Priority Technology (PRTH) 7 Nov 242024 Q3 Earnings call transcript

Good day, and welcome to the Priority Technology Holdings Third Quarter 2024 Earnings Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Chris Kettmann. Please go ahead.

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

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

Additionally, website. With over and refer turn our found limited release non-GAAP call. including that, filings to to performance the measures, press EBITDA our the would to and our of be we during SEC the appropriate and like to our may can to Priore. in CEO, but GAAP Tom liquidity the Chairman call available measures in and not adjusted I Reconciliations measures Investors of non-GAAP section EBITDA

third us overall. on and Chris, the results you, Thank are update call and and by business, then within I trends an begin segment seeing continued each Tim our thanks, earnings provide will highlighting positive and we developments for Priority joining call. I'll our today's throughout key for and quarter everyone, XXXX

solutions of that As unified success. quarter, press record strength delivers you driven our are partner commerce saw reported release, in platform this committed third our once our product we dedicated were sophisticated the morning's across and by again in business the to financial that that segments results teams

in X delivering all quarter, Payments. X. Payables, our Slide momentum sustained consistently SMB segments throughout and BXB the to the Enterprise of third business, Acquiring, we Moving In strong results positive

for sending solutions our collecting, is continues growth and platform businesses reflected which storing, acquiring, Our success in to revenue creates lending, streamlines payables unified and with resonate customers, money operational that our with and banking, and organic for commerce performance.

evolving macroeconomic rates elevated environments. continue in to benefit from and lines perform business diverse historically to interest Our

of our nearly total X.X customer accounts administrating XX volume As on we during QX, processed billion while the account $XXX annual prior operating billion daily exceed transaction platform months quarter. as the $X.X the over commerce in of in average end balances million during

improvement on more from $XXX year. similar Adjusted revenue of gross increase the adjusted profit of $XX.X in but year from XX% see than led you'll points prior acquisition is adjusted of to QX. the and Slide XX% that to to million. by XX decreased This the during $XX XX.X% increased a million As in the prior margin gross result largely profit million EBITDA basis X, a quarter, Plastiq

basis adjusted you actually the from If increased margins year. impact, by exclude partial XX points profit quarter gross last

that approximately we're to significantly, XXXX. million, XXXX. More guidance of operating based improvement full our $XXX $XXX to of on over continued XX% our will back X, XX% an EBITDA adjusted increasing increase revenue may our to continue channels and to million $XXX margin expect growth business have we robust Slide year that trends referring you in to $XXX full deliver XX% over year increase to Now million noted in an million, margins,

$XXX.X year-to-date than more informed million that million expansion XX% to XX% Our to adjusted strong to profit growth by $XXX.X is improved million. in performance revenue $XXX.X Slide improvement guidance XX% on reflecting drove EBITDA adjusted our gross X, highlighted and

diverse in growing product performance our and Our technology channel board. to remains strong base continues value sales across our and partner offering, the see great

customers tool cash can market accelerate that and they flow Commerce that optimize of you the the for streamlines orientation in highlight sending money storing, Slides Engine Priority working Now result our of company, The the a financial to set payables is their their and like capital. acquiring our solutions. how and leverage banking personalized collecting, X new those lending, are who X and to

as in current they and software environments belief greater distribute conditions be our our and committed market in funds to make payment critical with on solutions solution and put multiparty partners providers customers the will where accept our are systems facilitating customers payments Our businesses that banking easy. to Priority to demand for experience refining by value. We unlock to working remain seamless reinforce meeting and

X-minute level Slides it in embedded to value X needs our focused Our being product who of into financial SaaS, features the fit the to our partners. I and increase Commerce partners portfolio strong encourage hand during performance demonstrates the along to segment banking Tim, commerce and customer leverage like these API remain or consistently solutions in the our XXXX. of gain that for are in Enterprise choose into reflected powered meet acquiring would in links are connect unified Engine, further full to own X- payments the Priority you X in of trends short a and factored evolving that they're I'd in innovation applications. We guidance customers provide year by growing banking our and best continued to base. At performance this full business to videos current and that our point, to the payables that further on play insights to intently to each will our the the and over with applications how appreciation our eager their confidence to growing their quarter,

Thank morning, you, good everyone. and Tom,

the or quarter review slides MD&A results, details. further As the please refer to I supplemental for third the

found XX our driven the QX also a website. Consistent from profit in fees XX% monthly of the highly the in with this in provides nature that included our SEC business growth to revenues continued BXB was or bankcard dependent regarding third segments, filing morning, by gross performance mix of comparative or that first was in on higher-margin our business of results. coming profit acquisition mid-quarter strong was with gross expand by on adjusted transactions year, this margins, profit in profit along profit XX-Q is gross third year-over-year with driven filed financial and the model Form margins our link of remains operating Tom's gross of minute are on the adjusted with on our QX our a the gross quarter of basis segments quarter A and XX% from the discussion with can adjusted diverse MD&A be Plastiq for recurring our Our year. our also coming the half of almost in of The and volume. Staying not strong point Enterprise comment decline adjusted segments. last to that

on that basis. adjusted exclude gross margins a impact, you increased year-over-year basis points XX If profit

first expanded adjusted gross since strong XXXX, of our margins ownership leverage. We we've with full XXX peers. at look you also of a by each QX of to operating points Plastiq, growth of organic the improvement If trend quarter quarter continue outperform industry result total profit sequential as believe rates of was a our which our basis

not has and for of XX.X% financial excited last of gross results $XXX.X for that million the Commerce segment higher $XX.X one XX.X% QX year's had XX.X% recurring organic for highly growth third profit, of had was part the impact Engine, profit now understand differentiated to When Priority. I'll a X in If which about results which EBITDA. for for QX That revenue adjusted in of gross our been with revenue, industry-leading move Slide or that the hopefully quarter. Priority growth SMB, of generated month rates built the we're combine value and level million. Plastiq, platform adjust our why at can and business you our year, Priority prior year-over-year is you and XX.X% technology you adjusted the than

XX.X% of large For our organic comparison impact SMB, reseller. QX a the purposes, you if we growth of for recall referenced excluding commentary, certain

losses, while the in was last comparable $XX.X for Gross maturation purchases, impacted or averaged margins X,XXX of the X.X% profit last million, year. Adjusted third SMB almost with quarter the quarter credit Now XX.X% billion and with portfolio quarter. year's offerings. From in the our combination ability quarter our of top quarter revenue $X.X the which Consistent in growth breadth consistently during that reported is accounts distribution last from new is of quarterly quarter, rates. Bankcard line our year's were from organically volume resellers. comparable gross our during SMB entirely XX% which from last X,XXX down the of the prior we the than the quarter. which third mix grow quarter, averaged in $XX.X standpoint, impact channels is the reseller, we've quarter large billion at growth, of strong the lapped $XX.X show volume and dollar of quarter, higher in the the in reflective XXX,XXX top of of lower a a shift results million organic continued the and for was growth our during in monthly to third by XX.X% that Margins were double-digit and product strength merchant year. increased boards up

EBITDA level adjusted the from million segment quarter. prior was third SMB, quarterly of up for Lastly, $XX.X year's X.X%

to or Moving million of $X $X.X in over result Plastiq profit increase of million the or was the quarter. the an million Adjusted increase of of during XX.X% BXB as XXXX, Revenue increase contributed $X.X of million, gross XX.X% a QX $XX.X BXB. prior million year. acquisition. from was a Plastiq the $X.X

lower Plastiq, was the gross improvements XXX credit losses. were XXXX. interchange largely of sequential XX.X% basis quarter, compared management The of the margins points effective quarter including to over and expansion in margin For of XX.X% to second quarter due

of reminder, of and is been in $X.X the comparison of compared comparison margins last calls. The has in earnings metric acquisition which million adjusted sequential until year, year requirements of last QX of QX year of QX by discussed million a EBITDA to given on the As $X.X impacted year. the prior had for Plastiq the relevant more the in a BXB QX and in is recognition, reporting year-over-year revenue Plastiq's quarter GAAP segment million this $X.X this timing

an from and QX account was revenue the number in continue the million the or XX $XX.X prior year. of increase September. the increase impact million point the segment. allowed $XX.X in to us rate program offset million XX.X% billed to of enrollments balances, more which trends Moving quarters Fed cut several grow of the Passport in basis Enterprise than $XX.X new Favorable managers from in of clients, monthly combined past an with to

gross profit strong $XX.X result the in last XX.X% As third gross growth, million, the the of for margins profit in compared were quarter while the is $XX.X Adjusted the revenue was adjusted adjusted from increased XX.X% Enterprise quarter. XXXX. to segment million, XX.X% which third by quarter for XX.X% EBITDA quarter up to of a year's

$XX.X Moving to QX in Plastiq increased of largely Salaries only to consolidated million benefits due or which and year, addition QX of XXXX. X% by of expenses. compared was million last of the operating $X.X to

expense XXXX, on a of lower down by million discipline. SG&A amortization focus is of sequential than depreciation However, due of on and less year million quarterly decreased $XX.X this increased by our was benefits QX $X.X to $X salaries in from basis, $XX.X from million, and and the $XXX,XXX continued than of and million year. the QX $X.X million D&A last quarter for by

slide. we to which the EBITDA million, million $XX.X was million On last EBITDA year. this increases the the $XX.X broader of an to QX XX.X% expense was increase record during from year. Interest LTM in QX million Adjusted quarter was $XXX.X effort million, last million almost $X.X by new due quarter another almost with $XX debt Moving Priority, for of which since increase the for the from $XX levels QX an year. is adjusted recapitalization million last and last and QX quarter next of XXXX quarterly of acquisition-related year, for of increased closed from combined of $XX an is basis,

cash of stock all credit on million of borrowing of $X.X net debt on $XXX.X discounts September million total sheet. Preferred we our sheet million totaled Page on capacity standpoint, XX, our a seen and $XXX.X $XX.X revolving ended balance under unrestricted and of unaccreted From net of $XX debt XX, million at liquidity balance facility of costs. $XXX.X the QX quarter issuance million with we finished As with available the million. and

was and cash $X.X quarter million of net which $X.X and $X.X impact $X.XX approximately PIK down QX in million balance of resulted from of When this $XX.X The included direct to with in that lower The million a combined the third dividend million year. us to the of was million recapitalization component. The of $X.X QX lower common per quarterly QX million dividend stock. in quarterly preferred year, income of May the profitability, completed dividend the preferred sheet and share. this growth of redeem in $XXX available preferred dividend in we allowed paid shareholders

sheet, balance to committed remain we optimize will positive which impact income further calls, available to common our prior evaluating to on mentioned opportunities shareholders. on have As our incrementally an net

revised Tom further for over for Before address call to year. comments, the I'd like guidance back the full our his closing turning to financial

affirmed noted As revenue Tom his for our adjusted opening year. guidance we have full and in remarks, gross the profit

guidance raising new we adjusted are million. $XXX to to a range our However, by million million EBITDA range $XXX $X of

While believe have to that, to increases with expenses discipline, will strong certain and headwind migration combined for in we SOX offset that will and expense his headwind the modest Tom allow provide and comments. call over to EBITDA compliance previously outperform our cloud EBITDA, a to adjusted growth, us adjusted expected back revenue guidance. With and turn provided closing I'll continue

Tim. you, Thank

comment that are Priority shared, the make platform. which to decisions our in of to our earnings to business is product this to call, closing XXXX future performance self-evident, and a remainder positioned segments and of segment want our our would on use typically During of our the performance the the reflect on the that throughout beyond. aggregate seem past bright handful to for the of of I reinforce continue advancement ahead reflected segment time I key to we Since statistics how share excel

still, Priority quickly going Looking our finance administration, feature capitalize for assets acquisition such e-commerce, Plastiq, early to all XXXX, out we may diversifying care at all And suite, the back countercyclical stood stack while others market the believe solutions inexpensive despite in XXXX, we the public, began estate, health capacity, need customers' compliance Finxera's the these to recent we adding for and to say, risk maintaining scaling their prudently in Banking-as-a-Service deployment accelerated commerce segments I points. of construction, opportunistically, others, complete refactoring finally, while assets BaaS and partnerships attractive, across acquiring segment. In transformed our would digital. platform upon and complete capabilities built investment Engine for from transformation BXB to unified entry embedded the capabilities. Commerce our COVID, share to of significant the to on last the of low-risk our among RentPayment.com add opportunity of vision as were counterparties data we while gain by profitability ISV payable consistently the from the falter, and recognizing platform. And our volatility we and the in business adding year, real Simultaneously, sale capture development,

Priority I all and has been planning. this with highlight Now built foresight that say to

stakeholders. By midpoint see improving in relentlessly serve. to that built over If commerce and years you were execution of it by to reinforce compound to we're of technology and quarters. I annual word, growth that encapsulate deliver are and to it these portfolios. Its offer thriving by ratio our solutions our million knowledge long-term $XXX remains XXXX, our for better to our reducing customer consistent building reliable, accomplishing help top peers line success through value alike. the cash thesis annual operations Priority's growth the to over XXXX, our And platform tech-enabled to enhancing mission operate pursue focus our guidance, the margins, delivering one our would for X is our for unlock on We evident tool flow macroeconomic their and ahead reflections are of adjusted us growing a market of debt-to-EBITDA past EBITDA broaden financial as were rate profitability be while of being and service resellers outpaced solutions reflect positioning XXXX through financial singular businesses in we value performance that performance with capital or business promise several XX.X%, corners solutions our delivering have unified to a several customers retention, can to using include on our numbers current that and turns. If existing which working and our future. set financial decision-making accelerate creating our ISVs conversation, to a is ecosystem We're the delivered tailwinds businesses we've for with from visibility we and consistent, the capitalize their personalized meaningfully and that for whether it trends, and partners, The capital XX.XX%. can their around those a intention. compound commerce resonates on optimize working experience, of their enhance this message delivering solutions margin, the and modern revenue we and adding bottom FIs, success prospective financial our emerge,

our who hard and day. my incredibly I concluding, working colleagues industry-leading to offering Before deliver results to continue enhance to at Priority every for thank want

and to for clear, appreciate made constant is our the do we and you the new everything taking a about our continue commitment for support those questions. analysts. to time investors ongoing participate we customers the improve the in reminder call Your now for bit providing open to right to more choice Priority. Last, to to And we'd us. Operator, partner and like dedication learn are to in a continuing of they call with who that today's attendance Priority, thank

Instructions] from [Operator first KBW. Our Switzer question comes Tim with

My economic regulatory office. side? and the kind in way, with on coming outlook change administration this impacts in the your of election possibly developments sweep the Does or and results the whether something question red first into Trump maybe that's change potential on week any is the

will that very be bit. certainly, factor. If change I some on very there we've a were say, about to where are in administration -- positioned doesn't would our what's off just for we likely We intentional outcome. developing very the It And segments well environment. anything, regulation be either macro we We pretty like think try the felt change I'll focused a outlook. were of been kind ease

have have we'll participants think integrated where have to tailwind. we And so us, further we like sectors that debt resolution,

So a already but the focused or forward most going balance, on. curve. interest I But -- on to focused managing what's would to we've upside. say, already the rates. on we'll our them to into factor The we've impact be on we've kind bit we'll again, things projections, probably the built on the more, of That's be probably gone things be

So, properly like feel we're we positioned.

some segment. XXXX, some revenue in there? look could on have downside drivers different to could or upside your outlook to Plastiq as of are guys you You we the mentioned then BXB that drive what And pull forward levers the

Just kind on means and what for of 'XX. curious that on an update those

I I And say, very BXB would Look, seeing the very that we've prudent, within off just growth guess been don't segment. fall about high expect Sure. to anytime soon. segment. we're We that

So that as of that dialed say adoption probably solutions. we if working out, upside back. anything, I adding for more looking as That's salespeople potential capital as we're more well. would further and We're

-- aren't banking, expectations. The biggest built those of, Different we we line, don't think additionally is can those our we see have incremental. revenue opportunities. into we to just that capture and meaningful to hits the and but convergence solutions embedded add it, the this go-forward for So, implement impact terminology different expend those it, have They folks bottom call all payments finance. really just continued can

say just I'll haven't we So built -- into in upside our We're expectations. well positioned. we're that

a embedded that upward income in underestimate our is all where the within as that's seeing we're we've just statement. Tim, you monetized upside and really might that, where the major our reflected finance that tended anything guidance it reflection So models, and adoption that's this upward add? to is of guiding the is, of -- continued gets you're

much up, just you're what BXB parts So grow parts the think and those and of remarks maybe around we coming kind my unified more the right, seeing recurring some see and as just to which it and mix the than prepared of we're higher rates SMB move business towards to more of the And segments, and continue business as faster, to are why the we point other in business used of of platform highly in business. as I to right? continue is higher-margin increasing Tom's echoes EBITDA from guidance Enterprise evolve of be the earlier of to certain run engine. comments be the continue the the more technology, business having commerce guidance the legacy move our our and just

saw that past, of And operators areas in that's in addressable regulators into had would are opportunistic. is or we comment. opportunity, banks because there But much it so licensed. And our cycle we any other example some Banking-as-a-Service, this requiring there doing there's recently the our Payroll where -- that in where assets. is management still FDIC the largest payroll operators heavy outlook one estate look through like opportunities define there's segment, of make transmission to is XXXX, in a the sectors some other utilization consider built their property large for would up more again, because more I that Real of be to kind latitude much And is our account we're you as we technology requiring be there. think not treasury are I'll are payments. down construction the in things how business. just holders, granular them differentiators early all to got TAM that for came Tim, good good segments on we be guidance as -- think regulation that, money important side the obviously, momentum. There's think that some of expense to becoming unique picking some is -- the we've where that and the that have removing a example segments

reflect early in So upside. built as again, mix. that in them I'll the of we're capabilities, into it, that we the have significant -- all, mining are already our they manifest, we these days but upside call opportunities And we'll just think they're are

next comes Partners. the from Kinstlinger Alliance with Brian question Global And

growth pace segment at changed that compared for metric. enrollments if to that I'm of Has indicator revenue And the growth reaccelerated quarter September segment? the Just average to monthly a wondering numbers, new anything an leading about results. how And accelerated continues looking think is Organic the the this there? quarter. in Great in solid. to to the Enterprise June be

changed. Nothing

to we enrollment think bit a I continue enrollments. little it an the lower trends of a holidays. little Generally, is certainly you'll to with There bit in enrollments strong that standpoint. around see from business strong see seasonality

trend their been continuing But consistent. So in just I their right? base. success to think see our Nothing we're changes has is and market, with there enrollment those though pretty caused abnormal just the growth growth our year-over-year any overall normal though, with this trends. that organic customer customers

are at Tim, on comments, then, said I made there And thought has in you've was with been see a thinking of your ratios to strategically leverage for my guess the there strategic on the I'm new is. market question the decisions a but a sure interest it payments? given CPX last much ramping, it's And But end flow some your cash. outside low to small being value to about quarter, expense. and In to I piece any past, end asset delever. EBITDA normal now that to script that thoughts flow is, Didn't you've the to generate to ways conversion of larger cash strategic your company, what before. quarterly generate maybe decisions very reduce hard the cash

and we'll continue the mean, action that. team the opportunities. the you've you've We're a imminent. I to take the our do shareholders, sell side to as value for always on both company look and you've been Nothing looking and long side, and seen at time, around buy drive seen

continue capital lower drive debt. We'll even the preferred more point, been find We're to of as and cash sheet more think Obviously, improving and secured the the flow year. further of EPS one a capital, for of that the your to markets our as this a earlier we growing year. and evaluate cash balance the shareholders. with positive has I focus that's piece addressed cash component of given ultimately We're flow we income optimize That impact EBITDA. will which equity this replaced more line well executing. part to of driving opportunities equity items preferred cost bottom cost we're lower to our

at look value but being nothing So an shareholder that nothing from sale, always we We're and drive referencing, buy at side opportunities. looking imminent assets asset always we development we're if -- to the ways those have. else, with creative you're the

permanent. that is we sector would debts anything segment, come one there's is, who actively, back think consumer It back the result to that's see has hard I think to which been base, coming actually that a manifested, with as helping on our down really we're -- on. The That's changed there repair journey them would hey, in do where I -- submit customers we do to second. are play. been think just you customer has come in Enterprise gravitates but CFPB that changes pardon a on, me resolve I probably I your some that's right Brian, more for bullish to space wellness were the the the that credit initial more Brian, move. -- question are actually was for long there overdue, going interesting

segment in its and just consumers future. lift the that more think consistency. pool call numbers it, revenue you're this back a there's And that I'll broader to of route. So the our that seeing It's going attractive. has -- in a shifted. And in the It's present elect I don't in it opportunity reverts

submit that of its kind So to I would historically. the has you'll that's -- that anything your piece of earlier changed. speak see does question

from And question Stephan Lake with Markets. the Jacob Street Capital comes next

on the quarter. Congrats

guys Enterprise BXB. Maybe success would kind the efforts kind cross-sell quantitatively ask kind having sales be any the qualitatively between you question and been wanted have just helpful. opportunity color your surrounding of cross-sell of Just a around on to or of kind of

other really where Instead, I fund come -- only I insured modern as out to where card the just want set at them a specifics who's an are manage -- only implemented examples. that and training debit participation an when and do the time their have hypothetical that one -- But to schedule, particularly just insurers expect, gets is insurance, in or where and a a lot whatever liberty are there's a party. NIL kind comes our -- to and becoming deliver. embedded built that segments and the and give applications. them that wallet, want being thesis out with it veterinary we're from share would send -- not universities experiences student a of of or a in ISVs, going now payments you features That's connections. I'll any not X happen couple resonating, it's a come there's Yes. space, of us of kind customer out that Enterprise to sports we example, adopt and college that's practice an but wanting fan, adoption fan leading wallet, fully sits that is schedule for off an being enables to income with where of either activity I -- collective we're entirely the consumers comfortable spend not whether larger their are starts one payments likeness knows athlete look, their wallet application also are can market. name, just everything don't just and and of but wanting custom in us. do and effort. And in We're should in it's place one I -- technology, P&C their income Anyone because is. Those and class to seeing ranges there's money. schedule to it's eventuality NIL. image, X That's insurance to coverage we can ACH an an We're they winning through there normally just contracting on banking new to know partners to buy at with sports a right, that up our segment their that from individual

just a bank that. those a payment to might So its now makes kind that's be are we're just container with examples the few associated where it moving of a of of the And where back -- of features evolution, it. examples has like day, to lot seeing a simple in money way it other transaction that

the on guidance. wanted to I just And question a then ask

you of QX the just the when of at slight uptick Maybe look only help for your on of implies assumptions into understand a midpoint revenue guidance. is kind revenue. QX, QX made us some that quarter, think to but sequential kind your I strongest typically maybe sequentially you QX

Sure. Yes.

at we at segments at So number and solid look seeing, certainly you back across very guidance, full if all you we're various look into look that you -- guidance. from in business if looking the our if the growth, we're QX the still the year I trends what I think think year-over-year and and

organic growth So expand still overall looks top double-digit and line. Sequentially, then continue strong bottom very the improving and and it line little to EBITDA margins the nice flatter. a

the next think I imply curve fully be it pay on of debt, well we point, an will today on less in a and to rate the our see that in standpoint, of We'll Fed reflected you really preferred what impact on the think little Obviously, we're the relatively Tom's evolve flow an so, given certainly about but take cash if impact thinks revenue a declines. And newer there investments Fed well or floating would hedged But we're in EBITDA basis could as business. Has seen shift permissible of the and equity. probabilities not XX going market the from effectively over we'll the certainly these some and a upside, continues at that initiatives cut does see as to this afternoon. as what bit just looking think our interest rate we've a has out floating conservative the financials point also yet. in always the And just do view. we're income to look we further as you the between our at but generated if I month expected rate December.

is revenue rates flow impact an cash interest in the certainly quarter. So impact on and EBITDA have the will but the minimal,

from And with the next comes Goetsch question Hal Capital. Loop

an was Not question It -- it revenue. to Plastiq. on million to $X Loop addition Capital. A seems be quick

color a year. I'd last It You is. and run feel QX. you what closed give September on most momentum that to more getting month announced bit monthly us or some get in in what momentum, just the is maybe acquisition seems for Like a rate on like to be like last recent -- QX It little could rate? the that

Yes. who question. you, you're Sure. I'm with. know announced but not is sure we good what No, company for

August had I we third quarter So the think this Xst right? year, of the in last acquisition closed year, months months last full X X obviously a year.

I We've So we we performed the bankruptcy, assets was We million, now doing it well it Priority to well, that growth the Enterprise it, business. But quickly strong bought the quarter, that's profitability it's very think integrated the seeing a right? in broader right into Obviously, when continued $X growing. to a the it's business. grow. as in losing business, burning the Plastiq of of of money grow-over very million Priority out business, and maintain continuing in large revenue into portion of We're $X that cash. $X and that month as acquired that it for million payables. referenced

a technology of out business, as well both standpoint So even we've from the lot a integrated as taken We've the team. that costs.

So standpoint. We're I sits a it from to profitability with offering CPX top drive it think we're where line, to the continue a very fully going and with today combining rounded. happy

a still Our take help but next level, that's Priority of that's in market now. will to in early it solution as solution, stages the going to unified process the but payable

comes And from last with our Obra question Clark Capital. Orsky

a market. sort in see that curious from in curious standpoint were of -- numbers in strong. SMB, a just pretty competitive what I'm Just I'm you the competitive

some market winning -- side. Yes, of we're yeah, continually we're The SMB segment, the -- pretty that sure. it's we share to from nice on continue to the peers. The And introduced. confident the grab reseller be like

our consistent I that trust had of guide So the driver what toward to growth longstanding future. has is us been them resellers we've think they the

lift seeing Passport bringing our right, banking. So by we're products Capital bringing good like is one -- Priority example,

adoption of into the accelerating. products is existing merchant those base our So

acquiring for not of commerce are traditional set other this merchant well of that community the customers that hey, The future more component I'm that bundled. is is recognizing, up and are looking for things

pay my coming enables there. but options Software I into will accounts that. vendors technology disposition can and my right, volume only cash receivable, to have all that card not our Well, capital where in, that quickly working flow handle transaction

-- up our sale coming months kind of good that's picked really X, lifted franchise after nice adoption we of of first opportunities. some in X of the seen in point the quarter the So year. last a this MX We've Merchant beta through

been our early the of the So expansion driver. And thing is that tools. days nice POS that's in we're

in not AR will our then to that And that Passport money or growth. think a bankcard in and that partners the the excess and ability earn volume pay to capital, catalyst just our one. in, in capture ability ability for gives we banking working storage use those processing be all ways then one just the So but to -- it us as opposed of really manage to funds place, our to bills X and

the anticipate So market leaders that's we're of think not drive and And where have the -- we that's the margin leader. to headed. it We growth. among is if we how

or active, call anyone job market? spun is quite a I and particular out was if out good Any out don't in Nuvei the bad that doing job. you Worldpay competitor could you up against a know there's in there particularly run

to about want I into on call. competitors directly talking don't the think we get

performance our itself. speaks think I for hopefully

at seeing the and bankcard look look you roughly positioned at and even the for we some of volume Visa out ones. of double growth is larger businesses just if what some level that's and in industry data Mastercard think you're the I the similar our other there data,

our feel experiencing. speak relative we'll own is to let So for growth the like speaking But their about itself the I other business. we're performance competitors

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

the our the questions. our current performance thank learn evaluate as well time the in for to And the for I all Well, plans as about right. future you All taking quarter. appreciate everyone

So into as Thank Thanksgiving we a we'll and and I fantastic season, what everybody XXXX. to to the look going speaking consistent up everyone be forward wrap holiday hope has, holidays, anticipate you. we will

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

disconnect. You now may