Q3 2021 Paymentus Holdings, Inc. Earnings Conference Call
Okay.
Good day and welcome to the payment of third quarter earnings call. This call is being recorded all participants are currently in a listen only mode. The floor will be open for your questions. Following name instruments prepared remarks.
Would like to ask a question. Please press star on your telephone keypad at this time I would like to end the call or with the policy meant V. P. Financement strategy for some introductory remarks. Please go ahead.
Thank you.
Good afternoon, and welcome to Paramount, which was Q3 2021 earnings call joining me on the call for there to shock trauma or founder and CEO and Matt parks on our CFO.
Following her prepared remarks real quick questions.
Our press releases issued after closed the market today and it was posted on our website, where those calls being simultaneously webcast.
The webcast replay of this call will be available on our company website under the Investor Relations link and I are both dot.
Dot com.
Statements made on US conclude forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995.
Forward looking statements use words, such as well.
Expect anticipate and similar phrases, but the note future expectations are intent regarding our financial results are market opportunity business strategies in fact from acquisitions and other matters. These.
These statements are subject to risks uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements.
Including the risks and uncertainties set forth under the caption risk factors.
In our quarterly report on Form 10-Q for the quarter ended June 30th 2021.
Which we filed by the F. C. C. On August 11th 2021, and a quarterly report on Form 10-Q for the quarter ended September 30th 2021, which we expect to file with the SEC on November 10th 2021.
And elsewhere in our filings with the SEC.
In addition, during today's call, we will discuss non-GAAP financial measures specifically.
Specifically contribution profit adjusted gross profit adjusted EBITDA and adjusted EBITDA margins are non-GAAP financial measures.
These non-GAAP financial measures, which were you believe are useful and measuring payment. This is performance and liquidity should be considered in addition to you know.
Not as a substitute for foreign isolation from GAAP results.
We encourage you to review your additional disclosures regarding these non-GAAP measures.
Including reconciliation with comparable GAAP results.
And our earnings press release issued today and available on the rest of the Investor Relations page of our website.
With that I'd like to turn the call over to Duchamp Sharma, our founder and CEO.
Thank you Paul and thank everyone for joining the bulk of it.
You know good things that are happening at the Memphis.
Cause you can see from our earnings press release, we had a great per quarter a cost of our business.
His strong financial performance.
Long implementations and a strong sales.
Our contribution profit grew 37% year over.
He is $247 million in the quarter.
This is a significant acceleration from cutie of 2020.
<unk> last quarter.
Can be believed this is just the beginning of the network attack that they've been talking about.
Re assigned to $140 so far.
<unk>.
And had an exceptionally strong quarter for sales driven by a large enterprise business deal.
This deal alone could add in excess of 400 basis points.
Current revenue run right when fully implemented.
The strong sales performance is a good example of the Halo effect from the IP system the adult.
IP an ecosystem via book.
Reprocessed 70.6 million transactions in the quarter.
An increase of 45% year over year.
Giving us an annualized undreamed of over 280 million transactions.
This amount remains less than 2% of the overall domestic bill payment market of over 15 billion transactions.
And five of the six vertical says he currently focus on.
Utilities insurance financial services telecommunications government in healthcare, we have less than 2% of the bill is us clients with the utilities being the only one over 2%.
Overall, we believe the fear proportionately significant and around this long.
In addition to the lender be long with respect to the ongoing addition of new clients.
One of the key strengths of our business is the length of relationships that he enjoys it over existing clients and partners.
Big Trust us with long term contracts generally three to five years, though sometimes longer.
This gives us a significant ability to build and creatively execute one of our strategy to grow our business into a big impervious a platform.
To expand over time, which also gives us a great deal of confidence regarding a a growth prospects for conflict 22, 2023 and beyond assuming of course there'd be computer does it keep them of our service and the payment volumes continue based on the historical documents.
In the larger market.
Recently, we recently extended our relationship with J P. Morgan Chase.
We work closely with the bank on sales of digital payment to J P. Morgan Chase corporate and commercial clients.
They will also be a revenue stream from some existing both decline for J P. Morgan.
Retrieval recognize as those classical lie one of our platform.
This is a very exciting relationship for us.
And we have already seen the benefits sales and pipeline growth.
The list of recognized the following four combined resources.
Additionally, in the mid market via renewed over relationship with head is computer it.
A key partner for us.
This is a leading provider of CIA systems to government and utilities.
And be an optimistic about continuing to grow together.
With the help of our partners our network ecosystem.
And a a extra ordinary sales team, we just had a very strong sales quarter, which continues or a momentum from earlier in the year.
We conclude your some sizable implementations in the third quarter and.
And fourth quarter looks the strongest woman.
Providing strong growth going into context.
For example, if he brought one of the largest water utilities in the U S live in Q3.
Well over 1 million customers, both residential and commercial.
They chose payment fiscal replace a legacy provider because of our platforms functionality.
Realtime integration of the <unk> system.
And over IP ecosystem.
As anticipated.
<unk> closer acquisitions of the various and for no better in the third quarter and continue to make progress and be giving them.
Previously payment that was not kept getting financial financial services initiative transactions, but those payments now become part of her instant in the network following the favorites acquisition.
Further a significant percentage of the favorites transactions are sent to non-payment as pillars.
These villiers bend become targets software sales team.
<unk> enjoy the same phenomenon.
Other IP partners as well, but.
The implication is that we are no longer limited to only processing transactions for our 1400 plus direct Villiers.
Our reach toilet IP ecosystem massively extends over distribution and shows the poverty of IPM to extend over Opentable market.
Just to make this point clear consumers can pay bills to non-payment as pillars tool of technology retail banking partners.
We have created a modern platform and an ecosystem that allows any user any below and any partner to engage like never before possible and extend the flexibility of the <unk> system and Joey Cora platform to all these apps and over ecosystem.
This results in a unique value proposition for all three.
And the slightly fact.
We are having a lot of fun leveraging the foundation of the ecosystem via built by attracting the type of clients and partners we're adding.
As we are building ecosystem.
Our objective is I mean number one.
Sign and implement as many believes as possible.
Number two constantly grow below payment volume two big silly adoption and usage.
Number three expand the reach of IP in to process as many payments from as many partners as possible.
Number four January the one lead list of all dealers.
Outside of the below direct platform.
But process tool IP network, and therefore add them to our sales pipeline.
Finally, some of the feeds we've been planting are beginning to sprout.
Our <unk> to be payment volume is over $1 billion now on a run the business and similarly, our IP payment IP network payment volume is over $1 billion as well.
The reason I mentioned this is to provide proof points that both products are contributing to our financial performance and growth acceleration.
We are excited about the momentum and expect to continue to expand on it.
It's still early days, but a very positive sign.
With that I'll pass the call over to Mac.
Thanks to Sean.
As a quick reminder, today's discussion includes non-GAAP financial measures.
Please refer to the tables in our press release for a reconciliation of non-GAAP items to the most directly culpable GAAP financial measure.
And the third quarter, we process 76 million transactions, representing a year over year increase of 44.9%.
As we add new products such as <unk>.
Account to account and person to person are transaction.
Crucible bees. So the number now goes beyond pure bill payments to include other living movement transactions.
This transaction growth drove a 33% increase in revenue over the same period in 2020, which resulted in revenue of $101.7 million.
I'd just like to take a moment to highlight that this is the first time. The company has crossed the 100 million dollar Mark for a quarter, which is a great achievement in milestone for us.
We as the management team of payment this cannot wait for this to become our monthly revenue amount.
Contribution profit for Q3 was $47 million or 37.1% increase over the same period last year.
Note that the combined impact of pay various incentive era was less than $1 million on both revenue and contribution profit.
Growth for the quarter was stronger than anticipated due to the higher than expected volumes from certain large bowls that went live in Q2 and Q3.
The average amount of payment made on our platform was lower in Q3 of 2021 and it was in Q3 of 2020.
Some early tailwinds from the J P Morgan partnership and a small amount of revenue from the acquired companies.
A just a gross profit for the third quarter was $32.6 million, which is an increase of 38, 3% from Q3 of 2020.
Adjusted EBITDA was five $5 million, which represents a 13.6% adjusted EBITDA margin.
Eight 6% decline adjusted EBITDA from the second quarter of 2021 is due to the cost increases related to being a public company.
In Greece increased investments in R&D in sales and marketing and some small dilutive impact from the acquisition.
Operating expenses rose $10.9 million to $30 million for Q3 of 2021 and the same period last year.
Overall, the increase in operating expenses from last year was driven by by a variety of factors, including a corresponding increase in headcount as we continue to innovate with and for our customers and partners and other partners.
And we continue to invest in sales and marketing.
We also experienced significant increases in G&A expense due to legal expenses and intangibles amortization related to the acquisition multi.
Multi fold increases in the cost of corporate insurance and continuing investment in public company infrastructure.
And then lastly travel in marketing events did start to pick back up in Q3.
Specifically R&D expense increased $2.6 million or 47.
7% from the third quarter in 2020, as we continue innovating with and for our customers and partners. This is a key point of differentiation for payment us and we will continue to invest in it going forward.
Also a portion of the intangible amortization went into R&D.
Sales and marketing increased $3.3 million or 41, 4% as we continue to add headcount to accelerate the acquisition of new customers and partners given the significant market opportunity and strong market position that we have and also a portion of the intangible amortization within the sales and marketing as well.
Our GAAP net income was.
$4 million gap EPS for Q3 was zero nine.
Non-GAAP net income with $1.4 million non-GAAP EPS was one for the quarter.
As expected we closed the acquisition with pay various instead of error and completed the preliminary purchase accounting for those acquisitions.
As a result of the valuation performed the recorded $53 million of identifiable intangible assets.
Those intangible assets had useful lives of two to eight years and so the related amortization decreased our GAAP net income by $933000 in our gap EPS by one cent in Q3, and it will have a meaningful impact on our GAAP net income and EPS going forward.
However, because it's amortization it will not impact our adjusted EBITDA.
As of September 30th 2021, we had $177.5 million of cash and cash equivalent on our balance sheet.
The cash decreased primarily due to the acquisitions at our share count on that date was 119.96 million shares.
Now from our keys results will turn to our 2021 full year outlook.
We are quite pleased to be able to raise our full year outlook for revenue contribution profit as well as reaffirm our full year outlook for adjusted EBITDA to be at the top end of the previously provided range.
Our revenue outlook for 2021 is in the range of $391 million to $393 million, which represents growth between 29, five and 35% year over year.
For contribution profit are full year outlook is between $156 million and $158 million or approximately 30% to 31%.
It's worth highlighting that our guidance now for revenue and contribution profit growth is it 30% for the full year.
For full year 2021, we also see adjusted EBITDA in the range of $26.5 million to $28 million with an adjusted EBITDA margin of approximately 17% to 18%.
We expect that our full year effective tax rate one.
Someone will be approximately 55% and this is due to the discrete one time tax items that were discussed and Q2.
On a normalized basis going forward, we would anticipate that are effective tax rate would be approximately 30% assuming no changes the current U S. Federal tax laws are rates.
And with that I'll turn the call back over to the shop for a closing comment.
Thanks, Matt.
Via performing really well.
And feel very good about where we are in the final few weeks of 2021.
And for 2022 and beyond.
Despite processing.
Nearly $50 billion of processing volume.
In the past 12 months I still think of her as a startup company.
That truly understands the overall from tech landscape and be a portion of these areas.
I believe we already have all of the pieces needed to be successful.
And continued deliver go through those now and in the future.
We are very excited about where we are headed because of five fundamental factors.
Number one.
A female industry leaders.
Number two.
Is strong loyal and growing customer base.
And therefore, our line of sight to revenues and ultra years.
Number three a great ecosystem, leading to more biller sales and consumer adoption.
Number four multiple vectors of monetization.
And number five a multi trillion dollar addressable market in the us alone.
The that I would like to think about a 1000 plus employees, who helped make our clients successful everyday.
Will now open the lines of questions.
Thank you if you would like to ask a question. Please press star followed by one on your telephone keypad.
When I turned those that question. Please press thoughtful of I T again to ask a question impressed offline as a reminder theory using a speaker phone. Please remember to pick up your handset before asking a question. We will pass you briefly to ask questions to register.
The first question is from the line of John Davis with Raymond James Your line is now open.
Hey, good afternoon guys.
I guess first of all upgrade to see the upside this quarter not only and thank you, but it looks like you got into better than expected to <unk> results.
So maybe just the shot quickly what drove the upside.
Two are in most people's expectations.
And the third quarter, but also like strengths and the <unk> as well.
I think that's Mac pointed out.
Some of the some of the success we have had in.
Processing more transactions than we anticipated from the <unk>, we brought on live one of our platform.
Schedule of some tailwinds from our relationship with J P. Morgan Chase as well that you want to add.
Yeah, I'd, just say, it's really the outcome of all the different things we've been talking about kind of throughout the year are really starting to come together and we are seeing good positive trends on kind of all France, and it's really just the <unk>.
Impact of all the things that we have been working on implementation volumes.
As Duchamp said getting more volume out of existing Villiers, adding getting implementations done sooner.
Kind of all come together to contribute to strengthen the business and we feel very good about it.
Okay, and then just real quick follow up May want to hit on <unk> partnerships you guys now have.
One of the ones with the newer and J P. Morgan and you alluded to those.
Quarter.
As we think about that bigger picture, how important and impactful do you think that is.
Key to revenue growth process this year.
But in the out years and then maybe also an update.
Out of the Paypal rollout and on whether you guys stand that address.
On <unk> relationship first of all.
Japan.
Is one of the largest bank if not the largest banking.
The world and for us to be selected as a preferred provider.
By giving you a J P. Morgan chase to take us to take a a platform and the ecosystem to their largest commercial and corporate clients.
Is very.
It is.
Something that would be a very proud of.
A long term I think it's this is very exciting. Unfortunately, we believe that the combined of sources.
Premium bank like give me Morgan Chase and a premium premium platform. Unlike the Memphis.
Would be hugely successful in the market. So we are very very very excited about it and so is our partners and get the Morgan Chase.
In terms of Paypal or condemned rule out of the application has gone really well we've seen tremendous.
Growth.
The.
And what IP, an overall that includes people as well as one of the apps.
Okay and then.
Lastly for me you shot on J P. Morgan specifically was that a relationship that you guys had kind of expected that would kind of on the com yes.
Through the IPO process or is that something that's kind of a net new and.
Incremental too to support estimates.
I think Nick.
You want to take the yeah. So we have we've had a relationship with Jason Morgan for a while as a we talked about it during the IPO process I think it was at our Roadshows slides as a partner, but it was really just a reseller type relationship where opportunistically they would resell alongside us to <unk>.
And clients.
The the announcement that they made a few weeks ago, obviously with us what's kind of a broadening of that relationship and making us more perverse preferred provider.
And included.
Them transitioning some of their existing clients to us as well so it was really there.
And I don't want to put words in their mouth, obviously, we don't speak for JP Morgan, but I think he was really down.
Putting their weight behind the payment is J P. Morgan partnership at a much bigger way than we were kind of pre going public we were partners with them, but it was something that.
I think they saw and we saw.
Early benefits from that refill, our relationship and decided that it made sense to take it even further.
And I may add one more thing to that I mean.
More and more importantly, the customers also the benefit from it and be a scene that ended up a success, we are having in the marketplace right now.
Okay, great Thanks wrong progress.
Thanks, John.
Thank you.
The next question is to turn the minus Ashwin Shake backer, let's city. Please Christie.
And can I ask.
Hi, how are you congratulations.
Between the two P. R on the good quarter.
I wanted to ask about.
Announcement, you had which is the launch up incenter by a red is.
So first of all I was pleasantly surprised to see it's already.
Any naked when they type in.
Typical.
You know integration process that is less than 10 months and what exactly does it mean any day to day.
<unk> all of the bank clients.
Reddish that you've got.
And date of customers can pay bills.
Is that is that a further step that you needed.
Tubing.
To being customers.
Actually.
Thank you. Thank you for the question so the Bill Center.
We are very excited about the launch.
Frankly to see tremendous.
Feedback not only from the existing and prospective clients, but also the industry analysts. They all felt that they didn't need in the market to brings back into the ecosystem. There they have been masked behind in some ways based on the legacy solutions that exist and there is a need in the market where ability ecosystem.
Can be brought closer to the banks again and that's the pursuit. We haven't that's what it provides in terms of been center and its integration and favors implications with with pay Memphis as you did call. We had partnership with today that is prior to the acquisition. So we were already the reason for the move.
Move to do a group.
Closer tie up with that is.
In terms of the acquisition was based on the amount of success we were seeing.
True the integration process as to the number of a <unk> that lie ahead for us by.
By this.
In terms of getting all of their customers onto Bill Central I think is a process, we would be going too. So bill simply is basically the new model for.
And a new user experience for all kinds of unions financial institutions and banks and.
We'll be rolling that out to all the existing favorite as clients.
Coming quarters.
Got it Uhm could you also comment on sort of the pipeline.
You've often talked about that as in one two and so on.
And particularly interested in the large bitter pipeline if he can comment on that.
Even making using up.
See progress in the pipeline.
Comment on that.
Absolutely.
Yes, we are actually on a dollar basis. This year is one O four.
The best years such as.
Last year.
And.
Last year was seven per year before so we we are seeing that.
What we are also observing is that all the things you are putting in place for years, leading up to this moment are coming together quite example, if platform that provides one integration point to a billing company.
While at the enterprise level is giving them a full suite of services that includes all channels.
As well as access to all apps.
Across what IP an ecosystem.
It gives me a huge benefit and as a result billing companies are more including some of the largest.
And the.
In the country are willing to take a look at our platform and and in many cases are moving.
They are negative systems is whether they are magazine third party providers or the in house solutions because of the reach payment that is able to provide now and frankly, if you take that and combine that with a partnership like we have J P. Morgan Chase it.
It further exploits that.
For us where we are not able to go to a client regardless of their size, maybe some of the largest one in the country will be able to save you can modernise your entire deceivable value chain using the asset J P. Morgan Chase has let's pay Memphis and that is that itself is driving combined back with the ecosystem vehicle from the IP inside in the region.
Provide.
It is.
It is it is acting as a catalyst.
Six.
The only thing I would just add to that as it relates to JP in partnership is I think it's something we talked about in those kind of pre ico discussions was.
A big part of the Battle for US is just getting of those large clients in necessarily at our size and scale, we do a very good job, but we can only have.
So much reach with the size and scale that we have and that's one of the other big benefits of say a partnership like J P. Morgan is.
It gets us in front of opportunities that we for whatever reason may not have had.
Otherwise and so it gives us more about if you will and our track record once we get at bats are is pretty pretty strong.
And just a quick comment on that we have seen tremendous success in the domestic markets, but also JP Morgans international.
Areas as well, so very very proud of that.
That's great, let's get that but I'm looking forward to a conversation actually does that thank you.
Thank you thanks actual.
Thank you. The next question is from the minus Darren Taylor would call City furniture mine is now and.
Hey, it's andron for Darren Thanks for taking the question I'm just curious how if any did higher fuel prices or a cold winter layer ended a contribution profit this quarter and possibly in the next quarter, just giving you monetize build on a per transaction basis I'd have to pay out bed at the alarm interchange and the utility sector is a pretty good amount of your transaction exposure.
Yes, Thanks, Andrew is Matt.
Good question.
Interestingly, we've typically seen queues you may remember Q3 and Q1.
Has been the lower points on contribution profit an annual cycle and Q2 and Q4 then hire for the reason you just mentioned because typically in Q3 and Q1, you see higher utility bills coming out of the summer or the winter.
This year in Q3 as I mentioned the prepared remarks are average bill amount or average payment amount made our platform was actually down from Q3 of last year. So we did get a benefit to contribution profit in Q3 of 2021 from the fact that that average bill amount was down because that means.
The interchange we pay associated with those bills is lower than it would have been say last year in Q3.
I think we haven't seen anything yet.
That would indicate to us a material change in that kind.
Kind of our thinking around that's already built into our got this for the full year as we as we gave earlier and if we see any change will obviously.
Communicated appropriately, but as of right now I think our belief is that will continue to see similar trends. So what we've seen in the past.
And.
The only other thing I would add to that is every day that passes as we add more and more clients, we are less and less impact.
Impacted by the kind of swings you've seen utilities because we've.
We're focused on is the shop mentioned six vertical then so it's not nearly as impactful now as it would've been a couple of years ago, because our client base is much more diversified beyond just utilities.
Exactly.
Helpful. Thank you Matt.
Sure appreciate it.
Thank you.
The next question has to spend online and Dave <unk> Bird.
Mine's now okay.
Yeah, Hey case, thanks, and and maybe file on on the last question just about how it looked like your network fees per transaction actually went down and what is always a seasonally hi quarter is any of that and maybe if you look in the future is that affected by the new revenue streams that have come on now, but the ramping Ips J P. Morgan.
Various et cetera does that change the makeup in kind of network fees per transaction or other other things that tick chimp profit yield line.
It does for sure it's a great question and absolutely and theirs.
Variety of things go on there all the things you mentioned.
Plus if you remember one of the things we've talked about as IP in particular, some of the IP transactions.
We will not be will be on a more of a contribution profit basis. They are revenue will not have interchange in it and the interchange will be settled by the other party or another party as opposed to us.
And so we expect on a per transaction basis that that will continue elm going forward is IPM makes up more to mix.
The other thing and to shop can talk more about this is.
We definitely started focusing more on driving a better contribution profit profile if you will.
We talked before about how we want to get share and our goal is to take as much as possible and you can see evidence that we're continuing to do that through our 45% transaction or 44, 9% to be precise.
Transaction growth during the quarter, but we're also focused as well on making sure. We do the right thing for the interchange goes in the shot you want to add a few more comments on that from our perspective the wave.
If you're looking at other business there will be think about it is.
Let's add as much volume as we can and number of transactions from as many sources as we can while on the backend effect applying the monetization strategies can piece of a contribution margin. So that's the philosophy operating philosophy right now so the goal is to keep sending as many believers in as many different transactions on board it on a reflex.
While in the back obviously.
He focused on making sure that our taker continues to grow up technical forward.
So you'll start to see more and more of those as.
As if the considerably more evident.
The next few quarters.
Gotcha, Gotcha, and maybe to follow up at Ah sort of related question. Your your your transactions are growing kind of off the charts, 45%.
But your ear costs have also been ramping and it's I'm sure. It's kind of somewhat in proportion that your costs are wrapping to support that big growth is is there a point at which the cost start to get leverage more like how do we think about the timing when.
The cost growth starts to to level off a little bit, but I would imagine you're going to have really good transaction growth continuing how how do you balance all of that.
Just to be clear clarify when you say cause you are talking mainly about <unk>.
Yes, operating okay Yep.
Dealing with it.
I was just going to say actually literally what I was just trying to explain was.
That.
The transaction growth is representative of our business.
And you will continue to see that.
As we go forward here, what we are trying to do is.
Frankly.
We have a pretty good understanding of what how we can monetize these transactions better as we go forward once a given billing ecosystem is running on our platform we understand exactly what the payment preferences are for the customers why they're paying how their pain.
<unk>.
We are always looking and looking at ways to make it easier for the consumers by offering.
Different payment payment options and choices that you could forward clients a billing company does with us for the customers, but also their copay mentors and by that I mean that our contribution profit restart to match closer to some of the transaction confidential.
Yeah, and I would just I would.
Would add on the.
Operating expenses.
There's a lot of leverage in this business that I think we've shown that historically with EBITDA margins, we delivered over the last couple of years.
There's a lot of calls to being a public company, we've talked about that but I think we're seeing a meaningful acceleration and our growth rate now in Q3 and based on our forecast or guidance for the bill.
Before year, we're seeing a pretty meaningful acceleration.
And so we're going to continue to to be.
Full about how we allocate our capital and where we spend money.
But if we see offer opportunities and can grade differentiate differentiation.
Through innovation et cetera.
We're going to continue to pursue those as long as we believe that they are contributing to the continued kind of acceleration of the top line growth rate.
And I think given are kind of profitability profile. What it is now in particular was historically then.
We've got a pretty good understanding of those levers and as long as we think that we can drive acceleration will continue to invest but do it quite quite thoughtfully and.
At some point in the future when that growth.
Starts to slow hopefully way way out in the future.
We've shown that weekend.
Pull up the leverage and create profitability and we'll do that when the time's right.
Yeah, It sounds great good job.
Thank you all right. Thanks, Dave.
Thank you. The last question, it's M T N T, which along with J P. Morgan Your line is now open.
Great title just wanted quickly ask great results just cooking when I asked about the large when I think is that when does that supposed to cut over 400 bit sound quite large what does that converting from and is that a challenging implementation sounds like you've found a good gear.
<unk> on implementations, but I just wanted to check the time.
I think as you rightly pointed out.
A large enterprise wide deployment and you could take us some time, probably was talked to see second half of next year when it starts to.
Go live but.
Just just as you have been doing.
Our goal is to get.
These lines as quickly as we can and we will try the same thing here.
And just.
Engines, Matt just to make sure it's clear that for our best is on revenue not contribution profit just want to make sure that's clear still still a great deal of a big deal.
Will there be any confusion on that [laughter].
For sure.
Got it thank you.
Thank you and now additional questions letting at this time.
Conference at present case for any closing remarks.
Well. Thank you so much as you have seen that we are.
The good quarter lot of great things are happening and pay Memphis and.
We've issue all the very best and stay safe.
Thank you.
Fashion curve patented anti third quarter earnings call you may now disconnect.
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