PRTH Priority Technology

Dave Faupel Chief Marketing Officer
Tom Priore Chairman and Chief Executive Officer
Mike Vollkommer Chief Financial Officer
Andrew Scutt ROTH Capital Partners
Brian Kinstlinger Alliance Global
George Mihalos Cowen
Tyler Roberts TBK Bank
Call transcript
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Good day and thank you for standing by and welcome to the Priority Technology Holdings Second Quarter 2021 Earnings Call. [Operator Instructions] And I would now like to hand the conference over to Dave Faupel. Please go ahead.

Dave Faupel

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

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

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

Tom Priore

us everyone remainder overview of success begin Thank this over are and brief we by a you, growth to Dave providing quarter long-term. joining the and morning’s for like to and positioning how call for our for call. for would second Priority of thanks the I XXXX quarter second in earnings the strong our

few Following in for positioning the Mike’s and our highlights results offer financial improvement like perspective review commerce. I’d upfront. on our future are of the balance There will continued quick our to quarterly digital some sheet, share we of

revenue with has adjusted increased accelerate in that results the earnings of the of forecast our and of financial first established XXXX XXXX quarters, the XXXX, quarter In across costs both year for exceeded $XX XXXX monetized the adjusted the incurred Comparing business outlined to first XX.X% in including the in XX% we gross adjusted increased we to profit in our XX.X%, our XXXX of EBITDA. RentPayment’s we for pandemic EBITDA and revenue, As and profit the to release, gross metrics, exclusion non-recurring quarter. million, half comparative the second increased trajectory of and growth $XXX quarter we million key September when second $XX.X second quarter million. last continued

accelerated million, Importantly, million these and XXXX levels of metrics each from million, respectively. key QX of $XX.X $XXX.X $XX

outstanding second the Our were quarter driven increase to X.X% XXXX billion in volume growth XXXX. year-over-year are compared $XX.X results of merchant for these by quarter approximately bankcard of the in XX% and second a growth segment. quarter the COVID-impacted to Granted, rates to consumer total

accelerated of quarter with a from QX total also Compared volume $XX.X billion and X%. merchant first in from of growth a to volumes sequential the $XX.X quarter previously XXXX. However, experienced the XX% XXXX, billion referenced bankcard we increase

and revenue by Consumer XX%. quarter, During X% the our plan plan revenue EBITDA we second leading Commercial XX%, segment Payments segment plan to by adjusted by outperformed our exceeding

rate XXXX. pipeline Given range to through this range the measure, exceed guidance growth trends the between to to XX% growth of be levels. These XXXX hold. highlight XX% XXXX to able non-GAAP XXXX, million our to a and business in XX% first depth, which of comparisons rate Mike year EBITDA, $XX XX% be outperformance million, RentPayment’s a above between the we’ll full from revenue our if should believe $XXX million, current $XX increasing exclude XXXX; more we of We guidance to million versus for meaningful $XXX to quarter adjusted a will

net that in facility flexibility during two delivered balance quarter improved The of magnified total will our acquisitions pending X.XXx sheet. down Our Ares our XXXX, call. financing strong our as April. to XX, further enhance regards from Management our Preferred financial locked in to dramatically With X.XXx by us created debt we Finxera down closing leverage and we brings the June tuck-in as this execute EBITDA term to our QX We Perpetual the our XXXX. EBITDA strong Capital acquiring allowed refinancing of financial results March acquisition, Investment and distribution second XX, through we are noted announced the at for loan channels is

transaction the of our that regulatory of as transfer for the XX% revenue for accounting profit third XXXX, business Finxera combination and necessary expect the will the approvals produce money gross million. a first close of profit million, quarter licenses adjusted received, EBITDA noteworthy half we would is margin when and will million, gross It anticipated. $XX.X We pro for transmission of be the our on with the forma of basis $XXX $XXX.X of a in

the savings combined and hand indicates I’d segment business like balance momentum, and trends vendor contract pause platforms, our reach. is EBITDA in combined quarter, present in to during Mike, combining will $XXX within that available million each the point, provide pro At with very to the liquidity. forma neighborhood into the straightforward in call the performance when who further this sheet our well and current insight Mike? over adjusted XXXX Our improvement

Mike Vollkommer

Thank GAAP the performance, nonrecurring and is the provide press of you, understanding for in and the discussion our described XXXX quarter release the This a non-GAAP substitute business XXXX of the my results quarters on a last comments GAAP-based XXXX non-GAAP to GAAP comparison will and are includes nonrecurring on quarter quarter will certain exclude exclude the year ongoing a Management’s basis. sold discussion GAAP. second complement Tom a a include be results prominent In XXXX second provide and and comparability second release. both analysis GAAP half for to XX-Q MRI and my with clear you compared good expenses September quarters. of comments to comparative Comparisons on our quarter Rather, and first the quarter order of results of basis. provides with comparisons comparisons. morning. RentPayment highlights the under RentPayment focus business This meant not non-GAAP amounts both from press morning’s in as in the expenses also to from second that second Form

of second $XX Income XXXX, quarter. from of the of Payments the $X.X increased in $XXX EBITDA XXXX increased $XX.X million in the profit a revenue million Gross $XX.X was million million quarter. in $XX consolidated quarter. million XX% quarter $XX.X of in decline increase a in of $X.X in and $XX.X Adjusted by growth $X.X XXX Revenue XXXX XXX.X% million, Commercial million the points million decreased XXXX increased mix. Partners million Integrated from margin million such, increased Payments. As $X.X XXXX from operations million, of million quarter. slightly $XX $X.X from increase the XX.X% million Consumer the from increase in basis $X.X in revenue XXXX XX.X% to by of million offset in a a XX.X% of from million, due a quarter $X.X XX.X% Gross increase profit

merchants. the revenue which XX.X% Now revenue business merchant by growth e-commerce million or increase quarter. $XX.X $XX.X this from down was over Payments $X.X Growth XX.X% break base the supplemented let’s was segments. million This XXXX driven is in within XX.X% growth Consumer was a in or specialized $XXX.X by our million. a revenue million

quarter XX.X% mentioned, increase the million income from over of quarter. $X merchant is $XX.X in higher transactions $XX.X were and and quarter. This Tom higher $X.X a the XXXX over gross average XXXX X.X% was drivers in $XX.XX was operations operations million million Key billion million from billion. XX.X% of in of XX% bankcard million increase million a of bankcard and XXXX from increase of $X.X As of a million. million. decreased is $X.X $XX.X partially income $X.X in by profit, Consumer $XX.XX. SG&A volumes $X.X reduced ticket salaries increased from Merchant This processed $XXX.X the depreciation Payments

economies revenue during shelter-in-place In our end of the May through strong recovery as prior product across restrictive through volumes our e-commerce acceleration requirements transactions. evident and instituted certain return started was had offerings supplemented mid-March began significant March toward and revenue XXXX, growth starting rates. bankcard comparative Now by processing through The to XXXX XXXX revenue year, a be the merchant April was in effect contributed the April regional negative volume pandemic’s results. in of second profits quarter of first XXXX, quarter and decline to momentum continued began United second and to restrictions on This a This XXXX growth and the XXXX XXXX. effect to XXXX. the XXXX half the reopen, high of half and of in to second the period specialized States in pandemic impact exceptionally lifted shelter-in-place

XXXX revenue we’ve pandemic of XXXX to and customer’s before, our to over with to million by driven business model. XXXX million And managed The in precise XXXX growth However, financing accounts second a Commercial April services. a this program million. continued their automated reduction decrease in the payable impact by This quantifiable. the quarter curtailment of as growth steady in million revenue $X.X XX.X% quarter. the changes is $X overall performance and the response a business discussed from caused Payments decline not quarter. second Revenue million, processing the segment’s is $X.X $X.X rates revenue was its in merchant quarter is then the $X.X subsequent a was from solutions CPX pandemic’s

in in quarter that signings million second program to reduction in earlier of quarter. Commercial of revenue supplier have was contract new $X.X strong. by trends a revenue this income segment compares the operations driven breakeven, is to managed volume enablement are strengthened. which and due This accelerated from for second income Managed new million customers reduced million began decline The growth. CPX XXXX growing profit of gross and has revenue just the sales However, revenue Services services. Payments comparative in trends year-over-year from a year new the this $X.X operations added pipeline existing was $X.X above with

revenue million over quarter. million XXXX the is $X.X driven quarter second the revenue in was results are in strengthened XXXX trends first segment. the this by Partners increase XXXX million. This However, quarter a the over $X.X Integrated XXX.X% $X.X improved

excludes revenue Through September our from business. comprised XX, quarter reminder, was of Now XXXX, comparison as a second Landlord this business $X.X Station million RentPayment and RentPayment of XXXX. PRET our the

Again, RentPayment $X.X from relationship of comparison XXXX. Priority XXXX, million XXXX, to and million generated a the Revenue excludes second $X.X the into with April This an processing quarter stock. in services, and technology simultaneous XXXX Health with increased issuance which slight second and quarter remainder with us in services the payment opportunity income $X.X from Priority second revenue, segment’s acquisition with operations loss expenses million million in a of pending of incurred million performance both over quarter. incurred was costs operations the This PayRight of in XXXX. growth certain Partners’ steady solid second $X.X of XXXX expenses revenue second from Finxera, which pipelines. Integrated of of Solutions comparison second quarter million. costs excludes this refinancing professional operations million XXXX. activities. April were is in existing $X.X quarter Hospitality PRET’s litigation provide to from $X.X ongoing quarter Technology in fees from increase of support with this comprised $X.X expand second XXXX the million of to payment of of increase for of sale entered the from preferred processing connection this connection with million it for Now the expenses of of acquisition and in $X.X And business million the debt RentPayment, million provide expenses revenue-producing income ongoing quarter quarter $X.X MRI. MRI excludes professional and Corporate customers XXXX $X.X $X.X PRET the that and an and compared offers agreements

significantly at We XX sheet guidance. call June XXXX XX. XXXX comment to the March leverage turning Before second X.XXx ended debt year our and review Tom, X.XXx improved I’ll on million, total revised I’ll quarter our the and back ratio at liquidity, with and net full from to also net balance $XXX.X of reduced financial was

debt XX, an second XXXX on used the million portion unrestricted new will $XX to $XX.X within includes $XX of in place. cash improves capacity equity On be refinancing principal had April quarterly of million revolving used of position principal in on matures X% anniversary. interest other is existing with loan by acquisitions. we quarter expense an scheduled And This issuance its equal placement upon the and draw facility, finance $XXX is facility, issuance. and and $XX which $XX.X debt, finance term senior in refinancing revolver. fees $XX due XXXX $XXX sixth points, includes and which the preferred refinance to an balance issuance was credit it completed original to to portion XXXX additional expenses. fund delayed reduces financing used million April pay of million million amortization which was finance portion balance acquisition. credit its debt a by our committed debt connection the activity. of old $XXX we a The It million in fifth includes with of of Our principal loan term initial issuance million, preferred debt senior April also million, facility to stock and Annual on in XX a borrowing initial The existing of pay our loan acquisition Finxera a borrowed retire a anniversary. from committed The of and fees the matures A $XX acquisitions. we second our the XXXX. The to available acquisition stock to Finxera revolving and expenses million quarter maturity million XX paid months compared includes issuance delayed payments in basis

by this scheduled of is it the senior of draw year to XXXX principal delayed million, million Now the $XXX which $XX by the quarter mature. debt. principal repayments repayments old It XXXX, additional third $XXX.X were in assumes facilities reduces reduces million. issuance when And a in

strength result for and acquisitions, organic Now And upward of XXXX XXXX outperformed start half as financial growth able a like from pipeline the revision adjusted our I’d revenue this stronger-than-expected strong adjusted back our call in if the we first to second tuck-in and to had and us revenue EBITDA. provides Tom this to turning XXXX achieving to to as hold. the contributions our plan full exceed EBITDA guidance, And and as be business to we quarter should in mentioned, confidence ongoing with the Tom increased believe guidance. noted, Tom. year trends guidance turn we

Tom Priore

Thanks Mike.

estate, partner high-growth impact that our obstacles differentiated products to the our consumer possess payments have we in of of real followed through in existing verticals, we’re as e-commerce our powerhouse we Mike shared, the through acumen Priority’s ahead health and their heels swiftly and belief to changes quarter. payments single we realization in a skills BXB early I to of through store channels collect, demonstrates the noted well and submit intelligently the cultivate outstanding of our continued that of transformation with to momentum as even of would the now in invest on as XXXX send competitors identify QX update a an cycle, and with diverse first we that our and rule the platform year to mission the money. subscription up integrated emerge regarded and that as opportunities pandemic we half our and be my XXXX performance, did and of mobile network care navigate As hospitality, would to XXXX industry finance. excellent delivering an finish that stronger second I QX in

reselling with will payment go-to of low digital and platform by we operators authorization, businesses an payment demonstrate on rails commercial month be and strategy intention manner. for built money As ISV with of belief by, disbursement. and our demonstrate and complete seeing among commerce. in the us with ledgering and future digital control future are is that marketplaces It’s customers, the the for account the we to execute as settlement, poised leaders that won our to store goes our powering numbers easy collect, friction to each Priority With that precision, of send and the the be that stated partners continue commerce is

in partners, the on direct that in platform India. a back-end virtual open few payment the for developing network and capability and improved. solutions Reserve, operates provide full-service want settlement equipped to among to brief single a very with the situation I facilitation card connections has the We’re before update major the and at banking environment we But full India issuing line meaningfully payment U.S. Unfortunately, all Federal on Q&A, COVID scale. capabilities, payable and

colleagues States paid effects. side our care Our Meanwhile, and beds encourage vaccination. as United receive receive vaccination any employees, off the along in well distribution COVID-XX were well India the the vaccination vaccine as XX to with the for first also financial bolster support their sent ICU to were all enabled hospitals. for infrastructure, Chandigarh our concentrators in that donated U.S., to families as their we here to Finxera offering to time to health oxygen continue local procured for as in

past eager the the everyone’s safest monitor we’ll continue Last, all on of time While office and bring determining do when I unique call. to I’ve Priority to the consider to next to and the want to local a that members to decisions are to are our to thank and to been believer now line a rates decision commit results decision this the back every team the your quarter’s our questions. believe open we each so. your this employees the acknowledge transmission family contribution to quarter, Priority the your talents architects would like for I efforts to we in make our of us of collective and of powerhouse. Operator, payments want present. considerable one for and vision


first Andrew question you. Instructions] from Scutt our Thank Capital ROTH from [Operator comes And Partners.

open. Your is now line

Andrew Scutt

the my strong you Thank congrats morning. quarter. on for questions Good taking and

driving particular, and dynamics volume consumer really base about you in CPX? on talk your more Can and the in growth just a annual both First little question, prepared you guys sequential as in an guys basis. saw noted bit the growth and, you remarks, strong

Tom Priore

hospitality improved of of coming particularly probably growth the pandemic. segment as the kind the of the That’s the for dramatically tail Mike biggest margin, period out Andrew. was quarter. the improved first some the It’s the alluded towards a aware the seen year-over-year decline and reason area of of Sure, margin, quarter in end well the in lower you’re which also, which to. it’s in We’ve

been other segments relatively steady. have The

large provider relatively as of well service That a professional We’re many other services segments services industries. of service as steady. a remained host to legal like

generally There it growth side – segment. that are side, that are is consumer by a because the sign that just coming broad-based, is realize driven say, I to segment the healthcare, no businesses, Those continued the that particular one think but portfolio. one light been of kind no be has and really that the globally, suppliers we across starting improvement – on consistent pipeline The Again, would So, new which to jumps hospitality It’s with more really in card on CPX just the the been areas really payments just in has on the continued of growth. out. payables. it’s area, that’s the of sales the platform benefits existing payments. for construction. programs more automated of been the in steady. accepting more in see We’ve penetration not volume to dominated to continued U.S., buyers frankly based encouraging was And manufacturing,

Andrew Scutt

That helpful. very you. Thank was Great.

Tom Priore

Mike, anything you might add?

Mike Vollkommer

Tom. No,

covered think well. pretty it I you


from Global. next from Thank you. Kinstlinger And question our Alliance Brian comes

line Your is open. now

Brian Kinstlinger

sales terms how seeing does third result? by slower costs; of shipping account CPG revenue are so, companies: those their what if in much which percentage challenges I’m companies shortages. maybe as quarter so results. not Great of now it you – cases, or a inventory after higher and comes maybe retail? impact verticals And in from The any industries for? can or And in global share in the you some are Thanks. many impacting

Mike Vollkommer

about And within that ZIP issues trade fall of – That retail is about from shipping retail haven’t we channels customer that broad group is our XX%. XX% base, mix. businesses our noticed we any codes the described. haven’t Well, you trade noted in any of

Brian Kinstlinger

not your you’re seeing So right side that? for now essentially, on payment volumes impacted

Mike Vollkommer

our within not No, customers.

Brian Kinstlinger

in this of their right is stores. like back to consumers the shrinking puts talk in is e-commerce get they stores? will investors or the for return then the and it of e-commerce there business you of to sounds margin And are where the just you of getting the expect at on out Can term benefits see course, now houses. great. short revenue all? And pie happy about That’s side of your then terms any And to takes pressure as

Tom Priore

want take one? you to that Mike, do

Mike Vollkommer

Yes. Sure.

Tom Priore

with... Then I’ll follow-up

Mike Vollkommer

mix optimistic was through within quarter. – So kind orient within a actually did around ways I one the of around driven that call – decrease coming XX% said audits I’ll trends shifted have seen we networks. segment. why some outperformance card that that decrease XX% the total about some our is of seen for present subscription We is on very card Maybe peak reasons of feel present, not our of we the of COVID, actually segment, We’ve ability couple of what meaningful the we the and card engineered. that X%. – card There a At in boarding present. present. few We e-commerce there that really were not e-commerce to went our in to quarters haven’t was drop did in that a by this were in

we we the during little expect up the our into that quarter it found subscription so volume of third e-commerce quarter. thought right fourth quarter. in and that we some back So called should But decreased here to cleaner. We be some the operated segments a pick those,

one spots in So bright the optimism it’s the for actually of quarters. coming

Brian Kinstlinger

more expecting in to payments. briefly question. when I’m off hockey But You what need almost expect because you hot seems obviously, to And does trends that’s a space. discussed, growth management like take I stick And accomplish guess then adoption I have like really it substantially? improves before one BXB volume

Tom Priore

to going pipeline. just of be conversion that’s the Look, Sure.

these available complete in to with billions It’s their job. – just to of we and both And the these the pipeline ISV monetize that cycle to as our processes. as leverage very the need sales in – we But massive networks set have long tens confident those looking payments that. And to convert. partners are FIs simple have BXB volume that we are need are tool finish We – each network. just of are we

Brian Kinstlinger

question last has closed the on talked been My acquisition and the if Finxera cross-selling responses you’re synergies? prospective hasn’t you to you have But existing go been is, quarter. market you customers? getting of you’re well And it revenue early expecting what able from and about to or this have, course,

Tom Priore

Yes. ready appreciate answer I We the collect, offering really with the to, upon is money question. yes. call were to store immediately send the announcement. roll The and I’ll combined it,

we we’ve me. As integrated noted a year. customer, months, almost excuse provider during I already really integrated working they the say already – with announcement of been And combination, an the were Finxera payments payments team for the an should or

begun ledgering here And customers and full technology. the we the – the combination. collect, with that, already using banking-as-a-service we feature of partners. ISV Finxera been combination There rolling out We’ve quarter the very see of send store that in start will So third capability money to strong that with the are that suite is Priority’s accelerated and combination. be adoption of you’ll

Brian Kinstlinger

Great. Thank you so much guys.


our you. question George Thank next from Mihalos Cowen. comes from And

Your line now open. is

George Mihalos

solid Hi, XQ. on results in here guys. the Congrats

into what to that realizing some the volume ask I’m to kind volume as easier July. part from June a maybe of of just us the saw was wanted would be you exit give the rate the can strong of comparisons the Just XX% going sense the quarter, curious, you year-over-year. say, growth, from perspective, earlier sort

been Just that’s wondering how acting.

Tom Priore

XXXX? in mean You

George Mihalos

the going out – kind into so XQ rate So it’s yes, of just July? of coming that exit XXXX, in

Tom Priore

really monthly to be It’s I – needs of part it been of goes. steady – we’re we’re on terms trend George platform. And is bankcard, hasn’t a – exceeding think of consistently, in as basis. on recognized she $X billion look, and And diminished. our and Look, kind this significant that

sell. products Our

Merchants versatility We with way the business. customers, net growth. in they in provide because merchant they they have adopt the their solutions interact our manage way their more

you’re net on volume we at don’t very good And than going lead that having value So the month. to We a products, them consistently rate. anywhere merchant near merchants X,XXX; growth a when because lose more of month, to new X,XXX your board it’s certainly growth. of

is... that Now

Mike Vollkommer

And June strong... was a

Tom Priore

ahead. Great sorry. Go momentum. I’m

Mike Vollkommer

and I as June. said. well. looks Pretty lot strong month a am looking it I sorry, Tom for suspect August will a as be June – us, was like steady, July is there And

George Mihalos

lot And And the but a question and inflation think cost about goods you guys great. that’s of which how there the spending conversations like ones, other just of prefer. And rising. that you’re prior from Okay, Tom, would are tying and be to types maybe you other the business. your two of one a curious question, perspective. around high-level I’m that on obviously, But certain spread also obviously, would

‘XX those as So less just half than $XX prices for that range? then or a outlook so bit year. benefit business the first sort the And of that be the I of it, that, you on for Is a million guys. go in over call up, about, still the would $XX that’s question million little I will think know second you’ve or the done Finxera,

Just still the is curious million if target. the $XX

Tom Priore

mid-XXs. it’s actually we think basis, the revenue probably a On more in

George Mihalos

just a environment? then more curious, inflationary And Okay. thoughts your on

Tom Priore

just this the think quarter a kind of strength reinforce what’s Yes. offering, I for again, – product I our think of to continues in we note Look, saw and decline you’ll the average interesting, ticket. actually

care inflationary an to well. the is And about the clicks certainly, more environment to transaction. So we going – of make number But instances, many money the on opposed as of volume. transactions in we make size we help also as

fundamentals some we do we that’s positioned the assets offset if that feel economy where a feel I’ll and well of environment we’re – about of – cycle. the of we’re all countercyclical see very we of it’s good will more will than it a and balance, call like do on volumes. We regardless the a So and that processors. But some inflation of inflationary true have growing the economic the impact downturn strong

George Mihalos

that. great. Okay, Appreciate


Instructions] [Operator you. Thank

Tom Priore

debt thing interrupt is would I the a sorry. settlement mean you. you you net asked of And in number about to the – and stimulus opt to – summer, that’s One want of now But are I total the Finxera. question seeing consumers program. impactful don’t do to other I’m we in portfolio. a I growth number come because the enrollments back the through that to into growth tend to

So a great of us year. that the half gives deal into comfort of the moving second

further So that, point into improving settlement trends ago maturing the of boarding on let’s put those on debt years of the number say, And wins are new a were and in half. the out now are program, the that X the that and debt settlement. had enrollments second to has out team impressive their it, at fine of bolstering consumers will sales that be are debt a CFTPay exceeding side maturing a


you. our from [Operator next Tyler And question our am – next actually, TBK Thank from And Roberts Instructions] Bank. comes I comes sorry. question

Your now open. is line

Tyler Roberts

good my morning, to quarter. team Thanks taking an the question. Tom. and on excellent Congratulations Hi, you for

in you as are well sort this rolling your statement, near-term trends regarding as previous in seeing You acquisition, of answered Finxera the of moratoriums from any unemployment states. select the but continuation the off enhanced

Tom Priore

by talk Tyler. to the you, Hey, Good way. to

the trends we’re seeing improved coming out I quarter. As of noted,

improvement improvement. We segment CFTPay quarter. e-commerce – that pipeline that So and say of we’ve converts guidance across guidance I Commercial – for in we that, would kind in subscription our if with, quarter Payments, conservative excellent see our we feel a could provided improved or very coupled subscription our has think – this fundamentals QX the we the e-commerce

speed that which at and – conversion it can a convert. the the about pipeline we’re that’s very optimistic So of

Tyler Roberts

and thank Perfect. strong you again a quarter. Well, on again congratulations

Tom Priore

you. Thank

to on deliver stay rate. We’re to that at going focused continuing


I over thank for no I am you closing Priore to would And your to call like And turn back showing the now further Tom remarks. for question. questions.

Tom Priore

much, operator. you Thank very

we the vision QX coming certainly expected, more mission clear us continue time as we what Just rate is to together, And that in will an once this the for for unique collect, and which become again think a everyone money. want evaluate our we to as results in the very market. that organization forward to the at our industry. we is to that had And reinforce look constituents platform sharing to and our positioning platform taking to continues we and to send thank store in

Hope best time. Thank amidst and surge healthy all. safe luck of you. your for recent more stays everyone, everyone this in thanks, COVID to and stay So