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

Awesome. Thank you, everyone, for joining us here. My name is Chris Quintero. I am the Office of the CFO Software Analyst here at Morgan Stanley. And I'm really excited to be joined here by Rene Lacerte, the CEO and Founder of BILL. Thanks for joining us, Rene.

Thanks for having me, Chris. Looking forward to the conversation.

Before I get into the interesting stuff for important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative.

So Rene, I couldn't think of someone better to talk to you about the accounting industry, especially right now. I think we're at a pretty interesting inflection point, especially with AI entering the space. And you recently held a webinar with an MIT Professor of Accounting, and she said that 50% to 65% of an accountant's time can now be automated using AI, large language models. A lot of the work they were doing was more kind of manual data entry type of stuff. So I'm curious, is that kind of consistent with what you've heard from your customers? And how do you think about how AI kind of revolutionized the accountant job over the next 3, 5 years?

I mean if anybody knows me well, they know that I love accountants that you're [ paching ] to acquire. Like the opportunity that we have set out from day 1 is to enable accountants to be more successful, to be more strategic and to really help their clients and businesses with capabilities they didn't have before to eliminate friction, to eliminate hassle. And so an example of that is we did a partnership with CPA.com, which is the division of the FCPA, where we've developed this client advisory services. So I think what the MIT professor are seeing is actually the evolution, like we've already taken care of actually making it possible to get the data centralized for the clients so that the accountant can actually now have processes that are rigorous, that have the right set of controls in place that gives the accountant comfort that then allows us to execute transactions. And so we've already done that. So our accounts today will say that we do help them save 50% of the time. So that is [ appreciating the acquirer ]. But I think the point is like, well, what is AI going to do for that? And I think AI is going to continue to just accelerate this transition from accounts doing busy work to accounts doing strategic work. And by the way, like having been an account and my grandmothers were accounts, like nobody likes the busy work, right? People like doing the busy work only because you get them to have insights and be valuable to the engagement that you have with your clients. And so what we're already seeing is that the elimination of the friction points that a business has that enables an account to be far more strategic. And so I think AI, whether that's us continuing to eliminate the hassle of collecting documents and entering documents and eliminate the hassle of collecting the W9s and eliminate the hassle of payments and reconciliation and integrating with the ERPs, the customers use, like limiting all that hassle means the account gets to come in and now have time to be strategic. Now I think ultimately, what's going to be very interesting is using the data that we have. So 1% of GDP goes through BILL, $300 billion a year, hundreds of millions of documents, billions actually in the lifetime of the company. How do you use that data to then provide strategic advice toolkit so accounts can actually start with the starting point. And so I think ultimately, that's probably what the account -- the professor was thinking about MIT, like all that is coming and it's going to be a game changer for accounts.

Yes, absolutely. Becoming much more strategic, being able to take on more clients, being a greater kind of business partner to the overall business.

It's the fastest-growing part of an accounts practice right now. That's what we do.

Yes. Let's jump into kind of the moat aspects of BILL.com. I think you mentioned this a little bit on the last earnings call when I asked you the question. But maybe for those who weren't on the call, remind us again, like why do you think BILL is defensible from AI startups, large language models?

I think the -- because unfortunately or fortunately, I've got a lot of experience now. I've been building software for 30-plus years. And every evolution of building software comes down to kind of 3 things that I see. You have to have domain expertise, you have to have technology expertise and you have to have trust. Customers don't do something with you unless they trust you. And so when I think about the domain expertise, having the ability to look at 0.5 million businesses across our platform, seeing how they use our platform or services, seeing how they understand the payments that we offer them, the capabilities to offer there, that gives us a set of domain expertise that is unparalleled. Like we understand financial operations that others are having to go figure out, right? They don't have that. We understand that, that's domain expertise. On the technology expertise, it's probably -- it's the other half of having the demand piece. Having a platform that supports 0.5 million and all the connections, we have over 10 different payment products. We have $1 trillion in spend that's come across the platform, like having that technology expertise to manage risk, to manage all the integrations that we do, that gives us an opportunity, again, that a young start-up doesn't have because we understand that. And ultimately, both of those work hand-in-hand to create trust with customers. And so I think that the most important thing that you can have with any customer relationship is trust and having the ability to actually earn the right to actually move all the money that we move for our customers, to have them store all the documents, have them use us for all their workflow, integrate with all their accounting systems, like that's something that we take very seriously. And I think that's something that is a moat that it takes time to build those things. And so we've been building it with intentionality since day 1, and we'll continue to add to that platform and expertise every day with the capabilities that we have.

Yes, absolutely. You've also said that SMBs don't want more AI, they want less work. How do you think about your agent strategy and the ones you've launched, W9 agents, reconciliation agent? Like what are you trying to go after with the strategy of these very kind of specific like use case agents?

Well, I think one of the things we're trying to do is just to really eliminate work that was being done manually. So another thing we're trying to do is to eliminate any friction in what we already have, right? And so there's lots of different things. But the W9 agent is an example of -- if you think about our network, we have a unique asset. We've got over 8 million entities in the network that use us to pay and get paid. And we have this opportunity to take that network and actually engage customers and suppliers in different ways. So whether that's Supplier Payments Plus, which I'm sure we'll talk about, or a W9 agent, they're very similar as part of the same experience. Like what is the supplier experience that needs to happen. And so the W9 agent is, hey, let's go out and collect the W9s for a new vendor that's going to get paid through bill. When you go and do that collection, customers don't have to do any work. The supplier has very little work to do. And what we're seeing is that we have -- it's early days, but we have over around 10,000 businesses that have already started using it. They've done over 40,000 W9s. And we expect in the coming years, it's going to be close to 3 million W9s that we'll do. So we think there's a unique opportunity for us to take what is work and actually just eliminate that. Another example is our B assistant, where self-service is a super important part of any customer experience and our ability to actually drive AI efficiencies where customers can actually have the time and the ability to do the service when they want, that's going to be important. And so we've developed a tool, not all customers have it yet. But for those customers, we've taken -- we had a 3x improvement from 13% usage to over 40% doing self-service. So that tells you like the opportunity to really kind of save, again, customers' time and let them do work they want. And the third example I'd call out is our invoice coding agent, which allows our customer now to go into all the line item details on invoice. And so big invoices have a lot of details. And if we can go in and extract all that data, that means we save customers 90% of the time it takes for them to go enter that data. And so significant examples of how we're just eliminating work for our customers, and that leads to opportunities to drive either more customer adoption or more revenue in the future.

Yes. We're driving some pretty tangible real results for your customers here. You mentioned that a little bit, but like how is this also impacting customer usage, adoption of the broader platform you all have now?

So what we're seeing is that there is a significant opportunity from customers to be able to save time. And so what we're seeing is in our conversations with accountants, for example, like they're now -- to the first question you had, they now see kind of maybe the next chapter in the book for them. And so these tools enable them to say, okay, I want to partner with BILL. We have other partnerships we've done to kind of continue to extend the network and the capabilities whether that's NetSuite, Acumatica, Paychex, like these are all capabilities for us to kind of bring more into the fold and using AI to actually be the way that we actually drive customer elimination of friction is something that everybody is interested in. And customers are starting to use it, which is great.

Yes. So results, usage, how do you think about the monetization angle of this, too? I think you guys have talked about a two-pronged kind of approach to it. Could you kind of unpack that? And why did you kind of take that approach?

Yes. I think when I started the company, it was all about serving SMB, mid-market companies and really eliminating, making it simple to connect and do business. That's the mission statement. And so when we look at the opportunity in front of us, it's always going to be let's do the most to bring people in and let's do things to raise revenue per customer. So we do both at all times. So the two-pronged approach is there are going to be tools that we do that will bring people in and it will just be part of the base subscription pricing that we have. That's kind of the more tactical. But then the next level will be when we start to think about roles that we're actually supporting or eliminating the need to go do. And so when we have roles, we think there's an opportunity for us to either put subscription pricing into different tiers to actually raise the revenue per customer that way or potentially charge separately for that. And then the third area would be strategic advice, and that will be us charging for the advice that we're giving. But I think each of these things, I think the important thing is that having an intentional plan, a pricing strategy that works across all so that you bring as many customers into the fold. I mean we have roughly 0.5 million businesses. There's tens of millions. There's 6 million employers in the U.S., and there's a lot more to go get. And so our focus is on how do we actually drive that adoption because that's the first thing that we want to do.

Yes. If we take a step back, I mentioned the platform you all have built. Walk us through that journey of starting out as an AP provider, you build out this broader platform inorganically and organically. Where are we today? And how do you think about the future evolution of that platform going forward?

Yes. I think the original idea comes from being a small business owner and an entrepreneur and seeing the pain points real time and experiencing the challenges that SMBs have when it comes to managing their finances, it was different. I was a product manager at Intuit and I didn't see it. And then I started living in. I started running a company. I started actually seeing all the things that were hassles and pain points that were the same things I would hear my parents and grandparents complain about at the dinner table because they had a lot of businesses. And the aha for me was this is an opportunity to actually flip that to actually get into the doing a business, right? Like we have a chance to make running a business about being with your customers and being with your employees and not about doing business, like BILL can do the business, like we can be the doers here. And so when I think about the platform and how we started was let's look at the -- what our ideal customer profile is and let's look at those customers that are big enough to need to have a pain point and see it and not so big that they already have teams doing it. And then that focus area was let's focus on AP -- let's focus on cash in and cash out, right? So AP, AR and then as spend and expense category evolved, we added the spend and expense capabilities onto the platform. As we've had more data, we've been able to add some of the lending capabilities, the working capital and invoice financing capabilities, international payment capabilities. We've been able to extend our core platform around payables and receivables into much more. And so I think over time, what you'll see from us is continuing to leverage the data set that we have, the capabilities we have around technology and the domain expertise we have about what customers need into more and more adjacencies that are next to the platform that we've already built.

Yes. Let's talk about some of those newer ones you've developed, procurement, multi-entity reporting, advanced reporting. What's been the kind of the customer feedback to some of those newer and newer solutions you've rolled out?

Yes, it's been very, very strong. So one of the things we did, and this kind of goes back to the pricing question we had earlier. One of the things we did with procurement is that it was part of a larger tier, a more expensive tier for our customers. And one of the things that we did is you had to opt in to say you want a procurement. There's other things you might have opted in for. But what we've seen is that we've now had 10,000 customers opt into that tier. And so that tells you that there's demand and there's a desire to be able to have more capabilities because there's more things that customers want to do with us. So that's the procurement. So then on multi-entity, what we're hearing from our customers, again, very strong early adoption. But what we're hearing that gives us confidence is 30% to 40% time savings across all the entities that they use at BILL. So that's something that we're super excited about. And I just think that we continue to spend time understanding what the customers want, spend time understanding what the technology capabilities are and then putting those 2 together to make better experiences. And so there's more to come, and we're excited about the engagement that we're seeing on these 2 in particular.

Yes. I think the build-out of the platform also lends itself well to your move upmarket to more larger businesses, mid-market side of the equation. Can you share with us like how you've been evolving the kind of go-to-market strategy and the product portfolio as well to be successful in that kind of newer segment?

Yes. Maybe I'll just first step back a little bit and talk about this ideal customer that we set out from the beginning. So when we think about the ideal customer, like I said, it's customers that are complex enough that they have a pain point, they're not so complex that they've already tried to solve it. And so that would be customers from a few million to a few hundred million in revenue. And so that's the largest segment of the business economy, but it's not all of it, right? Let's say that's 50% of the overall economy. What we know from what we've done today is that we have very strong, better than market adoption rates of those customers, meaning that as you would expect, 5% of customers to be X, we might be 7% of customers being X because we have the right product market fit or it might be 10%. And so anyways, what that tells us is that we have very strong fit with those businesses that are just not so small that they don't need us, but they're getting bigger. And so what we've been able to do on the mid-market approach is actually listen to the customers about what else that they needed. And so whether that was multi-entity, whether that was procurement, those are the most recent examples, whether that's integration with different capabilities and actually the partnerships we've done with Acumatica and NetSuite, those are examples of larger businesses saying, "Hey, we kind of want more to happen here." So like these capabilities of being able to kind of listen to customers and really drive the opportunities into what they're asking for allows us to continue to expand our abilities and really the revenue per customer that we're seeing across all of our mid-market customers.

Yes. Curious like what metrics are you really most focused on? And what's your kind of North Star? Is it like NPS score? Is it something else? Like what are you mostly focused on from a metric perspective to make sure you're retaining customers and driving expansion with existing?

I mean the first metric that probably any business leader thinks about is top line, so revenue. The second would be profitability. But then on a -- and those two go hand-in-hand together. And so then -- but from a pure customer adoption, there are so many different metrics, but I would look at our kind of our net revenue retention, the logo retention rate over time because that's the best -- it's not quite -- it's not -- the leading indicators of a new customer are not the same as one that's been on the platform for 6 months. And so we looked at that on a consistent basis.

Got it. You mentioned a little bit about the pricing and packaging, but how do you think about the phasing, the timing, the rollout of some of these changes that you're making as you continue to add more and more value into the platform?

I think the -- our focus is always going to be on listening to customers and doing what's best for them and driving the results from that. And so we have done some price adjustments, if you will, over the last year, first on transactions and now on subscription revenue. We have a broad pricing strategy. So I would expect as we roll that broad pricing strategy out over the next year or so that we'll be able to talk more about that.

Got it. I wanted to hit on Supplier Payments Plus or it used to be known as Advanced ACH. Maybe give us a quick overview of what this product does and why you as BILL are best positioned to really deliver this capability?

Yes. The first thing that the suppliers need is simple reconciliation. And so if you think about the large suppliers, and we've said Supplier Payments Plus is targeted today for the top 10,000 on our network. Those suppliers are receiving thousands of payments from BILL customers. And their AR departments are having to reconcile those payments. And those payments, by the way, come in a multitude of factors, form factors. It could be a check, it could be an ACH, it could be a card payment. And so what that means is the reconciliation job just got harder for any one of those particular payments. And so having a tool, which we built a platform for suppliers to be able to manage all of those payments in one experience, to be able to manage their own users on that platform, to be able to engage and get what they want to potentially sync that with their accounting platform. All of that means that they're able to be much more efficient, and they're very happy about that. Now what makes it unique, which is the second part of your question, is that we have scale. From a B2B perspective, the amount of payments we do on the B2B front, we think we're unique. We don't see anybody else doing the amount of volume that we have today. And so when we work with suppliers, the number of entities that we support, the dollars that we transfer, like that's all something that they care about. And what we're finding as we work with suppliers is that they most want to get rid of checks. Everybody hates checks. There's still plenty of checks out there. So they want to get rid of checks. They're comfortable and want to pay for the service that we provide, whether that's an ACH or a virtual card. And so we've seen consistent feedback from our suppliers that like this is an opportunity for them to be more efficient and for them to pay us. So we're excited about that. It's early days. We have $400 million in TPV that we've already contracted in the first 6 months, which we feel good about. And there's a significant opportunity when we look at the tens of billions of dollars that these suppliers have.

Yes. So really leveraging that network that you have, the large SMB customer base with those suppliers that they send those payments to. How do you think about the go-to-market strategy, going after the supplier for the first time versus the typical kind of SMB customer you have historically. What's different about that go-to-market strategy?

Well, it is different. It's an enterprise customer. So a little bit more handholding, more sales touches, different marketing is required. And that's all the things we've been working on in the first 6 months. We feel good about what we've learned. Like we said, we've gotten some adoption, and we'll be able to take that adoption forward into getting more suppliers on the platform. It's helpful when people see kind of the success that others are having. So we feel like there's an opportunity to continue getting better and an opportunity to obviously bring more revenue into the business.

Yes. How do you think about the sales cycle length for those customers? Is that like a 6- to 12-month type of cycle?

I mean enterprise would typically be more than 6, right? So that's probably the right time line that we're thinking on.

Yes. And anything on pricing you can give? You have a bunch of different payment products. How does SPP kind of match up versus those others?

Yes. I think the -- if you look at similar products in the market, what we have said in the past is that the monetization is somewhere between 50 and 125 bps. We're consistently in that range. And so obviously, it's not going to be at the high end. It's not going to be at the low end. It's going to be somewhere in between. But it's a significant opportunity. And like I said, we're learning with the large suppliers. We think the smaller suppliers, there could be some capabilities for them that we learn from this that will help them as well.

Got it. Shift gears to go-to-market strategy with Embed 2.0. Could you give us a quick overview of what that is for those who aren't familiar, how does that exactly work?

Yes. So the Embed 2.0 capabilities that we have basically enable any of our partners to take advantage of the products and services we build. So the primary things that folks are wanting to take advantage of are the connection to the payments capabilities. And so our ability to kind of have payments inside of NetSuite, payments inside the Acumatica means that it's easier for the customer to be able to execute and transfer funds to the supplier, whatnot. And what we've been able to do is from a technology perspective, leverage the first 10 years of partnering with banks and others to be able to create a platform that each of these partners, Paychex, Acumatica and NetSuite, all got up and running in less than 90 days. And so that gives you a technology expertise that we've been able to develop that is super important. The other thing I would say is that these partnerships really enable us to extend into different adjacencies, right? So if you think about the Paychex has close to 1 million businesses on its own, our ability to kind of reach into all of those payroll companies that tend to be smaller is much stronger because we have a great partnership. Now in that embedded partnership, they're taking all of the capabilities of BILL, the workflow, the document management, all of that and creating an experience inside of a new platform that they've built. And so I think there's lots of things that we're excited about with Embed, like we're trying to be able to support our partners with what they want from us. One last thing I would say on this is that different than our first version of Embed. This version is all of our customers, partners are getting access to all of our payment products from day 1. They won't all use all the payment products day 1, but they all have in their contract and have told us that they want to use all the payment products. It's just a question of when they are ready to kind of open up with some of that stuff. So yes, it's a good thing from a monetization perspective.

Totally. And you've been announcing a lot more of these partnerships over the past few weeks. You've got Acumatica, Paychex, NetSuite, those are live now. How do you think about the early traction you're seeing there? What are the kind of economics look like? Is it kind of a rev share program? And when is this kind of -- when are you expecting this to be more of a meaningful contributor to the overall growth profile of the company?

Yes. No, it's -- so far, the early data is that customers are very happy. They are enjoying the products, high NPS scores, which is this is when you would use NPS as a leading indicator to kind of help understand if you're getting the right product where it fits. So we feel good about that. We're seeing data on the platform. And -- but now we're busy working with the go-to-market teams, each of those firms to really help them roll this out to all their customers. I've done enough and worked enough with partners that I don't expect home runs out of the gate because that would be unreasonable. Like it takes time to train sales teams to get the right go-to-market message. And so I would say we will continue to develop this. And I would expect in the -- not this year, but I would expect next year, we'd start talking more about the financial impact on the results from these partnerships.

Fiscal year or calendar year?

Well, '27.

Got you. Let's shift to competition. We've seen some consolidation in the industry. AvidXchange got acquired, Capital One purchased Brex, all kind of in the space here. So curious from your perspective, how you view that kind of industry consolidation evolution from a competitive standpoint? And how do you continue to stand out?

Yes. I think when I step back, one, I set out when I started this to redefine how business gets done. And we've done that. BILL has done that, right? These companies, they weren't doing what we were doing. Other bigger players are now coming and saying they want to be a part of that. So that tells me the category is evolving, it's maturing that there's going to be an opportunity for even more customer adoption because larger players are saying, "Hey, that they're coming at this." We -- and from day 1, we focused on building the best tools and capabilities to be a public independent company. And so we continue to focus on building those capabilities out to be able to serve our customers as many as possible. And what I see from a competitive standpoint is that we continue to see more and more opportunity. So while there are more competitors in the space, we're seeing more opportunity by extending our platform, by actually reaching the close to 10,000 accounts we have, leveraging that network. I mean all these things give us an opportunity that we didn't have before. Like if you think about the NetSuite and the Acumatica and Paychex deals, those weren't deals 5 years ago that those companies, they would take a call from me, but they wouldn't actually engage. And so this is, I think, just a reflection of the competitive space is that there's more awareness, people are excited about the space, and that's actually good for customer adoption. That's good for the business.

Yes. Let's talk a little bit about the numbers. Core revenue growth accelerated from 14% in your fiscal Q1 to 17% in Q2. Can you walk us through kind of what's driving that acceleration? And how sustainable do you think that can be for the rest of the fiscal year?

Yes. No, I think it's always happy when we have good results. Obviously, we've spent a lot of time working on that, not just today but for the future. And so one of the examples here is the emerging portfolio. And so -- of ad valorem payment products. And so when we look across our business, we've got 10 different payment products that customers -- a little bit more than 10 different payment products customers use to execute their payments. And each one of those has a different attach rate and a different monetization. So we're seeing good adoption. Invoice financing is an example I talked about. We have a product called AP Card, which is when you have the SME card with BILL, you can actually do virtual cards inside for your payables. We have a Pay By Card product. These emerging payment products are actually having an impact, which is great. And then I would say the other part that we saw in the quarter was the strength in the spend on an SME perspective. So it was a strong volume growth in the quarter, and that's in part due to the focused efforts from the teams on driving usage and adoption, helping customers understand that, getting the right customers on the platform to begin with. And that's something that we're very happy with. So we've had an opportunity now because of the success to raise the guidance, which we feel good about and to really continue to drive financial success for the business this fiscal year.

Got it. So emerging products start to contribute more meaningfully. And on the spend and expense side, some of that push up market, a little bit better spend as well from an overall macro perspective. Move on to kind of margins, capital allocation. You've mentioned Rule of 40 as a key operating metric for the business here. Why did you go with that framework? And how do you think about getting to that type of operating profile?

Well, I said the reason we like the Rule of 40 is it balances growth and profitability. And I think it's really important in a business, especially a business that's at our stage of market development, right? This is -- we have -- we're the largest player. And roughly, if you look at our AP spend expense business, we probably have 4% or 5% of the market, right? So there's a massive market to go get. So we should be holding ourselves accountable to driving more growth. And given our size, we should be holding ourselves accountable for driving more profitability. And so I think the Rule of 40, what I like about that is kind of a balance of the 2. I think it's super important for us to make sure that we invest behind both. And so from an AI perspective, we are investing behind things that drive more customer adoption or drive more revenue potential, but we're also investing behind things that will create more efficiency in the business so we can drive more profitability. And you've seen that in the business, right? We've -- it's something I am super proud of. In the last, I guess, since we went public, we've 16x the revenue. We've added 300 bps pretty much every year to the profitability margin. We've kept headcount flat for the last 4 years. Like like we have, I think, are doing a good job of balancing growth and profitability. And people don't always, I think, see that, but I think it's something that's super important to do.

Yes. Let's bring in like M&A, just capital returns too into that equation. How do you think about those for BILL?

Yes. I mean I think that we are a well-capitalized business. We have a lot of capital to put to work. The first and foremost that we're focused on right now is actually driving great customer experiences, and we're investing behind AI to kind of do that, drive great go-to-market experiences and the partnerships. So we're investing, I think, more in the stuff that we have control of, but we are always evaluating and understanding opportunities to partner and do an M&A. So nothing to say at this point in time, but I think we are well capitalized to take advantage of that. We've also wanted and have done some capital return to shareholders by doing some stock buybacks. And so we've been active, I think, each of the last few quarters. and taking advantage of the capital we have to make sure that we provide a return to shareholders on that front.

Yes. I wanted to ask about stock-based comp. It's not just you, but the entire software space is down pretty meaningfully over the past 6 months, a year. How are you thinking about stock-based comp going forward? Are you going to be issuing more units because the stock is down where it is or moving more conversation to cash? How do you think about that equation?

Yes. I mean this is a real thing, and it's something that we do think about and talk about, not just at the exec team, but with the Board. If you look at the progress we've made over the last few years, we continue every year, again, to make progress, significant progress every year on driving stock-based comp as a lower percentage of overall revenue as well as keeping dilution consistent or lower as well. And so from our perspective, one of the things we did last year is we did some kind of onetime adjustments to the grant cycle to kind of help things this year. We'll continue to make adjustments. But I think the one thing folks should know is that we're committed to bringing that down to be, I think, leading in how that reflects across the business. So it's going to take time, but it's something that we have been doing, I think, a good job of so far.

Yes. Maybe last question here. As you reflect back on 2025, what were some of the key lessons you learned in terms of what worked really well? And what are some areas you're still looking to improve upon?

Yes. That's such a great question. I think the key learnings, I think, are leaning into the strengths, I mean, which obviously you always do. But the Embed partnerships that we've been able to get because of the domain expertise, the technology expertise and the trust we have in the market, I think that's one example. I think leaning into accountants where we continue to have strong success there. I think leaning in on the technology platform. Like this is -- I don't think people fully understand the complexity of what it is that we do. And that's good. Customers should understand it, but I also think investors don't understand it. Like the number of touch points we have, 1% of GDP goes through BILL, billions of documents, hundreds of millions of transactions, like that's a crazy amount of data to actually manage and protect and secure. And we do all of that in a way that enables us to have lower risk across the business day in and day out. We keep driving efficiencies there as well as driving new AI capabilities. And so I think when I look back at '25, we did a very strong job of leaning in with the assets that we had and actually made significant improvements on an Agentic front, if you will, improvements on a business model front when you think of the risk models and capabilities and significant distribution opportunities. So those are things that I think not always appreciated, but it comes back to those 3 buckets of domain expertise, technology expertise and trust with your customers and partners.

Absolutely. It's an exciting time for both the industry and BILL. I think we end it there. Okay. Thank you so much Rene.

Thank you, Chris. Appreciate it.