Season's Greetings! As 2023 draws to a close, we invite you to pause and reflect with us on a year of significant progress and partnership. Before you take your well-deserved break, let's revisit the milestones and memories that have shaped this year.

It was a year of remarkable growth.

We achieved so many new heights! Our user base expanded by 46% through a combination of new customers and increased adoption. We welcomed 9 new customers, growing our community by 42%. Our platform managed 585K+ trucking shifts, a 44% increase from last year. We imported 2.9M material transactions, an increase of 76%. Plus, the XBE team grew by 25%, now boasting 25 dedicated members, each contributing to our shared vision.

It was a year of industry changes and opportunities.

The year brought its unique challenges and opportunities for our customers. The rollout of funding from the IIJA Infrastructure Bill was uneven, but overall, it provided robust support. There was some relief from inflation, with stable liquid asphalt cement prices and lower diesel and natural gas costs. However, the rise in interest rates increased the cost of capital, impacting investment decisions. New Davis-Bacon rules, combined with shortages in skilled labor, drivers, and management, are ongoing and significant challenges. Amidst all this, the breakthroughs in artificial intelligence are fundamentally changing what's possible.

It was a year of active industry support.

Our involvement in the industry deepened significantly. We launched 'Hey NAPA', a free AI-powered expert for the asphalt industry that has been leveraged by over 1,000 community members. Plus, I had the honor of introducing 'Hey NAPA' as the keynote speaker at NAPA's Midyear Meeting in Kansas City. Our active participation in events across various states and in NAPA's Road Forward Initiative underlined our commitment to the industry. We also increased our engagement with the NRMCA.

It was a year of innovation.

The XBE platform benefited from innovations in all areas including:

• Scheduling and Resource Management: From the Minimap View of the Board to the WorkFrame and Enhanced Job Production Plan Schedule Change Form, we made large improvements to all aspects of the scheduling workflow.
• Trucking Management: Innovations like AlignUp! and Kathy brought automation and optimization to the forefront.
• Collaboration: We introduced newsletter and release note podcast feeds, meeting transcript summarization, and refined action item task management.
• Project Prophet: This new feature will revolutionize project profitability management, encompassing everything from multi-estimate management to automated bridge analysis. We're just getting started.
• Materials Management: We introduced portable material sites and enhanced material transaction management.
• Safety Management: Innovations in safety risk assessment and communication automation are signs of things to come.
• Davis-Bacon Compliance: New tools for managing prevailing wage settings and job site hours streamlined compliance.
• Time Sheet Management: Enhanced crew timesheet workflows and time sheet line items facilitated more efficient payroll and administration.
• Continuous Improvement: Automatic incident net impact calculations and incident summarization reports enhanced our platform's analytical capabilities.
• Platform Tools: 'Hey Kayla', our on-demand expert, and Quick Menu 2.0 were among the numerous changes we introduced to streamline the user experience.

We added 38 new inbound integrations and 32 new export formatters.

15 XBE team members made 7,447 contributions to the platform, maintaining our steady pace of development.

It was a year of vibrant community engagement.

Our commitment to sharing knowledge and fostering collaboration continued in 2023. From publishing helpful content on various industry-relevant topics to producing engaging and informative videos, we ensured that our customers stayed informed and empowered. Our Customer Scorecard Initiative helped structure our assessment of opportunities, and the Könstruction Calendar was a fun artistic expression inspired by the seasonality of the industry.

It was our best year yet, and next year will be even better.

As we look to 2024, we're excited about the return of the Horizon LIVE Conference in the fall, the adoption of Project Prophet, the introduction of new material manufacturing management features, the expansion of our safety management capabilities, and so much more. In addition, we look forward to leveraging our integration abilities to build many new inbound and outbound connections to make using XBE as seamless and efficient as possible. Finally, when the XBE customer community grows, we all benefit. We expect that 2024 will be our best growth year yet, and we greatly appreciate any and all referrals and references.

It's been a journey of collective achievement and resilience. Thank you for your trust and collaboration. Here's to another year of growth and success.

Warm regards,

Sean Devine
Founder & CEO, XBE