Jack Henry & Associates (JKHY) 8 Nov 172018 Q1 Earnings call transcript

Good day ladies and gentlemen welcome to the Jack Henry and Associates First Quarter 2018 Earnings Conference Call. At this time all participants are in listen-only mode and later we will conduct a question and answer session with instructions given at that time. And as a reminder this conference is being recorded.

Now, I'll turn the conference over to your host, Kevin Williams, CFO. Please begin.

Tyrone. Thanks, morning. Good joining quarter for the Henry Jack Thank XXXX us earnings first fiscal call. Associates you for I'm Kevin and Williams, with CFO and Treasurer and is Foss, me on David our President CEO. today the call call this turn performance of for business will over his The agenda about call for morning, just state minutes the provide a to Dave and the the in to thoughts quarter. I few some the the of yesterday that after additional some and regarding we thoughts put release out market Then I'll provide the the comments close. press Then lines we'll for up open then the Q&A. future and I future. events, need the results deal you trends to or constitute the about strategies, remind responses with remarks to forward-looking expectations statements questions concerning objectives, or expectations cause future are to number about events to and which statement differ materially the any from Like risks anticipate number these of results a actual due those uncertainties. to or which subject could we a of factors statements. the undertakes revise no obligation to or update these And company

to For turn some release Statements. over risk additional sections factors that in Forward and of Dave. please to these call our now entitled I and Risk yesterday's With the Looking Factors press the in XX-K refer information,

you, Good Thank Kevin. everyone. morning,

to pleased earnings. quarter with report record revenue and another are We

our to results went past associates the by year. quarter fiscal work the As in for of hard begin first into today the I'd for like all those thanking that producing our new

segments manage quarters. financials. detail Kevin to better our this into shareholders increased review excluding X% first XX% core provide during Revenue revenue impact we the quarter quarter exclude the you fees that quarter and our give the remarks. disclose the impact by used believe on solid the format the the greater quarters. new new last will also We both Total is Organic side better X% fees we and increased and deconversion for outlined X% business. of his increased of revenue quarter. on segments call, for business. insight by for the our had XX% for very was if As we have deconversion this growth how a in of increased transparency the quarter from you from both will We new the our

a to businesses and increase payments deconversion also fees. well continue the revenue posting quarter perform impact increase excluding a this in X% X% Our of

Our solid quarter combined well of teams sales had a first very finishing quota. ahead

The press in because I As deals, new release, quarter of is closed core XX split and were sales the between takeaways of strong credit noteworthy all June. banks mentioned unions. and the competitive core particularly this we evenly reported extremely teams for which

success Solution. Treasury We with key strategic also Enterprise saw solid solutions several Risk our and Mitigation HNS, of our Management, like

those Speaking first Solution customers Management quarter. solutions, Mitigation new of Solution our Risk took during Treasury on the Enterprise our new and our live we new

First first our PSCU offering. took we month, debit our with last just new card Additionally, Data live customer

the We the coming their in to and we plan Software August, start platform. will announced large of At beta year. end Vanguard conversions other implement several LoanVantage card next months calendar clients QX acquisition and in Group scale of the

lending complete of our San some to annual turn a and very the combined In been we it acquisition that, solutions. and our our detail the we at deliver than saw more because for Kevin solutions we Henry commercial October, With September, to on business needed showcased that Symitar several great hosted our first Conference. numbers. event Jack end-to-end the positive into missing ProfitStars We group in strategic of received a conducted X,XXX small hosted that solution. event. of as response during and new attendance record people Banking has I'll over Educational to We Customer have solution. rolled this this to lending nature Diego we In provide reaction online component the Conference

Thanks, Dave.

hardware, far mentioned, along As discussed calls headwind, down and new last on and a in outsourcing Support prior services, online the year includes bill line The which increased line year. Total actually deposit just processing mentioned, the press remittance fees deconversion was X%, previous The the fees in-house that bundled little line are as Services Analyst invitation a to to which X% card fees exclude services line as segments and as $X.XX earnings release up year-ago the $X.X was fees both compared up and and pay, we to capture excluding quarter remote created million or lines this these of quarters. X% maintenance, processing, by of deconversion all X% compared revenue X% includes revenue Dave revenue back revenue with compared quarter, digital were revenue. and you transaction fees. a over our this reporting prior if deconversion or reportable year's reflects license, of in which the The for deconversion EPS of the Day. or Dave

improvement. consolidated fees. at both decreased to deconversion looking by Our fees to our total from quarters, operating operating slightly XX.X% operations XX a down year deconversion But from the true or reported XX.X% year were due for to XX.X% this last margins margins these improved XX.X% excluding bps

would the is deconversion our has much for the best we decreasing in keep So for challenge a JHA but as deconversion, margin quarter, customers. rather term fees long presented

and a operating those been our XX.X%. slightly our primarily XX.X% Analyst have impact true segments, of President new for bit are, of without margin in that the XX.X%; these nicely from core core, you've improved XX.X% what our of Day, overall. core group segments Group JHA to from margins improve deconversion reported met And through just very For fees they little as the about to in up went you Banking business which Symitar. Their are lines our to highlight this

a to reported segment but to business payments our the ProfitStars to jhaDirect XX.X% slightly commercial solutions, by we all XX.X%, XX.X% those fees, And the from reported yesterday, primary line level business went forms sale. our also declined is margins up groups, payments XX.X%to brand reports from release those and deconversion relatively up GM, Our $X.X that deconversion electronic of little actually a that divested quarter, is which excluding complementary is Also group small their the in of margins million gain retail XX.X%, which bit as and fees our reported during primarily business, then and the of all over deconversion from that due as we essentially went is actually those and excluding then GM which fees. to supplies to on XX.X%. the our our remained down pre-tax and

in of revenue headwind the for as be last slightly our quarter. which rate utilize XX.X% year the without gain, year quarter to which right year. decreased without of quarter, from total Also up line was grants the vesting quarter from in quarter tax approximately the to X% bit is EPS rate the headwind typically year's We return that reported equity for was of effective this QX the of for our have estimate. rate we taxes a primarily of roughly caused fiscal under or $X the $X.XX lowest for decreased quarter. full of during in deconversion slightly the effective income that tax on the just consensus due also the XX.X% ahead first Net increase And revenue a guidance this the expect to rate a the the of effective tax but year. estimate do The this However, would causes future consensus million impact XX% excluding tax guided we with to X% fees. actually impact quarters was to

of cash $X.X very review strong last of our operations quarter was from to So million quarter is the the compared last QX million amortization the of net approximately total Included intangibles was flow acquisitions net $XXX.X continues of or ongoing was which flow the to solid. XXX% in of quarter amortization, to income year. year. in to disclosed in in million for compares or cash release down XXX% press $XXX.X which very $X.X income be Free this which million this

and our largest quarters to flow due our fees. that annual are maintenance cash fiscal remember However collections of fourth first our quarters

our by down $XX.X a and from CapEx we into During the through ago. quarter, million $XX.X X% year deployed products, is investing which our or million developing capital company

first quarter this also shareholders returned we projected buybacks XX%. and a million trailing months XX revolver currently fees deconversion $XX.X FY $X and we and XXXX part from M&A million facility guided. strong the our $X.X good a that quarter, provides for cause through which headwind in flexibility. of equity in to decrease stock per We free million significant was on in We with caused of this the the and very dividends, cash debt first had revenues on our guidance which would We're with our return position activity a approximately of our as drawn nothing by

out we'll So, this reported year so converted payments grow end which to we jhaDirect to a this to quarter, XXXX, will Also, X% X% platform quarterly And getting true hurdle yesterday, in headwind platform over to on but we as our will to by we the that disclosed X%. some over. deconversion you believe revenue a million couple fiscal how we backing over the from years. discussed business we fees cause will basis the deconversion some up be don't expect customers we can are represent to to years, the place the in did last noise revenue and growth as both of in X% there divest be little and will continue Therefore, release continue from see operations to margin $X be in our huge to the the performing. think GAAP at headwind, year full new next provide a Also revenue for we revenue getting continue range. pressure our the but our press the

income our expect will be revenue to XX%, growth. rate net lower also our tax our effective than slightly increase to We so

X% should Our consideration the without for to to reported future deconversion approximately while stock adjusted of fee buybacks. growing year the any X%, should the be X% EPS EPS for X% grow actually

we QX, deconversion to last be expect year. fees with flat For essentially

net the compared approximately So QX growth should grow but our the in X% tax expect X% QX line with fairly we year. rate to revenues X% in revenue be that should to be X% in operating range and to last to increased income with income

but you for to these, the call open take up provide updates time, questions. opening with estimate can Obviously, higher buybacks to rates or for at the of we $X.XX comfortable fees, stock deconversion expected there our due are please lines With will earnings than changes now will concludes federal we We're the affect consensus comments. in this could in QX. calls. tax EPS this which corporate be that, ready So future changes Tyrone, questions.

Sure.

is question Brett First Stephens. of from Huff

line Your is open.

Good morning, my taking for guys. question. Thanks

morning, Good Brett.

thanks the of divestiture detail the the for First all, on on $X million.

think said million. that you $X just through it when went math, I you was under

have in And you, the so, you brought think right what with I heard? that line the expecting. I said I think Was right Street would that is math that

Yes.

Okay.

$XXX back the Yes, at put but million. right adding will that us

do in things what's Okay. don't those you That's kind of have kind if like order maybe comes those helpful. on capital of think of the more there we I then But few interesting refocus higher of something on generate to a expect how as done in of of deals that, any divestitures, Are that your those some growth should to know And you cash divestitures? outlook and terms need guys about of areas or along. kind edges. your guys around should that? we you M&A

Good around here that up message Day the earlier delivered divestitures been lines at I Analyst we've year doing focus. with really these question. what The, with Yeah. this here the

focused. that So, we not not very a small really or in of those the that we we to had remain need few focused areas businesses were frankly believe

It's of not and a we're Forms it's and that on. Supplies those. area particularly not growth is something one focused

don't tell other I you we right divestitures any So, anticipated that can have now.

around that the it I to mission edges and is. think grow kind of we've the now is rid as of were the the business solutions gotten

me. for the getting Data, around again Kevin, the ground were That's maybe think doing some you Dave. was helpful. mentioned work or it you And things off I question then last of the PSCU, First

up live. How like So, and the us next the good of outlined that sight I does of guys got, lot line for for you those kind that give that but timeline feel timelines think customer given folks them that already of year, this went go you starting first went really had first to Does a one that live? did you make sense finishing convert debit then year? still

right positioning now. the We Yeah. good – really about feel our

I identified a Data, four, team All guess all at surprised conversion Henry One remember, and partners the that were is a but First thrilled. five resolve, three resolved of smoothly how issues think that in from little very deal Customer Jack three something time. are there us definitely PSCU. them three for this longer – sides went, I conversion bit within smooth was no for to the that took customer. between

We now four then January we'll more up once beta and have But two beta through in we after second in it's line those gone customers we'll that. our and conversions then start get to smoothly. lined very right customer so far get do

to this this Brett, get remember, actually is And is talked the timing remember customers Day two migrated a we this all over. the you and a and Yeah. you process when half know about of if these year at Analyst

between through move sometime time. movement the be XX it's that them to late going take But start a because can't we right the X,XXX do somewhere at We're all customers. to our of to by the should a XX mid time. do February, we betas same customers, just you January. to said Dave in at while of as planning to mass Starting end will So,

be card So, to customers month, this first we migrated. started, project, of start will it's and starting going once get a longer platform our new credit be And XX an customers we customers, putting little all to existing our going new it's to really April, in get card customers. about on maybe

for Thanks detail, needed. guys. I what That's Great. the

bet. You

Research. from is next Northcoast question Mehta of Kartik Our

open. is line Your

just time over PSCU, Hey, could and Data customers view and First Kevin, about impacts get talk savings with and I about on platform eventually the to partnership; talked the line. you Can your this you Jack conversion Henry? just converting the how PSCU associated those if it cost

margins the is and that pay have as headwind FDC the, then going with be start we'll little said we especially at from agreement process because for PSCU time, these will still transactions. whatever obviously put we a beginning, same paying fees like and our customers transaction is very over this migrating the they the have we Well, actual their the But to on we will until systems support the to for existing that of two to mainframes main backup continue all protect to we with have have which of for We enhance. developers to keep care to customers, we in mainframes our enhance have get continuing our off. all our those those two existing take place, we continue and customers, our to migrated still code customers continue the

reduction migrated them big costs, with then everything be that maintenance the obviously along goes get we once off, and we Now, there will won't else. cost and because maintenance and them in for facility need support a and

time going some the there's will than higher customer by to be we margins So, the be today. get pressure they effectively margin but over, are our last

second the the anticipate trending in through Do year? you based on installation any I customers year would you and growth talked on the do maybe some the know of think that or there's about you talked you you'll growth or off? changes of be Dave based see how about, half how similar organic second you organic kind think backlog in backlog coming the quarter

No.

think growth I for solid our pretty the is organic year.

we XX% growth have our core in it's think quarter, what even about with, Kartik. in about going to was without The well. I continues deconversion this biggest right represents line extremely and do and business drivers right fees, stay quarter that revenue card the to for our without, considering second the of was the now, we with business talked

we signed takeaways QX. said, in new core customer As XX Dave

sales history think the ever of big been pipeline I'm I think company. here, as as is the if wrong and, but in Dave, our it's correct I me

That's correct.

With we have. years last that the

the the pretty Kartik. feeling So, of I'm good pretty, about rest year,

question. shape. to more acquisition Kevin, now about then, great or Obviously, an your was And just And I anything just balance one shareholders? right that seen you the in capital think it's last have you the sheet's interest marketplace from return in piques do standpoint, wondering,

we the find right mean, to acquisition. love I Well, would

love way. our Dave nicely right deploy We mean, found we to kick and come it's continue before shortly for a strategic that we've the hope that Kartik. tires, with I while capital a us we that, that as been because one would the since along and to kind extremely one obviously, But will of mentioned, very just acquisition Banno we did the sizable Vanguard, acquisition in but it very Bayside was fit going forward. the small the

the it dividend continue So, our stockholders that at same at to to return ones sizable increasing we'll look by the and capital could to those quarterly continue But buybacks. continue time to and evaluate stock and will move we'll continuing we to the look continue needle. effectively we'll for

much. Thank very you

Yes. Thanks, Kartik.

next is Our Baird. Dave of question Koning from

Your open. line is

Hey, guys. Thanks.

So, review topics the just to I processes. that guess all I core three wanted big three,

fees you I you and talked being down. there Fiserv most of have or of think talked and being about, you lending and All about, being have EMV down, term strong, made acquisitions both

think doesn't why guys. But, in. strong are down right and acquisitions guys such is term for why you fees place as you I lending that really are that matter much making a now

the I part as is think, as David. address let last first, lending Dave, me this concerned, far and is

identified our we've what real is a need. with So, customers

the space. side union grow the in desire but On in a now, to credit and the need commercial also there's real side banking on particular

was XXX% we've lending customers. the had true commercial So, out saw commercial geared Same our that banking treasury on lending. serve solution. the is you The on roll is us thing toward management side. That customers their focus helping

from and grab our there out all not acquisition, away the last concerned, bank. allows an is trying those and that this folks our to because the hole commercial that the solution we OnDecks compete as strategic end-to-end very are Kabbages a produce had far to it is definitely to online it revenue filled remaining banks lending although Vanguard is as that borrowers So, commercial needle mover with

focus So, turn, the the space treasury them in We, more on competitive. compete borrowing commercial put to are many management in and putting make the enable a to side, providing banks commercial the the of help grow, of grow of have on lot lending, them them lot space. to focus on to both and the on tools a side the

would and But fees our the which a at of and tend the being into customers, and There our talked and one in merger and Win-a-merger up of new as activity in still before. we lot term just drive As termination Jack Well, We space. as quarter. for a we acquiring but win to Mergers see. the in down. we term gain it that the fees, have running Henry about that what Henry go is have are fees. we customer. bank tend know competitive the looking had up we customers acquisitions just customer we've had on win-a-mergers what We far the new a gain term actually of the acquired acquires customer projection base as a far to been in somebody turning of are a acquirer being we pipeline, core focus And two big win-a-merger fee, concept end comes as are things out Jack that's a customer. we've core core it when that fewer our because a away. the into turned a

the type quite of activity Part go Dave, delivery impacts bit. of on. continues that, term But method which on they Dave mean as institution depends what or mentioned, the I to fees M&A depends it really fees. on And, a termination have, really just it

get mergers quarter, through zero the dollars we a lose million we three and customers next we customers several we lose term termination get have and in in-house fees. early quarter could in we So, where fees, three where outsource

parts, many is so just So, deconversion decided back you on a just basis to see quarterly just our I've moving why operations out what actually fees are so the there's which can doing.

of probably actually Yeah. of maybe kind now. I like everybody lower bit. seems No and It little but last right around like that kind going down a for mid-year And maybe M&A everybody is the continues fees feels is good of mean that activity part maybe just just sense. term makes it's peaked if having year, reason

I'll Well, to just tell team on another conversion we M&A. added specifically you, focus

lot a have We customers. of customers our other acquiring

side. added we team the banking another on So,

last wouldn't So, slowing I it say but have peaked down. may year, it's

Okay.

pretty million And offset Like revenue Vanguard, I it said same then immaterial, about roughly do Okay. those that two $X size? is Is JHA but headwind know you about Good. XXXX. each to other? said a fiscal you it's

No.

It's way smaller.

Yes.

Okay.

lending entire solution, Now over to our time to we complete that commercial by that that's going piece having piece think grow. lending our help end-to-end

fill was That truly Yeah. to a acquisition acquisition that. strategic

what through this They component Vanguard was allows fashion. the a decisioning automated now us commercial an information that information, fill online an happens – in site. online to at think the portal, so about brought borrower provide in So, auto bank going and decisioning the

You back powerful. by can loan. approved bank get you've decision saying a for been a commercial Very your quick

strategic to So out fill it for small very us it's was, our very revenue for but complete clients. story the

segmentation Great. you put one new at using going guys an the Are or like final something the on And all? X-K to just out historicals one.

will It the XX-Q, in be right?

be will on the XX-Q. It

some With eight four see can too historical maybe or just back it. so back we something? quarters Got like quarters or data

eight to it will restated, but Well, be have be quarters, that. think about Dave. I'll not will it

see talk that, what we my staff, and can let We have but doing we'll not me do. to contemplated

deal. guys. pressure. No thanks But big right. the No All for help, all

Dave. Thanks,

question Wells is from Fargo. Tim next Our of Willi

open. is line Your

Charles morning. Good Hi. for Tim. in Nabhan is calling This

Just quick the PSCU had partnership. follow-up a on

the of – of to into margins talked how and anticipate we a about to to to to timing to to sense for the off expense correctly, get heard want from, think turning alluded You runway tailwind? when just about better think I wanted XX a get of about about You just for a when if months. expenses dropping get sense wanted that. that And headwind you could a understanding

at how are in this to many lined now you at able the process, right to we a out, the will conversions tell and we would get planning still time. I know we really exactly convert because point all don't

what December, But be from rough in think starting by migrated, XXXX, of have should our estimate. years nicely. that customers a December all fiscal two and we of margins able we cut year, QX so costs our this all of go the should up to kind it's out So, that QX

Great. the what looks management cash about as follow-up, a new like Thank the customer pipeline products? Okay. you. talk could and demand And and for you treasury

Sure.

we our annual conference. just client So, completed again

So, opportunity we up a the only who great about solution. are have talk not running but to had showcase to solution live now and customers the

four have are we So, that treasury customers with management. live

for the the them of the the actually that and One impact conference spoke, bank spoke, CIO at they shared customers with our having. were

strong. So, pipeline looks

Now the and treasury on commercial I've customers. solution previous calls is serving mentioned institutions designed I'll who just a larger it very management large again thing say for are

or that something XXXX you're strong only isn't happy position that, is to today. given product XXXX family. This to to But something in banks that with be is is our that this sold going demand largest and banks. will we're positioned the very So, sell that where –

color. Great. Thank the for you

Sure

Yeah.

don't for is of part that the management of And for the going well that go banks other extremely I that too. cash all the that. think smaller solution, that, is

We distinguish management treasury management. Yeah. cash and between

lot. that largest stuff. banks, the management for the all largest talked That's clients. that about new treasury is a So, release press kind of the just put we've out, the solution We

solution, revamped has As as not of ticket for a We had the solid lower We've very but our customers customers management a new end smaller have that from revamped years, number Kevin received assigned several big a points is on out, reception price, that solution. a and that cash well. as that. It's that solution.

Great. Thank you.

You bet.

Greene Glenn from of is Oppenheimer. question next Our

Your line open. is

three some Symitar, ProfitStars? sales I maybe Banking, Good parse could the big you Thanks. apologize this late. jumped call But maybe, But of you I the has about morning. Dave, activity were about three you been a quota. on aggregate sounded It across in talk brands? because talked if thinking little the the across like brands, could bit above

I where quarter one – I them all you for – ahead brands can I can ahead of every of that know finished three quarter. the of don't I the quota can finished tell for the but you tell of quarter, quote

variety in core, So, sales quarter banking, groups, union, course, in around much we're ProfitStars Payments on core the and The wider both specifically strong well our Gladiator particularly credit a of the groups our group, in The did think, solutions. quarter. sells quarter. H&S having our of the which solution, groups. the and team a But solid I all including had other the for other ProfitStars teams

of in say for I ahead every So, finished quarter. them specific is, quota the all one of can

also I the our sales products they feel have. new of had I sell they And about think about extremely folks the of And that toys in as Yeah. all many are add to the history we have ever they've excited new all as like company.

give then, that And Okay. the least new and growth Kevin, to outlook sort some maintenance, piece there the any have or color segment house services, EFT, on relative there directionally? of don't the us at our thinking the given the sort rejiggered is us models so I and way think of But on any thing. parts rates that, old of support

Glenn, The have don't old models, I that even That... with boy, me.

do? – outsourcing business how did do. outsourcing how payments the directionally much So did How

much Well payments I mean is payments Glenn. still really pretty

Okay.

Outsourcing is grow which in well. very to segment I was. it much the payment core, continued outsourcing pretty mean what still is

like actually I ago, a the at higher it little XX% with was to a for think year compared deconversion than quarter fees. that

So, well. both of those lines extremely business continue of do to

Okay.

And of percent obviously total our revenue. that's XX-plus

Got comments. high based just level your of guidance on sort it. And then

consensus you range, about seems which current right what in that X% talked growth X% that you're for was just of is comfortable kind you EPS X% where now think know to to, Can the X.XX%. assume year. we I it,

Yes.

just on color Okay. that. anomaly maybe accounting sort looked of of one It balance And that or just an Is question. a like then sheet little deferred revenue year-over-year. declined bit

down in-house don't revenue deferred current our contracts Well out shift long-term outsourcing. the just went maintenance long-term the there. near The hardware from maintenance the in business, to up. customers Glenn, moving we're and that went really long-term that's have or We

thinking. So, the in to to strong positive my a go going is continues is long fact continue deferred be up and The current to very term down. that the

Okay. Great. Thank you.

bet. You

Togut question is of Evercore. Our from next David

Your line is open.

David maybe break if for processing? transactions, Kumar year little can and bill and the bit growth, pay, Togut. of segment talk and Good the payments you then specifically. is remainder for long Can term This about the takes for And just payment about you topline your out for Rayna credit card just the puts talk a morning. debit outlook

about said So, puts Rayna, and growth, takes. you're revenue you talking

So, to growth those be. out But I'm talking the revenue take what you're trying would about areas? figure in

Revenue growth. Correct.

Yeah.

Okay.

So growth. the deconversion roughly X% business fees, year-over-year card for excluding revenue

enterprise remote the which is business XX% bill X% pay the piece types that year-over-year deposit our about is capture, in for payments it's other those business, For of origination, roughly what area. payments ACH to And things, refer as year-over-year. of we

we think about midterm? overall growth should how topline payments in And the

percentage as far As growth?

Yes.

So, we've past us comment. talked still you true, think still unless, number in about good sustainable think overall for being want But, reasonable. and that X% to Kevin, that's to I anything add that's X% I the a I to think

out think had cards No, new Obviously, Rayna, point, because never to platform a there. credit this opportunities, I the the X% with sold we of X% some guide at good up, is before. that new the coming

now. want get products, get that rolled But go a the platform to new maybe. bit that we all I could the up building don't little in right So, be once out and

X% So, to at let's point. this X% just the go with

ramp provide timeline up can of us you you think a credit card business? you Could when the rough processing

to sell Well, card already. starting we're the credit

card signed deal. deal first literally fact, our yesterday, yesterday, first we In credit

to That's current demand our for have to already, contract sign else, them new you prompted with place. organic this talk what of their already us in do it what place as is far to for that selling. first as is, customers. as or bluefield contract know among in The question a move So individual them us there up is We what our greenfield as they to the team or type out customers, timeline something to do provider. terminating there's

really get mentioned, our that'll to how signed we we've far, little So, team sales our we I before with don't I one But this and projecting bit demand, customers. But of how now so know good kind so that's to a conversations got see of a have can only a and farther going that ramp. ramp. discuss I'm into as customer we we this at going lot point of comfortable fast

just helpful. next discuss the Got with you're investments? just it. really revamps? and product investments pipeline lastly, what's And Like, major making any you could That's in

one have, example, Treasury that still rolled early in Phase investment. still don't I X it Management X. Phase We XXXX. as out, that calendar next there's about prepared but out to for talk another that'll I'm was We the so know come we today Treasury Management of have

on So, have we a Management. very focus big Treasury still

another just of Our indicated the that recent with Mitigation in rolled come. out we still But have SAS. a that have we solution, to we partnership that We've release. press version as Enterprise Risk

for Our Biller release solution, our Direct year. will about Biller Direct final through major happen halfway calendar next in

finishing big of most is that of projects been on what we've now So, Episys. kind right the doing including working we're

database that XXXX. the three had We've the past in in So, last we've wrap rolling been releases the we've years out talked our project fact customers. calendar this about on. year That to Episys going up for incremental will

into finishing I deal left out. Banno. big have out to including shouldn't way, Banno these trying that funnel the the by going had all big put another right really now. not we've It's on we're projects So,

timeframe. digital the will do So February big January, starting online, our installs in, experience and customers complete mobile for in online including the first that

have So, now. mostly are the we've we see things lot the right what going these through on to the review that. in right process to all finish now. it's we we're Obviously through putting these pipe focused after a got that projects of things have But other goes on there pipe getting that that

Yeah. what in module, I Mitigation mentioned, that think modules. have the And, we is Enterprise mean, first a for five example there is beta and Dave total of solution Risk the now I

some be the of more process in two-year But now. four are a that out. right that's probably to there's yet completely phase to of rolled process developed developed and all So, get those

lot got out So, we've going cool We've a of new lot things come. lot really there of with a whole to solutions more got on. a

you. Thank Great.

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