Okay, I think we'll get started. I'm Bryan Keane. I cover Payments and IT services at Deutsche Bank, and we're happy to have the management team from AvidXchange. We have both Mike and Joel, CEO and CFO. I guess Mike is CEO and founder, probably. We gotta fix the agenda here to make sure we get founder on there. Exactly. You know, it's great to finally be back in person. I was thinking, one of the only meetings I went to last year was the kickoff for your IPO process. I think it was August, right? Was it August last year? Yeah, I think it was August in Charlotte. Yeah, in Charlotte. Yeah. It's great that you kind of broke the mold and you wanted to hold meetings in person, and you're here today. We appreciate that. Yeah, absolutely. It's great to be here, you know, back here, and glad we're not, you know, like outside under tents. Nice, air-conditioned room. Yeah, exactly. You know, people are getting more and more familiar with the B2B model. It feels like, you know, every day, I see a new press release, somebody saying, "Hey, we're doing B2B. Yeah. You know, the growth rates are great. We're in it. Everybody wants to be in it. You guys have obviously been doing this for a little while. Right. Maybe you can just help us understand, you know, the thesis of the story, the background, and how you got into the B2B business? Yeah. First of all, you know, we've been at this for a while. We actually got started in 2000. You know, we're 22 years into, you know, our story. We're a software company that focuses on automating the accounts payable and payment process for middle-market companies. That middle market theme is kind of key to us, and we're what we call purpose-built for the middle market. What that means is that we're purpose-built related to the feature set of our offering, which is very specific to the needs of middle-market customers, along with all the integrations that support the middle market. Today, we're integrated with 220 different accounting systems and growing. I would say also the kind of feature set incorporates very, you know, kind of complex and dynamic business rules for both, the buyer and the supplier in terms of how they need to manage, the accounts payable process for the supplier. You know, the receipt of their, you know, payments as well as their remittance data. The other component that's unique to AvidXchange is our go-to-market strategy, and which is what we call kind of a hybrid model, which we use our direct sales force to go very deep within, eight different verticals, of the middle market. Use our partner channels to, really, you know, focus on the horizontal lens, which is really the NetSuite, Microsoft Dynamics, NetSuite. I mean, Sage Intacct, as well as the Acumatica part of the market. We, you know, are supported there by our bank channel partners, our accounting system partners, as well as just other industry resellers. You know, that kind of all equates to, you know, our focus on how we help our middle-market customers eliminate their paper invoice and their paper checks. The last thing I'll say, what kind of really makes us unique and special is our ability to monetize payments. We launched the AvidPay network in 2012. We quickly came to the thesis that if we're gonna be successful in building a true two-sided network, we had to think of the supplier as a core customer, just like the buyer. That means that we have to, you know, organize a sales force dedicated to the supplier, customer success, product org. Actually have to, you know, build products and value proposition for the supplier in the same way we've been doing it, you know, for the previous, you know, kind of 12 years for the buyer. You know, fast forward now to 2022, and we're starting to see the success in terms of, you know, that monetization. Today, we're monetizing about 40% of all the transactions that go through our network. We're kind of excited, you know, on the journey that we've had, but actually more excited about what's in front of us. Joel, let me bring you in on the conversation about the macro since that's, you know, no surprise, it's the big We never get that question. Nobody's getting that question these days, right? Joel, just curious on your thoughts on the macro situation. A, are you seeing any signs of macro weakness yet? B, what might be some of the things you're looking for that could be the first signs of macro weakness? Yeah, a couple things on that. We mentioned in our call, obviously, we expected that might be a question. You know, we've been. You know, we look closely at the fundamental metrics in our business on a daily basis, right? We see invoices coming into the platform. We see payments coming to the platform. We're watching carefully through the end of the second quarter. We sort of talked about the fact that we did not see indications of headwinds that might be associated with whatever is ahead of us. Certainly that, you know, we're kind of eyes wide open and watching out for those indications, but through the end of the second quarter, hadn't seen it. You know, we've also been asked the question, in the event there were a pullback, if there were recessionary pressures that did impact the quite resilient middle market, sort of that we're focused on, you know, how would that show up? I think we would see it in the form of, you know, just kind of, you know. We'd see it first in the invoice ingestion side, right? It's an invoice before it becomes a payment. Ultimately from a business standpoint, in the event that happened, we would expect, you know, kind of volumes, those invoice and payment volumes and TPV to be impacted. We've, you know, we kind of weathered the storm during COVID pretty well and snapped back, you know, pretty meaningfully. We also go back to Sort of before my time when Mike was running a software-only business and saw some cycles, and really saw that our customer base across our verticals was pretty resilient. You know, keeping an eye on it and- Yeah. Staying focused on it. One of the things that just to add on what Joel said that we're really curious about is, you know, what happens in maybe a more challenging economic environment on the supplier side and actually suppliers moving to adopt electronic payments faster. Right? The US Postal Service isn't getting any faster. You know, today on the paper check side, you know, the average supplier is probably waiting, you know, 10, 12 days to have a payment clear versus receiving an electronic payment, which we think there would certainly be an interest in accelerating that in a you know dicier economic environment. Yeah, because as you guys said, I think last time in the major recession or in the financial recession, you guys were pretty much software, weren't monetizing the payment side. Is there any more resiliency now that you got a big payments component to it that offsets that? Even, I think if I remember correctly, and as you talked about, there was a little bit of a push towards more automation anyways. Also- Yeah. Just thinking about the electronicification of payment, that also could be a positive catalyst and not so much a negative. Yeah. I think we agree with that assessment and, you know, we haven't lived through a downturn on the payment side yet, and so we're kinda curious about some of those customer dynamics. Certainly, we've saw on the buyer side historically that there was a focus on accelerating automation. There's a very definitive value, you know, ROI related to automating their AP process and, you know, an average middle market company saves about $13 a transaction through the automation. That's a lot more compelling than adding more accounts payable staff for a lot of companies. Joel, when you set the guidance for the second half of this year, did you have to put any conservatism in case the macro weakens? What I would say is that you don't have a presumed future, you know, correction in the back half. Our projections that underlie guidance is the experience that we've seen through the second quarter. You know, that's kind of an important, you know, kind of clarification to the assumptions we're making there for the second half. Remember, we have, you know, some insight related to, you know, as Joel indicated before, you know, a payment happens, you know, it's an invoice, and it's a purchase order. We have, you know, some insights to what's coming, you know, in terms of future payment volumes by just, you know, seeing the purchase order and invoice activity. You know, fortunately, we've not seen any headwinds today. Mike, you kind of coined the phrase, at least for B2B on swim lanes, that everybody- Right. Is kind of in their swim lane, and I steal that vocabulary. Yeah. Quite a bit when I. Oh, I'm glad. Describe- Consistency is good. When I describe B2B markets to investors. Can you just talk a little bit about the swim lane of the mid-market? Yeah. What is the right growth rate of that business, and can you measure if you're taking share versus others in the mid-market? Yeah. First of all, we define kind of that middle market segment or companies between $5 million and $1 billion in revenue. It's kind of the expanded definition. There's about 435,000 of those companies just in the U.S. market alone. We're considered, you know, the middle market leader. We're still single-digit penetration across, you know, all the, you know, the eight verticals that we're in. You know, I think the question is a good one because we ask ourselves that question about, you know, the overall kind of, you know, adoption growth. I think, you know, some of the, you know, triangulating some of the other industry reports has it pegged at, you know, kind of 8%-10%, you know, kind of annualized adoption growth, what historically it's been. You know, where we see, you know, across, you know, kind of the verticals and sandbox that we play in, actually, you know, what I would say is, you know, there's really been no new entrants in a while, in a couple years, within the middle market segment. You know, we've had some transitions with, you know, some of the, you know, the acquisition activity of MineralTree as an example. You know, we you know believe that you know the swim lanes are really defined because the solution sets are very different between middle market and, say, small business and enterprise. It's really kind of, let's say, a handful of different areas. The first is that solution set itself, beginning with you know with small business. It's almost like an extension of a consumer-based experience. Once you get into middle market, you're dealing with very complex routing approvals, multiple general ledgers. Most of our customers use multiple accounting systems, and that's a different level of complexity. You know then in addition to that, you have the integration lens to it. You know, those 220+ different integrations that we have and growing that creates you know, a real moat in terms of our ability to capture and grow customers across that middle market. You know, the kind of the last kind of piece is the go-to-market strategy. CFOs of the middle market are very deliberate around changing a key back-office function. They wanna understand how their you know, kind of manual processes are gonna look in an electronic environment, how their approval processes are gonna you know, manifest themselves. They wanna see some testing. They wanna you know, do deep testing on the different integrations that are involved to support their business process. That dynamic is very different than, say, a digital online setup process that's self-service. You know, the go-to-market strategies are very different, you know, where we use, you know, kind of our sales force to go deep within the different industry verticals. What you find is that, you know, the verticals that we're in today, you know, have unique business process that are very unique to each of those verticals, and that's why you have very specific accounting systems that are vertical, you know, vertical in nature that support each of these verticals. Managing, you know, that complexity is, you know, not easy. We've been at this a long time, and, you know, we're, you know, kind of encouraged about that moat that we keep building quarter in, quarter out. You know, Joel, I wanna ask you. The organic growth's been 20%+ every quarter since you guys have been out. It's been incredibly consistent. The one question I always get is looking at that monetizing 40% of transactions, and I'm sure you've heard that question once or twice. Right. What are the levers there, or is there a restraint of moving that number up even higher? Yeah, good question. Maybe just to sort of double back and set the stage. Yeah, we've sort of talked about being a 20% grower organically on average over time, and, you know, we had a 30% growth quarter. It was for the second quarter about 22% and change from an organic perspective. We've talked about that growth kind of algorithm, so to speak, as starting with a really sticky solution that grows with our customer base. We've talked about transaction volume retained, sort of like a same store volume metric of, you know, 104%, 105%. There's that, you know, base underlying growth. There's obviously the adding new buyers to the platform, either direct or indirect methods. Finally, that expanding transaction yield through that conversion that you're just referencing, right? We call it gear three. Over time, increasingly opportunity to add transaction yields through gear four opportunities. We've talked about Invoice Accelerator. Your specific question is, how do we think about growth going forward as we take advantage of this sort of gear three, the shift from check to digital? We think that's one of the most meaningful opportunities, both from a growth and a gross margin and profitability perspective. And you know, again, we're in the early innings of adoption across the middle market, and so, you know, we're really not sort of necessarily guiding to that 40% meaningfully moving from a quarter to quarter basis. Over the long run, we feel like that's a really powerful revenue and profitability driver for us. You mentioned the other gear being Invoice Accelerator. Can you talk a little bit about that product? How far are we in the adoption curve? Yeah. The appetite for some of your clients to pick that up. Yeah. This is, I kind of refer to as a startup within AvidXchange. When we think of, you know, kind of our, you know, at scale, you know, kind of revenue model, today, we have kind of two legs to our stool. Certainly Invoice Accelerator is gonna be that third leg. We launched a few years ago, and what it is, it's our version of supplier financing, where we have unique insight into having both our buyer and supplier on our network and have views into the historical transactions and all the data that supports it, to be able to really use data science to determine eligible invoices that we feel comfortable accelerating for next day payment. Suppliers can raise their hand and accelerate on an invoice by invoice basis, those invoices that are eligible to get payment the next day. On average, they pay about a 200 basis points acceleration fee for those transactions. One of the carrots that we provide to it is in order to give access to Invoice Accelerator, they have to be an electronic payment supplier on our network. It's again, another reason to move from paper or check to electronic. You know, as we've kind of talked about, it's a young product for us today. We launched it a few years ago. It's what we call kind of our version one product, and we're right in the middle of our build for the next generation version two product that'll be in the market next year, which will allow us then to kind of scale the growth of it. Right now, as we're doing kind of the testing and all the learnings related to our data science, we've kind of metered it and only made available to less than 10% of our supplier pool. Once we launch our version two of the product, we'll be able to grow that over time. Joe will be proud of me here, and he'll say, you know, "Mike, be careful because we're gonna, you know, release it next year, but also we're gonna have probably a very, you know, a number of quarters of kind of learnings as part of that release before it goes full scale, as we, you know, probably move more into 2024 in terms of the growth of that product. I mean, to me this seems I mean, I don't wanna say rather simple, but you see the recurring payments. You see Absolutely. You have all the data on both sides of the ledger. Yeah. It should be a pretty good transaction. Like, you'll not have to take a lot of losses. Yeah. Considering you have a full track record of these transactions. Yeah. The key is all the money flows through us, right? From a kind of repayment perspective, all the money's flowing through our network. That gives us a really, you know, unique, you know, ability to not only underwrite the credit, but also to, you know, kind of, you know, recapture the, you know, the funds. We're really kind of excited about, you know, the growth of that product. One of the stats that we have, you know, kind of talked about is that in version one of the product, for suppliers that use it once during the quarter, over 80% come back for ongoing advances. That tells us that, you know, we've kind of triangulated around the right user experience with the right business model, and now it's about, you know, getting our kind of version two out the door and really scaling that offering. Got it. You talked about the 200 basis points. How does that compare to some of the other electronic payment mechanisms that you guys have? Yeah. One of it is that 200 basis points is just the kind of the fee to accelerate. When we think of- That'll be on top of the It's on top of incremental to the payment economics. Right. Right. Yeah. Just remind me the payment economics for those transactions. Yeah. We have, you know, really seven different payment types on the AvidPay Network. Really four of those types relate to monetized payments. We have two different kind of versions of AvidXchange virtual card, and we have two different versions of AvidPay Direct, which is our version of ACH+. The supplier has to be on one of those four payment methods. If it's virtual card, you know, on average, we're generating about 200 basis points gross. On the AvidPay Direct, it's about 100 basis points gross. Then the 200 basis points acceleration is, you know, incremental on top of those revenues. This week, The Wall Street Journal did an article about FedNow, and so then, obviously every investor's got a question for every Yeah Single payment company. Does it have any impact to you guys at all? When I look at, you know, kind of, all these, you know, different, you know, new payment types, there's kinda two lenses. One is, what can we use kind of internally on how we execute this business, you know, for our internal cost structure to be more efficient. Then the second piece is, you know, kind of what's the customer impact. Something like a FedNow or any kind of the forms of kind of, you know, RTP or real-time payments, what I would say, once you get into the middle market, it doesn't have as much of a customer impact, because middle-market customers, CFOs like Joel, they're not checking our account balances every day to see, you know, did I get a payment from a supplier or from a buyer, you know, by 10:00 A.M. or 2:00 P.M. You know, kind of a, you know, companies operate kind of in an overnight process. I'd say it has less of a customer impact, but it could have a very, you know, dynamic impact in terms of how we, you know, continue to execute all the different payment types in the most efficient way for us to continue to drive, you know, margin improvement and efficiencies. Joel, maybe you could talk a little bit about the recent acquisitions, FastPay and PayClearly, and how they'll impact the model on an inorganic basis. We've, you know, we acquired FastPay in July of last year and a small book of business, PayClearly, in January of this year, both of which in sort of our media vertical. Again, that's, you know, when we break out, you know, the 30% growth in Q2 versus the 22%, that's really the FastPay and PayClearly contribution. You know, one of the things that we talked about, in addition to the transparency around the inorganic and organic, we've introduced the notion of the composition. There's a subset of that revenue that we acquired that is actually political related advertising. That revenue contribution rides on presidential and midterm election cycles. While we'll lap the acquisition date and sort of stop breaking out inorganic and organic, what we will begin to make clear is just that portfolio composition, given the fact that it, you know, has some cyclicality that the rest of, you know, sort of our first. Yep New vertical that introduces that sort of annual cyclicality. How many of these, you know, these tuck-ins are there out there for these vertical plays? Is there- Yeah You know, dozens, hundreds of them? How many are there that you can add, and do you plan to add one or two a year to kinda expand the verticalization of the strategy? Yeah. I think we have a pretty defined playbook on these tuck-in acquisitions, and they worked really well for us in the past. You know, the challenge is that it's hard to predict when opportunities may present themselves. But we think it's a great opportunity to develop new vertical markets, where there's this kind of a software provider in that vertical that deeply understands the unique business experience, maybe some of the uniqueness of the accounting that happens within that vertical, and has the relationships with some of the vertical specific accounting systems that support that market. But yet they have not yet adopted a payment solution. We can provide some immediate synergy with our payment network and really use it as a, you know, way to jump-start with a beachhead of customers, you know, our entry into that vertical and grow it much faster. That playbook has been worked really well for us in the past. We're, you know, very opportunistic. Fortunately, we have a big balance sheet from the IPO that we haven't spent yet. We're, you know, looking for the right opportunities. I would say that we definitely have not seen some of the valuation adjustments in the public markets, you know, flow through to the private markets yet. We think, you know, that, you know, will occur, you know, maybe as we, you know, end this year going into next year. We're gonna see more of those, you know, more opportunities that, you know, within a kind of a valuation spectrum that makes sense for us. The international timeline for expansion, would that be, you know? How long will that take? Will that be organically, or would you probably end up buying? Yeah Something to develop in the international market? International is an interesting question. We look at it as from, you know, kind of two components. One is supporting international transactions that U.S. companies have with suppliers that are based overseas. During the second half of this year, you guys will see the announcements when they come, we're gonna be announcing our cross-border offering that we're really excited about. This is gonna be designed for, you know, those really kind of middle market horizontal companies that are U.S.-based, but they have a significant amount of overseas international payments. Today, we've kinda opt out of those opportunities because we don't have a good solution for them, and that'll give us an opportunity to really be competitive with those opportunities and really further develop our partnerships that we have with some of our horizontal accounting system relationships like the NetSuite, Microsoft Dynamics, Sage Intacct, Acumatica, who play kind of in those markets. So that's, you know, that's kinda step number one. Then step number two is how do we address you know, actually doing, you know, kinda international in-country payments. I think the question is a good one. I would say that we're probably gonna lean in hard to say, is there a way through an M&A strategy that we can, jumpstart, you know, kind of that, you know, in-country, you know, international opportunity, probably based in Europe, and really follow the footprint that a lot of our core partners have, like the NetSuite of the world, in terms of where their customers are, so we can support them in the same robust ways we do here in the U.S. market. Now, I have to say, I'm a little surprised the cross-border product wasn't rolled out sooner. Is there a reason why maybe you didn't roll it out? 'Cause cross-border is where a lot of profitability. Yeah. is in payments in general. It's a good question. The one thing about it is, if you look at our existing 8,000+ customers today and the eight verticals that we're in, we're not in vertical markets that really lend themselves to be international. Like, you know, real estate, construction, you know, HOA management. They're very, you know, kind of geographically, you know, central type industry. We don't have a big demand within our existing base today for cross-border transactions. That's the reason why it hasn't been prioritized. Where we see the opportunity is actually kind of playing the horizontal market for new customers. We think there's an opportunity with that capability, combined with some of the new functionality that we released in the last couple of quarters related to more robust purchase order, procurement related tools, to combine that with the cross-border component to actually maybe move into new verticals that we historically have not been in. It's really more of a, you know, kind of an opportunistic growth perspective than monetizing a significant amount of existing customer transactions. You guys have always been more in the verticalized strategy, at least, and that's been wildly successful. Is there more to do in the horizontal strategy? Yes. You know, I wake up every day and say, you know, like, we've been at this for a while, and we're still in single digit penetration in all of our verticals. You know, lot of runway, and that was also, you know, a little bit, you know, part of the debate that we have internally in terms of just capital allocation, and investment is it's so efficient for us to, you know, kinda grow our business within the verticals that we're in versus some of the new, you know, planting some of the new seeds for international, things like that. That, you know, take more time, a little bit more upfront expense. That's a little bit of the, you know, kind of the back and forth that we have in terms of, you know, capital allocation, because it's so efficient for us to grow the business in the U.S. market. One thing just to add onto that. We recently announced the Acumatica relationship, and while that's an important kind of a construction vertical type of an ERP, they're really kinda considered potentially a really strong up-and-comer across the horizontal market. You know, that's traditionally thought of as NetSuite, you know, Microsoft 365, Sage Intacct. Acumatica, I think, is positioned to kinda give those guys a run for their money in the horizontal. You know, again, Mike said, it's, you know, we're focused on the horizontals and the verticals, and sort of see growth, you know, kind of with both focus. Joel, I wanna ask about pricing, in particular, some of the new solutions in your platform. Do you have any pricing power that you guys can use? Yeah, another popular question. We think we do. We think we have really great kind of pricing power. We think the ROI is really compelling. We spend a lot of time internally talking about, you know, how we play that. We have done in the past, and expect we would in the future, you know, sort of increase that per unit cost to the buyer. What we're super mindful of, though, is to Mike's point, it's we're in the early innings, and we're very careful about making sure that we don't sort of increase any impediments to the- Yeah. to the adoption. I do think that there's room there and feel like we have good, strong pricing power on the buyer side. Have you guys done much in its history of increasing prices on an escalator basis or on an annual basis? We do. Our contracts afford annual price increases depending, you know, it's a negotiation with the buyer, but the preponderance of our buyer contracts that are multi-year, two to three-year contracts, have anywhere between three and five annual price escalators. We execute on that every year on renewal or for every contract renewal. We also increased the unit price to the buyer on a per transaction basis 18 months ago. Mm-hmm. You know, we'll continue to do that sort of judiciously over time. We think there's more pricing power on the table, but again, we're just trying to focus. Yeah. mainly on inducing adoption. Exactly. I mean, the biggest lever for us is to, you know, accelerate that adoption curve. It's a delicate balance because we don't want, you know, create any impediments in our ability to, you know, see that increased adoption. Got it. You guys have done a great job of kinda laying out the path to profitability. Joel, maybe you can just talk about longer term gross margins and EBITDA margins. Mm-hmm. You know, how long I know we've talked about 75% plus gross and 25% EBITDA margins. You know, how long is the trajectory of long term? Right. What are some of the things that you plan to scale? You bet. Just to sort of come back to the longer-term targets that we talked about at the time of the IPO, which we would still say we're focused on our, you know, 75%+ gross margins. I think there's probably upside to that over time. Then 25%+ EBITDA margins. What we did in the first quarter as the market shifted, and we kind of sharpened our narrative about the path to profitability, we talked about, and we've refined that in our second quarter call such that we are projecting profitability in the full calendar year 2024. At that point, the way we've thought about that path is going from, you know, just starting at the top and focusing on gross margins, right? Continued sort of that 20%+ on average growth rate, bringing the gross margins from sort of the low 60s% to that 70% zip code. We believe we achieved that for the calendar year 2024. Between now and then, seeing scale first on the G&A line. Once we kinda get, you know, a year past our IPO, we see that opportunity. Between now and that profitability point in 2024, some scale on the R&D side of things. You know, again, short term, we're looking at profitability in 2024 at that 70% gross margin zip code. What does that. How, How, you know, what's the pace between then and 75%+ and the degree to which we flip to that 25%+? We haven't really been specific about that, but you know not long after you know we see that. Seeing the Q3 the yield expansion and together with looking at the IA the Invoice Accelerator opportunity we you know we feel like it's not too long after that first profitability year. The whole concept that you guys have talked about with fiscal year 2024 now being kind of the move towards profitability, was that always in the cards from the beginning of the IPO? Or if you had, you know, originally a lot more investments planned, what, where did some of the cutbacks have to come from in order to hit those targets? I mean, what I would say is that there's a little bit of just sharpening the narrative on a plan that we believed we could execute anyway. Probably more of that and sort of taking out some of the conservatism when we came out of the gates versus paring investments. I will say that Mike's kind of, you know, sort of leading through this notion of efficient growth in the business, and we are just sort of double examining the sort of experiments around the edges that help us get there. We're really executing the plan that we contemplated when we came out last year. Mike, any other things to think about as this business continues? I still feel like you've been doing it 20 years, but I feel like we're still early on here. Yeah, yeah. You know, if we look at a longer, you know, 3, 5, 7, 10-year outlook, is there even more additional products and things that you wanna do to add to the business model? Yeah, absolutely. I mean, I think the big category is we call it gear four, which is the data. You know, we are just scratching the surface in terms of how we're using the data to not only make existing products more valuable, as well as creating new products altogether. You know, we talked about the Invoice Accelerator, which is we use the data, the platform to determine eligibility for invoices that we can advance. But just, you know, other things where we're really capturing the data, but we now have a product they call the AvidUtility for our large, you know, kind of customers that have big footprints, lots of facilities, and how they can use the data on their utility bills to better manage their energy expense. We actually serve to them this data back in a format that they can understand their average, you know, consumption, average heating, cooling days, benchmark their, you know, their locations against each other for efficiency, just by providing them the data back in a useful way on a very specific use case. We think there's lots of those type of opportunities, you know, across, you know, the spectrum in terms of, you know, how we can provide additional value. I think we're probably scratching the surface. When it's all said and done, I expect there are gonna be four legs to our stool, and after Invoice Accelerator, it's probably data that'll be the fourth leg. I know we're out of time, but how do you monetize data or how do you price that? Yeah. I think it depends on the offering it's used by. In the case of Invoice Accelerator, you know, we're getting an extra 200 basis points. Right. In the case of the utility, rather than, you know, charging, say, a $1.50 for, you know, a software fee for a regular utility bill, you know, we're getting $3 or $4 for a utility bill as a, in a software fee. You know, it depends on, you know, the value proposition and whether it's impacting, you know, the buyer or the supplier. Got it. Well, with that, we'll keep it there. Thanks, Mike. Thanks, Joel. Thanks, Brian. Thanks for having us. Thank you.