BILL Holdings, Inc. (BILL) Earnings Call Transcript & Summary

All righty. Thank you, everyone, for joining us here at the Morgan Stanley TMT Conference. My name is Chris Quintero. I am an analyst on the U.S. Software Research Team, covering all things back office, office of the CFO. And I'm really excited to be joined here by the BILL team. We've got Rene Lacerte, CEO, Founder; and John Rettig, CFO and President. Thank you guys for joining us.

Thank you for having us.

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So to kick things off, Rene and John, would love to hear about the market opportunity ahead of you. Clearly, it's very large. The BILL story and platform has changed a lot over the years. You started out in AP. You've expanded into spend and expense, cash flow forecasting. And at the same time, the revenue scale has grown a lot, right? You've gone from just a few hundred in revenue -- pretty a few hundred million in revenue, and now you're approaching almost $1.5 billion. So can you provide us high level an update on the market opportunity ahead of you and maybe kind of what inning of that market penetration we're in today?

Yes, sure. It's a great question. It's something I think a lot about. So over the last 5 years, we've over 10x the revenue. And I think that does show you the power of the market and how big the market is in front of us. And it's just, like you said, we're probably early innings on where we're going. We've been able to define a category that is financial operations. Nobody talked about this before we started talking about this and before we started doing something about it. One way I think about why this category is so big in the past, there have been folks that record the transaction, but we are the transaction. We are everything underneath, everything that supports all the documents, all the work, all the approvals, all the types of payments that we make. And this actually creates this category that allows us to do more. Like you mentioned that we've added spend and expense. We've added invoice financing. And so what we think about is that we have all this AP spend, we have all the S&E spend, and it's all in one. We have it in one place. We can kind of leverage that across our platform and enable efficiencies and scale advantages for our customers. I think it comes back to the thing that matters most to all of us is like, how do we make a difference in SMBs' life? And this is, again, back to the size. So we have roughly 0.5 million businesses on the platform, across the platform. There's over 6 million businesses in the U.S. that actually have employees that we think are ripe for any of the products and services that we have. So a lot more penetration still to come. 1% of GDP is going through BILL. So again, a lot more penetration to come. And what's going to make the difference and what's going to really help the market expand is not just the great product that we built today, but I would say it's also the great distribution that we have and the great scale and efficiency we have. So at a high level, I think those are the 3 things that matter for winning the market. You have to have great distribution, you have to have great product, obviously, and you have to have great scale. And what we've done on the product side, we've talked a lot about the innovation, but we brought all of it together in one. But since we've been public, we've been able to launch at least 1 to 2 payment products every year. So we're adding to the platform. And again, it goes back to the market opportunity in front of us because the margin opportunity is both having a great product platform as well as new products and services coming on, so you can bring more customers in. And then I'd say that when we look at the distribution, we have -- we go direct, we go through partners, ecosystem of accounts. We have 10% roughly of the accounting platform of accountants out there on the platform. We've reinvented how accounts actually serve their clients. So that's a massive opportunity in and of itself. And then we have this really unique asset, a net worth that has 7 million entities in it. So these are all things that say to me that we're at the early innings, that we can kind of start tapping that. And then I'd say the third area I talked about is having great scale and efficiency. So you see that in the basic numbers, the free cash flow consistently bouncing around 20%. We're able to drive great efficiency as well as innovate at the same time. But the other thing that that scale gives us is data. And so really -- and this is probably going towards where we're going next is like, where are we going to go with that data? And that's really AI. So AI is only as good as the data set you have. We have a unique set of data. Millions of documents come in every week. Billions of dollars go through the system every week. That's an opportunity for us to do unique things to actually take -- what I would say we've done to date is we've automated processes, to putting those processes on autopilot. And that's what AI will kind of transition businesses, so they don't have to think about all the things that they do today, the mundane tasks will go away, and they'll be able to be more strategic about how they think about their cash flow. And that's something that we're super, super excited about. So I would say early innings, massive market in front of us, and it's time to go get it.

Yes. That point around AI is really interesting because I think your user base, SMBs are a really ripe market opportunity for adoption of AI because obviously, it's your CEO that's running these payments. They want to spend more time running the actual business. And so would be great to kind of hear more details on, what are some of those use cases with AI that you're leveraging within the platform today?

Yes. I think one of the things that we've done already is -- and I referenced this in the first comment, was just we've automated processes. So we have document collection that comes in. We have document ingestion. We actually translate those documents into what the transaction needs to be. We then have workflow inside the platform. We then obviously enable payments from anywhere in the world on a phone. Like all those things are processes that we've automated, but the AI part will be, how do you take and actually use an agent to go out and collect all the documents for our customers from anywhere? We do some of that today. We'll do a lot more of that through AI. How do you then automatically determine what cash needs to be paid and project the cash flow statement for our customers? How do you have the ability to kind of automatically engage network members so that our customers don't have to do it? So there's a number of things that we see AI doing, which will really continue to simplify the experience and take the mundane part of the task out and really put the effort back to the strategic part and value of the asset that a business has as their own forethought. So cash flow being an example on that one will be super exciting for us to get to.

Excellent. I want to move into your recent investment program. Back in August, you announced a $45 million investment -- incremental investment program for fiscal year '25. So for those investors who maybe haven't been following the BILL story recently, what are you actually investing in? And what are you really excited about making these investments for?

Yes. Maybe I'll start on that one. At the beginning of the fiscal year, we outlined 4 strategic investment areas that we think makes sense in order to accelerate growth and extend the lead that we have in the market. The first is really around payments, so expanding our existing solutions, bringing new solutions to market, focusing on better adoption and higher value for customers around virtual cards, international payments and working capital. And throughout the fiscal year, we've talked about some of the proof points, improving volumes with local transfer for international payments, great repeat usage for our invoice financing product that falls into working capital, and more recently, overall ad valorem payment volume growth, which is an important indicator for us. The second priority is about improving the experience and value prop for large suppliers, which more recently has become a focus for us. So it's within that buyer-supplier experience. We built dedicated go-to-market teams to help support those suppliers, and we brought a new product to market that's in beta now with advanced ACH. And I think we'll talk more about that. The third area is around deepening relationships with accounting firms. It's an area that we've worked on for over a decade now. We have great relationships, over 8,000 accounting firms that we work with, and we're doubling down in order to extend our lead and help them run better client advisory service practices, support their customers better, and we're starting to see good results from these doubling-down efforts. I think in the last quarter, we talked about a 38% year-over-year increase in net adds from our accountant channel. And the fourth category, which is driving expansion around our embedded solution. So taking what we've learned over the years working with large banks and extending our software solution to other software companies to go get the longer tail of SMBs. We obviously have Xero, as we talked about, in beta mode now launching in the not-too-distant future. And then we have our S&E embedded 2.0 product more recently that now has over 200 customers leveraging our capability. So we think all of these investments are really laying the foundation for the next phase of growth for BILL.

Yes. Definitely want to hit on each one of those. So maybe starting off on the payment infrastructure investments you all made, you have a new payment engine, you've embedded straight-through processing. So can you talk a little bit about what those exactly are, and maybe what are some of the benefits that you're expecting to get from those changes?

Yes. I think the core value of the payment engine is that we've got 1% of GDP going through BILL, and we do this across 8 different payment modalities and 12 different payment rails. So obviously, the complexity of that is real, and we're able to do this -- if you look at the core BILL business, we're able to move roughly the 1% of GDP with a fraud loss rate of less than 1 basis point. Like that's a phenomenal risk advantage because we built that into how we think about payments. So the payment engine, the risk engine, these are things that are real assets and real competitive advantages. And if you think about what we started to do in the last couple of years, we've been extending those rails into different supplier relationships, for example. So as you think about the fact that suppliers now in Canada and in the U.K. can choose how they want to be paid, that's an enhancement to our payment engine and platform and an enhancement to our network. The fact that we have invoice financing, which leverages the risk capabilities as well as obviously some of the payment capabilities to actually move the funds, like that's an enhancement. If you think about what we're doing with advanced ACH, what we're going to be talking to and working with suppliers, it's now in beta, where we go to suppliers, we work with them, we understand what they need and what they want and what type of data and reconciliation they need for their ERP, like that is an extension of our payment platform that we think is unique. And so everything that happens, like if somebody wants to pay a bill with their own credit card and it goes out as an ACH, then that's something we can make happen. And that's -- those translations, I think, get lost in the fact that we're moving 1% of GDP, we're doing exceptionally well, and we're going to continue to enhance that, leveraging data that we have, enhance that from an AI perspective, on the risk modeling, enhance that from an AI perspective on just making these tools more readily available across the platform.

Yes. And it's also one of the impacts here that allows for customers to onboard more volume onto the platform as well?

It's definitely -- if you think about the example I gave of the international payments, by letting suppliers choose how they want to get paid, we get better FX rates. So supplier engagement, customer engagement, vendor engagement, all these things matter. And so we do think it does increase the value that we're providing, and ultimately, that does increase the share of wallet that we get from any of our constituents.

Yes. So on that point around suppliers, I think it's really interesting, you guys have come out with a supplier-specific sales force to go after those companies and basically treat them more as kind of customers here. So I guess like what's been the feedback so far from that direct sales force from some of the suppliers? And when do you expect some of these investments on the supplier front actually starting to flow through to results?

Yes. The first phase of working with suppliers is really about enablement for us, so taking the data assets that we have about buyers and suppliers and creating matches and connecting them and enabling us to deliver payments. The next phase is the combination of enhancing our payment products, both automation and speed and delivery mechanisms with, as you mentioned, a direct dedicated team that's working with suppliers to understand needs. And we've collected a lot of great feedback. One, we've heard the suppliers want to lower the overall total cost of acceptance. Two, they want a frictionless payment experience. And so we've invested in new product capabilities to deliver on those needs for suppliers. We want to create a great experience that ultimately is a fast cost-effective payment and improves visibility around cash flow. And so some of the things we've done on the virtual card side is adding straight-through processing partners that creates more automation. And we know the impact that has on BILL is that we see much higher successful processing rates, right, because we're delivering the type of payment through a partner that a supplier wants. We're also in beta mode with our advanced ACH product, and we know that's going to help large suppliers with hundreds or thousands of payments to have a fully automated reconciliation process, which saves them a lot of back-office time, reduces manual activities and ultimately serves to lower that overall cost of acceptance. And we're pretty excited about the fact that this particular product plays to the 70% of volume that BILL has in payments that's on ACH rails. And we believe there's a significant percentage of that, let's say, 10% that could be applicable to an advanced ACH product. So over time, we think this can be a really big driver for BILL, let's say, over the next couple of years.

Yes. I think the advanced ACH product is really interesting because it's kind of in between from a pricing perspective, like cash, check, ACH, and on the other end, you've got virtual cards. So would love to hear more about maybe who the ideal customer is for advanced ACH. And are there any changes you need to make on the go-to-market front to really be successful with that product?

Well, there's -- the ideal customer is going to start with the largest suppliers we have. We have suppliers that receive thousands of payments from us a quarter and we're talking with them and working with them to understand what they need. They need faster payments. They need better integration, better reconciliation with their ERPs. They want collaboration with BILL and ultimately with their customers. And that's all capabilities that we're working on putting into the experience for the suppliers. I think the go-to-market is going to be something that we're leveraging kind of what we've learned in the virtual card, which John just talked about, as well as what we do with our larger customers across the platform, which is a little bit more focused hands-on opportunity when you're able to serve that many customers.

Yes. We have 7 million entities in our network today, and the vast majority of that has been built through 100% automation. So it's the tools and technology that we have to enable buyers and suppliers to connect. We're complementing that with dedicated teams now to work with the largest suppliers. Over time, we'll bring even more automation to that experience as well.

Yes. And when you think about the differences between advanced ACH and virtual card, like why would one supplier opt for one versus the other? What's kind of the right product-market fit there?

There's a couple of things. The speed of a virtual card transaction is faster. They have -- suppliers have their own processes that they engage with, and they just may prefer cards. They may prefer cards for certain transactions and not others. And ACH, I think, is something that they all accept. So it's just really fine-tuning what do they want and when they want it, right? I think that's been one of our philosophy just to make sure that we're supporting whoever is receiving the funds that they're getting it the way they want.

Yes. Shifting gears a little bit to some of your other payments products. International payments, local transfer, something you guys have rolled out. How does that ultimately enhance the cross-border experience for your customers?

Yes. I'll just start with something I just said, which is we think it's really critical strategic advantage to be payment-agnostic. We think it's important for suppliers and buyers to be able to make payments how they want and receive payments how they want when they want. And so one of the things that we focus on on the international capability is just really understanding, what is it they want? So one of the things I already referenced is they want the ability to choose. So that's our ability to enable the network to be essentially available in all the countries that we do business in. Today, we do that in Canada and the U.K., and we're going to expand that out to 30 countries over the coming year. The other thing you just asked about was kind of really how they want it, which is a local currency, the local translation. And giving people the ability to use local transfer actually, it does speed it up. It eliminates -- doesn't eliminate, but it reduces the volatility. And that also helps, obviously, with the FX rate, right? So what we've seen is that when we've enabled the local transfer capability, we get better adoption of FX. So that is now in 30 countries or so. And we expect that's going to make a difference because instead of going to the correspondent bank, you're able to leverage the local exchange quickly, and that reduces the volatility in the market. So we think this will help not just the suppliers but will also help larger businesses, which are really trying to minimize that FX volatility because we're able to deliver payment faster and in the currency that they need to deliver it.

Got it. Moving on to the third area of your investment program, the accounting channel. I think you guys have made some changes there on the senior leadership front, but you're also doubling down on that channel. So curious kind of when you talk about doubling down on that channel, what does that exactly mean? And how do you continue to do really well in that channel?

Yes. I mean -- and I think for those that follow know that my grandmothers were both accountants, I was an accountant, like this is near and dear to my heart. The first channel that we secured at BILL was a partnership with AICPA. We've defined with them this client advisory services. When we started BILL, there was no such thing as a CFO in a box. There was -- none of the ability to actually manage the financial operations was there, and it was so painful that accountants didn't get into it. They just did not want to do it. And so if you hired a consultant, they would be in your office as a CFO, but they couldn't do it remotely. We've totally changed the game, which means accountants now able to be strategic advisers to their clients. Now part of changing the game and getting the volume, and that's super important, we've got the transactional volume and the historical needs for the business, but part of that is giving the accountant tools to manage all that. So our firms will start with 1, 2, 5 clients, and we have firms with as many as several thousand clients. And so when you're managing that many clients over multiple locations, you need tools around that. The workflow inside your firm, you need to be able to manage. And you need tools to be able to train folks. So these are all things that we build inside our practice. And so when we say we're doubling down, we're focusing on the go-to-market to bring new firms in, and we have -- roughly 10% of the accountant market is on the BILL platform. But inside of that, there's 8,500 firms that we have. Inside of those firms, we know there's much more room to grow with their clients. And just to give you an example, we might have, let's say, a top 100 firm. That top 100 firm might have 20 offices across a 4-state region, and we might have 2 offices. We don't have the other 18 yet. So there's just an opportunity for us to continue to enhance the onboarding experience for them to give them the tools so they can more easily manage all their clients and to help them scale that across the entire partnership, not just in one office. And so doubling down is go-to-market, it's sales, it's marketing. It's also product. We've added things in the product that we think are super valuable. By the way, the things I'm going to mention here, they also help our larger customers, but PO capability. So accountants actually serve customers of all sizes in all segments. So they need more PO capability embedded inside of the BILL experience. They want multi-entity capability because their larger clients are going to have multiple subs and multiple offices, and they want the ability to have multiple entity capabilities so they can see all of it in one place. They want bulk actions. They want the ability to pay all their payments across multiple different SKUs, so to speak, and that is something that we've been enabling. So all the doubling down is building great product and then building great capabilities for them to -- accounts to extend their strategic advice. The cash flow insights that we provide is an important part of that, and then obviously, having a go-to-market team to bring more accounts in.

Yes. And it seems like accountants are going to be leaning even more into technology just because there's fewer accountants entering the space, there's a lot of -- I think it's like 75% of CPAs are going to retire over the next 10 years.

Yes. It's been -- it's actually part of the reason the partnership happened with the AICPA and CPA.com back in 2008 is because they saw the demographic data back then. They understood that accountants weren't going into getting -- students weren't getting university degrees in accounting. They understood that, and they wanted technology to be a leverage, so the profession could stay in front of it. And so that's why our partnership is, I think, the most successful partnership they've had on the technology front, and it's enabled all the accountants to be able to do something different and be a strategic adviser. And I think that is something I'm excited about because nobody likes doing the mundane task, right? But if you can be strategic and add value to your clients because you understand how they're spending their money, all their money, not just the AP but also the spend and expense and have the AR capability, if you understand that, then you can step it up and you can actually be an adviser that helps the business succeed versus just keeping the business out of trouble.

Yes. Shifting gears to everyone's favorite question on the take rate. So your fiscal Q2 saw that sequentially decline quarter-over-quarter, and you're still calling for an expansion into the second half of the fiscal year. So what gives you confidence on that expansion? And maybe what were some of the factors that impacted that take rate in Q2?

Yes. Going back to August is when we indicated that we expected the second half of fiscal '25 to be stronger than the first half in terms of overall take rate. And it has to do with the evolution of some of the product investments that we talked about, in particular, our ad valorem products. And recently, we've seen volume increases overall across ad valorem between Q2 and in the first quarter and the fourth quarter of last year and then really good growth in some of the emerging products, which was a dynamic that we expected to play out throughout the year. And we do -- we also believe there's significant runway ahead to expand monetization. I know the emphasis is on the second half of the year, but we're going through this upgrade cycle with some of our existing payment products. We're adding more features to unlock growth, straight-through processing, local transfer, some of the things that we've talked about. And that manifests itself as increasing volume on those products with that additional volume is what we eventually -- what manifests itself as expanding take rate. We're also scaling some of our newer offerings. Working capital is a great example there where we've been in the initial launch of that for about a year now. It's starting to show significant signs of progress. We're not quite at the scaling mode yet, but I think there's opportunity there. So I think as important as the second half of the year is that we still believe there's a long multiyear runway to expand monetization if you think about where most of our volume is, the different use cases that we have and that we can apply to both buyers and suppliers.

And as you think about that second half expansion that you're expecting here, how would you stack-rank all the different initiatives that you've done to help improve the take rate? Obviously, the supplier sales force, the new payment engine, advanced ACH, how would you kind of stack-rank all those factors to get you there?

Well, I'd start with our ad valorem product portfolio. It's not just one product, but that entire portfolio, growing the volume there will be an important driver of ongoing take rate expansion. So this is virtual card, it's IP, FX, it's our newer products around advanced ACH, which are -- that's in beta mode now. We won't see material results from that in this fiscal year, but we will be transitioning from beta to GA, and that will be a significant growth driver in FY '26.

Got it. Shifting gears to the spend and expense side. I think at Q2, there was a large online player that pushed back on accepting credit cards. Is that something that surprised you? And is there any potential risk around other large players, I guess, pushing back on corporate card acceptance here?

I think it surprised us not in the moment, but like when this started happening last summer, we were surprised. We talked to Mastercard, Visa, we talked to Amex, we talked to everybody, and everybody talked to this particular company. And it's not necessarily great for SMBs. SMBs need cash flow. SMBs need to be able to be -- to time their payments. They need -- they want rewards. It helps pay for other parts of the business. And so I think this was a big change. Now it was very targeted. It was the largest customers that were doing that. And so I think it was targeted. The reason we called it out is that they are a material player. And so there is nobody else that's of that size, so we needed to call it out, so folks could understand the year-over-year compares.

Yes. We think it's a pretty unique situation where you have such a large dominant player in a vertical that's large -- it's not a dominant vertical for us, but nevertheless, we don't see a lot of other examples where similar dynamics across merchant categories would lead to an outcome like that. Obviously, our S&E business continues to grow very fast, both revenue and card volume growing north of 20% in the last quarter. That's even with this particular headwind, and the future effects of that are fully reflected in our estimates.

Yes. Moving on to TPV and kind of what you're seeing out there in the macro landscape. AP/AR TPV was up 13% in Q2. And you called out improving SMB optimism, but it's not necessarily translating over to action yet. So curious, what do you think is driving that disconnect between optimism and actual kind of action and greater payment volumes?

Yes. It's a good question. And I'd say in the second quarter, the December quarter, sentiment continued to be very, very positive. I think it's a little bit that sentiment doesn't always directly translate into very short-term actions particularly around B2B spend, but there was certainly improving optimism on the back of the election. The certainty of the election was just a positive, I think, for small businesses. We didn't necessarily see that play out into immediate spend. We also had the nuance of the way the holidays fell this year, so it could be -- with the midweek holidays, and that pulled some spend out of the quarter. It could have been more of that than actual -- the connection to sentiment. And at the start of now calendar '25, our third quarter, maybe there's a little more uncertainty just around policy and other things. Likewise, we think it takes time for that to play through to actual spend. But one of the metrics that we monitor very closely is just the level of engagement with our platform, how customers are using our platform. And we continue to see very consistent -- number of transactions per customer, I think, 76 in the last quarter. But if you look back over the last several years, it's been very consistent. So it tells us that SMBs are continuing to conduct business. They're doing what they do. And at some point, whether it's economic macro interest rate or even policy tailwinds will help move them into expansion mode.

Yes. Are you seeing any particular verticals that maybe are doing a little bit better than others right now?

I don't think we see standout verticals one way or the other. As you know, we have a very diversified business across really all verticals, and I think that's a huge strength for the business, but I wouldn't call out any particular vertical.

Got it. Moving on to margins. Clearly, fiscal year '25 is an investment year. You're making all these different investments. But how do you view operating margins ex float evolving over the next couple of years? How much leverage do you think you can get from this investment program going into '26 and beyond?

Yes. Our incremental investments in '25, I think, were really targeted at helping us accelerate revenue growth. That was the primary criteria. And I'd say if you look back in recent history, we have a proven track record of improving profitability and margins, scaling the business, free cash flow margin of 20% in the second quarter. So we have, I guess, developed competencies to, as we scale the business, expand profitability. At the moment, the calculus in balancing growth between -- or the balance between growth and profitability, we're emphasizing growth, but we know that as we scale, we'll continue to expand profitability. Ex float operating income is an important measure for us. We grew from 1% 2 years ago to 7% in the second quarter. So that's all about operating leverage without the benefit of interest rates and float income. But at the same time, the float revenue stream is an important part of our business. And it's a derivative of the investments we've made in our own proprietary payment technology and one that we think will be an ongoing driver of cash flow and profitability and enable us to invest. We envision a world that we don't predict interest rates, where at some point, Fed funds -- the Fed funds rate is between 200 and 300 basis points, and that creates an ongoing cash flow and profitability stream that we'll continue to leverage as we think about the business.

Yes. And just pulling on that growth thread, you have this target out there, fiscal year '26, core revenue growth of growing at least 20%. How do you get there? How confident are you in that target? Yes.

Yes, so many different ways for us to drive growth. And I think let's just start with how massive the market is. There is a lot of opportunity to drive more customer adoption, whether that's through our focus on accounts, whether it's through the embedded category that we are very invested in right now and have been for the last decade with banks and now software partners like Xero. So there's -- and there's opportunities to go after larger customers. So that's one way that we have confidence that we're seeing success, what we do with accounts and doubling down, 38% increase in net new adds year-over-year. What we saw with our spend and expense platform and being able to focus the teams on larger customers is that the customers in the last few quarters were -- a quarter ago, it was 40% more or whatever than the prior 2 quarters, right? So all of that, to me, tells us that we can drive more on the customer side. And then you have all the things we do with the existing payment products. We have a lot of payment products. I talked about this. We have 8 payment modalities, 12 different payment rails. And cross-selling all those payment products inside of the massive customer base we have, like that's an important part, and we have motions that we're doing to drive that. And then the third angle would be driving new payment products into the portfolio. And so when we think about the ad valorem capabilities with invoice financing, the unique data asset we have there, we think that's going to be material to the business. We think advanced ACH, and what we're able to do and deliver for suppliers there will be material. We have all these different things that we haven't had a chance to talk about, but there's just so many different revenue streams across the company that we're able to kind of enhance and work with all those to drive and scale the business. So we feel very confident that there's years of multiple 20% growth years.

Yes. And maybe last question here to close out. Obviously, BILL has been very busy over the past couple of years. So looking forward, what are you most excited about in '25 and '26? And maybe what are things that investors should be really paying attention to on a go-forward basis?

Yes. What gets me most excited today is the same thing that got me most excited in 2006, which is helping SMBs. We love SMBs. I think they are a vital part of our society. We like making a difference for them every day. And what we're able to do and what we see that we're able to do is save them a lot of time, 50% to 75% of the time. And so the thing that gets me excited today is -- that hasn't changed. What gets me more excited today is that we now have scale and efficiency in product and distribution, those 3 things that we didn't have in 2016. And our ability to continue to roll out new payment products, the innovation we have behind that is super powerful. And what we see customers using and how we see suppliers using, that gets me excited. The fact that we're activating -- and we have a 2-sided network, but the fact that we're activating that more and more gets me excited, right? The ability for us to have suppliers in international countries say how they want to interact and then now they're part of the BILL network, now we have other things we can sell them to in the future, we're showing that we have an increased desire to support suppliers with products and think of them as customers, that gets me excited, right? So there's just so many things like -- I mean it's good to go, wake up and go to work for me.

Yes. I feel the excitement from you. Looking forward to it. Awesome. Well, on that note, we can end it there. Thank you, Rene. Thank you, John.

Thank you. Appreciate it.