Good afternoon and welcome to Bill.com's Fourth Quarter and Fiscal 2020 Earnings Conference Call. Joining us today for today's call are Bill.com's CEO, René Lacerte; and CFO, John Rettig. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] With that, I would like to turn the call over to John Rettig for introductory remarks. John?

Thank you, Christine. Welcome to Bill.com's fiscal fourth quarter and year-end 2020 earnings conference call. We issued our earnings press release a short time ago and furnished the related Form 8-K to the SEC. The press release can be found on the Investor Relations section of our website. With me on the call today is René Lacerte, Chairman, CEO and Founder of Bill.com. Before we begin, please remember that during the course of this call, we may make forward-looking statements about the operations and future results of Bill.com that involve many assumptions, risks and uncertainties. If any of these risks or uncertainties develop, or if any of the assumptions prove incorrect, actual results could differ materially from those expressed or implied by our forward-looking statements. For a discussion of the risk factors associated with our forward-looking statements, please refer to the text in the company's press release issued today and to our periodic reports filed with the Securities and Exchange Commission, including our Form 10-Q dated May 8, 2020. We disclaim any obligation to update any forward-looking statements. On today's call, we will refer to both GAAP and non-GAAP financial measures. The non-revenue financial figures discussed today are non-GAAP, unless stated that the measure is a GAAP number. Please refer to today's press release for the reconciliation of GAAP to non-GAAP financial performance and additional disclosures regarding these measures. Now, I'll turn the call over to René. René? René Lacerte: Thanks, John, and good afternoon, everyone. Thank you for joining us today to review our fourth quarter and fiscal 2020 results. Despite the challenging economic environment as a result of COVID, Bill.com delivered very strong financial performance. I'm thankful for all of our dedicated employees for their efforts. First, a quick recap of our financial results for the quarter. Core…

Thanks, René. Today I'll provide a brief overview of our fiscal fourth quarter and full year 2020 financial results and discuss our outlook for the first quarter of fiscal 2021. As a quick reminder, today's discussion includes non-GAAP financial measures. Please refer to the tables in our earnings press release for a reconciliation from non-GAAP to the most directly comparable GAAP financial measure. With that background, let me turn to our financial results. We delivered solid fourth quarter results with strong year-over-year growth in total and core revenue as well as strong non-GAAP gross margin and a much lower non-GAAP earnings per share loss than in recent periods. Total revenue for Q4 was $42.1 million representing growth of 33% over Q4 2019. And for the year total revenue was $157.6 million up 45% year-over-year. Core revenue which represents subscription and transaction fees was $38.8 million in Q4 growth of 54% year-over-year. And for the full year, core revenue was $136.4 million an increase of 59% year-over-year. To break down core revenue further, subscription revenue increased to $23.6 million, representing 40% growth from Q4 fiscal 2019 and subscription revenue grew 41% for the full year. This was driven by the increase in customers and the growth in average subscription revenue per customer, which was a result of a price increase that we rolled out in tranches throughout fiscal 2020. Transaction revenue increased to $15.2 million in Q4 up 81% year-over-year. And for the year transaction revenue was up 100%. This growth was driven by the adoption of new product offerings and a mix of transaction revenue shifting to variable price products. We continue to be pleased with the traction we've gained with our cross-border and virtual card payment products as René discussed earlier. With that said, as we discussed on prior…

Thank you. [Operator Instructions] Your first question comes from the line of Scott Berg from Needham. Your line is open.

Hi, René and John, congrats on a great quarter, and thanks for taking my questions. I guess two here. John let's start with the RPO number. Obviously, that's a pretty significant move and I get that it's tied to some of your updated contracts with the financial institutions, but how should we view that number in terms of what the duration of that is? I understand that it's a -- we know what the contribution is for the next 12 months, but that remaining number is that over a two year term five year term 10-year term? That would be helpful to better understand? Thank you.

Yes. Good question, Scott. I can say that typically our arrangements with financial institutions cover normally a five year term. And so remember that this RPO number includes all of our financial institutions and they obviously have different start dates and different end dates. So it's reasonable to expect that that $139 million would be over a period slightly longer than that average contract length of five years.

Got it. Helpful. And then René, I just wanted to touch on some of the trends that you talked about in the quarter. It sounds like transaction both payment volume and the number of transactions started to normalize in the second half. Would you say those payment trends are at kind of pre-COVID normalization levels, or is there a different way to view that? And then secondly, how are you seeing those trends kind of come through early here in your fiscal Q1? Thank you. René Lacerte: Thanks, Scott for the question. And I would say that we saw a trough in the quarter and that it started going back in the right direction. I think it's a testament to the resilience that SMBs have all over this country and they were waiting to kind of see what was going to happen. And with the opening of the doors as well at the end of the quarter, we started seeing transaction volumes pick up. So at this point, we would say that that trend is still going in the right direction and it's -- we'll wait to give more guidance on whether that's back to the pre-COVID levels or not.

Great. Congrats and thanks again. René Lacerte: Thank you, Scott.

Your next question comes from the line of Brent Bracelin from Piper Sandler. Your line is open.

Thank you. And one for René and one for John. I guess we'll start with you René. As you think about the quarter, the one metric here that stands out to me is just the record number of new customers. Even if you take out the 1,000 tied to the free trial, it's still a record this quarter. Are you -- do you feel like the COVID potential headwinds and disruption to SMB is now actually turning into a tailwind? Do you have enough data there to say looking out this year this remote work move and shift could potentially kind of accelerate the business, or is it a little too early? Any color on what drove the broad-based strengths across new customers? That would be helpful. And again, one quick follow-up for John. René Lacerte: Sure. Well thank you Brent for the question. We -- I think we kind of started to reference this in the last quarter and we definitely saw that the shelter-in-place orders -- the immediacy of those orders required businesses like I said earlier, they're resilient to react quickly. And so SMBs were out looking for solutions that would help them manage their business remotely and we did see a good number of businesses that were proactive in coming on to the platform because of the shelter-in-place orders. So when I think about the overall trends in the market, I would say that businesses -- something -- over 90% of businesses rely on paper checks as a primary form of payment. And we expect that that's not going to be true in the future. And what we have seen already just from the early days of the forced requirement of shelter-in-place orders as well as just kind of the messaging and tone we've seen from customers and partners is that people want to move on and get to a remote work environment. It is early for us to say how that will change adoption in the near term. So I think there's still a tremendous amount of uncertainty with respect to COVID and I think that's something that we're watching and just making sure that we're able to help SMBs with the platform that we've built and that we still have the opportunity to serve the 6 million businesses that potentially need to move off the paper.

Got it. And then just a quick follow-up on RPO kind of John. It looks like it was up over $100 million sequentially in just the last three months. Was that tied to kind of one contract with one of the top three banks, or should we think about the magnitude of the change in RPO there in three month period tied to kind of multiple new relationships there? Obviously, Intuit's new. You had an expanded agreement with one of the top three KeyBank sounds like it's a pilot going to kind of GA later this year. Just walk me through the, scope of, the number of deals that drove that $100 million plus increase sequentially, in RPO.

Yeah. Thanks Brent. So, just from a definition standpoint, the -- this RPO number is only applicable to our financial institution partners, because they're the type of partner where we have longer than a one-year contractual relationship. So it doesn't include anything from Intuit or even our mid-market customers, for the most part. And I think of the number as a portfolio. It's across all of our partners. We have announced in the last couple of quarters, three new arrangements with KeyBank, with Wells Fargo and then, with the top three banks. So it is probably influenced most, by that recent activity.

Got it, helpful and then, René, just a follow-up there, I think you mentioned top three on the financial institution white label side. You have three of the top three banks and five others. Of those let's say eight financial institutions using the white label service, how many are kind of launched of the eight? René Lacerte: So the ones that are not launched would be, Wells Fargo and KeyBank, is in pilot. So, all the others are in market. The extension of the partnership with the top three small business bank, obviously that's not launched and we have a lot of work to do to make that happen. But that was already an existing bank, right? That was already a partnership we had, where we served the commercial customers, and again, that just kind of points to the value in the platform right? We're able to serve and support one segment, the commercial segment. And now that bank has said, you know what, the small business segment needs us too. And they came to us, and asked us, to really do something special. And we're looking forward to it.

Got it, very helpful. Thank you so much.

Your next question comes from the line of Samad Samana from Jefferies. Your line is open.

Hi. Good afternoon. Thanks for taking my questions. René, maybe one for you, to start and then a follow-up for John after, but just as we think about the evolution of the Intuit relationship, there's been several expansions, especially on focusing on higher-value mid-market customers. Maybe help us understand, what's driving that on Intuit's side? And then, as we think about the, smaller customers that maybe are less in focused and that you won't work on to acquire, how should we think about that decision? And maybe, what the reason was in not necessarily targeting that segment though, and then, one follow-up for, John. René Lacerte: Okay. Thank you, Samad. It's interesting. When I was adding to it back in the '90s, one of the things that we realized then when I was adding to it was that, there were a lot of customers that were large customers that use the platform. And so, I think you would have to talk to Intuit as to, why Susan referenced that, the QuickBooks Advanced as one of its top five bets, but it's important for Intuit. They really are focused on serving that customer segment. They know there's more that they can do to support customer acquisition as well as support the services and programs that they offer, those customers. And so, when they came to us and look to us as one of the select partners that they wanted to make sure offerings were included, so that the customer that they're targeting, the 1.5 million businesses that they're targeting had a solution that was robust. And that could really address, the needs across the entire business that a financial operations that a business has. We were excited about that. And we definitely said "Yes, we want to support that. And let's go make that happen." I think on the Simple Bill Pay customers, it is -- the biggest difference here is, really kind of the revenue per customer. And so our focus is on, acquiring customers that monetize. And make sense across the business. And so we're excited about supporting Intuit, in whichever way they need us to support them. And we'll go from there.

Great, that's helpful. And then John, as we think about, the -- both the TPV per transaction and average per transaction fee revenue, there's a pretty big increase in both of those. I'm curious if we should take that, TPV per transaction increase to be reflective of Bill.com, being more successful in getting larger customers, hence doing larger transaction sizes, or how should we maybe interpret that data?

Yeah. Thanks Samad. So, I think one of the influences on TPV per transaction has been the lower level of transactions that we've seen in the last few months, starting really with the early, early days of the pandemic. And we noticed it pretty quickly. We talked about it on our last call, and there was sort of a more pronounced pause in transaction levels than there was TPV. And so we still see really healthy activity, particularly with repeat customers and repeat payments, which is a stat that we've talked about before, where 80% or so of the transactions on our platform are recurring between parties that have transacted before. We still that – we see that still being the case. So I wouldn't jump to the conclusion that that increased TPV per transaction is all about larger customers. Part of it is simply, we're still coming out of that early COVID phase where we had lighter transaction numbers. So I would expect actually that to moderate somewhat in the future. You're right though the increased activity and demand that we see from the mid-market customers tends to actually increase the ticket size and the TPV per transaction.

Great. That's helpful. Thanks again and congrats on a great quarter in a tough time. René Lacerte: Thank you.

Thank you.

Your next question comes from the line of Chris Merwin from Goldman Sachs. Your line is open.

Hey. Thanks very much for taking my question. I just wanted to ask you about some of them, I guess the payment type mix shift and some of the incremental opportunities there. I think you talked earlier in the prepared remarks about the opportunity to take cross-border payments made in domestic currency and perhaps have more of that shift over to local currency to better monetize those. And I think you also talked about, a 1% penetration rate for virtual cards. So what can you do to increase virtual card as a percentage of the mix? Is there any sort of incentive you could provide a supplier? Just curious, about the opportunity there as well. Thank you. René Lacerte: Thank you, Chris. I think when we look at the opportunity to shift the cross-border payments we think it's a really big opportunity. Today, suppliers all over the globe are being forced to take U.S. dollars when they may not want U.S. dollars. They may prefer their local currency. And so we have a network. We talked about the fact that, we have 2.5 million members on our network today. And the opportunity for us is to make that network node that is an international supplier, make it so easy and make it so advantageous that they prefer to actually take money directly into their bank account and a currency of their choice. And so the stuff that we talked about in the product reference that we had is that we are now enabling choice by the supplier. Everything beforehand was up to how our payers our AP customers chose to pay their customers. If they chose to pay in U.S. dollars, it went in U.S. dollars. And that's the 75% of the cross-border payments are in U.S. dollars today. And…

Okay. Great. Thank you. And maybe just a follow-up. I know in prior calls you had talked about some new payment types. There's real-time payments and same-day ACH. And those are obviously newer businesses. Is the opportunity for those to maybe get up to where a virtual card is 18 months from launch, or how do we think about the potential for those payment types? And if you can share it how we should think about the differences in monetization? René Lacerte: Yeah. So the way we think about payments is first and foremost, what do we need to do to support our customers? And so for example the same-day ACH is something that if a customer needs to pay somebody right now, it's going to be cheaper, more efficient easier than a wire. So we think that's kind of an important aspect of the payment rails that we have. The real-time payments though is similar to the other focus we've talked about with suppliers is, how does a supplier want to get paid? When do they want to get paid? So if the supplier wants to get paid right now, there is an opportunity for us to take a percentage have another ad valorem business model. That would be an opportunity for us to help obviously the supplier receive their funds immediately. But also we would need to monetize appropriately to cover the operational costs associated with that. And so, we are in the early days. The first thing like I referenced with the virtual card business is that it's -- we're now in the month two or whatever of understanding how to build the technology and essentially piling it with internal select few customers. And so I think over time we will be better able to answer what the monetization of that will look overall and we look forward to sharing that when we can.

Thank you.

Your next question comes from the line of Josh Beck from KeyBanc. Your line is open.

Thank you, for taking the question. I have a higher level just strategy question because the world has changed a lot in the last six months. I think, really the shortfalls in the back office probably become more acute. So I'm just wondering, if it's driven you to reprioritize maybe some of your initiatives. It certainly seems like you're spending more with FIs and that seems to be success-based, but I feel like that was really already in place. So, I'm just wondering, if it drove any reprioritization as you think about next year and beyond. René Lacerte: Great to hear your voice Josh. Thanks for the question. We've got a lot of opportunity in front of us. And like you said with the FIs, those have been in the works for a long time. We only announce them when they become concrete or obviously when there's financial reporting requirements then we announce right? So, those -- nothing with respect to the COVID and the immediacy and the awareness that hey remote work is going to be here for us to stay. None of that has changed that part of the strategy. I think it has potentially galvanized if you will financial institutions and partners to think what are the services we need to help businesses work in a remote environment? I don't think anybody like you have just stated nobody doesn't -- nobody thinks that work from home is going away. Everybody thinks it's going to get stronger and even become more an important part of how we work going forward. And so, with that, I think it will have an impact with partners, but the partnerships we have today obviously we're in the worst beforehand. When we think about our own strategy again, I think it's the potential and the tailwind that will come from people saying hey it's time to move into a work-from-home environment. I believe that simplicity in the product and experience is going to be more and more critical. And so, those initiatives for us were already underway. But I can -- it does give us more confidence and conviction that we have to continue to simplify the experiences for our customers and our suppliers and we're going to continue to focus on that to make sure customers can -- inspires, can come to us in a work-from-home environment.

Okay. Really helpful. And maybe for John, just thinking through the sales efficiency, I mean you had a very good net add quarter. Sales and marketing really slowed a lot. So is there anything going on there just with respect to maybe some of the channels where perhaps it was mix impacted or conversion impacted as you got through some of the obstacles? Just would love to hear any color you can provide on sales efficiency and any notable callouts there.

Yes. Thanks Josh. So, I'd say as far as the demand profile that we experienced during the quarter, it was pretty broad-based. There wasn't a particular channel or sales and marketing sort of tactic that stood out. I'd say we did experience maybe a higher level of urgency on the part of customers to get solutions in place sooner than later. I think that helped us with a slightly shorter conversion timeframe and probably a higher conversion rate than if we look back over a number of quarters, both of which definitely translate into improvements in customer acquisition efficiency. Some of that could certainly be here to stay if sort of if the world and the demand profile is just different going forward. But at the same time we're going to continue to evolve our sales and marketing efforts and continue to invest to attract customers.

Okay, really helpful. Thank you, both. René Lacerte: Thank you.

Your next question comes from the line of Brad Sills from Bank of America. Your line is open.

Great, hey guys. Thanks I wanted to ask about the receivables business. To the extent that has contributed to this kind of success you've seen in new customer acquisition, how much is that contribution coming from the receivables business that freemium model where customers run receivables and then there's the upsell opportunity? Just any color on how that's been tracking and how much that how much impact that's been having versus maybe say a year ago? René Lacerte: Thank you, Brad for the question. Overall, the business has definitely I guess predisposition on the payable side. And so we've not seen a change in receivables activity between the quarters. What we have seen on receivables is that customers do like getting paid faster. And so our customers are able to get paid two to three times faster using the platform. And so the customers that are on it are definitely enjoying it. I would say that we have not seen a change in any of the growth rates between the two and I think that's just because we have a strong penetration on payables and that payables customer is definitely start telling other people about it and that keeps up with the growth that we're seeing on receivables.

Great. Thank you. And then any color -- any update on the procurement offering that you announced back in February? Where is that in development? And what are some of the use cases that you might go after initially there? René Lacerte: Yes. So, the PO offering that we announced in February was the ability to integrate the POs that were generated out of the mid-market accounting packages such as Intacct and NetSuite to have those POs be synced with Bill.com so that customers would be able to see the PO information and approve the bill the invoices as they're coming through. And so that has been rolled out and we have seen good adoption from customers in the mid-market segment that are using that capability so that they can kind of track their POs at the same time that they're tracking their payables. So, we've been happy with that adoption. And I think as we continue to learn and listen from those larger customers, we'll end up adding I'm sure more functionality that will support them.

Got it. Thanks René. And then maybe one for you John on the commentary on some catch-up in transaction volumes end of the quarter. Is that primarily in that category that you said is more variable when you kind of back-tested your volumes and determined about 20% are more variable in nature, or was it across the board between kind of recurring and variable?

Yes. Thanks Brad. I think it was primarily across the board. We just generally saw a slowdown in activity in the first half of the quarter. And I think people were -- businesses were focused on lots of different issues and we saw them trying to catch up in the second half of the quarter. And that's reflected in the numbers. We saw an increase in the payment size to individual vendors which suggested to us that as opposed to a contractual change or something like that they were paying multiple invoices with one payment. So, that has the effect of supporting the stronger TPV but also resulting in fewer transactions that we mentioned. So, I think it was a pretty broad-based impact.

Got it. Thanks John. Thanks René. René Lacerte: Thank you, Brad.

Your next question comes from the line of Brian Schwartz from Oppenheimer & Co.

Yes, hi. Thanks for taking my questions this afternoon. I've got one for René and then a follow-up for John. René just wanted to dig in again on the go-to-market strategy. I know the sales focus is clearly on new logos given the low penetration in the market but you did highlight the early success the business is having here with cross-border. So, I'm wondering if that success or the early traction that you're having, does that at all change your thinking on the market strategy of potentially maybe building up a farmer's engine inside the company to further upsell those 100,000 customers? René Lacerte: Hi, Brian. Thanks for the question. It's -- when we look at the opportunity, 98,000 customers out of six million employers in the U.S., we still think that the logo ads are going to be an important part of the growth of the business. But like you have surmised, we are very happy with the monetization that we've been able to do with cross-border and virtual card and expect in the future other payment products as well to be able to do. So, we believe that it's kind of a balancing act that we want to invest in both. We want to make sure that we have -- take advantage of the broad-based multi-faceted distribution opportunity that we have through our partners that we've talked about already and through our own direct efforts, but we also want to be able to monetize the capabilities that we have with payments in cross-border and virtual card, and so we will continue to invest in both. And to that end already what we've done with cross-border is a fair bit of product marketing. And some, if you will, farmer sales team working on some of that capability with our customers, especially the larger customers, and I think there's opportunities there for us to continue to do more. So thank you.

Thank you, René. And then John one quick follow-up for you on the dollar-based retention number, the 121%. That was clearly better than I think a lot of us were thinking just given the uncertainty that happened during the quarter. But do you feel like this higher level is a metric that it can either stabilize at, or do you think that there could even be more upward pressure that it could continue to improve? I don't want to pin you down here too much on a number, but just wondering how you're thinking about the trend with that metric. Thanks.

Yeah. Thanks Brian. So, obviously, we -- we're very pleased with our retention rate. We think it supports our thesis that customers really run their financial operations with our platform. It's not a sort of elective solution. It's core to what they do. And when we introduce new products, most recently the payment products, we get quick adoption and that helps grow revenue from existing customers. So we don't have a prediction or any guidance on the forward numbers. We're obviously an SMB focused company across the board. So it's not an enterprise business. And I think we've historically said, if we're able to operate the business north of 100%, we know that our unit economics are going to work and it all makes sense. We're obviously way above that now and we feel good about where we are.

Thank you very much. René Lacerte: Thank you, Brian.

Your next question comes from the line of David Hynes from Canaccord. Your line is open.

Hey, thanks guys. Congrats on the results. And thanks for taking my questions. Two quick follow-ups on topics that have been discussed. So the expansion with the top three small business bank, given it's an expansion of an existing relationship, I'm just curious what kind of incremental investments need to happen to enable that? And then just in terms of the time line, how should we think about the time line until we could see some material revenue contribution there? I mean, obviously, that the jump in backlog both current and long-term is huge. So I think it's an important question. René Lacerte: Thank you David. Appreciate the question. So when we have a partnership with a financial institution and it's the commercial side of the bank, every financial institution has multiple systems that they run their business on. And so the commercial side is a different set of systems than the small business side. And so it's important -- actually one of the things that they're excited about that our financial institution partner is excited about is to have some continuity in the platform between their smallest customers and their largest customers. We referenced that actually with KeyBank, because the offering will be with both their small business and their commercial customers. But also with this expanding relationship now, we will not just have the commercial customers that this partner has been working with us on for a number of years, but we'll now have the small business customers. And so the work required is not just kind of the complexity of integrating the payment rails as an example, because some of that is redundant, but it's their front end what they use to go to their customers. And so the small business customers that they serve are on a different platform, and so the white labeling effect, there's a fair bit of work for the financial institution, and then obviously we're supporting that and there are some changes that we have to make. And so as a result, we're investing behind that. We're making sure that the offering is a unique offering that really does target those small business customers as best we can.

Okay. Makes sense. And just the time lines? René Lacerte: So as far as the time line, I think what we stated is, we expected no material revenue in FY '21. So it should launch, I think what we're saying is in calendar '21. And as we do the work that we just talked about we'll be able to provide -- continue to provide more guidance on that.

Sure. Okay. That makes perfect sense. And then a follow-up on the cross-border side. Where do you think the ceiling is in terms of getting those cross-border payments made in local currencies? I think you said it was 25% today. Where could that go? René Lacerte: We have work to do to understand that, right? At this point, we know it should be higher. And I think for us to have a target -- internal target of saying can we get that to 40% or 50%? That may be right, but it may not be right. And so what we -- this is still relatively early business for us because we just turned this capability on in the last couple of months. And so we will know more over time, what we think the right penetration is. We would like it to be obviously north of 50%. And what we're seeing from customers today, the suppliers that are on we are encouraged that they want to get paid in the local currency. So that's going to be our goal.

Okay. Excellent. Thanks for the color, guys. Congrats. René Lacerte: Thank you.

We've time for one more question. Your last question comes from the line of Bob Napoli from William Blair. Your line is open.

Thank you. And good afternoon. Also representing my colleagues, Bhavan Suri and Matt Stotler. Congratulations René and John. A very great job in again in a very tough environment a very impressive execution. You guys have a great balance sheet as you mentioned upfront John. I just -- you've talked about investing in mid-market international withstanding, your payments maybe even working capital. Is there from an investment perspective some thought on using that balance sheet offensively in expanding your business? And if so would it be in -- which areas would be the primary focus? René Lacerte: Hi, Bob. It's good to hear your voice. So we part of the reason, I wanted to go public was to have the opportunity to continue to expand the distribution and the capabilities to reach more businesses organically and that's part of the cash capital that we are able to raise from being public to make sure to support all the things that we talked about today. But the other reason was to leverage the platform that we've built and it's a broad platform with lots of capabilities to augment that platform with offensive opportunistic M&A when the timing made sense. So we are not focused on that today in the near-term, but it is something that we know is -- would make sense for us to consider. And it's something that we will obviously consider as we move forward with the business and continue to understand what our customers need and what we're able to do to kind of enhance the overall platform.

Great. Follow-up question on the pricing side. And John, you had mentioned that you had some price increase in the southern trends, I thought -- in the subscription amount. And I thought there was opportunity there. I was just wondering if you could give some color on how much pricing contributed. And where you see pricing opportunities still? I know your -- the cost per transaction for your clients is relatively low I think versus the value they receive. Then I think also you're on the ACH side doing some enhanced ACH so there may be some pricing opportunity on the ACH transactions.

Yes. Thanks, Bob. So I think on the subscription side, our growth in subscription revenue is driven by new customer adds on the platform as well as an overall price increase that the full effect of which didn't really materialize until the third and fourth quarter. So it's kind of staged throughout the year. With that said if you look at just the annualized ARPU that our customers’ pay of around $1,500 for the platform that we have it's a small, sort of, dollar amount given the functionality and the capabilities that we give customers. So I mean we think over the long-term there's lots of opportunities to continue to increase monetization some of which you mentioned around payment products which is maybe more of a near-term opportunity as we continue to roll out ways to enable both suppliers and paying customers to get paid faster. With a faster payment comes typically more risk. And with that more risk comes better monetization opportunities. So we're pretty enthusiastic about what we can do. With that said we tend to invest in the platform, create more capabilities, create more value for customers and then over time raise prices commensurate with the value that we've added. So we're not on a program of every 12 months or 18 months or whatever raising prices. That's not the model that we're following. But with that said we do feel like there are opportunities over the intermediate and long-term.

Great. Thank you. Appreciate it.

Thank you.

There are no further questions at this time. I turn the call back over to René Lacerte. René Lacerte: Thank you, Christine. Thanks everyone for joining today's call. We appreciate your ongoing support as shareholders and stakeholders in our business and hope you and your loved ones are well. Thank you.

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.