Bundling Strategy ImpactThe bundling strategy has weighed on ARPU, which is down 6% year-over-year.
Macro EnvironmentBusiness Formations were down 15% year-over-year, attributed to a softer macroeconomic environment and a shift in focus towards higher value customers.
Retention RatesRetention rates dropped to 59% this quarter, down from 60% last quarter and 63% in the year-ago period.