Clearwater Analytics Holdings, Inc.

based on the new subscription model by the end of the year. If that kind of happens and you slowly get closer and closer to that 100%, would you consider introducing or highlighting RPO as a more relevant disclosure since it will be more upfront and more contracted rather than on the variable AUM, AUA-based pricing model?

Well, let me walk you through what the pieces of the new commercial construct are, just so that everybody's baselined on that, so that folks understand that. So the first piece is a base model, which really reflects, call it an annual fee, which, by the way, we would move to that RPO view if we were actually doing that annual billing up front. But presently, we continue to bill monthly under that, but it's an annual fixed fee based on the full AUM that the client has on their current book of business. So that's step one. So we set kind of a base mark for that. Then secondly, there continues to be that element of a scaling of the fees based on the growth of the client's business. Typically, that's through their AUM balances. The third piece is that we've really drawn a box about what core Clearwater is, enabling us to sell separate modules discreetly. And then lastly, there is a annual increase of that base fee to continue to drive that through. And so I would say, Rishi, we will, as we continue to evolve, One more thing I'll say. For our new clients, I think the acceptance of this model has been incredibly high. And so that's been terrific as well as with our going back to our existing clients. And so as we move to that final step of invoicing that annual base fee annually in advance, that would be when we would pivot to that RPO.

Got it. That's really helpful. Really appreciate the thorough answer. Thanks so much, Jim and Sandeep.