I think it should work. Yeah, thank you. This is the BILL session. My name is Tin Jun Hwang. I cover the payments and IT services sector. So glad to have BILL back with us. René Lacerte, Founder and CEO of BILL, John Rettig, President and CFO. I'm going to go through a list of questions that I've gathered from investors, and hopefully, if we have time, we'll take some questions at the end. I think we'll cover some of the main issues that are on top of everyone's mind. Thank you both for being with us.
Thank you. Thanks for having us.
No, it's always great to have you. It's always something to learn and ask about. René, maybe just to kick it off, I think I may have asked you this before, but I'll ask it again in this setting. Since you've seen a few cycles and you've led businesses through those cycles, I'm curious to get your perspective on what you've learned about SMBs and their resilience. I know we've discussed that in the past, but maybe you can share it with the broader audience and how the current cycle compares to the past.
Yeah, I appreciate the question. I think just some context, one of the things I've learned through the cycles is that you do not flinch. You do not get distracted from the mission of serving your customers and making a difference for them each and every day. What I've learned, having grown up in SMBs, my parents, grandparents were small businesses. I've started a couple. I've definitely served my whole life supporting SMBs, is that they are very resilient. They find ways to make things happen. If they didn't actually have that characteristic, they wouldn't be able to start their companies. They are acting as they know best, and that is they're finding ways to get things done. If you think about the impact that we've seen over the last couple of years, we've had COVID and then supply chain constraints, and businesses have reacted.
It's been uncertain. When that happens, they innovate on their processes. They manage their cash more closely. They focus on their mission for their customers. Our platform enables them to do all of that. That's one of the things that we feel really good about, is that our platform enables businesses to save time. That's 50% of the time it takes them to manage their finances. It manages the ability to give them context so they can actually decide which bills to pay and which ones not to pay. That creates cash flow. The most important thing a business has is their cash flow. How do you create that leverage? The tools we have with insights and obviously AP and AR and spend and expense, we have an ability to actually drive cash flow.
We're doing this across 500,000 customers approximately and seven million across the network. Lots of opportunity for us in any environment to stay true to the mission. I think the main thing I've learned through these cycles is that you have to stay focused in these cycles and not get distracted by the noise that's out there. That's the not flinching. That's the staying focused on what you're out here to do, which is to make an impact on SMBs.
Good. Perfect. Thinking about demand then for BILL services, and BILL Pay, Spend and Expense, and everything you just discussed there, how would you characterize that given what you've observed so far year to date? Any change in sales cycles or maybe the pitch that your sales team has gone out with?
Yeah, no, I mean, we've seen consistent customer acquisition for probably four to six quarters, more than four to six, probably 8-12 quarters, right, which we've said is somewhere in the 4000-5000 customer range for the core AP AR platform and somewhere around 1500 for the spend and expense. We've been consistent in those ranges. What we see is an opportunity, though, to double down in certain areas of the business. One of the areas that we've doubled down in is our accountants. Our accounting firms, we have 9000 firms across the country. We are the leader when it comes to helping accountants develop their CAS practice, the client advisory services practice. We've been doing this since the beginning with cpa.com, the division of the AICPA. We're doubling down to help them do more right now.
There's more opportunity. Their clients are asking for an opportunity to actually leverage technology to actually be more efficient. They go to the accountants. The 9,000 firms, they come to us. We build new tools and platform capabilities, which we'll talk about, I'm sure. What that results in is that our accountants, over the last year, net adds are up 60% in the given quarter. That doubling down is working. The other place for doubling down is where we're being pulled up market, right? The larger customers in the BILL platform, whether they're mid-market or lower mid-market, they're using the platform. They're getting a lot of great success with it. Now they're saying, what if you could do this for me? What if you could do that for me?
That is going to enable us to actually develop all the capabilities we did with Multi-Entity and Procurement. That is going to allow us to go actually reach out to new SMBs and lower market customers that are not on the platform. Nothing has changed in our go-to-market ecosystem other than continuing to just refine the motions that we have. What we see is strong success in accountants and strong success with the outbound efforts with the lower mid-market.
Okay, good. So adds are consistent for both core and the spend and expense. Let's just quickly talk about TPV then and spend trends. I know you and John, John, you talked about sort of the observations you saw. What changed from the most recent quarter to from the prior quarter? What trends do you see on the ground today?
Yeah, it's obviously a little bit more uncertainty in the external environment these days. It's interesting that SMBs, on average, though, are larger, financially healthier, and better equipped to deal with uncertainty than, say, prior to the pandemic. At the same time, they're reacting. They're starting to adapt to some of the unknowns that are out there. They're a little bit more wait and see than previously, certainly not in full expansion mode. We have started to see that show up in some of the trends. In the third quarter, we saw a slightly lower TPV per customer, about 2% down year- over- year, about 0.5% if you adjust for leap year, but still down just a little bit. Transactions per customer, similar story. Down slightly on a year- over- year basis, even more so than the seasonal effect would indicate.
There's a few categories of slight pullback, things like wholesale trade, real estate, construction, where there's definitely more of a pause mentality going. On the spend and expense side, we've seen much more resilient strength in travel, entertainment, and other categories that continue to hold up well.
Good. Good. No, thanks for going through that. I don't want to spend too much time on the macro. I know you guys see so much data, but I did want to hit a few big picture subjects, if that's okay. Maybe back to you, René, and on the industry consolidation question. We've seen your peer, Avid Exchange, go private. Mastercard, I talked to earlier today, talked about their investment in core pay for cross-border high-ticket bill payments. Paylocity bought Airbase. Does this surprise you at all, or does that change maybe your sense of urgency to act inorganically?
I don't think it surprises us. I mean, we define the category. Day one, I thought and understood that this was a massive need that SMBs had, that they needed an opportunity to automate their financial operations. Everybody was ignoring them. People weren't paying attention to what they needed. People were just developing solutions that they thought they needed. Having been in SMB and grown up around SMBs, it was pretty easy for me to see what was missing. We define this category. When I see other people coming into it and thinking, oh, well, that's interesting, like, well, no, it's definitely interesting. That's why I'm here. When I think about what we're building, we're building something much bigger than I think what I see anybody else trying to do. We're building a platform that enables the complete automation of financial operations.
That leads to everything from better insights to better cash management to saved time. These are things that businesses need. We have been building a platform from day one that is purpose-built to do all those things. Nothing will distract and deter us from that mission. The platform we have built, I just think about the scale that we have. We have a unique scale that nobody else has. Hundreds of billions of dollars moving through the payment rails of our company, 1% of GDP, managed from a risk perspective, very efficiently and effectively. Nobody else has that. We are sending billions of dollars in international payments. We are doing billions of dollars in card payments. We have tens of billions of dollars on corporate spending programs.
There is nobody that has the unique assets that we have to actually go after this market aggressively and assertively with conviction that this is what SMBs need. I think when I see news like this in the market, it's like, yep, I knew it was interesting. This is why I started the company. It does not change at all how we think about going after it because the opportunity is just that big. It allows us to think about building our platform for scale. We have done acquisitions in the past. We will continue to think about that going forward. How do we continue to expand the capabilities, whatever adjacencies may make sense for customers? This will put us on a path. We are already on this path to be multiple billions in revenue.
When we crossed a billion, I started thinking about what does it take to go from $1 billion to $10 billion? The focus has not changed. In fact, it maybe does intensify, not because of the market, but because the opportunity at hand is just so great. The other reason that some urgency comes in, and we'll talk about this later, is just the opportunity to leverage AI and how can we accelerate customer adoption? How can we accelerate efficiencies in the business? These are all things that we can do. Once you know that you can do them, then you should go do them. You shouldn't wait. I think that part is true. I think the overall consolidation is just, in some ways, it's interesting, but it's not really anything that we think about because our opportunity is just that big.
Okay, perfect. I do want to talk about AI and all that good stuff, but I do want to just follow through on that, René. I think you've taken a long view. We agree, right? You've defined the category, and you're in the pole position right there with you thinking about it that way. The B2B group, from a stock standpoint, they've struggled, right? Post the pandemic boom, I do not think that's debatable. The cyclicality questions, monetization questions have come up, and it's something that we've learned. My question to you is, is it more structural or cyclical versus secular, right, is the question? Or have we misunderstood or misjudged expectations? How do you see it?
I definitely see the challenges in B2B as being cyclical. Really just step back and share kind of my experience. Like I said, I was born into an SMB business, and I saw my parents and grandparents build lots of businesses, serving lots of SMBs. That gives a unique perspective of understanding the fire that's in the belly of every SMB. You don't go and start a business unless you want to win. You don't take that risk. You don't take that financial risk. You don't take that personal risk. You don't take that ego risk. There are a lot of risks that you take when you start a business. The fact that they started a business and now there's some noise on the outside macro isn't going to deter them either.
They're going to be very focused on pursuing their mission and achieving what they want to achieve for the world. I see the cyclical nature of, like, we haven't seen this before. COVID was something we hadn't seen, right? Supply chain, $10 trillion in stimulus. I think all of us can look around and be like, okay, that was probably too much. We could debate what the right amount should have been. But $10 trillion in stimulus, that's just a crazy amount that inflated supply chain. Nobody expected that. That created a problem. Now you've got the uncertainty from policies around trade that are creating some unknowns for businesses. What I've learned about SMBs is when there are unknowns, they focus on the knowns. What can they control? What can they focus on?
To me, that's why we think it's cyclical, because we look at our data, still consistent customer adds, right? We're adding the same number of customers. You would think maybe macro would impact that. It does not. Still roughly the same number of payments, right? We had one or two less payments this quarter, which last time we saw that was when COVID hit. That's a macro thing. That's not a structural thing. Still consistent usage of our platform across all payment types, increasing ad valorem on the emerging ad valorem products, right? That would be the invoice financing, the instant transfer, the pay by card. These products are growing in their adoption. We continue to see all the things that we put into the platform continue to grow. Still increasing opportunities with international payments.
We think as the friction to card payments abates, which card payments often have cycles of friction, that will also be something that will be in the past and not necessarily anything more than just a dynamic in time.
Okay. No, I agree. Thanks for going through that. Look, it is a long cycle game, and I don't want to get too caught up in the short term, but we did appreciate the way we wrote it up was that you are taking matters into your own hands. You're not waiting around for the cycle to improve. You're investing the $40 million to accelerate growth. Can you just give us a progress report on that? Are you getting the returns you expected? I know the goal was to get 20% core growth next year. Is that harder given what we've seen in the cycle?
I'll start and then let John add some more color. I mean, if you look at what we've done today, we've actually delivered on each of the quarters that we said we were going to hit. We had to make some adjustments, we said, for the fourth quarter based on where we saw the macro. I would say that our investments are acting as we expected. There's now a new uncertainty from the macro that we needed to factor in. Anything else?
Yeah, it feels like we're making really good progress across investments in four areas focused on payments, suppliers, doubling down on accountants, and our embed strategy. We'll come in a little bit below that $45 million for the year just based on timing throughout the year. With these investments, the important part is it gives us more levers to drive growth going forward. Some of these will materialize fairly quickly. IP local transfer allows us to get international payments wallet share quickly. Supplier solutions like Enhanced ACH and working capital products allow us to monetize more quickly. Doubling down on accountants, you've already seen us start to scale accountant net new adds. Some of the other investments will take a little bit longer to mature and have a material impact on our model.
Things like stabilizing virtual card payment adoption growth, driving more card adoption across the whole platform, our embed strategy to reach the long tail. We're really excited about these, but they're probably one- to two-plus-year initiatives before they provide material growth. At the same time, regarding the 20%, we are really confident in our ability to reaccelerate growth in the business. When we look at the investments we're making in 2025 combined with the leading platform, our unique distribution ecosystem, we feel like we have the levers to drive accelerated growth. Things are a little bit different today than a few quarters ago, though when we established the timeline and that target of 20% growth, there's a little bit more uncertainty. How that's going to impact SMBs is still playing out.
We're confident in reacceleration, but it's a little bit less clear the timeline for that. I think over the course of the next couple of quarters, we'll know a lot more about how SMBs are reacting to the environment. We'll obviously have details to share in August around our FY2026 plan.
No, all fair. All fair. Thank you for going through that. Quickly, just staying with what you mentioned a little bit there, John, just the playbook to drive the take rate expansion from some of the efforts around your investments focusing on the supplier. I know there's been some pricing changes as well, but just give us a little bit more on how that builds up.
Yeah, so we think of it in a few different dimensions. One is scaling existing products, driving adoption through product motions and human sales motions, launching new products for customers and suppliers. As we introduce more solutions, we typically drive better adoption, better adoption. Some of that flows to ad valorem payments. That has a positive impact on take rate expansion. We're seeing good growth with S&E. That's going to impact our business overall, not just the S&E card product as we do more volume with AP card on the BILL Core AP platform. We talked about some of the enterprise supplier solutions, Enhanced ACH, which we think that's going to be an important value add for suppliers and also introduces a new ad val product for us that, stepping back, 70+% of our volume is ACH and check payments.
We think a significant piece of that can be addressed through an enterprise supplier solution like this. I think tens of billions of dollars that are potentially at play moving from a low monetizing fixed fee payment to an ad val payment. Looking ahead, though, and that's just about payment take rate expansion. Looking ahead, we're also investing to diversify the business model, though, so that take rate expansion and transaction monetization is one component of a diversified growth algorithm. Expanded use cases on our platform, enabling customers to do more. We have recently talked about procurement, multi-entity batch capabilities. That opens up a larger subscription lever. Working with larger customers, that expands overall ARPU. Obviously, we talked about the payment enhancements to increase take rate. And then finally, working capital products, which is a complement to everything we're doing at the transaction layer for customers.
When we step back and look at maybe over the intermediate term, all these things together provide a pretty significant growth lever for us.
Okay, good. No, that's a good summary. I know you mentioned Advanced ACH and product BILL. Typically, it introduces a couple of new payment products a year. How does Advanced ACH rank relative to some other launches? What else would you get us to hone in on in terms of what might impact the P&L in terms of new payment products?
I'd say the two that are top of our list would be this Advanced ACH product. Think of it as a category. We're talking about one unique product right now, but there will be multiple that spin out from this. It's a lower priced, lower monetizing product than, say, some of the highest variable price solutions out there, which means it will have much broader appeal. It'll address a much higher percentage of our overall payment volume and be a catalyst for growth in ad valorem payments for years to come. The second is also a category, and that's these working capital solutions where we know that we're uniquely positioned with our platform, our unique data and context that we have, understanding both buyers and suppliers, the relationships, the connections, the transaction details.
We're uniquely positioned to underwrite and manage the credit exposure, and that'll be a big driver as well.
Okay, good. I do want to talk about some of the other products, but let's do tech and bring it back to AI, if you don't mind, René. Just thinking about the AI investments, we talked about it a little bit last year, and I know it's come up on the call, but we've been asking the question of productivity and cost from AI enhancements versus growth benefits from AI products and solutions as you extend it externally. What are you excited about specifically for BILL and AI?
Yeah, I think when I step back and think about the impact of AI just on anyone's job, anyone's role in society, the game-changing aspect is going to be an unlock for creativity, right? When the mundane tasks are removed and somebody can actually think more thoughtfully about the rest of their job, that's going to be the unlock. You think about what we do for SMBs. All day long, we're trying to create unlocks for them. SMBs wear so many hats. Like when you really understand the challenges they have, like they're just trying to do everything to move their business forward. They're trying to be a dad, a mom. They're trying to raise their kids. They have challenges because at work they don't have just one hat, right? The unlock that's necessary for them is massive.
The way we think about it is if you think about a Fortune 500 company, a Fortune 1000 company, there are jobs in the finance teams that actually go after AP, go after AR, go after treasury management, go after collections, go after reconciliation. There are whole teams dedicated to these jobs. What we see the opportunity to do is to leverage that data and the unique asset that we have to go after creating agents, if you will, that will be the finance team for the entrepreneur that's doing something at night after the kids have gone to bed. The approach that we're taking is really leveraging the two unique skills that we have. Those skills are, one, we have a great understanding of SMBs. Everybody in the company is passionate. We're champions for SMBs.
We think about what they do, what they need every day. We have been doing that for a very long time. We have a unique skill set to understand what those jobs are, how they do them, what they need from us. We've already provided a set of tools that allows them to do some of those things, right? I would say today what we have is a do-it-with-you approach where customers are able to actually get support doing their payables, receivables, their spend and expense, their cash management with tools from BILL. As we roll AI into the capabilities of the software experience, you get to an opportunity where it's a do-it-for-you approach. The human in the loop is still the entrepreneur, the SMB, the CFO at a mid-market company.
That human is able to kind of get much better served up information based on the context of the data. Two things we have. One is just that deep experience. The second is the data. The data that we have, it's not just the scale of the data, like the 1% of GDP that goes through BILL that we manage from a risk perspective that nobody else is doing at that level. There is that size of it, but then there is also the context. The reason we are able to actually do the 1% of GDP the way we did is because we have very rich content data underneath the platform. That content would be the context of any transaction. We just do not have who you paid, when you paid them, how much.
We have all the details of what that transaction is made up of. We have the detailed line items, for example. We have the workflow internally, who approved it, who paused on it. All those things are something that we have. When you combine that deep passion for SMBs and the understanding, expert understanding that we have with the deep rich data context we have, we are in a position to build agents and ways to help go after those jobs that traditionally would have been jobs that finance teams and Fortune 500 companies had people dedicated to. Now the SMB can have somebody dedicated to it and an agent. Super exciting on that front. The second part of your question would be internally, what am I excited about? This is unlocking the creativity of employees.
When you think about all the capabilities that have really developed in the last 12- 24 months, there are so many more tools today that can be leveraged to help, whether it's customer facing, that could be sales, marketing, or customer support, or development, which would be obviously engineering and QA. There are so many more tools that we are leveraging and will be leveraging in the coming year to really create more efficiency so that our employees can be more creative about those agents that we want to go develop for the SMB. I think it is a pretty interesting time to be a software developer. One of the things that I'm super excited about is I do believe the increase in efficiency that we will get in the customer experience will be the next call to adoption, if you will, by SMBs.
We save them today 50% or more of the time it takes to manage their finances. Imagine when you can really drive that down because of the agent capability and give them something they never had before. That will be another significant call to adoption. We are looking forward to leading that and being a part of that revolution.
René, are you investing in this today in terms of the agents? Are you constrained in any way? Because you've delivered on the margin expansion that you've called out. Given what you just described, are you able to invest what you'd like to invest to get to where you want to be on AI?
We are investing where we want to be right now. I think one of the challenges that anybody should be thinking about is there's, I'll give some story. A friend of mine's wife started an AI company three years ago, and she sold that to go start another one because she already had tech debt. There is this amazing speed that's happening. We are investing. We're designing all of the capabilities into the platform so that we can grow with these tools as they get better and better versus just going after one particular strategy. We feel good about it. Ken's doing a great job leading that effort for us.
Okay, good. Just staying with margin, since I mentioned it just with you talked about timeline being a little bit different, confident in the acceleration. To the extent that the macro does get worse, God forbid that happens, but how much flexibility do you have to protect margins and stay down this path of over-delivering on profits if revenue gets a little bit tougher?
We have historically, I think, tried to balance growth and profitability. We have done a really good job at that. We have been thoughtful about our investments, measuring ROI. We obviously have strong free cash flow, a very strong balance sheet that gives us optionality. The exact formula of balancing growth and profitability obviously depends on the severity, the external environment, and how that impacts SMBs. We are committed to continue our bias for investing, to extend our lead in the market and capture the opportunity we are going after, while at the same time producing great margins and returns for the invested capital that we are deploying. We will continue to recalibrate that growth versus profitability balance as we learn more about the external environment. We feel like as the business has scaled, we have also developed levers to create operating efficiency. You have seen that in gross margin.
You've seen that in overall margins, including ex-float. We've been investing, as René said, not just in AI for customer use cases, but for internal efficiency purposes. We've been creating expense optimization through offshoring and other efficiency initiatives. As we scale, that gives us even more opportunity to expand those programs as needed.
Okay. Similar macro question, but different approach just with the risk management side and your appetite to extend working capital loans. There's a lot of products that fit the whole embedded finance or embedded banking theme that's popular within fintech, spend and expense being part of that. Is there any signs of needing to hold back a little bit?
Starting with spend and expense, we've actually been fairly cautious on the macro environment ever since interest rates started increasing.
You were early on credit.
It isn't just now that we're starting to take a look at that. We're very selective at where we lean in. We've got really good experience with credit underwriting, and we've improved results since we've owned the Divvy asset. We also have an advantage in that we're talking about a pretty short duration asset. This is a charge card, a 30-day charge card. We don't have a revolving component of that. We may in the future at some point, probably not in this environment. We feel good about how we're positioned. We don't view the credit part of the offering as the growth algorithm. We view the software as the big value add and will manage that accordingly. We are making a lot of progress with that S&E business. Obviously, net adds are up. Volume is growing north of 20%.
One of the unique advantages we have is we're increasingly applying a cross-sell motion for this S&E product into the BILL customer base, where we have even more of an advantage in underwriting given the history and the knowledge of those folks. I think that also helps us in an uncertain environment with the credit exposure. As it relates to working capital, we're much earlier in the curve on that product. By definition, we're taking a more cautious approach and learning as we go. Losses will be a part of the growth in figuring out that business. We're not in an environment right now where we're trying to buy growth by being more aggressive with our credit products. We're trying to produce the proper margins and returns, and we're very aware of the external environment.
Yeah. You can be selective there, right? Because it's so early.
That's right.
You can pick the best credits and grow with that. That makes sense. That leads me to another question I have just around René. You talked about resilience of SMBs. Your partners are also trying to engage with SMBs. Banks are trying to engage with SMBs. I know Casper, 360, HHAs, right? They're trying to promote SMB. Do you feel more energy out of the partner channel at this stage, whether it be the accountants or the ISVs, banks, you name it? Any update there?
Yeah, definitely there's more energy. We've talked about this having started the category, especially with accounts. You think about the 9,000 firms that we are a part of their everyday practice. This is how they make money now. They support their SMBs with client advisory services, and that's something they didn't have before. The energy in the accounting community continues to grow. It's not just with the firms we have, which has more clients, but it's also to bring new firms in. That awareness is something that's there because of the trust that we've enabled with our partners there. We've been doing this a long time. That same trust happens in the FI channel, which we're transferring into the non-FI channel, right? The example of Xero coming online as NGA.
What we're seeing is that when people see just the product offering that we have, the use case that businesses have with BILL, the sheer volume that happens, people kind of step back and be like, "Huh, maybe my customers need that too." I would say all of that is increasing. None of this happens overnight. I would say compared to other points in our timeline, the interest in kind of embedding our capabilities inside of other capabilities is higher than we've seen before. One of the examples of this is just with our larger customers. Our larger customers are using our APIs to actually support themselves in ways that we haven't yet done.
We have called that out with spend and expense, which leads to more spend on the product sooner because they are able to get more employees on the product, whatever the use case is. That is leveraging the APIs. There is more demand for consumption of the APIs and the elements and the widgets that we have built. We expect that to continue, especially as AI continues to make things simpler for folks.
Okay. No, good. Glad to hear. We got two minutes left. I want to hit a couple of things. People wanted me to ask around the capital allocation. That's usually the end of the conversation question anyway. I have to ask it, right? Stock's been volatile. Your appetite to buy back stock here, don't know if there's a bigger appetite maybe to do M&A given I know we talked about consolidation in general, but what do you see here? Has anything changed?
I mean, we've done $400 million in stock buybacks this fiscal year. There's $100 million remaining that's authorized. It's possible we'll end up doing more. We're also very focused on driving adjacencies onto the platform that make sense. There are M&A opportunities, not necessarily today, but that we look at and we'll continue to evaluate. The reason we went public was to have a currency and to have the cash to be able to continue to expand the platform. We want to make sure that that priority doesn't get lost in the shuffle.
Good. We got one minute left. Maybe just to close it out, René, I think last year I probably asked you about sort of what's the misconception with BILL stock. I thought maybe this year there's been a lot of volatility, a lot of uncertainty in the market. We talked about a lot of things, AI included. What are you excited about? I mean, what are you motivated to get up to work and get going? What can really drive a change maybe in the narrative, whether it be for BILL or for the broader B2B sector? What would you hone in on as maybe the top one, two, or three things?
We just have so much opportunity in front of us. I think sometimes people kind of maybe get blinded by all that opportunity, but we're not. We're very focused. We have a laser-focused strategy around how we're going to execute. We have an amazing team. I think folks have, I don't know if people have noticed, but if you look at the team members that we brought on, we changed organizational structure to have John as President to bring on two GMs, that one leads the payments, one leading software. That's now in place. It took time to actually get the right people. When I see how the teams interact and how the teams are working, it's an exceptional team. It's the best team I've been a part of.
I'm super excited to, to your point, get up every morning and work with this team to actually make a difference. I think when we think about AI and the implications that has not just for our internal usage of it, but obviously what it does for customers, Ken's leadership there has been phenomenal. We look forward to adding Mike and Mary Kay's leadership into how we execute that vision, that strategy. The market's growing. I think we continue to see proliferation of our payment products be adopted. While there might be some friction here and there, we keep adding more payment products. We keep doing more with our customers so they can get more done in their lives.
I just, I think our ecosystem strategy of being wherever the SMB is and being in a position to play wherever they are, whether it's accountants, whether it's direct, whether it's through partners, we're uniquely positioned. We've demonstrated that we can do that. That gets me excited because I see a lot of stuff unfurling, right? It's a great opportunity for the business and a great opportunity, obviously, for SMBs as we continue to hone all these strategic skills.
All right. Great. Thank you both for the.