PaySign (PAYS) 26 Mar 242023 Q4 Earnings call transcript

Good afternoon. My name is Kevin, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the PaySign Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. The comments on today's call regarding PaySign's financial results will be on a GAAP basis unless otherwise noted. PaySign's earnings release was disseminated to the SEC earlier today and can be found on the Investor Relations section of our website, paysign.com, which includes reconciliations of non-GAAP measures to GAAP reported amounts.

performance. in remind in will everyone statements PaySign's forth I'd earnings include set regarding to like that future as more our detail release, forward-looking Additionally, today's call forward-looking Actual statements. performance materially could from differ these summarized Information about could filings. in end that the and PaySign's release recent at performance earnings affect of our the future factors is SEC

how and until to for Please see XXXX. a of replay XX, announcement replay. this Lastly, the call fourth access call full quarter June details earnings will on be available year PaySign's

pleasure now to It's ahead. the Mr. Mark to my turn call Newcomer, go over CEO. Please

Thank Mark everyone, thrilled joining to Kevin. President Officer. Executive Newcomer, full fourth thank we're our performance PaySign's you the for the and Chief you, for Good afternoon, discuss quarter Today, I'm earnings XXXX. call. and and year

is Joining our Baker, Officer. Chief Jeff me today Financial

Turner, our Lanford, full us today, Additionally, quarter XXXX and of be Chief the fourth Payments President we Q&A Matt Affordability joining will session. financial . Earlier results. also our for Patient Matt our announced year Officer, and

We with EBITDA. grow adjusted as net performance revenue, pleased our we and to continue income extremely are

Our fourth grew quarter a increase year-over-year. $XX.X robust million, XX% revenue to

increase year. XXX% $X.XX XXXX. year notably, $X For we $XX.X to $X.X $X.X Most revenue XX% increased Full also $X.XX in saw per $X.X our of or an million million per from at or to by prior net adjusted share growth the million. million the fully diluted income from million to in XX% year, full share saw diluted XXXX fully EBITDA

quarter from to we in $XX.X revenue million expect per and from expansion up the donor the XX% continue. million contributing continued XXXX to XXXX, QX Our XXXX. alone $X,XXX versus per $X,XXX $XX center increase a XX% compensation of revenue in strong performance, ongoing XXXX XXXX, center showed this average business QX of in plasma The fourth its in in

the XX collection lost were XX X centers sales In plasma centers. XXX We XX the onboarded remaining centers. XXXX, we XX companies. closures expanded and our of and were lost nonclient reach to to centers

of period retention. their in extended from and to plasma plasma donor on centers, acquisition an growth shift concentrating openings new to increasing clients center, center rapid yield new focus in per our Following XXXX, began

As a centers new in to are expecting XX we result, XX XXXX.

for Affordability pharmaceutical The programs engine the the year prior manufacturers. expectations XX a volume period increase Patient from marking This programs, significant for claims world's segment emerged with launch the has and even programs company largest net saw in Fourth year. the we higher XXXX. for quarter XXXX, volume year. segment the some XXX% XX as growth previous the active In XXXX over claims in we of same for new as XXX% rise launched with ended XXX% increased

from pipeline Our a improvement sales the range, prior in remains marked increased XXX-day to Patient years, robust. remained and our year-over-year. affordability revenue extremely XX- cycle XXX%

We to revenue affordability in at to continue grow rates expect patient triple-digit XXXX.

pharmacies retail or being filled a retail such high-cost are claims claims. for Medical mail drugs In which pharmacy office, to and typically or some as business. we drugs. that like drug volumes by doctor's claims as is context claim by include claims, physician-administered claims, be with our dispensed brick-and-mortar are Pharmacy patient a specialty which regarding would I originate and practice are biologics. work and affordability medical received terms, for pharmacy key indicator performance that infused simple additional add are stores from by claims can order our it submitted and corner hospital

of XXXX, all pursue us claims, in balance to categories. retail is as portfolio X long-term well-rounded gain increase or exclusivity. helping In mix we a lose approval diversify key we programs claims. of revenue addressing well-diversified A drugs build see to To the expect growth in an model, our

of These total a a mature X onboarded we programs. we affordability quarter, pharmaceutical of programs onboarding. portfolio successfully major oncology new X of consisting Of fourth patient are immediately transitioned manufacturer net the note, that the programs. During claims upon deliver

We X should program. and be for seamless have well-run client, programs It rely a importance to existing more error, our for is already out to they XXXX. difficult also of approach transition new-to-market transition is awarded of It program important sponsor to the detailed affordability patients us the a X by in program launched requires another far this as programs that noted are which patient more very launch the programs program programs, serviced program is vendor, X on that outnumbers with and additional a a an win. that comprehensive drugs. Transitioning utmost transition margin call and

able have been offered clients We the we our compelling so to that are change is willing provide value mid-program. are to solutions where pleased that

impact system to want recent On outage. the about had unprecedented and sector. claims affordability patient substantial consumers, of there moment clients February our an infrastructure. I to the take pharmaceutical leaving solution to a many the Healthcare and to health a to cyberattack and on payment prolonged talk a Change the for the disruptions was competitors, U.S. XX, This manufacturer their providers scrambling

XX result programs a and approximately additional we days, million X claims XXXX adding claims were able launch fallout, of our to and new from X the in less X substantial volume. manufacturers As secure to than revenue

other to our lead in that from as additional and manufacturers new XXXX to partners will current these and requests. We continue this are we field confident assist programs

to utilizes quickly payment not affordability purpose connections assure our network built us processor availability platform this other for impacted has connections event. our and to been continuity. processors like These multiple high platform, patient by multiple to redundant move Much enabled

Officer, which in Data Cosmo This [ President ] Camby recently of accelerating made on at believe a health and Science appointed Chief innovative the of solutions affordability promoted us the fintech Patient Camby position of Operations [ we of Vice number position succeeds here enable of years transitioned XX Operating ] experience leadership to years' Turner Patient better where executive forefront XX will in to sharpen to the of Director Officer, Affordability. segment, Matt our management new to his patient and space, Affordability enter the both PaySign. he to as formed the markets. affordability and care Lanford, assumed experience affordability Payments of of patient segment catapult our and new lead in his changes, Chief year, the who payments office. We Matt ecosystem, on growth leveraging newly patient Mr. PaySign's focus both our rely most fintech we of To the to of product project being President

in expertise, products new new and fintech Lanford's the be and opening of of the leadership Mr. guidance development markets. instrumental will

pleased XXXX we we are summary, results In growth. of reported strong with our as another year

to team believe continue on especially the bring and have our solutions We the are what assembled an truly pleased excellent to be to health industry. affordability continues affordability coupled forefront of we the mission with that with believe We we innovative of disruptive a segment acceptance to as our fintech patient portfolio gain the trajectory execute we in product ecosystem. care to patient

future. at we for Our plasma the grow foreseeable steady will this believe segment continues to pace, and continue a

many to us. that are our We for will invest services, our the opportunities of believe in well growing lie capitalize rapidly we on demand continue people I meet and ahead systems the to and positioned to

and Jeff, insight over more quarter for to year-end. for into you our financials the

Good Thank everyone. afternoon, you, Mark.

fourth since nice XXXX has Mark quarter, capping As business the closed as with Ever expected. plasma XXXX. was focus from our pre-COVID COVID, materialized solid off a we back thesis, what results a of that the exiting to investment was said, getting and

pharma we you patient that help committed markets telling investors were concentration thesis other also business. had been as We the with business also tell affordability our plasma has have that to materialized vertical attractive investing our in can that, as diversify I fast-growing financial expected. to Today, we such

was the and XXXX XX% total fourth XX% shift revenue in business expect we plasma mix business quarter year, the to same continue Our that XXXX. to period of compared in versus of last

more at gross average number to plasma total strong Looking gross center. dollars in spend per we cards, loads, plasma our and business, volume revenue of loaded the closely experienced growth

increased XX% Total gross volume Gross the revenue $X,XXX. number quarter, of center fourth loads to and the cards to X%, increased average dollars plasma per spend loaded increased X%. XX%. For increased

Fourth $XX.X XXX a during XX% centers. increased XX% with U.S. the plasma to the quarter, year-end. market share exiting quarter we year plasma and new net X equates million, centers This added to plasma revenues at

strategic the our partners As by to have plasma per a seen yield years. shift elevated as opening new compared centers Mark increasing financing rates center mentioned, previous XX we from the plasma remain to

this provide just in for moment reflects shift. I a The XXXX strategic will guidance that

Moving pharma patient to business. affordability our

we in first versus XX% the programs has XXXX, You in of already pharma XXXX. quarter, new of revenues XX during of year Mark into experienced programs have about revenue affordability XX talk an Fourth launched the continued period patient pharma same heard We X% last quarter the quarter $X.X million X were traction patient net year. launched total affordability programs new fourth exiting additional the in the and XXXX. with which

growth have XXXX. greater in make it to total up the a of patient continue With will we business, we in our experienced hyper pharma affordability revenue expect percentage

of we I our be tomorrow release available and the will previous XX-K last the in As in in fourth filing highlights of that period for year. the calls, quarter will with versus financial hit morning, details the same simply all XXXX provided press the

same million our margin quarter or was versus Fourth revenues first profit quarter during since increased total gross which expansion the margin in the XX.X% million seen business last period have profit we XXXX. pharma prepaid year, XXXX in which $X.X XX.X% the of marks quarter $XX.X XX.X%. for Gross exiting

XX.X% million. XX.X% to increasing SG&A quarter million operating for increased $X.X with to expenses total the $X.X

period during significant our versus past this this made to growth have investments over year same and XXX employees with of exiting year. employees year the XXX support continued We in IT business, last the

we benefit, of income the allowance valuation share of for $X.X year $XXX,XXX period $X.XX the share over per would quarter, the both Without an as on tax $X.X diluted the versus of been diluted last federal $X.XX the per million recorded a XX% fully $X.X released income or or during For related $X.XX million fully deferred taxes. year. a same We state to million quarter tax net benefit prior diluted posted have or share, increase fully period. versus this we our and per net assets

or period per the $X.XX last calculating which million amounts stock year-over-year share was for quarters back that in to adds EBITDA, XX% share EBITDA. million $X.X the equates $XX.X our share adjusted is in adjusted versus growth measure quarter year. share periods. non-GAAP both fourth a $X.XX same compensation The fully per The This for million was diluted diluted $X.X count a used or in per diluted to EBITDA both

quarter, of million increase but $X.X we complete in million almost $X.X the XXXX. year fourth any shares exited health repurchase company, did repurchases the the X unrestricted XXX,XXX year. a use over our with debt, to not did and $XX during Regarding year-end during million we share cash the We

Now turning guidance your attention XXXX. to for our initial

We XX%, revenues million of growth reflecting year-over-year expect million, revenue XX% total $XX.X plasma making and to to be up with range total between XX% Pharma the in XX% revenue. of $XX.X full least a patient to programs XXXX affordability is throughout to all programs receive XXXX. year-over-year expected pharma continue year new we to at benefit and for patient XXX% in grow as added pharma add of affordability

year Full

Gap] [Audio

investments be million. make this expected and between to compensation All depreciation $X.X $X million to $X amount, million between people be amortization, continue expected and million while technology. are in stock-based and $X.X to and is

$X.X cash million. Given interest interest current we our restricted generate large expect and income to to unrestricted rate the environment, $X.X of balances million and

consideration, the of million or $X.XX in we Taking or to $X.XX $X.XX $X million into range all in $X and to diluted per $X to $X million to income share to of be the factors the EBITDA of per $X.XX net to share. million expect diluted range adjusted above be

growth. we plasma of our $X For between million, largely refunds XX%, strong contribution be from quarter driven reflecting the Gross business. expect largely amortization approximately business, with the tax to seasonal million. patient the to of profit to first will in between by of revenue our be affordability reflects impact revenue $XX pharma be a are affordability offset increased expected expenses the patient to XX% projected $XX Operating to million our million to start and pharma our XXXX, be to required of support are affordability total $X.X This million, business. depreciation range with which an year $X.X on patient and investments margins

the be and million EBITDA to of expected $X.X in Adjusted million. $X.X is range

Kevin to that, the like answers. turn for would over With I and back to call question

Heckmann [Operator Instructions] question first Peter from Our D.A. Davidson. from is coming

you could there XXXX. you and Great explain talk program. maybe the guidance programs, of affordability And the the sizes and and to over to new isn't to results an dig good more then bit versus range last? you into how that some competitive you bit long made to they see strong a programs about little I average allowed for go you of a an advantages But the statistic kind takeaways do if that. average term, patient with that investor want of would how of competitive little could

long-winded that's Pete, a question.

So try the of answer programs to Number over board. let points. the me one, your all vary size the all can

with many, programs, not who have some and we program have have receive as we in and fees. do We not we them, management just place an some programs any policy, a just but claims co-pay may monthly insurance

top claims management get We quite claims. have number generating of every that some extensive an programs that of month are we on paid

So there unfortunately. I average, it wish is easy. that no was

me . more can too, color give if like to. you'd I Jeff, Yes. And here some

go Yes, ahead.

Yes.

I this of into the it's There going you look is right, previous year. isn't talk as metrics of of is worth and -- we plasma Unfortunately, think about of affordability plasma programs, kind like business, calls, kind much kind at on with kind a talked center last of average. about on -- So drugs. one just we've back the how

thousands that hundreds up orphan have need could can and in month. with and an drug. a people that's end may you like country you XX Those then to [indiscernible] like state And something have tens drug, a right? a a claims Humira, that You blockbuster rare that right, disease with drug, do of the of drug have

of, an average what hey, looks example not here's program really an there's like. So

I one help kind a of think at versus profitability Does of kind do of of look fees what's when one we that the that's there? with evaluate admin -- we business, that is the versus long-term kind transactionally the based. program more based more

that does. Yes,

of the the you half there? And kind can second of rephrase question

of of remember you then these that expect average? from talk just talk some about be And programs I terms to think through And or to and rolling trying how off older to the about Sure. X then the programs were term. kind Can replace years. X we should others? you some having

. that. take I'll

Okay.

that. me Let get

that lost say, typically the the a if evergreen program year, during to beyond for have contracts years have that. year of stub they after then Pete, come period that will these we So most terms full -- a and with in those are they'll it's it's honestly not a wood. a I one and on we had knock were that yet, they program competition The because far between. decided only longer drug is that -- generic. to I no provider a slim and But their think are far going offer co-pay program went

anything So it's else. like

you and a then and If And year, going be business for day job they're you. do won't here. every a relationships for stay And your continue to good earn every we you if don't, hopefully, partners, time. those we'll long with their they

Health some you . a whether Care of the about a partners proprietary then any Change that bit Can take Got talk worked did of follow-up, But breach little it. was I'll security you more And that, in ramifications. it. back how or I around Got the note queue. that get network? and

you that? want do take Matt, to

Yes.

we going in really there. good the of that kind So space To in connections. out knowledge, processor were the vendor we had position are a X the our only door

go clients in had had were new get also leverage than and that between programs paid business of We've of over. very kind people that able a hard could we existing an that spades to lot really network had company, us off very a for quickly. to really we these develop stand split with and up their to onboard them and because better we to able another other to we here processors So have, client partnerships diverse be worked

set we Do the While floundering, over? go walk vendor this " lack "Hey, and their better say, business get able current for can door way to a up want was it, kind of we move of up, put quick. to get just we in to set you the were

very side new then was working were disruption the those We did that side, of the over and we kind the fairly us minimal. quickly, on had yes, On wins in. that business programs few So we chain over small. immediately started for came programs a our transitioned have all on

but disruption us, for there, So minimal. the was again, very

coming Research. Prestopino Next from question is Gary Barrington from

they the you're what very just business, us in patient give Could through mean on of I'm affordability a fuzzy it, you this this they you this voucher doing? example office kind on put maybe an walk just and kind actual because give of prescription you -- pharmacy? in through and simply then some still process how you Can start I does of could doctor's where works? it

Yes.

does we on co-pay the to You example hey, "Hey, help to you need ADHD. at kind the of time or variance initiate is ADD, is at not they a kind a going gets be the retail as again, I'd They . Retail thing, written buy give of to that's That drug a people a for it like your the like drug there drug drug, have Humira, else." whether or office. by drug put prescription happens Enbrel, And of may the right? arthritis So There's down have always bit to little at STELARA, because order. same it's So like prescription expensive written doctor's say, a written. office SKYRIZI, is retail you specialty the often shipped instead Vyvanse kid back drug mail Mark's whatever a is drug, going amount. to there's insurance your rheumatoid right? coupon very comments, specialty doctor's this because

pharmacist there's but coupon know out does. the a don't probably You there,

in pull coupon immediately take when or sure through pharmacy go into the scripts, the the down. prescription they you it comes So and

your insurance offsets copayments. it so And

associated right, of it -- on a deductible, programs this all of remove portion the financial drugs. accessing It assistance $X,XXX. financial barriers But had patients That's you gain $X,XXX the depending for on may the to with on #X and if goal patients So to therapy. for, the it. expensive be is barriers is and thing we pay remaining may solve co-pay program, ultimate a stay

Okay.

this they that sell doctor's and the typical a used just they of prescription my for a at or specialty drugs, leave, have say, the a wife of are of this let's So prescription samples Merck, pharmaceuticals ago, Is would to I'm these years would way office. the going? leave quoting place be doctors, normal taking prescription where to kind drugs, it sense in that now drugs track better because

yes ADHD go and you side. of there's running drugs dangerous because doctor's a to large So to The interestingly where it II genesis no. back was sample XP back driving history carton very this was back of sales drug. have And II all it on in Schedule program a for a in with PaySign's up pretty office. started their popping cars a the And if of to sample enough, days, rep around the full Schedule was the

Act now other and to have and Affordable of we these of Americans in -- everybody be down pocket start get not . Then And essentially out deductibles everybody, out, and to they kind now hey, II Care Schedule able health to the came needed and but them. have co-pays of insurance can people everybody to cost good gets started then with chunk well, a passed buying maximums. they the utilize the So who the areas. network of out oh, the pharmacy cards figure drugs hands in

that. coupons And started utilizing to so offset they

pills and replaced, of doctor's type be most it but co-pay of sample lines. of right? fill co-pay less what are the probably out than samples or over because $XX the a driving there at pill say There If are packaging first voucher which the all and common or which or out a to may those $X, have something there, it been type product. office, XX% examples available XX% be cost a some a And would we along right? program, leave you it's where the programs of mainly expense, producing call like not would sample products, I is a the you're for capsule the in specific

the -- that to for have product. $XXX if that to $XXX, you If you're drug going pay pharmacy is then

So there. there's a cost differentiator

the referring would a So that in portion do in to market. run that's is samples vouchers, we you're voucher first the which But is why we replace what fill. call several are much scenario, designed sample what smaller programs to of

Okay.

in you at potential If size can great you revenue.? the us look market, terms the of for market

Yes.

drug, let think say of going Jeff my I I past, drug every but patient want to to Jeff kind new-to-market initial one. every in Mark the is weigh kind this a in getting getting can that So new and to program. I going market almost commentary drug, would to every, to discussed affordability here before I'm that every to of that be don't answer we've have But new-to-market some -- say and almost

So XXX if the new XXX chance XXXX, drugs every to FDA coming programs that pretty year. in good that's market. approves grows And

mean, I here for So let number jump on far as -- a they and size, I'll number a in the I know answer have but and it, if that Mark can we and you. put don't see Jeff as

how the that there. It's it's and business the to we market, We're complicated whatever. the because drug know TAM the offer We be other of doing the services is. really from they other a Gary, it, plasma that like on competitors bigger kind don't market we're of claims winning or market services processing than we know or big do where side focused marketing don't. drug may payment getting that

on just -- payments is. we basis the stand-alone bigger is as to is what a the claims around is the now that Hard what right than side which TAM, patient we plasma do guess So XXX million. and it know affordability

Thalmann. Our Jon Ladenburg Instructions] is next coming from question [Operator from Hickman

changed guys. there Good who competition if I the the bit could centers? the about from wondering run year. Has anything was a talk -- little refocus I could with guys the you just quarter, in side. the nice plasma

bring and really in is mean on people we seen what year, we course over this of -- I of the have that cost approach so. past -- We've seen we've efficiencies going we've a space just there their -- days, the was an lot years centers to a believe operating more where money manner. drive plasma going the more to of past and out seen are is don't the lot in increase. of I that Not. new to Rather in would center than take way try the they building. like

I think what there. is the and from seen focus . we've away centers. trying their think to existing towards of improve efficiencies that on moving of And that's I kind going

add the And Jon... on, other

not Jon, I'd also, are add I'm any companies. to that These mean, public I mentioning names.

You can yield the there company CEO, with new by out per There's past donation. go technology installing your costs within yields. improve a reduce improve hired to who's But CEO public own do research. XX% another and year the new company recently plan one to a

to So minds today. that be seems the -- of the plasma on companies the

same that are talked the competition, of saw a people the as handful in bank been There's the past, hasn't there. but no really come out a We We've There's we suspects seen real out competitive change changed. bank It's and usual in about of They've far a As before. and perspective. it people. from leave. us new in. it one

from is question follow-up Prestopino Research. a Barrington Gary Next from

for the quick then and year What and QX year-over-year? would Yes. claims the and -- growth it QX? enough. -- and write was be down of the in full Mark, that processed to amount you couldn't And claims mentioned for I then

Yes.

-- XXX% ], talking was me [ just XXXX, saw And growth. let it we you're -- for I'm Jon clarify. quarter-over-quarter QX, For sorry,

right? Gary. You're talking Sorry, claims,

[indiscernible] a Affordability business, would claim. you have That's right? where

was for whole trying what at, raw So you I'm that to process year? number what get What the the the was growth?

number year. gave raw of don't XXX% fourth gave in And quarter gave for claim I volume believe We we fourth the 'XX 'XX. XXXX. quarter rise claim of from volume rise entire XXX% the to we for a

That's would here good you're I enough question here. growth have good is guess Okay. the showing really some growth. I

obviously competitors Why You are you market. the have winning? in

very acceptance were those of received that products we're continue we're same a here lot that this having the There's I doing in I the I an some But foray excitement just some from we're sorry, that a we've bit lot a perspective, some look, of plasma Matt go stagnant. think, And exact came into lot their in some was -- players. of And tried because innovative really, I'll let the not And become the gone I going my of like this. much address believe to did from involved it's we up clients. people providers in what And think see fresh of When well. winning -- we market there, the new believe of existing leaves we We've are and make into offers and ahead. a disruptive care I our market. taking anything got products. a to the our future. whole space. that is with wasn't put it's space. believe some opening. I'm There this of always changes, to

Yes.

other had at we point had pretty that conference A offerings diversify to in well, everything. the I down and and add kind I to watered attempted asked, in to have So an think they players space important. I the and need, time We week, that. a were lot client established insert to very experts here were talking and name about a on we of hour this as very bringing And the same need. specific come to have about specific of want their the in up just guys came were that a you've spent is something the you tell we thinking pitch in we at competitor, us, last of you and

try all to love need came sell. then the talking spent in They and of and to us they'd the X about minutes stuff about tell

has the when in has Change have affordability incredibly It a If and of expertise the purpose. all trying and like clients brands We big the marketing of in. And XX% these that we're sometimes buy program. another saw, we're the niche But said Everybody you'll Health serve come hangs now, but have like we market now is look saw deliverables offering to specific that stronger them out onboard overnight. look return make provider issues. we're stuff balance a little in company better you happened, they a big box that no go in and the quickly notice we campaign or immediately it their is a that theme up sell the a of had of box look, revenue it things with wants that in left. things but kind expertise the something at that that sorts themselves that. because to loss market And to to when a selling get to was move they're Care happens, has address can other to all stores

And clients on the offerings. that accumulators technological about brought the then talked stuff vendors to weren't and do. the other that space Mark millions we're to and processors dollars some maximizers able identify at to tens our our save in We of doing disruptive of

now certainly door So took us the a now sole And manufacturers demonstrate getting the at into us business has something last with we, it have and size. a in been to more starting expertise we've X looked of and focus us, again, for probably and some they're fresh way. in results to would past our led not dove move for quarters an our the because able over to us this look, because is that

pricing whole go we'd there -- event ahead And a transparency, we'll huge like to bit, previous address that and also was huge a pricing talk just So we is which the to a little yes, doing not space. lot that, add I us to brought transparency. of let's Matt, fact a this also, think

As of people just a a there misled. matter was being of fact, lot

akin of that about believe think it's businesses. black mentioned And interchange box. a I us that to to opened this So Jeff, up you black type. kind this the new box earlier, bit I take has for some it

Okay. I thing is moat to ask a was mean the technological one going I there here.

time middlemen yes heard go of developing, prices in are of you I about maybe system what and that You've you're identifying I've that accumulators also this maximizers. mean but are talked then these just higher? the is the making kind this. the said with first Are

is... what asking me mind don't you if So

very a it's on certainly into don't mean what of leave we've is and a we I it's algorithms we've -- I'll at call, in-house, this call we something technology get around -- can of most the is very It time it and we a and get that done discuss. think complex. that. to tough developed on And kind based but developed I That's have

Okay.

So there. a moat technological there there's .

Absolutely.

the We back reached turn over of the further closing I'd to comments. floor end session. like or Mark question-and-answer to for our

all hard work A Thank exciting much, year. support looking believe out our be I'd you a year XXXX that I have to throughout very they've for and us PaySign, will for very joining call. on Thank thank exhibited everyone the that all of special our to a forward everybody you, thank and updating Kevin. and for next the to today. great like the goes employees Board and we're day.

you. conclude does and Thank That today's teleconference webcast.

time, today. your have You day. you your wonderful this participation a may line We at disconnect and thank for