All right, so we're gonna get started. Next up is EngageSmart. We're pleased to have Bob Bennett here, CEO, as well as Josh Schmidt, SVP of Finance. Appreciate you guys for being here. Really looking forward to the discussion. Thank you. Thanks for having us. Great to be here. You know, thanks for being here. Maybe we can just start off with a background of who EngageSmart is, how did the company come to be, and then how has the company changed since the IPO? Sure. So, EngageSmart started. I started a company called InvoiceCloud about 14.5 years ago, which was an electronic bill presentment and payment company, electronic payment company. EBPP is what we call it, electronic bill presentment and payment. And I had run an electronic payment company called Sage Payment Solutions prior to that. It was Verus prior to that, it was Network One. It became Paya after Sage sold it to GTCR, and now it became part of Nuvei, I think. But anyway, I had a sort of a decade of electronic payment experience there. Started InvoiceCloud in October, because the idea occurred to me after I was literally paying an American Express bill, and I was also paying a utility bill. My utility bill payment experience was not very good. My American Express bill payment experience was actually quite good, and I said, "Hmm, why couldn't... Why, why wouldn't everybody want to have this sort of Fortune 100 customer portal and customer payment experience? Why wouldn't every biller want that?" But they don't have the sort of millions of dollars that American Express has to be able to facilitate that. So the idea was to create that customer portal experience with InvoiceCloud, be able to brand it as any biller, integrate with software companies, and, you know, roll that out to a software company, like a, a billing software company's client base, as, you know, an electronic bill presentment and payment solution that sort of extended the useful life of that customer information system. So we got-- we did it, we rolled it out. It wasn't that hard to get into the business, hard... We got pretty good at the customer engagement piece and realized that, you know, we're giving the software away. We need to, you know, ultimately make as much money as we can by driving higher adoption. So we got really good at the customer engagement layer. Multiple email notifications to customers to re-remind them that their bill is ready to be paid. Fast forward to, you know, somebody from Summit Partners in Boston, a private equity firm, paying their bill, tax bill, that was through InvoiceCloud in the city of Boston. They got a hold of us and convinced us that there was a bigger play here. They'd like to put money to work with us, where we could take our payments, domain expertise to the market, and we bought, you know, HealthPay24, we bought a company called SimplePractice, DonorDrive, and a few tuck-ins for InvoiceCloud. Fast-forward that a little bit further, we started to gain a lot of traction. SimplePractice was truly a transformational acquisition for us. It was $4.2 million in ARR in March 2017 when we purchased it, and SimplePractice is end-to-end business management for small group and solo practitioners in the wellness space. Behavioral health is more than 90% of that customer base: social workers, psychologists, some psychiatrists, and so forth. It was $4.2 million in ARR when we bought it, March 2017, and now it's, you know, significantly bigger, so it really transformed our business. InvoiceCloud, coupled with DonorDrive and HealthPay24, created an enterprise segment. SimplePractice is a different go-to-market. You know, the average revenue per customer annual is about $2,000 for a SimplePractice customer, average $44,000 for an enterprise customer. So two separate businesses, both simplifying customer and client engagement with electronic payments. We did a recap with General Atlantic. Company continued to grow very well organically, and we are an organic growth company first. Although we make acquisitions, we only make acquisitions where we see the opportunity, we believe, to help them grow more quickly organically than they would be able to grow on their own. So that happened. We went public in September of 2021, the absolute peak of the bubble. So it was literally, I think it was right, right around the absolute top, I think 22 times forward revenue or something like that. It was crazy, but highly accretive in terms of the dilution for raising a lot of money, and we have a lot of cash on the balance sheet, which is targeted for more acquisitions at this point. Called it EngageSmart because we simplify customer and client engagement, and, you know, we've had... Since the IPO, we've had, you know, eight consecutive quarters of beating our guidance, and, you know, the stock is still there for you guys to buy. Well, thanks for that. I mean, maybe we can kick off on the SimplePractice business. I mean, I think what's always been notable for that business has been the really attractive double-digit LTVs to CAC in that business. What enables you to get such good economics? And, you know, how do you think about scaling that? Yeah, so SimplePractice, we have a lot of levers for growth there. I mean, we've seen very strong growth since we acquired the company. It was built originally for solo practitioners in behavioral health. We've expanded that into, you know, maybe 10 wellness verticals. Mm-hmm. A lot of it just accidentally because the solution is a free trial. So we don't have any salespeople there. It is digital marketing, word of mouth, SEO, keyword ad buys, so highly efficient. You know, LTV to CAC, the most recent quarter, something like 11x. And because it's got no salespeople, very high EBITDA contribution, you know, against its revenue, which is also very strong revenue growth. It's a, it's a very large market. It's actually, when we went public, we were looking at behavioral health as a $1.2 billion TAM. Because we use the Bureau of Labor Statistics, it was roughly 500,000 clinicians in behavioral health. It turns out we did a recent study this spring through a you know a well-known consulting firm so independent, and it turns out that there actually are many more than 500,000 you know behavioral health clinicians. It's north of 700,000 that are in outpatient only. So, and the licenses are actually over one million licenses. So a lot of clinicians in mental health work someplace, and they work part-time at another place, right? In fact, a lot of the SimplePractice customers are part-time, and but they still are building their business. They might be working at a larger healthcare clinic or a larger healthcare enterprise and starting their business with SimplePractice through its practice management solution. So the TAM isn't $1.2 billion. We see the TAM now as $2.8 billion for mental health only. Part of that is the 700,000 clinicians, over a million licenses represented by those 700,000 clinicians that are available to us, as well as the revenue cycle management now, which is around claims management that we're in now. We've been piloting that now for, well, coming up on a year shortly, and have, you know, many customers that are using us for revenue cycle management. That adds another $700 million to our TAM there, based on the 1.8% that we're collecting on claims that are being adjudicated through our partnership with another company, 1.8% to us. So anyway, $2.8 billion TAM in behavioral health. When we add customers, they refer their friends, and it's not a—they're not competing with each other in this space. They're all here to sort of help save the world. So they're making... The word-of-mouth referrals is a super strong driver of new ads for us. And each month, we add a lot of mouths, and those mouths just keep referring people. So that flywheel is really effective, and we have a very strong growth marketing team that is constantly refining our approach to digital marketing and driving top-of-funnel. So very high conversion yields for top-of-funnel free trials. It's all a freemium, you know, free trial program, 30-day conversion. And our new specialties, like speech-language pathology and occupational therapy, are actually converting at a higher rate than behavioral health even now, because we've got a very strong product market fit there. You know, so you talked about some of the high-level TAM numbers. When you kind of break that down, I know a big part of the story has been moving up market into group practices. How would you kind of segment the market between, you know, the kind of single practitioner and the group practice market? So the vast majority of clinicians in behavioral health are solo, but the businesses are actually tend to be groups. So, Josh Schmidt, our Senior Vice President of Finance, can probably break the- Yeah. Break the TAM down. I think it's basically 80% of the businesses, the practices themselves, are solo. But then when you look at it more on a license basis, Bob mentioned a million licenses, 70% of those licenses come from group practices of varying sizes. And so when you kind of take a step back and look at that, right, obviously, solo is a huge part of the market, and that's been a huge part of the focus for SimplePractice. But the group opportunity is significant, and that's a big reason why we've really targeted that as core to the strategy moving forward. Makes sense. So maybe we can talk a little bit about SimplePractice Enterprise. You know, what is the value proposition for this product? Yeah, so SimplePractice Enterprise is incredibly exciting for us because what we've done is we created a product called Meet Monarch, meetmonarch.com. You can check it out. Just go there yourself, pretend that you're under duress or having some kind of an issue, and you need to get some counseling. And you can, you know, see how easy it is to find a clinician, schedule an appointment, get an appointment accepted through that meetmonarch.com. What we've done for employee assistance programs and managed care organizations, so you would think like, insurance payers, you know, think Blue Cross Blue Shield, you know, Optum, those types of managed care organizations across the country. What we've done there is provide them an API that gives them the ability to place their employees that they represent, and the employee family members, with care directly into the clinicians that we have calendars. So they can find out what the specialty is. Historically, it takes more than 40 days, even today, in today's environment, I think the industry average is 48 days to get care, to actually have somebody that needs mental health actually get an appointment and have an appointment with a mental health professional. With SimplePractice Enterprise, the MCOs, and we're working with a very large national organization that now has, you know, significant traction and is seeing six days between employee need and appointment. So we've taken that 40-something days down to six days. That's a game changer in a number of ways, right? One, it's getting care to somebody that needs care. That's real. Time really matters in this case, right? The other thing is that the efficiency for being able to place a clinician without having to make dozens of phone calls and leaving messages with these solo clinicians that make up the behavioral health community is just so much more efficient. They're actually making that appointment. They're saving so much time, they can place a lot more people a lot more quickly. So that is driving, you know, you know, a lot of traction for appointments. We had over 2,500 appointments in the second quarter of 2023. We started in the second quarter of 2022 with this SimplePractice Enterprise. We had two appointments in that quarter. Over 2,500 in the second quarter of 2023, up over 100% from the first quarter of 2023. So that thing is just flying right now. It's growing dramatically, and that's giving our MCOs and EAPs this inertia to actually get their other clinicians that aren't using SimplePractice onto SimplePractice. Because we all want six days. We don't want 40-something days through the current process. So they need SimplePractice because they have to have the online scheduling, and then we also provide that insight through SimplePractice Enterprise to the outcome tracking. In other words, did the patient actually onboard? Did they accept the appointment? Did they show up? Is there another appointment? So it's not getting... The MCOs aren't getting sensitive information around the session, but they're seeing whether or not this is progressing the way it should be progressing. So, it also ties into our revenue cycle management piece because these MCOs and EAPs are insurance payers. Our customers, only about 35% of our customers, accept insurance today. We represent a lot of them through our, you know, let's say, 50 or so, through our pilot program with our revenue cycle management, our billing, and our claims management process that we've got in pilot. But there's, you know, hundreds, thousands that we haven't opened it up to general availability yet for them. With the MCOs being insurance pay, our customers not taking insurance, we have an ecosystem that's going to help drive more of our customers to accept insurance, which is what the MCOs and the EAPs is need more in-network professionals. So we believe that there's going to be a push from these MCOs and EAPs to push their customers to SimplePractice, and we're gonna be able to leverage the revenue cycle management capability, because right now we're adjudicating, without any human intervention, over 80% of the claims, without any human intervention. So this is a big breakthrough for our customers, who have been reluctant to manage claims because we're able to manage it through automation and a rules engine. So we think that, you know, the MCOs, the revenue cycle management creates a very interesting flywheel that is gonna draw many more customers to take free trials and convert into SimplePractice, 'cause they've got to get their schedules online and, ultimately, create a flywheel around that. Maybe you can expand on that a little bit. You've talked a little bit about, you know, the number of clinicians on this large MCO that you're working with. Not all of them, most of them, I think, are not SimplePractice customers today. How do you think about the referral pipeline? What is timing like, and, you know, what are the, what are the kind of guardrails around when that could start contributing significantly to customer acquisition? Right. So, you know, the, I mean, this national provider's got well over 100,000 in-network clinicians that they refer to today. They may have 15,000-20,000 that are using, it's actually a 15,000-ish, that are using SimplePractice today of the, of those clinicians that they refer to. Over 100,000, I think it's 100- over 120,000, that are not using SimplePractice. They want them all using SimplePractice. So we expect them to start driving and, and, and push to SimplePractice sometime between now and the next six months. The, you know, 'cause they're getting significant traction. They want to get it down to six days. It's a big, it's a big opportunity. Got it. It's exciting. So on the revenue cycle management opportunity, could you kind of talk through some of the mechanics of how that works and just some of the market dynamics around insurance for behavioral health? Yeah, so there's really four barriers. I mean, 35% of our customers accept insurance, so the vast majority don't yet, because it's complicated to credential for insurance companies, contract with these insurance companies. You know, you contact an insurance company, they say, "We want to accept insurance." They send you a 100-page contract. Our clinicians are not built for that. They're solo, they're therapists- Mm-hmm. They're, they're not administratively, they're not legal people, so they kind of just go, "Oh, gosh, you know, now I remember why I don't accept insurance." We can simplify the credentialing, the contract management. We can. We have the information to fill out the forms in advance because we have that information already built into SimplePractice for our customers. So we can actually simplify that, and now, since we're getting over 80%, you know, automated claims payment, payouts without any human intervention, now it's gonna become much more interesting for them to, to ultimately, you know, accept this insurance. And that's an important thing for both the MCOs. I mean, there's a significant shortage of behavioral health professionals today, oversupply of demand, and we need to make it care easier and less put a little less friction in the process of actually placing a patient into somebody that can help them. Yeah, makes sense. I wanted to hit on some of the new vertical opportunities within SimplePractice. I know there's been a lot of organic expansion. You mentioned speech, speech language pathology. I'm gonna need some speech language. I can't say that. We can help you there. But maybe this would be a good time to talk about the Luminello deal that you recently announced, brought over some features, I think, to help serve psychiatrists. Mm-hmm. You know, what was kind of the rationale for the deal, and, you know, what does that bring to the table? So it's a good question. We had, you know, so SimplePractice had a few hundred psychiatrists using it already, but we didn't have e-prescribe. But on, you know, but our psychiatrist customers have been asking for e-prescribe, so we knew we had to get it. It was in the roadmap, but we have group practices that we're constantly trying to enhance because we keep seeing an expansion in group practices. We have other priorities that were ahead of the e-prescribe. We had a highly culturally aligned relationship with the founder of Luminello, Ken. And, you know, Ken has actually gone on record to his customer base, 2,500 psychiatrists, that if SimplePractice had been around when he started Luminello, he never would have started Luminello. You know, it's a superior platform, but it didn't have e-prescribe and some lab work-type documentation that we need to add now to SimplePractice and migrate those customers over to us. E-prescribe is really important to our existing customers, but, you know, it's also important there. But if you think about what we're doing with these managed care organizations and EAPs, they're trying to place patients, employees, and employee family members with mental health professionals. If you don't have psychiatrists as part of that pyramid of providers, you're missing a really important piece of it, right? There's roughly 30,000 psychiatrists in the country, and, you know, we've also got psychiatric nurses as part of Luminello. You know, not having that piece of the pyramid, that top piece of the pyramid, was important for us to acquire that, so that we can now... We'll still have SimplePractice as a single platform. We're gonna migrate the e-prescribe, you know, technology and the lab technology piece into SimplePractice and migrate those customers over to, over to SimplePractice, and we will be able to be the one-stop shop that we want to be for those MCOs and EAPs to be able to place their patients directly with SimplePractice customers. We also think that will be a driver for us to get, you know, beyond the 3,000 psychiatrists that we have today, with those two together, to drive more, more new business from other psychiatrists that want to get-- They're accepting insurance generally, so they want to get more of those, of those, patients for their businesses. I guess you mentioned the overlap between psychiatrists and therapists. I mean, in any sense for what, you know, having that ability to serve psychiatrists unlocks from a group practice perspective? That's for you or Josh. Yeah. So I mean, you see very frequently, well, we're actually seeing multidisciplinary group practices out there. I mean, you could have a speech-language pathologist, an occupational therapist, a nutritionist, a couple psychologists, you know, therapists, social workers, and psychiatrists in that. But usually, I mean, there's. You know, if we've got, you know, 700,000 outpatient, you know, mental health professionals, only 30,000 of them are psychiatrists. So that's the top part. They're very. It's a very important piece of it, but it's, it's the top of the pyramid, if you will, in terms of health, behavioral healthcare. But, you know, we're seeing that very common in group practices to have a psychiatrist, several therapists, and other, you know, wellness professionals. Makes sense. So maybe we can pivot to enterprise a little bit. You know, you guys have a unique alliance-based go-to-market for the InvoiceCloud business. Could you talk a little bit about the partners in that channel, how you think about unit economics in the biller segment? Sure. So InvoiceCloud, from the very beginning, needed to get invoice information to be able to be successful. We needed to partner from the very beginning with software companies that create bills. So think of them as like miniature ERPs. In some cases, they are ERP providers, like an Oracle or an SAP, which we do integrate with and roll out to their customers, but they're more on the enterprise side. Most of our alliances are mid-sized software companies that might have anywhere from 200 to, you know, 2,000 customers that are doing utility billing or tax billing. Could be insurance, you know, insurance core billing systems or insurance. Guidewire is an example of a larger insurance core billing provider that we partner with. You know, BS&A is an example of a large provider of utility and tax billing software in the Upper Midwest, but they have a lot of smaller customers. So we partner with these customers. We share a little bit of revenue back with them so that they're able to support us and provide us with preferential treatment and push us to their customer base. For InvoiceCloud, the biller wants 100% paperless billing and 100% auto pay. Makes their life really easy. No postage, no toner, no stamps, you know, so it's cheap and no calls. Nobody coming into the office 'cause everybody's on auto pay. I mean, that's a multi-year journey, but that's what they want. We have the evidence because we've replaced everybody, all of our competitors, so many times. We have the evidence that shows that we're gonna get them there faster than anybody else, and it's not close. And the reason for that is it's true SaaS. We're single instance, multi-tenanted, and that's unique in this business. We don't believe anybody else actually is single instance, multi-tenanted in our utility space, in our tax billing space, and many of our other core billing, core billing verticals. So if you're going- talking to an alliance, they know their customers want 100% paperless and 100% auto pay. They know that we're gonna get them there faster. If they integrate just with us, and they make us their preferred provider, it doesn't need to be exclusive. I don't really care. But they say: "This is... InvoiceCloud is the one that we're supporting. They're the real-time integration that we're gonna support. You should work with them." It helps us with our margins. It's not an auction. Somebody says: "Oh, you could use InvoiceCloud, or you can use such and such." Well, now it's a race to the bottom. If you're gonna, you know, we might lose on price. I don't mind losing on price, but I'd rather not lose at all. So the alliance builds us up. They endorse us to their customer base. We roll out to the customer base, you know, with their endorsement. If we're having a hard time getting together with Michael, you know, we might phone a friend and say, "Hey, Jack, Michael's not returning my call. You said that you thought he would be a really friendly, you know, new prospect for us. Can you help us, you know, get in there?" And we're gonna get that. So, that alliance, those alliances create a tremendous moat around the product castle. Now, our first priority is being product leaders in all of our solutions. SimplePractice is full end-to-end business management, incomparable to anybody else in the marketplace. There are competitors, but SimplePractice is by far the dominant product leader there. InvoiceCloud, same thing. Being true SaaS helps a lot. It's an unfair advantage. Happy to have it, because when we add something, enhance that platform, everybody gets that enhancement immediately, and that's what drives the higher adoption. Got it. I think on the recent call, you talked a little bit about making some investments in go-to-market. Now, what's driving that decision to accelerate investments, and how do we think about the lag time to see these investments have an impact on either customer acquisition or revenues? Yeah, we're constantly investing in the platform. I mean, we have probably a-- we have two years of roadmap in front of us right now for satisfying our existing customers. I mean, insurance is the fastest-growing vertical for us right now. We've been very successful with Guidewire referrals and with systems integrators that refer business to us. We've got... You know, but, you know, utilities and moving into the enterprise utilities is a big priority for us. You know, we've-- When we do an alliance with a software customer information system, a software company that creates bills, we need to take all their customers. If they refer a customer to us, we're not gonna say, "Oh, no, that one's too small." We're gonna take them all. But it's a rinse-and-repeat process. It's not a new integration each time. It's the same integration over and over again, so they can happen fairly quickly. As we move into more enterprise, so the... You know, we've been very successful with Oracle and SAP implementations. I think in the last year, we've integrated or signed 12, what we would consider to be customers in that sort of enterprise range. So we're starting to move upmarket there. But in the same time, we've got to, We have a roadmap that accommodates some of the needs of those enterprise customers. They may have more than 100 customer service reps that need to use InvoiceCloud, for example, to issue a refund for somebody that overpaid by mistake. "Oh, I thought I paid $50, but I ended up hitting an extra zero. I paid $500. Can you give me a credit for $450?" Well, they go into our solution, and they manage that credit directly themselves without having... You know, we don't want to have an open ticket for us, or they wanted to change their templates. So when you've got over 100 people that are using the solution, they want permissions around it. They want to be able to have rights, restrict rights for certain groups and other rights for, you know, and vary that around. So there's a lot of extra stuff that needs to happen for larger carriers of insurance, for larger enterprise that are in the roadmap. So it's very busy, but we're also... You know, we've got a handful of consumer finance customers as the next big vertical for us. Now, now, you know, when we started insurance a few years ago, that's become a very fast grower and very meaningful to our revenue now. Consumer finance should be the same type of a deal as we move forward. You mentioned insurance is one of the faster-growing verticals. You know, how do you think about the payouts opportunity in that business? We think about it a lot, and we have, you know, inked a partnership with a company to roll out outbound payments claims. And we believe that the claims payments could. It has a similar attractiveness in terms of revenue as the inbound, you know, policyholder payments, premium payments. So, super excited about it. It is somewhat complicated, you know, something that we're going after through a partnership because we need somebody that literally does that specifically, and we found a great company for that. Hasn't been announced yet, so I'm not going to announce it, but but we're very excited about outbound. We think it has the ability to double our business, even with our existing customers, once we roll it out to them, and we have several that have already signed up for it. Wow! Implementation timelines are always a popular subject in this business. You know, it's always a fairly long implementation time, just given the end market enterprise customers. But, you know, what are you seeing from a pipeline perspective? How have implementation times trended? Yeah, it's a good question, and, you know, implementations for us has always been an ebb and flow around implementations because some of the larger customers... We signed a large insurance company. It was a very competitive deal, an RFP. I think we announced it, in its, you know, what is it? Southern Farm Bureau. Mm-hmm. And anyway, they've signed with us, and they don't want to be implemented because they're upgrading their customer information system for another year. I mean, that's a long time. It's a big customer. But we always have a pipeline like that in terms of on the go-live side, but it's a little bit lumpy. Some of those larger customers can actually, you know, they can hit the curve, right? I mean, you know, they're meaningful. You know, they're $100,000-a-month accounts. They, you know, that's pretty big. If... But the top of funnel is the key, you know, in terms of those that are getting fed to us by Guidewire and our alliances are critical because we want our salespeople picking low-hanging fruit, and we want to have a pipeline of available go-lives so that when somebody is delaying a go-live, we can pull one in from a future quarter. And I would say that our—because of our alliances, we converted into an alliance-driven pod structure on the go-to-market side, where our salespeople used to be geographic. Anything that came into their territory, you know, within their vertical, they would hit. Now, though, they are aligned strictly with, you know, let's say, three alliances. So they've gotten to know the account managers, the salespeople for those alliances. Our alliance manager, who manages those alliances, are teamed with those salespeople, so they've got the relationships, and they're getting steady flow of top-of-funnel discovery calls that lead to demos, that lead to proposals, that lead to closes. So pipeline's never been as healthy as it is today. Incredibly robust, you know, multiples on, on what we need for booking. So, and, and go lives has been super steady, you know, exceeded our expectations for the first half of the year, so, you know, very pleased with where we are. Great. One detail from the earnings call that didn't get a whole lot of press at the time. You mentioned some one-time expenditures on a pricing study in the biller segment. You know, we have seen you guys take some pricing action on the SimplePractice side, but not maybe not on the InvoiceCloud side. You know, what's your pricing strategy today, and what are you hoping to learn from that study? Yeah, so for InvoiceCloud, and again, InvoiceCloud is, you know, more than 80% of enterprise. So I talk about enterprise as really InvoiceCloud dominant. InvoiceCloud has a variety of both fixed price for, like, service fees, but also variable pricing, like a percentage. 2.95%, for example, would be a typical, you know, rate for us to as a service fee for tax billers. So, you know, it's been very, you know, we haven't, you know. Some of our competitors have seen some headwinds from escalating cost of water or taxes or whatever because they're fixed price dominant, and we're not. You know, we actually haven't. If anything, with the inflationary, you know, with bills getting a bit, a little bit bigger, we actually benefit a little bit. So we've been well-insulated there. We have hired a consulting group to help us with another pricing study, similar to what we did with SimplePractice. That actually had a very positive yield for us, that repackaging. We're just evaluating whether or not what we can do to optimize the pricing on the InvoiceCloud side. These things usually do yield ultimately some positives. We're not concerned with having to go down in price. We're just trying to figure out what's the... You know, is there an appetite, for example, for more subscription pricing? Which we think there is in insurance, you know, in addition to the transactional pricing. Right now, it's almost 95% transactional for InvoiceCloud. So if we can layer in some subscription pricing, we kinda like that. We like, we like the SimplePractice model, which is SimplePractice is 70% subscription and 30% transactional payments. You know, we would, you know, certainly not expect ever to get to 70% subscription for InvoiceCloud, but having some subscription revenue would be attractive. Makes sense. Maybe lastly, just kind of wrapping up on capital allocation. You've made some strategic moves this quarter to simplify the portfolio. You divested the healthcare business, you acquired Luminello. What are near-term capital allocation priorities right now? And then, you know, how do you think about from an M&A perspective, what could make sense for the business? Yeah, capital allocation. We have a very strong balance sheet with, you know, north of $300 million, you know, in cash, and it's targeted strictly for acquisitions. We have positive cash flow, significantly profitable, despite, you know, very strong growth, but we are really after, you know, the, the next strategic or game-changing acquisition all the time. I mean, we're... And we're anticipating that we'll continue to be successful. Luminello was a new, you know, albeit small, was an important strategic move for us, as I, you know, discussed with the MCOs, the ability to place patients with psychiatrists as well as, as other therapists. So we're looking for more of that, and we, you know, we're active. Sounds great. We have about 30 seconds. Any questions from the audience? Talk a little bit more about the divestiture, and, you know, would you be open to doing more or- So HealthPay24, you know, enterprise, enterprise healthcare has been challenging for the-- since the pandemic. I think if you talk to anybody that's been trying to get the attention of CFOs and, and finance directors at enterprise healthcare, has been challenging for-- since the pandemic started. It really was not as core to us, and the investment needed there was going to be significant, but we're always evaluating the portfolio, Bob, and trying to figure out where do we, you know, how, how, you know, where do we focus our time? What is, what is our optimal use of time? Because time is the, the one thing that we're all gonna run out of, right? Probably not money, but we're gonna run out of time. So we want to be sure we're using it smartly and effectively. So, we do love the current composition of our company, but, you know, we're always evaluating it. Well, on that note, Bob, thank you for being here today. Really enjoyed the conversation. Thank you, Will. Appreciate it.