Great. Good morning and welcome back for day two of BMO's virtual software conference. I'm Rufus Hone and cover fintech and payments. We're really pleased to have the team from AvidXchange joining us this morning: Co-founder and CEO Mike Praeger, CFO Joel Wilhite, and Head of Investor Relations Subhaash Kumar. Guys, thanks for joining us this morning. Thanks, Rufus. Excited to be here. Great. And just a little bit of housekeeping for those watching on the webcast. There is the ability for the audience to submit questions through the portal. So please do submit those, and I'll look to weave those into the conversation. So just with that out of the way, let's maybe kick off with probably a question for you, Mike, but a little bit of background on AvidXchange I think would be helpful. If you could spend a couple of minutes on the evolution of the company and how you're differentiated in the market. Yeah, perfect. So we have been at this for a while. I founded the company back in 2000, and we describe AvidXchange as a software-enabled payments business that we automate the accounts payable process and payment process for the middle market. Middle market companies we define as companies between $5 million to $1 billion in revenue. There's roughly 540,000 of these companies in the U.S. today, just in the U.S. market. But what's important about understanding AvidXchange is that we, I call it, we're purpose-built for the middle market. And what does purpose-built for the middle market mean? That's really kind of where our differentiation is, is that middle market companies today, we believe about 50% of the middle market, being 50% of the 540,000 companies, highly associate themselves to a particular industry vertical that has a unique either accounting process or business process to the vertical that requires a unique vertical-specific accounting system. That's kind of part of our secret sauce is that we then highly integrate to these accounting systems and solve a unique business process for that vertical as it relates to how they pay their bills. Today we have nine different industry verticals from real estate, which is our first vertical we got started in, construction, homeowners association, or condo association management market, financial services being banks and credit unions, media, education, healthcare facilities, and our newest vertical, which is hospitality. And then we also cover what we call the horizontals, which are really kind of a handful of core accounting systems that cover more of the horizontal market being NetSuite, Microsoft Dynamics, Sage Intacct as examples. And so we go to market with direct sales within our different verticals, and then we support the horizontal through kind of partner relationships, whether it be bank channel partnerships, where we have about 35 of those, including a handful of white label partnerships being Bank of America, Fifth Third Bank, and KeyBank. And then we also deeply partner with the core accounting systems that either support the individual vertical or the horizontal, where we become kind of the AP automation partner for that accounting system to deliver this business process. And so we started the business, as I said, in 2000. Our first 12 years, we were a software-only business. And then in 2012, based on customer demand, we launched the AvidPay Network. And customers are saying, "Mike, now we have all our invoices electronically that we're managing on your platform, but we're paying all our electronic invoices with paper checks. Can you help us with that?" And that led to us launching the AvidPay Network in 2012. And that really kind of created that unique kind of, I'd say, suite of products that customers needed to really kind of automate their process, being the software for the AP automation combined with our payment network to eliminate their paper checks and to maximize their electronic payments. And so we went public in October of 2021 as part of the 2021 vintage. It's just been really laser-focused on just kind of executing the quarters since our IPO in terms of both continued kind of our mantra around 20% revenue growth combined with really leaning into scaling our gross margins as well as EBITDA profitability. Now today, we have several quarters of profitability behind us and free cash flow positive, along with continuing our growth. We're also a little bit unique in the sense that we're also headquartered in Charlotte and the largest software company in Charlotte. We like that position in Charlotte from a talent perspective. It gives us kind of a unique perspective in terms of being outside of San Francisco, the Austins, Bostons, and the world. Excellent. And maybe it'd just be beneficial for some of the audience if you could walk through how the monetization differs between the various types of transaction that you work with. So check AvidPay Direct, you mentioned, some of the premium products. Yeah. So great question. So we have what I kind of think of it as three main kind of categories of revenue that we generate. The first is software revenue. And so our buyer customers, as we call them, our customers that were automating their accounts payable process and their payment process, they pay us a software fee related to every purchase order, every invoice, every payment they make. And these are typically kind of three-year subscription agreements for the software. Then on the payment network, which is the second kind of component, we generate economics based on the form of the electronic payment. And so typically, these fall into kind of two big categories today. The first is virtual card, where we'll generate an interchange fee for that virtual card transaction. The second one is our closed-loop network that we call AvidPay Direct, where we settle through ACH, but we wrap a data layer of remittance data along with that transaction so the supplier customer can actually reconcile that transaction efficiently. We'll generate then fee revenue from our private closed-loop network transactions. Those are kind of the main buckets on the payment network side. The third bucket, which is kind of that emerging kind of revenue source for us, is what we call supplier financing, which is led by a product called Payment Accelerator, where a supplier on our payment network can raise their hand and say, "Instead of waiting the traditional kind of 30 days on a net 30 invoice to be paid, I want to be paid tomorrow." Then we will accelerate the payment of that transaction based on eligibility. We have the ability to see both sides of the transaction because both the buyer and seller are on our network. So we have all the data analytics to understand the eligibility of that type of transaction, as well as kind of the volume of invoices that particular supplier has across our entire network. So it makes it really a unique position for us to advance these payments and operate at a close to zero default rate as we kind of execute that supplier financing piece of the business. So those are kind of the three layers today. Then I would say there's probably an emerging kind of fourth layer that we're working hard on, and that's the data and how do we actually monetize data over time. So that'd be certainly something that would be fun to talk about in future fireside chats down the road in terms of how we're starting to monetize the data component for both our buyers and supplier customers to increase their value proposition. Great. Maybe just coming back to the vertical-focused go-to-market approach, I suppose, where are you in terms of penetrating each of those verticals? Do you have any plans to go beyond the nine, or do you have a lot of wood still to chop in those nine verticals? Yeah. I mean, it's interesting because we've been at this a while. One of the reasons why I still wake up super early in the mornings thinking about this on most days is that we're still single-digit penetration in all nine of our verticals. Even the real estate vertical we started in 20+ years ago, we're still single-digit penetration. We talked about at our Investor Day last year, our next big kind of milestone of growth is to reach $1 billion of revenue in the next five years. We don't have to add any new verticals to be able to do that. Just increasing our penetration rate in the nine verticals and the horizontal is kind of the answer to kind of achieving that growth. Now, certainly, I think we'll continue to be opportunistic and continue to kind of grow our industry verticals as we see the opportunity arise. But that gives you a sense of kind of that opportunity. And again, we're considered by most accounts as being the overall leader, the largest AP payment automation company in the middle market today, and we have just over 8,000 customers and a market size of 540,000 in the middle market. So still, as you said, a lot of wood to chop. Just thinking about the penetration of payments in this market more broadly, you've seen pretty, I'd say, gradual adoption of digital payments in B2B. Obviously, the pandemic pulled forward adoption of digital payments for a lot of companies. As you look out, what do you see driving incremental adoption of digital payments from here? Yeah. I love this question because it kind of falls into two buckets and things, those things that we control and those things that are kind of general kind of industry adoption-type trends, right? And so we believe that we can control kind of the input of the adoption by continuing to increase the value proposition for both buyers and suppliers, right? And that's from a product perspective, how do we keep chipping away, increasing the value proposition, making our offerings more valuable, higher impact for them? And that kind of relates to new payment types, continue to add new features, functionality to the platform. We're adding. One of the things we talked about under development now is our spend management platform to be able to go hand in hand with our invoice platform to capture 100% of a customer's expenses. Today, we're capturing about 85% of their expenses, 100% of the expenses that have an invoice, but there may be 15% of transactions that don't have invoices. And typically, these are in third-party applications or Excel worksheets today, be able to capture those into the product. And then you have what I'd say general industry trends, and all of them are going in our favor that are serving as catalysts. So certainly, you hit on the first one that COVID had an impact on, and as the general continued to move to the cloud and companies now comfortable putting their financial data in cloud-based applications. The second one is around fraud. In the business-to-business world, payment fraud, 95% of it is derived from paper checks. So if you limit the paper checks, you really eliminate your fraud risk. So that's certainly a catalyst for us in terms of companies adopting once they have a fraud incident. And then the third bucket, what I would say, is something I call the generational shift. And I think this is going to be the biggest step function change that we have on the adoption curve. And that is when kind of the current kind of vintage of finance professionals, CFOs, controllers are replaced by the digital native generation. And they look at this business process and they say, "Why am I getting 1,000 checks every Tuesday and Thursday to sign? I don't do it in my personal life. Why am I doing it in business? There must be a better way." They ask those questions for the first time versus kind of a common occurrence that we see in the marketplace today is that with the current kind of tenure of finance professional, they inherited a process. They're like, "Well, I inherited this process. I'm not sure if it's broken or not. Maybe it's not that efficient, but it works." They don't think of necessarily the importance of eliminating paper or eliminating manual process until they have some catalyst event occur versus the digital native looks at the process and said, "It's broken. We need to fix it immediately because it's too manual. It's too paper intensive." That's the difference that we see. Certainly, all the trends are in our favor, and we're doing our part by continuing to increase the value proposition. Got it. And I suppose you're tailor-made for the middle market. Have you seen any, or I don't know if you could characterize any differences between what you see in the mid-market in terms of digital adoption and what you see in the SMB space? Yeah. Well, I would say that that's a good question. I'd answer it from kind of a buyer customer adopting automation solutions. What I would say is that in small business, it's probably easier to adopt solutions faster because you don't have business process to change or to kind of implement, right? And you can kind of get up and running really quickly. In the case of middle-market companies, these are substantial companies. Many of them are hundreds of millions in revenue, and they have very sophisticated business processes, approval processes. A lot of them have multiple general ledgers and multiple accounting systems that they're using to support their business. And so it's a different level of complexity from that perspective. But once what I would say the middle market, what we like about it is it's incredibly resilient. In a down market, middle-market companies don't go out of business. They cut back on discretionary spend and kind of tighten their belt a little bit, better manage their business. But middle-market companies don't go out of business versus small businesses are more fragile. And you have a down market. There's actually some degree of small businesses that don't make it, right? And so that's part of that different of the dynamic in the middle market. And one of the things that we like, and then when we solve a particular business process in one of these verticals for them, that value proposition really goes through the roof, and it becomes very sticky, and they're a long-term sticky customer with great recurring revenue metrics related to it. Got it. Have you seen any pushback from your customer base around the cost of acceptance? I don't know if they've been more willing or less willing to adopt, let's say, virtual card. I don't know if you've seen any of that behavior change from your customers. Yeah. So I think what you're talking about is on the supplier customer side, their kind of willingness to accept, say, interchange-related transactions. And so we're up to 1.2 million suppliers on our network and growing and adding new suppliers to our network every day with virtual card as well as our closed-loop network. And one of the things that I would say that because I know there's been others in the industry that have kind of highlighted maybe some of this friction is we've been on the forefront since the beginning, and we made a big strategic kind of decision in 2012 when we launched the AvidPay Network. And this was directly attributed to kind of a lot of discussions had with Sachin Mehra at the time, who is now the CFO of Mastercard. And Sachin Mehra at the time led B2B payments for North America. One of the things I took away from a lot of discussions I had with him, if we're going to build a true two-sided network and get real true industry adoption, we need to think of the supplier as a customer, and we need to create a value proposition, build products for them, have a dedicated Sales force, dedicated success in order to achieve that. And so it was expensive in the early years to build, but now we're starting to see the flywheel effect. And what I would say is we're building a value proposition for that supplier on why they choose to be part of our network. It's about, on the payment modality side, combining four elements of speed, cost of payment, level of remittance data, along with level of automation, allowing the supplier to manage their own business rules on how they want to receive payments and what kind of characteristics they want a virtual card payment versus, say, a closed-loop payment versus a paper check if they still want paper checks for some type of transactions, and then have access to Payment Accelerator to be able to advance any of their payments for next-day payments. So it's a broader value proposition that we're providing for them that want to be part of our network versus just saying, "Hey, we want to pay you. We want you accepted on a card." That doesn't have a very good value proposition versus what we're doing with that supplier. Got it. Macro is top of mind for a lot of businesses. You've been seeing some headwinds to your transaction growth rates and volume growth. I guess broad question is sort of how much of that is macro-related? Yeah. So we have a great, and Joel can jump in here as well, but we have a great metric that gets at the heart of this. And that is we have a metric that we use. It's called transactions retained on the network, which we measure from one period to the next, those transactions that we retain. So it's kind of the equivalent of kind of same-store sales between our buyers and their suppliers. And on a kind of normalized basis, we think that number is kind of 104%-105%. And in the current environment, it's closer to 100%. And so we're seeing kind of, I'll call that five percentage points a headwind, which we think is attributable to that pressure of discretionary spend caused by the macro market. Again, middle-market companies not going out of business, but what they are doing is they're cutting back on discretionary spending, typically in areas of marketing, professional services, consulting, along with then perhaps pushing out preventive maintenance projects, maybe pushing out capital projects, things of that nature until they have more confidence in the general economy. Then usually that spending comes back pretty quickly. It's been our experience in navigating through cycles over the course of our 20+ years' existence. Gotcha. And maybe just following on that thought, and I'd love to bring Joel into the conversation as well. But discretionary spend, it's been a topic that's been under pressure for some time. I guess not a new phenomenon, but just more thinking, how has that transaction retention number trended in the last few quarters? Has it been declining the last quarter or two? And if so, what do you think's driving that kind of incremental pressure? Yeah. Happy to just chime in. And again, Mike laid it out pretty simply. And just to come back to the composition of that spend, it's been fairly consistently sort of suppressed since the first quarter of 2023. And again, the kind of spending we're talking about is things Mike mentioned, professional services, advertising, tenant improvements, capital projects, etc., kind of non-routine and discretionary is how we bucket that. It's been fairly consistently choppy is the sort of label that I've put on it. In terms of that net transaction retention, it's a metric we disclose just once a year. But to give you some color, we finished last year at about 101.5. And we started the year a little stronger and finished the year a little weaker, obviously, given that this really began for us as we entered 2023. And so just like Mike said, it's hovered around 100, sometimes a little plus, sometimes a little minus. And so it's been reasonably consistent at that level for that long. And so we believe that that level of spending returns at some point. We believe that those aren't sort of permanently removed costs in these operating businesses. But in the meantime, we're seeing that caution being exercised fairly consistently. Okay. Sticking with sort of recent trends in the business, on the first quarter call, I think you mentioned that your top-of-funnel, your lead generation activity had temporarily slowed down. Could you walk us through some of the drivers behind that? And I guess how has that top-of-funnel activity trended more recently? Yeah. So as Joel indicated, we don't disclose kind of logos on a quarterly basis, but one of the—I provide commentary on top-of-funnel activity, which is kind of a leading indicator to kind of our sales and new logo growth. And one of the comments I made is that our top-of-funnel growth was kind of flat. The growth was flat quarter-over-quarter from last year to first quarter of this year with an asterisk. And kind of the asterisk was that we kind of changed some of the methodologies and got more rigor related to making better ROI-based marketing expense decisions across the business. This is, I think, a direct reflection of some of our new sales leadership that we've added in the last year, led by James Sutton, who's great background, came from Gusto and Google Enterprise and Salesforce previously, and just operating with more rigor around ROI-based decision-making. And so the team came to me and said, "Hey, Mike, we did about 85 different marketing activities and user conferences to support the various accounting systems across our nine verticals during Q1 of a year ago." And we put those 85 activities through our kind of current ROI framework. About 30 of them don't make the cut anymore. And we want to take dollars for those 30 and reallocate them to our highest-yielding type activities that we do. And I said, "Sounds like a great ROI decision-making framework, and we're just getting better at running the business." But what that resulted in, some of the things that we typically do in first quarter, we're going to be doing more things around higher-yielding things over the course of the year. And we had some examples of industry trade conferences that used to be in March got moved to April and May this year. So we believe that over the course of the year, we're going to be just fine in kind of that overall top-of-funnel growth and engagement. And we're seeing higher quality closing cycles or close rates, I should say, as well, which is a kind of reflection of the quality increasing as part of our top-of-funnel pipeline. Yeah. I'd love to kind of pull on that thread around the Salesforce. And if you could maybe just riff a little bit on the changes you've made over the last year or so. Like you said, you brought in new CRO, James Sutton, at the end of 2022. Just what kind of adjustments have you made to the Salesforce more broadly? Yeah. So I love the talent question because usually we don't get a lot of questions on talent at a lot of these investor conferences, right? But what I would say, we talked about a year ago, our next big milestone growth is to be a billion-dollar revenue business over the next kind of 5 years. And what that means is that we have to think about how we operate at a different level of scale than we've operated historically, right? And that means some additional talent that has experience in operating at that scale as well as continue to develop our internal teammates. Well, on kind of the sales leadership side, in addition to kind of elevating and kind of growing a lot of our existing leaders, we added kind of 4 new senior leaders that came from whether it be Google Enterprise or Salesforce as examples. They've brought a different level of both how do we scale Salesforce to operate at a different level of scale. The mantra that I gave to the objective to James Sutton is, "Build me a billion-dollar Salesforce and a billion-dollar sales process," is his kind of number one objective. A portion of that is talent. So, but you have to kind of, it's a balance between kind of growing your existing talent for the next level of scale combined with identifying where you have gaps in skill sets or experience sets for that next level of scale. We've been very focused on doing that and really excited about a lot of the new talent that we brought in. It's created a better rigor in just running the business as an example of the discussion we just had in terms of marketing spend. I think we're just getting better as a company and certainly putting in place more scalable processes across the board in terms of how we scale to that next level of revenue growth. Got it. That's scaling. None of that sort of means shifting up in terms of the size of the customers you're going after. It's still very much the same kind of average deal sizes you're looking at, things like that? Yeah. The answer is yes in terms of that middle market focus. What I would say is that we're seeing a natural kind of tendency to grow more upmarket within the middle market. And I think it's a natural reflection of the additional kind of features and functionality we're adding to our platform. So over the last couple of years, we've been very focused on adding more purchase order, three-way match, procurement-related type tools to the front end of our invoice system. And that's geared to bigger companies that have more purchase order requirements as part of their purchasing process. And so we have seen roughly about a 20% kind of growth in our average deal size going from roughly $50,000 a couple of years ago to closer to $60,000 today. Okay. Great. And maybe just touching on one of the metrics you report, the transaction yield. We've seen steady expansion in the core transaction yield. So if you strip out the float revenue, your political media revenue, I guess, where are you in that transaction yield expansion phase? It seems like you're relatively early in the rollout of some of these new products. Just thinking, where can that yield get to over time? Yeah. Joel, do you want to start with that one? Yeah. Maybe I'll just look. The last bit of your question is, where can that get to over time? We've been a little less specific about that from a financial target perspective. But what we are proud of is the steady, consistent expansion of that overall total transaction yield, even ex-float. Float's been a nice boost to that and drops straight through. But even removing that dynamic, we see good steady expansion. And that's both if you break it down into its pieces, yield on our software transactions, the monetization to our buyers has been kind of steady to improve, but certainly even to a greater degree expansion of our TPV yield, our overall yield on payments. And so I'll come short of kind of declaring what we think that number becomes over time, but I'll just say that we have some really important levers. We've talked about them already, taking checks out of the system, replacing with electronic payment, adding products like Payment Accelerator that monetizes transactions that already exist on the platform. I think we'll have other opportunities like that given the data on our platform, the network between buyers and suppliers. We're encouraged by what we've seen so far and expect that to continue to be kind of steadily grow over time. Okay. I know you've laid out some details around the product pipeline at the Investor Day last year. Payment Accelerator gets a lot of attention. Maybe we could spend a little time on that launch and that rollout, but also I'd love to hear about some of the other product opportunities. You mentioned data and analytics being another leg of that as well. I suppose, what do you think could be the next meaningful contributor besides Payment Accelerator as well? That'd be interesting. Yeah. So certainly, we've been talking about Payment Accelerator really ever since we went public about that's going to be the third leg of our revenue model and super excited about the growth of that business. So we kind of moved from a kind of Invoice Accelerator product and launched to kind of Invoice Accelerator 2.0 product, which we rebranded 2.0 as Payment Accelerator when we launched it in kind of late last year in October timeframe. And we're working this year to really kind of scale it incrementally to make sure the new platform is working as designed. It's a brand new platform in terms of user experience, in terms of our onboarding process, rapid onboarding process, real-time of new suppliers to the program, combined with continue to kind of expand the data analytics for underwriting, along with a different money movement process to be able to better bifurcate payments as they come through to make sure that we're recapturing our portion correctly. Those are all kind of key kind of improvements that we've made on the new Payment Accelerator platform compared to the MVP product that was in the market. We want to make sure it's working as designed at every level of incremental scale. That's what this year is about, is keep increasing the scale of it. The objective is, do we go into 2025? Is it B2B's prime time for all 1.2 million and growing suppliers that we have? So right kind of following on the heels of Payment Accelerator, we have our spend management platform that we're excited. And so think of it as maybe those who are familiar with, say, a Divvy, a Brex, a Ramp, but it's our version specifically geared towards middle market customers and specifically AvidXchange middle market customers with the sole objective of how do we take a customer's 85% of expenses that are already on the Avid system that relate to invoices and capture that remaining 15% that may be our non-invoice transactions like T&E, like department-level spend, things, emergency spending, things like that. And that's what we're solving for with the spend management platform. So super excited about that. It's going to have a really kind of a great user interface to be able to manage both expense-based transactions as well as spend-based transactions as well as invoice transactions. And then we have, as we kind of talked about, working to kind of continue to extend the purchasing process that we have companies. And we think marketplace-type functionality and creating vertical-specific marketplaces are kind of one of those ideas that we think can drive an incredible amount of continued value for our buyer customers, just kind of continue to improve their purchasing process, adding more controls, better ability to purchase on discounted pricing that they may have with suppliers, all those types of things. So those are some of the things that we have in that innovation bucket. They all gear towards how do we continue to increase value for both our buyers and suppliers as well as monetize another layer of monetization of every transaction. Yeah, maybe just following up on the spend management opportunity, do you think that the card opportunity or the virtual card opportunity is more significant in the spend management piece than the rest of the business? Or do you think it'll monetize around the same level as the current business? Well, no, it'll have a higher level of monetization just from the fact that to use the spend product, you can't use it to deliver a paper check. So to use the spend product by definition means that you're working with a supplier that takes card or another form of electronic payment. So it'll have a higher level of monetization for sure because it'll be closer to 100% electronic payment penetration versus the 40% that we have today. Great. And yeah, just following up on Payment Accelerator as well, I guess, do you think that product can resonate with most of your customers? I know you've got a middle market focus, but this is a working capital product. Do you think that'll be of more interest to your smaller customers versus your larger ones? Yeah. So one of the things that's important to do is bifurcate kind of who we're kind of talking about as customers. So this product is geared towards our supplier customers. So on the buyer customer side, 100% of these customers, these 8,000 customers have our middle market. But on the supplier side of the equation of our 1.2 million supplier customers, we estimate about 10% of those are considered enterprise suppliers, maybe another 30% are middle market, and then 60% of the 1.2 million are small business suppliers. So the Payment Accelerator offering is geared specifically towards we think that 60% of those customers that are middle market is kind of the product-market fit for Payment Accelerator. Gotcha. Maybe just for the last few minutes, we'll follow up with a couple of questions on margins and M&A. But we've talked about the yield expansion opportunities. EBITDA margins seem like they're in a nice upward trajectory. You've shown really strong incremental margins the last few quarters. Can you sort of frame what the opportunity is from here and how quickly do you think we can see margins inflect up? Hey, Joel, let me take that one. Yeah. No, great question. We've been really focused on this for years, and this has been the plan. So what I would say is maybe just to sort of cover some numbers. So in the first quarter, we delivered a little over 72% gross margins. If you go back two years, it's up about 10 points. And so that margin expansion, gross margin expansion is really a function of expanding revenue yields and increasing sort of efficiency and decreasing unit costs. So we've just been very focused in running the business in a really disciplined way and have a lot of opportunity to streamline our own processes and workflows and supporting our buyer customer journey and the payment process that's downstream of that AP automation. So what more would I say about that? So what we've also talked about is our path to profitability. So last year, we began on an EBITDA basis, now generating free cash flow, and we think we really have an opportunity to continue to expand those gross margins. 72% in Q1, if you take float out, which is a nice benefit and drops all the way through, that gross margin was 68%, still up four full points over the same period in the prior year, but with headroom to sort of get into the mid-70s as we've talked about our targets being. And so we've come a long way, but we've got wood left to chop, to use your analogy. And so that's on the gross margin side. And then on the operating expenses, we've begun to see really good leverage both from a G&A perspective, also increasingly R&D. Sales and marketing, we expect will be range-bound kind of in the tracking revenue growth. But all those working together gives us confidence about a Rule of 40 business next year and continually expanding gross margins and EBITDA margins. Great. Maybe just finally, let's touch on capital management and M&A. You're in a nice position of having net cash on the balance sheet. I guess, what's your high-level view on the current M&A landscape in B2B, and what areas might interest you from an acquisition standpoint? You want to take that one, Mike? Yeah. So one of the things that we have done historically, and we have a very defined playbook around using acquisitions in terms of our kind of vertical market expansion or creating a bigger beachhead of customers that we can synergize through our payment network. And so we've done seven acquisitions in our history. We haven't done any in the last couple of years. And the reason being is because we haven't really found anything that's been super interesting strategically for us, combined with at the right kind of valuation level. We still find ourselves in a market where we're a little bit upside down in terms of the private valuations versus public. But I think that'll get corrected, hopefully, kind of over the course of the next year or so that we'll see more of that balance. But we remain super active. We think it's a part of our overall growth algorithm to support our kind of 20% organic growth mantra with continued tuck-in acquisitions to support vertical market expansion or additional kind of beachhead of customers, more so than think of it as product kind of enhancements. We think the most important or the most effective way for us to grow our product feature functionality set is kind of our organic since it has to be so wired into our core platforms. So we have a very defined playbook, and we think is interesting for us that we're continuing to execute against. Excellent. And look, I think with that, we're out of time. Mike, Joel, Subhaash, thanks so much for joining us. Really appreciate the insight, and have a great rest of your day. Thanks for having me. Thanks for having me.