Thank you very much. Thanks everybody for joining us, and for those joining us on the webcast. I'm James Faucette of Morgan Stanley, a Senior Fintech Analyst here at the firm, and very delighted this morning to have AvidXchange. We have both Mike Praeger, CEO, and Joel Wilhite, the CFO here to talk about the company. Before we get started, I do have a quick disclosure to read. Please see the Morgan Stanley Research Disclosure website at morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. So as I said, we've got Mike and Joel here. Thank you very much for joining us. Maybe we'll just kick off with talking about maybe what's not an entirely new phenomenon, but we've seen a lot of volatility in the B2B payment space, particularly those with SMB exposure. Mike, I know you started the business fully dedicated to being purpose-built for the middle market. Yeah. What excites you about the middle market exposure, either from a long-term growth perspective, competitive or otherwise, and how do you differentiate from what a lot of times people say is the mid or SMB space? Yeah. So really good question. So first of all, we, you know, kind of the definition being purpose-built for the Middle Market, we kinda define that as by, you know, focused on the 540,000 companies just in the U.S., between $5 million and $1 billion in revenue. And but being purpose-built also means is that, you know, how do you attack that Middle Market segment? And we kinda think of it as that roughly 50% of the 540,000 companies highly align themselves to an industry vertical that has unique, either business process or accounting system process, that requires a unique vertical-specific accounting system to support their business. And we really, you know, kind of like solving those type of problems because it adds to the stickiness factor, and it also significantly adds to the value proposition that we can deliver to these companies when we solve whatever that uniqueness is for that vertical market, along with then the accounting system integration. So today, we're integrated to, you know, 240+ different accounting systems and growing, that serve that kind of middle market segment. And so we really like, you know, kind of that differentiation. In terms of, we've been doing this a long time, been through, you know, a number of different kinda industry cycles, right? This one is kind of behaving, you know, similar to what we've seen in the past, that middle market companies are substantial companies. Many say they're the, you know, many times the industry leaders in the kind of their businesses. In a down market, you know, they don't go out of business. What they do is they cut back on discretionary spending, right? Pushing out discretionary spending, maybe pushing out preventive maintenance, capital projects, things like that, until they have more confidence into the other side of the cycle, and then that spending usually comes back pretty quickly, is kind of the characteristics that we've seen. So we, you know, what we believe it provides just an incredible stability that, you know, in our kind of customer base, from the standpoint of how we measure, you know, what I'd say, you know, the same store sales, which is, you know, transactions retained on network, is that a normal, you know, kind of, you know, cycle, probably we see about 104%, 105% growth of, or percentages of, you know, transactions retained. In a, in a market like today, it's more it's closer to 100%, right? So that's where kind of we see that impact of discretionary spend, you know, kinda creep in, but companies aren't going out of business, right? Right. You know, they're just managing their business a little closer. And so I think, you know, that's the advantage in a down market, is you have a really stable, you know, kind of base. And then, certainly in an upmarket, you know, we see that discretionary spend come back, and, you know, kind of the continued investment and growth of our customer base. Got it. Got it. So that's a high level, and there's quite a bit there that I wanna come back to, particularly as we talk about vertical exposure and customer decision-making, et cetera. But I wanna talk about some of the financial metrics that a lot of investors focus on, and one of those is transaction retention. And that seems to be key reason why maybe the revenue, most recent revenue beat wasn't fully flowed through to the full year outlook. Clearly, there's a lot of uncertainty, and I wanna recognize that in the general macro. Especially when it comes to interest rates, the upcoming presidential election, other factors. But can you talk us through some of the transaction retention metrics you're seeing now versus what you've seen historically? Yeah, I'll take that one. Thanks, Joel. Yeah. So and Mike mentioned it just now, so Transactions Retained on the Network is our Transaction Retention public company metric, and that's something that, you know, whether same store sales or otherwise, kind of measures the transactions, you know, a year later. And normal for us has been in the 105%, 104%, right? Overall net organic expansion. And so what we experienced in 2023 was roughly 101.5, and what we've said consistently, and Q1 is no different than the previous quarters, it's been bouncing right around 100%. Okay. And so when you talked about what I would do is dissociate our experience and our performance in the first quarter and what we did for guidance. What we did do for guidance, a little different in the past, is we didn't bring through fully the beat on the full year ranges for the reasons you actually just mentioned. A lot of uncertainties, presidential election, kind of the continued sustained uncertainty around interest rates and such. And so we just took an approach of, effectively reaffirming those ranges, apart from a little bit of, you know, an increase associated with float. B ut I would disassociate that from the experience that we saw in Q1. Got it. And I wanna follow up there. How do you think about the organic profile, growth profile of the business, ex political and float, when transaction retention is effectively flat versus that 3%-5% growth? Yeah. Yeah, I mean, is it fair to assume that we should continue to expect mid-teens type organic growth overall? And if, when macro improves, can we get as much to as high as 20% or better? Yeah, for sure. I mean, if you use that, you know, when we talk about our growth algorithm, and we talk about that 20% growth opportunity that we see ahead of us, it's really the three dimensions. First is this net overall retention on the platform that we've been talking about. The second is the addition of logos, new buyers, buying the software and adding their volume. And the third is overall transaction yield on the platform. And so we're missing that, say, five points in the first of those three, which leaves you with kind of mid-teens. And like Mike said, we don't expect that, that sort of suppression of discretionary spending persists forever. And so as that returns, we feel like, you know, that kind of puts us back in a situation where we're kind of, you know, around that organic 20% growth. Yeah. A nd, jump in here and Yeah. What I would say is, so on the kind of, specifically, you know, kind of what gives us, you know, or me a lot of confidence related to that kind of long-term mantra is, you know, what Joel said is kind of that, you know, new customers being added. You know, just, you know, some of the new partnerships we're adding, like AppFolio, having, you know, 20,000 customers where, you know, we estimate that, you know, 10,000 of those are really good product market fit for our offering in just one channel that we have. And we look at around our nine verticals, we're still single digit penetration in all nine, and we're the industry leader, right? Right. So a lot of runway just in the existing verticals we have with a lot of the channel partners. That's on the customer acquisition side. Then, you know, kind of Joel referenced, you know, kind of the yield. Well, the biggest portion of the yield is the conversion from paper check to electronic. Yeah. Still today, you know, of our a million too suppliers, 600,000 of them are paper check suppliers. When we convert a paper check supplier to be an electronic, you know, acceptor, although we generate software revenue from every transaction, on the payment network, a paper check is zero revenue and relatively high expense of $0.85. When we flip it to electronic, the $0.85 goes to $0.02, and the zero revenue goes to $7-$10 per transaction. Right. That's a lot of, you know, yield leverage that we have. And then the last piece, you know, which I'm sure we're gonna get to, is a guy called the innovation bucket, and that is, you know, our Payment Accelerator offering. It's gonna be our next $100 million business, gonna scale really nicely as we go into next year. And along with then, you know, kind of the announcement of our spend management platform being released, later this year to our initial set of customers. So that's what gives me a lot of the confidence. We have a lot of different levers. So one of the questions we get a lot about, related to AvidXchange is, is kind of your vertical exposures and, and integrations, generally. Can you talk a little bit about where, you know, your customers are focused? And, and I guess I'm wondering, to start off with, back to some of these uncertainties from the general macro. Like, how are your customers, are they disproportionately sensitive to interest rates, or is there political implications? So how do we think about, like, those uncertainties affecting your customers and, and the way it impacts you? Yeah. So, I mean, I spend, you know, as much time as I can when I'm outside of, you know, conferences like this, you know, talking to our customers. And, you know, kind of the, you know, what I hear routinely from, you know, a lot of our CFOs, or Mike, there's just, like, a lot of uncertainty right now. Mm-hmm. So, you know, until we have, you know. And it's a combination of, you know, the presidential election, not knowing what policies we're gonna have, what's going on with interest rates, you know, just some easiness around, you know, kind of the, you know, the economic market, I mean, the, you know, the, the business market. And so it's like, okay, we're gonna, you know, kind of proceed cautiously until some of these you know, you know, things get more clear. And, and that, where that shows up in discretionary spend, and what we're seeing is, it's not vertical specific, it's really across the board. Okay. And so we're not seeing, you know, any one vertical operate any really differently than any of the other verticals related to this discretionary spend. So that's the first thing I'd say. The second thing, that's on kind of volume. The second thing is, on, like, new customer engagement, and that one's really interesting because, you know, people, you know, they reference real estate, and it's like, o h, you know, is that you know, that must be a, you know, a, you know, hard vertical. And it's like, it's actually right now one of our best performing verticals. And the answer is, like, why? Well, yeah, well, one, first of all, when you look at real estate, you know, our real estate vertical, as we call it, there's really five segments. There's multifamily housing, there's student housing, there's industrial, there's retail, there's commercial office. Well, you know, the whole, you know, multifamily housing, student housing, industrial, have been performing extremely well. Yep. Right? For sure. And then you have commercial office. Well, guess what? It's actually been pretty good from the standpoint of, well, there's a lot of pressure on these commercial office guys to get more efficient because, you know, like, a nd so are they gonna still operate with three AP clerks managing payables, or are they gonna, you know, automate this process? Right. Right, right. And so there's a lot of interest in the down market to say, h ow do we get more efficient, right? So, so it's a really interesting kind of dynamic that we have related to, you know, kind of that new customer engagement, 'cause a lot of ways, in what we've seen historically as well, is, you know, we have this type of market, it actually serves well for being a catalyst that somebody say, "Hey, now is the time that we need to automate. Right. And how effective are they when they look to automate, and that makes sense that they'd be, particularly if you're in commercial real estate, that you're trying to improve your automation? How well are they able to move their customers or their tenants along to changing their own processes, and how does that impact you? Yeah, so real estate, so remember, like, we're on the AP side, so w're, you know. Mm-hmm. Though it's, we're really not impacted anything at all on the tenant side of the equation. Yep, yep. So these are, you know, you know, commercial, you know, REITs that are paying their operating expenses, so it's the landscaping. It's the janitorial. Yep, yep, yep. You know, it's the HVAC maintenance, so it's things like that. And, what you'll find is that, like, you have to pay these bills, whether your office building's half full or empty. Right, right, right. Right? Type of thing. And so, you know, maybe the amount of the, you know, janitorial is a little bit less, 'cause the building's half empty, but you still have the bill. Right. Right? And so that's, you know, kind of the dynamic that we're seeing. And that's why, you know, I think, you know, the middle market segment is pretty resilient, you know compared to maybe, you know, the small business segment in the, you know, down market. Then let's talk about competition. Look, it's easy to, and w e should all recognize that the majority of what we call competition actually doesn't really stem from other B2B payments players- Yeah. And it comes more from banks. It'd be great if you could talk more in depth about the breadth and depth of your integration and relationships with your software referral partners, and how that protects some of the competitive advantage you've built against the banking group more broadly. Yeah. So first of all, you know, you know, and I get this question a lot, you know, hands down, our number one competitor is still the paper-based, you know, process that companies have. 70% of the middle market is still paper invoices, paper checks, 95% of our new customer adds are doing this for the first time. So w e haven't got to the point of displacing other systems yet, right? So that's the number one competitor is the status quo, paper-based process. When we, you know, so what we're doing to kind of advance this adoption is, we wanna kind of closely align ourselves with both the banking institution side, as well as, you know, all the different accounting systems that we're integrated to, and think of them as channel partners. So, you know, you heard me, you know, last quarter talk about, you know, two relationships. You know, one was M3 on the hospitality side. That's a great, you know, kind of we launched a new vertical. We really like to partner with the leader, the leading kind of accounting systems for that vertical, which is the case of M3 for kind of boutique hotels. And then, in the case of our recent, you know, partnership with AppFolio, another great example of where now we're kind of the, you know, the bill payment module per se, for the AppFolio system and for their customers. So we really, we think that really gives us, you know, kind of an embedded, you know, opportunity to attract more customers kind of quickly. Because typically, what we find is, if you're gonna, you know, embark on this journey of learning how to replace your paper, probably you're gonna talk to your accounting system first, then you may talk to your bank. And then you know, maybe you'll do a bunch of Google searches. Right. Right, right, right. Or talk to your peers and, you know, what they're using. And so that's where the kind of vertical market piece is so powerful because we're kind of the status, you know, the kind of the status quo, you know, leader in all three of those elements. The leading accounting systems are partners of ours, and they're gonna refer 'em to us. And then we have about 35 different bank relationships, including, you know, a handful of white label relationships with B of A, Key Bank and Fifth Third, and they're referring to us, all within that, you know, that industry vertical. So, we think that, you know, creates a lot of synergy. It also creates a lot of, you know, efficiency regarding our, you know, customer acquisition costs. Got it. So let's talk about, and y ou mentioned that just a moment ago, but let's talk about the electronic payment penetration generally. So it sounds like you think that we're maybe 30% penetrated, roughly, if 70% are still paper-based. H ow should we think about that? Yeah, so today we're, you know, we're kind of in the, you know, the 40% range of electronic. Of all the, you know, transactions going through our platform, those that go out as electronic payments, about 40%. And we kind of talked, you know, last year, Investor Day, that we think that, you know, you know, that goes to 50%, you know, 60%+ over time. So what, you know, kind of, you know, what's the, what's our, you know, belief is the secret on how we're, you know, doing that? So first of all, I think we've already proven that we're, you know, by far leading the industry in terms of that adoption rate today. And very different than consumer payments, where you have kind of a single pricing, you know, offering, like a, you know, card-based payment, that you're able to capture the majority of the market. In business, our belief is that there's a value proposition required, and that value proposition is around four elements. It's around the speed of the payment, the price of the payment, the level and amount of, remittance data that you're providing to auto-reconcile the payment, and then the last thing is level of automation. Right. So what we do is we define a payment modality as combinations of those four elements. So, we're leveraging our, you know, long-term partnership with Mastercard, as an example, in which today we're offering, you know, about 12 different levels of virtual card offerings at different, you know, interchange price points with different levels of remittance data and different levels of automation. That is, we believe, kind of the secret to this long-term adoption, is to create a value proposition for subsets of suppliers to... So it becomes really compelling to move from paper check to electronic. And we believe that's part of, you know, kind of the long-term, you know, kind of, roadmap and, you know, strategic moat that we're building, is the ability to manage all these different types of payment modalities on our platform. Got it. How do some of the, like, I think I'd be remiss this year if I didn't ask a question that was AI related. So, how do some of the recent AI-related improvements for small dollar transactions potentially pull forward that penetration level? Yeah, I mean, first of all, you know, I always chuckle a little bit when I hear about AI, cause it seems like, you know, kind of, last year, kind of everyone, you know, started talking about it overnight. Meanwhile, you know, we've been working on this for a long time. Right. Right. You know, so what we've, you know, do see the benefits of is what I'll call kind of the next generation of automation. Where it started for us was a lot of, you know, kind of RPA-type bots- Yep. Which now we're replacing with AI agents. And the benefit is that we've seen kind of the cost to deliver this is significantly less than the bots. And so that's allowed us to take, you know, our kind of automation down to really small dollars, maybe all the way to zero in some cases, where otherwise, say, transactions above $200, you know, it wasn't cost-effective for us to process with a bot. Right. Right. Right? And so that'll help us with the, you know, the actual transaction number, certainly, but, you know, it won't have as big of impact on volume just 'cause they're small tickets. Yeah, yeah, they're small, yeah. Right. So, but it certainly is one of those things, because certainly there's real cost to deliver, you know, kind of, you know, you know, paper checks at these small ticket items, which now is being eliminated. Right. Right? So, you know, you know, one of the things you continue to see in our margin profile, whether it be gross margin or our, in our adjusted EBIT, is a really nice kind of escalation... you know, kind of, incremental, you know, kind of, escalation there. And, it's all these different projects kind of combined that's driving that. Got it. Got it. And let's talk about revenue growth and that algorithm. And we talked a little bit about revenue retention and that kind of thing, but I'm wondering if we can delve a little deeper there and look to disaggregate the key drivers of growth between new customer additions, software revenue per transaction, take rates, and other factors. You want to jump in? Yeah, I'll just come back to kind of the three elements, and then we can sort of try to click into that. Yeah. Right. So remember, the three elements are, first, overall, you know, net expansion of transactions on the platform. Number two, adding logos. That was an 8% grower for us last year, and that working together with the yield expansion is kind of the, you know, how we get to our growth rate. And again, you know, we think 20% is kind of that reasonable run rate, absent the macro, assuming the organic expansion is back to the 104%, 105%. So you're asking specifically in the drill down around yield, and so- Yeah We talk about overall total transaction yield as kind of the most important yield metric, right? That's all the revenue over all of our transactions. But if you click into that, you have software yield per transaction, right? Sort of a yield to the buyer. That's been kind of steadily growing over time, up, you know, from the $1.40s up into the low $1.50s. And then there's TPV yield. So those two yields work together really to create that overall transaction yield. I mean, obviously, the big opportunity ahead of us is on that payment yield. So we talk about the transition away from checks to digital payment. We talk about, you know, payment accelerator, which, you know, we can, we can, we can sort of- Touch on. Say a little bit more about as well. But that's an opportunity, among others, as we think about the future, where we can create revenue streams on transactions that already exist on the platform. And so that's kind of, you know, we've seen good, steady expansion of overall yields, even removing the benefit that we receive from float, and it's those levers that give us confidence that, that yield continues to expand. And so it's yield together with growing, you know, adding buyers to the network and seeing organic expansion that adds up to that growth. Got it. Got it. So I wanna, I do wanna talk on some of these other initiatives, but first, I wanna hit on political. And it's obviously highly cyclical for AvidXchange, but on the political front, you've previously mentioned that you expect there could be about $10 billion in political spend this cycle, which, you know, given your historical exposure there, should translate to about $9 million of incremental revenue for the company. With that said, it seems like that assumption was formulated prior to some of the incremental take rate upside that we've seen and the events of the last several weeks combined, which seem to indicate we could see the political spend this cycle that could be higher than preliminary expectations. You know, recognizing this is your first real presidential cycle with FastPay, do you think your assumptions for political could prove conservative, or how are you thinking about that right now? Yeah, I'll make a statement or two. I thought you would tell us. Mike might add to it. So yeah, we were clear about, you know, kind of that, you know, being transparent about the assumption of the political revenue on our overall guide. Again, $9 million out of, you know, $450 million, so it's, you know, a small overall percentage. But like you said, it is our first presidential cycle with the political media business component of the FastPay acquisition from back in 2021. You know, outside research has ranged in terms of expectations of the political ad spend this year, anywhere between $10 billion and $16 billion. And so, yes, we've picked a spend on the low end of that. Sure. And so that, in and of itself, could be, you know, somewhat conservative, but it's also, you know, it's a business, a spend cycle that works very differently than the super highly predictable, you know, AP- Yeah, yeah Spend across our buyers. And so, you know, given those factors, we've just, you know, kind of chosen to identify, you know, $9 million as the expectation. So let me ask the somewhat provocative question. Let's say it comes in some number higher, you know, halfway between 10 and 16. Right. It flows through to you. Obviously, that's good pickup for this year in terms of earnings, but how do you think about utilizing that potential extra income and cash flow? Does it make sense to bank it? Is there incremental investment? You know, can you get leverage on it? What's the right thing? I would say we don't think about that in isolation. Right. Okay. We're optimizing for the growth that we know, you know, we have opportunity for, and profitability, and sort of delivering on the commitments we made last year at Investor Day. So we're really looking at the whole portfolio profit, whether, you know, flow, political, other, you know, highly profitable dynamics, some of which kind of turn around, cyclically. We look at the whole thing as a investment pool to continue to grow and to see margin expansion and profitability. And so let's talk about some of the newer initiatives. I mean, you've mentioned some of the products, et cetera, but can you rank order for us what you're most excited about? What the growth, how big they can, you think they can be, like, the growth rates, et cetera? So, you know- Yeah I think it's, it's helpful to level set so people kind of know where to pay attention. Yeah, I mean, so first of all, like, you know, you know, you know, this is a business that's a long game. Yeah. We're still, you know... I don't know, for baseball, I don't know if we got into the second inning yet or not. You know, but we're in a long game here, and so, you know, we're very focused on, okay, you know, building the business for the next level of scale. As we talked about Investor Day last year, the next big milestone of growth is to reach $1 billion in revenue, you know, over the next five years. And that's what we're building towards, right? And so when I, you know, a nd so we have a lot of conviction around that 20%, you know, kind of annualized growth rate, maybe. You know, in the current season, we have some pressure on that from some of the economic drivers. Yeah, sure. But, you know, it's like, you know, on a long-term basis, it doesn't change our opportunity at all. Right? But so, you know, what are those big levers that we're focused on? Certainly, on the new customer acquisition side, it's around, you know, kind of leveraging the channels that we have as part of, you know, our organic growth, right? And I'd put, you know, our new channels, like AppFolio, M3, at the top of that list. And then you turn to, you know, what I'd say, this massive, you know, kind of our team always chuckles because I'm like, "You know, the stack of paper checks that we manage is like, you know, a pile of gold." You know, and they're like: "Yeah, well, what do you mean? It's like expensive." I'm like: "Yeah, but look at the opportunity we have to convert it. Right. And so that conversion of all these paper checks to electronic is really exciting, and it's massive leverage in terms of that, you know, kind of yield, you know, for the business. And we're doing a lot of unique things there. We're already at 40% electronic payments and growing, and I think, you know, we're really excited about, you know, kind of what the next couple of years looks like in terms of all the new payment modalities that we're rolling out. And then you have the innovation bucket. Yep. Right? And this is, you know, Invoice Accelerator is gonna, y ou know, my belief, you know, is almost like, you know, this, the Cash App, you know, kind of version of, you know, Square for AvidXchange in terms of making that product available to suppliers, and clearly, it's gonna be our next big business. And then we have our spend management platform that'll be rolling out later this year, and we have a handful of other innovation items after that. So we're, you know, s o I think, you know, the part that, you know, gets me excited after 24 years is there's all these different, you know, kind of levers in the business, you know, for growth. And what makes it, you know, hard and is, you know, staying really disciplined in terms of where we're making our bets. Right. Right. Right? Because, there's, like, all these good ideas, you know, scattered throughout, and it's like, but we can't like, you know, spread the peanut butter too thin. Sure. We have to say, "Okay, what's gonna really move the needle and make our, you know, sizable bets on the things that really matter?" And so, you know, that's my, you know, my big challenge to our kind of leadership, is that let's, let's, you know, kind of maybe bring in the number of bets we're making, and let's go deeper in the ones that we have the highest conviction about. And, you know, and, and really kind of, you know, you know, demonstrate, you know, kind of that long-term growth opportunity. Got it. And then what about the partnerships from AppFolio and M3? Still really early, but how are you thinking about magnitude and timing of those initiatives? Yeah, so I, I think, you know, just, M3 is, one where I think it's gonna kind of behave similarly to, you know, our other, you know, kind of, you know, channel partners that we've kind of rolled out over the years. You know, we have a very defined playbook for it. It's a new vertical, so but we know that, you know, those challenges, and we've kind of executed that playbook before. AppFolio is actually, really interesting because it's in a market that we're already, you know, the leader in. Every one of AppFolio's competitors is a really a strategic partner of ours already. Right. So I think this has the characteristics of maybe accelerating faster. Now, certainly, when we kind of built our plan, we expected some of that already, but I think it's. We're still, you know, kind of super early days, but really encouraged about the engagement and results that we may, you know, be able to achieve through that, those type of channels, just because it's a market that we know so well. Right. So kind of spent most of the time talking about top-line drivers, et cetera, but I do wanna hit on margins and margin expansion. For those that are newer to looking at AvidXchange, there seems like there's still room on the margin side of the equation, but nevertheless, performance over the last couple of years has really been impressive, with adjusted gross margins and adjusted EBITDA margins increasing virtually every quarter since first quarter 2022. I think your gross margins were around 62% in the first quarter of 2022, and now they're 72% just two years later, and adjusted EBITDA margins at the time were -8%, but now we're close to +17%. Talk us through the yield and unit cost and dynamics that are, that are driving that, and what gives you confidence in achieving that 20% EBITDA margin target for 2025, and then scaling to, to even 30%? Yeah. No, great setup. You covered kind of the important numbers, 10 points of expansion over a couple of years, and it's come through revenue, yield expansion, and unit cost discipline. You know, this was sort of the plan all along. We came out of the IPO pretty focused on our path to profitability, and, you know, with the two-sided network and the investments we're making in our growth and supporting buyers and suppliers, you know, we were in the upper 50s and low 60s, but it was kind of just a matter of time. We also really especially proud on the work that we've done around unit costs, and so, you know, put a really kind of experienced team together that's very focused on every penny of that unit cost. And, you know, the way I would just sort of break it down is we have sort of workflows on the buyer side, so from receipt of an invoice to payment, and then we have workflows once we receive that payment file, to receive that payment file and then execute the payment. And in each of those cases, just investing in standardization, automation, optimizing kind of offshore sourcing, that's driving those costs down. So proud of where we are and how much ground we've covered, but we still have headroom to continue that, right? And so, even just sort of removing the float benefit, which helps us, that 72%, Q1 was still high 60s%, so good, still solid improvement. And so we think that, you know, high 60s gets to 75%+, through more of the same: unit cost, discipline and efficiencies and revenue yield. Got it. And then capital allocation, you're targeting 10% free cash flow margins in 2025, and you're already in a net cash position. How are you thinking about capital allocation from here? Does M&A make sense, or do we do buybacks, say, for a different opportunity set down the road? Like, what's your, your capital allocation thoughts? I think the short answer is all options are on the table. Okay. We're spending time thinking about all of the above. You know, we've grown, you know, and the... It's been a couple of years since we've made an acquisition but we think it's just a matter of time before that dynamic turns around, and we spend a lot of time thinking about, you know, assets that would make sense inside the business. So M&A is on the table, and everything else you mentioned as well. So on M&A, that pause or that period between acquisitions, is that a function of just your own prioritization and integration, or is it valuations of potential targets. And what are you seeing involved there? Yeah, I'd say, so it's been a couple of years since we've done any other, you know, kind of tuck-in acquisition since the FastPay acquisition in 2021. And so, I would say that, you know, we really haven't seen anything that, you know, A, strategic, and B, you know, at the right price. Right. And so I think, you know, certainly there's been a dynamic that, you know, kind of the, you know, public company, private, you know, multiples in our space are kind of upside down. Where you have kind of the privates being valued at, like, 2x the public. Oh, right, right, right, right, right. And it's like, you know, I don't know, you know, something that's subscale, losing money, and it's getting twice our multiple, so. But, I think, you know, so that's made it a little challenging. But, I think, you know, like, that, that was a moment in time, and I think that gets corrected over time, right? And I think you know, but there really hasn't been anything that compelling either, that we've, you know, that we said, "Hey, we did something that makes a lot of sense for us." But what I do think is that we'll see more activity, you know, as this year unfolds going into next year, because I think you have a vintage of companies between kind of 2019 and 2021 that raised capital. Now they're kind of, you know, getting ready to, you know, say, either we have to raise more capital or, you know, do something more strategic. So I think we're gonna see more of those type of opportunities, and probably they'll get a sense of, you know, valuation, kind of get maybe updated when they have to go back to raise more capital. And so, b ut, you know, we're continuing. Our team's, you know, super active. We're having lots of discussions, and they have a pretty big pipeline of targets that we like in the different industry verticals that we're serving. Right, right, right. I think, you know, that we're, you know, it's more of a, you know, season of timing than anything else. Got it. Got it. Well, Mike, Joel, thank you very much for joining us today. I really appreciate having the opportunity to talk to you about AvidXchange. You know, I think what I always, as I sit here and listen to you, and even just as I reflect on the time I've known the company, is just the persistence and the grind and sticking to the plan has been really remarkable, and so- Yeah, grind is a good word. Yeah. But thank you very much, and if anybody has any follow-ups, please feel free to reach out to the company or to us here at Morgan Stanley. Thank you very much. Thank you. Appreciate it.