All right. Ready to get started. We have Xometry with us today. Randy, Co-founder and CEO. Jim, CFO. Thanks for joining us.
Thanks, Corey.
Thanks, Corey.
For those newer to the story, Randy, maybe could you just start with a quick high-level overview of the business and the role that your marketplace plays in the manufacturing ecosystem?
Yeah. Xometry is the leading marketplace for on-demand manufacturing. There is a giant market. We estimate over $2 trillion of custom parts that customers have historically bought from hundreds of thousands of small manufacturers spread out across the United States and across the world. That has been historically a very manual procurement process, an analog process, where customers try to find the best solution. Because these manufacturers, and here in the U.S., by the way, 75% of our 600,000 manufacturers have less than 20 employees, it's very difficult for the customer to find the optimal solution in an efficient manner. Likewise for suppliers, they are largely dependent on their local customers, the local industry, the long tail of the internet has never touched them before.
They haven't been able to sell their open capacity. At Xometry, we are bringing the buyers and suppliers together using a marketplace. We're digitizing it, like we've seen done so successfully in other industries, Artificial Intelligence creates pricing for both buyers and suppliers and helps us figure out what the best match is.
We'll definitely come back to AI, which you've been talking about for a while, although it's more topical for others recently. Just starting with your marketplace, that's about 80% of your revenue. I think, you know, you mentioned 2,500 local manufacturers or suppliers making products for about 45,000 buyers. A bunch of questions, but maybe just to start, you know, who are your buyers? Who are your suppliers? You know, how are they using your platform?
Yeah. What's wonderful about a technology platform and marketplace is it's very extensible. We service, you know, many different industries and everything from some of the largest, customer-wise, from some of the largest companies in the world to just startups. Our technology makes that accessible for everybody. We're also global. We're based here in the United States, but we also have a network and a very fast-growing business in Europe. We're based outside of Munich there. If you go to xometry.eu, you can view Xometry in different languages. Likewise, in the second quarter of last year, we launched in Asia, xometry.asia, and we're based there in Shanghai. Our marketplace is available I think in 13 languages around the world. We take six different currencies.
Let's talk about maybe buyers for a bit. You've added a record number of buyers each of the last four quarters. Maybe talk about what's driving this. I know you don't guide to this number specifically, but broadly how you expect buyer, you know, net adds to trend going forward.
We've been adding a record number of active buyers each quarter. You know, in Q4 we had a record, and then we beat that record in Q1 of this year. That's engineers and procurement folks in companies of all sizes. We offer lots of different manufacturing technologies. Everything from 3D printing to machining to molding to casting, and we're continuously adding to our offering. One of the nice things about being an asset-light model and not owning the assets is that gives us the flexibility to add what customers are looking for. We're always looking for their best interests. As new technologies emerge or new opportunities emerge, we can add those to our platform or to our marketplace.
Middle of last year, supplier engagement spiked. Jobs were being accepted at a 36% faster rate than normal. You know, could you talk a bit about what caused this and how you responded and just where you are today with supplier engagement?
Yeah. You know, we've talked a bunch about what's in it for the customer, for the buyer, and sort of just to reiterate, you know, there's the opportunity now for them to get an instant price, have an e-commerce-like experience, something that historically they haven't been able to have. And for us to use our machine learning, our artificial intelligence to give them prices and to have this huge selection online. For suppliers, there's the opportunity now to fill that open capacity and to get customers or work from all across the country or potentially all around the world. Historically, that supplier has been dependent on just their local customer.
When you think about a supplier improving their profitability and growing their business, because they're so dependent on just a couple of customers, there's a lot of risk to them, and they're not maximizing their profitability. If a supplier fills 10 hours of their, just as an example, 10 hours of capacity, one job for them could be 5 x as profitable as another job. With Xometry, they can plug into our marketplace. We onboard them, so we go through a process to make sure that they're suitable for the marketplace. They get access to opportunities from customers all around the country, so about here in the United States, which they never had before. With our algorithms, we're also able to identify what kinds of work are they most likely to take. What do they like?
What's their sweet spot? Because in on-demand or custom manufacturing, every job's a little bit different. All of these hundreds of thousands of different manufacturers, they have different specialties. The trick is using the AI to find who's the one that optimizes the match for this customer. That's a win for the customer, but it's also a win for the supplier because they're filling their capacity with the job that is the best for them. We've been working to make that easier and easier for suppliers to take work in our marketplace. We have a basket of Financial Services products that we can talk about later.
We're doing all sorts of things to just make it not only to identify work that fits their envelope, but also give them better work that they like, and make it easier for them to execute on that. That included providing them with a free Manufacturing Execution System called Workcenter. Last year, we had bought in Q4 of 2021 an MES, Manufacturing Execution System company called FactoryFour, which had a SaaS offering. We took that, we rebranded it Workcenter, and we've offered it now for free, and that allows our suppliers to run many aspects of their business through this free software. For our suppliers, many of whom are small companies that don't have the dollars to spend on this kind of software, this free software is terrific for them.
It's enabling them in a very efficient way to run their businesses, but also to take work from Xometry. Last year we saw more and more of our suppliers leaning in, partly because we've been removing friction. Also I think as you look at the macro, as there's weakening, they're more and more turning to Xometry as a source for work for them to fill their capacity.
Okay. Also macro, you know, had a bit of an impact of on-demand late in 4Q. You tested lowering prices. You know, what did you learn through this testing? It sounded like you saw a rebound in 1Q, but just how would you characterize the current level of demand?
You know, just to put this in perspective, a lot of companies talk about, you know, in the macro environment and then demand shrinking as in their shrinking or growth has slowed to single digits. In Q4, just for perspective, in Q4 of this year where we saw that slowdown, we still had organic growth in marketplace of 32% year-over-year and had a record number of active, new active buyers, as you mentioned before, Corey, as well as, you know, really strong order counts. We did see some of that occurring as the economy slowed down. We also saw customers looking for less expensive options. They were trading down. They were willing to trade lead time. I'll get a later delivery for a lower price.
What we did in Q4 is we tried. You know, we've been gaining market share. We've been over the years and the quarters, we've been adding active buyers and a bigger and bigger presence in the market. One hypothesis that we tested in Q4 was, in this weakening environment where we see customers more price conscious, could we accelerate even further our growth in market share by lowering our prices even further? We're very efficient, but could we get even lower prices when I gain market share? We effectively invested part of our gross profit margin in funding lower prices for our customers. Unfortunately, that did not stimulate additional demand. We still, again, grew 32% year-over-year, but not enough.
As a result of us lowering our prices, that had a double whammy of lowering our revenue. Even though strong order growth and ultimately strong revenue growth, it wasn't what we had anticipated because we tested this price elasticity, and it turns out the customers just weren't making the orders.
Makes sense. One of the questions we get a lot, you know, I think from investors, is just your ability to scale from smaller production runs and prototypes. A metric you give is accounts spending over $50,000 a year, which is growing at a faster rate than the marketplace. You know, how do you respond to those who may be skeptical of this and your ability to grow into larger production runs?
I'd like to point to that metric of accounts with more than $50,000 of spend, and that's grown, you know, really nicely. You know, each quarter, we're adding a significant number, and the growth quarter-over-quarter has been very impressive as well. We've also been adding more manufacturing technologies into our marketplace, which are traditionally more focused on production, so things like injection molding or die casting or stamping. As we're seeing the demand from our customers for those larger orders and for those production capabilities, we're actively adding those into our quoting engine, and we're also adding it with our supplier base. We're seeing more and more customers lean into that.
I think what's interesting is when you look at a more fragile economy, there's also concerns about supply chain resiliency, sort of started with COVID, but now there's geopolitical tensions and other concerns like that. More and more customers are concerned about their ability to deliver their products to their end customers. Going back to the marketplace that Xometry has, historically, those customers have had to go to small manufacturers to get their parts made. The orders are larger, they're still production, but they're too small for a contract manufacturer. Inherently, they have to go to smaller manufacturers. In a weakening environment, and where there's concerns about resiliency, those small manufacturers can be riskier choices.
It's interesting, you're seeing customers say, "Hey, not only does Xometry give me a very efficient experience, an e-commerce-like experience, what I'm so familiar with in other aspects of my business and personal life, but as I'm thinking about my supply chain resiliency, as I'm thinking about how I deliver my end-use product, which I have to do to my customers, you know, Xometry as a public company with the governance and transparency and the scale that it has, is a very attractive option to me versus my going necessarily directly to a small manufacturer that may just have more risk.
Talk about international for a bit, which you touched on a little earlier. It's about 11% of your revenue. It grew over 75% year-over-year in 1Q. Maybe just to start, level set your international presence today in the markets where you're really seeing growth.
We launched in Europe in late 2019, in Q4 2019. That has grown like a, you know, tremendously from, I think, roughly $3 million of business in 2020. In 2022, I think internationally, we did over $30 million or $32 million or $33 million. Europe was at the forefront of that. We're based outside of Munich. We've got a network of suppliers in the EU. Just similar like in the United States, we have a network of suppliers in, I think, 47 states or some number similar to that. We also have a wide network of suppliers in the European Union as well. We also entered, in the first quarter, we entered the U.K. I think it was in the first quarter.
We entered the U.K., which is no longer part of the European Union. We have an office there, and we also have a network in the U.K. as well, and we can transact now in the pound. That's been growing very rapidly. We expect, you know, this year also to have very strong growth in Europe. We did a tuck-in acquisition in the first quarter of a company called Tridi, which was sort of the Turkish version of Xometry. That was attractive for a couple reasons. One is because similar to our other marketplaces, it was Turkey for Turkey, so they had Turkish suppliers for Turkish customers. Also for Europe, Turkey is a key manufacturing base.
Somewhat similar in some ways to the relationship we have here in the United States with Mexico, in the fact that it's a price-attractive place to manufacture, similar with Europe and Turkey. That gives our European customers options beyond the European specific and Asia. They've got a terrific one right there in Turkey as well. In Q2 of last year, we launched Xometry Asia. You can go to xometry.asia, based, as we mentioned before, in China. Last year, you know, we were struggling a little bit with COVID, always hard when people can't leave their homes to start a new unit. We're beginning to gain nice traction this year. We expect that to grow rapidly in 2024 and beyond. That's a growing part of our business.
And then we also announced a exciting, uh, you know, relationship with Alibaba 1688 .
Let's talk about that more, um, the 1688 relationship. I'm not sure. I'm assuming a lot of people aren't familiar with it or not using the product. So, you know, just kinda help us with what 1688 is and how the partnership works.
1688 is one of Alibaba's leading B2B sites in China. It would be unusual. People were using the site here. It's really for Chinese customers in China, serviced by Chinese suppliers. It's a site where you can buy off-the-shelf parts. You know, it's like a giant directory with stores in it, sort of traditional e-commerce-like experience. 1688 decided that they wanted to offer their customers for the first time, custom manufacturing, or with instant pricing for the first time. They wanted to give them the experience, so the customer would come to the site and get something instantly priced versus going through sort of the traditional procurement process. This happened all organically with 1688, you know, came to us in China, and we had our team locally in China.
They'd heard about our technology, and, you know, are working with us. When you go to 1688.com, you can quote custom manufacturing, get instant pricing, and that's powered by our pricing technology. When the customer decides that they wanna order, then they will check out on 1688.com, but they'll check out in the Xometry store there.
Okay.
It's exciting. We'll see. You know, we haven't added anything to our guidance alongside that, but it's an interesting opportunity. We're continuing to grow our own business in China, but this is a nice organic addition to it.
Now coming back to AI, you know, big focus for almost every company now. It's something that's been core to your business for a while. You know, I almost feel silly asking you this because it's kind of the heart of your marketplace, but how are you currently leveraging AI? You know, how do you think it could impact your business and industry over the near and long term?
Yeah. AI is how we create those instant prices, and it's really the only scalable way that you could do that. Going back, I think people ask me, "Why hasn't this happened before? Why has somebody not done Xometry before?" Like, you know, seems like a logical thing. Giant industry, heavily fragmented, opaque, inefficient pricing. Like, why didn't this happen? One of the problems is that it was hard to figure out what the price for something should be. You're not buying a SKU. You're not. You know, if I wanna buy a pair of jeans, I know. I've probably an idea in my how much that should cost, and I go to five different sites, and it's off by 1% or 2%. It's pretty easy.
In this case, we're making custom parts for our customers, which are particular to them. To be able to give them a price right away for those custom parts, you need to use AI to generate that, or that's the way we're doing it. nobody else. That's scalable. We employ that technology or deploy that technology to create that instant pricing. The beautiful thing about the AI techniques that we use, and we use machine learning, a version of machine learning, is that as we get more data, we actually get smarter and smarter about what the price should be for the buyer. Here's the exciting thing. We're not only using the AI for the price for the buyer, we're also using the AI to create the prices for the suppliers.
The same way that a buyer wants a price for something, they don't wanna wait around a long time, and that's very appealing to them, it's the same thing for a supplier. These are small businesses. They don't have a lot of time or dollars to waste on bidding on things they usually lose, so they're a little shy to extend themselves because they're gonna, they're gonna lose a lot. The fact that we give them a price versus making them go through some sort of painful auction is very appealing to them, and we use that AI to do that. Then we're also using our algorithms to help figure out which of the suppliers would be best suited to make the parts for the buyer.
AI is sort of at the center of many things that we do, sort of the core of what we do.
Let's talk about Thomas. It's a company you acquired in late 2021. It's been used historically by over 500,000 suppliers. Where are you with the integration? You know, and maybe highlight what's gone well, what's been more challenging so far?
Yeah. There's a few opportunities with Thomas. Very excited about it. One is, just as you're alluding to, Corey, Thomas was been around for over 100 years. If you're in sort of manufacturing, you're much more likely to have heard of Thomas than you are Xometry. You know, we have a much shorter lifespan than that, than they do. Think about Thomas almost like a specialized Google for industrial things. If you're looking for something particularly industrial on the web, and you search it in Google, often the first result or one of the top results will be, you know, going to Thomas. They've got great organic search engine optimization there.
On Thomas are listed these, as you mentioned, almost 500,000 North American suppliers. It's great. The customer there can search and really go down and find very specifically what they're looking for. There was a bunch of opportunities when we bought Thomas. One is Thomas had, you know, 1.3 million or registered users that, you know, while I'm very proud of Xometry's active buyer count, you know, which was a record 44,000+ in Q1, that still pales in comparison to Thomas's, you know, over 1 million users. We have an opportunity here to expose 1 million+ people, potential buyers to Xometry who didn't know about Xometry. We were still growing our awareness. That was very exciting.
The second thing that was very exciting is that Thomas is very wide in terms of the different capabilities, manufacturing capabilities that it has. As Xometry grows, we're not only trying to add more active buyers, but we're also trying to go deeper within those buyers and grow our share of wallet. One of the keys to growing that share of wallet is expanding what you can do for that buyer, being their one-stop shop. To make analogy, in retail, it would be, you know, being able to offer not just food, but also clothing and other things. We're trying to do the same thing for our buyers. Thomas enables us to do that in a very efficient way because they've got extensive networks of suppliers who do lots of different things.
We can learn from that and add that to our Xometry quoting engine. It's been an exciting journey. We've done a bunch of things. One thing we also did that was important was historically that Thomas didn't monetize the buyer. They only monetized the supplier. What that means is that all the revenue from Thomas was generated by suppliers, either paying listing fees on ThomasNet, buying marketing services from Thomas, they had a slew of supplier services, high margin business. In terms of the transactions, when a customer went to ThomasNet and they looked for something and they found it, they couldn't check out on ThomasNet. We basically forced them or pushed them to go to the supplier's website.
We said, "Hey, here's a real opportunity to monetize that transaction, have it land on Thomas." We built what we call the Industrial Buying Engine that enables the customer to have that secure checkout on ThomasNet. We're excited about that, and we're excited about integrating that into the overall Xometry user experience for buyers.
Thomas is part of, you know, your supplier services segment, which in aggregate is about 20% of revenue, also includes financial products, like Instant Pay that you have. You provided a new KPI this quarter that shows you have 7,600 paying suppliers in total. Could you just talk about your strategy to increase adoption of these services and how it impacts, you know, retention and gross margin?
In addition to the traditional sales and marketing, you know, we have funnel, and we're constantly improving our marketing techniques and sharpening our sales focus. We're making some core investments in the supplier services technology that will make it more appealing for more buyers. Let's start with Thomas, for example. Historically, when somebody wanted to sign up for ThomasNet, wanted to list it, there was no checkout. You couldn't check out yourself. You couldn't put in a credit card and buy the service yourself. If you were a supplier, you actually had to go to a salesperson. We added a checkout, you know, self-service option. You can put in a credit card. It seems obvious, but it hadn't happened. Put in a credit card and buy a subscription yourself.
We added things like auto- renewals. Historically, when you were on ThomasNet, you know, the contract had a finite life, and you had to go back and find the salesperson, which could be a pain point for both the buyer and for the customer and ourselves. We added that functionality. We also provided enhanced analytics to show the supplier, you know, how they're faring, what's the ROI of their marketing efforts on ThomasNet. These are things that just are very appealing to buyers of ThomasNet services. Now we're investing in making the search more pay for performance versus static. Today, suppliers on ThomasNet pay to be listed in searches. It's not dynamic, which means it doesn't optimize the result for the buyer.
The search for assemblies are not getting the optimal result. It also means that even for the supplier, they're not necessarily getting exactly what they really want. Like, they're not maximizing their capabilities. We are, as we talked about in when we, when we announced our Q1 earnings. We're investing in upgrading the search capabilities on Thomas, which should allow users to have a better experience in searching. It also allow us to gain more buyers of Thomas listing services as the ROI is cleaner and clearer and better for them.
Shifting we've talked a lot about product, but maybe bringing marketing into it as well. At earnings a few weeks ago, you did mention increased brand awareness was driving higher organic growth search volume. Could you just expand on what you're seeing here, you know, and what's driving this?
You know, I think some of that, as we talk about it, is organic, where people are just more aware of what the Xometry brand is. As we increase our land and expand strategy, so some of that is just in the, you know, Take a step back. One thing that we're trying to do with Xometry is to, as we grow that awareness, is to make our instant quoting accessible for people at all different stages of their professional career. For example, we have add-ins, plugins with the leading, with many of the leading 3D CAD software systems. If you're in SOLIDWORKS or Fusion 360 or Onshape or PTC's Onshape, you can access Xometry's quoting technology right within the CAD systems.
We have more and more engineers who may not have heard of Xometry initially, but now can see the add-in, are starting to quote on the add-in. That's even starting as undergraduates, engineering students, graduate students. That's also helping build the brand awareness. That's growing it. Just with the international as well, just, you know, word is getting out as we become more and more of a global brand too.
We're moving to financials quickly, I promise. One more. You implemented a five-point strategic plan earlier this year. One of the parts of that was focusing on top 200 accounts. Why, you know, why'd you think that's the right strategy kinda versus expanding depth of buyers? Just maybe talk about the early results that you're seeing.
Yeah. To be clear, we are continuing to add a lot of new buyers, new accounts, new logos, as people say, and new individual users. We have an increasingly efficient digital marketing spend, that's primarily how we do that. Top of funnel, which is bringing people in and getting them into our system. We are, you know, we're constantly refining that, improving that, and we'll continue to add lots of new buyers and new logos. Our largest customers, when we talk about that top 200, generated, you know, roughly 50% of our U.S. marketplace revenue in 2022. Those are accounts that have been growing rapidly over the years.
These are also accounts that have a lot of potential to continue to grow rapidly, potentially even faster than they've grown historically, because some of these companies spend more on custom manufacturing a year than Xometry's entire revenue. What we decided was, as we entered in the beginning of this year, to refocus more of our sales force on those top 200 accounts. We didn't go out and hire, you know, a gazillion more salespeople, and we didn't turn off our top of funnel, but we said, "Hey, with the existing sales force we do have, how do we ensure that they're best deployed?" We saw that going deeper into some of these larger accounts where this potential spend is huge, is a more efficient use of them and a better ROI.
Okay. financials. I think the metric probably most in focus with investors is marketplace gross margin, which is right around 30%. What gives you the most confidence in your ability to reach your 35%-40% target in 2024? You know, why is this the right level for the business?
Yeah. Corey, I think, you know, if you go back right into 2019, we had 19% gross profit margin. As you just said, right, we're approaching 30% right now. We feel confident that we can continue to increase that margin over time. One of the reasons is really the Artificial Intelligence . The more data that it has, so the more transactions we have, the more accurate it becomes in pricing. That's the one lever. The second thing is, everyone has to understand that although we're a marketplace, we're not a fee-based marketplace. We are a spread-based marketplace. We're offering an amount to the buyer, which they can accept or not accept, right, to make something for them. We're offering a price to the supplier to build that part.
The two of them obviously don't really interact, so they don't know what really what the margin is. You know, why can we get the margins that we are achieving is because we're taking a tremendous amount of friction out of the traditional process of sourcing specialty products.
maybe sticking or moving into 2023 outlook, it implies revenue acceleration in the second half of the year. Could you talk about what's driving that and just some of the key assumptions you're making that inform the guide?
Yeah. I think, you know, look, if you look at marketplace growth, we've had really, really strong growth recently. Obviously, we had a little bit of hiccup in the fourth quarter, as Randy mentioned earlier. But otherwise, we've had strong marketplace growth. That certainly is gonna be leading the charge. Additionally, our international businesses have really been driving a large piece of our growth as well. We're talking about 75%-80% growth in the European business. Frankly, you know, the growth rates in China at this point are, you know, just off the charts because the numbers are so small. But we do expect to get, you know, continuous growth out of both of those areas.
And again, as I mentioned earlier, Randy mentioned earlier, we just launched in U.K., and we did a small acquisition in Tridi, which again, is sort of a mini Xometry. Benefits of that are we can basically ship anywhere in Europe in 24 hours. It's a really good network of suppliers in Turkey. That's gonna, you know, we really just started integrating most of that, in the last quarter, so we're starting to see the fruits of that labor right now.
I'd also say, Corey, just to piggyback on what Jim said, you know, we've had record additions of active buyers in the fourth quarter, in the first quarter. Clearly we are gaining market share. Even as the economy remains shaky, you know, more and more people are adopting the Xometry model, and it just makes sense. If buyers are more cost conscious, if buyers are more concerned about the resilience of their supply chain, we're a logical place for them to go. Likewise, for suppliers who are struggling to find work because their existing customers are showing weakness, we're also a great safe haven for them. As both sides lean in, that just creates a very positive momentum for Xometry, even in this difficult environment.
Let's try to get two more questions in. Maybe just shifting to profit, you committed to getting EBITDA from -$12 million in 1Q to turning positive in 4Q. Could you just talk about this milestone and where the leverage is coming from?
Yeah. I think, you know, look, what's gonna drive that leverage is increased top line, which again, we have consistently been able to deliver and also our gross profit margin. In addition, we're taking out costs. We had a RIF in the first quarter. We took out 6% of the workforce. That's about $8 million a year annualized. Frankly, we're looking at every single line item right now, whether it's software, whether it's real estate, and we're, you know, we're basically tightening our belts.
Yeah. I think you also have to think that $11.7 million, not $12 million-
Yeah
... loss in Q1. We do have a lot of very scalable fixed costs. You know, we do, unfortunately, as a public company, have a lot of costs there that doesn't scale as our growth scales. You know, we've got other investments in our technology, our product development, and in our operation support. There's lots of significant pockets of expense in Xometry that is scalable. As Jim says, as you grow your revenue and as your gross margins improve, the contributions of those dollars is, you know, better and better as we scale over those fixed costs.
Last question, just bigger picture. One or two things you're most excited about in the years ahead, you know, what you think can be the most transformative to your business?
You know, I think when you look at the business right now, whether it's domestically or whether it's internationally, we're really just at the tip of the iceberg here. We're such a small piece of the manufacturing infrastructure. There's, you know, even though we're a publicly traded company, there's so many people in the space, when I say the space, that we need manufacturing services that don't even know we exist. We've got a tremendous opportunity as we drive to our five-point plan, especially with larger customers. I think that's gonna continue to drive tremendous growth. Again, we're really just early days in Europe and China, so we've got a lot of opportunity there.
I'll jump in with two. I'll cheat here and give you two. One is our AI approach. You know, we are AI first. It's, I know it's the soup du jour now, but that's, you know, fundamental to the Xometry marketplace. The wonderful thing about AI and the techniques we use is the more data we get, the better and better we get. The more attractive the pricing is, the better we can increase our margins and the bigger moat that we build. You know, it's pretty unique to have such a big moat in this B2B space. I'll just point to three metrics that kinda talk to the appeal of the Xometry marketplace. Or three numbers.
You know, one is 37, or from the last four years, our compound annual growth rate in active buyers is 37%. The second number is 42. We've grown our revenue, our marketplace revenue over the last four years. The CAGR is 42%. We're growing the amount of revenue we're getting from each of those buyers, even as some of those buyers are in new geographies that arguably come in at lower prices. Finally, 57. 57% is our gross profit growth over the last four years as well. You know, these underlying metrics tell you that this is a very appealing marketplace. As we gain more data and as we grow our networks, it will become more and more compelling.
Great. We'll leave it there. Thank you both.
Thanks, Corey.
Thank you.