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PRTH Priority Technology

Participants
Chris Kettmann IR
Tom Priore Chairman and CEO
Mike Vollkommer CFO
Jacob Silverman Alliance Global Partners
Andrew Scutt ROTH Capital
Call transcript
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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Priority Technology Holdings' Third Quarter 2020 Earnings Call. [Operator Instructions] I would now like to introduce you to today's conference call Mr. Chris Kettmann.

You may begin, sir.

Chris Kettmann

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

many certain remind are XXXX, as due and plans March differ to or defined review the several which and publicly XX, Before we statements we would Company's the business, XXXX. Private risks comments with prepared date management's our forward-looking the Reform in are subject the expectations important will risks all Act to similar actual update filed about or described Litigation XX-K to factors, Company's of Company's today statements we those control operations our Any future as The participants in matters, forward-looking and for Securities Form could uncertainties forward-looking of today remarks, today's of including include undertake to future Securities make and on beyond Commission which any only that regarding provide uncertainties. obligation on like results report no I the materially current are Exchange statements.

measures Additionally, to net including may for public Please EBITDA call. during and refer to refer our non-GAAP announcing of and definitions reconciliation measures our to these the income. EBITDA the we including disclosures press in of those adjusted call referenced filings release our non-GAAP this and measures

CEO, will With turn Tom clearly and help We have that more that to to now also go-forward provided would like over the our us call presentation an our today's I results accompanying Priore. articulate call with Chairman and strategy.

Tom Priore

of and rentpayment.com quarter by for continued who to our would quarter brief the everyone to during initiatives of providing begin results our the Chris more third this the and Thank performance, joining cost the segment level our it go I us our sale discussion call will balance our Then with thanks, on like along I'll sheet. for X Mike overview turn impressive control a of quarter. improvement morning's call. you, earnings into of assets over detail our

release, COVID-XX quarter strong in As the despite our associated the earnings saw carried challenges in third The with of into and we demand you continued momentum business June our reported results saw pandemic. XXXX segments exceptional in reflecting May we each forward quarter. third

to the few and our COVID growth As to and of strong strength to offerings a countercyclical quickly I'd There results. changing us allowed quick diversified share. line to assets deliver adapt line product are top like highlights environments revenue bottom

payment dollar grew period specialized nearly EBITDA activity. nature from purchase merchant our revenue driven improvement year-ago's XX% our of quarter, services, by a Within EBITDA quarter This initiatives XXX% explosive as a by third XXXX. adjusted XX.X% combination increased increased the the $XX segment core XX% counter-cyclical expense nearly the reduction up e-commerce bankcard $XX in saw our million year-over-year X.X%. was segment by our Gross during this, automation broad-based in consumer and many During growth processing demand assets. million volume from of of we and disciplined of an was online driving continued profit of for the and quarter driven increased

Software. announced to also our assets a agreement to rentpayments.com definitive we quarter, the sell MRI During

sold the service payments. extremely will But ongoing MRI technology brands. of estate rentpayment.com, storagepayment.com duespayment.com excited you processing about as infrastructure We're rent a agreement, to of at we platform a number this As know transaction and real payment to provide continue for Priority of Priority is and number we a the reasons. in its comprised assets. founded Under in it interest Estate estate Technology Real XXXX, real and

by approximately improved debt reducing by transaction our by quarter cash $XX million. and the in annual to interest $X million, expense flow the over addition In million annual $XXX net

Patrick stated, partnership with like provided insightfully there technology in significant our real opportunity with solutions property Executive further our industry as geographically and Priority Chief payments acquisition Officer experience with infrastructure. resident Further MRI the at payment and Ghilani within is Priority, segments expands relationship expand and new MRI payments point, operations with MRI to scale estate leveraging existing both both this like improves future Software Importantly in manager payment our by and MRI we as significantly vendor the our this platform. for and an leader

of Additionally, Pacific. to payment offerings residential commercial online Africa we solutions including and and all we Europe, availability will now client our serve, expedite include in the Asia both regions

we transaction, Landlord the and mid-sized and companies services. and of related management other estate which part cater our retain payments assets for Station RadPad also As real to small rental

Estate of now of business Real features features our business Mike renters a like to number such balance provide insurance our locator screening, continue of additional the Priority ask trends market. to tenant as offer engagement Mike? and consumer current will bring to will quarter, apartment tools, insights sheet Our and I'd be segments Vollkommer into to further liquidity. each improvement in the offerings

Mike Vollkommer

everybody. reviewing of comparisons be and between consolidated say quarter business third otherwise. trends Thank the the provide commentary third I segment XXXX forma pro rent basis, unless morning strong quarter payment will of revenue by a good to the I'll performance. on of impact sale and you, I'll on begin then income very XXXX and All Tom the and

Our to stronger the growth quarter. prior this XX.X% revenue over has the growth returned quarter, the and rates. for than and quarter third the year's $XXX Total growth an million over second is amounted momentum revenue now XX% pre-pandemic this is

revenue XXXX began revenue in growth As and quarter hit Then first strong total came XX.X%. very mid-March. at in previously we the mid-March discussed, growth COVID with through

revenue rate. April, quarter revenue growth second at X.X%. be XX.X% and as breakeven to the June, the quarter be positive temporary bump. growth lifted, of pandemic during growth to a return to but in proved to of second speed In brought may The XX.X%, shelter-in-place, revenue restrictions began And height over just X.X% the that declined a total improved

year and and XX.X% growth included over included the represented year margin third profit - XXXX Income million rent this throughout for and growth On exceptionally release, XX.X% where quarter. proven our in over the operations We've XX.X% in quarter quarter with prior continued quarter, rent distribution of in payment a quarter This XX,XXX third forma a the the into channels fourth momentum second pro boarding of XX,XXX second This quarter third a stated merchant XX.X% the year's Now second our quarter. second following. XX.X% over prior third merchants diverse quarter. a quarter our base were conditions accurate. this sequential new the third is was Well, the strong pro first despite was and results quarter. year's new quarter million the the with stable over for to shelter-in-place growth well revenue this call, and merchant XX-Q earnings a our quarter boarding and has XXXX payment, rate the forma quarter XX.X% the earnings $X XX.X% well was was were improvement quarter. excluding compared voted prior-year XXX.X% excluding strong Gross revenue be Gross business. in from added, a merchant strong improvement - that followed $XX we that, year-to-date Form with merchants that is view compared carried of outlook. These adds added. the profit over as an basis

adjusted quarter. be over Now ongoing from and EBITDA the quarter million, up service infrastructure up these earned XXX% XX% prior operations not from the rent over amounts year XX.X% and was do payment processing MRI's amounts profit as XX% was quarter. was disclosures the Income pro year revenue a million, to million, $XXX.X over the These the prior year quarter. prior forma exclude revenue and to payment, income up and new $X.X estimated the Gross include up was million, platform. $XX.X prior year $XX.X over

So Also mentioned merchant in now in the bankcard high quarter by X.X% nearly $XX.X volume over new was million This $XX.X the continued and billion margin a processed segment let's of bankcard earlier quarter. Merchant million through added. compared XX% was year $XX.X segments. third an million in contributed declined Payments with year the increase transactions new to XX,XXX merchant I down bankcard growth. a e-commerce quarter. break in eight-fold $XXX.X increase $XXX.X was contributed strength $XX.X prior million. as driven prior overall X.X% which merchants Merchant is the from in volume within with boarding quarter the increase billion a of million. revenue growth revenue, Consumer the the $X.X Growth

in increased. from million income from curated slightly pandemic $XX.XX the spending certain operations average million third million $X.X was payable our in operating in value expenses. third increasing merchant $X.X of decrease XXXX. Included volume COVID-related driven payment transaction operating steady This were our of $XX.XX. $X.X aforementioned total, prior to the However, revenue trends the non-cash million of was the Priority managed offset during Commercial card-not-present solutions improvement million more have from million. consumers million in expense $X.X a in million, reduced is SG&A continued processing a of by This economic prior with intangible XX.X% quarter year Revenue $X.X million in $X.X quarter transaction automation year a impacted revenue down XXXX in third compared operations our XXXX million of carrying among quarter. million result $X was is at million was $X.X Current X.X% program. in from $X.X the million generally card-not-present quarter The prior in the payment that a our Commercial services was in quarter million write-down but in profit an underlying financing Payments including offer drop quarter. benefits CPX program transactions from transactions. Gross within industries, vertical than million and the swiped a shifts a XXXX This is performance $XX.X fewer the In from in of Payments to of to $X.X have the expense over $X.X mix, its focused related accounts the values Payments the to asset. XX.X% costs $X.X the to million factors income the management. increase and due XXXX quarter. which year merchant Consumer impacts quarter pricing with within third compares from average increased by $X automated in transactions, $X.X from appear the the activity initiatives quarter. loss conducting services and higher transactions ticket $X.X of of operations grew favorable

operating other has other performance. profit driven million, increased gross - expense income focused - While decreased management expenses was $X.X $X.X and from that down million, so, operations

in of ongoing XXXX payment Technology million in sufficient the prior The prior of third Station was XXXX of third Other were the included and in future. $X.X revenue is and the quarter. Hospitality segment income of Priority XXXX PayRight settlement from services operating million was Payments $X.X Included this quarter $X.X settlement million Health million operations a $X.X we of services income litigation compared Integrated comprises of a $X.X expect of XXXX. contributed revenue litigation million million March in operations in in in Commercial Partners anticipated in payment million Partners that million, corporate and the XXXX. $X.X $X.X integration the XXXX. million YapStone expenses in million business segment. third and of year that's of income in quarter accelerated with quarter and business, from quarter. $X.X $X.X of third the from in from business year within expense Priority $X.X the million decrease The the rent to decrease quarter respectively. quarter supporting rent in the a that a million Integrated in and the business $X.X third the income non-recurring Services the remaining quarter Corporate third of of within $X.X million the quarter third reportable transition from the $X.X quarter $X.X operations third XXXX structure million cost of of million RadPad/Landlord and comprised million $X.X revenue PRET's current the Our growth XXXX $X.X from was XXXX non-recurring and within of million rent this acquisition. related expenses asset million, the $X $X of of payments expenses

million $XXX.X June Now, million With let's $XXX.X debt at declined the during payment operations, significantly from the million year improved proceeds credit unrestricted third We quarter Form revolving of leverage leverage and liquidity the the $XX.X our with ended cash sheet. our had million credit X.XX about to We at outstanding repaid quarter. net the at of detailed $XXX at from and in with of sale total revolving The down the business $XX $X.X rent this million from talk we on facility XX, liquidity $XXX.X $XX The X.XX section million to XX ratio is million of on generated compared net dropped in position. calculation XX. from debt our September balance senior million cash MD&A June XX. September XX-Q.

paying Although improved, our debt much liquidity the and our position expect balance enhancing in is quarters down sheet to continue we ahead.

the strong as considerable regarding of our delivered our we're like an earnings XXXX turn to we a Tom, I to pandemic, there not exceed rent guidance. displayed to a uncertainty In result, exclude when while if XXXX be the trends. our you release, results call of back that results current the XXXX third business. I'd the be on before Now, forecasting the resurgence performance continuing stated And provide to the quarter October strong processing update quarter fourth continues in payment

So over call the now to I'd Tom. to turn back like

Tom Priore

seeing share like Mike. been trends recent detail business. in to most the now more around Thanks the I'd overall we've

While number earlier rebounded to from pleased very been a a our to pandemic of able in industry We're the Priority impact few have continues ways. initial have in its do. in in year to the way global impact

continued offering adoption to new of outstanding by quarter per levels performance we solutions our payable relatively voted grew accounts and merchant integrated our and month. Mike strength steady, trends particularly Commercial the As consistent with and volume than payments grow. business. X,XXX e-commerce the saw our Underlying to product and noted remain in from in historical CPX Payments client our best-in-class X% processing automated remain merchants of service, more X,XXX

with of we've October October third a ever bankcard run see generating looking operating of income trends EBITDA on bankcard excluding nearly billion. margins, total million, processing day to million highest happens and $XX.X volume processing consolidated less improvement million. continued current an to strong the in quarter Importantly, from rentpayment.com history, processing despite XXXX would revenue of the carry be month over in into This $X.X of quarter That's X% the fourth exceeding in one net month An times. Based $X.X our this for consolidated October of XXXX. the annualized of Priority's X.X the rate imply leverage sale $XX run forward, XXXX. rate

pandemic the key strategic several throughout performance reflects Our operational and differentiators.

payment agility Priority's our purpose-built monetize merchant foremost, for networks and First deliver scale, operating and infrastructure processing to to partners. responsiveness is technology and

have business. one add merchants the our remains Second, to which channels our of diverse sales new net lifeblood of continued

a merchant to real in area value downturn of payments economy. payables diverse networks in the estate, of the from payments BXB product ensuring and Lastly, and allowed channels one risk we across healthcare, integrated in hospitality, offerings consumer and our these automated mitigate us into has corporate broad tap any

behavior. technology sizes integrated perform well. a estate support are to conditions to that the current software digital and use change operate the all collection new Just influencing will environment in cater real in revenue will businesses positioned as signal businesses tools of for to payable cycle, behavior healthcare, well e-commerce, Increased of how and need significant the we accounts for and to likely payment future with support important, we that collections contactless believe

to past gas. extremely not foot assure months, especially over we'll to We'll off especially states our proud COVID business hard as pandemic in take work and our rise with during disciplined continue success we're US global I economic leverage reinstituting orders. our the while a Although the evolving structure environment our countercyclical the of the to stay-at-home cases cost remaining six adapt evaluate can to diversified

investing environment to bolster giving while necessary future. by uncertain We overall will balance this long-term liquidity also our in reducing debt also look the and to ways to identify through enhancing sheet navigate Priority our flexibility

but results, the throughout years. Before the reinforces organization several It the success team has talent I'd more the built our quality Officer. we to to welcome our work the a of the than build months. performing XX revenue Chief been and MRI continued new have growth. like value Faupel, the and teams, are our of and are our about over next member platform to Priority phase also we as throughout team and with we of past over opportunity thank and we In light conclusion, I our for impact as hard their quickly enter Software. years pleased wrap marketing experience the six building in we're hasn't easy, past exceptional organizations, I'd acknowledge excited up, dedication of excited team, enhancing partnership Dave with ongoing our quarter Marketing the the high third to COVID-XX brand Dave very him we've to of driving especially like

a As into greater our open for the on platform momentum we additional and expect to quarter, and of to integrated payment we growth we'd like the product to to service move questions. remain our value offering infrastructure now further as fourth line leveraging the deliver drive shareholders. our focused Operator, we'll

Operator

Kinstlinger first with Our from Instructions] Partners. [Operator Alliance Global comes question Brian

Jacob Silverman

on my questions. for This Brian. Thanks is Jacob taking for

the across your wave seen US, changes the businesses you the have of of in With early any November? pandemic in the second October, volumes

Tom Priore

We've not.

And our early in through was mentioned processing of I'll we've month to As continued November. year-over-year a growth actually say the ever. see, highest October, it similar part

the we're are continued quarter. - about we very optimistic the So consistency through

Jacob Silverman

more. is highlight your are pressured? demand business industries being alternatively where where industries couple Can a you seeing and And solid of

Tom Priore

call I'll it wholesale, Sure. segments particular. We've businesses, trade, - trades - performing in in higher in

continued - side wholesale of gone to check from the our landscapers, see growth are more electronic. in we've has HVAC your that are segment, farmers, business. The to - So to these these of

is relationship BXB So - on a card the considerably into a look that. smaller smaller hospitality are I expect, that would this of made being probably maybe if payments, is category, our standards, higher the present by supplier kind probably these hospitality struggling still footprint are would a down although segment a segment, base and segment. buyer, have industry XX% where economy in the between merchant - say, we that fall in at bit restaurant payments just of And you you'd or is the than that segments XX% - more is our of still side bit a broader

on - salons delivery another of out, year-over-year. across, was well, So It - but the customer kind where - is providing would to that's I is that. that of And are benefit hospitality that down as stand the higher that general on margins kind the sector have those performing. base. for of on that other side and of The allow we trends we've forms had that the curbside products the say

despite that of drop improvement, per some volume, merchant So segment. helped seen us in in which the margin buoy has segment overall in the has impact our that kind

Jacob Silverman

can talk the... you And

Tom Priore

we're standard e-commerce - of number where substantial e-commerce. noted times, area which other which of a is The was seeing growth course

Jacob Silverman

And can curbside Yes. you pickup into winter even more that's be adoption head how going talk and about eTab, important? we the of could as

Tom Priore

been has adoption got triple-digit the we've exciting - that partners seen area. product trends as Yes, year-over-year. in fantastic growth well of network on some We've working that we're have those

we're they hospitality your segment, but it that, areas, and limited its liquor by being point, stores, used curbside. seeing in only offer online the don't more adopted a actually of traditional convenience that future to folks to see not constructive we're for menu So want on very kind it's we stores, non-traditional broadly

the that reach also a into the further eTab of product. adding will process module we think are that We in of delivery expand

Operator

ROTH from with Capital. comes question next Andrew Scutt Our

Andrew Scutt

apologize. disconnected first a I I the question I bit, My actually if a repeat so ask is on e-commerce business. for question,

it some growth. pipeline and long new customers? great, is, all kind can great customer, of a there on that how just they customers how of takes the express So Question you numbers versus adding interest? commentary there, the on And our new to many give strong then on-board once you're customers

Tom Priore

think so to merchants are these customers. they new brought are as about that new are, this that's more you Marketing talented trend. of You but know are out of distribution long partners. merchants The, we, than in more shaken channels month, it's are Chief recent of now these could has market abating higher, capabilities them there when we've it way, - many time we a fully Do if that growth new that segment. and been not it's results. in all. see lower on - months, months average bit we'll really where little We're as the the adding, Officer it over been it's we'll a help at XXX depending where a see XXX but we're And on bit to XXX, that optimistic - drive kind in see Priority super those as the improved There pretty

Andrew Scutt

leads really The growth So Can there. that's ongoing, my now? the of and customer on platform, continued question of second speak is impacting market the right nice CPX on-boarding? just dynamics COVID-XX the pandemic kind you and how still

Tom Priore

It's the sure. that steady. has can - so having see been Sure, growth you

So is - your the just of was shy middle bit and chunky. segment payable The call We're so expect I'll market growth automated a more partners. X% software little $XXX into solutions adopting of you a million down to $XXX what to million having deal there, very the, be success network markets, good growth. that's year-over-year should revenue

or accounts moving would engine early payment looking are that the to driver solutions the provide these part XXXX. a into So add product expect their inventory that there. that or stack. growth to management adoption seeing of And are fantastic payable We payable folks to we're be tools management

banking the slower. They these On be departments FI the are these so so treasury, treasury would world. within side, are

time slowed typically their in decision pandemic. and down it's only the more slow is So

focus some to you our pivoting fire we where months is been - have hot. as the imagine So distribution ago might just

that the automated start as come around distribution of to a reassessing of expect near we in how they and focus, - deeply strong provide you'll banks great expect implement results want latitude with kind and will - back payables see their we So deal more platforms. into future, from us the that continued

Operator

Our next is [James Stockton] comes [Operator Investor. who from Instructions] question a Private

Unidentified Analyst

given First, a circumstances through but thinking healthy the volumes great growth uptick looks you're there, transaction with the like a that's quarter-over-quarter, CPX seems the average offset both ] trying consumer the reduction and lead to especially on wanted it I drivers in under. was and in ticket sizes. quarter, segment, to partially by be there job

Although counter-plan and both that's still the of above balancing any those as on levels side, of consumer maybe historic heading trends sense where QX we move beyond? into

Tom Priore

I this actually your Mike, you think provided statistics during segment. some on

want then so So can if you anecdotal. - to of kind you to do want and upon I -

Unidentified Analyst

Sure.

Mike Vollkommer

As XXXX higher far ticket from pandemic. trying probably perspective, see into in activity and But historical get to QX economic this we state out QX vaccine in from and get there of lower guys, blend will is maybe behavior back a of mix number shifts to the we as QX, the related and see as in. a and get with more we steady and kind transactions it's like looking term, short normalized

it's much again, those trends to But shifts looking QX normal we're But QX. go positive had going how permanent, as Now, be business, our forward. to versus back but to closely levels. right, we effect of a those are net-net on say it's going like monitoring is hard

Unidentified Analyst

Great.

Tom Priore

October, of it, the Yes. probably better. bit results I a early submit might

Mike Vollkommer

about I'm you're is right, the and, for absolutely but ticket sure. better - size September Yes, talking average than October

Unidentified Analyst

understood platform. automated I healthy the think processing pipeline had I a Mike, payables call, last you on the CPX On

a billion Is that about you plan this is you resurgence? are expecting that I into $XX seeing target? plus was due to it COVID to on push you quarter. back still Or are said there think future quarters monetize

Mike Vollkommer

that's bit Yes, a but seen driving with seen lot avenues. Tom's the back, big we've to - up still respect this I, Yet, the of growth to that. we're we was FI large, push and back picking of and channel, a large is in but a have FI, other a the push than there closer what

Unidentified Analyst

Okay.

Tom Priore

this I would comment on it way.

in kind the the the is response, but of I pipeline still as last that longer a sized, bank So close. noted cycle similarly is to probably pipeline

billions, networks say talking we smaller, not the millions. to in I So and smaller resources dedicated of our hundreds well talking we're better margins. We're still when but

Unidentified Analyst

Okay.

Tom Priore

be not well. so network not we're often always bank of, the are we're banks, but we these issuer. with the will issuer, is to provider, providing payment that Where a we're where wants we Because just issuing because the partners the solution be provide, payment are as also we while the a lot engine, -

may the but similar Does that terms economically of sense? net of revenue. volumes So the be larger, them offset in margin makes make

Unidentified Analyst

Thanks, It does. No helpful. Tom. that's again,

base their Given base? terms the beyond there prior the of sort last customer nature accounts, months into penetration incremental two customer acquisition of customer turning into and the strategic with since Priority just progress MRI given growth the in the onboarding existing over on new base? Has been relationship any partnerships, MRI existing you and turnkey update of the - any any toward new the do have

Tom Priore

Well, of transaction the end - the just September. we the closed - a at so

of So early a stability our we're ensuring the to right only the of And month really stages the transition now it. are into devoted etc. customers platform

they're in MRI of that employees former course with we're closely the So Priority. group payments, now constitutes of touch

there, So working fantastic relationship. fantastic relationship

that should expect you anticipate I would I more so a would for QX will it And I - should in XXXX. through have, driving say, realistic to or the begin that MRI timeframe penetration

Unidentified Analyst

Okay.

Tom Priore

the There's joining be platform. thing new to clear, - platform, nice about property the there managers an continuing, are architecture so open always it's MRI, new. that And always just that

MRI. the it was the had, disrupted onboarding, it we in cross transition during So never was pipeline

sense. So if that makes

Unidentified Analyst

expanding possibly And specifically on Citi aided have if arena, helpful. the and elaborate helpful. Akerna any elaborate And that on into It for then and into progress progress be does. you two announced partnership that's can those the international relationships of would other the

Tom Priore

Yes.

and much launch still we to both those integration their technology there that prop work be to Citi closer done two, to do. are look, partner start and say, needs out. MJ So to and Freeway, as Akerna some there by would for rates are our the integration roll I commercial the is, had work some that

those of partnerships that So are the integrated platform. and growth future seeing independent that to committed our is pipeline opportunities you're

Unidentified Analyst

when No, fair. And we Okay. then look at... that's

Tom Priore

sum if I to up. only They're it additive, guess,

Unidentified Analyst

free focused about capital the past EBITDA more them an rate No, color in today's an great. and healthcare numbers million for that space? $XX debt take at you out I more annualize allocation know targeting that's If tuck-in the that XX% cash pay or well? Any the will plus I flows. on be interesting still talked are quarterly and you looking that put acquisitions rate as And conversion in down, - you've on would doing at that run

Tom Priore

So question Mike, we'll on more answer for on I'll if acquisition free cash it then thoughtful If comment conversion. if the would for don't, deleveraging we - I is, the the And that. use flow a it And it's the we - we'll use deleveraging. so expect I would, debt let your to as have cash you reduction.

Unidentified Analyst

Okay.

Mike Vollkommer

point... this At Yes.

Tom Priore

debt I - Or repayment. say should debt repayment, just

Mike Vollkommer

EBITDA to being far becoming interest As we're some into bad But return going will short carry XX%. probably the benefit at going as perspective, from have although a a benefit profitable, think, remaining conversion from of modeling to costs flow, news revert at become but - more taxpayer, I the keep forwards the But term, it forward. probably are as cash we that. the back going that I that we offset we in obviously conversion, free lower taxpayer, would that We'll rate nicely. to do a to probably

Unidentified Analyst

there want integrated that start I been any There have fully a omnichannel to a that launched? or housekeeping is is question. and beta you update on that think guys been Perfect. Well, I on already developing was I trial just completed DLS,

Tom Priore

our number Could which you kind for in core of place which of been MX tools. Merchant, - sale omnichannel, is a is of of point that's The have we years.

were some have something else? do we our there to? in Holdings, more there launches which referring specific in is you the referring So Priority to? that is - cumulus Because Technology offering, was you're what Or product something was

Unidentified Analyst

offering. related It the was to eTab

Tom Priore

would yes. that cumulus, be yes, Yes,

Unidentified Analyst

Okay.

Tom Priore

I on. already thought

have looking aggressive and eTab. So that much forward we're working to we sure of beta does to an with we very want out But in in launch great we're make product. that It seamlessly. with XXXX

curbside in handles mobile and on fact premise, not on-premise. only even So the also it's it's

have can So menu, right or scan a as now pop customer eTab delivery can And adding we're component. some then module to to the order and the delivered. they well QR a food table code

So this for be is - to excited we're XXXX. that going about

Unidentified Analyst

thanks. But again, Okay.

Tom Priore

perspective. to Continuing a get

Unidentified Analyst

the guys well, Best and back right, forward in catching up wishes All keep then. quarter. Great. to you good and job, look next work. great I'll jump queue

Tom Priore

you. Thank

Operator

And any I'm to like turn questions I'd this Tom not showing back any closing the further over call to remarks. for time, at

Tom Priore

we quarters. attendance support the thank, the tried like to certainly, we on Priority. when hand and continuing great job driving - are for We've up results, to to couple tell a the story do to the their forward laser-focused of know we'd wrap reflect past everyone Well, quarter look so when to fourth over for and We at of and having and through year. the

and So safe safe out much. Thank stay appreciate everyone very stay - there. you

Operator

this today’s does presentation. and gentlemen, Ladies conclude

may and have disconnect now You day. wonderful a