Priority Technology (PRTH) 11 May 232023 Q1 Earnings call transcript

Good morning, and welcome to the Priority Technology Holdings First Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Chris Kettman.

Good morning, and thank you for joining us. Tom Holdings; and Financial and are of Executive Officer. today Technology Priority Tim me Priore, Chief Chairman Officer With O’Leary, Chief

information, remind cause which statements. in involve Before a future would number our update of to revise comments prepared forward-looking forward-looking result our uncertainties or a to will all that differ and filings. provide to of from as detailed encourage various new filings, or undertakes may today of no obligation statements, these we we a events statements, our results the to participants The forward-looking We remarks, our include company risks otherwise. the that actual give whether like review and I you discussion materially risk SEC factors

refer appropriate non-GAAP to, press in can Reconciliations section of our but not may in the adjusted during liquidity we of and GAAP SEC release the performance Investors our and including to measures the website. limited EBITDA measures, to measures our call. filings and available EBITDA found Additionally, be non-GAAP

turn I call like to and the Priore. that, With Chairman over to CEO, Tom would our

Thank you, us earnings our joining everyone Chris, to XXXX quarter and for call. first for thanks

I’d like about walking you through highlight our financial business some key Before takeaways trends. to results, current

First, the we has note. began when to and toward a we been reporting accelerate QX March, March, full Even on business year ended activity better, earnings end substantially performing the our noted back in trends. consistent with quarter the high of

and and payments. in BXB grow to Enterprise generated SMB market excellent continue share results acquiring We in both

were priority forward strength vision to and the the benefit pullback. recent higher banking, rates the and to response committed convergence that macroeconomic While and of from of positioned business banking conditions to back payments other remain companies in pulling countercyclical lines the aggressively macroeconomic were turmoil, interest on our for we our uncertain driving

to we In expansion to a Second, strengthen position for growth from margin so, we outperform continue market doing and our the continue our perspective. competitive future. both peers,

we remains Importantly, the our performance second quarter. first quarter what on similar trajectory saw in to a

collect, year our marketplace, Last, providers Service and and Passport, in as and last be in banks a money Banking a the that the demonstrate Banking adoption that continues of underfunded and sizes. pressure commerce confidence partner to our combining decision featured will believe as is send to fintechs and in have pace come to API investment new payments current as in rewarded Priority results environment, well a especially continues businesses and full of among going drive somewhat accelerate a our to We unified under store crisis all thrive dislocated forward. built the Passport of numbers Service

numbers. that the a backdrop, With let’s as into dig

As very year. start in you the we our continued a to with saw impressive momentum our earnings positive release,

Our first prior in increase adjusted increased quarter record to to a improvement led EBITDA million. revenue XX% gross $XXX year the XX% million. a This $XX.X XX% in from and organically $XX.X a million to adjusted profit to

purpose-built our quarter, basis margin XX.X% the points platform. gross the leverage from prior of Adjusted operating year of XX increased demonstrating

trends noted that business anticipate and performance I will As channels strong earlier, established in we quarter first our continue. our

full million As to $XXX consistent and million projecting for $XXX confident year million deliver line bottom we of to to in EBITDA line of top ability XXXX. adjusted such, double-digit revenue remain growth, and $XXX million our the $XXX

payment combining architecture to to serve. unified highlights and to those purpose-built Slide our Priority, monetize are the and is networks the platform, money, of commerce robust X collect, send new merchant functionality banking who For we you of store proprietary which

demands be and of in critical distribute belief and that flow environments greater continue to multiparty conditions, payment and on systems combining combined funds growing both payments base, customer put cash to solution Our software with banking will our features market accelerate as current providers. businesses reinforce

to POS customer move simple adopting that’s for Enterprise or their experience to and They business, simply Priority FI the possible. market our CPX committed API. making partners, Merchant operator that via business tools can choose the customers’ an Partners or begin an for growing suite, working middle payables, a select as meeting small from financial with MX Passport their the best our We’re us as connecting whether automated fits choosing simplifying by the needs partner to fit money. demands our application that

customers. stay to needs our payment evolving technology our and continue innovating commerce of on edge meet suite by of services We the of the SaaS payment to cutting Passport engine

this, have have and channels. of MX program managers sales from in direct Merchant our XXX we activating As quarter the terminals XX deployed nearly Passport new alone, first evidence on POS

the MX the we’ve out third resellers also we’ll XX to During rolling distributor our POS program be early Merchant that quarter, signed quarter. in

issuing in of initiate checking, Importantly, to across and as tools Service like Banking of of QX the tools we’re and on our beginning track card instant funding, the end other channels. QX a financial debit rollout

the that this to At hand for upcoming year. the level provide along to guidance our inform who further over our performance I’d Tim quarter, segment with will first during into trends current it insight like point, in each

Thank you, Tom, and good everyone. morning,

results, the refer supplemental slides for I MD&A review the results, As details. level further segment including contribution financial to quarter to consolidated or the please first the the

SEC website. A of in Form discussion on included a our with filed XX-Q that first be and found comparative to was also link can the our morning filing provides quarter the is this MD&A that Our results.

segment ability to in won’t demonstrates mentioned, market XXXX it the conditions. the varying spoke of I saw I financial few first I a But segments, consolidated the reiterate level results, of of to in a financial we Tom driven want first As as results the about. was quarter by performance provide before perform which already mix do business go Priority Tom for quarter. diverse strong the our key that to into other metrics highlights the the relates

XXX in to segments and $XX.X million volume growth For all the transactions. in billion to growth XX.X% roughly across XX% quarter, we count transaction had dollar bankcard bankcard

other in of quarter debit include payments for total quarter XXXX. and from consolidated of is Again, for ACH volumes, all $XX.X first are the was which the billion, the the volume $XX.X those business. you metrics up XX% If billion

go on the results now detail into for I’ll business the quarter. segments first each more of

Let’s start with X. payments SMB on Slide

had dollar organic of of to over combination first SMB quarter, was growth million million, transactions. year’s a bankcard approximately $XXX growth increase first billion XX% the and count $XX.X a the prior revenue in by segment in XXX.X strong the million driven to which For XX% was quarter. or bankcard volume This a revenue X% growth $XX transaction

higher just the XXXX. than We during which XXX,XXX quarter, of merchants almost averaged QX under is X%

over grew where averaged quarter first in a quarter. of The strong as certain almost March. year. of the over X,XXX new merchants per X% an by compares resellers trends the of average quarter X,XXX X,XXX prior finished ending and of XXX,XXX our monthly throughout driven an of measures, to all base closing under a the month boarding merchant average to with in those result merchant That we just growth number month in from XXXX still the just of boards be over per XXXX. Despite for However, the continues count just inactive accounts merchant

and impacted gross the incentives increased benefited the on was other Continuing profit quarterly year-over-year gross recognition of of X% of recognizing related timing XXXX $XX.X by fees the year. gross and or page more than P&L even was for profitability. better to the by the underlying quarter. improvement with when the and margin that $X.X QX on QX down negatively SMB profit million performance to certain moving million the The comparative period next this Adjusted focus

rates. and saw we reseller If to point combination driven basis those attracting you by quarters decline of our approximate normalize is higher growing for the with net be a differences, consistent of gross in an XXXX, prior margins also while impact faster in at pace, of which a larger partners QX continues XX commission

represents for from SMB. profit X% $XX decline Quarterly negatively Consistent on quarter. of comments operating Lastly, certain quarterly a gross impacted comparative million the year’s on basis operating first year-over-year prior timing with recognition. was the income of profit, by fee my the a

with million had decline headcount operating as quarter. income operating the gross of profit, expenses, first were quarter combined $XXX,XXX in it the which to in in $X.X increase addition, compared In When for the resulted higher related last a year. $X mostly million

first year on I context, million a we’ve know QX wind of customer. this but impact about year. calls, last to This Managed spoken some decrease year. a payments. this revenue additional BXB from to to the few $X.X programs from million a had of last down to provide Revenue Services earnings prior down XX% the of previously in wind final largely result $X.X the was decrease quarter the of in Moving was the of just Managed due from QX certain the revenue the reduction discussed Services on with over large

late termination but that saw $XXX,XXX headwind the result a time successive XXXX, a standpoint, period in recognized XXXX. will certain CPX QX impact lessen decrease the with Separately, from of as fees timing that each this the year. revenue will business in Given wind have same an comparison over a quarter down year-over-year similar in of contract

growth in that for volume normalize X.X% up in was and modestly issuing in you with X.X% QX volume. If the ACH growth item, CPX business

the an adjusted during Services as profit as respect million With gross expectation CPX margin earnings lower But quarter Services as declined wind increased result on rolled margin Managed by last to over gross business. business our profitability down. of the behind adjusted off, percentage points XX, profit call, as the indicated Slide Managed XX BXB’s the $X higher-margin leaving a to on we the

as the lower by quarter, BXB For stable operating gross but the had remained an impacted $XXX,XXX loss operating expenses of segment were profit. the

QX $XX.X Enterprise QX $XX.X rising number next an first from rates in $XX page. as The increase in the or of and and deposit growth favorable was the million clients, on themes of continued balances enrollments monthly XX% contributed XXXX. almost in the segment to benefit quarter past strong of to quarters build revenue the of several the have from trends revenue all interest the Moving increase of in growth. new million million [ph]

As by profit $XX.X segment next outpacing the as segment margins for expanded for growth XX% Enterprise to profit shown benefited quarter. adjusted exemplified from gross the revenue the significantly on by to income while profit the for gross million, XX.X%. Enterprise slide, growth adjusted operating Operating increased leverage also

alternatives, benefits revenue increasing we Given about very bring of in Priority and the as its we Service end remain Passport earnings optimistic a Banking the for our as and broader and offering and opportunities really environment segment markets. more the the Enterprise and the to inherent throughout market better need clients

and increase are Page of million $XX.X just expenses the year. on XX% prior XX from under for totaled shown the quarter, Operating an

and impact resulting and continued also position this business in the in was prior expenses increased XXXX, technology calls, As growth discussed personnel our on to throughout support change investments of for by us driven top-line growth. the from

Salaries XXX to with the was of growover largely the of $XX.X salaries the increase during XXX beginning benefits want QX XXX and benefits. typically QX to of certain last year of of are finished $XX.X increased just the at during along quarter, a modest also million made in that including from this year, million as higher fiscal XX% of the in approximately $XX.X result at a compensation expenses and of at and wage XXX and employees, hires XXXX. highlight year including increases from and I benefits XXXX end was and from QX expense million the QX result which that approximately under of fourth the with in end India, stock is compared QX headcount XXXX. We

year, the operating the expense base. in technology leveraging of balance remain and we focused date manage to made investments the team to our on For the

our throughout QX growth. XXXX. $X.X SG&A comments increased efficiencies. of we in in continue to level the quarters business and my drive following benefits, that salaries of of will structure investment focus consistent continued to on expansion XX% $X.X with million Again, drove million on operating from But cost

the and Depreciation was levels. comparable $XX quarter for amortization with modestly the of last increased consistent quarter QX million and from year

of rising $XX.X QX an debt. levels QX XXXX the slide. nature was as the million expense and was existing $XX.X next increase Adjusted slide. rate of was Working for Interest the of EBITDA of million EBITDA the quarter increase of environment which a from the quarter result an floating the $XX.X XX.X% $X.X million our of from to of XXXX. million, this in impact interest down the on walk for Moving rate

place in detailed rate as call, our I However, for hedge we have interest earnings the last generate the we on on income natural deposits. debt floating the a given

our it XXXX, covered At covered the deposit the the about debt balances of quarter. debt. natural end of of XXX% QX, the that But grew end as of at the XX% hedge throughout

The QX the our of at compensation adjusted expenses. the to rate of $XXX,XXX floating preferred the approximately covered million nonrecurring XX% If stock EBITDA you hedge $X.X include adjustments of floating natural rate of end include liabilities. or consisting QX for of our about component noncash at other of certain adjustments, stock, arrive and further noncash expense

While million months end ending not $XXX.X XX we had of on or and last the listed $X the of XXXX LTM for million of XX, at on adjusted of page, growth million of the represents March $XXX.X March from the million EBITDA growth XXXX. $XX since period

outstanding debt the to XX. Moving on slide Page

to from and of with $XXX.X at million quarter the decline, gross XXXX. continued end finished have is levels down $XXX.X we debt which million of the Our debt,

$XX.X From of down of $X.X credit facility the $XX.X had balance liquidity million $XXX.X unrestricted at on quarter sheet Our to net capacity in cash revolving we borrowing debt addition million of our under XXXX. by end balance compared million million standpoint, is the end. the at a to of

on On $XXX.X the net costs. $XX.X preferred totaled and sheet million discounts Slide at XX balance XX, and of issuance unaccreted million March stock our of is

the in This is of first discounts million with $X.X $X.X million paid on our a The of component. over is dividend issuance just preferred million cash of supplemented of $XXX,XXX. of income quarter and PIK and $XX.X costs comprised statement accretion

to the for call and to back Tom, XXXX. full over want the year adjusted a EBITDA turning to take reaffirm Before revenue our I minute guidance

to range range XX%, million growth year. for full our million $XXX in a $XXX result XX% million year release, adjusted XX% a noted to million will we growth in forecast revenue $XXX to As $XXX which and XX% of continue the EBITDA earnings for to to of the in to of

back turn for now call to his I’ll over comments. Tom that, With closing the

Thank you, Tim.

others attributes set we few wanted meaningful to review, Priority the QX sector. will more continue payment As of from fintech a to wrap up in and reinforce the I our that apart

as a and platform software our perform efficiency performance and First, challenging built support environments. our for that assets demonstrates economic payment of we portfolio can a are in diverse

built Second, with drive our functions any, the lean, convergence investment. will stack banking of with above-market for is payments technology growth focused future minimal, accelerating the if and that

Twitter’s perhaps in revenue new of from Our to question recently financial into modern our emerging partnership function Meshing might you will business are Apple positioned veracity its products Apple the view, and announced to Goldman models. capture Sachs inevitably commerce to be to and this are name a intention deliver embed banking to sources consider between in commercial stakes there banking payments those or payments Card embedded that banking network and users, If the services of reported sector. functionalities few. and table banking

this and and and clear customer Last, to trends work continues day-in strategy informed we unwavering it ethic our at expect. and we’re the our I commitment evolving an statement vision. believe vision and that is will deliver support should is operational operationalize shareholders that of and forefront mean long-term service to our We by the to day-out. technology, passion beyond What to sales, value organization effort and results be dedicated of the that have deliver teams, personnel execute

today’s the our We Operator, call participate to appreciate now like you ongoing taking we’d support call and investors and of all questions. time analysts. to the open for the in

first The of is Partners. Kinstlinger Alliance Instructions] Global [Operator Brian question from

up and a compared your consumer low roughly from dollar how as volumes verticals light are we’ve and really transaction other you which that the the those Can guys, percentage in other is of morning questions of for good revenue of numbers, percentage economy especially taking remind nicely thanks held numbers. payments. I think my verticals? to us retail, Transaction solid of companies. have Hi performing for in consumer seen volumes Then relatively

about you’re clarify SIC retail just So, codes the acquiring in specifically and your to question, speaking SMB the space?

Correct.

certainly got boards from, can it, X,XXXs verticals, increased our gauge high in overall Brian, our There’s in you call with no kind retail. really has have it, from it. across consistently as to merchant of volume year-over-year Got consistent. X,XXX. over The performance. drop up results, been new now been It’s line our

continued our We’re also If activities. partner our XXXX, some share diversify the of market sales in we in channels. did increased we’ve we’ve reselling just acquisitions space. the anything, earlier to acquiring winning With direct

has been noted. in SMB arena relative can little the So give drill the the catalyst continued specifics mean, you that peers. really our growth consistency for share – going a to the we’re you codes market our Tim into I to bit of just SIC down on

retail. in of compared kind QX broader care, this obviously legal as retail if into there’s volumes goes consumer year services, of I Brian, look up or types Yes, versus year XX%. QX retail just of health were just trade more at that we other to of services over last what But straight categorize

Wow. your is What revenue retail? percentage of consumer

That – retail volume. under XX% – it’s the of just only is that same categorization

merchant I Great, to on want the XX%. and then your acquiring. follow-up comment on

you You report clear mentioned aren’t per customers? but all? each the customers? I’m have many the quarter. merchants, total $X,XXX about last ones so sizable adds to why you’ve been per consistently XX,XXX Are quarter, started this quarter I churn? you these Are generally the Are quarter nonactive, net it been closing the do quarters. some merchants XX,XXX on For nonactive talk to for this on they adding review, But nonactive? if based at sometimes leave, customers Can that they quarter small around

competitive have would There’s our Yes, there’s single diverse. the I customers even mean, is in SMB our approaching so some marketplace, some we’ll of look, X% so exceedingly volume, overall, processing But to – high-volume that – it’s a come close lose not obviously, a we customers. book merchant space.

tenths our percentage or the you’re hundredths merchants of are talking most in volume. of there So – a

revenue an wood, clear the We if tend – muted us leave The merchants kind and from large individual that can attrition not on range tend impact volume you that are indicates the a our out static at to if leave. don’t merchant tend So a look the you dead basis, leaving. will. a standpoint of look, of pool in is lower to to on to consistently it’s who is XX%, merchants And processing what you and and basis.

because And their run our we find to rely they on business. technology that’s

don’t not small We’re merchants. after We provider. terminal chase a

you are that segment indicates, are typically than higher doing on merchant merchants small – than we rate Our those is just merchants at what and historically, U.S. alone, more merchants less nearly volume use necessarily $XX,XXX which that $XX,XXX. the a the don’t twice $XX,XXX very was of because processing end month found a don’t And the of they the small as will month, processing in that Statistically, merchants they much. leave value it are that they’re technology bankcard

or to to important for penny the seems be So they’ll pure here and there price. just leave them,

distribution to from So we channels tend our that. focus away

I think you’ve talk heard about us this.

with very we ISVs relationship long our prove that Priority the focused give making little a networks. with in We’re on is to takes painstaking game them winner. resellers, really more maximize detail, their out it consultative our tools a with merchant stats that that while The

hopefully to, those that it you how one, what’s as some insight gives – So driving we and think results. about

the Great. you if I’m wondering growth side. been great. break Switching the help down – gears has to Enterprise can

driving fees that the versus are existing maybe new revenue growth So rates? down customers higher break interest more more logos versus spending between or

that start first. end the Yes, back can of I on maybe

quarter the kind new Enterprise we also from deposit in think right? growth board quarter, well new and balances the the offering. the managers historically, nice XX balances throughout deposit interest the Tom in – of but the the you right? Enterprise program Passport saw came benefits on with You balances, That with during as the business traditional we’ve mention Passport, rates if heard in growth So obviously, deposit had about

had million rates $X.X effect So the and deposit $X That million of last year. compares quarter. we all of of the of in combined balances, interest income interest to

environment means [ph] with given So of the balance the what asset sits you can this activities. that interest start to extrapolate where for rate the year,

maybe question. then commenting the and Yes, other of components on your

impact were recall logos. you may some able Passport, full that mentioned fallout – when about we have of earnings, new and the the to how from we talking SVB’s onboard quickly year in We

portion also a But The of is say, you me on timeline. some growth give certainly, XX%. existing of from probably So customers let’s a that. from year-over-year on the – kind basis growth we’ve seen, is a let

So…

Great. for Thank you the… color on that

I’ll XXXX from – QX say levels. levels And about to Yes. as that think present so that

companies I’ve M&A. normally, Last on Okay. question get ask Great. companies got. – questions Normally

As about an delever. last your I taken is potentially opportunities to divest Priority? Is understand, to that trying strategic asset to think the Is opportunity with now all? right that delever businesses is of it to – you’ve Just years, really? times not something there several at to base at

the built engine provide customers were and business segments, applications there MX detail. certainly, at right? Passport CFTPay money devoted you vertical, is, the in POS segment and – we in payment And serve at those to CPX send look, business as to suite right? fintech API to the just – segments with BXB Well, in to segment. look and store MX we’ve If SMB, financials then, Passport, in collect of Merchant our level Merchant, Enterprise a purposely the course, single

operates So without each are deconstructing business. segments business the that engine the of those detachable

operate we compete with to they So those of find that segments we what’s not intrinsic may segments in we’re may always and offer of and value the tools that folks considerate those that have. some

that levels – that, even to way that of, considerate of say makes of that’s something of we and think enable either And an always are sense asset we portion that the of a to built or we I’ll thinking. an business see divest to So we’re asset. divest if

to it out if it that we and to makes do redeploy use returns. higher we We’re reduce figure yes, debt going capital to money want would a portion that sense, then to to and probably where it of

much Thanks Great. guys. so

Brain. Yes. Thanks,

CGI. Johnson Please [Operator Taylor Instructions] The go [ph] next question ahead. is from of

investments. Meanwhile, some moving thank Good for competitors the economy. you and that I of question. my guys you mentioned morning you know with are retrenching forward taking light guys are in

to what any I’m competitors wondering some is share So those if landscape of like. opportunities take that new and seeing just you’re from

has our lot payment the been segment If there’s probably that the look, the years. is BXB most we around – BXB. – Yes, the enthusiasm sector past are. The of space attention in gotten obviously a

And bottom companies to and be to their line We growth goals maybe not raised lot performance. they’ve really they a assets – a have think opportunity acquire in that some going excellent that space. money, not of realized driven there’s

So we’re diligently there. speaking, they then partnerships, looking – say, done fintech a evolve. of we’ve in I broadly And just few think, continue at would opportunities and these already to as I there’s,

These are emerging solve. companies, as solutions of I describe the are that really are would in so for realized got problem companies these software markets. applications looking have caught Guys a that These kind not, what are to just that good capital venture stage, and to are for next bit sectors shy little applications need good early where a with positive flow real level. potential, assistance and environment but financing of cash get in performance to of the current they’re

their very number for framework a as realize as quickly Things and an AWS infrastructure. synergies database help partner, evaluating operating and come simple database them of in as we contract, We’re opportunities where there their management.

Of back distribution positive. then, of the our HR, – to streamline, reduce they cash them core on I’ll course, help course, have and help can through cetera, companies, call them it, OpEx so these leverage flow application. office their capability, finance, can We we focus et to and drive all

in but position a them, are emerging that keep of lot funding supported the and help to capital are a accelerant not and stable their cash opportunities distribution them they could importantly, profile. not get had just that that more more maximize of type capital an venture need more funds market They because with them are to they quickly. that of There’s have sources the

we estate. got construction, interest shown do real that estate We’ve there. we’ve there’s variance good we’re in do there’s We’ve real lot to the a a construction. think done a the kind to track in and estate. something is of record, market, successful are already which real of sectors We already us So think lot in

tends opportunities to segment for The started generally a we’re small health care reasons. inflation And in macro managed. we’ve at of macroeconomic couple very by One, care dislocated actually but a how The look – care just structured. and terms there contracts health the unique the continuing health impact inflationary way because that in in the health are few care. we’re something it’s growing, years another is are of just is reconciliation lag trends to payment of

there’s some additional So that could segment. think tailwinds macroeconomic that we benefit

have caught to that our we’re areas the are now interest that place right probably few looking a those So bets.

that new that as so really Wondering present which much of could more just for you specifically you color, your helpful. right Thank opportunity talk greatest bit feel a the was little some if including And another products, question. you about now. of

functionality on the software POS that really that. first kind stand-alone, are comments. Gateway appreciate to a I checkout. MX – Yes, Merchant think integrated can Well, will or application of is get to of handheld MX POS can they the our at so to is handheld look, terminals. them The energize our all table enable going at And the Merchant terminals like our in one, I of we alluded to terminals suite are that MX of be our the distribution. work There a suite

then Merchant, POS mobile into with in Salon, our or which will regard. full And be Enterprise, which all out which can MX semi-integrated soon, is charity. MX they terminal Merchant and different POS Restaurant, Merchant be of a slick Retail, are works on you that very MX also let’s then MX are device and coming say, where then applications, the work they both using. Retail even the so a if clients So They point-of-sale have, can with that inject

mentioned, I we the As space. also are going deep in construction

in MX called launch the a to coming Merchant expect we So Build quarter. product

on I at it’s that that’s, going things really So one think, are noted I needed. And know it’s, of energizing the we as Priority.

wholesale as to That can you the up We’ve number gone comes to it by virtue in-house. have market start distribution sell signed to efforts. our that it partners that just product through has Just distribution of tested of see test well.

I As a first we of were selling quarter internally over the hundred. in alone, just couple noted,

XXX for only a had from consider standpoint. you it looking of POS is quarters, at we month good couple when pretty going So numbers a a you’re really

banking the your of merchant the front-end that you all with can your technology at instantly other which we only injecting batches. business Priority, get can and game think be your segments is managing Passport processing these account, changer is have your funded that Then into but you’ll your not

transactions checks, we’ll bank do to acquire other business in running money. your five that businesses be into able purchases, able your whatever to you’re available they their supplies, make transactions standard operate And through need like to gateway, manage account: for to Passport make to probably fund have high-end is minutes our reporting have account. to money – If It’s be regional those going your would submit and with superior a the a money I of bank look accessibility debit linked to. merchants much like that full bank, a a that community at offerings to to lot write account very will card portal smaller reporting bank center front-end purchases

those – straight a for line. the all really things operating segments point to to – in underscore uniquely tools already Priority, bottom most going So that’s it built, Service want and the capability. those two other call flow is, as they’re are think about. scale the business excited of Banking this our And We’ve I we’re are I to at

infrastructure heavy not us. customer designed base. spend items excellently our solutions these They’re to are CapEx leveraging, OpEx these scaled, So deliver and for to

Thank you and say and for taking my questions. helpful was so thanks much. really That

great the questions. for Thanks

Tom conference for Priore over question-and-answer turn any closing our remarks. to to like back session. concludes I would This the

Thanks course, much. of investors. morning’s Priority, well, taking All delivering we to on team Priority, everybody the time continue thank the our and analysts to want results. call. participate keep right, evangelize of for that to this at in very to supportive Special We’ll to thanks behalf the

conference concluded. you has The attending for presentation. now today’s Thank

now may disconnect. You