Repay (RPAY) 12 Nov 242024 Q3 Earnings call transcript

Good afternoon, and I'd like to welcome everyone to Repay's Third Quarter 2024 Earnings Conference Call. This call is being recorded today, November 12, 2024. I'd like to turn the session over to Stewart Grisante, Head of Investor Relations at Repay. Stewart, you may proceed.

Thank you. to quarter welcome call. earnings and afternoon, our XXXX third conference Good us Co-Founder Chief Tim Morris, are Financial Chief With John and and today Executive Officer; Officer. Murphy,

differ beliefs making this to Those today. results. today's from filings statements most set are materially and our statements During forth will risks statements regarding recent be results that to Actual including we about events and call, forward-looking results our forward-looking Form related uncertainties, make and subject and in estimates future SEC may forward-looking any XX-K. we those the

Forward-looking references not other information IR non-GAAP law. In which additional would earnings statements speak that, the can certain Reconciliations financial to release only today's an update company's as intend explanations supplement, by now in of to provide to include measures. today, the those to to the measures and site. With non-GAAP press on of financial call found be over investors, assume we turn obligation them, John. do effort required today's and like any I except are discussion as to available also or will and

profit profitable Stewart. at today. QX flow conversion of joining afternoon, Repay everyone. us of Thanks, another adjusted quarter with and Thank for represented EBITDA X%, free cash Good you growth gross growth XX% of growth approximately of XXX%.

we for target. Throughout year, the drive free cash our to and of this acceleration flow XXXX on main been results year-to-date and make strategic our adjusted strong initiatives beyond. represent updated towards growth Our X determined growth progress full-year EBITDA double-digit conversion to have

a implementations focus our include they As a reminder, client efficiency, and on product. go-to-market

core as tailwinds of digital as verticals. Payments performance growth across growth to secular represents our core growth which payments from new Overall, past over benefit our of continues Our QX the well clients processing from our algorithm, ongoing for quarters. our several clients existing Payments the continuous Consumer includes the execution clients signing Consumer more

partnerships software partners. while existing our strengthened further we software adding quarter, the During new

Our to segment new has our out QX, the software including now the U.S. to in bringing We improve partners, total roughly teams go-to-market clients XXX our continue where pipeline develop experience. Payments and XXX new our unions, support our of credit several platform clients' Consumer sales added X,XXX to and in consumer XX our

In are multiple addition, into core traction financial gaining direct of regional credit systems. from our and union we institution the technology with software financial integrations payment institutions

robust technology, pipeline. a a Our leading features in to differentiated sales customizable the represents healthy support ongoing marketplace, and client solution

lender, we We remainder a the are XXXX in now captive which live a measured be multiple We XXXX. through believe the of years. contributor and auto to will growth late with during announced over ramp processing the previously QX expect began

our debit to and during We opportunity contribution this acceptance continue also multiyear mortgage began from mortgage processing we a offering of XXXX. QX, servicers group begin to in select for with expect

ramp In initial addition countless offerings additional existing extend started payment for our with their or came year, both wallets as clients. Across continues to Text digital our -- new such for last technology and and client began our volumes. to that back implementation Repay's support, are new client wins, needs through with there portfolio of to IVR, asking clients our Pay examples their growth verticals, processing opportunity existing

our growth continues and implementing Throughout this vertical accounts the with partnerships we started software receivable ahead. Additionally, multiple year, opportunity management an accounts years growth receivable expanded of to be management attractive have to management see accounts funding providers healthy product U.S. And and for with our continues receivable up in in several outsourced approximately XX% the volume transaction services, value-added year-over-year. servicing lastly, instant loan

capabilities expanding across term, our our verticals. instant Over to continue new evaluate of the medium we funding areas

loss of personal Business from growth immediate large contribution another lender ] lapping and Payments which [ client, our purchased significant the our quarter, During the from RCS partially the consumer segment. was trends, to a normalizing impacted processor. Shifting and was in by spending over XXXX

XX% contributions growth clients the grew of the media Payments' profit gross our Gross during year-over-year. vertical AP Business profit solid from business, new our was ramp third political in the live driven quarter, and During by quarter. our by core strength

continue clients centers like multiple other health become of cities contributors within top Systems verticals health research and across the state enterprise and Systems of across ramped largest in fully see U.S. the new the Systems. of clients, signed with and We several to care Once enterprise care is including UF our one facilities strength the in health and Health Health University wins Florida hospitality the Florida. academic Health UF to growth. locations,

political Additionally, is we which future. presidential great the while new benefit into cycles for clients large several onboarding to also the from election election cycle, QX began media during spending during

For through our that preliminary trends the XXXX, strong media data November. spending suggests continued

partnerships the quarter, AR, over the continue corporate support clients partners. the our impacted remain suppliers. supplier acceptance, AP, payment and new increasing funnel and network go-to-market grow as existing to pipeline our enhancing of pockets to lower we software integrations growth XXX,XXX ERP leading focused teams experience. Within on to we to We our continuing approach During are core patterns maintain within our with and partners our was reinforcing enhancing of confident software partnerships in optimizing existing now while exceptional partially BXB client sales from win enterprise is software clients spending our In volumes. top to

integration Through payment more we hospitality and education automating within secure their the by for providing one-stop real-time go-to-market supplier pipeline to with platform. was healthy Payments. A for their integration, streamline confidence a vendor Otelier's faster Blackbaud. options also vendor and was process with software operations our the Otelier are Our shop our continues and building clients now performance now DigiPay. In announced and strengthens and base payment to our quarter ability by within strategy our integrations XXX entire further sales Business in driven a enablement new vertically during that vertical, while provides the end-to-end the optimization software vertical, Otelier, partnerships grow live a process

building new XXXX contribute ramp looking come. the for is and in multiple clients partnership, Payments to team to years Business our growth forward Our to

we of leading sales directly us driven check with our teams, and solve software been within sales can automate Payments payment business our flow Inflow onboarding to leveraging we enabling are by while our and manual unique signed When grow our various vertical flows processes, and payments. Across consistently by with able our with offering partnerships payable, of as Business evolving we sales to leads the partnership faster, into have As partnership, conversion verticals our expand partners teams the provide to our strategy Payments, software our a platform year serve. now Consumer can clients' to to support technology to go-to-market and integrated go-to-market further within clients' both free clients and scale process our our Otelier, expanding embedding Mastercard digitization you ACH converting TotalPay we excited Mastercard Blackbaud product combining developing new When Repay payment partners, automation cash clients. Within Repay recognize we tech our for beyond. platform. seamless Internally, further optimize to like accounts look the remainder XXX combining payments. and needs a see, is announce to also payment we're with and our software

and convertible cash facility continue the to focusing third free growth flexibility quarter, extending provide Additionally, credit while the to offering revolving we in us profitable on accelerating and completed our with the flow. notes upsizing

allocation ample capital strong shareholders remains value strategy with creating Our focused a our while and financial balance for flexibility. on maintaining sheet liquidity

Repay's the becoming M&A been continuing strategic publicly also Rule be strong accelerate opportunistically cash and to remaining balanced traded approach under opportunities to open XX to capital quarter. third shares the to since drive growth balance accretive undervalue ability program, profitable the utilized shareholder while in sheet believe XXXX, Our during incorporates market to organic our growth, Repay of committed allocating We buyback reinvesting generation. has we value. in to a repurchasing continues which and while

As CEO to to of evaluate continue aspects part commitment and of and if this as all company value. I take shareholder necessary, realize our to actions driving value, the

on QX for growth Tim? running while free over Tim and are focused generation. With over outlook efficiently to financials it I'll and cash XXXX. that, execute to profitable go to business on our turn our We continuing the

Thank you, John.

X% our increase I for the we XXXX. continue initiatives. update year results an was automation In profit million, the grew processing Repay over our In third delivered of guidance and metrics. quarter. quarter, gross an year-over-year prior go X% provide financial Now $XX.X solid over on before let's results financial Revenue cost from across QX optimization QX, our to key third as by benefit

growth was and representing and in Payments X% Payments while XX% profit continuing million, grew Consumer operating year-to-date, of reported EBITDA across company. gross segment demonstrating XX%, in our approximately gross X% approach growth XX% QX were margins Our $XX.X Business SG&A XX% to in EBITDA QX profit segment implementation adjusted year-to-date. Adjusted and managing client relatively QX the and year-to-date. while costs support to teams service disciplined growth XX% sales, and our stable expenses QX

million per Third flow income net quarter was $X.XX share. QX $XX.X reported free was or million. adjusted cash $XX.X

from during from and while flow CapEx operating During benefited both free our cash growth the seeing quarter, solid managing the also flow-through the expenses year.

in approximately $XX million timing fourth conversion and respectively. XX% would In Overall, cash QX on due impacted and Without to favorably impact, approximately of the cash conversion $XX quarter. working timing approximately remains year expectations to addition, capital free cash reverse capital XX%, million net full line flow to our is outlook. the updated our to working settlement net free flow meet flow and is the by and were client free accounts track year-to-date in expected have and been

on in a cash decline a coupon. $XXX is due with $XXX a net million $XXX potential net $XXX.X access note convertible expect note comprised $XXX leverage As naturally Repay's in and million of X% million, to due our liquidity undrawn approximately share a strong million. outstanding of of amount flow million XX, of XXXX, and to $XXX.X the generation, had with for capacity profitability coupon M&A Continue February cash revolver of X.Xx September from XXXX, convertible million approximately any and total repurchases. excluding balance X.XXX% we leverage sheet of total debt to

quarter, third using share the we active for in cash repurchases. During were

As authorization. of XX, available is repurchase September the there million share under remaining $XX.X

on Moving for remainder to the of our XXXX. thoughts

signed new algorithm full year existing and that growth driven year-to-date from of clients measured with Our year by clients, implementation prior from results the the growth time with during began a ramping growth line. contribution our clients are

our XXXX trends verticals. year-to-date Our on based results seeing across are outlook that our current and solid is we

million continue adjusted to year be revenue million to and million $XXX to and $XXX million. full $XXX gross profit to $XXX million $XXX EBITDA XXXX million, between be and $XXX and We between between expect be

and adjusted We EBITDA anticipate the gross profit and revenue continue than year. adjusted approximately faster XX% to EBITDA grow expect during margins to

working net capital half. We are during increasing XX% from conversion our the reported free XX% second impact flow positive outlook of cash because to the

XX% capital Our updated Without to excluding million higher flow when conversion the original and on incorporate the million during flow flow for integrations full this the growth approximately free our year-to-date Repay, be than which continue impact our giving confidence ahead. multiyear working year flow be partnerships, target is will conversion to sales impact. cash that from reverse sustained cash outlook year-over-year. Across cash net dynamics, $XX us onetime will QX, accelerate QX. expected net see but pipeline The track develop occurred software working these did we to in remains free the not $XX free reported conversion conversion below implies free cash capital of

media incremental our segment. healthy early we cycle As political Business to QX election quarterly contributions saw to a from the growth is of in Payments our presidential the Through reminder, expected benefit November, XXXX. related business cadence in the

automation. I'll the finding where outlook, business across remain results XXXX see year can to efficiencies flow to full call over on from an back our questions. we in you also growth, focused turn profitable maintaining product free investments we to and towards your can cash conversion Operator? leading while scale, operator the take prudent As the year-to-date and acceleration now

question [Operator comes El-Assal the line Barclays. Instructions] The from from first of Ramsey

I trends, couple organic the wanted a of -- you say. you consumer softening Consumer. growth And ask in faced mentioned I about in should normalizing headwinds quarter, spending to

loss, you be out. rate you into the and the called in there what on that else happened You to elaborate should organic think speak the and maybe growth QX and there bit also in what I exit maybe mentioned we what 'XX? was quarter a -- expecting sort of client in something a Could with little

it's Ramsey, John. Yes.

tighter of general, lending side credit mentioned, continued as environment. In trends, impacting affordability a normalizing and maintain I So the that as we the spending the during consumer verticals. consumers facing the lenders what the were quarter on some to it businesses, ongoing union the saw normalize auto pressures

across So to add clients. Payments verticals to we clients But within credit our credit institutions. And some verticals, union consumer softness and large in new personal after and financial and aligned go like unions continuing these and vertical strategy autos. win we've are go-to-market enterprise Consumer

So implementing in the side. know, spending that takes consumer some environment, we But on clients. some are enterprise of winning time the midst of enterprise the you as and

I would within a and that And as And there consumer some some loss those so of and RCS you areas, softness. a out, then mentioned the enterprise larger as was add across delays. just client we called of implementation spending

are take I organic growth. range to when in of those you think kind of mid- you Payments high into the kind single-digit for all account, Consumer

question on maybe addition, similar BXB in And a the side.

the you for could spend Business pockets side I do think patterns lower called of in same Maybe shop. certain the volume Payments the out and corporate some thing clients. also of you also some

Business political election contribution were and until some volume saw of and discussed, occur October. in We from Payments' we was as didn't really the levels of which know we media end growth, volume would presidential the the we very greatest strong. reported the benefited nice highest actually quarter the really had dynamics,

quarter, year, So Health be impact we excuse added we volumes. that of spending in which next that growth will into ramping. you like corporate last which wins eventually When and turn turn saw we out, spending still around think there think Florida But did the around, as which we me, University we softness, quarter. consumer we from have will the some that. System, But will some softness, has strip been benefit mentioned did

with live we're will which that We our strategy, and are Blackbaud, a next contributor refining go-to-market year. be

felt again, growth. there's number. the reported of about we then But when even so out see lots did And strip growth to we building political, there. blocks growth you good And

from comes from the Joseph The Canaccord. question of next Vafi line

roll into mortgage And we expect have I 'XX? be to progress a service down it could to that debit and drill follow-up. out Maybe quick first bit growth? a offerings' then there potentially a kind you the how little of contributor meaningful in And

mentioned and mortgage then XXXX more to acceptance Yes, We for mortgage our opportunity, QX. servicers. servicers sure. a as those you we expect offering group said as we really multiyear with particular a begin I begin of well, contribution as did as debit I select additional with mean, during be processing earlier, scale in and do to this servicers add

overall we think offering a it's want to so some do from Tim, perspective. an And add multiyear maybe more.

and we mean I have it. that good Yes. feel the product servicers live we is utilizing

work talked data live with prove We only not just to rollout. have the previously but the having future also we gathering done Black solution, for Knight and client great, about out more start is all that clients

that there's think benefit do we multiyears going be here. to So a for

on more one just then And Consumer.

to you it it of parse versus that a maybe look in Just that kind at looking same-store of little performance 'XX, kind of bit more were at lens? we in if through differently of little kind logos how bit kind growth should new a

where were prior to coming it's customers talked from majority which about what 'XX, periods. I existing from is is growth previously, of ramping the still a we think customers or For that similar

We that's 'XX, like for will clients the next the just and the growth and have have new growth effect of existing, matter majority the in that some was year. that new we themselves But captive of really that the debit still drive from added mentioned. mortgage growing, more auto do wins have the the I to and ramping adoption of a that will -- we new mentioned, acceptance we'll logos add some some

from The Citi. Andrew next of Schmidt the comes from question line

looking on of if comment that. in creation you, level or you for a of John, what to terms value in script ways terms the just about on in by you had Maybe realization. could that capitalize expand ask I Maybe, deeper mean one

Yes, absolutely.

So we growth. think Rule as really I Repay's since a obviously And the you been we do generate but I profitable kind year. XXXX. market I this to that statement mean strong XX then, reiterate, We we've of just demonstrated sheet then think heard earlier, to we undervalue balance cash. this public ability of in we've do becoming a and would year, my mean, our said to continues have that earlier

CEO, as value and drive the shareholder to that. creation So really it job a I of my -- is

our capital we're at as flow, the evaluating strategy, we're looking relationships overall drive organic we overall we're be are looking markets, free but our of growth levers. M&A cost that there. to -- our we those the And So spend more we and opportunities growth right at the all profitable our our absolutely the different structure, our are to think and how and going of looking and company, we're dollars at, cash things specifically. all reviewing pulling also think is, especially partners, aspects we go-to-market allocation do evaluating strategy drivers growth our We

bit enterprise see especially the company. Some of will the those, healthy can on healthy We areas a of take longer implementation see. We see side, pipelines. can to little

we're about -- on there's working to we So hard those piece a business really future the the drive we're areas. specific excited part, obviously but that near-term

growth And 'XX ask I think this then roughly, But that the to outlook from not we're XX% for organic political math year, is X.X% I my to if if could media right, spend. question. includes more one is contribution Obviously, yet. just

the just out think there malaise have on. think there longer-term if early that you I to us obviously, growth have algo year. we sort but some there's you off, rolls framework year, spend of the but curious can growth? we with about a just framework help 'XX Next guardrails about know A next couple are just there, FY a a little of opportunities. as but offsetting some Is do bit of opportunities currently coming mentioned,

sure. I'll start. Yes,

as even comprehensive the as mentioning on. already talking was we're on early. So some got we're earlier working we for about -- XXXX, obviously, on were you working it's whole I -- things we hard working But plan a of there,

revenue nature, Given confidence in our recurring top results. line in a model, our high doable we have

all seeing our As team, at that a key how we're year. next looking our objectives leadership and here. really right planning We're stages in of drive we for

those build of we and look enter our the give strategic and we priorities for we earnings those some detail year, our things XXXX. about next as growth opportunities to next details As how do many plan, we further of plan as that we'll call into out plan into

mean too, just in it's add what thinking I mean, and of seasonality mind, terms to exit for also in keep there I means QX. to think is year. typically the business in that that, Yes. I about rate next in

recovery positive the second a not initiative, of there mortgage implementing RCS John wins large around half next we're year, rollout, the mentioned, other some captive will then this enterprise lapping other loss. be point the And auto in overall be pieces benefit verticals, the consumer The and -- at still specifically there from there's in client to expecting ARM. and debit

lots there's But think are next where we bridge about of would where it's from be we'll we John year. different that that said, again, So today more that. specifically like us we're at pieces to looking to talk early

comes Pete Heckmann of line The the Davidson. D.A. next question from from

media for have So increased spend sounds like XX%. may the have it -- XX% increased like certainly to year or political may

that a be I within the been does a business Payments still soft. year. guess, low is Business little segment the closer should to organic can expect and is a get represent seen specific you you've looking in And to you So that rates that grow a that I through I offset kind able the for you double digits? I'm at. growth difficult of the in just Payments some decline, Business think help of I have maybe talk to we mean, what comparison mean that smaller next things guess,

think do that. total of potential. it monetize pieces think We couple real clients' payment of to that opportunity our has there's We There's a to volume. a more

solution monetizing cards be virtual and predominantly certain payments to situations, there's have forms ACH. we we're processing such as want We total of where for pay other and enhanced clients, a

out monetizing of that. the around over have a We're and supplier XXX,XXX. helps overall more up targeted initiative volume the network specific we then So with building to

a So that's specific initiative.

software go-to-market enterprise to to software that, we've wins that relationships refining -- to drive have our relationship and and We that like are add. our opportunities Blackbaud we within strategy other expect we solution embedded software into payable more

for driving So make within and software. get those the around key back Those business we of think are enterprise initiatives -- next us areas year. payment of can monetization growth. It's some teens the payables are focus to business this plus key this

And about in correctly halfway terms live auto through went that hear of it I then said you did that the quarter? OEM, just

towards continue past the but seen was are the with and and next year, throughout end ramp that captives now, multiple that processing It in of will years. we only that auto we quarter, volume are with. not the the seeing probably We've

And so excited that's about feel of why we multiyears growth. like

what in And further past, the so doing ramping. live facilitate done it's now, and we've we're which is

is and so And them? you book? conversion you over, portion beginning the a loans the back the of just do new in get Or a get book actually of all the typically as of there turns

It's by they'll portfolio. typically convert conversion, a but

And years. And a additional running specific get and that's happen running are portfolios can so smoothly, we'll that sure then over multiple again, make we'll those make and smoothly. sure and portfolio get

as just not volume existing conversion it's it's of new So well. volume,

next from Rufus Capital Hone The BMO question the comes of Markets. from line

to gross profit to come the wanted growth. back organic I

quarter? So excluding second quarter then of third deceleration profit this growth you political that to of quantify us from gross you're kind into thinking the sort if components the organic that you saw you And the would be quarter can the how the fourth from of the could about media, bridge great. core saw quarter that help you

a year. next impacted beginning over and And us that us processor probably the into client quarter by purchased of the John they impact client of then just another was and couple the call which on that happened -- quantify was and which, points quarter-over-quarter also some as deconversion general and we've that quarter to process mean, some would There's I and corporate spending, point next be mentioned, components and loss, X. will overall RCS the of converted course X that within talked to mentioned, I point or then them as provided the So growth was vertical, softness client delays, about there that so consumer it And growth. or BXB or would of spending John another implementation softness call X was points some growth. enterprise by another it, of I of of continue that and details to be,

we So where organic bridge would in were the that's the we of growth from normalized year. how QX in back somewhere up to half first the

Neumann The question from next Alex Stephens. the comes of line from

Instant funding you Consumer percentage in growth this makes quarter. some that grew and Can about there of what XX% business up Payments? of revenue talk drivers just the

Yes.

So we as which that's -- to Visa Direct and of product, our some networks directly. instant doing a with using we're we're the reminder, things are Mastercard the Send excited about funds funding the send

and et whether the Specifically, of installment behalf on personal as loans, that those use our that specifically clients loans, we've we be calls for mentioned on funding lenders. cetera, of prior

our expect of mention coming products Even not user the solutions of well, the first contributes to all win -- We of have the things some we're we year, as add some level. -- may clients of have. continue that first as we additional X existing and a major on some are pipeline in to where continue later have last things, that those pipeline We our out those you on multiple in generally, of we they though about quarter, large contribution clients. do out fourth we had I a of our healthy use or that. have, the in lapping they start a on using call maybe was that that and implement quarter, our obviously same-store. things of potentially to mentioned would that want quarter, X we Tim, to additional we

within Yes. loans, of Consumer, monetization today the about the case product. products within XX% I'd we monetization personal revenue. in also use overall, growing say, primarily the funding the company, but than represent business, like this of which opportunity BXB, I say, nicely. where mentioned across instant have would said, XX% Consumer, volume-based And And is is a lenders personal I specifically payment is less using in there's just, we probably opportunity our non-card

selling like And this further to in just of for that so client ACH, base there's our there's in ACH upside Consumer. penetrate existing examples where across product other we lenders. products existing And non-card could

So Payments we and monetization and of both across great see funding that. Business is Consumer a opportunities instant example

And then seeing standpoint a of the areas you bit what strategy, just valuation can about little talk and interest? a quickly, current potential from you're M&A

Sure.

we from heavily we activity There So we one are side, mentioned, capital, up are out market to focused Obviously, M&A at. growth on find some attractive our Tim are organic as how that in But have definite year the the several on And there. allocate pipeline things the a that those. look we seems normalizing X for-sale last obviously, valuation years. we have pick our being of seen own organic be this things of versus deal more that flow we perspective.

those attractive that something the payments that would would would for So do payments, be look things be software, would right for growth seeing for us. the right we But at valuations obviously at, particular things verticals, and software embedded activity. for attractive we embedded particular drive could increased are that

hands Some an overall be could of assets changing quarter could meaning the or next -- year. into those fourth slip of late quarter particular those first things from

to in of kind Consumer across Consumer reinvesting primarily to enterprise back are strategy, we accretive overall and of Payments. And just we is software focus into allocation sales like primary seeing Business organic in segments. John open are across opportunities, said, step enterprise terms the opportunities so and both that doing the with and And then capital strategic we're And Payments, M&A. in Business and both

for various then at looking make deal that I but buy sense And we opportunistically to looking authorization us. tuck-ins mentioned the likely shares. are back that We have sizes, at could

All February keep remaining of allow due address million of could leverage the and reasonable that, we to think, a us 'XX. convert us $XXX in very in level

buybacks with and organic the being remaining on leverage coupon balancing X% convert, focused M&A again, growth also reasonable maintaining levels. able So to address and while then

of from question Pat next Credit comes The Ennis Suisse. line from the

ask is to typically when And wanted I the Repay around between bank's to to it discussion table in on accounts. with the Who associated bank? sponsor and float sponsor earning settlement the that income revenue fees play come that negotiate? a role does

Just we delayed this meaning essentially accounts to there's in and not are ACH. to held settlement float us, revenue. merchant, earn not a clarify, the accounts specifically Those with in case, merchant do they're

we have sponsor so on of and the bank separate COGS flow that through but the float And revenue delay, that because would fees, cash, that discussion. earning be which not from we're

there revenue us that today, float both across not for Now Consumer Payments. a that's But factor. to Business and opportunities evaluate are

questions, over to As comments. for closing John? there Instructions] now further I the hand John [Operator his Morris are no would conference

Thank you, time your for today. everyone,

results demonstrate execution accelerating and year-to-date XXXX free our our Our towards outlook flow. solid cash

value. We on will us executing profitable initiatives and drive growth, our continue for to remain allocating focused you shareholder strategic Thank capital our on to joining today.

your Thank Corporation now Thank you. of for you concluded. Holdings The conference has Repay participation.

your now may disconnect lines. You