BTRS (BTRS) 13 Aug 222022 Q2 Earnings call transcript

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Billtrust's Second Quarter 2022 Earnings Conference Call.

As a reminder this conference call is being recorded. I'd now like to turn the call over to John T. Relations, Investor of Head to begin. Williams,

operator. you, Thank

regarding to Relations report today's on ended annual Before forward-looking contain March website, XXXX. uncertainties, set today. subsequent the our of our expectations forth year update with that ended does forward-looking business regarding any in in that year differ and we as X, quarterly I'll Securities remind Actual the long-term file are duration XX, statements expectations the tailwinds, secular medium begin, those and call the company or forward-looking section including underlying statements, December materially and not outlook, Form and trends June statements available our subject may by law. of required for XX-Q our we reports and to except any in for as on most the to may that with including XXXX you the and intend our of forward-looking including recent assumptions full time, report are filed targets. from only These These obligation from results today, our Investor numerous on and XX, make quarter XX-K the XXXX, them time Form risks the and Commission assume Exchange the XXXX, our fiscal Securities Exchange we on statements speak Commission our

call Chief Billtrust's Hosting on can our today's today's to now the Founder supplement In Lane, financial are Reconciliation for and turn GAAP substitute addition, over Officer. I'll Mark Chief Shifke, should to measure not release, GAAP Flint the begin. These and measures be considered today's may Billtrust's Officer; to be as earnings a to measures. call which call include in is Executive Flint non-GAAP measures. Financial found website. nearest available and a

excited business. across everyone to our for second today. once momentum joining for share the which thank the I'm quarter, our you results call incredible And John. you Thanks, with show again

Before of in talented I The Billtrust our team. on say very and up and but want business financial values business of the how highlights. challenging just culture and don't decades. and laser-focused part They've like the amazing meeting macro-environment. our to a I stayed am I unique growing some Billtrust's a to success customers' cover do, proud key needs operational then start last some statements, show over with on I'd are Billtrust's I'll X metrics our recent

provide about internal updated will our the couldn't challenges, continue XXXX performance, be against BXB trends that and we and outperform Despite and and market execute reported excited payments expectations. are and external relative macroeconomic I to to then and Shifke, the on details Mark secular around report performance to CFO, plan guidance. digitization happier Our favorable our our QX I'm strong.

segment adjusted year-over-year XX.X% basis Payments highly strong of of year-over-year. was incredibly and growth Software XXX up gross drove margins points XX.X%, and profitable

growth from to basis year-over-year tripled to year-over-year of and XX% customer process year TPV yield processing transactions card billion, XX% than ramp through BPN contributor, which a billion quarterly up in higher XX% but $XX.X we is BPN QX credit the generate the payments Network XX% more Payments year-over-year. a $X.X to or our Our BPN grew the million smaller $XX.X it $X.X of ACH our or year-over-year, DCR, points. total or year TPV, or was ago billion value against is X.X tough Direct all TPV, payment revenue payment revenue card solutions QX, in $X.X while continued growth year-over-year platform, through which in that the Card quarter. prior dollar versus a increased billion we on TPV of Business increased volume comparison.

into and happy are our volume payments PayFac expect solutions. card over growth on growth new will how surcharging is we and by revenue exceeding our grow transaction long-term, again We teens still our card yield with business growth progressing very the once direct the with helped

In of cover to annual could before how interact customers' thrilled are customers June, solutions. environments, the Insight that said cash Now All us and partners and whole increase some we aggressive practices AR difficult for CFOs future the every and payment of business our recent Billtrust complexity ideas. and discussed highlights. CFO cards naturally this look to seeking believe ideas by impact automation, host across trends our were virtual software best We of challenges day-to-day to AR shaping observations we and out the we value of operations. new solutions, day our office Billtrust see maximize customers learn spectrum, in and the Billtrust the event, let's reduce actionable as where on our I've economic efficiencies, including ways are to more and flow. in that accelerate solved

credit is called version We announced new of online billing our credit suppliers makes directly portal half for cards surcharging. also it we of Roughly to popular online without our and incurring our a cards accept accept easy fees card billing incredibly big that a customers believe today, opportunity. through this don't something

an leadership each so Also our customers first approach a members team expertise. you their doing new areas provide. of what watch at to hosted to we visit show you a and are are with delivering innovation live customers our virtual with and They'll website of landing why session acceptance. spent Insight, dive this how lot our the already card we're encourage where we June, I We investor into session replays. covered afternoon in some have innovative happy deep our of We deals and and senior

They acceleration AR Pinado, solutions SVP Finance the the Billtrust In streamline addition, by interviewed difficulties help placed their operation. how Rentals. the AP Steve our on discussed President, Schoenberger, of at organizations of Sunbelt and John solutions

in sales the a topic highest on ever to our our address in area performance. investor will now update path great guidance prepared his in profitability, quarter to the like context, of last bookings last most in first this we acquisition. which quarter To momentum we some interest and our an been had collections customers provided new the provide sales we most our Finally, updated remarks. platform I'd the you broke of booking X-months has fourth Mark both we customers and over acquired quarter, on on most of in the ever. quarter of this Then And records XXXX. the wins part to the our new as iController year, signed Contributing this signed those great new a quarter. with

share me a Now stories. customer-specific let few

a States, years. customer driving our Billtrust relentless customers XXX focus is owned than of US high-growth over on with more the materials LBM nationwide. specialty existing acquired LBM privately US with of great in relationship operating is locations company United a distributor example building the several the success. Our largest They've

deliver of a Invoice to see partnered and to credit, payments recently with working allowed how across These we leadership invoicing, enterprise. to we Connect the As their clearly entire success. drive result, align relationships them Billtrust benefits and their existing with

Finance BPN. success our now or maximize access supplier about session diverse his understatement, software and payments thanks data Software, team front, made and system, with Portal us Coupa Raymond overcome and preferred to issue term enabling He powerful Harless, customers' our Eddy their on AP told know for invoice has is doing solutions it's how also on able truck avoid Ariba. Fatigue is and dealer as automated expense equipment AP portals is into to payment into with business support as invoice And growing with back-office partnership like channels. that of a payments teams their us complete to leading customers' and June told Procede's through offers even struggle using company's delivery input we to Malin, customers longer a customers A to labor the solution We've keying Malin and strides no network, a us the and entry. of and being the single a manually material is well management company Eddy during accept but or in told requirements. example an in vehicle digital Billtrust distributor. management seen his a AR invoices a can ability portals invoice is integrated accounts his major is manually automatically portals great now customer, customer dealer number our and payments of business BPN also insight Manager, about. Billtrust the a the for think week, giving partner that to Excede, recent through Invoice commercial clear no one happy payable them it's that stress Malin's payments. from systems invoice network handling benefits manual growing they through delivery heavy-duty of about helped every their Billtrust, and Procede other Billtrust team something to Eddy to integrate the Software payments makers electronic electronic our invoicing and Another

areas growth our like minutes take Business for or the is a discuss Billtrust strategy. big to core the Network of of a why part I'd to One Payments few BPN. it's

our network open including of open growth that of with volume roster our evidence is and others, competition. Visa, BXB over and impressive as network clear the our truly partners, and leadership payments Chase, American a versus position only XX Express is position BPN JPMorgan First, our coupled publishes Coupa, rates

that portals. of supplier our interest the all fact, we for card receivable developed as our of Ultimately capabilities and digital our payment pain AP of and tools with have barrier with any last the the our are. Second, open to BPN are, transfer the we how banks from believe it were into card and beginning. Acceptance a for first the like acceptance over BPN our methods. transaction of born the for the in side will of significant brands. payments, up of were payments partners. advantage understanding The XX-plus side, invoices here digital automates we supplier barrier accounts points, evidenced lockbox over made years origins to and and to around from it this solving online the the collaboration set AR capabilities to a customers, comes the in we to and lockbox We've market, ACH, delivery from growth and the again decision credit overcome solve represents the department, our partners over seen XXX space, believe we of competitive billing must-have or BXB over digitization different to huge particularly wire We world-class for and by electronic supplier believe our we from and be provides sites also much receipts

a in market strong these expect factors which all remains supplier to ingredients of We're been continue key of have are BXB the partner about have opportunity All in we large. we beyond the and rest year which and -- success, pipeline. very only the future a incredibly excited our the into and to

that very to as we also protecting or continue we and are expanding to do out. theme driving managing earnings We our I focused timing point key on balance profitability A cash strong do. to sheet committed flow is remain and profitable laid investor the on to and things gross growth, that expenses we'd margins we and we the back equally exceed said calls recently aim often meet that

environment, to I'd our macroeconomic challenge like the for the strength that's position. current many. been Given of a reiterate

best win we consistently because a to have well great growth, customers. for that accelerating we debt, are solutions and are designed zero solid to outcomes deliver sheet, our believe We positioned the balance have we

market these seek and secular tailwinds are labor so deliver CFOs some like costs, are that work rising Digitization many Automation will for currently we facing and supply ideally to from to interest positioned believe Our challenges, persist what time. anywhere we address need, expect and volatility problems high chain rates, trends. urgent put, Simply offices businesses the solutions back and we large

been Shifke, second have and With over be will updated results our outlook. that, and and Mark to quarter to We of CFO, opportunities. aggressive advantage I'll continue take to discuss it our these financial hand

and Thanks, everyone. afternoon, Flint, good

our with year-over-year QX revenue pleased results. basis, On Flint a grew XX.X%. strong As very noted, we're net

expansion segment adjusted grew gross and versus Payments XX.X% margin of and grew profit revenue which reflecting XXXX. point XX.X%, is QX an Software XX.X%, basis a adjusted gross XXX

compared year-over-year headwind revenue On to dollar the period. approximately in net margins $XXX,XXX to represented with quarter highly again forecast. note movement major in Software during that euro quarter, the an an basis, segment expansion from Payments and the original to increase $XX.X in segment XX.X% the the driver margin was million, Our We'd profitable quarter. gross was relative the our like of of XX% the ago year organic a

Software to a and Strong Payments were in growth direct increase increase of adjusted revenue and million, net dollar contributors TPV key performance. card was and strong gross $XX.X was year-over-year our million, XX% of retention XX.X%. and profit revenue a year-over-year again card $XX.X

declined year-over-year. year-over-year operational as As volumes up this of declining revenue efficiency a our Nevertheless print revenue expected, $X.X $X QX segment. other XQ of to was in was expand costs Adjusted continue print versus their shift expectations. million million Services X.X% loss XX.X% to our $X.X print continue $X revenue as gross we manage and a digital. better million, and modestly and XXXX, than EBITDA million to create in closely greater margins loss

European full second of our in and expenses million, line of and adjusted our hires EBITDA, Excluding were year. operations increase year-over-year the quarter and year-over-year first other with last add-backs to half The conclusion impact operating the XX% comp stock-based of expectations. $XX.X the up reflects

We second the adjusted over half further ourselves shortly. which half position year EBITDA in first EBITDA to positive of continue relative to course of expect as the discuss detail to in losses next the lower year, I'll we the adjusted become

that incremental $XX.X period, marketing driven and period, million stock-based expenses versus adjusted and development $XX.X in million direct and investments expenses were product development channel the results in expenses and distribution $XX.X Excluding R&D year EBITDA, were year. other year and million sales efforts. million our by were prior $X.X primarily the add-backs additional in labor Sales to comp due prior in versus not last to research costs European

most results with investments international where balance marketable X:X greater to these that to XXXX, our continue grow the attack QX than with highly continue short-term with payments in administrative of million and expenses were profitable and we pleased versus and debt. We cash million and ended no the very supporting of software our attributable maintain on and are in to We sheet million $XXX increase securities $X.X General LTV revenue. and equivalents quarter expansion. $X.X

current Our XXX share million was RSUs shares estimated shares, basic diluted issuable shares end common in-the-money potentially options. and including XXX count million at quarter to employee all fully tied and

Now on to guidance. year XXXX our full

million of And and the million million. to net revenue Software Payments to $XXX of million $X at now million the $XXX raising or are revenue lower expect revenue each revenue at of XXXX guidance or of at and the our of We Payments We end segment net our $XXX midpoint. the Software midpoint. $XXX.X range million by $XXX.X million segment $XXX

the adjusted should margin now Our in and QX expectations, for gross exceeded we remainder sustainable be our believe that of performance the year. our

million to the Our our new trends year expect with excess gross midpoint. macro into throughout $XXX.X year the the we belief now to in We range our the $XX margin of in $XXX.X volatile We negative gross XX.X% $XXX.X adjusted highly is environment. balancing midpoint. are profit remainder at that to will adjusted our XX.X% million to strong EBITDA plan and profitability a updating at projected adjusted we or reinvest business million or million midpoint. the this the continue XX.X% full or $XX operating of that remain of $XX that million business to negative year, a And recognition million at guidance, the are negative global underlying expect

to we currency $X while are $XXX,XXX operations on year a our remainder addition, million a revenue. doing constant basis, of the our European in headwind factoring currency are to In well foreign

for adjusted outlooks, third XXXX. to long-term sometime during now for future EBITDA or and as we year flow the M&A expect might major that in XXXX. updated no the exclude disruptions free second and positive we medium quarter or adjusted also impact of positive strategy to macroeconomic and our recently any our for targets, As full June, positive These be cause assume full of to And expect reevaluate cash year course, of the us XXXX EBITDA spending. be

and drive As of to be Flint again than and your we beyond. questions. Billtrust Thanks better happy we continue we're not to year could results be answer as over remainder said we we'll the a earlier, and focused the joining believe call, the and in today, for are position disciplined

Bob first Instructions] is Napoli Blair. William [Operator question The from from

that just Can do new this been what in driving do that a Has see you customers color you momentum on on was there the momentum the sales the and has largest momentum? largest -- there? you that little to been macro have And any visibility the quarter bookings you more added. into 'XX? said continuing hit Flint, of So maybe give the quarter and question, a number

Yes, sure. the Thanks, for Bob, question.

the here. of CFO's under pressure think solutions we I a variety focus The to a the cost, of are organization right? and there. increased there's have helped on there related of is coming a lot office of that CFO, play that into things automating is Certainly variety

have last we on about there. our Second, X sales and emphasis increased years marketing spending the over a talked and lot

Third is just purely execution.

modest doing really well. contributions be there's We're going we're don't the scale is this the to with of in itself in think, soon. that that who from people we've Certainly addressable partner is grow. sales a room we big great manifesting getting will know Our think shared contributor ending past, team lot plenty success. is how We've in for channel, of and that we some us to a future. got anytime after, the which market total And

software profitable? that and to card your -- what's products confidence a that model, visibility model, your direct the revenue, good confidence in payments And high long-term payments operating -- in your driving turning the from that around commentary card is profitable driving. any some direct Is revenue, also high-margin And in turning suggested? margin on long-term you so just software driving any that operating card and the then primarily is that, just timeline Is direct revenue. on what our the pretty momentum in confidence the

at trajectory were business our EBITDA mean things was is adjusted play. a to in change for direction positive. model few a on We already. us. It's This be a I not

the a is strength which accelerating bit in that. of card just our to What little timeframe the we're revenue, the direct achieve of are platform. incredible We not visibility we seeing in want terms but software

So have relationship. capability then or as platform expand and integrated one part software it payments along other of come and of -- is a leading the with to either great a land with it's letting that great that

grow at pace. continues So the great to a pace. direct card continues at revenue great grow a to TPV

that changing be anything seen where for haven't efficiency, an like Flint for seems to We that's And as opportunities we're are greater in environment said, CFOs fantastic. exactly to And our software doing trajectory. and then lower myself, playing strength. cost, looking

So we're it was it longer-term really expenditures were where that to is the a to of get combination. that and necessarily had beyond. really focusing X-year employees, And want to, on we're we perhaps moderating to is getting get we not And that some immediate And more to having -- payback. rid that not more We're horizon, X colleagues. don't what have of we doing. X

we're We have a great growth expense. of growth platform, managing just the our and

question Huang from is Tien-Tsin from JPMorgan. The next

on had think macro. you've in new here And especially caution perspective. profit, like -- pretty I your you here, as a commentary, the results you've And hear bookings talking bullish a margin. and Good been well, gross momentum about the of gross I recognize I was from sales

and between the targets? to about weighing looks all momentum I'm going earlier the lines the little bottom outlook curious of bit on of sort keeping are So how profitability some getting to reinvesting to to like those your raised Or you that and here conservatism? this versus if you your lot I'm sense. understand read end just confidence ensure banking items, the upside but It makes trying and a level things of Just better, that a of those trying just you as adjust you're outlook. think

Thanks, Tien-Tsin.

public to and I happen think what share importantly, do we as then we a tried more is have go with investors think company to going that.

tighten As in be in headwinds there. and raised When of world, have give we the what's predictive sense FX more good into on like and and certain what we on about certainty the kind pretty that, good our because those less FX but we come things years guidance, can can to don't we've of could be going we and we our still a factored play have progress, predictor like we guidance. a get range

and there's So our without some uncertainty making our sales that we're sure our would of go-to-market perhaps and we with bold, in the investing consistently there. on solutions, starts then in have financial more making but invested strategy been we're effects control results. is What in and FX, sure is success execution, delivering our

have flow increased proven to the announced years So public will our we margins, accelerated that year positive. profitability demonstrated just a or path our of profit company be have we so X.X being growth, over a cash and next

as So will I appreciate we this is think as and what want think a well. I business, that investors

as follow-up. my just you seen know We've lot I in few the about guess quick around a you've I then I sector, acquisitions some have consolidation press yourselves. ask And well. of consolidation. to consolidation a done

thinking just consolidation as curious, updated here theme I'm a for around So just one.

looking We're long our is term. Yes. strategy part a big acquisitions of at

acquisitions X X valuations well. to done have those we comps. going know, are public with their you X along come or and months, started down in the Private As have last

we but sake do and we deals the to right So doing of at a on, is focus of we want just are the deals. something X that doing things, we a to to for deals, X deals think want averaging different looking year not lot

question next from is Andrew Schmidt Citi. from The

comment stepped I you win can corollary, as guess up platform, reinvest things then, like the momentum modules, in of I because correspondingly opportunities enhance you pretty that. want add step Maybe the distribution. on more the here a terms also seems clearly your have It in to there's dig like here. you up into to sales that me And rates have your just significantly that.

in Any would color you rates. be of versus opportunities breadth us any give of see can helpful. there you terms Just win

what We win our share do We are. that internally. don't track rates publicly

misleading. be that can Sometimes

a a And do do north What LTV which target the marketing but our you're know for get ratio, on do not we marketing, new If personnel invest is opportunities own sales opportunities themselves. in been there's of are looking BXC just at present our like instance, and return we and Most CAC efforts. when that, and we from we that measure customer and Billtrust X. has we're what that's to of we sales after that. business, execution is our profile, generally going in call not

We got have little in announced that the opportunities but partner which we've Those a we've many start up, months. of the will we're lots shared -- pursuing, this to contributing that year. last longer ramp those XX over of take second half of

why around there's backs back Like team, sales no our around. and go we'd the like nobody sets single So love to every the stacks that. when to market, grow of but will toes, is point the keep reason We up to Getting but and set. we execution payments just to has around solutions. turbo-charge on receivable beat is lockbox can't capabilities business marketing network. plenty and our is us competition or their our addressable have healthy not there the time, help that on partner market They own has think competition. digital to the our win of continue total we of things integrated required. our we the our It to Nobody win. approach Nobody

success. away our all to continue with to very competitors very, we're our to need go succeed. but need We competitive happy we and just us financial of So to positioning, sales drive for success don't

things influenced And here, of I question have should one heading like continue. that's It about visibility of guys I'm a visibility. clearly, secular year. activity. when visibility volumes know and the by another that believer theme But just been is good pretty guess, growth you next I seems payment payment to a the volumes. I But in the here. are think economic the on back then, And half

for you level you've given in discuss whether And an if terms you're helpful. macro of what So behavior, industry any seen could the back be would customer in then color the what just you're Any there changes? just half uncertainty. maybe at seeing baking

that? a take to want you do shot at Mark,

seen at that in have our Andrew, we Sure. a models macro TPV. affecting and around level nothing payment is overall volumes growth

impacts think I rate of base. we're in the affecting clearly and overall, sectors our But economy slowdowns. interest customer some not changes seeing from the it's certain

believe So of everything is continuation we strong do we're a growth. seeing

different next growth reevaluate of get be the we horizon remainder we is nothing next things. foresee are for we year. the But where completely see we'll the year, we As to the that ballgame should year from today, have if impacting a to on

is Tandon from The next Needham. question from Mayank

to I Any color if trends bit strong activity. broad-based? in or little detail, you specific the pretty given dissect in the the strength wanted Flint, markets, be you just maybe a certain could any more see the verticals bookings Did bookings would around helpful.

been back into thing focused successful a we base. there, really one variety had collections The new October. acquisition the that platform we having sales of in U.S. of our in success weren't But success got is part but we've have go-to-market cross-selling with And that teased iController are motions. we our we out that little as U.S. they the very in different

As customers aggressively. quite you sell know, we our into

logo new We have team. a

I carrying success that across was teams go of sort entire them vertical of have day. strong team. to And We wouldn't verticals. after any the It specific the point

know been think not I our just one right your the then is you're of now your given seeing churn getting, And I projections. it just for confidence around companies. But of questions in we've course,

customers guidance? there? it stable? of if embedded of or Has you in just you your any us rates for churn maybe that's What changes in your terms do you seeing give been expectations So have pretty retention any perspective. could sort Are

happy of lot our deliver incredibly one a time. We're customers retention has experienced something and and team, positive Churn we try We few SaaS a Billtrust have hard sticky outcomes is to offer not know. you service, doesn't that ever make of. businesses drive all as the really -- we the

of go company renew bit, which turns lot a year. that we'll little but will or see churn don't contracts don't left. get some lot of see which bankrupt we Our there's occasionally, lot and BXC turns automatically just of that. from And not business, will churn. a faster, -- legacy each a a a We bought have

So there's to XXs that churn It's nothing in going is of already. would to high we change. terms that point retention says

So to you that? to Mark, of there's add anything nothing concern us. want to

No.

this goes exist an somewhat as earlier highly and volatile. your maybe as question and risks I response do back that that also we to it this is In answer think well one. to the market recognize these is to Andrew's of question a

that about actually we what and end to raise which factor end, that how oblivious we're we And I'm the we're them and that's in. the really things. how prudent today. range so feel we're in But tightening risks seeing it any at But to about good believe we into Flynn would said, manner. the as that we the we the not of these factored saying, -- think extent we're as versus a not And lower factored the We we fact upper yes, saying, of guide in exist.

Sanjay KBW. The from from is Sakhrani next question

the Most questions and been have I'll could questions but of asked, rephrase see my answer. of just some maybe a better I if get

I in how the might think it if understand we automation, the and Flint, economic Just does about -- about past? behave? a in how you but your impacts should historically weakness, Like I seen business? how have we mean, think what business mentioned your business macro customers it accelerates periods about of maybe think you how the choppier

Good Yes. question.

solutions were and of are materials and these or to rising don't cost some rate measured payback It's period. lot at money So in really in the generally you'll right? -- not headcount. money line worried aggressively don't our with a SaaS a testimonials your those postage not was for they a tons there financial here on faster to crisis that. fee there. that the to organizations take like or of a because real money This in with customers interest that And We of in where sort of soft save maybe at ROI from services. were that charge an play you months, 'XX, savings, kinds years have not something In real new a about getting just investing be savings, 'XX, able similar in credit dynamic money environment, -- and saw is savings the

experienced financial we've great tough tough from sales So X perspective. do these put and quarters just generally, kinds times. marketing well. we've macro And a times, really we up of And

out and it about all Is Is macro about about little set those it's to execute we've to on performance? ability environment? the plus is. about Is You exactly just our tease of a do. investment? to can't why continue it things out that bit it mission So

times, we counter-cyclical financial us financial tough but way. help So in root a in times bit for don't little that tough actually

think out of Tien-Tsin's terms maybe alternatives. you'd follow-up some bolt-on on obviously, we alternatives? how consider? mean, of across should strategic Maybe significant more anything? valuations I a type your that I comments mean be about just what's how acquisitions in about a we've seen has in then the if talk you it just And can board. pretty on Would there dislocation evolved, strategic questions your playbook from

There's I far companies think we're smaller looking sizes. at variety things scale. of there companies a of of more obviously than are

that to a CFO represented. where there. like last the the -- we're things. acquiring, automation And play could the payments network. of cross-sell but we're roughly be be It big merchant more I and our that, earlier, around X something I said We business around which continue of could solutions into focus existing look lots be months us. for there's from in for share office good can't remains we're a looking targets would And geographies for not we at would around could than be plenty this acquisition. be But good our as something could order It think out of base. sales to things additional

concludes like over back conference question-and-answer session. remarks. to closing Flint Lane turn for This the to any the I'd

interested Yes. for It's interesting going being that's to an continue macro been a strategy. And sure, Billtrust we for over right the perspective, and story. be focus I year again, in think the long-term, from outstanding everybody, to you, Once the driving thank on results.

in next Billtrust again, call. you look for thanks the care, So everybody. and to the seeing forward quarterly interest on Take

today's call. concludes conference This

and participating, a have You day. you your pleasant may disconnect for Thank lines.