR SPECIFICALLY. THE FIRST IS THAT WHEN YOU BUILD

MULTIPLE PRODUCT LINES IN PARALLEL, ONE THING THAT YOU CAN DO IS YOU CAN MAKE THESE PRODUCTS OFTEN SORT OF SOMEWHAT INTERRELATED PRODUCTS — YOU CAN BUILD THEM IN A WAY IN WHICH THEY'RE MUCH MORE INCIDENT GREAT BOTH WITH EACH OTHER AND USUALLY WITH SOME UNDERLYING SYSTEM OF RECORD. IN OUR CASE, EMPLOYEE DATA. AND THE THING HERE IS THAT, YOU KNOW, THAT MAKES THESE PRODUCTS LET THAT INTEGRATION WITH UNDERLYING EMPLOYEE DATA AND WITH ALL OF THE OTHER PRODUCTS IN RIPPLING, IT MAKES THESE THINGS BETTER PRODUCTS. BUILDING THESE THINGS IN PARALLEL IS NOT A WAY — IT DOESN'T WORK IF YOU BUILD LESS PRODUCTS BUT THERE'S A WAY YOU CAN ACTUALLY BUILD BETTER VERSIONS OF ALL OF THIS SOFTWARE BECAUSE YOU'RE BUILDING THEM TOGETHER IN THIS INTERRELATED WAY. THE SECOND IS THAT YOU FIND IN BUSINESS SOFTWARE THERE ARE A SET OF THINGS THAT END UP GETTING REPEATED AGAIN AND AGAIN AND AGAIN. BASICALLY SOFTWARE ELEMENTS THAT YOU CAN BUILD INSTEAD OF AS A

TRACTIONS. SO FOR US ARE THOSE ARE THINGS LIKE REPORTING IN ANALYTICS, WORK FLOW AUTOMATIONS, ROLE-BASED PERMISSIONS, CUSTOM POLICIES. THERE ARE A FEW OTHERS. BUT THOSE THINGS, WHAT WE DO IS WE BUILD THEM ONCE IN THIS SORT OF UNDERLYING PLATFORM THAT WE BUILD, AND WHAT WE DO IS WE CAN GO 100 TIMES DEEPER THAN ANY OTHER COMPANY OR COMPETITOR THAT BEATS OUR PRODUCTS. AND SO YOU SEE WITH MANY OF OUR POINTS WITH COMPETITORS AND FOR MANY IT'S TRUE WITH OTHER E.R. AND GLOBAL COMPANIES THAT LIKE THEIR REPORTS ARE NOT VERY GOOD, THEIR GENERAL LEDGER INTEGRATIONS ARE WEAK. THEIR BE CONCEPT OF ADMISSIONS IS NOT INCREDIBLY STRONG. WHEN WE BUILD IN ANALYTICS WE'RE NOT CLUTCHING ON SOME CSV DUMP BECAUSE OUR CLIENTS MADE US DO IT, WE'RE TRYING TO BUILD AN ANALYTICS SUITE THAT RIVALS WHAT YOU SEE IN SORT OF BEST OF CLASS APPLICATIONS FOR THAT THAT'S BEEN AVAILABLE OUT OF THE BOX IN EVERY PRODUCT THAT WE BUILD. THE THIRD THING IS IF OUR CLIENTS — YOU GET THIS COMMON

USER EXPERIENCE ACROSS ALL OF THESE DIFFERENT PRODUCTS. IF YOU KNOW HOW TO BUILD A WORK FLOW AUTOMATION IN RIPPLING AND IF YOU KNOW HOW TO SET UP A REPORT. GOD FORBID YOU'VE TAKEN THE TIME TO LEARN THE SCRIPTING LANGUAGE IN RIPPLING THAT WE CALL RQL, THAT ALLOWS YOU TO BUILD THINGS LIKE FORMULA FIELDS AND A LOT OF AUTOMATIONS IN THE SYSTEM, YOU HAVE SUPER POWERS IN RIPPLING THAT CARRY OVER FOR YOU ACROSS EVERY SINGLE PRODUCT THAT YOU MIGHT BUY FROM US RIGHT ON DAY 1 WITHOUT YOU HAVING TO LEARN ANYTHING NEW. AND LASTLY THERE ARE THESE INCREDIBLE ADVANTAGES FOR PRICING AND A CONTRACT PERSPECTIVE THAT YOU ARE A COMPANY THAT HAS A LOT OF DIFFERENT SKEWS YOU CAN RUN CIRCLES AROUND COMPETITORS FROM A PRICING PERSPECTIVE BECAUSE, YOU KNOW, YOUR COMPETITORS, THEY HAVE TO TIE EVERYTHING TO THAT ONE SKEW, AND THEY HAVE TO ADVERTISE ALL OF THEIR SALES AND MARKETING INVESTMENT, ALL OF THEIR RND ON THAT ONE SKEW. AND SO SOMETIMES IF YOU'RE A COMPOUND START-UP, YOU CAN

ACTUALLY GIVE CUSTOMERS A MUCH BETTER DEAL BECAUSE YOU CAN SAY, LOOK, WE DON'T HAVE TO MAKE IT ALL BACK ON THIS ONE THING, AND SO WE CAN AFFORD TO SORT OF UNDERPRICE A LOT OF OUR POINTS AS COMPETITORS AND DELIVER A LOT MORE VALUE TO CUSTOMERS BECAUSE OF THAT. AND SO I THINK WHAT HAPPENS IS THERE ARE SOME LIKE — IF YOU LOOK AT LIKE THE REALLY BIGGEST OUTCOMES IN SOFTWARE, IN BUSINESS SOFTWARE IN PARTICULAR OVER THE LAST 20 YEARS, SOME OF THE BIGGEST OUTCOMES ARE COMPANIES LIKE ORACLE, LIKE MICROSOFT, LIKE SALES FOREST. AND THOSE ARE ALL COMPOUND COMPANIES. LIKE THEY'RE ALL BUILDING, YOU KNOW, A WHOLE PRODUCT SUITE OF THINGS IN PARALLEL. AND I THINK THAT'S WHAT'S HAPPENED IS EVERYONE HAS THIS FOCUS ON BUILDING THESE EXTREMELY NARROW POINTS SOFTWARE SOLUTIONS, AND I THINK IT'S BURKES YOU KNOW, REALLY THERE WAS THIS PLATFORM STHAIFT WE HAD FROM THE SOFTWARE TO THE CLOUD. AND THERE WAS THIS TIME WHEN LIKE THE BEST WAY TO SCORE SORT OF — YOU KNOW, LIKE TO GET A

YUKE CORN COMPANY WAS TO SORT OF PEOPLE A SPECIFIC FEATURE OR PRODUCT OFF OF ONE OF THESE SOFTWARE VENDORS AND TURN IT REALLY QUICKLY INTO A STAND-ALONE SAS APPLICATION, AND THAT WAS JUST LIKE AN INSTANT WIN, AN INSTANT LIKE SINGLE OR DOUBLE, BUT WHAT'S HAPPENING IS NOW THAT — NOW THE SHIFT TO CLOUD, MOBILE, NOW THAT THAT'S MORE STABLE, PEOPLE HAVE FORGOTTEN THESE DEEP ADVANTAGES OF BUNDLED CONTRACTING AND PRICING AND SORT OF DEEPLY INTEGRATED SOFTWARE PRODUCTS AND SYSTEMS IF ALL OF THE WAYS THAT THEY CAN IMPROVE FOR CUSTOMERS AND AS A RESULT I THINK WE'LL SEE SORT OF A SHIFT BACK TOWARDS THESE MUCH LARGER SOFTWARE VENDORS AND I THINK RIPPLING IS ONE OF THE COMPANIES THAT ARE SORT OF LEADING THE CHARGE ON THAT. >> I HAVE A QUESTION TO ASK BEFORE WE RUN OUT OF TIME. YOU ALLUDED EARLIER FEELING LIKE YOU NEVER GOT A CHANCE TO TELL YOUR SIDE OF THE STORY ABOUT WHAT HAPPENED. WE HAVE MAYBE A MINUTE, MINUTE AND A HALF HERE. IF THERE'S ANYTHING YOU CAN

SHARE AND ANYTHING THAT YOU WANT TO SAY, THIS IS A MOMENT TO KIND OF TELL YOUR SIGH OF THE STORY. >> YEAH. I THINK — TELL YOUR SIDE OF THE STORY. I THINK PROBABLY A MINUTE IS NOT ENOUGH TIME TO SORT OF REALLY GET INTO — >> I KNOW, BUT IF THERE'S ONE THING YOU COULD SAY, LIKE JUST ONE THING YOU'D LIKE TO KIND OF GET OFF YOUR CHEST. >> YEAH, NO. I DON'T THINK THERE'S ONE THING. I THINK, YOU KNOW — I THINK THERE WERE — YEAH, NO. I MEAN IT'S A LONGER STORY. AND I'VE TALKED ABOUT IT A LITTLE BIT IN SORT OF SOME OF THE PODCASTS AND STUFF LIKE THAT OUT THERE FOR THOSE WHO ARE CURIOUS AND WOULD LOVE YOU TO — MAYBE I CAN DOM COME BACK ANOTHER TIME AND WE CAN TALK MORE ABOUT THAT. >> WOULD YOU SAY RIPPLING IS KIND OF YOUR VALIDATION? >> I DON'T KNOW. RIPPLING HAS BEEN A SUCCESSFUL COMPANY SO FAR. BUT, YOU KNOW, KNOCK ON WOOD. YOU KNOW, THIS IS PLASTIC, UNFORTUNATELY.

UH-OH. BUT I THINK — YOU KNOW, THE STORY'S NOT OVER ON RIPPLING AND I THINK WE'RE VERY EXCITED ABOUT WHERE IT'S GOING AND WHAT WE'RE BUILDING, AND REALLY EXCITED ABOUT SORT OF WHAT WE'RE DOING SO FAR. AND, YOU KNOW, I THINK OF RIPPLING, THE MOST EXCITING PART FOR ME ABOUT RIP RIPPLING IS THAT WE THINK OF EMPLOYEE DATA NOT AS THIS LIKE PAYROLL AND HR THING BUT EMPLOYEE DATA IS JUST A PRIMITIVE FOR BUSINESS SOFTWARE AT LARGE THAT, YOU KNOW, YOU CAN USE DATA TO BUILD MUCH BETTER SOFTWARE ACROSS THE WHOLE RANGE OF VERTICALS, AND THAT'S WHY WE HAVE OUR HR CLOUD BUT ALSO OUR IT CLOUD OR FINANCE CLOUD AND NOW ALL OF THOSE THINGS BEEN SORT OF GLOBALIZED. YOU KNOW, ACROSS THE WORLD. >> THANK YOU. THANK YOU SO MUCH, AND CONGRATULATION ON THE LAUNCH

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