Good afternoon, and welcome to Bill.com's Second Quarter of Fiscal 2022 Earnings Conference Call. [Operator Instructions] With that, I would like to turn the call over to Karen Sansot, Vice President of Investor Relations, for introductory remarks. Karen?

Thank you, operator. Welcome to Bill.com's fiscal second quarter 2022 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 at investor.bill.com. With me on the call today is Rene Lacerte, Chairman, CEO and Founder of Bill.com; and John Rettig, Executive Vice President and CFO. 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 developed 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 SEC, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC and available on the Investor Relations section of our website. 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. At times during this call, we will discuss organic or stand-alone results, which exclude Divvy and Invoice2go, which we acquired on June 1, and September 1, 2021 respectively, to help listeners understand our organic performance. Now I'll turn the call over to Rene. Rene?

Thank you, Karen. Good afternoon, everyone. Thank you for joining us today. I hope that all of you and your families are healthy and doing well. In a time of uncertainty, Bill.com produced exceptional results. Total revenue for the quarter nearly tripled year-over-year. Bill.com's organic core revenue increased 85% year-over-year, while revenue from our Divvy spend management solution grew 188% year-over-year. Q2 marks the fifth consecutive quarter of an accelerating core revenue growth as customer adoption of our platform has continued unabated. We ended the quarter at breakeven from a non-GAAP earnings perspective, well ahead of our expectations. We are well on our way to becoming a profitable, multibillion dollar revenue company, delivering the all-in-one platform for small and midsized business financial operations. Achieving this goal requires us to continue to enhance our platform while also expanding the breadth and depth of our go-to-market ecosystem. As part of this expansion, we have decided to combine our sales team under a single sales leader. I am happy to announce that Blake Murray, the Co-Founder and CEO of Divvy, has accepted a new role as our Chief Revenue Officer. As CRO of our combined organization, Blake will be responsible for sales company-wide, helping us scale efficiently across our diverse distribution channels. I believe Blake's experience innovating to serve SMBs, combined with this track record of selling and driving adoption, will benefit the entire company and makes him uniquely qualified to lead this expansion. As part of this change, Tom Clayton will be leaving Bill.com. I'd like to thank Tom for his many contributions to Bill.com and wish him the best in his future endeavors. We are helping SMBs transform at a significant scale. As of the end of Q2, more than 350,000 businesses were leveraging our solutions to simplify and automate their…

Thanks, Rene. Today, I'll provide an overview of our fiscal second quarter 2022 financial results and discuss our outlook for the fiscal third quarter and full fiscal year 2022. As a 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. Both Divvy and Invoice2go are included in our second quarter results. Our Q2 results exceeded our expectations across the board with total revenue growth of 190% year-over-year, organic core revenue growth of 85% year-over-year, non-GAAP gross margin of 85%, and breakeven on a non-GAAP EPS basis. We continue to see very strong organic results, including Divvy's stand-alone revenue growth of 188% year-over-year. We are energized by our progress creating value for SMBs, while at the same time, delivering strong revenue growth and operating leverage. With our large base of engaged customers, network members and our go-to-market ecosystem, we can quickly build and efficiently scale adoption of new products. And our R&D investments enable us to create additional growth levers across the business. Turning to an update on our key metrics. Given our recent acquisitions, we are providing additional insights on organic metrics for Bill.com, Divvy and Invoice2go. Customer acquisition during Q2 was strong across Bill.com. We ended the fiscal second quarter with 135,000 Bill.com organic customers, including 8,100 net new customers in the quarter, driven by strong customer adoption across all of our channels. We also had 15,500 spending businesses using Divvy and 223,000 subscribers using Invoice2go's AR solution as of the end of Q2. The slight decline in net new customers added at Divvy and Invoice2go as expected as we applied Bill.com's more robust underwriting and onboarding criteria to their new customer sign-up flows. We believe this application…

Thanks, John. Before opening up for Q&A, we request that you limit yourself to just one question. So we have enough time to get to everyone on the call today. If you have a follow-up question, we ask that you jump back in the queue. Thanks. Operator, we are now ready for questions.

[Operator Instructions] Our first question today comes from Brent Bracelin from Piper Sandler. Brent, please go ahead.

Thanks for taking the question here. Rene, John, obviously, super impressive to see the acceleration in the business both organically and the acquisitions. My question – one question here for Rene. One of the more interesting aspects of the Invoice2go business is the global reach. Some of our data suggest that half of the application downloads are coming from international. So could you talk maybe a little bit about your global strategy, how that fits in relative to Invoice2go? I appreciate the AR product capabilities it brings, but I would love to hear a little bit more about your aspirations to expand globally.

Thank you, Brent. Always good to hear from you. Part of the reason for the acquisition definitely was the international aspect of the business Invoice2go has, both the customer and the reach they have over 100 countries that they're serving with customers in all those countries. And obviously, 40% of the business is in the U.S. So the fact that they have both the international presence in the U.S. was very attractive to us. It was also attractive because of the international workforce that they have and the folks in Sydney and other countries. And as we think about our global aspirations, we are very focused on delivering value for SMBs everywhere. And the way we've started that process with the core Bill product is through the international payments and the ability to do cross-border payments for those customers and those suppliers that are out there. And so when we think of the opportunity with respect to Invoice2go is to leverage all the experience that they have, simplicity in the product, simplicity in going to market and to leverage that with the Bill.com payment rails and software capabilities that we have. So we're excited about it and look forward to extending that reach as we continue to integrate the application.

Sounds great. Thank you.

Thank you.

Our next question comes from Scott Berg from Needham & Company. Scott, please go ahead.

Hey, guys. This is Josh on for Scott. Congrats on the strong quarter. So you had your best quarter of net customer additions, maybe ever as a public company. How should we think about the source of that growth by channel? I know you mentioned that it was broad-based strength there. Any more color there would be helpful. And then was the Bank of America relationship, you mentioned it began to hit the model this quarter. Was that a material contributor to that figure as well?

Thank you, Josh. We had an exceptional quarter across all of our channels. I would say the – in particular, we are very satisfied and very excited about the progress with the accountant channel. A lot of great work was done over the – obviously, over the quarter, but over the years, we now have 85 of the top 100. We have over 5,000 firms across the country. We now launched the aspect of the wealth management, which accountants often serve. And all of that is working well for us. So that was definitely call out worth mentioning is that, that was a strong driver. With respect to the Bank of America opportunity, we just started rolling that out in the quarter, and it will be rolled out through the coming quarters. By the end of FY – or calendar 2022, we will expect that to be in market and launched and starting to drive more meaningful results at that point.

Yes. And I just add to that, Rene, as we look ahead, we're really pleased with the progress we have scaling our net new adds. And it's worth noting that the rollout with Bank of America will be throughout the rest of fiscal 2022. So at this point, there isn't a significant contribution to the net new adds we had in the last quarter. But we do expect going forward that we'll be above the previously discussed range of 4,000 to 5,000, maybe closer to 6,000 than the most recent quarter of 8,100, but we're really pleased with the progress.

Okay. Great. And then I was just curious on the Invoice2go declining by 3,000 sequentially. Is there a dynamic there with – you mentioned a bit of pruning or the process of adding customers? Was that – impacted that in some way?

Hey, Josh. We're going to kind of take that and put you back in the queue. We want to be able to get through all the – all the analysts today. So sorry about that, but if there's time, we'll get to that question.

Our next question comes from Ken Suchoski from Autonomous Research. Ken, please go ahead.

Hey, Rene and John. Thanks for taking the question. I'll keep it to one. You mentioned continuing to invest to bring new payment products to market, and it's great to see the launch of both Pay By Card and Bill.com Balance during the quarter. So can you provide some kind of framework for how we should think about the potential penetration of these products over time as well as some sense of the revenue model and unit economics of both? In particular, what monetization opportunities does Bill.com Balance open up for you down the line? Is it a segue into working capital finance? Or are you creating some sort of Venmo for B2B payments?

Thank you, Ken. We have always been focused on building software solutions that really simplify the financial operations that a business has. And we've worked hard to become, I would say, the go-to de facto solution when somebody wants to automate those – their operations. And part of having a great software platform enables us and gives us the opportunity to offer payments. And so our focus on payments is really making sure that we serve our customers and having all the different solutions and payments products that they want. And when we look at Bill.com Balance or Pay By Card, this is something that customers are asking for, for different reasons at different times. And so at this point, I would say what we're excited about is continuing to create a solution that drives adoption in the marketplace that really helps SMBs. And as far as the economics go, there's lots of ways for us to continue to drive financial opportunities with our solutions, and we'll continue to do that.

Okay. Thank you very much.

Thank you.

Our next question comes from Darrin Peller from Wolfe Research. Darrin, please go ahead.

Thanks, guys. Great job on this print. Can you just talk about where you are in consolidation of the assets you have now between Bill and Divvy and Invoice2go? And where you are in your hopes for cross-selling potential? And then maybe just on a related note, investments being employed to integrate these relative to your longer-term path to profitability. You called out earlier in the call. Just a sense of how much more investment is coming and what the opportunity could be at full run rate of integrated assets? Thanks, guys.

Thank you, Darrin. We feel really good about the integration that we've done to date. We've got the product integration that we talked about in the call, the single sign-on, similar user experiences, the ability for us to streamline the approval process with Divvy credit applications. We have lots of work that we've just started on Invoice2go. As a reminder, Invoice2go closed in the September quarter. So it's a quarter behind on the integration, so to speak from the Divvy experience. And so we have been focused on really delivering great value. And what we're starting to see is the experience, and we gave some examples in the call of customers that are using both Bill.com, the Manhattan Soccer Club and Divvy, and what they're getting from it. And so as we get comfortable with that experience and the integration, that's when we will become more assertive, if you will, in the market, whether that's going to market directly or using our in product capabilities. So we feel good about the cross-sell with everything that we're doing, makes us feel really good about the opportunity in front of us. And I think the integration, you see it with the organizational announcement that we included in the top of the script of having Blake Murray come in and be the CRO across the company, that kind of speaks to how we're thinking about the combined company to be across all three entities. And just we're excited about where we're at and what we get to do in the coming quarters.

That's great. Thanks guys.

Thank you.

Our next question comes from Brad Sills from BofA Securities. Brad, your line is now open.

Great. Thanks, guys. Congratulations on a real strong quarter here. I wanted to ask about Invoice2go. You said 223,000 subscribers, which is a great number. What's your expectation for conversion of those? When should we expect to see the integration of Invoice2go such that you really start to capitalize on that opportunity to convert those customers and then that flywheel effect with receivables customers coming in that you could upgrade to payables over time?

Thank you, Brad. We have a lot of excitement about the Invoice2go platform across both AP and the AR side of our business. As a reminder, we have 3.2 million network members in our platform. Predominantly, those are receivables, customers receiving some money from a payables customer. And so the opportunity for us to drive success across our platform includes both AR and AP opportunities. So the opportunity to integrate and cross-sell payables into Invoice2go is real. But I also just want to remind folks that the opportunity to cross-sell the AR capabilities that Invoice2go has across our base is also real. And ultimately, there is a payment opportunity with invoicing, and that's something that we've been focused on. We announced in the script here that we do have the beginning of integration with a seamless payments experience for the Invoice2go customers. So all of this is something that we continue to be excited about and we know will drive some success for the business and our customers.

Thanks, Rene.

Thank you, Brad.

We now go to Will Nance from Goldman Sachs. Will, please go ahead.

Hey guys. Thanks for taking the questions. I'll echo the others' congrats on a nice quarter. I wanted to follow-up on the partnership with Bank of America. I'm wondering if you could help put that into context, how meaningful that could be for customer acquisition, once fully ramped and maybe in the context of what the FI channel today, contributes in terms of net adds on a quarterly basis?

Thank you, Will. Bank of America is obviously one of the top three banks in the country. And so from an opportunity to reach SMBs, we're super excited about the reach they have, the scale they have, the opportunity for us to support their businesses as they're growing, expanding their business. And so for us, this opportunity just is reflective of our overall bank strategy. And the FI strategy that we've chosen is to make sure that we can support our FI partners, and that's the white-labeled experience. It's having an ability to kind of understand what their needs are. And then as we understand those needs, it's an opportunity to kind of cross-sell other services and products we have. And Bank of America is a perfect example of that. It started off as a commercial relationship focused on the largest businesses that they have. And based on our success there and our ability to serve those customers, got some interest and discussion around their smallest businesses. And so for us, when we look at the overall opportunity, it really is around supporting FIs, businesses, trust, financial institutions. They have an opportunity to serve and do something for their customers that they've never had before, which is to really leverage the software to automate the financial operations that then drive the payments that they all want to be a part of. So we are super excited about the opportunity with Bank of America and what that leads to in our FI practice.

Our next question comes from Bryan Keane from Deutsche Bank. Bryan, please go ahead.

Hi, guys. Congrats. I wanted to ask, John, maybe about transaction yield that kind of beat our estimates and both organically in total, which includes acquisitions. I think you had a call out on Divvy. Just thinking about the moving pieces there for transaction because it seemed like it was a solid take rate? Thanks.

Sure. Great question. And we're really happy with the progress we're making driving adoption of products for customers, in particular, these ad valorem price products that are the ones contributing to expansion of our transaction revenue, of our revenue per transaction, which was $5.79, just a little below $6, up 63% year-over-year. You mentioned the take rate on an organic basis, above 10 basis points, so significant quarter-to-quarter expansion. And then the spend management product with Divvy had great results as well, where the take rate there was a little bit above the range that we were expecting based on some good results in the quarter, particularly with ad spend in other categories. So we feel really good about the progress that we're making. And as you can see from our organic business, there's still a long way to go as we continue to drive adoption of some of our newer products, and we expect to be able to continue to grow adoption and our take rate going forward.

Great. Thanks for the color.

Sure.

Our next question comes from Josh Beck from KBCM. Josh, please go ahead.

Thanks for taking the question and wanted to say congrats to Blake as well. It sounds like an exciting time to be in that seat. What I wanted to ask about was Instant Transfer. I know it's a product. It's very early in its life cycle for you all. I realized it wasn't a big part of the transcript today. But just curious on how the reception has been and just kind of how you're thinking about the long-term potential of that product?

Great question, Josh. There's a lot of what we do, which I talked about earlier, is just to make sure that there's choice for customers and choice for suppliers so they can receive payments how they want and when they want it. And having a platform that's as robust as what we've done allows us to create these opportunities. And so when it comes to Instant Transfer, what we're seeing is that there are definitely suppliers that would like to receive payment instantaneously. And those suppliers oftentimes want to do that again in the future. So we are encouraged by the repeat usage that we see from them, and we are encouraged by the opportunity to just keep providing value, whether you're on the paying side or the receiving side. So I think it will be something that we see continue to grow and be a part of the overall offering that we have for our customers as a differentiator.

Great to hear. Thanks, Rene.

Our next question comes from Samad Samana from Jefferies. Samad, please go ahead.

Hi, thanks for taking my questions guys. Just another stellar quarter for you guys, and great to see it. John, if I maybe try to pro forma out the Bank of America contribution, it still looks like subscription revenue on an organic basis would have accelerated. And a big part of that looks to be the implied ARPU growing double digits year-over-year. Can you maybe just help us understand what's driving that ARPU growth? Is it larger customers? Is it price increases? And just how should we unpack maybe that implied ARPU growth?

Sure. Thanks, Samad. Great question. And with regards to organic subscription revenue, we have seen expansion ARPU driven mainly by the composition of our customer base skewing to a slightly average customer. There's no specific subscription-related pricing action that we've taken. In fact, it's been a couple of years since we've had a price increase. But as larger customers get onto the platform, they tend to enter at a slightly higher price point, the packaging and promotion that we do then, say, a really small customer, in part because they have more users, and therefore, higher monthly fees. So it does support expansion of the organic subscription or who's separate from the arrangements that we have with our financial institution partners.

Okay. Great. Thanks for that, John.

Our next question comes from Matt VanVliet from BTIG. Matt, your line is open.

Yes. Thanks for taking the question. Nice job on the quarter. I guess thinking about the financial institution channel launching into the SMB world of BofA, how much does that maybe open up new dialogue with either your existing FI partners, where you're a little more in the commercial segment? And then what has maybe been learned of some of the complexities around the SMB world in terms of this product development that you might be able to leverage into new relationships or just going after those customers more organically?

Thank you, Matt. Lots has been learned, right? That's one of the great things about being in business is you get to learn every day. And one of the things that we've learned over the years is how to support our banks and to listen to what they need. And offering our services and products that we build is part of a reflection of what they're asking for as well as what the SMBs and the accountants are asking for. And so I think the success of any offering that we do does lead to others asking how they can kind of do more for their customers with some of the products and services that we have. So we believe that the opportunity to extend our reach with our FIs is real. That's why we invest behind the products that we do and the teams that we do that are going after the market. And I think the opportunity only increases as digital transformation increases across the SMB space. So lots of businesses are stuck in the mess of the back office, and we're here to clean it up. And that's what we're doing with our partners. That's what we do directly with accountants. That's what we do directly for the SMBs and mid-market companies we serve.

Thank you.

Thank you.

We now turn to Sanjay Sakhrani from KBW. Sanjay, please go ahead.

Thanks. Maybe a question for Rene, which is a follow-up to one that was asked earlier. Obviously, you mentioned earlier in the call that you're well on your way towards profitability. And the momentum is really strong. And obviously, the investor expectation landscape is changing, too. Any updated thoughts on sort of timing and direction? Thanks.

Thank you, Sanjay. We have focused for years about the future. And when we think of the future, we think in terms of years and decades, not months and quarters. And our focus on the success of the business is predicated on our ability to drive penetration into the market that we have. This is a massive opportunity in front of us. We've got just over 2% of the SMBs in this country that have employees that are on our core Bill.com platform. And when you look at that across the scale that we can deliver and the value that we can provide for our customers, we're going to continue to invest diligently, thoughtfully and with discipline. And that said, we're super excited when we have a revenue beat like we just did that drives kind of the numbers that we just had.

Our next question comes from Joe Vafi from Canaccord Genuity. Joe, please go ahead.

Hey guys. Good afternoon. I'll add my congratulations here. Just wondering if we get an update here on the product road map. Obviously, valuations are down. Divvy and Invoice2go are integrating nicely, and you've done such a good job on cross-sell with when you're bringing things in. It feels like sooner rather than later maybe the right time to focus on maybe some more M&A here. So any further thoughts on that would be helpful? Thank you.

Thank you, Joe. We have lots of capital on the books, and that allows us to think about the build by partner relationship, and it's always a discussion that we are focused on internally. We're evaluating what we feel our customers need, what we feel our partners need. And we continue to listen to the market and see what others are doing to see if there's opportunities to bring that in-house. So when we think about M&A, it's not really thinking about M&A, it's about how do we add value for our customers and how do we add value for shareholders. And so we have lots of interest about ways to extend the platform. We've talked about working capital in the past. We've talked about HR and payroll opportunities. I don't know if we've mentioned this, but business insights and analytics. I mean there's lots of things that we can do that will continue to drive and automate financial operations for our customers. And that's ultimately the goal that we have. When we can save customers 50% of the time on their back-office mess, that's super powerful. And the more customers we can reach, the happier that makes me.

We now turn to Matt Stotler from William Blair. Matt, please go ahead.

Hey guys. Thanks for taking the question. Obviously, there's a ton of opportunity left in the SMB segment of business, right? I think you mentioned 2% of employer SMBs are on the platform you're expanding into [indiscernible] and things like that. But in terms of the move upmarket, would love to get kind of an update on the mid-market traction, the impact that had in the quarter and how you see that going forward. And I know that, John, you mentioned how it's kind of providing some upward lift to the average subscription revenue per customer. Would love to maybe dig into that a little bit more and understand the trajectory of that going forward?

Okay. Thank you, Matt. Lots of goodness on the platform happens because we have a horizontal approach. And that allows us to attract customers of all sizes and in all segments, right? And what we're seeing and what we've talked about in the past with mid-market is that because of our horizontal approach and having a breadth of product, we were able to bring mid-market companies in and then understand things that they needed that were specific to them. And so we've been doing that over the last couple of years. Whether that's in product or whether that's focused on specific marketing and sales activities, we’ve been doing that, and we feel that we're getting better and better at that opportunity to reach those customers and to make a difference for them. And the success that we're seeing and the reason John mentioned the ARPU increase is that we are able to attract those customers, and they do have a higher ARPU. And they do really impact the overall scale of the business when it comes to TPV and the things that they do on a per-unit basis. So we're going to continue to listen to customers. We're going to continue to drive focus to make them successful. And we believe that the mid-market is something that's super valuable and important to us.

Great. Thanks again.

Thank you.

[Operator Instructions] We now turn to Lamar Clark from SMBC Nikko Americas Incorporated. Lamar, your line is now open.

Sorry, this is actually Andrew from SMBC. I wanted to talk about yields again. I mean you've had this year-over-year progression in yields of 2.7 bps on the core Bill side. And when you have a big influx of new customers at 8,200 that you did this year for this quarter, I would assume that a lot of those are still in the early innings of their AP automation journeys and may have a higher mix of manual payments. So is there any like reason that the year-over-year trajectory that we've seen could slow down with this big influx of new customers?

Andrew, thanks for the question. This is John. We're really happy with the progress, as you noted, very significant growth in increased monetization year-over-year. You're absolutely right that there's a life cycle that customers go through when they're automating their financial operations, including on our platform. So when they first subscribed to the Bill.com platform, they tend to have many more check payments versus electronic payments. They tend to have some of their suppliers on the network but not all. And over the course of several quarters, as they get further engaged with the platform, we see the electronic payments go up. And as a result of that, we see higher adoption of some of the newer ad valorem products that we have that has the effect of increasing our overall transaction monetization. So we're still early in the adoption cycle with some of the newer products, whether it's virtual cards or Instant Transfer or even cross-border payments where they're FX and feel like there's still a long way to go. It's not going to happen in a perfect linear fashion quarter-to-quarter. But nevertheless, over the longer term, we think there's a long way to go.

Understood. Thanks, guys, and congrats on the quarter.

Thank you.

We now turn to Brian Schwartz from Oppenheimer & Company. Brian, please go ahead.

Hi, Rene and John. Thanks for taking my question. John, just following up, I think you made the comment that you saw an increase in average customer size in the core Bill.com business. I guess my assumption is – I would assume that, that would come with the financial institutions channel. But the question I wanted to ask you is, are you seeing those upward pressures across all your distribution channels? Or is one really driving that upward momentum to a average customer size? Thanks.

Great. Thanks, Brian. I think it's really across the board. Just to clarify, I mean, we are all about serving from the smallest of businesses through mid-market. There's tens of millions of businesses globally that we think are candidates for the Bill.com platform. So we're not necessarily moving upmarket, but we do see increasing demand from midsize and mid-market companies. And we see that come to the platform really across all of our distribution channels. In some cases, we were marketing to them directly, through digital demand gen or through our accounting firm partners or, as you mentioned, our financial institution relationships as well. So it's really a broad-based demand. And to the extent that our platform works for those larger customers just like the really small ones, we're obviously motivated to serve them.

Thanks, John.

Sure.

Our last question comes from Ken Suchoski from Autonomous Research. Ken, please go ahead.

Hey guys. Thanks for squeezing me in again here. I just wanted to ask about the TPV per customer. I mean it looks like it continues to move higher and quarter-over-quarter. I mean we've seen two out of the last three quarters, it's been up double-digit. So just trying to get a sense for the sustainability of that just because when we look at your incremental TPV per customer year-over-year. I mean you're tracking at a figure that's north of $3 million on an annualized basis. So would just love any comments on that TPV per customer and the sustainability there?

Sure. Thanks, Ken. I mean one of the things that we've realized in the last couple of years is the more payment choices that we offer to businesses, the more they consolidate their financial operations activity on our platform. That translates into a higher share of wallet. We're able to serve more of their payment activity. And that flows through to the payment volume and then payment volume per customer. So we're north of, on an organic basis, $400,000 in the quarter, up significantly from last year. And we've actually seen, I think, it's six-plus quarters in a row of expansion in TPV per customer. And I think that just speaks to the fact that customers realize a lot of value by doing more of their financial operations activity in one place versus point solutions. And I think we've been the beneficiary of that.

Makes sense. Thanks guys. Great job.

Thank you.

Thanks, everyone, for joining us today. We delivered strong growth as we help SMBs transform their financial operations, and we look forward to communicating our progress as we pursue the tremendous opportunity ahead. Thank you.

This concludes today's call. We thank you for joining. You may now disconnect your lines.