Thanks for being here. Good morning, everybody. Thank you for joining us on Day 2 of the Wolfe Tech Forum. Obviously, the market's crazy, but it's great to have good structural stories with us, like AvidXchange, that in our view, I mean, we've covered for a very long time, both even as a private company to a degree, and then obviously as a public company now for some time now since the IPO as well. From our perspective, I mean, it's clearly a name that has made a huge difference in the B2B payment space from an adoption standpoint, but really helping the mid-market, small mid-market companies understand what they can do better. We have Mike, the CEO. We have Joel, the CFO, with us. I'm really happy to have you guys with us today. Thank you for being here. Yeah, thanks for having us. I think it was like two or three years pre-IPO and ever since the IPO. It's always good to be here. Yeah, it's great. I Yeah, it's great. I was saying just a bit before we started, I mean, your name, AvidXchange, came up in the private equity panel yesterday. I think a lot of investors are starting to realize with these new valuation paradigms, like, you know, let's find, and this may be a tough market, may take, who knows, a few weeks, a couple of months for the mark, for the dust to settle. I mean, even for us, analysts, investors, to realize what we want to do. At the end of the day, I think investors are looking for strong structural stories that are investing in itself. Maybe we just start off there. I mean, last year, you obviously made some progress in a number of your initiatives. If we kick in with what you were most proud of from 2024, some of the accomplishments, how you see the company positioned now, and we'll go into 2025 as well. Yeah, it's really interesting because we were looking at this as kind of finishing the year, and you look at kind of all the metric trends and the progress we've made, can just put it on a chart, and you're like, holy cow, look at the progress we've made since the IPO. Obviously the stock price is a little different story. One of the things that we made a conscious effort kind of early in our public company lifecycle to do, and this kind of carried over through last year, was really to focus on the margin profile of the business and to get us into, after going through a dozen years or so of pretty rapid 30% plus growth through the IPO, is really focus on gross margin, profitability, and kind of that margin profile as part of kind of how the tides turned really kind of in 2021, 2022. Just to give you perspective, leading up to the IPO, we were in high- 50% gross margin, losing about $30 million a year in EBIT. Contrast that today, we're about 75% gross margin. Call it 15 percentage points gross margin accretion since our IPO. Obviously now making about $85 million, 20% EBIT type zip code. We feel really good about kind of that progress that we're making. Obviously, we've had some pressure on kind of the revenue components of recent, but feel really good about kind of what the long-term kind of durable growth story is, which I'm sure we'll get into. Yeah, we continue to make progress and growing both sides of our network, the buyer side, and who uses our software. We have now our suppliers up to approximately almost 1.4 million suppliers on our network. That network producing kind of monetization continues to be best- in- class, and that's what really differentiates us in the market. Putting aside financials for a moment, I mean, in terms of strategy, in terms of aspirations for 2025, what do you want to see the business do in terms of incremental and opportunity and some of the investments you're making? Yeah, '25 is really what I would say is that same relentless focus we've had on kind of gross margin appreciation, expansion, and the profitability side is really do the same thing now back on the accelerating growth side of the equation. We're really excited about what I call kind of the three legs of our new product innovation that really focuses on yield. It's led by Payment Accelerator. We've been talking about it for a number of years. That business now is growing about 100% annualized, and it's still a small business, but we expect it to be our next $100 million business. Really excited about what we're seeing there. We're getting ready to release this year our spend management product. If you think about it as spend management for middle market, which is very different than kind of the small business market. I know you had a couple of the folks on spend management here yesterday that you focus on what we really think is down market. Our lens of the spend management solution for us for the middle market is our customers are capturing about 85%-90% of their total expenses through our platform, everything that has an invoice. They have 10%-15% of their expenses that do not have invoices, and they want to get them all in one place, one user experience in how they manage them, and obviously leverage the deep integrations that we have through the underlying accounting systems. That is what we are solving for in our product. Middle- market companies do not need a 30-day credit card to run their business. They have bank lines, and that is not the problem they are solving. They're solving the business problem, the approval process, and having all the data, expense data in one place. Along with that, kind of incrementally throughout the year, continue to expand our pay platform. We call it Pay 2.0. We started about a year or so ago. It's kind of monthly incremental releases. That's what gives us the ability to manage all these different payment modalities. Today we're up to about 25 different payment modalities that we go to market with and giving our suppliers options. We have about 12 different offerings that have virtual card, and we have 12 different offerings that have AvidPay Direct, where we settle through ACH, but we wrap the remittance data with the transaction and we get a fee for it. The 25th is the good old-fashioned paper check. We're going to continue to add payment modalities throughout the year. Right now we're monetizing about 40% of all the transactions going through our platform and expect that number to approach 50% over the next 12-18 months. Before I go into spending trends, I mean, just to kind of hit on what you just said, so of all the things you just mentioned, obviously Payment Accelerator is one we're excited about and we've been talking about for some time. I mean, what are the opportunities that you're most excited about in terms of moving the needle this year? Payment Accelerator, I think, should start second half of the year. Yeah, I mean. Material, right? I mean, Payment Accelerator is going to, as I said, it's growing about 100%. It'll double for us. It's still small numbers, but that we're seeing lots of momentum for. This year are the payment modalities. We're incrementally releasing those kind of on a monthly basis. One of the things that we believe strongly in, and it's proven out to why we have our 40% adoption rates today, is that in business-to-business payments, you have to create a value proposition for the supplier on why they want to be on your network, why they want to receive electronic payments. It's not just about price at all. There's suppliers, there's four elements that are important to a supplier in selecting which payment modality is best for them. The first is the timing of the payment. Second is the price. Third is the level of data remittance. The fourth is level of automation. Depending on the type of supplier, what's important for them, but what we see is the elements that are really important for them are, number one, remittance data, usually getting it in an automated way. If they can have a non-human- touch receipt process and automatic reconciliation, they're happy to pay for that. The most expensive transaction that a supplier has is when they have to have a human touch it. It goes to $40- plus per transaction. If they can get it in a non-human touch automated way, they're very focused on that. Certainly small businesses, speed of payment and timing is super critical. That's why we see actually the adoption of our Payment Accelerator offering. Yeah, I think so. What's really interesting, there's kind of one learning that we've had with Pay 2.0, where there's a feature that we incorporated in the new version of Payment Accelerator 2.0. That is, in the old version, suppliers selected individual invoices to advance. We give them an option, you can have auto advance. That means whenever there's an eligible invoice anywhere on our network, we'll automatically advance it for next-day payment. Our initial kind of modeling and surveying of suppliers, we thought that feature would generate 10%-15%. Last month was 62%. Wow. That really shows you how important timing is to the small business supplier that's taking advantage of that program. That's really something. We'll go back to Payment Accelerator a little bit more, but that sounds like a good start. Talk about spend trends and what you're seeing in the market. A lot of headlines right now in terms of noise and tariffs and concerns. What are you seeing right now in terms of your current spend trends among your customers? I think one of the things that we talked about as we kind of exited the year and we kind of contemplated as part of the guide for 2025 is how we're going to think about kind of the macro return. Joel and I and Subhaash and team, we kind of debated internally. We kind of took the approach, we're going to take macro out, we're not going to forecast the return, and we're just going to really guide the core business. Anything that happens on kind of macro acceleration is just upside to our plan. One of the things that we're seeing is it's kind of been bumping along the way it's been for the last few quarters. We haven't really seen any material changes. Probably one thing that I would add to that is just the measure that we use overall total transaction growth. That's all the invoices and all the payments. That measure in early 2023 was, I think it was 8% growth by quarter, stepped down in the sixes, stepped down into the fives. Remember what happened in 2024, it stepped down in the second quarter to something like 4.8% overall total transaction growth. Again, we've been talking about seeing the discretionary transactions kind of compressing. In Q3, that turned around for the first time in two plus years, slightly, 4.8% became 5.2%, but then turned around again in Q4. There are two things we took away from that. One is, is it possible that that decline is slowing and we're bouncing along the bottom? Don't know. Is there a possibility that it gets worse before it gets better? That's what happened in Q4 relative to Q3. To Mike's point, our guidance contemplates kind of continued status quo level of spending, not worsening and not improving. Yeah. What are you hearing from the customers though? I mean, in terms of demand for your products, but once again, I mean, just sentiment on the overall market right now and what they're willing to do and spend from a discretionary standpoint as well. Yeah. It's interesting. We certainly got a lot of feedback leading into the election cycle last year. I think a lot of middle market companies got more conservative in terms of how they run their business, not knowing what was going to happen in the election, who was going to be the president, what policies may relate to that. They were just a little bit more conservative in how they ran their business. That showed up in discretionary spend numbers for sure. As we kind of got past the election cycle, the second half of Q4, we did see some acceleration in terms of just customer engagement for new customers. However, it was late in the quarter. We've continued to see that engagement be pretty positive as we've gone into so far in Q1. One of the things that we're really excited about for the year in terms of adding new customers is the impact of our new ERP channel partners. About a year or so ago, we really pivoted to that ERP being a core strategy of partnering. We call it kind of enabled payments, software-enabled payments within their ERP system. Recent kind of channel partners that we've been talking about are companies like AppFolio and M3 in the hospitality side as examples. So far this year for M3 in hospitality, we're seeing like 3X the activity of a year ago in terms of new customer engagement. With AppFolio, we're seeing 2X the activity of a year ago. That makes us feel pretty good related to that customer engagement and adding new customers to the platform, which then obviously there's a lag effect in terms of when they actually become revenue producing, but it all starts with adding new customers. I guess why don't we just keep going on that topic? I mean, in terms of customer ads, there's been a shift, I think, more towards just higher quality leads, and maybe fewer, but better and more conversion of those leads. Maybe just first, what drove that decision? What are you actually doing to drive that change? What kind of impact are you seeing from that? Maybe just remind us the kind of customer numbers you have on the buyer side, how many you added last year, I think it was 800 if I remember. Yeah, exactly. On the buyer side, we have about 8,500 buyer customers that use our software to manage their Accounts Payable and automate their payment process. That grew about 6% last year kind of on a net basis. One of the things that we talked about kind of earlier last year was one of the things we were seeing in top- of- funnel activity. We were seeing, obviously, we always had a big kind of allocation of marketing spend towards digital channels, Google AdWords, things of that nature. You get a fair amount of volume, but you have to do a lot of work to get to the quality. At the same time, we saw new flows coming in from our partner channels. We're like, holy cow, the quality of these is like really good. How it's showing up is through the partner channels, we're cutting almost 30 days out of a sales cycle. If you think about it, it makes sense. If you have a CFO, say of a company, a real estate company that's using AppFolio to run their business, and now the CFO raises his hand and says, okay, now I want to extend my AppFolio experience to also automate accounts payable, that's a really quality lead. That's a better quality lead than a random Google AdWords search. We really dialed back some of the reallocated some of the spend from the digital channels to focus on more robust support for the partner channels. We think what we're seeing is, again, really increased quality, higher close rates, and certainly shorter sales cycles. Right. I mean, but the addressable market is still obviously large. Yeah. We go to market, as you know, Darrin and I, across nine different industry verticals. We're still single-digit penetration in all nine. Maybe in financial services, we're approaching double digit. In financial services, we have now approaching almost 2,000 banks and credit unions using our platform to run their internal accounts payable payment process. Maybe we're getting double-digit penetration there, but the rest of them are single digits. Yeah, it's early days. You want to see about 10% customer ads per year for everybody. Yeah. That's our internal objective is to add as part of our growth algorithm is to be consistently on a long-term basis in kind of the high teens, low 20s in terms of growth. As part of that formula is we need to add 10%-12% new buyer logos on a consistent basis. Last year we were below that target. This year we think we have the right strategies to be on that target. For the customer ad side at least. Whatever spend is from a customer standpoint, it is based on to some degree macro, right? Right, exactly. Supplemented by your incremental products and Payment Accelerator and others that add more growth. Back to the vertical differentiation. I mean, again, you said nine, I think there were nine verticals. Just go into that a little bit more because I always think that's something that differentiates you guys is again, vertical expertise. Where do you find yourselves having the most opportunity from a vertical standpoint and what opportunities are there to expand into new ones, if any? Yeah. First of all, just to highlight the overall market opportunity, and that's like after 25 years, I'm still excited about this business, is now in the middle market, how we define it is companies between $5 million and $1 billion revenue, there's now 500,000 middle- market companies in just the U.S. market. We're considered the de facto leader and we have 8,500. That just shows you kind of that opportunity we have. Within our verticals, as we talked about, we're still single-digit penetration. Why verticals are so important is of those 500,000 middle market companies, we've estimated 50% of them, so 250,000, highly align themselves to an industry vertical that requires, that has either a specific business process or an accounting process that's specific to that vertical industry. You know which verticals these are because they're supported by vertical accounting systems. That is why you have all these different accounting systems out there that support just a very specific vertical market because they are solving the problems of that particular vertical. Today we are integrated to 240 different accounting systems that support a lot of these vertical markets and obviously growing. One of the challenges of the middle market, and it is also the opportunity, is that it is hard work. I always joke around with the Bill.com guys that are in small business, they really have it easy. They really have to integrate to QuickBooks. The same thing is the enterprise guys, like a Coupa or maybe like a Bottomline, they merely have to integrate to SAP and Oracle, maybe Workday. Meanwhile, we are in the middle market and we are like 240- plus. What that creates is a massive moat around the middle market because we've now, and that's what we've seen others try to come into our market. The recipe is they come in, they try for about six months, they realize how hard it is making progress in the different industry verticals because a lot of the accounting system integration is required. That's part of, I think people ask me, our audience here asks me all the time in our one-on-one meetings, kind of what do people underappreciate. I think it's that element. It's like the moat that we've been building around this middle- market. Also, middle market companies, what we've seen in a down market, they don't go out of business. They cut back on discretionary spending, but they're still active customers. We have seen it as that retention number has come down from kind of 104, 105 in a normalized state to sub 100 in the current state, the actual attrition of individual customers has stayed the same. That has been pretty consistent for the last three years. Mike, I just want to go back to that again because that's something that we do get asked about. I mean, at the end of the day, the addressable market is big. You guys have a pretty good moat. There's a real problem you're solving in terms of just taking companies that are utilizing old legacy cash-based systems, check systems, and bringing it into a much more modern Accounts Payable offering, which makes sense. I would think you should be able to add even more customers per year. I know there's probably it's hard with mid-market, but explain that because I mean. Yeah. I mean, what you just asked me is what I ask our team every day. One of the things that I kind of appreciate is business processes take time to change. I was just at a meeting with one of our actually our NetSuite sales team that we work with closely in San Francisco. We were talking about kind of sales challenges. When we went back to there was a handful of people there who were back to the still at NetSuite in the early days when they started in 1998. I got started, we built the AvidXchange in 2000. For our first like eight years, our number one sales challenge was that go to CFOs and controllers. They're like, Mike, love what you're doing, but there's no way we're ever going to put our financial data in the cloud. It has to run on-prem in our data center, behind our firewall. There's no way we're ever going to put financial data in the cloud. That was our number one sales objective in the first eight years of our existence. Now if you went back to those same customers and said, guys, good news, we built an on-prem version, it can run behind your firewall. They're like, Mike, non-starter, it has to be in the cloud. That took like 15- plus years, that transition, to get people comfortable. I think what we're seeing is a similar dynamic related to people moving from paper check to electronic. Certainly, the consumer was kind of is the first mover. Then small business to element is kind of the kind of the next mover. Then you get to kind of the more middle market enterprise. I think part of it is because you have these such entrenched business processes that they get suppliers paid, but they may not be as efficient, cost as much. You have tenured CFOs and finance professionals who they grew up and this is the way it works. They inherited these processes. It takes really a digital native, somebody who's saying, hold on a second, isn't there a better way to do these processes? We see those things playing out all the time. I personally think the "Crossing the Chasm" moment that we really start going to kind of 10%-12% kind of new buyer growth and that accelerates to 15%-20% plus is when you get the majority of finance CFO controller leaders that are digital natives. Right. Maybe it's just time. Yeah. We see examples of this happening every day. I just wish it happened faster. Right. Joel, maybe we just shift to you for a minute on the financial side. I mean, just remind us the latest guide for the year. I want to go in a little bit more to the margin side in particular, just given what you guys have talked about and the opportunity there. Maybe just start, if you don't mind, with the most recent targets you gave us. Yeah. When we announced our fourth quarter results, we laid out guidance for 2025 for the first time. The best way to frame it is our core growth at the midpoint is about an 8% grower. For those who aren't familiar, I'm removing float revenue, which was $50 million in 2024, moving down to $44 million in our estimate as rates presumably flatten out or turn around. The political cycle where we had over $6 million of revenue last year that we have largely none in 2025. Anyway, removing those, it's about 8% at the midpoint. Maybe I'll pause there and just connect it to some things Mike said. That 8% is off our aspiration of we think this business grows kind of mid-teens, maybe even approaching 20%. One of the largest sort of dynamics there, just to sort of remind the audience, is our overall net transaction retention, which typically is a net expansion of transactions across the platform, say, 104%-105% expansion, has been in the has been below 100. And so we reported. That's four or five points. 98% and change. That is four or five points, but it is 8% guide at the midpoint on a core basis. Speaking of margins, I will just sort of go there if we can make that transition. Mike talked about having created really healthy margins over time. We expanded margins to, I think, 75% in the fourth quarter. Meaningfully ahead of what we had sort of set out to do and just really were focused on things that we can control. That was something that we really focused heavily on. Even stripping out float and political, that is about a 71% gross margin. Good progress, but we still have a ways to go. We think that 71%, if you remove float and political, can be 75%- plus meaningfully. It is really the combination of yield expansion, which you can see in the business all in and in a core basis, removing float and political, but also unit cost discipline. Right. The gross margin has made considerable progress. I mean, we've seen that. Number one, just help us understand first what's embedded in your outlook for the year in terms of macro. I know you talked about basically, I think, keeping the transaction rates at about 100, but we're basically not improving it. Embedded in the guide, but maybe a little more detail on that. Then the margin leverage on the gross margin side first. I mean, what drives that even higher? Because it has moved really well. Fair. Okay. First on the guide, let me go back to that 8%. What's included? How do we think about what we're assuming? First off, I would just repeat what I said before. It's not assuming that overall transaction growth or the spending and the activity on our 8,500 suppliers on the platform. We're basically presuming that the way we exited the year, remember Q4 was 4.3%, is largely what we're going to expect in 2025. There's a number of hypotheses and leading indicators that suggest that we should see a turn by the end of 2025. We're not contemplating that in sort of core growth. We are, as Mike mentioned, seeing the beginning of that ramp that we knew was coming on Payment Accelerator. There's about a point of growth associated with that back-ended. is another roughly point of growth associated with really beginning to more meaningfully move the needle on the conversion from check to digital as a result of the new payment methods coming off of the new pay platform. A couple of points there are included. Your second part of the question is like. Gross margin potential. Gross margin. Yeah. I mean, the way we'll get from the 71%, and I'm stripping float and political out, the 71% roughly gross margin profile in the business in Q4 to 75%- plus is largely the way we've gotten the gross margin expansion over the past couple of years. It's a mix of yield expansion, so steady, consistent revenue per transaction growth through the strategies that we've talked about. And then increasing discipline on unit cost. The one thing that I would say is that rate of expansion might moderate now. We really did take off some low-hanging fruit, standardization, automation, and outsourcing. There's still room to go. I think the speed of that expansion is likely to moderate. Joel, what kind of EBITDA margin expansion are you looking for the next year or even beyond that? I mean, you have operating leverage in the business. I think you have targets of 30% EBITDA margins long term, if I remember correctly, right? Yeah. Yeah. I mean, look, we need growth to return. That's the headline for that'll obviously help meaningfully with gross margin expansion and EBITDA expansion. Even at kind of the growth rates that we're putting up, 20% EBITDA is reasonable. Even with the growth rates that we're seeing, I think we can expand that beyond the 20% level. To kind of get to that Rule of 40 business, we need to see top-line growth return. Okay. The operating leverage versus investing, I mean, you guys can handle exactly what you need to do from an investment standpoint? Absolutely. We're doing it today. The investments that we've talked about, Payment Accelerator, the new pay platform, we're investing in those. We're not constraining those. At the same time, you're seeing the leverage in R&D, certainly G&A. We're balancing growth and profitability. We think we can move the needle on profitability while we'll continue to invest. I know I may put you on the spot a little about this, but from a GAAP profitability standpoint, I know that's something that we've been talking about more, all of us, at least dot-com expense profitability. How do you think about that? Yeah, we agree. We're focused on GAAP profitability, free cash flow generation. We're a couple of quarters into GAAP profitability. I don't think we go backwards. I think we only sort of increase and enhance that. Stock-based compensation was a little bit under 11% for us last year. It may tick up slightly, but we expect that that will remain sort of low relative to the market, relative to peer. You can expect increased GAAP profitability going forward. Okay. Good. From a competitive, well, let's go to a competitive landscape standpoint. I still think your differentiation is probably underappreciated, just given that the moat is around the mid-market, much more so than maybe the small SMB side. We still get the question a lot. Number one, are you seeing anything different on pricing? Maybe you can couple that with macro a little bit. I guess any conversations that have changed given other alternatives out there? Just what does it look like out there right now? I think what's interesting is for the most part, kind of the competitive set of companies has remained consistent. We really don't see any new entrants. I think the regulatory impact makes it really hard for new startup companies, earlier stage companies to try to compete with us, as well as the kind of existing incumbents in the market are pretty—we've been at it for a while. You have companies that are really well-featured. They have years of product features, functionality that we built into the platform. What we do see is the competitive nature has really kind of remained consistent. We have some examples of people getting taken out through M&A. What's interesting is the common experience there is they get significantly less competitive after getting taken out. What we do see is continue to see is particular competition that's very vertical- market focused. I still don't we don't have any examples of competitors that cross over even multiple vertical markets. The ones they're very the real estate competition we have is in real estate. And the hospitality competition we have is in hospitality. It's very vertical focused. One of the things that we do see is we've kind of begun to really pivot towards the thinking of the ERP systems as a core integrated embedded channel. We're seeing others try to follow that, certainly that strategy. At the same time, on the supplier side of the equation, in my view, the number one reason why we have the outsized monetization that we have in our network is because we think of the supplier as a core customer and work really hard to create a value proposition for that supplier. Now we're seeing others starting to copy that as well. Within that middle- market segment, it's been pretty consistent in what we've seen is that competitive dynamic mix. Okay. I'm going to take a question or two from the audience in a moment. Anything on the payment side that's changed? I know there was some rhetoric in the market over pushback on virtual card and just in terms of what you're seeing having the most success versus any kind of change or pushback? Yeah. I mean, this was kind of a hot topic. Was it Q2 of last year? Second quarter. Yeah, second quarter of last year, right? One of your, I mean, Bill obviously called it out even before that, but it was, again, different market. One of the things that's important to realize is of our roughly 1.4 million suppliers on our network, the ones that the bucket that is the most focused on managing their expense and interchange are the top 3% enterprise suppliers. Okay? They're the ones that typically have variable interchange cost structures where they actually manage interchange themselves. What we've seen there over the years is this dynamic really started in 2019 when Mastercard came out with their Data Rate Structure, Data Rate 1, 2, and 3 designed to say, "Okay, enterprise suppliers, the more data you can process with the virtual card transaction, the lower interchange we'll give you." What we made a decision back then, which kind of in 2019 hurt us a little bit on revenue, we said, "This actually is a great opportunity because we have the data." We went to all these enterprise suppliers and said, "Let us help you process your transactions with the maximum amount of data so you can move from rack- rate interchange down to Level 3 even to get the best rate structure possible." Our long-term view is if they're dependent on our data for the best rate structure, that's long-term stickiness, right, along with building other value propositions. That dynamic started in 2019. We kind of called out some things a year ago about that same group now kind of more actively managing what we call high-ticket transactions, typically transactions over $10,000. Again, we're the only platform that I know of that gives the suppliers the ability to manage their business rules on our network. Rather than a supplier, say, trading because they don't want to pay whatever the rate is for a high-ticket transaction, we give them the opportunity to say, "Oh, for those high-ticket transactions, we want a different payment product. We want maybe an AvidPay Direct product or a different kind of interchange." We give them those opportunities to manage it. The one thing that we didn't see is we didn't see any suppliers trading. We saw suppliers just managing their business rules. We view that as really healthy long term. Right. Optionality. Yeah. All that activity is like in our top 3%. One of the things just why structurally maybe the other 97% are as active in how they manage their interchange is one is they have different dynamics around they want to get paid faster and things like that. Also, for the most part, they all have fixed rate interchange with their merchant acquirer. They do not even see individual interchange. They just have a fixed rate and whatever that is. Their focus is just give me all my transactions in a way I can accept them in the most efficient automated way. They do not really price, they really do not care about because they have a fixed rate. Got it. Okay. Guys, any quick questions from the audience? I think maybe you only have time for about one, but yeah, go ahead. Hi, thanks. Can you just discuss more broadly, I guess, the opportunity to monetize the supplier base given it's so large at more than a million versus the 8,500 or so payers? Just the size and the timing would be great. Yeah. I mean, first of all, we think of how we kind of monetize them is in kind of two buckets. One is through given electronic payment modalities. Moving from paper check to an electronic payment modality. Just to give you guys a sense of that leverage, although we get software revenue on every transaction on the payment network, a paper check has zero revenue other than some float revenue. It has relatively high expense at about $1 of execution cost. When we flip to electronic, that zero goes to $7-$10 of revenue per transaction. The expense goes from a buck to maybe $0.02. High leverage there. We are very focused on growing that 40% that we have and increasing that. The next big milestone will be about 50% is our next target milestones. Okay. The second element as part of value proposition is how they get paid faster. That is the payment accelerator offering. We are seeing our average take rate on payment accelerator right now is averaging 290 basis points. That shows you kind of what suppliers will pay to get paid faster. That is kind of the second element, providing cash flow kind of tools to get them to accelerate their invoices. That is another monetization event. The last one, which our thinks is kind of further an innovation bucket that suppliers have told us, the last thing they would love us to do is help them sell more to their customers. We are working on some marketplace examples to kind of help them on the front end of that. Those are really the three areas. Guys, thank you so much for being with us. Next up on stage, we have Payoneer, if you can make your way up. At the same time as that, we have Dave Inc.