Expensify - Q1 2024

Transcript

Ryan Schaffer (CFO)

Hello, everyone. Welcome to the Q1 2024 Expensify earnings. I'm Expensify CFO, Ryan Schaffer. I'm joined by Expensify CEO and founder, David Barrett. Later, we have our COO, Anu Muralidharan, joining for the Q&A. But first, let's get started with the disclaimer. Niki, take it away.

Nicki Wallroth (Head of Investor Relations)

Before we begin, please note that all the information presented on today's call is unaudited, and during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Forward-looking statements in the earnings release that we issued today, along with the comments on this call, are made only as of today and will not be updated as actual events unfold. Please refer to today's press release and our filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. Please also note that on today's call, management will refer to certain non-GAAP financial measures.

While we believe these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Please refer to today's press release or the investor presentation for a reconciliation of these non-GAAP financial measures to their most comparable GAAP measures.

Ryan Schaffer (CFO)

All right, now let's talk about the Q1 2024 financials. Our revenue was $33.5 million. Our average paid members were 688,000. Our net interchange was $3.5 million. Our operating cash flow was $3.5 million. Our free cash flow was $5.2 million, which is a significant increase quarter-over-quarter. Our GAAP net loss was $3.8 million, and our non-GAAP net income was $3.7 million. The difference between our net loss and our non-GAAP net income is stock-based compensation, and our adjusted EBITDA was $7.1 million. I mentioned free cash flow. I want to talk about that a little bit more. In Q4, we initiated a full-year free cash flow guidance.

We did that to provide the market with our view on how cash flow is going to go for this year, and we're actually increasing that guidance to $11 million-$13 million for fiscal year 2024. Like I mentioned earlier, our free cash flow is $5.2 million. That's a 242% increase from the previous quarter, something we're very proud of and that is the impact of the cost cutting that we have discussed in the past. I also want to talk about the Expensify Card. We've seen strong growth, 57% year-on-year growth to $3.5 million. We actually have seen 13% in just the last month alone, so the card is growing at a great clip. Also, everyone's favorite topic is the accounting treatment change that we're going through.

We're changing program managers, and the impact of that is our interchange from the card will no longer be a contra expense and cost of revenue. It'll be moving to revenue, and that we expect that transition to be finished by end of year. Additionally, we will get 20% more interchange on those same transactions. So we're very excited about that, and that transition is underway. Also, we always leave you with how the current quarter is going. In April, we had 685,000 paid members. Now I hand it over to David Barrett for the business highlights.

David Barrett (Founder and CEO)

Thanks, sir. All right, so, to catch up, Q1 was a great quarter. We basically dialed in all of the cost optimizations from Q4. We continued or improved the core trends, and overall, we're just investing in the things that are working. To give an example of that, SEO is going really well. We've had almost 100% year-on-year increase in sort of general keywords that are ranking across the internet. But most importantly, we've had a huge increase in the number of first page SEO keywords. So this is something we continue to invest in.

So I think that as a word-of-mouth business, people are searching for Expensify in a wide variety of names, and so if we can capture by their branded keywords, but also just the wide range of long-tail, unbranded keywords as well, that's a huge sustainable lead generation path for a long time. Likewise, global reimbursement continues to grow by leaps and bounds, which is wonderful. You know, we are a global product with customers all over the world, and so this is a way that we can support them well. Additionally, as Ryan mentioned earlier, card keeps growing up into the right, so it's growing by leaps and bounds, and so that's great. It's been a really, you know, strong growth channel for us as well.

But most exciting, I would say, is that the product has been developed, you know, in an incredible way in this past quarter, and so there's a lot to talk about here. To start, as we always do, a reminder of the strategy. We believe that there is an enormous opportunity out there, something like 100 times larger than the traditional markets, and so we think that we're, the goal of Expensify is to capture that kind of untapped 99%, which is substantially with the VSB and SMB. The only way to do that is with a viral model that can sort of turn every customer into a lead generator. It's been done before. It's basically how we've grown to where we are right now, and that's something we're doubling down on going forward.

And of course, it all comes down to monetizing these leads with high-margin monthly subscriptions, which is our business model. It's always been that way, and so it continues to be that way. As a reminder of kind of how this market is shaped, there's, like, 1 billion potential paying users in the VSB and SMB globally, and so we were gonna go out and get them. Now, they've. It's not impossible to get them, it's just hard, and the way it's been done in the past is with a viral model. There are chat systems, document management systems, payment systems that have captured hundreds of millions or even billions of users at this scale, and they always do it through some sort of viral word-of-mouth model. It is the only method to capture on this scale, and it's worked for others.

Expense management has the unique benefit of being at the intersection between the three most viral use cases on the internet. It's basically chat, meets payments, meets document management, and so we're doubling down on the viral, sort of inherent viral dynamic of these use cases, in order to make a product which can capture the full range. To give an example of how that works, now we're gonna go through some illustrations of how the product is basically going to capture this viral dynamic, and to tell this story, I just wanna talk about how... You know, we'll start with Alice, a construction worker, that's basically going to Home Depot to scan a receipt to submit to Bob, her boss, who turns around and then sends an invoice for that work to Kathy, who splits that invoice with basically her flatmates.

One of which is David, who works at a company that's using our corporate travel feature. All of this, on an end-to-end basis, happens in the same product. This is truly a uniquely Expensify flow. There's nothing else like it on the internet, and so this is a really powerful case, and so I'm gonna kind of break down how each of these works one by one. To start, we start with, let's say Alice is a construction worker. The unique aspect of Expensify is that as an employee, you can download, or not even download, you can just go to our website and start using Expensify without an account. Just enter your phone number. Just say you want to start tracking some expenses for yourself. It's an incredibly easy product to get going without waiting for your company to ask permission.

We have inline training explaining basically how it works, and then also, our, our Concierge system is there, kind of stepping you through to explain exactly what you should do next at any point in time. When you start to use the product, you can sort of, capture receipts and, like... We talk about business travel a lot for expense management, but, for our users, business travel isn't necessarily flying coast to coast. It's driving to Home Depot, to pick up, materials for the job site, whatever that might be, scanning a receipt, and so forth. Home Depot is actually one of our most commonly scanned receipts, and so the idea of scanning a receipt and then just submitting it to your boss.

Again, not waiting for your boss to ask, so to ask you to use Expensify, just recognizing that you have a personal problem getting reimbursed, and then pulling your company in whether it wanted to or not. What's powerful about this is, when we think about this massive market, most of it is unaddressed, but not unaddressable. It just hasn't been addressed by the traditional business model. So these are hundreds of million businesses around the world which have an expense management problem, but it's not one they're trying to solve. They're not out searching for it, they're not taking calls on it, they're not clicking ads for it, whatever it might be.

But employees actually do experience that problem, and so we're giving a tool to the employees to go out and solve their own personal employee problem, and in the process, pull their company into it. Once the company is pulled in, and again, maybe, you know, the employee submitted it to, with, to their boss via text message or whatever it is. We have a bidirectional system where even if the system sends you a text message, you can respond in text, and basically, the communication goes back to the user in its native platform. We have a, what we call sort of a top-down self-service model.

So no matter how you're pulled into the system, maybe an employee submitted a receipt, maybe you actually sign up via the website yourself, whatever it might be, everything that you need to convert, you don't have to talk to a salesperson. You can just sit down and configure everything for the product automatically. So likewise, when you go to pay a receipt for an employee, for example, the simple act that we see that you're trying to pay with a business bank account indicates to us that you are a business.

Again, you could pay Venmo style with, you know, a P2P transaction, but if you choose to pay with a business bank account, then we set you up with basically our universal payments engine, which is, you know, not only can reimburse expense reports, but can also do corporate travel, send invoices, send corporate cards, and things like this. So I mentioned how you can send invoices. Now, invoices, there's two major flavors, B2B and B2C. What's particularly nice about business-to-consumer invoicing is it's incredibly viral. We can turn every one of your customers into a viral lead generator for Expensify. And so we can take that receipt that was just submitted to the company for reimbursement, and we can use that receipt to generate an invoice that's sent out to the client.

In this particular case, saying it's, you know, we're sending it out to Kathy, who is paying for basically having her deck finished for her house, or something like this. Again, this is the same exact platform, and it's switching back and forth between you can sign up on web, you can have a mobile app, you can use it in desktop and mobile. It all works the same, sort of going back and forth. Likewise, you notice that, when the company went to go set up payments using their business bank account, it's the same basic flow as when Kathy goes to set up her payments for paying the invoice itself. Again, it's a universal payments engine. It doesn't matter how you want to pay.

It's on us behind the scenes to figure out the appropriate payment rails and then show a very simple experience to the end user. Next, we say, okay, maybe Kathy got this deck expense for her house, and then she turns around and invites, creates a chat group for everyone in the house to basically split this expense, so they can talk about, you know, "Hey, we got this invoice." And it's basically a WhatsApp-style group, except better than WhatsApp. It actually works with both email addresses and phone numbers, and you also don't need to wait for the other side to download and set up the app. Using Expensify is a personal decision.

If you choose to use Expensify to manage your group communications, you can invite someone by email, invite someone else by text, and then you use the Expensify app, and then we will facilitate the conversation in whatever native platform they want to be. Likewise, when you choose to split a bill with everyone, we'll notify them by email, phone number, whatever it might be, and they don't need to create an account. They don't need to download anything. They can just use the website to sort of pay the split bill. So it's like a Venmo, except it doesn't require any app installation, and it works both over both, email and sort of phone number.

Similarly, we can say maybe one of those, actually, people that the bill was split with already worked somewhere, already worked at a company that's basically using corporate travel. And so in this particular case, David is basically using the mobile app to book full travel on the client base, so that it's full corporate travel, but simplified down for the SMB. Now, what's nice about this, and I think there's... Travel management's been around for a long time. I think one of the greatest features of Expensify Travel personally is what we call soft approvals. Now, this, it we'll dial in, again, whatever you want. Depending upon the level of control you want, you can get that.

But I would say, you can configure it such that the client can, or the employee can book travel, and there's no approval needed, or you can book travel for soft approval, meaning we'll notify the company that the travel's approved, that travel's been booked, and then they can have 24 hours to sort of cancel the booking before it goes into effect, or it can require hard approval, meaning that it requires actual specific approval before it actually gets booked itself. And so this is a very flexible tool to bring corporate travel on the mobile basis down to employees, and of course, on the management side, for the travel manager or for any sort of financial manager. There's a full search experience such that you can actually pull in all the information necessary to manage complete expenses.

Now, we kind of had two major flows in the product. One's called the inbox, which is really optimized for real-time expense management. Whenever you configure your workflow, and we know what your workflow is, then we can surface to the user exactly what they should do next. But for many flows, we don't really know what to do next. If you had to do a one-off analysis, or you needed to find a particular receipt, whatever it is, that's where our universal search comes in, and so you can basically do a search for a particular keyword, and then we'll search across all of the data types in the application. As you can see, it's not just expenses. We'll search chats, tasks, invoices, trips, and so forth.

So if you need to pull up, you know, everything related to Greg or maybe everything related to Vegas or whatever it might be, we'll show you where the data, every data object is that relates to your keyword and then pull it into this very flexible system where you can export to CSV and later analysis features and so forth. So that was a lot that I just threw at you. To kind of review what we saw here, we saw Alice basically first scanned a receipt for herself without asking for permission, then turned around and submitted that receipt to Bob for reimbursement. In the process of reimbursing that receipt, Bob configured expense management for her, for his entire company, and then used that same universal payments account to send an invoice to Kathy. Kathy paid that with a credit card.

Again, there's no additional setup here. It's basically, it's automatically happened as a consequence of setting up this universal payments account. Then Kathy, after paying that invoice, turned around and split it with basically her flat mates, using a WhatsApp style sort of group a chat platform. One of those members already had the app installed, already using it inside of a company, and then David used our the same app to turn around and book travel. Again, this is a very unique flow that involves a tremendous amount of functionality happening all in the span of a single consumer app. Now, building a super app like this is hard. It requires a lot of really advanced technology. It's why it's taken us quite a while to do, because this is not a bunch of stuff you can do off the shelf.

This requires a bunch of bespoke technologies. Just to give a quick review of some of our, like, we use our Bedrock database, which is a blockchain-synchronized, basically, unpartitioned database that has gigantic servers. We're talking, like, 384 CPU servers. No one has technology like this, but what's nice about this is it allows for context switching between these different environments. So that's what having everything stored in the same database at a scale like this is what allows you to use the same application between work and personal and use it between different organizations. Likewise, we use React Native, which is a very powerful technology for creating a consistent experience between iOS and Android, web and mobile and desktop, and so forth.

This means that there's no application you need to install, and likewise, when you're deploying this at your organization, you don't need to retrain your company based upon different platforms. It works the same everywhere. As I mentioned, this is designed to work seamlessly with email and SMS. It doesn't require an account. You don't need to create a password. Anyone who has email and SMS can receive messages from Expensify and collaborate. That's what means that Expensify is a personal decision to use. My decision to use Expensify is independent of yours. If you have an email address or SMS, I can communicate with you, and you can respond to me, and so this is. There's no tyranny of the straggler, where everyone in the company is waiting for one person to adopt.

You can adopt Expensify by yourself and get value out of it, whether or not your friends or company does. And then finally, there's a universal payments engine. In order to make this work, we actually move money a bunch of different ways. If we're moving, like, domestically over ACH or over credit cards, or maybe we'll cut checks in certain situations, we'll move over a whole bunch of international sort of payments networks. But to the user, it doesn't. It just looks like you set up your accounts, and then we take care of all the complexity, and so you don't need to worry about it. This creates a consistent, sort of simple app experience across all these different payment networks. So all of this, again, there's quite a lot here. I'd love to go into a lot more detail.

If you go back to our roadmap room, where you can see actually using Expensify and chat with the product management team and me about all of this and a whole lot more. And so please, you know, scan the QR code, click the link, whatever it might be, and I'd love to keep talking. So in conclusion, Q1 was a great quarter. I think we delivered incredibly strong sort of, cashflow and cashflow growth. Our New Expensify had incredible development progress, and I think we're moving away from the core engineering and product development to the final stretch, which is polish performance and improving reliability. So that's where we are right now. Everything we demoed there, that's like 95% real, and so it's gonna be a 100% real by the time we talk again.

Next time we talk, New Expensify is gonna be fully in market and generating paying customers. Expensify Travel is gonna have paying customers, generating new incremental revenue. And also, the new card program that Ryan mentioned is already fully, you know, underway, and so we're. It's gonna take time to convert all our cards over, but that process is gonna be started. So it's been a great quarter. We've had a bunch of tremendous progress across the board, and I can't wait to talk again next quarter. But for now, let's talk some questions.

Anuradha Muralidharan (COO)

Sorry about that. We're having some technical difficulties. We had a cup of coffee spilled on the laptop that we use to do this. So we had to swap out one, and we-

Operator (participant)

We're back.

Anuradha Muralidharan (COO)

Some technical difficulties, but here we are. Thanks for still staying with us.

Operator (participant)

Perfect. So first, I believe we have Koji on the line. Check the address. Okay, let's go over to Citi.

Anuradha Muralidharan (COO)

We have lost some people, the technical difficulties.

Operator (participant)

Matt, are you there?

Speaker 8

Yeah. Hey there. You guys hear me now?

Anuradha Muralidharan (COO)

We're back.

Operator (participant)

We're back.

Anuradha Muralidharan (COO)

Let's do it.

Speaker 8

All right, we got one. Sounds like you guys are having a similarly eventful afternoon as I am. So, without further ado, I guess the first question I was just curious on-

... Going back to the paid members' chart, where you guys showed the April data point, at least historically, April's generally shown a little bit of a jump. I don't know if there's any kind of nuances to this April, but it looks like it sequentially came down a tiny bit. And then it might be interrelated, so I'll just ask my sort of follow-up now. But I think last quarter, you guys had talked about leveraging certain incentives to get people to more proactively switch from sort of old card to new card. Yeah, how have you guys deployed those? Can you talk a little bit more about, you know, how those are kinda coming into the market and working and maybe that has an interplay to paid members? Thanks.

Ryan Schaffer (CFO)

Yeah. Yeah, great question, and thank you. So the card transition, I think, is going well. We do have some financial incentives that we can deploy. We haven't deployed those yet, but I think the biggest kind of carrot to get people over is we've deployed new functionality that is only available on the new card, specifically the ability to create an unlimited amount of virtual cards, which people use on, like, a per vendor basis.

Anuradha Muralidharan (COO)

Mm-hmm.

Ryan Schaffer (CFO)

So that's a highly desired feature that we're only putting on the new card, and we're seeing customers come over as soon as they hear that. So we do have financial incentives. We haven't used them yet, but we do have full confidence that we're going to get everyone transitioned over by end of year, and we're very incentivized to get it done quickly, so it's a high priority for us.

Anuradha Muralidharan (COO)

Yeah.

Speaker 8

Okay, got it. So you haven't used the incentives, the financial incentives yet. So, okay, that's helpful. Thank you.

Operator (participant)

Did you have a second question, or are we good on-

Anuradha Muralidharan (COO)

No, it was a two-part already.

Operator (participant)

Okay, great. Elyse, switch over here.

Elyse Kanner (Vice President and Equity Research Analyst)

Hi. Yes, this is Elyse Kanner from J.P. Morgan, on for Alexi Gogolev. My question was, is your raised free cash flow guidance more of a result of the potential monetization of New Expensify and the new, card interchange revenue recognition, plus your new travel feature, or is it all more due to cost optimization?

Ryan Schaffer (CFO)

Great question.

Anuradha Muralidharan (COO)

Yeah.

Ryan Schaffer (CFO)

I actually think it's a combination of both. When we issued guidance last quarter, you know, we're not, we're not very bombastic. We'll give you a very realistic view of how we feel at that point in time. More time has passed. You know, we're closer to the end of fiscal year 2024 than we were last quarter, and our views have updated a little bit, and that's why we're updating you all that we're raising the guidance a little bit. And it's a combination of the cost-cutting, but also the new products we have coming to the market.

Operator (participant)

Perfect. Aaron. Aaron Kimson is on the line.

Aaron Kimp (Vice President and Equity Research Analyst)

Hey, thanks so much. This is Aaron Kimpson from Citizens JMP. I wanna ask first on open source contractors. In 2023, you paid out over $8 million to open source contractors. As you progress with the ambitious product roadmap and with full-time heads coming down, maybe five heads, but it's almost 4% of your full-time heads, is it fair to assume you'll be relying more on the open source community going forward?

Ryan Schaffer (CFO)

Yeah.

Aaron Kimp (Vice President and Equity Research Analyst)

How has cost per job trended since you stopped... I think, Ryan, you talked about surge pricing on the 3Q call?

Ryan Schaffer (CFO)

Yeah.

Aaron Kimp (Vice President and Equity Research Analyst)

How has it come down since then?

Ryan Schaffer (CFO)

It's a great question. So the open source community is actually an incredible resource. It's-

Anuradha Muralidharan (COO)

Yeah

Ryan Schaffer (CFO)

... it's so great to work with them.

Anuradha Muralidharan (COO)

Absolutely.

Ryan Schaffer (CFO)

Super fast. It's basically, there's an unlimited amount of supply, and we just have to give them demand, and they, they kind of build it for us. It's really great. Now, we've talked about in the past that we were doing surge pricing in order to build the community up. At this point, we've reduced the rates which we, which we're paying out, and in this quarter, we saw more, more pull requests, so that's a metric I guess. Was more pull requests and less per pull request. So we actually got more done, and we paid less on average than we did. So those costs are coming down. It's part of the cost-cutting initiatives, but we haven't seen any decrease in output.

Anuradha Muralidharan (COO)

Yeah.

Aaron Kimp (Vice President and Equity Research Analyst)

Got it. That's great to hear. And then secondly, just a quick one, your largest shareholder owns about 15% of the outstanding shares. Obviously, he doesn't have meaningful voting power, given the share structure. Have you had any recent dialogue with this shareholder, and is it something you'd be open to doing?

Ryan Schaffer (CFO)

Hmm. I don't-

Anuradha Muralidharan (COO)

I mean, well, we talk with anyone.

Ryan Schaffer (CFO)

I don't think we talk about... Yeah.

Anuradha Muralidharan (COO)

Yeah.

Ryan Schaffer (CFO)

We talk to, you know, anyone that emails us, but, and also we have a whole chat room to talk to investors.

Anuradha Muralidharan (COO)

Yeah.

Ryan Schaffer (CFO)

But, I think that, we don't probably comment on individual-

Anuradha Muralidharan (COO)

Yeah

Ryan Schaffer (CFO)

... investors. I know that's not really the answer you want, but we know Steve well from when we were a private company, but we don't have any active dialogue with him at this point in time.

Anuradha Muralidharan (COO)

Yeah, anyone who wants to talk to us, just call us. You know?

Aaron Kimp (Vice President and Equity Research Analyst)

Understood. Thank you.

Operator (participant)

Great. Zachary Gunn, are you on the line still?

Speaker 9

I am, but I believe Matt asked all my questions, so we're good here.

Operator (participant)

Perfect.

Ryan Schaffer (CFO)

Synergies.

Anuradha Muralidharan (COO)

Easy.

Operator (participant)

Love it. Okay, last chance then. Do we have anybody from Loop Capital still? I think that's everybody that we have on the line.

Anuradha Muralidharan (COO)

Cool. Great.

Ryan Schaffer (CFO)

All right. Thank you all.

Tom Cullen (Co-Founder)

Tom Collum

Anuradha Muralidharan (COO)

Oh, great.

Ryan Schaffer (CFO)

Oh, great.

Tom Cullen (Co-Founder)

Yeah, I'm on from Eric Martinuzzi from Lake Street. Just a couple quick things. After reducing expenses last quarter, do you have a timeline on when you could see greater investment back into sales and marketing?

Ryan Schaffer (CFO)

Hmm.... It's a good question. I think that, right now we've been doing a lot of experimenting over the last couple years, and this year we're focused on, investing in what's been working.

David Barrett (Founder and CEO)

Yeah.

Ryan Schaffer (CFO)

I do think that, maybe towards the end of the year or next year we'll see an uptick in sales and marketing. But right now we're focused on getting the most out of the dollars we're deploying and doing what's worked versus more moonshot stuff, which is what we were doing in the past.

David Barrett (Founder and CEO)

Yeah, I think it's about doubling down on the winners right now.

Tom Cullen (Co-Founder)

Understood. Appreciate that. Couple other quick ones. Given the softer SMB market, have you made any pricing changes?

Ryan Schaffer (CFO)

No, we have not made any pricing changes. We are very excited about the new travel product, which brings in a transactional revenue, which is something we're obviously very excited about. There's a booking fee and also a rev share component, so we think that is going to be positive for the business. But in terms of our subscription pricing, no change.

Tom Cullen (Co-Founder)

Okay. And then this is kind of a combination question, but, do you still expect all the customers to be shifted over to the credit card program by year-end? And related, what was the churn in the quarter, and do you expect that to churn throughout the year?

Ryan Schaffer (CFO)

So, yes, we do expect to have the program, everyone on the new card program by the end of the year. That's a huge focus internally for us. And in terms of churn, we did see a little bit of churn, but just kind of the normal amount that a big component of the decrease in users is the decrease in activity in our existing user base, which we think is more macro and ultimately temporary. But, I mean, there is some element to churn.

David Barrett (Founder and CEO)

Sure.

Ryan Schaffer (CFO)

But also, we think that travel is one of the best tools we have to combat churn. It's a reason people cite when they do leave for a competitor. And now that we've announced this, we have a lot of interest, so we're very excited about it.

David Barrett (Founder and CEO)

Mm-hmm.

Tom Cullen (Co-Founder)

Appreciate that. Thanks very much.

Ryan Schaffer (CFO)

Thank you.

Operator (participant)

Aaron, did you have another question? Your hand came back up.

Aaron Kimp (Vice President and Equity Research Analyst)

No, all good. Thank you.

Operator (participant)

Okay. That is everybody that we've got then.

Ryan Schaffer (CFO)

All right. Thank you all. Again, apologies for those technical difficulties. You never know when a cup of coffee is gonna come splashing down on your laptop, but you know, we got through it. So thank you all for your time, and we'll talk to you next quarter. Oh, and also, check out the chat room. We've posted kind of a summary of everything we discussed here. We've been told that there is kind of an image over some of the slides. All those slides are in the chat room. It's exfy.com/roadmap or use the QR code in the slides. Also, all this information is on our IR website. So thank you all, and we'll see you next quarter.

David Barrett (Founder and CEO)

Great. Thanks, everyone.

Operator (participant)

Bye.