BILL to the conference here. We're very fortunate to have CFO John Rettig here. Thank you, John, for joining us.
You bet. It's great to be here.
Absolutely. I have some questions we'll go through, and, look forward to the discussion. Thanks again, John.
Yep.
I think most folks in the room are familiar with BILL, so why don't we just start with, maybe just a high level, you know? Where is the opportunity from here for BILL, and, you know, how do you see that?
Sure. Just a quick recap. We have a platform, all-in-one solution for small businesses to manage the messy back office associated with financial operations, so things like accounts payable, accounts receivable, expense reporting, spend and expense management.
Mm-hmm
... things like that. Our business model is a hybrid approach. As you know, subscriptions and transaction fees. It's a huge market that we're going after. Our sweet spot is small businesses that are just big enough to have a little bit of complexity, but not too big, such that they need customized solutions like enterprises, so it's that middle of the market. There's millions of businesses who still haven't adopted.
Mm-hmm
... solutions like this.
Mm-hmm.
It's a very early-stage market, as opposed to a mature market that's in a rip-and-replace cycle. In addition to the foundation of the platform, which is around subscriptions, we've also been innovating with payments. We have a broad set of diversified payment offerings, and that's really important as businesses figure out how to remove friction from how they do business.
Mm-hmm
... with their suppliers, and I think we've been a pretty integral part of that over the last few years as we've been building out the platform.
Mm-hmm.
I'd say the other piece of differentiation is really our go-to-market ecosystem. Small businesses, reaching them, acquiring them, keeping them, is really hard.
Mm-hmm.
It's hard to make the economics work.
Mm-hmm
... distribution ecosystem means that we go to small businesses wherever they are.
Mm-hmm.
If they're at a bank, if they're working with an accounting firm, if they're working with their accounting software provider.
Mm-hmm
... we wanna be wherever they are and make it really easy to adopt our solution.
Great. Great, thank you for that. Coming off the Q3 results about a month ago, what are some of the key highlights from the earnings report that you'd like to point out, and what's been the investor feedback?
Feedback's been very positive. $273 million or so in revenue in the quarter, north of 60% year-over-year growth, 87% non-GAAP gross margins, and order of magnitude over 20% non-GAAP net income.
Mm-hmm
From a financial performance standpoint, we were well ahead of our expectations.
Mm-hmm.
We also delivered our highest quarter of net new customer adds, in the history of the company, and that was a bit of a testament to that diversified distribution ecosystem.
Mm-hmm
...that I mentioned. The other thing that I think was a good indicator is how resilient SMBs were in the March quarter. I think heading into the quarter, we had some concerns about the macro impact and how that might flow through to behavior of small businesses. We learned once again that they know how to adapt, and we were certainly there to help them, you know, through the early stage of the cycle.
Great. One of the metrics that stood out was that standalone TPV growth 11% last quarter, better than your outlook. Maybe if you could just comment on where was the delta to your expectations heading into the quarter? I know that you saw some drop-off in December, and that was kind of how you based your Q3 fiscal guide, and things came in better than that. Maybe if you could just talk a little bit about where that came from.
Sure. That was probably the biggest influence, is what we saw in the December quarter. We started to experience a change in spend patterns from our small business customers, back in June of last year.
Mm-hmm
... really with the larger mid-market customers. It progressed to really across the base and all types of spending.
Mm-hmm.
In a typical, December quarter pre-pandemic, we would see sequential TPV growth rates of something like 10%, 10%-13%.
Mm-hmm.
In this last December quarter, we saw 3% quarter-to-quarter growth rate. It was obviously much higher.
Mm-hmm
...during the pandemic. The rate of contraction in spend in the, say, the second half of December quarter was pretty sharp. Our, our assumption was that that type of contraction was gonna continue.
Mm-hmm
... into the March quarter.
Mm-hmm.
Combined with, March is typically a seasonally soft spend quarter versus December.
Mm-hmm.
It's normally flat or something like that. That's what led to our estimates.
Mm-hmm
heading into the March quarter. Obviously, we did much better than that. Our businesses, our customers spent at a much healthier rate, in hindsight, our estimates proved to be conservative. I think it's really on the back of our small business customers adjusting quickly to the new environment that they're operating in.
Wonderful. No, thank you. For the Q4 guidance, I think you're looking for standalone, you know, TPV to be flat. Could you elaborate on what are the assumptions backing that? Yeah.
I mean, the main thing going into the June quarter is that the environment seems a little bit more stable.
Mm-hmm.
We're expecting kind of much of the same, that we experienced in March, as opposed to a significant pullback or a return to expansion.
Mm-hmm.
Like, we didn't see either of those things really...
Mm-hmm
... in the cards. There just seems to be.
Sure
... sort of stabilization in spend. One thing, we haven't really seen signs that our customers are returning to expansion mode.
Mm-hmm.
They're still definitely contracting. Most categories of spend, of small business expenses are declining slightly.
Yeah.
There's a few exceptions to that.
Yeah
... where we're seeing growth. T&E has been strong, for example.
Mm-hmm.
I think there's a lot of third-party data points that support that.
Mm-hmm
... as well. We sort of expected a somewhat normalized spend environment.
Mm-hmm.
It's still slightly contracting versus being in expansion mode. That feels like it's probably a little ways out.
Got it. Got it. Thanks. You know, before the macro, we were seeing TPV per customer for core BILL in that kind of mid-teens level. Maybe you could elaborate on what was driving that growth at that time, and is there a path back to that type of growth on that metric, TPV per customer for core BILL?
Yeah, there's been lots of tailwinds in that, up until the last few quarters. Just a rapid increase in spend.
Mm-hmm
... small businesses through the pandemic. Inflation had a positive impact on our TPV as well. Some of the demand that our small business customers were seeing and spending against had everything to do with stimulus and low interest rates.
Mm-hmm
... and things like that. One of the variables that's in our control that increases our spend per customer is how much our share of wallet is of their spend.
Mm-hmm.
We see a direct correlation to the number of payment products we have.
Mm-hmm
... the number of choices that are available to both buyers and suppliers. As we roll out new payment products, we see an increase in TPV per customer.
Mm.
We know that we're not at 100% share of wallet yet.
Mm-hmm.
That's one of the most important variables we have as it relates to the uncertain macro environment we're in now.
Mm-hmm.
Maybe TPV, overall spend is sideways, but we should have opportunities between increasing our share of wallet and obviously, some of the monetization levers we have.
Mm-hmm
... to continue to grow.
Wonderful. Great. One of the standouts this quarter was the TPV take rate had a nice ramp this quarter, the monetization. A full basis point is, you know, before the macro slowdown, you were tracking to that 5- 6 tenths of a basis point. I think you're back to that target level now. I guess 2 things. One, what drove that upside this quarter to such a strong level? What are the keys to generating that kind of steady 5- 6 tenths of a bip TPV monetization quarterly?
Yeah.
Yeah.
The March quarter was much stronger than we normally see, and I think it's a good indicator of just how far we can go with expanding monetization.
Mm-hmm
... the last quarter was, a full basis points. The quarter before that, in December, we were at actually 0.2. It was, you know, well below our typical averages.
Mm-hmm.
I think it was 1.1 the quarter prior to that. There's some, always some puts and takes.
Mm-hmm.
It's not perfectly linear quarter to quarter.
Mm-hmm.
as we continue to drive adoption of some of our ad valorem payment products-
Mm-hmm
that's one of the biggest supporters of expanding the take rate, things like virtual cards and cross-border payments with FX.
Yep.
Real-time payments is receiving a lot of interest and growing, demand as well.
Mm-hmm.
Those are some of the levers that we're pulling, to continue to present more choices to buyers and suppliers, drive more adoption.
Mm-hmm
... and see that take rate expansion. The other thing that happened in the December quarter was that we had a little bit of a headwind with FX.
Mm-hmm
... that, you know, sort of artificially
Yep
... reduced our take rate expansion.
Mm-hmm.
That was mostly eliminated in the March quarter.
Yeah
... had a little bit of a pickup related to that as well, and we think that's more of a neutral item going forward, not something that should produce puts-.
Mm-hmm
... puts or takes. We feel really good about the ongoing receptivity...
Mm-hmm
... from both buyers and suppliers about some of our newer products.
Mm-hmm.
We think, though it's not going to be perfect quarter to quarter in terms-
Right
of the expansion rate, and there is some probably macro potential headwinds and tailwinds.
Mm-hmm.
On the headwinds side, we are watching out for buyers or suppliers maybe trying to lower cost, given whatever's happening in their particular business, to lower the cost of the payment methods.
Mm-hmm.
That could be a little bit of a headwind.
Mm-hmm
... in the near term. The tailwind could be, if a small supplier, let's say, is in a more challenged environment, and they're trying to optimize access to cash...
Mm-hmm
... and speed of payments, we could see more demand for things like real-time payments.
Sure
... time will tell how all of that nets out, but we feel like we're in a good position.
Great, great. Maybe if you could put in perspective kind of where we are with these ad valorem products in terms of the adoption cycle in your TPV base. I think in the past, you've said cross-border could be 10%-20% of TPV, virtual card, 5%-10%. Maybe you could just provide some perspective on where you are today, on those metrics, and where do those targets come from, and what are the keys to kind of expansion towards those levels?
Yeah. Those targets are exactly right. On international payments, 10%-20% of total TPV, and up to perhaps 40%-50% of that being FX.
Mm-hmm.
Which, from a monetization standpoint, is much more important than the U.S. dollar transactions.
Mm-hmm.
On virtual cards, 5%- 10%. We derive those targets from a deep understanding.
Mm-hmm
... how our customers spend money. We could see that there's a number of suppliers that were receiving payments from BILL customers who are outside the U.S., and we're able to quantify that.
Mm-hmm.
Not all of that payment volume is in our platform yet.
Mm-hmm
... so we know we have a ways to go to continue to drive adoption. The same is true with virtual card payments.
Yep
we're able to look at all the suppliers in the network. We can match those suppliers with Visa and Mastercard and other providers to see which ones are merchants who accept cards.
Mm-hmm.
We can digitally engage with them.
Mm-hmm
... to present different options for.
Mm-hmm
... for card payments. I think we've made a lot of progress in driving initial adoption.
Mm-hmm.
I still think we have a long way to go. You layer on top of that, some of the newer products, like real-time payments, where we haven't established specific penetration targets there yet, but I think it can be pretty significant for the overall business.
Mm-hmm.
This last quarter, one of the benefits we had in terms of monetization expansion was an uptick a product called Pay by Card, which is a funding mechanism.
Mm-hmm.
Instead of paying from your bank account, you pay from your credit card. There's obviously a fee associated with that.
Mm-hmm.
It's very early.
Mm-hmm.
Also recently, we went into beta testing mode on an invoice financing product.
Mm-hmm
-in the working capital umbrella. If you just, you know, fast-forward a few years and think of the breadth of the ad valorem payment products that we have-
Yeah
...in the portfolio
Mm-hmm
... there's significant growth ahead to continue to drive adoption.
That's great. That's great. Maybe, if we could put into perspective kinda where you are in your penetration of the end market here. 134,000 customers for core BILL, and you mentioned your sweet spot are those small businesses that are just big enough to need something for automation, but not big enough that they need some customization.
Yeah.
That kind of sweet spot for you is in that, you know, I guess, middle end of the SMB. How should we think about how many of those businesses are out there to go get? What is the profile, and how do you think about that, the size of that market in terms of number of customers?
If you look at the overall, sort of census of businesses in the U.S., there's 6 million companies with employees.
Mm-hmm.
there's only about 100,000 businesses that have more than $50 million in revenue. By definition, most businesses are small-.
Mm-hmm
and medium-sized.
Mm-hmm.
There's another 25 million businesses that are just one person, either a sole prop or, and something. You would add to that.
Mm-hmm
Freelancers and gig economy workers and whatnot.
Mm-hmm.
Our sweet spot is really in the middle, businesses that are, say, you know, 10- 100 employees.
Mm-hmm
... something like that.
Mm-hmm.
They have on average, dozens of transactions per quarter. In some cases, if they're a mid-market business, it would be much larger than that.
Mm-hmm.
What that means is, they're working with lots of suppliers...
Mm-hmm
to have that many transactions.
Mm-hmm.
That's complicated.
Mm-hmm.
There's probably multiple employees inside the business.
Mm-hmm
who have to collaborate and coordinate in order to manage these transactions, manage cash flow and things like that.
Mm-hmm.
Our tools around driving digital transformation, moving from paper invoices to our technology that automatically extracts data.
Mm-hmm
... initiates routing for approvals.
Mm-hmm
Drives, an automated process, is really important to those customers.
Mm.
That becomes super sticky. We become the primary platform that our small business customers use for financial operations.
Mm-hmm.
Obviously, we complement, you know, things like accounting systems or payroll systems or other tools that small businesses. We complement those really well.
Mm-hmm
If the market is, very early in its evolution.
Mm-hmm.
...I think we're probably low double digits penetration across all of the digital financial operation solutions for.
Mm-hmm
... for small businesses.
Mm-hmm.
Obviously, there's a long way to go. We haven't yet, aside from doing international payments in our Invoice2go acquisition, which brought us lots of small customers spread around globally, we haven't taken, big steps yet towards international expansion, but that's something.
Mm
... that's on our multiyear set of priorities, so we're excited about that opportunity as well.
Wonderful. Maybe if you could help us understand, what are the go-to-market efforts here? You have a multi-channel approach, so maybe we could just touch on the different channels for acquiring customers, and where is the focus on go-to-market?
Yeah, it's super diversified along the lines of finding businesses wherever they are-
Mm-hmm
... as opposed to, one method. We acquire many of our customers through referrals. They come to us. It's an inbound motion. We also do outbound digital demand gen.
Mm-hmm
...marketing.
Mm-hmm.
Our biggest source of customers is, actually the accountant channel. We partner with 6,000 accounting firms in the U.S.
Mm-hmm. Mm-hmm.
We have tools for the accountants to run better practices.
Yeah.
They obviously help us distribute the product and sell into their client bases. Penetration is still pretty low. Even though we have 6,000 firms, we're not fully penetrated into their client bases.
Mm-hmm.
We have, a number of relationships with large financial institutions as well, where-
Mm-hmm
They white label our product, embed it inside of their online, banking environment.
Mm-hmm.
We reach customers that way. We're basically wherever a small business is gonna be, we wanna be there for them, so they can adopt the platform.
Mm-hmm
....with as little friction as possible.
Wonderful. Great. Let's shift gears to the financial institution, you know, channel. It's a newer channel for you. If you could just elaborate on some of the partnerships there, and then, any color on, where you're seeing traction?
Yeah. Most of our partnerships are with. We have six of the top 10 banks and a number of smaller banks.
Mm-hmm.
And-
Mm-hmm
... most of the partnerships are focused on the larger business segment, so commercial customers or mid-market customers. We have a couple of recent examples where we're working with large banks that serve the small business segment.
Mm-hmm.
And that segment is interesting 'cause it opens up millions of customers, as opposed to tens of thousands or hundreds of thousands.
Yep
... in the case of the, of the commercial segment. One of the requirements to do that is that our product be really simple.
Mm-hmm.
It can be adopted on a self-service basis without.
Mm-hmm
Salespeople from the bank having to drive adoption, and without consultants and-
Mm-hmm
and lots of, you know, sales efforts. In driving that simplification.
Mm-hmm
-to support the small business segment, we're able to bring back a lot of that learning-
Mm-hmm
To the BILL standalone platform.
Mm-hmm
use that to support the smaller businesses out in the market as well, that haven't been as much of our...
Mm-hmm
our sweet spot, historically.
Mm-hmm.
Making sure that the product is really easy to use, we can onboard customers in a self-service basis, and really drive efficiency in acquiring those customers.
Sure. Great. Why don't we shift gears to Divvy? maybe just to level set a little bit on the offering and, you know, kind of where it is in terms of penetration. I think it's 5% of TPV this past quarter. In the past, you've said that corporate card spend is about 25% of SMB spend, which is a metric that was surprising to me. Should we think about that as the target for where Divvy TPV penetration could get to over time, and what are the keys to driving that adoption?
Yeah. look, just first on where we're at, the whole spend and expense category is really in its infancy still.
Yeah.
Divvy is a leader in the space. We acquired the business with the understanding that the market is just beginning to develop, like.
Yep
the total number of customers who've adopted a software solution to help them.
Mm-hmm
with visibility and control and transparency and all those things around card spend, it's really small.
Mm-hmm.
The magic of Divvy is really in the software, to make it really easy to use, distribute cards across the organization, do fine-grained budgeting...
Mm-hmm
For card spend, lots of controls and things like that.
Mm-hmm.
It's obviously an interchange-based monetization model. The average spend and expense customer that we have for Divvy is larger than BILL.
Mm-hmm.
They're more like a mid-market customer, that comes from the fact that there's a credit component to the offering, so they need to be underwritten. The focus initially was the larger businesses. We've determined that about 50% of the BILL customer base is a candidate, a good candidate-
Mm-hmm
...for the Divvy card with the credit component.
Mm-hmm.
There could be other Divvy solutions, like expense reporting, expense reimbursement, and things like that don't involve the card, where the smaller businesses in the BILL base could be candidates for that.
Mm-hmm
to the stats that you mentioned, the 5% today and maybe 25% over time.
Mm-hmm
... where we have a joint customer, a BILL customer that's also using Divvy, I think there's an opportunity for us to capture near 100% of their B2B spend.
Mm-hmm
with the spend and expense component being
Mm-hmm
...you know, 15, 20, 25% over time. We should see
Mm-hmm
the overall Divvy spend as a percentage-
Mm-hmm
-of TPV for BILL increase as we continue to drive adoption.
Okay.
Most of the customers, the new customers that we're acquiring for spend and expense today, are still, net new to the company, right?
Mm-hmm.
They're not from the BILL base.
Right
the upsell or cross-sell effort. That's still down the road.
Mm-hmm
As we bring the product platforms together, and we do more integration and create a unified experience.
Mm-hmm.
That's later this calendar year, and that's when we'll start to see, I think, more, an elevated level of effort associated with cross-sell and driving those results.
Got it. The, the integration effort is underway. I think you said end of this calendar year will be completed. I mean, what could that do in terms of, you know, representing potentially a catalyst for the business? I mean, is it? At that point, you'll be ready with go-to market, or is there some go-to-market learning that will be involved once the integration level is completed, the technology level?
Yeah. first, just on, what it means, it's really, we get feedback from customers that say, if they can do more of their operation in one place.
Yeah
have fewer tools versus more tools
Yeah
it's really valuable.
Mm-hmm.
Reduces training, there's all sorts of productivity benefits and whatnot. One of the things that is true right now is that we have a BILL platform that's separate from Divvy. That means there's two landing pages, there's two dashboards, there's-
Mm-hmm
kind of two different ways that customers need to look at their financial operations. as we bring those together
Mm-hmm
all of a sudden, all of the spend that a business has, regardless of how they're spending it or what payment method is used
Mm-hmm
can be managed in one place.
Mm-hmm.
That's really important for accountants.
Yeah
who are managing many clients through the same dashboard.
Mm-hmm
I think we've already started to prepare for the, for the point later in the fall, where we bring the platforms together. We've already done some automated underwriting on, tens of thousands of BILL customers, for example, who are approved for credit lines on Divvy. Now, we haven't gone to those customers with offers yet.
Yeah.
We're really gonna follow the product integration to do that. We think it can be a catalyst for improving momentum with Divvy. It will take time, though. It's not an overnight thing. Obviously, there's a behavioral change. There's a swapping out of cards and programs, potentially.
Mm-hmm
With existing solutions that small businesses are using. We're really excited about the multi-year opportunity to drive growth, just from the BILL base, let alone the continued penetration associated with.
Mm
market adoption on a product like this.
That's great. That's great. Excellent. Invoice2go, why don't we shift gears to that business, another acquisition that was made? If you could perhaps provide some perspective on what that brings to the BILL platform, and where is the integration effort there, and how does that add to the value proposition?
Sure. BILL has, we've historically been, maybe even over indexed to AP.
Mm-hmm.
We had an AR product. It was still relatively small. We faced a little bit of a buy, build, or partner decision.
Mm-hmm
because we knew, we believe that AR is a big opportunity.
Mm-hmm.
We picked Invoice2go because then it's an advanced mobile-first AR solution that works really well for service businesses. Think of your contractor or your plumber or companies like that are in the field doing business.
Mm-hmm.
That all happens via the mobile phone.
Mm-hmm.
Our goal is to have the Invoice2go features and functionality essentially replace the legacy BILL AR solution.
Mm-hmm.
Over time, we want to create more balance between AP and AR, especially as it relates to the network.
Mm-hmm.
We're realizing now a pretty significant percentage of our core revenue from suppliers in the network.
Mm-hmm.
It's about 30% of core revenue is coming from suppliers.
Mm-hmm.
They're still mostly passive receivers of payments in the network. They're not really leveraging our tools.
Mm
...to manage their business and create automation and whatnot, and that's where Invoice2go comes in.
Mm-hmm.
We can deliver more tools, more capabilities to suppliers in the network. We not only get monetization, that's important, but we get them more engaged with the platform. We have the opportunity then to upsell and cross-sell them to other solutions and potentially subscription offerings from BILL.
Mm-hmm.
It's a very interesting product and we're still excited about the opportunity for it to influence, in particular, the network growth and monetization over time.
Great. Wonderful. Thank you for that. We're seeing a nice margin ramp this year. I think in our model, we're at 9.4% margin, which is up nicely from a loss of 2.3% last year. A lot of that has to do with Float, but would love to get your perspective on how you think about balancing growth and margin and driving profitability.
Yeah, I think that's the key word. It's definitely a balancing act.
Yeah.
It's not a trade-off. We're going after a huge market opportunity that's early in its evolution. Our mindset is around growth, but we try to do that in a disciplined way.
Mm-hmm
... with a sharp focus on unit economics.
Mm-hmm
We're continuing to improve our financial results. We're not building the business to be necessarily reliant-.
Yeah
upon float income
Yeah
to increase margins. The last couple of quarters, we've been operating income positive, excluding Float. We're starting to make, you know, progress there.
Mm-hmm.
We feel like as we scale, there's gonna be, you know, lots of opportunity to drive margin expansion in the years ahead.
Great. On the Q3 earnings call, you talked about gross margin peaking at the current level. I think we're at 87% last quarter. Why is that the case? If you could just provide some color on that commentary.
A couple of things. One, the positive impact in not, non-GAAP gross margin associated with Float. That's about 100 to 150 basis points.
Mm-hmm
-of the expansion over the last year in non-GAAP gross margins. Our sense is that we're probably near, you know, peak Float revenue days as interest rates start to.
Yep
... top out here and maybe start declining. The benefit associated with float revenue.
Mm
will start to wane as it relates to gross margins. We also have a very favorable payment mix right now, so we have some of our newer ad valorem products that are at scale.
Mm-hmm
or starting to get to scale, are very high margin. As we build out the portfolio of payment products, not all of the products are gonna be at the same margin. In the short term, we've said maybe it's mid-80s, low to mid-80s. Over the intermediate term, it could come down a little bit from there.
Mm-hmm.
it's still really, really high margins, and we feel like we're in a good position with the portfolio of payment offerings.
Right
to continue that.
Great. Wonderful. Wanted to switch gears here in the remaining couple minutes on AI. René alluded to some real opportunities here to enhance the customer experience. Maybe you could just elaborate just more broadly how you see, you know, AI manifesting in the platform here, and where's the opportunity?
Yeah, for sure. We've been a bit of an early adopter of AI and machine learning and related technologies to help drive risk management and credit and underwriting for our own internal purposes.
Mm-hmm.
As well as, for customers, we have a product called IVA, which is the Inbox Virtual Assistant.
Mm-hmm.
That's technology that we've developed that extracts data from documents, contracts, invoices, things like that.
Mm-hmm
automatically routes through prediction models, who should approve them.
Mm-hmm
based on who the vendor is, dollar amounts, and things like that.
Mm-hmm.
If you think about it, IVA is sort of a, It pushes results to customers. It's not truly interactive at the moment.
Mm-hmm.
There could be opportunities to apply some of the new AI capabilities to that. We also have a significant asset as it relates to the chat experiences that we execute with customers. Most of our customer support operation is actually via chat. All of that is stored. It's data that we can access.
Mm-hmm
to produce better, more automated, real-time solutions for customers.
Mm-hmm.
Neither of these things are maybe transformational in the near term for our business, but we think there's certainly opportunities, including things like delivering financial insights, in an automated way through our Finmark financial planning tool.
Mm-hmm
leveraging some capabilities there. Our new CTO, Ken Moss, has a deep AI background.
Mm-hmm.
He's bringing some of that, including his experience in gaming.
Mm-hmm
That involves simplified UIs and things like that. He's actually taking the torch.
Mm-hmm
On our AI initiatives from here, and we're really excited about the promise there.
Mm-hmm
Even though there's maybe not a near-term huge catalyst for us.
Wonderful. Well, John, that's it. That's all we have time for. This is great. Thank you so much for joining us.
You bet.
Great discussion.
Thank you.
Yeah.