All right, I got the thumbs up. All right, this is the AvidXchange session. My name is Tien-tsin Huang. I cover payments, and really happy to have the AvidXchange team with us. Mike Praeger, CEO and co-founder, Joel Wilhite, CFO as well. We'll do a fireside chat. We'll take questions from the audience as well. Thank you both for being here. Thank you. Thank you. We were just saying, the only reason to come is to get another bag, Mike. So you They're really good for the lake, you know, for the boats, for the lake. We need any merch to get people to come to the conference, right? In addition to the content. Thanks again for being here. Yep. We had Mastercard earlier. We talked a lot about AP, AR, B2B payments, and the big potential there. So when we think about AvidXchange, of course, big player in middle market, you guys have that partnership with Yep with Mastercard. The question I get, and I always like to ask you up front, just to set the table, is just your moat. How would you lead the conversation around AvidXchange's moat to serve B2B payments, which is large? I answer it with a lot of the ERP integrations- Yep but I'd love to hear how you address it, if you don't mind starting with that. Well, that's a big part of it. So I start by saying personally that we're, you know, purpose-built for the middle market. We're a software company that automates the accounts payable and payment process for middle-market companies. Okay, so what does that mean, being purpose-built for the middle market? And, I think one is it means that we're solving the business problem of companies in the middle market. And then the second thing is, it means that we're integrated to all the supporting ecosystem players, like all the accounting systems and ERP systems that support the middle market. And so, on the accounting system side, today we're, you know, integrated at 240 different plus different accounting ERP providers. And the majority of those support different vertical industries that we're in. We're in nine different verticals. And that's really important because it's also important because of our go-to-market process, or focus, I should say, is around the verticalization of the middle market. We define the middle market as companies between $5 million and $1 billion in revenue. There's over now 500,000 of those companies just in the U.S. alone. Our estimate is that over 50% of them highly align themselves to an industry vertical that has unique either accounting process or a business process that vertical that requires a unique vertical-specific accounting system to support the vertical. We like that because it means that we can use our software to solve a very specific value proposition or business problem for those companies in that vertical. It creates more complexity that we can do a really good job of creating a value proposition for. So that's very different than, say, you know, Bill's doing a great thing with making a super easy user experience for small business customers, but what we're doing is we're solving very much more complex business workflow, accounting process for middle-market companies. So that's what makes it unique, is, you know, having purpose-built solutions for the different nine different, you know, kind of verticals to be able to handle those nuances along with all the integrations that support that middle market. So, it's hard work. We've been at it a while, but every quarter that goes by, we keep building this moat around the middle-market segment. And we like the middle-market segment because, just like, you know, in the current, you know, kind of economic times, these are companies that are really resilient. Middle-market companies don't go out of business in a down market. They cut back on some discretionary spend, but they keep, you know, evolving their business, investing in their business. And so we like the segment. It's been really resilient for us, and we like, you know, the industry positioning and the moat that we've created, for sure. Great. No, that's a good intro. So you've been at it for over a couple of decades. Yeah. Um. It's hard to believe. Yeah. I mean, we've been following the sector for a while in B2B, and some of the themes are still the same. How would you describe the demand environment for what you're describing now versus past cycles? Yeah. So it's really easy, it's really interesting because, you know, it's amazing kind of how short memories, you know, people actually have. And so, right, you know, one of the examples is, you know, so today we're talking about, you know, how to, you know, how do we really advance the payment acceptance for, say, middle-market, you know, companies and their suppliers around electronic payments? And, and that's kind of the dialogue. Well, when I started this business in our first, you know, in 2000, of our first probably eight years of existence, the number one, you know, kind of problem or headwind that we were facing is that, CFOs and CIOs and CTOs of our customers didn't feel comfortable having their financial data in the cloud. Right. And they're like: Mike, unless this runs like, you know, you know, in our data center, behind our firewall, and on-premise software, we're not comfortable, you know, taking core, you know, financial data and putting it in the cloud. Well, that was our first eight years of existence. Well, today, if I went to any of our customers and said: "Good news, we have a new on-premise offering for you," they'd be like, "Mike, non-starter. It has to be in the cloud. Yeah. Right? Well, like, everyone's forgotten about that already, right? And so it's really interesting, you know. And so today, yeah, we kind of solved that problem, and now, you know, it's pretty much mainstream that people are, you know, comfortable with having cloud-based offerings for financial data. But at the same time, we're still in the early days of the whole acceptance of replacing the paper process of paper invoices with electronic. And still today in the middle market, 70% of customers predominantly use, you know, a paper-based manual process for accounts payable. And, and that's what our mission is, you know, kind of to automate. And we, you know, today, you know, still about 90% of every new customer we, you know, we add to our platform is doing this for the first time. So still massive, you know, greenfield opportunity, and despite being at it for, you know, 20-plus years, we still feel like we're, you know, maybe in the first or second inning. Yeah. So what is the, what's the conversation like now when you're talking to your sales team and the feedback that they're hearing, given, you know, feels like we've been dealing with macro uncertainty for a while? I feel like I always tell the team it's like saying Happy New Year in February. We've got to stop saying macro uncertainty. So what's the... So if you think- I'll bring over that analogy. If you had to think about the backlog then and the pipeline in that context, Mike Yeah what are you hearing from your sales teams? I mean, so, so first of all, what I would say is it relates to the macro. I think that's more of an existing customer, their volumes on our platform, and just, you know, being more cautious around discretionary spend. It's showing up in our, you know, transactions retained on the network by, you know, in normal times, we think it's like 105%, or 104%-105%. You know, in today's, you know, season, it's probably more in the 100% range. Okay. Right? So that's where we're kind of seeing that kind of the impact. But as it relates to kind of the go-to-market activity from the sales team perspective, I think we're still seeing really high engagement. We're seeing, you know, companies, you know, they, you know, they wanna, you know, eliminate paper, they wanna eliminate manual process. And, you know, and one of the kind of the drivers that I've been talked about over, over time, you know, I have to be a little careful with the audience that I'm in, is like, you know, when we get to the point of more, you know, kind of older legacy-related professionals, you know, kind of retiring and you know, kind of- Yeah replaced by the, you know, more up-and-coming digital native professionals they're looking at it and saying: "Why are we, why are we doing it this way?" Like, and versus being kind of status quo, they're like, "You know, I haven't, I didn't grow up with a paper-based environment. I didn't, you know, grow up with a checkbook, so why am I signing 1,000 checks every Tuesday and Thursday," right? "And there must be a better way." They're asking those questions that historically, you know, weren't being asked by the older, you know, regime. And so I personally think that that's gonna be the biggest chasm, you know, chasm crossing event, is when we kinda get to that point. And then I think it's gonna, the adoption rate's gonna really accelerate. Okay. Can you rehash what you said about top-of-funnel activity on the call? Yeah. So, one of the things we use, we don't disclose, you know, kind of, you know, quarterly sales metrics. It's an annual metric that we disclose, but we try to give some flavor of you know, kind of customer engagement on a quarterly basis, and we use top-of-funnel activity as a way to message that. And so my message was, in Q1, it was flat with where it was a year ago. But I said, "But hold on a second, you know, there, let me kind of explain, you know, why we're not, you know, nervous or worried about it." And one is we see some really kind of positive elements to some of our verticals performing really well, real estate being one, led by the multifamily sector. Education, nonprofit being, you know, two other ones that are performing really well. In terms of new customer engagement, I said, but also, we changed some of our strategies related to how we invest in marketing. Over the course of last year, I've added really four new leaders that have done a really nice job, really elevating kind of all our, you know, kind of go-to-market processes and how we invest in marketing. These leaders came back to me and said, "Mike, you know, Q1 last year, we did roughly 85 different marketing-related events, and we put those through our new kind of, you know, ROI-type models. 30 of them don't make the cut anymore, so we're not gonna do those, and we're gonna take those dollars, and we're gonna allocate them to our highest yielding. I'm like: That sounds really smart, and it sounds like, you know, a good, you know, kind of ROI-based investment decision-making framework as it relates to marketing. So it just turned out that, you know, kind of that reallocation, you know, made it be that we invested in less in Q1, and there'll be a higher allocation in the other quarters. And we're already seeing some of the benefit in Q2, with our top-of-funnel activity up nicely. Okay, good. Thanks for going through that. I know that, you know, the visibility for your business is good in the short run. We think of Avid as a 20%+ grower over a full cycle, including acquisition. So maybe Joel, if you want to, you know, get into the conversation, what is the growth composition today? What's the algorithm tomorrow as we think about getting or building back up to that 20% growth? Yeah, great question. So you know, again, for the quarter, we had a good top-line result, almost 22% growth year-over-year. But to your point, you know, we also look at our business ex float as well. So the float composition created a Q1 growth around 15%. So if you think about our growth algorithm, we really believe that this business has the opportunity to grow 20%, even exclusive of M&A activity. But Q1 results is at 15, so what's the difference? And so I've just remind the group, the way we talk about the growth algorithm, that 20% is really broken down into three simple components. The first, Mike already talked about. That's the degree to which we are retaining the transactions on the platform. Before this macro kind of adjustment that we experienced a little over a year ago, that net expansion of transactions on the platform was between 104%-105%. What we're experiencing now is it's bouncing around 100, a little below, a little high, little And so there's roughly 5% of growth we're missing there in that dynamic. The second component is just adding new logos, new buyers. We added, you know, 8% growth last year, together with the third element, which is yield expansion. Those three dimensions, we believe, work- together, can work together, and have in the past, to give us, you know, overall 20% growth. So the key that we're missing is that retention dynamic that is tied to the caution and reduction in discretionary spending. That's kind of broadly how we get to the 20%, and that doesn't include yet what we're really excited about going forward, including, you know, the Spend Management, Payment Accelerator, et cetera. Right. Perfect. So I have to ask, so this quarter was uncharacteristic of Avid to not raise your revenue outlook. I know it's early in the year, but what, anything to read into that? Yeah, no, that's an important question, and it is different a little bit than our MO since we've- Yeah since we went public. And I've been sort of very deliberate to sort of point out that it, that not pulling the beat through the year isn't connected to data that we're seeing in the quarter, even as recently as April, and it is more sitting in what we see as an increasingly uncertain season. Whether it's you know the general macro environment, you know questions around interest rates, GDP growth, and also, to a meaningful extent, the way we see our CFOs and controllers across our buyers thinking about the presidential election and the uncertainty between now and then. And so we just said, "You know, it's early in the year. Let's reaffirm those guidance ranges." Nothing changing necessarily in the underlying data, but just an incremental level of caution and prudence on our part in maintaining the ranges. Okay, perfect. No, that's understandable. So how about your ability to catalyze growth, either on the product side or through your partner model with some of the verticals that you're in? I know you've mentioned a few new partners, like- Yeah AppFolio and M3. Are those some potential catalysts that we could see for growth just to pick up here? Yeah. I mean, I think when we think of that, you know, the formula per se, of how do we have confidence as being, you know, kind of a 20% kind of organic growth business on a long-term basis is: one is certainly the macro environment's going to improve at some point, right? And that's, you know, we know that's, you know, kind of causing today about a five percentage point, you know, headwinds- Yep to the business. The second thing is, you know, I'm really excited about, you know, our sales and marketing leadership and what we're doing with, you know, kind of our approach to, you know, new buyer customer growth, and adding new customers to our platform. You know, one component of that is, you know, some new partnerships that we talked about. Mm-hmm. Certainly, you know, that's just another example where, you know, we're just building our industry-leading, you know, kind of position across the different verticals that we're in by adding, like, the AppFolio partnership in, in real estate and multifamily. Recently, we talked about the M3 partnership and hospitality. Those are all great examples of, of that and kind of, you know, leveraging those to get access to a greater, you know, customer base. At the same time, we have a, a, you know, really some exciting investments in innovation. Our Payment Accelerator product, which we used to call Invoice Accelerator, and then I turned it over to the general business, and the first thing marketing did was change the name. So it's now Payment Accelerator. Yeah. That's clearly going to be our next $100 million business. Really excited about, you know, the evolution of it. We're going to be really careful this year to make sure that the product's scaling the way we want it to scale at the different volume levels, you know, that we want it to, you know, operate at. And then we have some exciting new products, like our Spend Management product, that'll be, you know, ready, you know, for initial set of customers by the end of the year, and then, kind of an exciting stable of new offerings that we have lined up after that. And it's all geared towards kind of the overall strategy. Our customers today tell us, "Mike, you know, we have about 80% of all our expenses running through your platform. Pretty much 100% of all the expenses that have an invoice- Yeah go through AvidXchange, but we have roughly 20% of our expenses that are in T&E, that are in other spend, you know, kind of programs that don't have an invoice. And it's really hard to get, you know, overall consolidated reporting and spend analysis, things like that. We have to cobble together, you know, these other third-party solutions to get their data, you know, into your system and into the general ledger. You know, can you help us with that? And so that's the path that we're on, is how do we create innovative products to keep chipping away at maybe that 20% of transactions that are not in our platform today? So users have one place where they can go and manage all their invoice transactions as well as their T&E transactions, other spend transactions, and the customer has now, you know, kind of great global reporting. So that's kind of the mission that we're on in terms of, you know, really partnering with our customers. Okay, good. I think the Spend Management one, I know you've talked a lot about Payment Accelerator, the new name. Yeah. But the Spend Management one is definitely compelling in my mind. Is it fair to say that your existing client base is under-penetrated with the solution- Yeah on Spend Management? Yeah, I would say yes. You know, it's interesting 'cause, you know, you have what I would say on T&E, if people have a formalized T&E program, you know, probably Concur is one of the best examples- Yeah that our customers use. But we, even when you poll our customers, you'd be surprised at how many middle-market companies still use, you know, Excel as their core T&E platform, right? And they actually don't, you know, have a platform. And then you have, you know, some of the new offerings around Spend Management, like, say, a Brex or a Ramp or an Airbase maybe. That's primarily, you know, been focused on, you know, kind of providing kind of a 30-day, you know, credit card to small businesses, right? But it would provide them a kind of an opportunity to kind of make spend that way. And again, I think there's no kind of one platform that's or kind of one, you know piece of the spend that's gonna drive to go from 80 to 100% overnight, but it's kind of chipping away at different pieces of it. And so we think that our spend, our spend platform is gonna really do a nice job of doing that for our customers. There probably is, you know, some really, you know, underserved customers that we have a, you know, a nice open-market opportunity to penetrate. Okay, good. Now, I know there's payments to penetrate. You know, we certainly look at or measure that with transaction yield that's been surprising to the upside for quite some time, even beyond float. Where do you see the yield going in the short term versus the long term? There's always this concern that maybe pull forward, or is this the normal trajectory or not? How would you answer that? Yeah, maybe I'll make a comment or two, and Mike can add. The, I mean, we've pointed to overall total transaction yield as probably the single most important metric, right? Yeah. It's all revenue over all our transactions. It combines the yield on both the buyer side, where we're selling software, and on the payment side. We've seen that even ex float, kinda nicely, steadily grow over time. I think without... I'm reluctant to give sort of short-term guidance. I think what you can expect is that, you know, what we see in the opportunity that we have is that we can continue keeping steady expansion in non-float transaction yield over time. It won't be linear, and, you know, there may be times when, you know, imagine when Payment Accelerator begins to ramp, or, you know, other things where, you know, we can see that, we can see that inflect. But otherwise, you know, steady expansion would be the near-term expectation. Good. Now, Payment Accelerator aside, there are—there's a lot of talk about RTP and these alternative payment methods. Some of them are gonna be used to address, you know, B2B and help drive penetration with a lower-cost solution. Are you—is there anything there that you're watching that might maybe change the, the, the growth equation? Yeah, I mean, so, you know, one of the things that, you know, we've been on the forefront for a long time is to, you know, our kind of belief and premise is that in, unlike consumer transactions, where you have a single payment modality, like, say, card, where, you know, rack rate interchange on one card offering works well for the consumer, right? In the case of business-to-business payments, there has to be a value proposition, and, and different suppliers, have different requirements related to, you know, kind of what's important to them. You know, is it price? Is it automation? Is it remittance data? and so we kind of take an approach where we believe that we have to be, you know, be able to create a really unlimited number of payment modalities on our platform that incorporate four elements: the speed of the payment The amount of the payment, you know, i.e., cost or interchange, the third being the level of remittance data that we're providing for reconciliation, and the fourth being level of automation to, you know, create a, as, you know, much of an automated process or a straight-through process as possible for our suppliers. And, and, and so what we've. You know, for example, just on, you know, virtual card, you know, we're up to, roughly about a dozen different virtual card offerings combining, you know, those four elements. And we're doing the same thing with AvidPay Direct, where we're combining those four elements to create different payment modalities. I think, you know, that, to us, is the secret to long-term success and how we can already take our, you know, industry-leading kind of 40% monetization rates to 50%+ over time, is by, you know, real time to supply, you know, to create, you know, suppliers', you know, need and what they, you know, what they're looking for, is to configure these payment modalities to address those four elements. Okay, perfect. Let me stop and take questions from the audience, if we have any. Happy to take them here. If not, I can keep going. I think they like your questions. I know. Or I've bored them to death already. I wanted to ask somewhat related to the different ways you tweak pricing versus speed versus automation. I know you've talked in the past about your new payments platform, so I just wanted to ask how that, maybe improves your speed to market or efficiency, things like that. Yeah. So, I think the question relates to, you know, what we've been talking about is our next-generation kind of payments platform, and so this is more of an iterative, you know, kind of a evolution of our platform, that, you know, it's, it's already been taking place. It's maybe, you know, 40% done, and the rest will be done over the next 6-12 months through kind of iterative releases. But where we're going is to have the ability to manage unlimited number of payment modalities, almost real time. So think of it as that, you have a sales agent on the phone with a supplier, and they're able to configure, almost real time within certain parameters, a payment modality that incorporates the speed they're looking for, the price point that they're required at, you know, that it would require them to move to electronic payment, the level of remittance data they need to have, you know, automatically sent to their billing system, and then a level of automation on, you know, how automated they want the process to be. And so that's, that's kind of we think is the Holy Grail, is to get to the point where we can real time, as we're on the phone or, you know, through another, you know, communication mechanism, you know, with that supplier, be able to real time configure a payment modality and immediately start executing payments with them with that new modality. And so that's, that's what we're working towards with our new platform, and really excited about it you know, and while before we kinda get there, you know, we're doing what we can by, you know, incorporating different payment programs, like we have a with virtual card, as well as we have a AvidPay Direct, which addresses a component of those, you know, by combining those four elements in a more static way for different, you know, supplier constituents. Good. Anyone else? I know we, I have some other financial questions. Before we get to that, just to build on Andrew's question, maybe on the data front, I know when we first, when you got all the analysts together, you talked about Horizon Three stuff. Data was a big thing. You see a lot of data being on both sides of the network, but now you have this Gen AI tech that's out as well. So, is that technology going to accelerate your planning to go after this data opportunity, Mike? Well, definitely. I think, you know, it's, I always smile when we kinda hear about, you know, kind of the, the AI stuff 'cause it seems like, you know Yeah kind of everyone woke up, like, in the last year, right? The reality is that, you know, we've been working on it for a long time, and different pieces of it in different pieces of our business. But I think as it relates to the data story, we're still, you know, scratching the surface in terms of, all the different use cases and how we can potentially monetize it over time. Certainly, just on the front end, you know, I just got back from, Saudi, as you know, Microsoft CEO Summit last week. Right. And there was a lot of, you know, energy and discussion around, you know, just taking, you know, kind of, data from free-form-type objects and be able to standardize it, right? And if you think about it, that's kind of the definition of an invoice, is a nd that's one of the biggest challenges everyone in this industry has always grappled with, is you have all these, you know, kind of invoice documents that are non-standardized, and how do you get that data and be able to read it and digest it in a way that you can create standardization, with it, which then enables to, you know, really drive value, that you can use it for all different types of use cases. And it's, I think we're still in the early days of that. The good news is now, you know, through AI, we have a much more efficient way of actually capturing the data, right? And standardizing it, you know, without which historically was a very manual process. Sure to do that. And so, so I think, you know, there's, there's kind of foundational work that's happening right today, and I think, we're leaning into and really working with our customers on is, you know, how can we make this data valuable for them? And, part of my litmus test that I use for everything with our team is, it's, it's one thing to say that they really want it, and then the second thing is, well, what's the price point that they'd actually pay for it? Because that, to me, describes the value that it really has for them. And so I think we're in the early days of that, but super excited about what that means. We think of, I describe AvidXchange as our four gears, our flywheel, and our fourth gear is around data. Yeah. And, I think, you know, the biggest use case we have today around data is how we're using all the data to, to really run and leverage our Payment Accelerator offering by all the underwriting criteria that we have by using the data, and I think that's just one beginning use case that we'll build on. But that's fun to hear. I know the fourth gear was always around data, but with... Not to get back to Gen AI, but just with the opportunity to automate and to take- Yeah more people and labor out of the workflow of everything you do, has your view on that changed since a year ago or two years ago when we had you here? Yeah, I mean, well, well, so, you know, one is, you know, I was telling somebody in our office, you know, I felt, you know, like we've made so much progress. You know, we've had, you know, in the last year, developed, like, 12 different work streams around different parts of our business that we're incorporating, you know, AI type projects, and felt really good. And then you go to, like, you know, the Microsoft CEO Summit, and then you kind of have a real, you know, real reckoning that you still have a lot of work to do, and you're- you may even be behind where you want to be, right? Right. But one of the things just, you know, as you know, is really kind of exciting. I talked about on our earnings call a couple weeks ago is how we've incorporated to really automate the IVR process and executing IVR-based payments. And so we were kind of on the forefront of this many years ago through, you know, leveraging, you know, RPA bots to do this. And it worked, but it was a little bit expensive. And also, what you have is every time something changed, you know, you kind of, you'd have to send your bot back to the maintenance department to get kind of retooled as, like, another decision tree was added to the IVR system, and things change. And what we have now is, we've now replaced it with Gen AI, and it's, and it's self-learning. So as there's, you know, nuances incorporated into the IVR system, our, you know, platform is learning those, and it's adding those, and, we're doing it at lower price points. And so, you know, so that's really exciting because, you know, you know, it's interesting. You know, at the time, you know, I kind of thought, Oh, when we kind of launched the RPA bots, it was like, Hey, okay, we have that one solved. You know, okay, move on to the next one. But then, you know, you realize, well, actually, now there's a next generation that can solve even better. And I think that's what, you know, AI is doing to us, and I'm sure others in a lot of ways, is even those processes that you thought you had automated in a good way, now there's even a better way, and a more efficient way to automate them. So, I think, you know, I made a comment, I think, you know, the new AI, you know, kind of just in that one business process, it's kind of a 10x leverage on humans and, you know, close to, you know, kind of over a 2x leverage on our previous RPA technology. Yeah. No, I remember studying the RPA side as well. Same question: Does it change your thinking on the opportunity set of companies that you would look to acquire, maybe buying some tools, companies to amplify what you're trying to do? I don't know if your- Yeah your appetite has changed because of some of the changes around the technology. I mean, I, I think the, we still, I think, are in a belief that in terms of from a product perspective, that we like our ability to, you know, organically build our own products. Okay. Just because everything is so tied to our core underlying platform, that anything that we buy has to be kind of rebuilt anyway. And so, but what we really like are acquisition opportunities that expands a vertical market or a customer base that we're focused on, and building a bigger customer base faster. And I think, as it relates to AI, now, I think in terms of the culture of the business, we wanna, you know, we, you know, if a company out there was, you know, didn't have any, you know, AI projects going on, they really hadn't adopted it, it wasn't on the forefront of how, you know, it's driving their strategies, we'd probably say that's not really the right cultural fit for our business. Because we want people that are highly innovative, that are helping us push the boundaries of kind of new innovation and new ways of doing things. We think, you know, certainly part of what you get in acquisition is talent and culture that enables you to kind of foster that mission and grow it, and maybe even grow it faster, and not be a detractor to it. So I think that's kind of one of the lenses that we're certainly looking at, you know, any new M&A opportunity that we're evaluating. So are there obvious verticals that you're interested in that you're not in today? Are there obvious verticals? I don't know there's obvious verticals in terms of, you know, how we think of, you know, new verticals for us. You know, it's not like, you know, there's a bunch of guys or gals sitting in a room in Charlotte, you know, whiteboarding what these may be. We look at our platform and say, "Where are we naturally attracting new customers today, that are maybe, you know, in different industry segments?" And so that's how, you know, a number of our industry subverticals got created, and hospitality was a good example of that. Our healthcare facilities was another one, where, you know, we, you know, got to a point of we had maybe about 50 long-term care centers that came to us as customers. We said, "This is pretty interesting. Let's start studying it." It got to about 100 different, you know, healthcare-related facility companies, and we're like: Let's create a vertical around this, 'cause we think this is a long-term, a really interesting subsegment for us to focus on, and there's some unique business process challenges that this vertical has. The same thing happened in hospitality. So I think, you know, what we're doing is we're constantly looking at all our customers on our platform and saying, "Where are there, you know, concentrations of kind of new sets of customers, and why are they adopting AvidXchange? What business, you know, problem are we solving for them?" And that's what leads to new verticals. And we're gonna continue doing that. So, I would say there's, you know, none today that are, you know, we're, you know, kind of itching to kind of evolve. I think what we, you know, put in the stake in the sand at our Investor Day, a year or so ago, that our next big mission is to be a billion-dollar revenue business. Right. And we can actually do that with the verticals that we're in today. So we're in nine different verticals. We're single-digit penetration in all nine, and so we're not even in a position where we have to, you know, add new verticals to hit our objectives. But, we're certainly gonna be opportunistic if it presents itself. Okay, that makes sense. We have 20 seconds left. Last question from anyone? If not, maybe we should close it out then. Thank you both for being with us. Thank you. Thanks a lot.