All right. Thank you to everyone once again for joining us here at the Wells Fargo TMT Summit in Los Angeles. My name is Andrew Bao. I'm the Senior FinTech and Payments Analyst here at Wells. And today we are happy to be joined by CEO of AvidXchange, Mike Praeger. So, Mike, thank you for joining us today. Yeah. Thank you. Always good to be here. You guys picked a pretty good venue to be here. So it's fun, too. This is all, you know, at least for me, it's the last one of the year. So it's a good one to end the year on. Absolutely. So look, maybe for people who are the generalists in the room, give a quick rundown of your business and how things are going. Yeah. So AvidXchange, we describe ourselves really as a software-enabled payments business. And we automate the accounts payable and payment operations for middle market companies. And so that's kind of the operative word. We're focused on the middle market. We define the middle market as companies between $5 million in revenue and $1 billion. That's roughly 435,000 middle market companies just in the U.S. market alone. And what's really interesting is, of those 435,000, about 50% of them highly align themselves to an industry vertical that has either a unique business process or accounting process that requires an industry-specific accounting system. And so that makes it really kind of interesting because that's why we go to market in, you know, today, nine different industry verticals that are highly, you know, kind of supported by industry-specific accounting systems because of some unique either business or accounting system process. And so we're, you know, what makes, you know, kind of AvidXchange kind of, you know, special is one, the middle market focus, two, the number of accounting systems that we're integrated to now. We are 240-plus and growing. And then third is our ability to monetize payments. So in 2012, we launched the AvidPay Network to kind of go with our AP automation software. And that was really the kind of secret sauce that companies were looking for, is that, you know, combination of the software to automate their business process combined with our payment network that was combined, you know, or, you know, kind of highly integrated to their core accounting ERP system. And so today we're monetizing over 40% of all the transactions that go through our platform. You know, really excited about, you know, kind of, you know, what the next, you know, several years is going to be in terms of, you know, some of the new innovation that we have, you know, both, you know, kind of, you know, currently released as well as that's in the hopper to be released over the course of the next year. That's great. And historically, you guys have put up some really strong, strong numbers as it pertains to growth, you know, growing well over 20% on a revenue and gross profit basis. You know, 2020, end of 2023, 2024 had some unique challenges. Well, not unique to you because a lot of the other B2B players saw similar headwinds. But maybe if you can just walk us through those headwinds and compartmentalize them and then how we're thinking about them kind of reversing course. Yeah, so when we think of kind of the impact of our business from macro, it's on kind of existing customer volumes that they have. And so what we've seen is, on a normalized state for years, that, you know, the metric that we use is transactions retained on the network. And that number has been between 104%-105% for many years in a normal environment where we get four or five percentage points of growth from our existing customer base each year. In the current environment, that number is, you know, kind of sub, you know, slightly sub 100. And so that's where we're seeing the impact of middle-m arket companies pulling back on discretionary spend. Typically, we see it in areas like marketing, professional services, consulting, preventive maintenance, and kind of capital-related projects, and we've been doing this a while. So, you know, this isn't a new, you know, kind of phenomenon that we've seen. And, you know, what we've seen in a, you know, kind of a tougher macro market, middle market companies, you know, constrict discretionary spending when they have more confidence in the market that spending then comes back. And so, you know, we don't have a crystal ball, but we do expect, you know, probably the, you know, some of that, you know, to start getting better as we go through, you know, as we execute to, you know, 2025. You know, a lot of our conversations with investors are really this debate around when and if you can return to 20% growth. So, not asking you to guide for 2025, but if we were to kind of put the building blocks together to help us get there, what would that look like? Yeah. So when we think of, you know, kind of our growth algorithm, it's in three pieces. The first piece, it starts with that, you know, transactions retain on network, you know, returning to our normalized, you know, levels, you know, 104%, 105%. So that's the first thing. The second thing is us, you know, having, you know, our business, you know, the most important, you know, kind of gear of our flywheel is adding new buyer customers to, you know, to the platform and to be able to, you know, you know, generate new, you know, add new buyer customers in kind of the 10% plus range is kind of the second, you know, kind of algorithm. And then the third element is, you know, getting roughly five percentage points of growth from our yield enhancement products like Payment Accelerator, like our new spend management platform, like some of the new payment modalities that we're rolling out in our pay platform. You know, so those type of strategies are kind of the makeup of about five percentage points. So those are the three elements that kind of make up that, you know, that 20%-ish, you know, kind of long-term, you know, kind of growth, you know, metric that we, you know, expect to see for, you know, again, a very long period of time, you know, within this, you know, opportunity that we have. Yeah. And then if we could think about those three different dimensions, where we sit today, where do you see the most, you know, opportunity or confidence that you have? Yeah. Where, you know, is more subject to the whims of macro and less predictable? Yeah. Well, I think the transactions retained on the network that, you know, kind of, you know, getting back to that 105%, you know, 104% for 105%, you know, range, that's macro-related. So, you know, we don't have a crystal ball on that, but, you know, we, you know, probably expect that that's going to begin improving as we go through 2025. What we focus on are the, you know, more of the direct things that we can control. Certainly our go-to-market strategies and, you know, kind of growing our new buyer customer logo counts, you know, by 10% plus each year. Then what I'm really, you know, kind of looking forward to next year is, you know, kind of in the yield enhancement bucket, all these new innovations that, you know, we've been working on for a while that are now starting to, you know, will, should be able to have more of a material impact. Payment Accelerator, I kind of talk about that as being, you know, kind of our next $100 million business. This is simply where, you know, suppliers on our network can raise their hand and say, "Rather than waiting 30 days to get paid, I want to get paid tomorrow and we'll advance that invoice for next-day payment in exchange for an advancement fee." You know, that product offering we're really excited about. Right on the heels of that, we have our new spend management platform that's geared towards really capturing maybe, you know, 10% or 15% of the expenses that are non-invoice-related expenses that our customers have that they want to have on our platform. We're excited about the impact of that product, you know, that we'll be releasing into the market next year. You mentioned go-to-market and the importance of that. Now that's continued to evolve and particularly driven by, you know, some of these new partnerships that you have. I'm talking AppFolio, M3, Blackbaud. I mean, can you give us an update on where each of those partnerships are? And is there a way to kind of size up the contributions that we can expect? Yeah. So maybe you start with one of the things that I've been talking about over the last few quarters is some of the kind of, you know, turning some of the dials differently in our, you know, where we're, you know, kind of spending money in our go-to-market strategies. And one of the, you know, kind of adjustments we made is moving from some of the investment in our digital channels to better supporting our partnership channels. And the reason being is because we're seeing really strong lead gen and quality lead gen coming from the partner channels, you know, more so than digital. And in digital, you might get a lot of volume, but it's a lot of work you have to go through to get to the quality. And just to sum it up this way, if you have a CFO, you know, pick a real estate company, a multifamily company that may be using AppFolio, and you use AppFolio to run your whole business, and now you want to expand to also incorporate accounts payable automation and payments, and you raise your hand and say, "AppFolio, can you help me?" That's a very different qualified lead than a random Google search, right? And so that's what we're leaning into is maximizing those type of opportunities. So, you know, we, whether it be the ERP partnerships, the bank channel, you know, if you think about it, if you're a middle market CFO and you now said, "Okay, we're ready to automate this business process," you know, where are you going to go to? You're probably going to call your accounting system, you know, to ask them what partners they recommend. You're probably going to maybe call your bank and ask them the same question, which partners you recommend. And then third, you're going to talk to your peers in the industry and within your vertical. And so we want to be, you know, really position ourselves in a really good way in all three of those. And so certainly in all of our, you know, our nine different verticals, we're highly aligned and partnered with the majority of the core accounting ERP systems on those verticals. And that's, you know, kind of core to our strategy. At the same time, we've, you know, highlighted two new bank partnerships, Cadence Bank and Orange Bank and Trust, this last quarter that we continue to expand. We're up to about 30 different bank relationships that resell AvidXchange. A few of them have white label. We have white label relationships with where Bank of America, KeyBank, and Fifth Third put their brand on our product as part of their go-to-market. The other ones are more referral-type relationships. But I think all three of those are, you know, or I mean, both the bank channel as well as the ERP channels are core to our strategy. And just to give you a sense of kind of the opportunity, you know, we estimate that just with AppFolio alone, you know, that there's, you know, kind of north of 10,000, you know, customers that they have that are good product-market fit for, you know, our offering. And so, you know, and that's just with one, you know, ERP system. You know, with, you know, M3 and Hospitality, there's like 1,500 of their customers that are really good product-market fit. So, you know, and it just kind of, you know, keeps going on for each of the partnerships that we have. And so that's what we're leaning into. And then we've invested heavily in terms of building a really capable partnership team. It's led by one of the, you know, the former leader of Google Enterprise. And really, you know, feel good about where we are in terms of that being a core strategy for front-end demand generation. And just to follow up there, I mean, I would assume that verticalization is a core piece of it and your strength in specific verticals, but is there anything else that drove them to want to work with AvidXchange instead of alternatives? Yeah. Well, I think, you know, again, when within the core industry verticals, you know, one of the things that we've, you know, understood from the beginning is that there's some nuance related to a vertical that requires a vertical-specific accounting system, right? And so what would be some of those examples? Well, one is, you know, take construction example. In construction, there's this thing called the lien waiver that a general contractor doesn't want to pay a bill until they have a lien waiver from the sub. Well, the sub doesn't necessarily want to give a lien waiver until they have certainty that they're going to get paid. And so it's a little bit of a chicken and the egg. So our platform kind of gives both sides confidence in that transaction. And I don't know of another, you know, industry vertical that has a lien waiver type concept, right? It's unique to construction. And so each of our industry verticals has something like that that makes it unique. And so it really makes it very difficult for any horizontal player to get into that vertical because you have to, you know, understand the uniqueness of that particular vertical in terms of how they pay their bills. But the second thing is then you have to do all the integration work to be integrated to the accounting systems that support those verticals. And so once we're in those verticals, it makes it really efficient for us to add new customers. Definitely deepens the moat. You mentioned the new innovations on the payment side launching in 2025, Payment Accelerator, Spend and Expense. Can you update us on a timeline to when those things go live? You know, we've been talking about Payment Accelerator for some time. We have. But we haven't really seen the tangible impact and results, but maybe 2025 can be the year. Yeah. 2025 will be the year that we start seeing Payment Accelerator begin to, you know, have a more, you know, material effect of our financials. You know, one of the things that we've been, you know, doing is we've been in the market for a couple of years prior to the current version, getting all the learnings around customer experience, making sure our algorithms for eligibility were right, and then, you know, kind of making sure that we are able to intercept these payments as they flow through our network to get repaid, right? And so we spent a couple of years getting all those user experiences, and then we built the new product that we call Payment Accelerator 2.0. And this past year, we've been really, you know, kind of making sure the product scales as designed at different levels of scale. Why that's so important is of our suppliers on our network today, we have a million two suppliers that are on the AvidPay Network, and we estimate of those million two, probably 800,000 of them are small businesses that are really good fits for this offering, right? And so making sure it works at different levels of scale is really important as we open it up to, you know, the floodgates up to more and more suppliers using the product. And so the, you know, the intention is as we kind of go through 2025, by the end of 2025, you know, all 800,000 suppliers have access to Invoice Accelerator. And then the Spend & Expense. Yeah. And that's kind of right on its heels. So what this is, some of you may be familiar with, say, the Divvy, Brex, Ramp of the world for spend management. And I kind of think of those offerings as really, you know, spend management for a small business where the main offering is you give a card, a credit card that has 30-day terms to run your business and to put as much of your business expense on a 30-day card. The business problem that we're trying to solve is that customers say, "We have, you know, 100% of all our invoice-related transactions on the Avid platform, but maybe 10% or 15% of our expenses don't have invoices." And we're using third-party, you know, systems, whether it be Concur, you know, paper spreadsheets, you know, whatever it may be. We want those transactions on the Avid platform so there's a single user experience and that we can do better, you know, expense analytics of our business. So that's what we're, you know, kind of designing the product to do is capture that 10%-15% of the expense. And in the middle market, our customers don't need a 30-day credit card. You know, these customers have bank facilities, credit lines. They don't need, you know, another credit card per se to run their business. So they're looking for how do they improve their business process and be highly integrated to their core accounting system. And so that's, we're solving a little bit of a different problem, you know, for the middle market, but really excited to have that product in the market. Wanted to touch on gross margins. I mean, I think it was a couple of years ago that we had Investor Day and, you know, on the gross margin side, you're well ahead of schedule from what you originally laid out. You know, I think a lot of that was driven by efficiencies. It sounds like Invoice Accelerator, correct me if I'm wrong, that should be gross margin accretive. But how do you think about the trajectory of gross margins from here after we've already gotten to 75%? Yeah. We're, you know, well a year ahead of our, you know, kind of margin targets. But here's how I'll answer the question is, you know, yeah, we're knocking on the door of, you know, 75% gross margins today. When I look at, you know, the next five years out and kind of what the profile of the company looks like in five years, I kind of think we'll be in the kind of the billion revenue zip code. You know, gross margins will be kind of 80% plus, maybe low 80s, and kind of, you know, probably, you know, mid-40s in terms of EBITDA profitability, you know, in those, you know, zip codes. And so I think, you know, we certainly have seen a lot of margin accretion, you know, probably 14-15 percentage points since our IPO. We're going to, you know, that's going to continue to grow, but probably not at the pace that it's been growing, but as we march towards kind of the next milestone of kind of 80% plus. Maybe if we turn to some of the more, you know, near-term dynamics, the third quarter was a refreshing positive turn in some of the trends that you were seeing after the weakness that we saw in the second quarter. So maybe you can just walk us through on a timeline basis, you know, what manifested in the summer and then why it's kind of course correcting as we got into the third quarter. Yeah. Well, I'll start by saying, you know, we try to remind everybody as like, you know, we don't get to, you know, kind of stir by, you know, a basis point up or down any particular quarter related to kind of our payment yield dynamic. And it's been, you know, in a very narrow band of, you know, between 29 basis points to 31, you know, for two plus years. And so what we saw in Q2 is, you know, it took down, you know, from 30 to 29 in the quarter. And we got a lot of questions about, you know, why did it take down one basis point? And so we gave, you know, some of the answers were, you know, we saw, you know, some very narrow band of our enterprise suppliers, top 5% of our suppliers on our network, you know, be more active in managing their business rules for high-ticket transactions as an example. So they'll say, "Hey, I'll take a, you know, virtual card for transactions that are under $10,000, but if it's over $10,000, I want a different payment modality," you know, and more activity around those type of things. And so we gave some of those answers. And I think, you know, it caused, you know, some concern about, you know, hey, is this, you know, kind of, is there more pressure on that yield number because of this? We kind of try to say, you know, guys, it's like, you know, we've been saying one basis point up, one basis point down doesn't really cause any alarm bells for us. We're still executing our core strategies. And then sure enough, you know, in Q3, it was one basis point up, right? So it kind of, it kind of reversed, you know, based on, you know, what we expected. But I would say that, you know, as it relates to, you know, that yield number, the real number that we kind of educate people on is it's revenue per transaction because when we go look at how we execute our business, it starts with the software, and the software element is important to it because that gives us the right to manage the payment downstream. There's all kinds of strategies we have to keep increasing kind of that revenue per transaction because that's the number that we run the business by. There may be, you know, reasons why on a yield basis it may go down or, you know, kind of a basis point or two on a particular quarter, but the revenue is growing, and that's what we're really focused on. Maybe if we can move to the top of funnel. I think I asked on the earnings call, you know, are you seeing any increased willingness to make decisions on, you know, investing in an AP automation platform? I think that was the day after the election. So maybe we can get a refreshed view on those business leaders that you're speaking to. Is there more confidence in making investments and making decisions now that we have more kind of strategic clarity? So here's what I would say is the kind of the macro market, I think, impacts our business from a volume perspective, but not from a, you know, kind of a purchasing upfront perspective. You know, throughout the year, we've been running ahead of where we were a year ago in terms of adding new logos. And what I would say is that, you know, in the current environment, you know, actually a poor macro environment, actually it's easier to get the attention of, you know, controllers, CFOs, finance leaders to make their back office more efficient, you know? And so I don't think of macro as kind of a negative impact to adding new customers. It's really around the volumes on our network. Now, those volumes, you know, again, we're approaching a month since the election. You know, the difference between the middle market and small business is in a kind of small business like consumer. You know, I kind of call it the snapback experience where, you know, spending, you know, patterns can happen really quickly, you know, because if you think about it as a small business owner, I can make a decision today. You know, I wake up today and I feel better about, you know, buying more inventory for my small business, right? In middle market, decisions like that don't happen overnight. Decisions happen in a budget construct. So people are working on their budgets for 2025, and they're making decisions based on, okay, do we feel better taking or adding some discretionary spend into our 2025 budget, and then that'll play out over the course of the year. So you have less of the snapback type, but we do expect that improvement to happen kind of over the course of the year. You mentioned, you know, being ahead of the prior year as far as new customers goes as of last quarter. Are those new customers you're adding, you know, at a similar size as your existing base? Are they a little bit smaller, a little bit bigger? Yeah. I'd say it's consistent. I mean, over the course, you know, of the, you know, last couple of years, we've seen maybe a slight tick up in terms of, you know, average customer size because some of the features of our platform be more, you know, kind of in the procurement area, you know, kind of extending the feature set of our AvidBuy platform, which gears itself towards maybe customers with larger volumes. But I'd say it's been, you know, largely consistent with kind of that core customer. Although we, you know, go to market with an overall definition of between $5 million and $1 billion for a target customer, the majority of our customers are probably in the $25 million-$200 million range, and that's been consistent. Maybe we could talk about the competitive landscape in B2B payments. There have been a lot of headlines over the last year around Intuit, you know, getting into B2B. Fiserv is talking about Cash Flow Central. You have the well-funded private guys in Brex and Ramp that are kind of making waves. So maybe how does AvidXchange sit relative to prior years, and where do you think this kind of all shakes out? Yeah, so it's interesting because, you know, I was waiting for you to kind of mention somebody that we actually compete with, and you didn't mention anyone, so because the, you know, kind of those examples of Intuit, you know, kind of the Brex, Ramp, you know, Divvy's the word, they're all really geared towards a small business segment, and we don't really see them. The ones that we see, you know, are kind of within the middle market, typically within verticals. We don't actually have a single competitor that crosses over multiple verticals. It's very vertical specific, and then you have kind of that horizontal layer where, you know, probably we see the most competition. Now, one of the things that's interesting is when I look at, you know, where we are today to where we were five years ago, we actually have less competition because there's really no new entrants, and some of them have been taken out through, you know, kind of acquisition. So, you know, you know, we used to see MineralTree as an example in maybe 10% or 15% of our opportunities. And, you know, this last year, I don't think we saw them once, you know, totally, you know, disappeared from the middle market segment. You know, a company like Nexus Systems that got acquired by Bottomline, we used to see them, you know, pretty consistently within the real estate vertical. Don't see really them anymore either, you know? So, you know, we've had those type of examples. The other thing is it's made it really hard for, I think, new startup companies from the standpoint of you have some incumbents, you know, like us that have really, you know, feature-rich platforms, you know, 24 years of, you know, features that are integrated to have deep integrations with lots of accounting systems. For us, it's over 240 different accounting systems. From a feature perspective, that's just really difficult to compete with day one, right? Then you have the kind of regulatory environment where to do what we do in terms of money movement, you have to be licensed as a money transmitter, which requires, you know, licenses in 48 states. That licensing process now takes over three years, very expensive. Now you have states, a growing number of states have tangible net worth requirements like Texas, New York, California as examples. And some of those are, you know, north of $25 million, you know, per state. So it makes it really hard to, you know, you know, as an early stage company to go through that licensing process. So what you've kind of seen is, you know, more mature, you know, companies that are kind of in the middle market, and it's been kind of the same, the same companies for the most part, you know, with a few less due to acquisitions. Yeah. I mean, on the acquisition point, it's been a while since I think you've done a deal maybe. Since 2021. Pay clearly. Yeah. Yeah. Exactly. So where's your M&A appetite today? Are you. Yeah. Is the. The appetite is healthy. You know, it's like a bear. It's like a bear coming out of, you know, kind of a long sleep, I guess, right? And what I'd say is that, you know, over the last couple of years, we, one is the volume of things that we saw was down. The good news right now, our M&A pipeline is like 2x what it was last year. So we're seeing a lot more new opportunities. If you think about it, there's a lot of companies that kind of went through funding rounds between, say, 2019 and 2021 now that are kind of burning through that capital, getting ready. They may make a decision, do I raise another round or, you know, do I kind of sell the business? And so we're seeing more of the opportunities from that perspective. But we haven't seen anything in recent years that's been like super compelling strategically at the right price point, you know, for us. But we think that's changing, and we expect that it'll be, you know, historically it's been a good, you know, in addition to our kind of organic growth story, the, you know, add the acquisition layer to it. And we think we're getting it back to that. And I guess when you look at some of these potential targets, you know, what are the key capabilities that you're looking to add? Yeah. You're not just buying revenue for the sake of buying revenues. Yeah. I mean, our playbook today is pretty specific around vertical market expansion. So, you know, we feel that, you know, there's nothing we're looking for in terms of adding feature functionality to the platform. We think we're in really good shape on that front. But the playbook that we like is adding somebody that's in a, you know, either, you know, building a bigger beachhead of software-only kind of competitor in a particular industry vertical that we're already in that we can monetize really quickly or that, you know, gets us into a new industry vertical. And if you look at the nine, you know, industry verticals that we're in, roughly half of those we got into through acquisitions and the other half, you know, organically. So we think that's, you know, it's a great, you know, way to continue to grow kind of our vertical, you know, kind of approach. And that playbook, you know, we like. Remind me on the. I think the most recent one you launched was hospitality as far as new verticals go. Are there any other verticals that you're looking at? It sounds like you have a lot covered at this point. Yeah. I mean, we have a lot. I mean, and where we, you know, one of the catalysts of growing new verticals organically is just paying attention to where we're seeing pockets of customers coming to us and adopting our solutions. And that's how we, bless you. And that's how we, you know, launched the hospitality vertical. And we started seeing kind of 25-50 hospitality companies using our platform being successful. We started paying attention. You know, when that number grew to be about 100 customers in that vertical, we said, you know, hey, listen, what is it that's unique? Let us, you know, does it make sense to create a, you know, dedicated go-to-market strategy around hospitality? And the answer was yes, which was kind of the launch of hospitality. One of the things that we're seeing in healthcare facilities is an interesting dynamic. I talked about one of them on our last earnings call around dental service organizations, and we have now a nice stable base of growing DSOs. You know, these are multi-office dental service organizations that, you know, are adopting our platform, and I believe that's, you know, again, within our healthcare vertical, we focus on, you know, healthcare modalities that have multiple facilities, so it could be long-term care, Alzheimer's centers, you know, dental service organizations, you know, eye doctor practices, you know, cardiac centers, you know, anything that has multiple locations is a great candidate for us. I've been asking all the companies that have been here. Deregulation has been a pretty poignant theme at this conference, and I was just curious, are there any regulations that you think, you know, kind of inhibit some of the growth of your business or even of your, the verticals that you serve that you think could be rolled back and potentially lead to some acceleration kind of intravertical? Yeah. I mean, the answer is, you know, there's no kind of obvious, you know, kind of candidates. You know, we don't do a lot in kind of the oil and gas, you know, kind of sector, you know, or within energy. You know, when you look at, you know, you know, maybe one area would be that's, you know, always, you know, it's probably more of a question for, you know, the Mastercard Visa of the world is, you know, kind of the, you know, the future of, you know, kind of interchange related to, you know, B2B. And I think, you know, you know, our main, you know, partnership is with Mastercard. Mastercard invested $100 million in 2017, still a large shareholder of AvidXchange. And we have an exclusive, you know, commercial agreement around their middle market strategies. And we work closely with them. And I think they've done the right thing related to introducing data, you know, data tiers because at the end of the day, you know, one of the biggest cost elements that interchange covers is fraud, which has been a, you know, a growing cost. But there's a very clear connection between the more data you can process with a transaction, the less likely it is a fraudulent transaction. And so, you know, we've been leaning in with our customers to be able to get them all the data they need to process their transactions with the data that qualify for the lowest rates. And I think, you know, those are the, you know, kind of the areas. But, you know, I don't know if we're going to see less pressure on, you know, kind of that interchange dynamic. You know, typically, you know, you know, it's more of a consumer-related concern related to, you know, protecting consumers. And there hasn't been a lot of activity on business to business. I think generally people feel like businesses can negotiate for, you know, their own payment terms and they don't need regulation. It's just much less standardized, plain and simple. We can open it up for the Q&A to the audience if anyone would like to. Well, if not. You did such a good job with your Q&A. So fast forward this time next year here in LA, give me one kind of big prediction that you think could kind of manifest itself over the next 12 months, be it, you know, macro-related economy, AvidXchange competition. What do you kind of see on the horizon you think? Yeah. I think, you know, what would be kind of fun to talk about is, you know, Mike, you know, kind of, you know, your Payment Accelerator product really exceeded our expectations for the year. You know, we're really excited about, you know, kind of the growth of that product. That'd certainly be fun to talk about. And maybe, you know, throw in you guys finally, you know, executed a, you know, an acquisition, a tuck-in acquisition, added new vertical, you know, after not doing anything for a couple of years. You know, let's talk about that M&A strategy. You know, I think those would be fun things to talk about next year. We'll start getting the questions ready. Thank you, everyone, and thanks to Mike. It was great. Yeah. Thanks, Andrew. All right, man. So this is, you pronounce your name Bo? Bao. Oh, Bao? Bao. I always pronounce it "Bosh". I had to explain it to my entire.