Good morning, everyone, thank you for joining us for the AvidXchange Holdings, Inc. fourth quarter 2022 earnings call. Joining us on the call today are Mike Praeger, AvidXchange Co-Founder and Chief Executive Officer, Joel Wilhite, AvidXchange's Chief Financial Officer, and Subhaash Kumar, AvidXchange's Head of Investor Relations. Before we begin today's call, management has asked me to relay the forward-looking statements disclaimer that is included at the end of today's press release. This disclaimer emphasizes the major uncertainties and risks inherent in the forward-looking statements the company will make this afternoon. Please keep these uncertainties in mind, risks in mind as the company discusses future strategic initiatives, potential market opportunities, optional outlook in financial guidance during today's call. Please note that the company undertakes no duty to update or revise forward-looking statements. Today's call will also include a discussion of non-GAAP financial measures as that term is defined in Regulation G. Non-GAAP financial measures should not be considered in isolation from or as substitute for financial information presented in compliance with GAAP. Accordingly, at the end of today's press release, the company has provided a reconciliation of these non-GAAP financial measures to the financial results prepared in accordance with GAAP. I will now turn the call over to Mike Praeger. Please go ahead. Thank you everyone for joining us today. Joel Wilhite and I are excited to discuss AvidXchange's fourth quarter 2022 results. We had another quarter of healthy financial and operating performance, leading to a strong finish in our first full year as a public company. What a productive and successful year 2022 was, as highlighted by three core themes to our success, which include our talent, our products, and our financial performance. Our first theme relates to the incredible talent we continue to assemble across all our key functions to support our objective of delivering profitable long-term organic 20%+ average revenue growth for our business. This is highlighted by the recent elevation of Dan Drees to his new role as President, along with the addition of James Sutton as our new Chief Revenue Officer, driving both buyer and supplier customer sales of our business. With this new organizational structure, I believe we'll foster greater organizational agility and operational synergies by bringing sales, marketing, operations, and product management under Dan. At the same time, this new structure will enable me to further focus on our longer-term strategic growth and operational efficiency efforts, along with leading our corporate development initiatives for future meaningful acquisitions and strategic partnerships. I could not be more excited to partner closely with Dan in both driving and executing the future growth of our business. Secondly, we significantly advanced our product capabilities with new API integrations and partnerships built on our highly scalable AvidConnect integrations platform, along with key new product launches, such as our new next generation purchase order management and three-way matching tools for purchase orders, invoices, and receipts, straight through virtual card and ACH processing capabilities to aid in supplier reconciliation while eliminating their manual data entry of card information, along with cross-border payments in our new AvidAnalytics offering. We also kicked off key new product initiatives related to our next generation pay platform and Invoice Accelerator 2.0 offerings, which we believe will drive meaningful revenue growth in future years, as well as address a growing demand from our small business suppliers to have access to cash flow management and supplier financing tools to better manage their cash flow and run their businesses. Lastly, related to financial performance, we are capitalizing on our strong operational and financial results, including our continued acceleration towards profitability. I'm excited to share with you that we now expect to be EBITDA profitable for the full year of 2023, which is a pull forward of our previous 2024 breakeven target. The strength of our overall AvidXchange flywheel business model enabled us to generate growing float income as an embedded monetization lever for the management of our buyer customers' full payment file and the management of the remaining paper checks. One of the key metrics that we focus on across our leadership team, that I believe is a good barometer of the strength of our business and demonstrates the power of our AvidXchange flywheel business model and the impact of our true two-sided AvidPay network, is our transaction yield metric, which we've increased incrementally every quarter for the last two years from $3.52 to $4.51 per transaction. Our strong operational performance, combined with our accelerated path towards profitability this year in 2023 and our overall financial strength, enabled us to recently renegotiate a new $95 million dollar credit facility on favorable terms to substantially reduce our borrowing costs while partially de-leveraging our already strong balance sheet. With a very productive 2022 behind us, we're entering 2023 with a fresh set of new product introductions and integration initiatives to help buyer and supplier customers leverage the power of our accounts payable and payments automation platform to drive digital transformation of their back office. We'll provide more details around our product momentum and technology roadmap for 2023 shortly after I touch on the highlights of this past quarter and the year that just ended. On today's call, I'd like to cover three topic areas which include, number 1, our perspectives on our fourth quarter results. Number 2, review of our year-end AvidXchange business flywheel metrics and our key initiatives for this calendar year. Number 3, along with insights and trends we are seeing related to the macro impacts to our business and our middle-market customers. Despite a year of mounting macro uncertainty across the general economy, we remain laser-focused on executing those things that we control. Specifically, we remain steadfast in our deepening of our competitive moat and advancing our proprietary two-sided AvidPay network. We did this through the disciplined execution of our playbook across the four growth gears of our AvidXchange business flywheel. Our flywheel framework is designed to drive new software and partnership integrations, product innovation, operational execution, and value creation for our buyer and supplier customers, along with our valued shareholders. We believe our solid year-over-year and quarterly financial performance is proof of our execution. For the fourth quarter ending December 2022, we delivered revenues of over $86 million, which grew at a rate of over 24% compared to the same period last year. This now marks six consecutive quarters of exceeding our internal financial targets and delivering 20%+ comparable organic revenue growth. Non-GAAP gross margins expanded to almost 65% in the quarter, up 270 basis points on a year-over-year basis. We further narrowed our non-GAAP adjusted EBITDA losses to $1.3 million in the quarter relative to our implied business outlook expectations. While numbers only tell part of the story, our customers and their adoption of our automation software products complete the story, and there are no better evangelists for our value proposition than our customers. Take Chief Financial Officer Ken Oesch of Piedmont Service Group, a Raleigh, North Carolina-based heating, ventilation, air conditioning company or an HVAC company. Piedmont specializes in providing energy efficiency industrial HVAC solutions to help commercial, industrial, and government organizations lower their operating costs. Ken manages an accounting team of 15 associates utilizing the Microsoft Dynamics GP accounting system. Piedmont was drowning in thousands of paper invoices and struggling to match them with purchase orders to get their suppliers paid on time. Thanks to AvidXchange, when auditors needed information and GMs ask about certain invoices and need quick replies, Ken immediately can access the key information and reports to get them their answers. "We tell people all the time about AvidXchange," Ken said, "and what is done for our business, streamlining our accounts payable and eliminating the need to send paper checks," replied Oesch. The power and stickiness of our value proposition can be seen across many industry verticals, including one of our emerging subverticals of hospitality. Hampton Golf is another powerful story that speaks to our success in solving our customers' problems. Florida-based Hampton Golf is a premier golf course hospitality management company with 2,600 associates that manage 30 golf course and facility locations throughout the United States. Using QuickBooks Enterprise as its accounting system, Chief Financial Officer DeeDee Franklin manages a team of 16 associates overseeing the day-to-day processing of invoices and payments and onboarding new golf courses to the company's accounting system. Prior to adopting AvidXchange's accounts payable and payments automation solutions, Hampton Golf was scanning stacks of paper invoices and pulling them from emails while cutting paper checks. After adopting AvidXchange's full invoice-to-pay solution, which seamlessly integrates into QuickBooks Enterprise, DeeDee Franklin articulated our impact to their business pretty well by saying, "Automated AP is no-brainer. AvidXchange's automated invoice and pay offerings are essential to our business, and onboarding is such a simple process. It's the first of our critical systems that we train new hires on. I had no idea how truly exceptional automated AP can be, along with the economic and efficiency impact to our business. Now I have no idea how I ever survived without it." Thanks to middle-market customers such as Piedmont and Hampton Golf, we closed 2022 on a strong note, as reflected in our year-end operating metrics. Let's take a closer look at those metrics in the context of our flywheel. During 2022, we increased the total number of buyer customers by 10% to 8,800 from 8,000 in the prior year, driven by delivering great AP automation software under year one of our flywheel. With a large and highly fragmented total addressable market of approximately 435,000 middle-market companies in the United States alone, representing $400 billion of untapped opportunity, growth in buyer customers was once again broad-based across all of our 8 core verticals. This growth in buyer customers was a result of our hybrid go-to-market strategy. Contemplating our strong buyer growth was supplier customer growth of 17% in 2022. The networking effects of buyers bringing their suppliers to our two-sided network culminated in us approaching 1 million suppliers on our AvidPay network. The resulting addition of new buyer and supplier customers drove increased transactions onto our two-sided network and our spend under management in year 2 of our flywheel. Transaction volumes on our network reached 70.2 million or rising year-over-year 12.3%, with our total payment volume increasing roughly 31% on a year-over-year basis to $68 billion in 2022. This increase in total payment volume was driven by growth in payment transactions, contributions from the FastPay and PayClearly acquisitions, coupled with some vertical mix impact. The increase in total volume reflected 19% year-over-year rise in spend under management to $215 billion. Given our growing transaction volume, we remain focused on maximizing our industry-leading e-payment monetization, which is the secret sauce, as we refer to it, by converting suppliers to one of our various forms of electronic payment on the AvidPay network under gear 3 of our flywheel. In 2022, e-payment transactions on the AvidPay network grew by 16% from the prior year, roughly in line with our supplier growth numbers. We believe this underscores the overall value proposition of our AvidPay network for our suppliers. The sum of execution and growth across the business flywheel encompassing buyers, suppliers, and transaction monetization resulted in growing our all-encompassing transaction yield metric, which was up over 13% to $4.51 per transaction from $3.98 per transaction in 2021. We ended the year with net transaction retention rate of over 103%. As we enter 2023, we are mindful of the macro crosscurrents related to the rising interest rates and inflation with their potential impact to our customers and our business. While we continue to be encouraged by our top-of-funnel sales activity, we have seen some moderation in transaction retention trends across several of our verticals. While we don't want to overinterpret the trajectory in volume trends and retention, we are paying daily attention to all of our key metrics and continue to run strategic and operational scenarios that preserve optionality should any of the macro headwinds markedly shift and have a greater impact on our middle-market customers. That said, we plan to capitalize on the building blocks that we put in place throughout 2022, while continue to invest in new product offerings and API integrations to deepen our significant competitive moat that we have across the middle market sector, along with enhancing our growth and scale of our operations. On the product front, in 2023, we are very, very excited to launch our proprietary flagship Invoice Accelerator 2.0 offering. This launch couldn't come at a better time for our large and growing base of small business supplier customers. For those that are hearing about Invoice Accelerator for the first time, IA, as we call it is a product that provides unique invoice payment acceleration, which functions as a short-term working capital financing tool for eligible invoices and bridges critical working capital funding gaps for our supplier customers. Our business model is purpose-built to leverage this product as it overcomes two of the most significant hurdles for traditional invoice financing products, which are around the underwriting risk of the supplier and collecting the money when it is paid by the underlying buyer. That's because in our unique two-sided business model, both the buyer and the supplier are customers on our AvidPay network. We have visibility to all their historical transactions, including invoice and payment history, along with their timing. In addition, these transactions and the related payments flow through our network, which enables us to underwrite targeted invoices and automatically intercept the buyer payments related to these invoices. We've been testing and metering our initial 1.0 version of Invoice Accelerator with a limited cohort of suppliers to develop key learnings along with perfecting the underlying data science and determine how best to scale this offering efficiently. Invoice Accelerator 2.0 is designed to be an automated self-service supplier solution underpinned by our next generation technology architecture, incorporating real-time underwriting, credit analytics, and credit decisioning targeted towards our growing small business related suppliers utilized by our middle market buyer customers. Our Invoice Accelerator 2.0 offering is slated to be launched in the second half of 2023. We expect that it will serve as a growth lever in 2024 and beyond. Second, 2023 is also a year that we're planning to launch our proprietary AvidXchange Intelligent Data Capture product, or IDC, as we call it. This is an intelligent invoice digitization and indexing platform that we jointly designed and configured in partnership with Microsoft, leveraging artificial intelligence and machine learning to analyze a decades-plus worth of historical invoice data sets. We've been engineering and partnering closely with Microsoft on this product since 2019. IDC digitizes invoice data sent by suppliers to our buyer customers before they go through our standard workflow approval process. Currently, we digitize a portion of the invoice data by deploying human capital assets worldwide, who scrape data fields off paper and non-machine generated PDF invoices. With IDC, we'll arm our data extraction team with a custom-built interface paired with real-time AI and machine learning capabilities, which together are projected to drive scalability by increasing productivity levels by almost 2-fold. We believe this scale change in productivity will further aid our gross margin expansion towards our long-term gross margin target exceeding 75%, as we continue to leverage automation to markedly reduce our unit costs. Lastly, on the integration front, we have a robust portfolio of new integrations and partnerships on deck for 2023. Since our launch of our out-of-the-box integration APIs built on our AvidConnect platform last year, we've been deepening our penetration of the vertical and horizontal accounting systems and our ERP partners used by our buyer customers. Our strategy around API partnerships and integration playbook is to be deeply embedded with accounting system and ERP providers who have been leading the market of our customers across existing and new target verticals, where there is an opportunity for significant transaction volume to be monetized. 2022 was an active year with the launch of our next generation APIs as we successfully launched our new API integration for QuickBooks Online, which alone boasts over 200,000 middle-market customers. Not to mention APIs for Blackbaud, Acumatica, and ResMan, who combined pool of roughly 15,000 customers are multiple of our current total buyer customer base today. What's powerful about these API integrations is that they typically lead to a deepening of our technical, sales, marketing, and go-to-market partnership with these accounting solution providers, which provides the catalyst for accelerating our share of middle-market customer base. We are confident that 2023 will accelerate that activity with API integrations across our eight vertical markets, along with planned development of several new sub-vertical focus areas, while supporting growing horizontal and accounting system partners. In summary, we are very pleased with our results in the fourth quarter and our first full year as a public company. We believe that we significantly advanced our competitive moat serving the middle market, along with strategically, operationally, and financially positioning our business to achieve our revenue and profitability objectives as we enter 2023. As I discussed at the beginning, our three themes of success in 2022, which included our talent, products, and financial performance, will also help position us well in 2023 and beyond to deliver our product roadmap and achieve our accelerated profitability and free cash flow objectives. That's not to say that we won't be tested and we'll have to navigate potential bumps along the way as we successfully have done throughout our previous 22 years. We believe that the current macroeconomic backdrop will remain choppy throughout 2023, and we continue to assess the impacts to our customers, and we are adapting accordingly. That said, we believe that while the macro picture creates near-term uncertainties, it also creates new opportunities to strengthen and grow our business as customers tackle revenue and cost pressures. Among these opportunities, we see openings for new verticals and sub-verticals for our offerings across our large and fragmented addressable middle market, which is still in the early stages of digital transformation and shifting away from paper invoices and paper checks. Market dislocations can also unlock acquisition opportunities, which have been largely dormant for us for the last 18 months due to various market reasons. Finally, macro uncertainty can also play to our competitive strength as middle market customers gravitate even more towards proven market leading, differentiated, and well-capitalized providers such as AvidXchange, thus bolstering and even accelerating our overall market leading position across the middle market. Overall, I am very excited about the level of innovation impact to both our buyer and supplier customers in 2023, along with reaching our profitability objectives for the year. With that, I'd like to turn the call over to my partner, Joel. Thanks, Mike. Good morning, everyone. I'm excited to talk to you today about our fourth quarter 2022 financial results, which reflect continued execution of our growth strategies and continued macro uncertainty. Overall, we delivered another quarter of solid year-over-year financial performance. Relative to the implied fourth quarter 2022 business outlook, fourth quarter revenues came in better, driven largely by higher interest revenue from funds held for customers. That, together with expense control, contributed to a lower than expected adjusted EBITDA loss in the fourth quarter of 2022. As Mike mentioned in his prepared remarks, we're once again pulling forward our path to EBITDA profitability to 2023 from 2024. More on that later. Total revenue increased by 24.4% to $86.2 million in Q4 of 2022 over the fourth quarter of 2021. Organic revenue growth, which excludes the contribution of our PayClearly acquisition, which closed in January 2022, was 23.3%. Organic revenue growth was driven primarily by the combination of the addition of new buyer invoice and payment transactions, which reflect increased e-payments to suppliers and the contribution of interest revenues. Revenue related to our political media advertising book of business for the fourth quarter and full year 2022 was $3.1 million and $8.5 million respectively. This revenue contribution stems from the 2022 midterm elections and associated runoffs. As a reminder, because 2023 has neither the midterm nor presidential elections, we are not factoring any revenue contribution from political advertising in our 2023 business outlook. Back to Q4 2022 financial results. Our strong revenue growth also resulted in total transaction yield expanding to $4.79 in the quarter, up 14% from $4.21 in Q4 2021. Excluding the $0.04 contribution from the acquisition of PayClearly in the fourth quarter of 2022, the transaction yield of $4.75 increased 12.9% with roughly half of the increase driven by yield improvement and the remainder driven by interest revenue. Software revenues of $26.4 million, which accounted for 30.6% of our total revenue in the quarter, increased 12.5% in Q4 of 2022 over Q4 of 2021. The increase in software revenues was driven largely by growth in total transactions of 9.2%. Payment revenue of $59.1 million, which accounted for 68.6% of our total revenue in the quarter, increased 31% in Q4 of 2022 over Q4 of 2021. Payment revenues reflect the contribution of interest revenues, which were $5.8 million in Q4 of 2022 versus $1.1 million in Q4 of 2021. Payment revenues also reflect the contribution of the PayClearly acquisition. Excluding PayClearly, which contributed approximately $0.8 million in the quarter, organic payment revenue growth was 29.3%. Roughly two-thirds of the organic increase in payment revenues was driven by payment volume and the remainder driven by interest revenues. On a GAAP basis, gross profit of $49.9 million increased by 41.8% in Q4 of 2022 over the same period last year, resulting in a 710 basis point improvement in gross margin for the quarter to 57.9%. Non-GAAP gross margin increased 270 basis points to 64.9% in Q4 of 2022 over the same period last year, driven primarily by the contribution of higher interest and political revenue. Moving on to our operating expenses. On a GAAP basis, total operating expenses were $78.7 million, a decrease of 22.2% in Q4 of 2022 over Q4 of last year. The year ago period's operating expenses reflect the impact of IPO transaction expenses, termination fees related to a facilities development agreement, and the recognition of non-cash stock-based compensation costs resulting from completing our IPO in Q4 2021. On a non-GAAP basis, operating expenses excluding depreciation and amortization increased 11.8% or $6.1 million to $57.3 million in the fourth quarter of 2022 from the comparable prior year period. However, on a percentage of revenue basis, operating expenses excluding depreciation and amortization declined roughly 750 basis points to 66.5% the fourth quarter of 2022 from 73.9% in the comparable period last year. This highlights the operating expense leverage across sales and marketing, R&D, and G&A. I'll now talk about each component of the change in operating expenses on a non-GAAP basis. Non-GAAP sales and marketing costs increased by $2.3 million to $18.5 million in Q4 of 2022 over Q4 of last year, with the increase driven by the continued investment in our direct and channel strategies to acquire new buyers and supplier customers. Non-GAAP research and development costs increased by $1.8 million to $19.5 million in Q4 of 2022 over Q4 of last year. The increase was due to continued investment in our products and our platform. Non-GAAP general and administrative costs increased by $1.9 million to $19.2 million in Q4 2022 over Q4 of last year, driven by a combination of higher expenses as we transitioned to a public company and an increase in performance-based bonus accruals due to continued strong operating and financial results. Our GAAP net loss was $25 million for the quarter versus a GAAP net loss of $72.1 million in the prior year period, driven by the impact of IPO transaction expenses, a mark-to-market adjustment for a convertible common stock liability upon our IPO, termination fees related to a facilities development agreement, and the recognition of non-cash stock-based compensation costs resulting from completing our IPO in Q4 2021. On a non-GAAP basis, our net loss in the fourth quarter of 2022 was $7.4 million, an improvement of $10.3 million compared to the year ago quarter on solid organic revenue growth as well as interest revenues combined with expense leverage. On a non-GAAP basis, our adjusted EBITDA was a loss of $1.3 million in Q4 of 2022 compared to a loss of $8.2 million in Q4 of 2021 due to the aforementioned factors. Turning to our balance sheet for a moment, I wanna touch on a few key items. We ended the year with a strong corporate cash position of $461.5 million against an outstanding total debt balance of approximately $83.7 million, including a note payable for $18.7 million. The year-end total debt balance reflects debt paydown of approximately $44 million from 2021. The corporate cash, meanwhile, is split roughly 60/40 between money market funds, along with commercial paper and demand deposit accounts, respectively. The weighted average maturity on corporate cash was roughly 13 days, while the effective interest rate in our corporate cash position for the fourth quarter was roughly 335 basis points. Customer cash at quarter end was approximately $1.3 billion, with an interest rate of roughly 2.5% for the quarter. During the quarter, we established a new $75 million credit facility, which substantially reduces our borrowing costs. Subsequent to year-end, we increased our credit facility to $95 million from $75 million. I'll now move on to our full year 2023 guidance. In light of Mike's commentary about the opportunities and initiatives we continue to execute across our business, balanced with the macro crosscurrents and the potential for further volume impacts based on all information currently available, we expect total revenue for the year to be in the range of $359 million-$366 million. Our 2023 revenue outlook reflects approximately $30 million of interest revenues from customer funds versus approximately $11 million earned in 2022. As a reminder, we do not anticipate any political media revenue contribution in 2023 versus having recognized $8.5 million in 2022. We expect roughly 47% of the projected 2023 revenues in the first half, with the remaining 53% in the second half. We expect our non-GAAP adjusted EBITDA to be between break even and $3.5 million positive EBITDA for the year. We expect EBITDA losses to occur in the first half and to reverse in the second half of the year. I would now like to turn the call back over to the operator to open up the line for Q&A. Operator? Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. We ask that you please limit yourself to one question. If you have further questions, you may reenter the question queue. At this time, we will pause momentarily to assemble our roster. The first question will come from David Koning from Baird. Please go ahead. Hey, guys. Thanks, and nice quarter. I guess my first question is kinda two parts. The software revenue grew sequentially at the fastest pace in probably seven quarters, and I often think of that as that's what you can control, that's based on new sales. Am I right about that? The corollary to that is the payments business. I know you're guiding to deceleration, but is it fair to think of it, the new sales part doing maybe a little better than normal, and it's really the stuff out of your control, the macro, is really causing the deceleration. Is that a fair way to think about this? Yeah, Dave, this is Joel. Broadly, yes. And just specifically, first off, on software revenue, we can control that. The impact in the fourth quarter, you know, has a light impact associated with, you know, just some routine price increase. I would guide you, though, to. We did have some kind of year-end, one-time non-recurring kinda catch up around some, you know, revenue share, et cetera. I wouldn't guide that level of software yield necessarily going forward, but pleased with the outcome on software revenue. Broadly, yes, you know, relative to the guide, certainly reflects some of the emerging caution we see in spending across the business. Yeah. Hey, Dave, just to maybe add a little bit of flavor related to, you know, kind of, you know, top-of-funnel activity, you know, related to new customer adds. You know, we continue to see really healthy engagement across really all the verticals of our business. See current really top-of-funnel activity up about 20% net new logo over a year ago. Gotcha. No, thanks. Just my second question. The way you're guiding 2023 incremental margins, you know, it seems like you're guiding revenue up, you know, $40 million-$50 million, something like that, with about 35%-40% incremental margin to drive the EBITDA profitability. Is that, do you think, kind of a normalized kinda go forward incremental margin? Just wondering around that. Yeah, I mean, good question, Dave. Like, broadly, we're pleased with the steady expansion of gross margin across the business. You know, remember our long-term target, 75%+, and we said as we begin to approach that 70% ZIP Code, we see the business turning profitable, which is reflected in the guide. We, you know, we did certainly have some impact, you know, annually and quarterly, depending on, you know, sort of the float and political contribution. Even stripping that out, we do see good, steady gross margin expansion going forward. All right. Thanks, guys. You bet. Thanks, Dave. The next question is from Will Nance from Goldman Sachs. Please go ahead. Hey guys, good morning. I wanted to follow up on maybe some of the payment volume trends that you guys spoke about. I know, you know, both the software and the payment side are kind of largely volumetric driven. You mentioned lower, seeing lower transaction retention trends. I'm just wondering, could you maybe touch on, you know, average transaction size and how it's impacting payment volume as well? You know, maybe just more of some market color. I mean, when you talk about seeing a slowdown in transaction retention, is it more across the vertical businesses, the horizontal parts of the business, and any kind of noticeable trends or delineations across various parts of the business? Thanks. Yeah. Thanks, Will. I'll start it off just, you know, adding a little bit of color. Again, I kinda mentioned in the answer to the first question that we did see during the fourth quarter some emerging caution in spending across really all our buyers in all our verticals, fairly broad-based. What I would say about that is, as we look closer, what we see is customers adjusting, largely their discretionary spending, not necessarily vertical specific, but sort of spend type specific. Things like, you know, advertising and marketing, professional services, in some cases, tenant improvement projects, et cetera. Still, you know, pleased that, you know, in the face of these kind of macro crosscurrents, still retaining over 100% of the transactions year-over-year. Hopefully, that gives you a little bit of color in what we're seeing for the quarter and what's kind of baked into our guidance going forward. Mike, I don't know if you wanna add anything from a market perspective. Yeah. I'd say, you know, maybe to follow up on my, you know, last comments to Dave related to top-of-funnel activity. When you look across kind of our, you know, all the different verticals plus the horizontal, you know, maybe, you know, kind of current areas where top of funnel is kind of exceeding our expectations would be in the horizontal slice is one good example. We're, you know, driven by, you know, channel partners such as NetSuite, you know, Acumatica, and others like that, who seem really strong engagement. The other one being in some of the new, what I call, you know, kind of emerging vertical markets that we've talked about. I highlighted one of them, you know, on the call today within, you know, hospitality with Hampton Golf is a good example. We're seeing some really kind of, you know, emerging trends related to the hospitality vertical, as well as, you know, I'd say a subsector of our healthcare vertical being long-term care centers. Those would be, you know, some examples on, you know, that are kind of probably exceeding our expectations. We really have one vertical that is, you know, kind of below expectations currently, and that's with our financial services and kind of, you know, tier two, tier three banks. They've been more cautious related to taking on kinda new, you know, projects, initiatives related to, you know, digital transformation. You know, we have a number of verticals that have been more kind of flat year-to-year. Real estate would be a good example of that. Again, you know, really good diversification and collectively across all verticals, seeing, you know, top-of-funnel activity about, you know, up about 20% over a year ago. Got it. Super helpful. Just, you know, maybe if I can ask a quick follow-up on the Intelligent Data Capture. You know, I was wondering if you could kind of size the pie of expenses that you guys are currently devoting towards like the invoice ingestion part of the business. You know, when you think about, in the context of the 75% gross margin target, and I think the 10 points of gross margin expansion you guys have kind of outlined more over the near term, like, was this something that was contemplated as part of that guide? I guess how much of that improvement, can you guys attribute towards, you know, the rollout of the IDC? Yeah. Maybe I'll start by, you know, giving, a little, you know, flavor to, you know, that particular, you know, kind of product offering, Joel can, kind of follow up with some more details. IDC stands for Intelligent Data Capture, and this is, a project we've been working on for the last, couple years in partnership with Microsoft. Really excited about how, you know, one of the challenges, you know, we and everybody in this business has is invoices are non, you know, standard documents. Every, you know, supplier has a different form, every accounting system has different forms of invoices. They get, delivered to the supplier in many different forms. Obviously, we're driving, you know, electronic, receipt of invoices, as much as we can. What IDC does is it's able to kind of read and capture the data elements across all these different forms of invoices in a standardized way. Certainly taking, you know, Microsoft's, you know, new OCR capabilities combined with AI and machine learning, and then training it on, you know, literally 20 years worth of AvidXchange invoices, we think we're in a unique advantage of really driving, you know, automation in that front-end process. And I think that's in, you know, embedded in, you know, our confidence level of getting to, you know, 75%+ gross margins over time. Maybe Joel, you provide a little bit of flavor on kind of components. Yeah. Will, your follow-up was just, you know, the degree to which, you know, we've contemplated that, the impact in the near term. I think we're excited to see that potentially, you know, again, I would guide that, you know, a more significant impact likely in 2024, but we do expect in the back part of 2023 to see some, unit cost, improvements and so some efficiencies, as a result directly of IDC. Thank you. Our next question is from Ramsey El-Assal from Barclays. Please go ahead. Hi. Thanks so much for taking my question. I wanted to follow up on, I think, Will's prior question and your response there and just get a little bit more color from you in terms of the magnitude of macro pressure that's sort of factored into your guide. Just trying to understand better whether your guide contemplates sort of like further deterioration and conservatism, or just more sort of a steady state in terms of what you're seeing today? Yeah. Great question, Ramsey. Let me just sort of hit that head on. We talked about beginning to see over the course of the fourth quarter this sort of emerging, you know, challenge, crosscurrents, whatever you wanna call it. We've factored that together with everything we're seeing in the trends in the business into the guide. It's certainly contemplated, you know, to the extent that we would, you know, be, you know, sort of beat that meaningfully, it would need to be a fairly, you know, abrupt reversal of those trends. We're expecting that to exist for the year in our guidance. Yeah. Maybe, Ramsey, just to give you a, you know, little longer term view. Remember, we've been at this for, you know, 20 plus years and certainly navigated through a number of cycles. you know, we're not seeing anything different than what we've necessarily seen in other economic cycles. The middle market is a pretty resilient, you know, group of companies related to, you know, very few companies go out of business. They are, you know, they do, you know, manage their expenses and, certainly, you know, are more cautious related to discretionary spend. Then we typically see, you know, our middle market companies, you know, those type of expenditures snap back pretty quickly as we exit a cycle. Got it. I also wanted to ask separately about pricing as a lever that you may potentially have deployed or could deploy. I'm just trying to think about that across your business, especially in this kind of, you know, context of macro distress. Is pricing? Yeah ... a contributor to margin, or how should we think about that? Yeah. It's a really good question and one that we talk, you know, a lot about internally, because, you know, based on our market, you know, leading position, and, you know, just, you know, overall volume of customers across the middle market, we have significant pricing power. Having said that, you know, the number one, you know, objective that we're focused on is, you know, in a market where still 60% roughly of the middle market has not yet adopted automated solutions, you know, how do we create, you know, incentives for adoption? We certainly don't want price to get in the way. It's a, you know, delicate balancing act that we're, you know, that we're following related to, you know, having some, you know, year-over-year, you know, kind of, you know, cost of living type increases, but are certainly sensitive to the amount of increases that we're passing through to not get in the way of our adoption objectives. Thank you. The next question is from Andrew Bauch from SMBC Nikko Securities. Please go ahead. Hey, guys. Thanks for taking the question. Just wanna think about the building blocks to getting this back to the 20% growth algorithm that you outlined in your prepared remarks. In that context, I wanted to kind of hone in on the political cycle. I mean, Joel, the disclosure around the $8.5 million in 2022 it's helpful. Maybe taking that number and thinking about, you know, where that goes in 2024, I mean, is there market research that you've done that can kind of directionally point people to where that could be and either from a magnitude or timing perspective? Yeah. I love that question, Andrew. That may be a gold star question that we get about, you know, thinking about, those building blocks. I kind of think of them in, you know, kind of base business that we have today. You, you hit a really good point around the political. Actually, I was in Washington, D.C. yesterday. We had our media customer advisory board meetings with our, you know, top media customers, including the political sector. What's really interesting is, you know, just, you know, a couple political cycles ago, you know, that sector hit $5 billion of spend in the political sector. In 2024, the industry's expecting to break $10 billion of spend. Today, we have roughly 30% of the political payment transactions running through our platform. Certainly, we're going to benefit from the overall kind of growth in political advertising spend overall. That's kind of inherent in our existing business. I kind of think of as, this is a really big year for us in terms of innovation and new product delivery. Product delivery kind of goes in cycles. What we're delivering this year in kind of three big buckets, starting with Invoice Accelerator 2.0 offering, which has a lot of excitement, both within the four walls of AvidXchange as well as in the outer market. We're gonna be in market during the second half of the year with our 2.0 version of that offering. In addition, we probably have the biggest payload we ever had in terms of new integrations, new accounting system, ERP integrations that we're gonna be delivering this year for our customers, and then combined with our new payment platform. Those are the building blocks from a product perspective to drive 2024, 2025, 2026 revenue growth and our confidence when you look at any multiyear period that we'll be north of our 20% organic growth targets. No, no, helpful to hear all that laid out like that. One other question, if I could squeeze in, maybe there's nothing here, but just wanted to touch upon what you're seeing on the supplier side of the world. I know that the buyer spend moderating in January and February is something that's contemplated in the guide, but is there any elements of macro weakness impacting the supplier side of the business that would also kind of influence the full year guide? That's a really interesting question and one that, you know, we study a lot because there's multiple things, you know, kind of happening at the same time. Certainly, you know, we've been, you know, active and very aggressively adding new suppliers to our network that our supplier customers, you know, were up over 16% last year. While we're doing that, we're also noticing that, you know, more suppliers are taking advantage of some of the data rate tiers that, you know, in our case, Mastercard offers to get, you know, reduced interchange based on how they process a transaction with the data. We actually... Although in the short term, it's a headwind perhaps on revenue, if you think of that way, we actually think it's a very positive development because what it does is it's driving adoption, and it also drives retention of those suppliers continuing to accept cards. They're using the data that we provide them as one of the key benefits of being on the AvidPay network to be able to be eligible to use that data to get, you know, better rates by qualifying for different rate tiers based on the data they're using to process. Although it may be, you know, kind of negative in the short term related to a supplier, you know, using a data tier, long term, we think it's a really positive element for, you know, long-term retention as well as adoption for suppliers of, you know, electronic payments, whether it be a virtual card payment, or even our AvidPay Direct. Thank you. The next question is from Bryan Keane from Deutsche Bank. Please go ahead. Hi, guys. good morning. just was thinking about how to model this out in term of cadence by quarter. Anything to think about, Joel? Any high-level comments also just on the key metrics on transactions or yield or volume, how to model that out for the year? Any puts and takes or any direction you can give us? Yeah. Bryan, I can tell you know, our typical guidance cadence is just to provide annual guidance and update that, update that quarterly. But certainly we're seeing some different trends in knowing what the political and float dynamics. What I thought I would share on this call is that, you know, we sort of see a range in Q1. I'll go ahead and sort of talk about our revenue expectation for Q1, kind of between $81 million and $83 million within that overall guidance. There's a few things to remember when you're thinking about those quarters. One, there's no political in Q1, when there was roughly, you know, $1 million last year, and there was about $3 million in the fourth quarter, right? If you think about the quarterly cadence. The other thing that I'd point out is float revenue, you know, first quarter last year was about $1.2 million, and in the fourth quarter that we're reporting now is about $5.8 million. Hopefully that gives you a little bit of color to think about the quarter. No, that's helpful. Mike, just on the M&A front, obviously, curious if there's any movement there since that's been a little bit stagnant, as you mentioned, for the last 18 months. Yeah. Well, it's what I'd say kind of the internally at AvidXchange, there's lots of activity in terms of our, you know, conversations that we're having with lots of, you know, kind of players in the market, especially those that are in, you know, smaller players in different industry verticals that we're targeting. I would say that our expectation is that we're gonna start seeing, you know, greater activity related to those type of, you know, providers looking at evaluating, you know, sale opportunities during probably, you know, the second half of this year going into next year. A lot of them were, you know, benefited from raising capital, you know, over the last two years. They're not yet in a position of having to go back to the markets to raise capital. We think that'll be the natural catalyst for them then, you know, evaluating whether they wanna go down that path or actually pursue a sale. Our current, you know, corporate dev activity is to stay in touch and to have, you know, lots of conversations, so we have a really good sense of the market when those opportunities arise. The next question is from Josh Beck from KeyBanc. Please go ahead. Yeah. Thanks so much for taking the question, team. I wanted to double-click a little bit, I think it was Mike Praeger's comments around discretionary spend. Yeah, I think what we've heard from some other companies in the B2B and, you know, general back office space has been, you know, customers have pulled back on advertising. They've pulled back on P&E. I'm just curious, like, are those the types of discretionary elements that you may be seeing a little bit of a pullback within? Does that really encompass all of your verticals, or is it maybe more so, you know, certain ones? You obviously called out financial services. Some color there would be great. Yeah. First of all, I would say, we're seeing a you know, kind of broad-based across all verticals, you know, some of that discretionary spend pull back. You know, we kind of think of it as, you know, what we've been able to ascertain is really falling into kind of three buckets. You know, number 1 being kind of advertising and marketing related spend. The second being kind of professional services, consulting, administrative type services. The third being some, you know, kind of tenant improvement build-out projects, you know, for expansion. Though the last 1 is probably, you know, geared towards, you know, more construction real estate, really broad-based, you know, impact that we've seen across all the verticals. Again, what I would say, though, you know, we're not seeing any dramatic fall off of any particular spend. It's, you know, you know, it's really slowing of, you know, of these categories, you know, on a nominal basis, which is consistent with what we've seen in past, you know, economic cycles across the middle market. Okay. Yeah. Certainly it seems like a little bit of belt tightening, if you will, which is a pretty consistent theme, you know, that we've heard. The other question was, you know, with respect to the funnel, it does sound like the top of the funnel activity has been encouraging. I guess I'm curious to hear about, you know, the conversion from, you know, the top of the funnel to, you know, the middle of the pipe to. Yeah ... the later stages of the pipe. How is that progressing? Really good question, Josh. When we think of, you know, one of the things, important to recognize, you know, top of funnel activity is just as it's designed, it's the top of the funnel, but a lot of things have to happen before it turns into revenue. You have to go through a sales cycle and then an implementation, you know, configuration cycle, and then once a customer is live, an adoption cycle. On the sales cycle side, you know, kind of the two metrics that we, you know, kind of focus on are one is, you know, any changes to close rates and then B, would be the timing, the sales cycle timing. There we've seen no changes to overall close rates. Those are consistent to what we've seen historically. The second one is related to timing. This is where we, you know, have seen, what we historically saw as a 60-90-day sales cycle. The, you know, across the different verticals, we're seeing that being extended by maybe 5-10 days, in terms of, you know, overall sales cycles. That's where we, you know, are seeing, you know, some impact. Thanks for the color, Mike. Thanks, Josh. The next question is from James Faucette from Morgan Stanley. Please go ahead. Thank you very much. Thanks for all the detail today. I wanted to go back quickly to your gross margin, and the incremental margin that you're having there. I'm wondering if you can help strip out at least some of how we should think about like float benefit versus natural leverage. I guess as importantly, is there any type of rule of thumb you can share with us about how that float could move around at least in terms of your planning operations in the event that interest rates move around, like if interest rates move 50 basis points or whatever metric you wanna use? Yeah. Got you, James. Okay, good question. Let me, I made a couple comments on gross margin, but I'll unpack it a little bit further. Again, I think I mentioned already, good expansion year-over-year. Again, this is the sort of the march we're on to sort of steadily improve gross margin to the point of that long-term target of 75%. Sort of, you know, sort of what we see ahead of us is getting into that 70% ZIP code. 320 bps year-over-year, you know, for the quarter or for the year, 64% up from 60.8. On the quarter, you know, a little less, 270 bps. We did see float benefit, which is a, you know, positive feature of the model. If I then let's take a look at gross margin and just sort of pull out the impact of both float and political advertising, because we recognize that, you know, you've got some puts and takes. Just to give you a sense of the impact there, I would say that the inclusion of the political business added about 100 bps in 2022 for the year and for the fourth quarter. Float added about 100 bps to gross margin for the year, and about 200 bps for the quarter as rates, you know, continued to ramp. Taking out both, you're up about 160 bps for the year. Again, on improved yield mix and efficiencies, that steady progression of gross margin expansion. For the quarter, we were down about 40 bps, and so we've talked before about as we've managed expectations going into Q3 and then going into Q4 about our cloud cost ramp, including some incremental headcount associated with getting fully in the Azure public cloud. You see a little bit of that impact there along with this spend softening that we called out separately in Q4. Looking forward, stripping both float and political out, we see good margin expansion continued on our way to that profit that we're calling in guidance. Your final question just around rule of thumb. I think what we've talked about is you should think about our float revenue as roughly 120 bps off of Fed funds rate on a lag. You know, as I mentioned in our prepared remarks, our guidance calls for about $30 million of float revenue for 2023. Got it. Just, I really appreciate that. Just as a quick follow-up to finish out that. You know, you guys have the benefit of having run this business for quite a while. As rates increase, do you see a change in your customers and those that are participating in the network's behavior in terms of how they pay or other things that would affect the underlying deposit amount effectively? Yeah. You know, part of our business model, you know, is that, you know, we, in terms of, you know, kind of how we manage the flow of funds, that's consistent in any scenario, you know, regardless of, you know, what, you know, kind of rates are related to, you know, deposits. What I would say is that, you know, across the board in the middle market, our customers are trying to solve, Yeah, solve for a more efficient automated process. Yeah. -is mission number one. And, you know, I think probably what you're getting at in terms of kinda managing flow, cash flow, things of that nature, monetization of flow is probably more of an enterprise focus of companies. You know, our customers are just trying to get their suppliers paid in an efficient way, reduce, you know, kind of the manual process and the paper process, you know, that they're going through today. We don't typically see that dynamic. Again, we, our characteristics are, in terms of how we manage the money movement, customers when they, you know, send a file directly from their underlying accounting system, and now, you know, we're up to over 225 different systems that we're integrated to, that triggers the flow of funds immediately into our platform as well. The customers still control the timing when they pay their bills. Right. No, that's great and great setup. I appreciate all that detail. Okay. Thanks, James. The next question is from Timothy Chiodo with Credit Suisse. Please go ahead. Great. Thanks a lot. Appreciate all the extra color on IA 2.0. I wanna hit a little bit on that just across three areas. One being the credit risk, assuming, and you've disclosed that you do assume that, but it's small, and you have the data, so not an issue there, but just wanted to clarify anything you could comment there. In terms of the funding, assuming that you're funding that today, if that could change over time as the program expands. Related to that, is there a rough percentage of TPV that you think about that might be addressable to the Invoice Accelerator program in terms of how much penetration the program could see over time? Would appreciate any of that context, some of that kinda today and some of that might evolve over time. Right. Right. No, that's a good question, Tim. First of all, you know, on the credit risk standpoint, you know, we have the benefit of having a true two-sided network that both the buyer and supplier are both on the network, and we have the benefit of seeing all the historical transactions that they've done between the two, you know, parties. Again, although we're launching our, you know, 2.0 offering, we've been in the market for the last several years with our 1.0 offering and have seen, you know, all the different examples of, you know, buyer and supplier behavior related to these type of transactions. We feel really good about, you know, that element of it, and that'll be a kind of highly automated, you know, kinda credit process. Related to the underlying, you know, funding element, yeah, today we are doing it on our own balance sheet. That is something that we're in our business model that we're planning to change. We view that we're, you know, roughly maybe 18-24 months away from having those balances be in a way that it's exciting, you know, for probably one of our existing partners. We have, you know, a large stable of, you know, bank partners that have been talking to us for, you know, for the last couple of years about being able to take this off balance sheet. We absolutely expect that we will do that, and that's part of our long-term model. As it relates to the last part of the question, you know, how we think of it is that this product is really, you know, best suited to help the cash flow needs of our small business suppliers. We anticipate that roughly of our total supplier pool, about 60% of our suppliers are small businesses. That's kind of the target market that we're making this offering available to. I think one, you know, kind of insight stat that we've kinda shared routinely, which is, you know, really what makes us excited and what, you know, led to really kind of the, you know, the building of our 2.0 offering is that, you know, over the last a year or so, we did notice that when suppliers were taking advantage of our Invoice Accelerator offering, within 90 days, they came back for ongoing advances. We're, you know, really excited about, you know, the impact that this is gonna have long term for our business. Michael, thank you. Those are great clear answers and point well taken on the currently on the balance sheet, but as it scales and you have more of a time series of data could take it off. Thank you for all that and the context on the SMB penetration or the portion of TPV. No, thanks, Tim. The next question is from Brent Bracelin from Piper Sandler. Please go ahead. Thank you. Good morning. You know, Mike, it sounds like there's a lot of optimism here, top of funnel. Sounds like you got a lot of new product that could help growth going into next year. It sounds like the real near-term challenge is just the mid-market and belt-tightening. Looking at past cycles, trying to assess here how bad does the mid-market get relative to TPV growth? I mean, are we talking prior cycles where you saw TPV go flat on a year-over-year basis? Does it go negative temporarily? The good thing about recessions is they are temporary. What can you tell us relative to past cycles within the mid-market on trying to assess near term where- Yeah. where TPV growth could go? Thanks. Yeah. First of all, we, you know, I, you know, particularly look at it in kind of two lenses. One is, you know, the underlying health of our middle market supplier, I mean, buyer customer. The second one is, you know, the impact on their transactions. You know, within the, you know, the last kind of negative cycle, being, you know, kind of the 2007, 2008 cycle, we had one customer go out of business across the middle market through bankruptcy. You know, we, you know, literally, you know, retained, you know, close to 100% of our customers from that perspective. That, you know, really demonstrates the resilience of the middle market. I would say on kind of different transaction flows, Yeah, what we've seen, and again, we were not in the payments business in 2007, 2008. We launched a payment network in 2012. You know, extrapolating from invoice volumes, you know, typically, what we've seen in the, in the past cycles is, you know, up to, you know, kind of a 5% headwinds across the different verticals within the middle market. You know, it's usually geared across this discretionary spend, you know, delaying, improvement projects, capital expenditures, things like that. They usually get caught up and, kind of, you know, snap back to those type of expenses pretty quickly, you know, exiting the cycle. That's, you know, what we've seen historically, and I think what we're seeing currently, is consistent with, you know, what we've seen, historically. There's nothing that's, you know, really an anomaly that, you know, we're saying, "Hey, we haven't seen that type of behavior before. Got it. It sounds like little to no churn impact. Do expect some sort of 5%-ish headwind to transactions processed, and then obviously the variable is gonna be how much discretionary spend is impacted. That's super helpful. That's all I have. Thank you. Yep. Thanks. Thanks, Brett. The next question comes from Darrin Peller from Wolfe Research. Please go ahead. Hey, guys. Thanks. Just a quick one. You know, it's good to see that the profitability levels have been pulled up a bit. I mean, maybe just a reiteration or revisiting what you guys expect and what your plans are on expenses for the year and the next couple of years and how you plan on managing that and balancing, you know, your growth investments versus profitability going forward now into 2024 and 2025. How much of a dramatic uptick we can hopefully see in those levels of profitability as part of your story. Yeah, Darrin, happy to take that one. You know, again, we've, you know, we're kind of pleased to bring forward by a year that profitability point in our guidance in the face of obviously some uncertainty. What that reflects is just a lot of discipline on the part of management to sort of be super prudent, but to continue to invest in the growth we know lies ahead, even on the other side of whatever this season is that we're in. Maybe one thing to call out is we do see kind of EBITDA negative in the front half of the year, EBITDA positive in the back half. I'm not sure if I made that clear before. You know, 2024 and 2025, it really depends on, you know, what the macro is doing. I would need to underscore any comment I make about, you know, we know that there will be an endpoint. We don't know when that would be. We're really focused on, you know, being a profitable business, you know, exiting 2023 and thereafter. Also, we have a huge market opportunity ahead of us, we're gonna be disciplined and use, you know, the sort of the capital that we're able to generate ourselves to invest in the business going forward. Yeah. Maybe one thing, Darrin, I'd add to Joel's comments would be, you know, again, we're in a, you know, a long game here. You know, I don't know, it's spring training in baseball, so maybe, you know, we're in the, you know, bottom of the first, heading into the second, you know, to give you context. It's, you know, really early in the, you know, overall game that we're playing. Still, you know, we're seeing, you know, roughly 60% of the middle market have not yet adopted any solutions, related to automating their accounts payable or payments. You know, we're, you know, balancing, you know, that investment and what we can do to drive that incremental adoption, you know, each year as well as, you know, kind of that efficient growth, to maximize profitability. I would say, you know, we continue to, you know, invest in, you know, what's kind of required for the adoption of the market. Maybe this also is a little opportunity to kind of advertise our upcoming June 1 Analyst Day. I think we'll be diving, you know, deeper in some of these, you know, questions, as well as providing some updated, you know, long-term targets related to gross margin. That'd be really helpful. Yeah. Just to cap it off, Darrin, I think the thing that I would say as we wrap that question is we do have a lot of optionality. We have uncertainty relative to the macro, but we're focused on investing in that growth, but we kinda have a lot of levers available to us to do so. Yep. Great question. Guys, very quickly, I didn't hear an update on the number of new buyers added throughout 2022. Maybe I missed it actually, but, I think it was 8,000 at the end of 2021. That's right. Yeah. We finished the year at 8,800. 8,000 went to 8,800 at the end of 2022. Okay. You're still expecting a decent number of net new, or... I know it's a tougher macro. Yeah. Yeah. I mean, look, you know, Mike made a comment that we're really kind of encouraged by the top funnel we see as we enter the year. You know, optimistic that we can continue to add buyers along with continue to see, you know, good net retention expansion, yield expansion, and deliver on the growth we've committed to. Cool. Great. Thanks, guys. You bet. Thanks, Darrin. The next question is from Tien-Tsin Huang from JP Morgan. Please go ahead. Hey, Mike and Joel. I know you guys have answered a lot of questions already. I just have one more just on transaction- Yeah, I'm happy to feed you, buddy. Hey, no, happy to be on the call. Just on transaction revenue retention, I think it's 103. Did you highlight or say what you're thinking for retention, let's say metric for 2023? What I really wanted to hear was, what has the historical rate looked like? I think it's touched 107. I think it's hovered around 103, 104. If we go further back, how has that trended? Yeah, great question, Tien-Tsin. You're right. We've sort of said that we see, and we have seen historically kind of pre-pandemic, kind of that 104%, 105%-ish retention, just underlying growth across our buyers volume. We saw that dip abruptly and then return gradually over time. That sort of gave rise to that 107% that you referenced. It was higher even in the quarters post-COVID recovery. We would expect kinda, I don't know, normal-ish in the 105%, 104% range. We don't guide that specifically in our forward guidance, but certainly do see a little bit of an impact there from some of the belt-tightening that we talked about. Got it. Thank you. You bet. Ladies and gentlemen, this now concludes our question-and-answer session. I would like to turn the conference back over to Mike Praeger for any closing remarks. Thank you. Well, again, I wanted to thank everyone for joining us here today. We're excited about the opportunities ahead of us, in the large opportunity that we're playing related to accounts payable and payment automation across the middle market, and we believe our leadership puts us in a strong position to capitalize on this opportunity. Finally, I wanted to remind everyone about our upcoming Investor Day on June 1 in Charlotte, North Carolina. With that, we'll close the call. Thank you. The conference has now concluded. Thank you for attending today's presentation.