All right. Good afternoon, everyone. Thanks for coming. Corey Carpenter, Internet Analyst at JPMorgan. Pleased to have the Xometry team with me today. CEO and co-founder Randy Altschuler and CFO James Milne. I would not mispronounce those two badly. Randy and James, thanks for joining.
Thanks so much for having us.
Thank you.
Just to start, for those in the audience newer to the story, I thought it'd be helpful, Randy, to give a high-level overview of the business and really the problem that Xometry is solving.
Sure. Xometry is an AI-powered marketplace for custom manufacturing. When you think about manufacturing, a huge portion of it is for custom parts, where it could be an aerospace company, a medical device company, an industrial company that are making parts that are specific for their needs. We estimate that to be over a $2 trillion market. Today, that market is serviced by hundreds of thousands of small to medium-sized manufacturers, heavily fragmented. Because it is custom manufacturing, it is very hard and difficult for a customer to get a quick price and to have an e-commerce-like experience. We have created, with Xometry, an e-commerce-like experience. We use AI to create instant pricing for customers for their custom parts.
We also use that AI to optimize the match for that customer with the optimal manufacturer to make those parts for them, whether it's domestic or whether it's overseas. Xometry has been a public company since 2021. Today, we have, I think, 18 localized marketplaces, not only in the United States, but also in Europe and Asia. We offer customers in different regions a local option as well as international ones.
You mentioned the $2 trillion manufacturing industry. It's obviously a massive TAM. How do you think about the addressable market within that and why the industry has been so slow to shift online?
Yeah, I think the challenge is, because it's custom manufacturing, it's not commodities. In this instance, for the customer to find that best solution is very tough. Their manufacturers are small businesses that don't have much reach beyond their local area. You could be a fabulous manufacturer in Texas, and you may be an aerospace company in Southern California that's looking for that ideal manufacturer. You wouldn't have any visibility into that person in Texas. Because their pricing is very hard to do, it could take hours or days or even weeks to give pricing, you couldn't create that seamless e-commerce-like experience. That's why when we came and we started Xometry, we said, hey, we're going to use AI to actually create that price. That was a real unlock.
That suddenly allowed customers to not only order and buy online, but also for them to connect with manufacturers spread out across the country. We also use that AI to give that manufacturer the work that fits their capabilities best. If you think about these small businesses, there are other platforms in different industries where they can sell their capabilities. That was not true in manufacturing. Now with Xometry, it was.
Maybe if you could break down a bit the categories and markets where Xometry has the biggest presence today, and then maybe on the flip side, where are you underpenetrated but see room for growth?
Yeah, so the great thing is, as a technology company, our platform is very extensible. We do not have any particular concentration in any one industry, but we are strong across things like, as I mentioned before, everything from aerospace, medical, automotive, industrial, robotics, defense, semiconductors. We also have some good strength around the world. Since Xometry started, we have been launching internationally, and that has grown tremendously over since 2020 when we started international. We are spread out across lots of different industries, and we are also spread out now more and more across the world.
Your marketplace has over 71,000 buyers, nearly 4,500 suppliers. What's the typical profile of a buyer on Xometry? What type of jobs are they using the platform for?
Yeah, so there's a few different profiles. The first would be an engineer. And particularly when we started Xometry, you'd have an engineer come, and he or she would buy individual parts. It would be an engineer at, and our biggest customers are big companies. Our big customers are big companies. We also service, obviously, small or medium-sized customers as well. They'll come and they'll buy. As time has gone on, as we've gained more and more traction with our customers, as our technology has developed, now we're serving more and more procurement people, buyers within those companies. Those projects are getting larger and larger. They're not buying a single part, but they're buying entire assemblies of parts. We've been developing our software that enables them to do much more complex end-use production work from Xometry as well. That's been developing over time.
Similar question on the supplier side. What's the profile? What's the typical supplier on Xometry, and how are they using you?
Yeah, and again, sort of a similar range. We've got suppliers. Here's the good news. We are the leading marketplace for custom manufacturing. In a very positive way, suppliers come to us. We have a lot of word of mouth of suppliers because we're sort of the best game in town for their opportunity. Before Xometry, there wasn't really the chance for them to fill their capacity at no cost, because there's no cost to join us, to fill it digitally. Also, again, because we're using AI, and this is really important, we're enabling that manufacturer to fill their capacity with what are, for them, high-value jobs. Every manufacturer has a specialty. They could take two different jobs, and their margin profile on those jobs could be radically different depending if that job fits their specific capabilities.
With Xometry, thanks to our AI and our matching algorithms, we're able to fit those specific capabilities. They hear about us from word of mouth. They come, they sign up. They have to go through a vetting period with us. We have a system to track their quality, their on-time delivery, and to see how they progress and take more and more complicated work and different kinds of work from our marketplace. We have some suppliers who use us just for a small portion of their work, and then we have other suppliers where the bulk of their capacity is dedicated to the Xometry marketplace.
Maybe across buyers and suppliers, if you could talk about retention and what that looks like, and then also kind of you give some data on cohorts. But once you've onboarded these companies, what is your strategy for growing wallet share with them?
Yeah, we've been very strong in developing our cohorts, as you mentioned. We've got, in our latest earnings presentation, if people want to see, we've got a nice slide that shows the growth in those cohorts that we picked up each year since we started the company. Where we've seen nice traction is within these accounts. Those are companies that order from us. There are those accounts that are spending more and more with us. We have a metric of accounts that have spent more than $50,000 in a last 12-month basis. That's grown to over, I think.
Over 1,500.
Over 1,500. That is where companies are leaning more and more into Xometry, buying more and more. Also, in the fourth quarter of last year, we disclosed for the first time that we have over 100 accounts that are now spending more than $500,000 with us on a last 12-month basis. You have more buyers who are coming in, and you have more companies that are spending more and more with us on a last 12-month basis. You are seeing nice growth there.
One question we get a lot from investors is just kind of your ability to shift more from prototyping to production runs. You touched on this a little bit earlier, but how big of a priority is this to you? Is there any way to frame the relative contribution of each today?
Yeah, so we are doing more and more production work. A good way also to look at it is we have something called Teamspace. This is our software that allows customers to organize and buy entire products or assemblies versus single parts. That is more often than not going to be production work. We now have over 7,000 teams that have been created in Teamspace since we launched it at the end of 2023. That is gaining a lot of traction. Again, going back to those customers that are spending more than $500,000 and more than $50,000, that is going to be because they are doing more end-use parts, production parts with us. We are seeing more and more traction with that. I think our growth rates last, in the first quarter, we grew our marketplace business 27% year over year.
You do see some other companies that really focus primarily on prototyping. Those have been, unfortunately, shrinking. Clearly, we've been gaining market share, but we're also tilting more and more towards production.
You all sit at a very interesting place given what's going on with tariffs and macro. Maybe starting with tariffs, which are causing many companies to rethink their supply chains and where they source goods. What does that mean for you? Is this something you're able to lean into as a way to accelerate maybe share gains?
Yeah, so just to be clear, we're very proud of our 27% year-over-year growth in Q1. Actually, at the end of, in Q4 of last year, right when we announced Q3 earnings, we said that 2025 was going to be a year of faster growth for us than 2024. That was before Liberation Day and all the tariffs. Because of our technology and a lot of advancement we're making in the company, we see growth accelerating this year from last year, tariffs notwithstanding. That's exciting. I just also want to be clear, in Q1, we didn't see any pull forward because of tariffs. In Q2 as well, when we did our earnings, we're feeling good about the momentum we have there.
It hasn't really translated yet into a revenue change, but it has had positive awareness for us as companies now are thinking, hey, there could be continued choppiness in the market in terms of supply chains. I'm used to sourcing, let's say, directly to one Asian country in particular. I have a lot of concentration risk there. How do I manage that supply chain more effectively? One thing that we do at Xometry is that we're in multiple different geographies. We've got suppliers in 50 different countries. They have the ability digitally to manage their supply chains and create more resilient ones and reduce their risk using Xometry. You're seeing greater awareness. You're seeing greater buy-in to our model. Long term, that should have a positive effect with us, with particularly enterprise customers, but also smaller customers as well.
How has buyer behavior changed on your platform since Liberation Day? What adjustments have you made to better position yourself in the environment?
Actually, prior to Liberation Day, we started investing and diversifying our supplier base into different markets. We made some investments in that even before Liberation Day. We know that customers, tariffs notwithstanding and Liberation Day notwithstanding, are more and more concerned about building resilient supply chains and knowing that there are going to be more disruptions. It could be COVID-related, it could be weather-related, or it could be geopolitical-related. We have been making those investments. In our platform, tariffs is an input. We can input that into our formula. It is very easy for us. We do not really take financial risk with that. We can manage if there are different tariff regimes. With our digital platform, it is relatively easy for us to manage that. I think we are seeing that. We did note that there has been a slight shift.
The majority of the work that we do, the vast majority of the work we do in the U.S. for U.S. customers is already done domestically. That was happening prior to Liberation Day. We are seeing a slight shift to even more of that, but I would say it's a slight shift. We were already, the vast majority of U.S. work was already being done here domestically anyway.
Last one on macro, which I have to ask about. Manufacturer sentiment really dropped in April. Feels like the soft data is weakening. The hard data has held up. Just curious, have you seen any shift in buyer behavior in recent weeks given the macro uncertainty?
Yeah, again, we announced our earnings about a week ago. We had April under our belt. We feel good about positive momentum and strong demand. Remember, for the last couple of years, even as Xometry has been growing nicely, U.S. manufacturing has been in contraction. This is nothing new to us. We have been gaining market share. We have been growing nicely. If there was a rebound, that would be a tailwind for us. We have already baked into our guidance and what we have described being conservative about macro and thinking it is going to continue to be the choppiness we have seen for the last couple of years.
Shifting back to Xometry, two of your bigger product initiatives in recent years, WorkCenter and Teamspace, which you've alluded to a bit. For those less familiar, maybe give a quick overview of each, why these are important initiatives and kind of what you're seeing around adoption.
Yeah, I'll start with Teamspace and then go to WorkCenter. Xometry, for a single engineer, we have experience built for that. As we've begun to do more and more work for enterprise customers, for large companies, and as we've started to do more and more production work and more complex work, we realize that customers are working in groups. It's not just a single engineer. It's an engineer, it's a procurement person, it's a quality engineer, it's a whole group of people. There are multiple parts, and there's a lot of complexity to that. They want to be able to track that, manage that all together. We developed Teamspace. It's something we built in-house. As I mentioned before, it gained great adoption. We have over 7,000 teams created through Q1 of this year.
That is just helping us grow faster in our enterprise customers. It is also a way to attract new buyers organically. It is enabling us to do more and more of that production work. On the other side, we have WorkCenter. WorkCenter is a manufacturing execution system that we give to all of our suppliers. There is no cost to it. Think about it. It is a way for them to manage their work, the jobs that they are getting from the Xometry marketplace. They can also use that for their own work. We love WorkCenter for a number of reasons. First, it gives us visibility into what is going on on the job. Historically, when a customer goes and tries to buy from a small manufacturer, they have almost no visibility other than the job is going to be delivered on this date. We promise you good luck.
Now with WorkCenter, we actually know what's going on. When has the job started? When has the material been ordered? When has the quality been done? Where are the certifications? Where is the traceability? All the different things that customers are looking for, we've got that now digital in this software. That just gives us and our customers a lot more visibility into the status of their job. Again, as you look at more complexity and more production, that visibility is really critical. The second thing that we love so much about WorkCenter is we're letting our suppliers use it for all of their work. Not just the stuff they're doing for Xometry, but for all of their customers. For us, that creates a stickier relationship. If they're using our software to run their businesses, that gives us close relationships.
It also gives us the opportunity to cross-sell other software to them that would be helpful to their businesses. It is also a monetization opportunity for Xometry as well.
Another initiative has been expanding instant quoting in the marketplace much more broadly. Could you talk about the progress you've made here? Is there any way to frame the type of uplift instant quoting can drive when you add it to a category?
Yeah, so there's no question. The more that we can instant quote, the more orders we're going to get, the higher our margins are going to be. There's all sorts of knock-on effects by expanding what we can do with instant quoting. We're also going to gain greater share of wallets. So our spend per buyer is going to go up, and it's going to be a stickier relationship. It's just like any other shopping experience. If you can do more at one place, then you're going to shop more there, and you're going to go elsewhere less. Again, the good thing is we're AI-powered. We're building these algorithms. We've been investing in those algorithms. Last year, we worked together with Google's AI team to find techniques to accelerate the deployment of more instant quoting models. We released tube bending and tube cutting.
There's some other exciting things that are coming. In fact, we just released in Europe instant quoting for injection molding, which is very exciting. As we add these technologies, we would expect not only to gain new buyers, but we're also to grow our book of business with existing buyers.
A couple of questions on Thomas, but I'll just wrap it into one question if that's okay. You acquired them a few years ago. Maybe if you could remind us the vision behind the acquisition. Has it worked out like you expected? Just where are you at with the integration?
Yeah, so Thomas, a storied company with a 100-plus year history, the largest directory for North American manufacturers. Back in the day, if you wanted to find a great manufacturer or North American supplier for something, there were these books that Thomas had, which were very well known. We go to the digital age. Thomas put that online. It is just a great directory for people who are looking to find that right supplier for them. We bought that business, and there is a bunch of opportunities for us. First of all, the advertising business itself is a very high-margin business. Its gross margin is close to 90%. Of the 500,000 suppliers that are listed on Thomasnet, only 1%, roughly 1% of them are advertising today. If we can increase penetration and get more advertisers, that is going to be very helpful to our bottom line at Xometry.
We have been working very assiduously now to upgrade the technology on Thomas, both the search capability, so people are coming to Thomas and searching, and also the advertising technology. We have been working hard at that. We have been deploying new search. That is already in production starting in April. We are going to be expanding that to more and more of our users and making enhancements to that. In the next couple of months, we will be releasing new advertising technology so we can expand that number of buyers behind that 1% of the penetration we get today. The second thing is Thomas has, I think, 1.2 million registered users on it. I do not know the exact number, but something around that number. That is very exciting.
Thomas has a longer history than Xometry and, to a certain extent, greater awareness than we do. The ability for us to convert those Thomas users into Xometry buyers is another great opportunity for us. Think about it like a great tack there from taking those Thomas buyers and exposing them to the Xometry marketplace. There is also an opportunity as we expand into new categories on Xometry. As we launch new categories, we are talking about doing new instant quoting. We are seeding that. The suppliers for that are coming from Thomas. As we add new categories, we are saying, okay, Thomas has got all these suppliers listed. We then bring them into the Xometry marketplace to service those new customers that are buying these instantly quoted parts from us. Finally, the final thing is that we cannot offer Thomas as much broader than Xometry.
If we want to, again, be that one-stop shop for our customers today, we can instantly quote for them a bunch of stuff on Xometry. Then we can also steer them to Thomas and say, hey, what you cannot buy instantly on Xometry, here is a great place to find it on Thomasnet and keep them within the Xometry ecosystem.
I forgot to mention, if you have questions, you can submit it online. I have the iPad, and we'll send the microphone around later as well after we get through a few more. I want to ask about competitive landscape. Only a fraction of the industry is online. It's a massive industry. Who are you competing with for the buyers and suppliers? How do you feel like Xometry is differentiated?
By far, our biggest competitor is the old way of doing business, which is the traditional, I'm going to go to the local manufacturer or the manufacturer I've historically known. It's really shifting that behavior that is the key to us. Look, we saw that happen in so many other industries. That's why the shift is inevitable. It's happened in other industries. The shift to digital is going to happen. We're obviously trying to make sure it happens as quickly as possible. We are the clear leader in that. That's really where we see the competitive push, which is, hey, I've always done it this way. Why should I change? If anything, the current macro just underscores for them, hey, I guess I have some real risk here. This model makes even more sense for me.
Let's talk about international. It's about 15% of your business, but it's growing faster. What does your international footprint look like today? What are the drivers that get you to your target of international being over 30% of revenue over time?
Yeah, so we're based in Europe, right outside of Munich, Germany. We're in most EU countries today. Again, we've got it in localized languages there. I think the good news is, particularly in Europe, we've got the countries covered, but our penetration levels are still low. There's lots of room to continue growth there. These are obviously large markets. We're in the U.K. as well, which is no longer part of the EU, but we're in the U.K. We've got lots of room to grow there. We've built nice localized marketplaces there, and we're seeing good traction. The value proposition is very similar. We've seen European customers embrace just the way that Americans have embraced our value prop. There's some localization, whether it's the materials offered, the pricing. They use our core algorithms, but there are adjustments to that, obviously currency, et cetera.
It's a similar model. We also launched in Asia. We're based in Shanghai. That's our headquarters for AsiaPac. We are expanding now into other countries in Asia that are English-speaking, like Australia and other countries like that. There are some new geographies for us there. Again, we're beginning to gain some nice traction there. We've talked about how China this year will begin to be a meaningful contributor to our growth as well. Historically, our international growth has been powered almost entirely by Europe, but Asia is now gaining some steam there as well.
Do the recent tariffs changes impact your international strategy at all? Or does it make it maybe more or less of a near-term priority for you?
We already, as I said, prior to Liberation Day, we were already investing and expanding into other geographies, particularly from a supply perspective. I think it just underscores the value of having a global marketplace. Obviously, for our European customers, the tariffs in China didn't mean much. We had other customers who were bringing products to America where it did mean. They were sourcing, let's say, from China. They were saying, hey, I don't want to source anymore from China because I'm going to be bringing it into the United States. Let's go to look at other regions. The ability to do that digitally and the fact that we don't own the bricks and mortar, we don't own the factories, we can really put our customers first, that's super powerful.
James, thank you for your patience. I do have a few financial questions. You raised your revenue outlook last quarter. Could you just talk about what gave you the confidence to do that, given all the uncertainty going on and maybe what some of the assumptions are that you're embedding into that outlook?
Absolutely. I mean, just taking a little bit of a step back, we've been very consistent over the last few quarters in seeing our growth initiatives translate into growth. Back in November and back in February, where we were talking about 2025, we talked about marketplace growing at least 20% and the overall business revenue growth rate increasing from 2024. Last week, we delivered on Q1. Really pleased with the result, 27% growth in marketplace year over year. In fact, we were close to 30% in the U.S., which is the highest rate that we've seen in the last couple of years. I think that's on the back of great execution from the team and consistent execution over several quarters. Certainly, as we looked ahead, we felt confident that we could raise that outlook on marketplace from at least 20% to at least 22% for the year.
As Randy said, I think Xometry is purpose-built for resilient and flexible supply chains. I think we're not necessarily seeing that in the numbers yet in terms of change of behavior from the current tariff environment. We will watch that as we move forward. We take into account that the macro industrial complex is still in some contraction. We have been in that situation again for the last couple of years. I think it's on the basis of what we've seen in the business and how our team has been able to execute.
Revenue growth historically has been driven mostly by buyer growth. Revenue per buyer has been relatively flat. What has been driving this dynamic? Do you expect revenue per buyer to become a bigger contributor over time?
I think our growth initiatives can grow both buyers and revenue per buyer over the long term. I think it's great that we're seeing such great traction on the buyer front. We're up to 22% growth year over year in Q1. We had a really nice addition of nearly 3,200 new ads. The revenue per buyer was up 4%. The majority of that growth is coming from continuing to add buyers to the platform. That's through technology and through our sales teams and marketing. As Randy talked about, technologies like Teamspace help us provide more value to our buyers and help them bring their colleagues to the platform as well. We're also being more efficient on the marketing front. Our ad dollars are going further. We're seeing nice growth internationally as well as in the U.S..
I think there's a large pool of buyers for us that continue to grow there. The initiatives of enterprise, of driving more to the marketplace platform, showing more value from Xometry are also enablers of revenue per buyer growth over the long term too.
My next question is on marketplace gross margin, but I'll do a check to see if we have any questions in the audience before I pull forward. All right. Just raise your hand later if you have one. Marketplace gross margin, metric very closely followed by investors. What are some of the puts and takes impacting this in the near term? Any rough timeline around when you think you could reach your 35%-40% long-term target?
We were very close to the 35% at the end of last year, rounded to 35%, 34.5% in Q4. Really pleased with the execution we had last year. When you look at the last four or five years, we've added 10 points of margin through gross margin. Really showing the impact of more data, more orders, growing supplier network as well. That's allowing the algorithms to have more data to play with to match the optimal supplier. That's coming through in our ability to drive up the gross margin. One thing I'll note is in Q1, we made a deliberate choice to accelerate some of that investment in new marketplaces that temporarily dampen the gross margin in Q1. We expect that to fully recover here in Q2, back in line with where we were a year ago.
We'd expect to continue to see annual growth on gross margin this year. I would expect us to be again exiting at around that 35% rate.
On EBITDA, you flipped back positive last quarter. You reiterated your guide to be positive for the full year. Where do you see the most opportunity for leverage in the model? Do you still think that 20%-30% is the right long-term target?
Yeah. In Q1, it was our second quarter of adjusted EBITDA profitability. We went positive for the first time in Q4 last year. We intend to stay there now going forward. That is what we guided to in Q2. For the full year here, we will be adjusted EBITDA positive. When we look at it, we look at what incremental adjusted EBITDA are we driving from the growth. Last year, that was in the low 20s, I think around 22%-23%. In Q1 here, it was 27%. What has been driving that? We have made investments over time, like in sales around our enterprise and international teams, in marketing. We are seeing the leverage come through. In Q1, we saw 500 basis points of leverage from that. A year ago, our adjusted EBITDA loss was around $7.5 million. We were back into positive here in Q1.
Really seeing nice leverage from the model. I think as we move forward, scale is important. As we go from here to $1 billion in revenue, what we're saying is we're targeting 20% incremental adjusted EBITDA margins. I think we're at a stage where scale and growing revenue is still vitally important. It's still a massive opportunity for us out there. Delivering that from here to $1 billion would set us on a really good path to be on that way to 20%-30% margins over the long term, which I think we can get through the marketplace scaling, continued gross margin in the 35%-40% range, plus getting that supplier services Thomas business back into some growth.
One more, excuse me, financial question. Randy, we'll close with you on a bigger picture question. What's the right way to think about EBITDA conversion to free cash flow? When do you think we could see you turn free cash flow positive? Perhaps related to that, just any thoughts on kind of your options around the convert, which is due in 2027?
Great. Xometry has a great asset-light model. We're not vertically integrated. It's coming through right now in terms of our differentiation and the value that we drive to buyers today because we're able to provide them with these options across 50 countries very easily. Being asset-light means that there's low CapEx and working capital requirements that convert our adjusted EBITDA into free cash flow. As we grow our adjusted EBITDA here and get up into the mid to high single digits on adjusted EBITDA as we pass through in 2026 here, I should think, then we'll be passing free cash flow break-even as well. We're in a strong cash position right now. We have $231 million in cash.
Our main focus will be continuing to drive towards getting to cash flow positive, put us in the best position with the convertible coming up in just under two years to be able to optimize our balance sheet and put us in a great position to continue to invest organically in the business. As well as part of our strategy, I think selective M&A would make sense as well.
Randy, I wonder if you could comment a little bit. I think there's a misconception in the market that people will use the Xometry platform to discover great suppliers who can produce the product. Once you're up and running, especially if it's truly going from prototype to production, that they kind of say, "Now we don't need Xometry anymore," and we kind of move on. Yes, maybe you need it for another part down the line, but that part is now kind of direct between the two. I wonder if you can just talk about how do you help us understand that that is not really what's going on? Are there hard ways to quantify and really show us that even the production contracts that you get on the platform stay with Xometry and aren't kind of taken offline direct between those two players? Thank you.
Yeah, great question. Concerns about disintermediation, right? Let me give a couple of data points and then I'll talk through a little bit. First of all, looking at the number of accounts that are spending more than $50,000 with us on an LTM basis, last 12-month basis, that's more and more you're going to see that with production. That number has been growing very nicely. We're at over 1,500 customers. Also looking at the number of customers spending more than $500,000 with us. We noted that was 100 customers. Those customers grew over 40% last year. Again, those are customers that are leaning into production. If they were loving us and leaving us, we wouldn't be having seen that kind of growth within them, both in those larger accounts, but also in those $50,000-plus accounts.
That is also another proof point, the Teamspace, the number of teams that we've got, that 7,000. Again, those are going to be more likely to be on a production or end-use part than they would be on a prototype side. I think also you have to understand our customers are coming to us not to find another supplier. Because there are a million suppliers out there, they're coming to us to find a solution. If you're a customer, you're trying to find an easier and more secure and reliable way to get your parts made. If it's production and if it's end-use and I really care about it, I'm going to lean even more to Xometry because my alternative is to use a small manufacturer where risk is inherently higher. That is just the risk of any small business.
I would rather go to a public company and have the resiliency and the backup that Xometry provides. The larger the order and the more complex, it's more likely that the customer is going to lean into us versus a small manufacturer.
Great. I'll close with, I think, a question for you, Randy. Just bigger picture, one or two things you're most excited about and you think could be most transformative to the business in the years ahead.
I think just our continued execution. We have got this great competitive moat that we built. As we continue to expand what we can autoquote, as we continue to expand our marketplace globally, as we continue to enhance tools like Teamspace and WorkCenter to build sticky relationships with our buyers and suppliers, we are going to get closer and closer to our vision, which has become the rails, the place for custom manufacturing. This is something because we are using AI and we are getting data, it is a cumulative effect. The more data we get, the smarter our algorithms become not only in what the price thing's at, but also to identify the best opportunity, the best supplier for that customer. Nobody could do that. We have sort of a really great position in that, and that gets smarter and smarter.
Great. In there, thank you for joining. Thanks, everyone.
Thank you.
Thanks, Corey.