My name is Ron Josey. I cover the internet sector here at Citi. Can you hear me okay? I feel like there's my microphone. Okay, so cover the internet sector here at Citi, and I'm always happy to have with us Micha Kaufman, Ofer Katz, the CEO, co-founder of Fiverr, the CFO of Fiverr. We've known each other for a long time, so always great to see you all again in person. It's amazing we're saying that years later, but we have to. So it's great to see you. Welcome. I'm sure all of you know Fiverr. I really think, you know, Fiverr has sort of coined the service as a product approach, and coined the wrong word, just sort of brought it to light in terms of how you can reduce friction and drive, call it commerce and transactions here, across seven- around seven different categories, maybe more now. Four point two million active buyers, over $1 billion in annualized GMV. We're at scale, we're global. There's a lot to offer to talk about. With that, Micha, Ofer, great to see you both. Welcome. Thanks for having us. Let's, let's jump in. Thanks for flying across everywhere to get here as well. So let's just kick off with a bigger, bigger picture question that we get all the time, and it's just level set us where Fiverr is in terms of the business. Like, the pandemic's now hopefully, knock on wood, behind us. Mm-hmm. We've had ups and downs. I think you've used the word quasi-recession here recently. So just tell us, you know, about the current operating environment, how Fiverr is seeing it. Maybe I'm diving too deep. Start off with what does Fiverr do, and then we'll go into the operating environment. Okay. So essentially, you know, Fiverr started in 2010, obviously into a wave where freelancing became much more widely accepted as a career choice. Millennials powered this in 2010. By 2030, they're gonna be 75% of the workforce, Gen Z as well. We started freelancing, was about low 20s% of the workforce in the U.S., it's now close to 50%. So it's- That 20% was when? Twenty ten. 2010, more than a decade ago. It's incredible. It's growing very, very fast. When you look at the available market, we've published researches that we've done. Just U.S. freelancers in the categories in which we operate have made last year about $250 billion. This is just the U.S.; European total is one and a half times larger. It's a blue ocean opportunity, and the adoption of online platforms to tackle the challenges of working with a freelancer or an agency are still a very small portion of the overall business. That's good news for us because it means that, you know, the road ahead of us has plenty of space for growth. You know, Fiverr is a growth company. For the first 10 years of the company, the baseline growth of the company was about 40%-50% every year, and this was very, very steady, so compounded growth, going doing very well. During the pandemic, obviously, this growth has pretty much doubled, went to 70% or 100%. And because of that, fast forward, and the fact that we report on a trailing twelve months, we knew that you know, the lapping of it is gonna have bad optics, but the fundamentals of the business are great. Now, the situation that we're seeing right now is, you know, Fiverr started with micro services for micro businesses, and over time, went into a more, to a wider catalog of more extensive services that can also answer the needs of larger, more established businesses. But because of the history of the company, because of the heritage of the company, the majority of our customers are still micro businesses and small businesses. Recently, I mean, since the IPO, we've been talking about go-to-market. We've invested tremendously into it and launched, you know, products like Fiverr Business two years ago, and recently announced the Fiverr Business Solutions suite. I mean, that portion of the business went very quickly from just a couple of quarters ago, 5% of the business to now, but 10% of the business. So it's definitely outgrowing the pace of growth of the marketplace itself. However, since the majority of our businesses are micro businesses and small businesses, they are more impacted, you know, because of macro. Sure. And so the reality was that at the back end of COVID, as the market started going out of it, inflation went up, interest rate is crazy, so the cost to borrow is extremely high. So unlike medium-sized businesses and established businesses that they have free cash and they, you know, they need to continue investing in maintaining their brand equity and their growth, smaller businesses need to borrow money to spend in growth, and borrowing money right now is crazy expensive. And so they're playing it a little bit more safe. We're seeing that in, you know, how they spend, the types of services that they acquire. All in all, again, also within small businesses, the fundamentals, when you look at their conversion rate, and their engagement, their retention, the revenue retention of these cohorts, it's doing well. However, larger businesses are doing better. Yeah. Period. So for us, it's a good opportunity to double down. It's not a new thing, and this is important for me to say to shareholders, Fiverr has been very consistent. I mean, you know us since the early non-deal roadshows before the IPO. Take the deck of the roadshow and look at it. We said exactly the same things that we're saying now, that the investment in growth vectors have been consistent, the execution have been consistent. We don't control macro. We can't, and we can't beat macro. However, we can take advantage of the fact that we've grown as a company. When we took the company public four years ago, it was less of a third in size what we are now, and it was a company that was burning money. Right now, we're 3.5 times larger and printing money, which is great. That's the right thing to do, and we've done it faster than anyone anticipated. So I think that in that respect, it's in a good place. The investment that we're doing in going upmarket is definitely paying dividends, and we'll continue doing that. And we're sure because we've been through cycles, that once this cycle is over, meaning that inflation is going to go down a little bit, so consumption is going to reinvigorate, and then the interest rate going down, so the cost to borrow is gonna be smaller, then we're gonna see the small- and midsized business just picking up very fast, and we've seen that during COVID. It was... I mean, it was an S-curve. It was very compressed- Yeah ... it was very short, but we've seen that S-curve happening. So we, so we know how the trend is going to look like. In the meantime, we're doing the best to ensure maximum efficiency, making sure that we're, we're maximizing the, you know, the long to long-term margins and, and the, and the bottom line, and we, we haven't changed our strategy of being a high-growth company, right? Sometimes growth is hard. It's hard in a macro environment that creates a tougher situation for small businesses. So, Micha, I was gonna ask this a little bit later on, but it might be appropriate now. Like, given everything we just talked about, understood the cost of borrowing and the importance of borrowing for SMBs- Yeah ... today, there was a release out, right? The Power of Humanity ad campaign- Yeah ... just launching, right? That's right. Some pretty good stats in there. I think in 2Q, before we talked about hiring might be coming back in the back half. So as we talk about the current environment, as we talk about preparing for whatever the new, new normal might look like, are we seeing any thawing in the current environment, or this is going a little bit more on offense? Because to your point, we're a lot more, we're more profitable, we can be... Just talk to us about the investment cycle relative to what you're seeing now in the growth cycle. I mean, as you know, as a company- Or am I reading too much into it? Good- No, I mean, Fiverr has been a very nimble company. I mean, it's a very small team in comparison to the GMV that we're generating for the community, and we like to keep it that way. And if anything, yes, we're a little bit back into into hiring. But that said, because of new technologies, because of AI, our team is much more effective. I, you know, I told my R&D team that I expect them to produce 30% more code this year already, and in the next two or three years, 50% more, which means that you can do more with less people, which is great. The same applies for, you know, things that operational, like, customer support- Mm ... like marketplace integrity, things of that sort. So in that sense, I mean, we're definitely not playing defense. We never play defense, and it doesn't make sense to play defense when you have such a large market. And essentially, it's not, you know, these are not markets that you get squeezed by a competitor or anything. I mean, it's just a wide, you know, a blue ocean of opportunity that the majority of it happens offline. Yeah. Right? It's, you know, it's 2023, and still, what, 90%, maybe 95% even, of the freelancing activity doesn't happen online. So the opportunity is immense, and there's no place to play defense. However, there is an opportunity to be more effective- Yeah ... which is exactly what we're doing. Super helpful. Let's talk about just the current, I hate to say current demand environment, but so there are certain things that are happening in the marketplace that I think are really interesting. Mm. Specifically, you know, the percentage of core marketplace revenues from repeat buyers is now 65%, I believe. That's up from 64% in 1Q and up, you know, over the past. Mm-hmm. I think, first-time buyers are spending 15% more. Correct. So there's a lot of things that are happening here. Talk to us a little bit more about what's driving these changes. Is this the Fiverr Business Solutions? Is that 10%, or are these cohorts now knowing, like, the adoption's better for newer buyers, and these cohorts are now knowing how to use the platform better? Yeah, I mean, it's- Yeah ... it's a combination of everything you said and more. You know, it's when we report and talk about the business, there's a number of different numbers that we use. Those who follow us know that we report on active buyers and spend per buyer. And the reality is that when you think about active buyer, spend per buyer, these are inputs, not outputs, meaning that for us, these are levers that we can play with, and sometimes we push more on one... you know, at the expense of the other. In a situation where we wanna go more upmarket, what we do is we focus more on the quality of customers that we acquire. And again, this is nothing new. I mean, we've been reporting what we call high-value buyers, those who spend more than $500 with us every year, pretty much ever since we took the company public. And if you track that number, that number is increasing significantly. Now, that means that, one, we by definition focus on acquiring less, but better cohorts- Sure. which, you know, translates into these results. But at the same time, we're also building much more extensive products that allows us to identify and segment those customers and funnel them into the right journeys. So if, you know, if we're seeing a more mature business with more sophisticated needs, we can push them from the core marketplace into one of our business solution offerings, like Fiverr Pro. And by doing so, we're increasing their spends multiple times, right, than the average spend on Fiverr. So capturing it, acquiring them in the first place, and then making sure that we extract the most out of their spend capacity by sending them to the right experience within our platform. Yeah. And, and, I mean, we're seeing this just... these are healthy underlying dynamics- Correct ... of the marketplace, where repeat buyers are growing, people are buying more. Search and comparability, I think were two key product improvements that are worked on this year. Anything else to point to that might be driving the, like, product-wise, that might be driving better, this continued healthy marketplace? Yeah, I mean, you know, we've been doing a lot to invest in products that will maximize the repeat potential of customers. So, for example, features like the ability to subscribe to a service. Some services require investment over time. Search engine optimization is not something you do once and done. So essentially, what you do is you can subscribe to a service and work with a freelancer or agency throughout- Right ... many, many months. The entire suite of business solutions is all about that, right? It's the fact that you can now do so much more with Fiverr, meaning that if you're interested in a more complex project, but you don't want to run this project on your own, you have a project manager now as a service that can run the project for you. So these are the types of offerings that are maximizing and pushing, you know, pushing the way and the frequency and the capacity of offerings that we have. Super helpful. Let's dive a little bit deeper on Fiverr Business Solutions. You know, this is a key takeaway from 2Q, which is obviously Fiverr Business Solutions. We're going upmarket, 10% of GMV, so growing certainly faster. Talk to us about just the demand here from a certain perspective. Like, what drove the... What's driving that 10% of GMV? We're going upmarket. Who's buying these services? And we have more specific questions, but just higher level, talk to us about Fiverr Business Solutions. Sure. Do you wanna take this? I think, you know, the genesis of the business solution started where we saw the potential exist in the pipeline, bigger organization arrive at the marketplace, seeking for bigger project, more quality project, kind of account management assistant while they use the freelancer on the marketplace. And the evolution of the product start with Fiverr Business approximately two years ago, that kind of create a different avenue for bigger organization to interact with the marketplace. And from there, it's evolved into Fiverr Certified and Fiverr Enterprise, and the new version of Fiverr Business, which is now Fiverr Pro. Those consist, or those are the fundamentals of the Fiverr Business solution, and it provide big organization a different set of tools, a vetted group, pool of talent qualified to work with and serve a bigger organization, but also environment where compliance and misclassification exists to assist bigger organization, Enterprise-grade organization, to interact, to interact with freelancer. And we found, throughout the journey of Fiverr, that bigger organization not only need access to freelancer, but also need some basic elements of compliance and tools to be able to work with freelancer under ordinary course of doing business. So the business solution evolved from there over time. And our focus today is to segment the audience that land into the marketplace and route them over to business solution, because we know by fact that when the right customer land into business solution, they spend much more, much more money, you know, on an ongoing basis. I think we mentioned before that the spend on Fiverr Business used to be more than 3 times the spend on the marketplace. I can share that the spend on Certified is much higher. So customer that land on Certified or happen to use Fiverr and freelancer in a greater and better and better way, and same goes to enterprise. Ofer, let's take on Certified for a second. Yeah. You know, I think it's a dedicated partner marketplace, is how I think about it. I don't know how many people have looked into Fiverr Certified or Fiverr Pro. Maybe we can define it a little bit more, but I think Amazon's a partner- Yeah. Mm-hmm. ... if I'm not mistaken. How, how does Certified scale? So how do you get this dedicated marketplace and these partners to be part of the marketplace? More and more partners. And I think, you know, we learned that a few months ago. We already partner with few dozen of customer, and it's growing on a weekly basis. Yeah. I think, Certified stands for the pain, first the pain of, of the partner themself, serving their long-term, long-tail customer. Because, for, for, for some partner, they have program for the bigger customer, program partners, companies that assist them to serve the customer. But for the long tail, for the SMB, company like Monday don't have any access, to the SMB. They don't know how to serve, small customer that needs some assistance with deployment of Monday or expansion, or customization of Monday within the organization. Same goes to TikTok. How do you serve a small publisher that need to create, a video to serve the advertisement, advertiser need? So, without the access to this long tail, I think, Fiverr Certified, solve this pain by allowing for freelancer to serve this audience. And I think this partnership is now being duplicated into many vendors. You know, we mentioned the bigger, but there are many others, and the work with the partners, not only to create more and more environments, but also to bring over talent that can serve the audience and then drive traffic into this marketplace, is the way to scale that into you know many partnerships, which is just like the catalog, you know, creating many, many categories. Right. I think that that's how it works. That's super helpful. We'll get into Fiverr Pro here in a second. I am curious, as we go up market and we see, you know, greater spend with these products, does it change the acquisition strategy at all? Does it, and I know we don't have a sales force, but how do we think about acquisition for business solutions, which is growing so fast? Yeah. So as you said, Fiverr pretty much operates without a sales force. The reality is that within the funnel of people that come to Fiverr, there's plenty of the entire spectrum. Yes, it's more skewed towards SMBs. We have plenty of mid-sized businesses and even enterprise businesses that are coming to Fiverr. And what was really important, I think, both Ofer and myself touched on that, is the ability to identify and segment those customers as early as possible within their visit, and make sure that we pair them with the right product, the right solution. That obviously increases conversion and later on also retention. In terms of the acquisition, again, I hinted to it by saying that, by definition, we are targeting higher value customers. And so what we do around marketing, and that could be, you know, brand marketing, or that could be performance marketing, or working with different channels, and we operate tens of different channels for acquisition, is really focusing on the quality of these buyers and buyers that we know could be more meaningful as future cohorts. So that, that's a great segue, actually, into Fiverr Neo. Yeah. You know, Micha, you talked about just identifying and segmenting your buyers as early as possible. So Fiverr Neo was a product that was announced, at least we think it was announced on two key earnings, which is just an improved matching tool, I believe. But, talk to us about Fiverr Neo. What makes it differentiated, unique? And would love to hear this matching tool, any insights on conversion rates? I know we're early, but- Yeah. I wouldn't say it's an improvement on the matching. Okay. I would say that this is a groundbreaking, you know, step function in matching. And, you know, when you think about any marketplace, essentially, any two-sided marketplace, the number one challenge that every marketplace has is matching. Yeah. Which is not search, and we shouldn't confuse the two. Yes, matching is the result of, you know, search to find, but essentially it's a very different experience. And, you know, I think people have been trained to do search, to compress their questions into two or three keywords and expect, you know, the results to to be great. But when you try to match, and we're matching people, which is probably the highest level of complexity, when you try to match people, you need to get more than just a few keywords. If you want to create the perfect match, what you need is context. Yeah. Fiverr Neo really allows us to answer the questions, who are you, and what are you trying to do? Which is to try to imagine answering those questions just by seeing the two or three, you know, words that people plug into the search, or how they click on the site. This is super complex. What we're doing with Fiverr Neo is not just being able to create this unbelievably accurate match and perfect match, which is super personalized, but we're also, as a by-product, an intentional by-product, we're accumulating this very deep, authenticated profile of a customer that we can use in the future. Right. Right? So it's not just, you know, waiting for your first purchase and trying to, trying to derive from that purchase, who are you? Or we're just asking a, you know, a long list of, you know, survey questions of, about your business. No, here you have interactions that are more conversational, very experiential- Mm. They're very rich, that allows us to understand who are those customers, and what are they trying to do? Through that, not just provide them with great match, but also understand what's next for them. How can we help them better? Think about this as the, you know, this perfect, knowledgeable friends or concierge, that can actually understand you and your needs and your level of knowledge in what-- Do you understand what you're trying to do? Right. Or do you need some information to break it down? Because what you're trying to do is a project that requires, you know, three types of skills. And can you run it yourself? Do you want us to do it for you? All of that is done through this magical product. I'm so excited about this. I mean, this Neo got me back to coding. Explain that a little bit more. Yeah. You're actually coding? Yeah. I- And it... Yeah, I used to. Yeah, the first version of Fiverr I—I was, I coded about half of it. And over the years, you know, my coding skills and my free time to code- Mm. was, you know, was being squeezing. But this is so much fun. I mean, this, you know, we're using a hybrid of technologies, third party, home developed, you know, our big data assets- Mm. our own algorithms of matching. So, this is super exciting. I mean, it's still in, I wouldn't even call it beta. Okay. It's Alpha. But essentially, it's open for just a—you know—a few thousand people. And we're experimenting with it. We're releasing 2-3 new versions every day, but it can do more and more each time. What's interesting also is that once you start using sophisticated AI in your product, you actually understand the level of maturity of AI, which is somewhat production-close to production ready. Mm. It still lacks, it still has many issues of performance and accuracy, and... But we're, I mean, we're so excited about this, and our customers are excited about this. So the results are great. The first experiences that we're seeing through the system are incredible. The learnings that we accumulate through these experiences are unbelievable. And more important than anything, both sides are happy. I mean, the freelancers- Right ... agencies or the businesses are just happy with the match because, you know, also, when, when you think about the supply side, when you think about those freelancers, right? They love getting qualified customers. Yeah. You know, sometimes you get a customer that asks you questions that just tells you that they're looking in the wrong place... but Neo has this incredible match, and it takes into account so many different variables, so many different things that make that transaction so great. All within the keywords, all within the search. So almost- So- - instantaneous. So, essentially, it starts from it, but it becomes this, very unique type of, conversation- Mm-hmm ... with Fiverr Neo that is not, I mean, it's not like ChatGPT. It's not like you put something, and you get something back. This is, this is like talking to a, to a person that can- Consider ... that can throw things at you. It's not just text, it's imagery and video and examples, and it will take you through and explain things for you. Because sometimes you ask people if they have any style preference, but they don't know what style preference means, or they don't know what's the, you know, difference between an abstract design to a, I don't know, realistic or a 3D design. So you need to show them. So this—that's all powered into Neo. It can actually take you through that experience, which is why I think it's great, and I think that this is... By the way, this is the future of e-commerce, guys. Future of, sorry? Of e-commerce. Yeah, yeah. Two years from now, Amazon will not look like Amazon. This is, I mean, you would think about, you know, just marketplaces where you see hundreds or thousands of products, like a product of the nineties. You know, it's, everything is going to change because we have the tech now that allows us to really personalize experiences. And, and we're, I mean, Fiverr has always been a pioneer in what we... I mean, you mentioned the service as a product concept. Yeah. And we're having a good time right now, pioneering this new way of matching. You know the next question here, just because I'm sure it's on everyone's mind, any insights on we're in Alpha? Like the timeline, is this a 2024, 2025? No, no, no, no, no. We're pushing ourselves as much as possible, by that I mean 24/7, to open it up as widely as possible. Yeah. That said, we want to provide very high value experience for our customers, and what we're doing now is we're gradually releasing this to a ginormous wait list that we have of customers that are waiting for it, making sure that as we release it, the quality of matching and experience and speed and everything is in the product. Yeah. It just takes time. This technology was invented 20 seconds ago. Right. Like, this is like... we're pushing this technology to its boundaries, and then a little bit beyond. We have about six minutes left. We'll go to questions after. Right. I got one more, and then we'll open it up, because I'm sure there's a lot to talk about. Sure ... and a lot of questions. Maybe if not, I've got a ton of them. But, Ofer, we talked a good amount about the focus or the mix shift up-market, the strength of Fiverr Business Solutions, core micro businesses. You know, they still have some challenges, given interest rates, everything else. How do we translate this into the model? So in other words, active buyer, spend per buyer. Talk to us about those dynamics and how you see that going. I think we mentioned, the last, since last earnings, that, you know, first, there was the balance between spend per buyer and active buyer. And, and as we go up-market, we see more spend, but there are less of, there are less of, buyer. Because, you know, and, and, and that's the focus, and that's the focus of Fiverr for a long time. Go up-market, we focus on bigger organization. Each one of them spend more, but there are less account. And I think what we anticipate in the second half of the year, is, stabilize, maybe slightly decline in the number of active buyer, but spend per buyer is going to lead the growth, and we do expect some acceleration on the growth. I think we mentioned that from the last earnings. So, so while, you know, we go up-market, you know, lifetime value of customers is better. Cost of acquisition is higher, but the ratio of lifetime value to cost of acquisition is becoming better. I think we share that every quarter, and you can see the return in terms of ROI, but also the longer term return of 3x and 5x as time goes. So, for the time being, and that's for the rest of the year, that's what we see. We do believe that once macro turns, appetite for SMB is going to go back to what we've seen in the last 14 years. We do anticipate that Active Buyers as a whole is going to grow back again, and, you know, Spend Per Buyer and Active Buyers are going to contribute to the growth. Then one last one, just to model. You know, we've been super impressed with just the margin expansion and how the business has rethought its expense and just how it's organized. So you know, we are investing a little bit in headcount, in GenAI, in the services that we need, right? We are seeing a new ad campaign launching to drive all the awareness of these new products. Just where do you see... You know, we're sort of close, very close to long-term margin guidance. So talk to us about margins. Well, sometimes the last mile, you know, is the hardest, but Mm-hmm ... You know, we've been improving EBITDA ever since the company was established. You know, you have the record of the last probably five or six years, and you can see how EBITDA is improving. Sometimes there's a step function, and sometimes it's get a little bit slower, but it's always improving. What we are seeing today is a new baseline. It's not going to jump, or do another step function in the second half of the year. We do have some gap in headcount that, you know, mainly on the R&D that we are recruiting, but it's going to keep improving as the business scale. Now, the unit economy, and the fundamental works, it worked great during the time where we see a massive growth of 100%, and it works great when, you know, the top of funnel is soft. It worked great for the first customer that we acquire, and it works great for the last customer. This is why, you know, gross margin is so high, and the business is printing money, as Micha said at the beginning, even though it's not the best environment for Fiverr, for SMB and for Fiverr, accordingly, but it will keep growing. Mm-hmm. Probably discuss how much it's gonna grow in the second, you know, the next year, later on, or maybe early next year. But, we do think that there is leverage embedded to sales and marketing as the business scale. The business is going to scale, and, not that our investment is going down. On the contrary, we do plan to increase the investment in marketing, in other groups, but the business is going to support and fund that, just like, we've been doing ever since, you know, we went public and before. Sure. Well, let's stop there, see if there's any questions in the audience. We will go... Yep. What I got- Oh, we're waiting for a microphone. It's coming. Yeah. Sorry. Always admired the fact that your take rate has been amazingly stable, if not higher, and I think you've explained to us that the... for small businesses, at least, the cost of them going out and getting leads is so much more than Fiverr. I totally understand that. How do we think about that as you move up market? What, what, you know, what do the economics look like? And I guess I keep thinking to myself, you're not a staff augmentation firm, but it sounds a bit more like that as you move up market. Just kinda maybe just talk through those two issues a little bit. So when you think about take rate expansion, the transactional portion of it has been pretty steady, with minor changes. The incremental addition to the take rate has been as a result of higher take rate services and products that we offer for our community. They love it, they use it, they pay for it, and that, in combination with the transactional take rate, is the overall take rate, which is why it's growing. So, the basic arrangement that we have in terms of, you know, being the marketeers and deal makers of our supply community hasn't changed, and this is not really changing as you go up market, because essentially, every business, if you're a single freelancer or if you're an agency, there's massive, you know, marketing expenses of making the next month or quarter, and we're taking that out of the equation. So, at least for now, this is, you know... And in terms of added value, service, and products, there's, I mean, we're just getting started, and we're launching more and more of these. As long as they work well and the community loves them and is openly, you know, willing to pay for them, then, you know, there is a potential to continue growing, yes. With that, I think we're in overtime. If it's a quick one, we're in overtime, but go ahead, Noah. Just a quick one. You've been running around $260 on the spend per buyer, and you're talking about the move-up market, and that $260 is, like, roughly averaged across... It's an average across everybody. If you go up market, could you give a sense for what these bigger customers are spending with you? Yeah, we just- We just got an email today about a customer willing to spend, you know, $500,000. We just need some- Yeah. Yeah, yeah, I mean, we got an email of a customer that wanted to get some project assistant to spend $500,000. The potential is very high. When you look at the customers that are using the business offerings, I think Ofer mentioned that they spend multiple times the average spend, and in some cases, they might spend multiple times in their first purchase. So it is a pretty significant step function. And by the way, it's not surprising, 'cause when you, when... If you do a survey of the difference in spend capacity or the budgets that businesses have to work with talent, micro businesses and small businesses, that difference is order of magnitude, and when you get to medium-sized businesses, it gets two orders. So it's not surprising that when we get those types of customers, they spend significantly larger, and the more their portion of the business grows, it's going to impact and accelerate, you know, the average spend. But still, it is a small portion of the business. It is growing faster than the market base itself, but it takes time. With that, Micha, Ofer, thank you very much for joining us. Thank you. Enjoyed it. Lot to think about, for sure. Thank you.