We're ready for the AvidXchange part of the day. Please come on in. We'll take questions as we have with the other sessions through the Ask Question portal. Happy to take questions here as well. Of course, we got Michael Praeger, CEO, Co-founder, Joel Wilhite, CFO. Thank you both for being here. Thanks for having us. You know, we've heard from some of your B2B peers, we just heard from Toast, they also talked about their supplier network as well. It's very complex, right? Is what I've written down as my initial question, but just the problem that you're trying to solve here. We've gone through the pandemic, I think it drove a lot of interest. Yeah. In the space as well as activity amongst your clients now. Talk to us about the demand and how that's changed in your minds coming off of the pandemic. Mike, if you don't mind starting. Yeah. No. Thanks for being here. Yeah, yeah. Absolutely. Love being here. you know, it's really an interesting question because certainly the pandemic, you know, early on was a catalyst for our solutions when everybody, every CFO realized overnight that, you know, how are they gonna support, you know, a finance function working from home. Having their, you know, core applications in the cloud was kind of a requirement for that. flurry of activity and kind of, you know, you know, kind of 2020, 2021 as we, you know, kind of, really, you know, leaned into, you know, supporting all our customers and new customers in just the work from home environment. I think, you know, how that's kind of, you know, translated to today is, you know, kind of after that last couple of years, it's been really, probably more challenging getting the attention of CFOs as we are, you know, kind of more in a robust, you know, economic cycle combined with, you know, being, you know, still in the work from home environment, getting their attention to do these type of projects. I think what we're seeing in our top of funnel activity today, that's you know, radically, you know, shifted and, there's strong top of funnel demand, caused by, you know, the current macro environment. People are trying to do more with less, trying to, you know, eliminate or, you know, curtail headcount growth, and how do you scale a back-office function without adding headcount. Similar to past economic cycles, you know, we're seeing, you know, really strong top of funnel activity. You know, I usually get asked, you know, is are we seeing it across the board or is it particular industry verticals? I would say we're seeing it, you know, really across the board, and now, you know, all nine of our industry verticals. You know, you've been doing this for some time. We've been studying this space as well for a couple of decades, and you mentioned it, right? There are different cycles, and this is a little different with inflation and interest rates. Your optimism, you said top of funnel is fine, but does it make you wanna change your go-to-market or sort of your approach in general here, Mike? No, I think it kind of reinforces, you know, really the moat that we're building around the middle market. You know, what people don't realize, and one of the biggest, you know, difference or kind of, you know, characteristics of the middle market is the verticalization of the middle market. Right. We define the middle market as companies between $5 million in revenue and $1 billion. Just in the U.S. market alone, it's about 435,000 middle market companies. We believe that roughly 50% of them highly align themselves to an industry vertical that has unique either business process or accounting system process for that vertical. They're supported specifically by vertical specific accounting ERP systems. That dynamic is very different than, say, small business where, you know, if you're integrated to QuickBooks, you really have the small business market covered. Yeah. An enterprise, if you're integrated to, you know, SAP, Oracle, maybe some Workday, you have the enterprise market covered. you know, we're just, we're in nine verticals today in the middle market, and, you know, we have 225+ different accounting systems and growing that we support. I think what people really don't understand. Yeah. -verticalization and specifically the unique business processes that different verticals have, that you have to accommodate for. Yeah. When I got to know Avid, I think the one thing that others had sort of shared with me that the differentiator was all the ERP integrations that you guys had done. Right? All the work that you had done to get there. That supports what you had talked about. Composition of growth was another question that I had for you and Joel here, just, you know, how it's different. I know float income has played a bigger role, but we've historically thought of you guys as a +20% grower, right? Including M&A. What does the growth look like this year versus the past in terms of composition? Yeah, great question. Maybe first, just generally the way we think about growth. Please. You know, you mentioned that 20% number. We think about that as really the combination of 3 drivers. One, the degree to which we retain and expand the volume on our platform. Last year, that was about a 103.5%. A little bit of a macro impact. We'll talk about that in a sec. Overall, the expansion of that platform volume. Number 2 is just consistently adding more and more buyers. Number three is yield expansion that we get. Basically, the expansion of revenue per transaction across the platform. We see those three working together kind of outside of this macro window as essentially giving us confidence about a 20%. You know, we think the opportunity ahead of us, the 435,000 buyers in the middle market where we're only at, you know, 8,000. Those three drivers give us comfort, confidence about- Yeah. you know, an organic 20% growth rate. just to shift to what we've seen and. Please. What we would say about the future. For Q1, we, you know, we were pleased with Q1 results, even though we did see a little bit of softness in that total transaction growth. We were at 22% revenue growth for the quarter. We did see about 8% transaction growth overall. That's all of the transactions of all the buyers across the network. We were pleased by a couple dynamics. One, we saw some yield expansion on the software line. Software revenue growth was about 12%. On the payment line, we had about 27% revenue growth in the quarter. Now, a portion of that was float. You mentioned our interest revenue that we make off of the funds on their way between buyers and suppliers. Absent that float impact, we're about 17% payments revenue growth, which is consistent with the overall TPV growth on the platform. Just thinking about, you know, what we were clear about in our, in our, expectations for the year. Maybe the other thing I should add before I move on is we were pleased with our first quarter of profitability in the quarter. Sure. We still expect to be profitable this year. Our guidance contemplates that even in the face of some macro uncertainty around the total transaction volume that we're seeing. Like Mike said, we are seeing really strong demand and encouraged from a sales perspective. I guess the final thing that I would say is it's important to be mindful not just of the float contribution in the business, which we've called out to be roughly about a $30 million contributor to the year versus roughly $12 million last year. Right. This is also a non-political year cycle. We generated about eight and a half million dollars of revenue last year. We're looking forward to 2024, the presidential cycle, but we wouldn't have that political contribution in our media segment this yeah Got it. Let's dig in on the client spend side of it. I think that was one of the learnings for us, right? How cyclical is your client spend since you monetize that? We, right or wrong, we benchmark it against commercial card spend, which I know is over-indexed to TMT. Yeah. which isn't the best proxy. Help us. How should we benchmark your client spend? How discretionary, non-discretionary is that? Maybe, you know, I can start by providing a little context. You kind of really have to. It's hard to look at it as one bucket. You have to kind of look at it, you know, almost vertical by vertical. Okay. is how, at least how I look at it. I think, you know, we have probably, two verticals that are the most kind of impacted. Mm. by discretionary spend. The first is the media vertical. We think of maybe, you know, up to 10% type headwinds on, you know, kind of media related spend. Having said that, you know, we had a strong Q4 last year because of the political side, we also expect to have a, you know, pretty robust 2024. I would imagine. because of the political side. Yes. It's also forecast to be the first, $10 billion political ad spend cycle next year. We'll see how that plays out. Media is one. Then the second one is maybe construction. Then, outside, again, maybe up to, you know, a 10% head type headwind. Outside of that, across our other seven verticals, it's really, you know, I would say pretty consistent, maybe 3%-5% type headwinds. When you look at kind of the cost structure of these different, you know, verticals, we are, you know, fortunate that most of the cost structure is kind of fixed, right? I mean, till you look at, you know, you know, real estate, you know, kind of management, you know, operations and HOA management, you know, type of, you know, industries that, you know, a large portion of the cost structure is around service contracts, you know, preventive maintenance type contracts and things that are relatively fixed in terms of their expense. Not a big portion of discretionary spend across, you know, the majority of our verticals. Got it. No, thanks for going through that, Mike. The transaction yield, Joel, you alluded to it, transaction yield did surprise to the upside, right? I know it's hard to unpack. There's a lot of moving pieces around monetization rate, but short-term, what do we need to pay attention to? Yeah. No, we were pleased with the, with the yield in both, you know, overall transaction yield. Also, TPV yield was steady year-over-year and actually ticked up slightly versus Q4. If you look at that total transaction, if there's one metric that we'd focus on, that would be it. It was up meaningfully quarter-over-quarter, about, you know, $0.52-$0.53, about half of that float contribution. Even removing the impact of the political cyclicality and float, we see that continuing to expand. I think what we've said, you know, when we went public a couple of years ago and what we've, you know, the drum we continue to beat is that we have a number of levers and opportunities to see that continually, steadily expand. Okay. We're seeing that. We're seeing that prove out. Yeah. I'd say, you know, probably at the top of the list of those levers is the whole, you know, paper check conversion dynamic. For, you know, people that aren't, you know, as familiar with that dynamic on our payment network, about, you know, roughly over 50% of all the transactions today are still paper check. On the payment network side, we generate a software subscription revenue, you know, for every type of transaction from the buyer. On the payment network side, if it's a paper check, we have zero revenue and relatively high expense of $0.85-$0.90, you know, per payment of a check. When we flip it to electronic, it goes from, you know, $0.85 to pennies and zero revenue to, you know, $10 plus in revenue per transaction. Mm-hmm. That dynamic is really powerful for both, you know, the yield number, and I think that's where we've been leaning in, as well as gross margin expansion and obviously revenue growth. Okay. No. Good. It's a good segue into what I was gonna ask next, which is around real-time payments. You know- Yeah. FedNow, it was a popular question that I had from people submit to ask you guys. Tell us about the impact. Yeah. of real-time payments and some of these low cost intelligent payment networks. Yeah. as I call them. You know, I wish I had, like $0.01 every time, you know, back in the day, people asked me about, you know, kind of the, you know, the next evolution of ACH payments. Yeah. Then RTP, and now FedNow, right? Yeah. Here's what I would say is, one is, you know, internally, we really are leaning in as it relates to additional payment modalities for us. Within our closed loop network that today we settle through, you know, basic ACH that typically has a two day, you know, clearing time to it in terms of good funds, we can actually use, whether it be RTP or FedNow as really a real-time offering that they could get same day for maybe a different price point. Mm-hmm. Instead of 100 basis points for, you have an AvidPay Direct transaction that we settle through ACH with the remittance data wrapped around it, we could do the same thing with a FedNow payment maybe at 125 basis points. Right. as an example, right? We, we like these, you know, new payment, you know, modalities as a way to kinda continue provide optionality to create, you know, more options for our supplier pool. Now having said that, I think, you know, the history lesson at least that I've learned in running AvidXchange over a long time, is I think the all these new payment types as it relates to the ones sponsored by, you know, the Fed, take a long time to adopt. The reason being is the banks have to invest in it. All these new payment types are a significant, you know, development effort for the banks' IT, you know, effort. They have to be prioritized on roadmaps. The challenge that I think of the adoption cycle has for banks, you know, wanting to adopt these payment modalities, is that there's very few... there's little economics in it for anybody. I think what, you know, Mastercard and Visa, and probably Amex got right is in the, you know, the interchange model, there's plenty of economics in the ecosystem for everybody to drive adoption, whether it be the bank, you know, the merchant acquirer, you know, the card processor, companies like AvidXchange that have a software embedded experience. We're all trying to focus on driving adoption. Sure. There's economics in it for everybody. When you look at some of these, you know, FedNow type programs, I think the challenge is, in theory it's a great offering, but there's not economics in it for anybody to, you know, invest in driving adoption. I think that's one of the challenges that we see long term and why, you know, I think ACH has been a disappointment. RTP certainly been, you know, a big disappointment and, you know, I think, you know, one of the things that is a challenge, that's gonna be a challenge for FedNow. Yeah. No, that's well said. Nothing moves that quickly but, you know, if it benefits over time- Yeah. the elimination of checks. Yeah, absolutely. It's a win. I think all these things, you know, kind of, you know, one of the things I learned, I don't think there's one silver bullet... Yeah. that, you know, kinda creates this massive adoption of getting rid of checks for electronic payments. It's gonna be lots of different, you know, payment modalities that are all kinda chipping away at it. Good. Let's dig back to the business a bit. We'll take some questions. You talked up the hospitality vertical as a new one. Yeah. It sounded quite interesting to me. Again, you're leading with a pretty big partner from a, you know, integration standpoint. Yeah. There's a lot of competition in general in that space. How would this one rank for you in terms of other launches? Yeah. We're really excited about it because it brings a couple things together that are kinda core to our playbook on how we organically launch new verticals. The first one is, you know, where we're naturally seeing adoption of our platform today. Typically, when we have a, you know, 50+ customers, particular industry vertical that's new to us, start adopting our platform, our product team and, you know, myself take notice, you know, why is that? As that number's grown, you know, grows from like 50- 100, we really start studying, you know, why, you know, are, you know, in this case, hospitality companies adopting our platform and what business, you know, case are we solving for them. In the case of hospitality, it's interesting. hospitality, and the kind of the customers that have been adopting our program typically are managing between, say 30- 100 hotel assets. The business problem is that each one of these assets is really they get structured as its own independent legal entity, has its own independent chart of accounts, its general ledger system, and typically approval expense process that's based on the hotel. If you're managing 100 hotel you're literally it's like managing 100 individual companies. Yeah. running a bill payment process. Mm-hmm. That complexity actually is one that we support really well on our platform. We actually had the functionality already, because it's very similar to how, say, a large, you know, multifamily real estate operator may manage their multifamily assets, and some of our other, you know, verticals have similar characteristics. That business problem was one that we added a lot of value to. The second element is that we'd like the launch be highly integrated to the kind of the core ERP systems of that vertical. In the case of hospitality, it just worked out timing-wise that we're able to form a strategic partnership with the leading, really ERP system for hotels and lodging for kind of that, you know, up, you know, middle market and upper middle market segment with M3. With M3 we have kind of the best case of type of partnership where it's a white label partnership. They're putting their brand on it, but they're embedded into their ERP system, so every customer will have access to it. If you're gonna make payments in the M3 system, this is how, you know, payments get made. They get made through the AvidPay Network. It has the characteristics of things that we really like in terms of we learned over time is kind of the best way to launch a new vertical, and they've all kinda come together with hospitality. We're really excited about, You know, the growth of the vertical, and specifically now, you know, leveraging from an exclusive, you know, perspective, the M3 customer base. Yeah. No, it sounds compelling, and the fit is definitely there. We'll keep asking you for updates. Yeah ... as we go. It does sound so compelling. Let's talk about data for a second. I think, you know, when we first went through the IPO process, I know you sort of thought about longer horizon opportunities and data because you sit in the middle, we talked about this earlier. Yeah. You see so much of it across all these different verticals. generative AI has been a big- Yep topic here at the tech conference, not surprisingly. I know we'll see if it's more hyped than not. This monetization of your data, does that influence it, Mike, in terms of your thinking and the vision around data? Yeah ... and how to capture it? We think of our, you know, overall business in terms of we talk about the AvidXchange Business Flywheel. Yeah. The fourth gear of our flywheel, and we have four gears, and the fourth gear is, you know, how we use data to add, increase the value proposition to both our buyers and suppliers, as well as make our internal operations more efficient, by driving gross margin. What's interesting is about, it seems like, you know, everybody in the investment community- Yeah woke up, like, a month ago around generative AI, you know, AI, and everyone's talking about it now. We've been leaning into it for the last couple years, related in a couple areas. One is, on the front end of our invoice process with a product that we call, IDC, Intelligent Data Capture- Mm-hmm where we've did a unique partnership with Microsoft and their Form Recognizer, which combines their Microsoft's OCR platform with the machine learning, with their AI platform on how to read invoice documents. We've been, you know, working with Microsoft jointly on this offering for the last two years. That's kind of one element of it in terms of making, you know, kind of leveraging, you know, AI to make it customer facing. We have all kinds of use cases related to how we're using it internally in the business, really to drive better customer delivery as well as, you know, kind of, you know, reduce, you know, kind of costs. You know, another kind of area that we've been, kind of the second piece is around how we've incorporated into kind of our RPA functions of delivering payments for particular use case suppliers, where we have to actually log into their, you know, either billing or AR systems to help them with the reconciliation, apply payments correctly. Now being able to do that through more of an RPA, AI, you know, kind of technology to replace people- Mm-hmm ... that were doing that when we started. Mm-hmm. Those are all examples on how, you know, I think we have a lot of confidence around, you know, our, you know, gross margin expansion and certainly, you know, kind of our long-term targets, of which I have to give a plug here that we have our investor day coming up. That's right. next Thursday. We'll certainly be providing some, you know, updates to our kind of both, you know, midterm and long-term targets as it relates to, you know, learnings we've had since the IPO. My flight's booked, so I'll be there. Just to round out on the product side and data a little bit. I know that we'll talk about profitability too, and you've done a great job of focusing on that. Just thinking about product releases from here with R&D, especially with all this talk around, you know, data and everything you just mentioned there. Yeah. What can we expect out of Avid? Yeah. The first one is, you know, we have a really robust, you know, kind of I call it, you know, kind of, you know, product roadmap payload, you know, be delivered this year that's really kind of a combination of, you know, three things. The first is, you know, kind of finishing kind of the next gen, you know, next genning kind of all our, you know, kind of current platforms. We're about 70% through, way through that process, and we're gonna finish by, you know, some of the payment related aspects of our payment platform to support more multiple payment modalities. That's kind of, you know, 1 bucket. The second bucket is, continue to advance all kind of the, feature sets and enhancements that customers want from our existing products, including more integrations. Yes, we're integrated to 225 different accounting systems that support the middle market today, but, you know, there's probably, you know, a couple hundred more that the team has on the whiteboard. The third thing is new innovation. I think the, you know, the one big candidate that's gonna be released later this year is our Invoice Accelerator- Yeah kind of 2.0 product that, you know, will be able to scale for all the support, you know, all, you know, million of our suppliers today. We're super excited about that product, and that uses really a data science approach to how we think about the underwriting, related to, you know, advancing invoices for next day payment. Really excited about that. Clearly, I think that's gonna be our next, you know, $100 million business over time. I must say, yeah, we're gonna be talking about, you know, at our investor analyst day, next Thursday, you know, kind of what's next after, you know, Invoice Accelerator. Kind of the only breadcrumbs, maybe I'll give you is, we get a lot of interest from customers, who say, "Mike, you know, today you guys are our system of record, that you feed our general ledger for all our invoice-based expenses. Maybe that's, you know, 80%-90% of the expenses we have in our business, but we maybe have 10% or 20% that fall outside that, maybe in T&E- Yeah other expense management type solutions. Is there a way that we can, you know, kind of get those transactions as part of our platform? I think, you know, one of the things we're gonna be talking about is how we keep chipping away and bringing all those transactions into our platform by continuing to add more, you know, functionality and offerings to customers, leveraging, you know, us being the system of record for all their expense-based data. Interesting. Good tease. Yes, a few breadcrumbs. Yeah. I won't follow up. We'll wait for 1st June, get people to, you know, tune in. Any questions from the audience? Happy to. You know, we got some hands raised. If you wouldn't mind using the mic again since we are broadcasting that. Thanks. Thanks, Mike. Yeah. Thanks, Mike and Joel. I wanted to ask around pricing power. I know you talked about in the past that you feel as you added value, you have more pricing power, but trying to be very balanced about not price gouging and driving adoption. One question I wanted to ask on the transaction side, I know that some providers charge for checks, so I was curious, I'm sure that's something you've thought through. I don't know if it's in the middle market that maybe it doesn't work as well, but just wanted to ask about that. Yeah, good question. That is, you know, kind of, you know, expanding kind of our pricing model to, you know, kind of maybe charge directly for checks. I think, one of the things we're very concerned about is anything that would erode our momentum of adoption of the market. We're still in a market where, you know, 70% of the middle market is still processing paper invoices, paper checks, we don't want to give anything, you know, get in the way of that conversion cycle. Having said that, I think that there's some, you know, new ways that we will be incorporating, you know, new pricing strategies over time that maybe, you know, get at, you know, pricing for checks in a non-direct way by more of maybe an increase in software fees and things like that, you know, kind of accommodate the same objective that we have is probably gonna be our approach, but that's certainly something that we're looking at. Maybe one just clarification on the question for those who maybe don't fully understand the model. We don't charge the supplier for a check, but the buyer pays a fee per payment regardless of the mode. Just to clarify that. Yeah. Thank you for taking my question. I got two questions. One is you mentioned that, like, even with companies on your platform, there are still like 50%, 60% of people using checks. What's the hesitation there for them to switch to digital payments? You know, can you push that even further? That's question number one. Number one is, I noticed that you just launched the hospitality vertical. Congratulations to that. So when you decide to enter a new vertical, how do you make that decision? Like, what's the ROI see on that? How many years need to prepare for that, and are you looking for, like, grow it organically or inorganically? Like. Yeah. What's your thought on that? Thanks. Okay. I'll take the. We'll kinda start with the first one related to, still today, we have 50% roughly paper checks flowing through our platform and why can't we convert that to electronic faster? One of the things that I think we've learned is the power of existing business process, even though it may be manual and paper-based, it's really hard to change these processes for lots of companies. There's unfortunately lots of CFOs and controllers out there who think they've perfected their paper-based process. I think one of the things that we've seen is the catalyst for moving is for a handful of things. One is fraud. If there's a fraud event that happens, they quickly say, "We have to do something about this." For B2B payments, you know, roughly today, over 90% of fraud happens with a paper check. If you eliminate the paper checks, that really helps. Either it's a catalyst event or I call it kinda generational shift and hopefully, we don't have, you know, too many, you know, near retirement CFOs in the room. I think what we're seeing is when the kind of the current, you know, kind of older generation of CFO or finance leader, you know, kind of retires, moves on to the next phase of their life, and they're replaced by the next generation. Mm-hmm kind of younger profile- Mm-hmm who grew up digitally native in how they manage their personal expenses, one of the first things they say is, like, "Why am I getting a stack of checks every Tuesday and Thursday to sign? I don't do this in my personal life. You know, why are we doing it here?" They're a catalyst for change, versus a lot of existing, you know, finance leaders, believe it's just part of the job description of signing lots of checks. I think that is a very real dynamic, and we see it playing out every day, that when there's a change in, you know, kind of finance leadership, whether it be controller, CFO, finance leader, that's a natural catalyst for the next generation to say, "Hey, there's a better way of doing this business process." you know, we're leaning into that, and I think what we can do on our end is continue to do two things. One is, provide, you know, payment modalities and make it really easy for them to move to electronic payments and get the remitted data to do the reconciliation really efficiently. The second thing is education, is really kind of keep educating around the value proposition. Although they may think they perfected their paper-based process, our, you know, our research, supported by kind of the third-party research, that it still costs them, like $19 a transaction, their current paper-based process. They can significantly bring that down and save in the neighborhoods of $12 per transaction by moving to electronic payments. More education around that, combined with some of the newer generation moving into leadership roles. Thanks very much. My question's around Invoice Accelerator. Just curious what you guys have learned through the 1.0 sort of phase that you had, if you could provide any more detail. Yeah around the data science that goes into the underwriting process and then the level of demand that you guys have heard from your clients. Yeah, great question. We've been in the market for the last two years with our 1.0 offering of Invoice Accelerator. For those that aren't familiar with it's our offering where it allows for suppliers to advance eligible invoices for next-day payment rather than waiting, say, the traditional net 30-type terms. We've seen significant demand, as you can imagine, from the supplier community around this offering. Specifically, we've been in the market for two years trying to perfect really two main things. One is around the data science that we use to underwrite these transactions, because we use more of a data science approach into understanding the history between the buyer and the supplier. Although we technically may be buying the receivable from the supplier, we don't care as much about their financial wherewithal as we do the buyers who's actually paying the bill. Understanding kind of that dynamic is really important for our data science. The second piece, which is, we've actually was more challenging than we probably originally thought, was our ability to intercept those payments as they're flowing through the network. One of the inherent benefits is we don't technically have to chase receivables when these things are paid because all the money flows through our network. However, we have to get really good at intercepting those funds and, if it's a one-to-one ratio, it's pretty easy, but there's lots of different nuances around how customers pay their bills in terms of bundling with other payments, along with, say, they may be, you know, adjusting the amount of the payment for some service reason. You know, there's lots of reasons where it makes it difficult to intercept. We've been really working the last two years at getting really good at understanding all those use cases, so we can automate those as part of our 2.0 platform. We're excited. The one, you know, breadcrumb I'll give you, we're certainly gonna be showing a demo of the product, next week at our Investor Day. We have seen that for the 1.0 product, when a supplier comes to make an initial advance, within a 90-day period, over 80% of suppliers come back for ongoing advances. We really like that kind of attachment, and, we think it's gonna bode well for our 2.0 offering. Yeah. Again, the data is a big advantage, right? In terms of being able to offer that properly. Thank you for the questions. Anyone else? Yeah. Let's do last question, up here. We have the pressure of the countdown clock. 45 seconds. Hey, Mike. Been two years since the Core Associates acquisition. I'd love to hear from you learnings on construction and kind of your view in the construction space. Yeah. Construction. We had a kind of a growing vertical within construction, and then we, as Core Associates, we really kind of turbocharged our, you know, kind of leadership role within the construction segment, focused in the middle market. Core Associates specifically had a product called TimberScan, which was the offering for the Timberline accounting system for construction. We're really bullish on it. One of the things that we've done is now is we've incorporated the in-the-cloud SaaS version of TimberScan as the offering called Titanium. We are now in the market moving that entire customer base to the SaaS-based offering. One of the carrots that we have for them is when they do that, they get the AvidPay network integrated into the Titanium offering, which they don't have access to with the on-prem version. We think there's 2,000 customers there in construction that we're gonna be able to convert to the Titanium SaaS-based offering, you know, in the coming years, that the team is pretty excited about. What we're seeing in terms of top-of-funnel activity is really strong across the construction vertical as well. Great. We should probably wrap it up there. Thank you both for being here. We'll see you all next week. Thank you.