Q1 2022 Repay Holdings Corp Earnings Call
Breathings welcome to todays earnings conference call being hosted by repay.
With us today are John Morris co founder and Chief Executive Officer, and Tim Murphy, Chief Financial Officer. During this call, we will be making forward looking statements about our beliefs and estimates regarding the future events and results. These forward looking statements are subject to risks and uncertainties, including those set forth in.
The SEC filings related to today's results and our most recent Form 10-K filed with the FCC actual results may differ materially from any forward looking statements that we make today.
Forward looking statements speak only as of today, and we do not assume any obligation or intent to update them, except as required by law in an effort to provide additional information to investors. Today's discussion will also include references to certain non-GAAP financial measures an explanation of those non-GAAP .
Natural measures.
Our as well as a reconciliation of these non-GAAP measures to the nearest GAAP financial member measures can be found in our earnings release and earnings supplement each of which are available on the company's IR site.
I would now like to turn the call over to Mr. Morris. Please go ahead Sir.
Thank you operator, and good afternoon, everyone. Thank you for joining us today to review our first quarter results.
During the quarter, we reported card payment volume growth of 39% total revenue growth of 42%.
And gross profit growth of 46%.
We also now have 225 total software integration partners.
In addition, Q1, new client implementations across our business with a record setting us up well for 2022 and beyond.
Moving onto our first quarter business highlights first.
First our business payments vertical which.
Which is going after a massive 3.4 trillion Tam continued to perform well during the quarter.
On our Q4 call, we talked about our initiatives to focus on cross selling our AR AP unified capabilities and a more streamlined and formal way.
One recent example of this was with hotel Investor apps, H I E, which is a hospitality management ERP provider. You currently uses repay for payment processing.
And learned about People's capability during Q4 2021.
Signed a partnership to be gaining adding our payable solution T. H I a properties during the second quarter of this year.
We now have 85, plus b to B software integrations, representing approximately 15 vertical end markets and have over 3700 clients.
On the AP side, we've grown our supplier network to over 127000.
During the quarter, we signed Shepherd center in Atlanta based private not for profit hospital, who were using our AP automation has been your payment solutions.
By automating their accounts payable processes, our technology will allow Shepherd center to improve operational efficiencies create a better experience for our internal teams and hospital vendors as well as allow shepherd to benefit from its cash rebates.
Okay.
We are also looking at new ways to expand our Tam for beta VIP for instance, we recently found that local governments are a big opportunity for us.
Capstone that full service marketing research organization predicts that state and local government spending will grow 900 billion between 2022 and 2027.
This translates into significant investment opportunities at all levels of government and.
In fact, we recently signed a large municipality in Metro Atlanta.
B to B is a big part of our mix now and will continue to be a key growth driver as we expand our total pay solution and drive virtual card penetration.
We had another strong quarter in the consumer payments side of our business. We saw strength on the personal loan side in Q1, that's volumes from tax refund season were strong.
The strength in personal loan repayment volume continued into April and early may.
In addition, many of our clients have recently experienced above seasonal pre pandemic levels of originations.
The data suggests that the recovery in personal lines is now accelerating and will continue to do so for the remainder of the year.
Experian recently noted that the industry originated 222 billion of personal loans last year up 31% versus 202022% over 2019.
The growth in personal loans tracks, a broader increase in spending and borrowing according to the Federal Reserve Bank of New York non mortgage consumer debt totaled $4 three three trillion at the end of last year, the highest level on record.
Our auto loan business, which very much focused on used car payments is growing rapidly as used car demand and prices remain elevated driven by the lack of new vehicles, we're continuing to see extended durations and higher loan amounts.
We're having success expanding into the credit Union space, We really don't see analysis technology integration would flex a leading provider of core system software for credit unions.
The partnership further expands credit unions abilities to offer digital payment options to members enhancing the overall member experience streamlining payment operations, a reconciliation efforts for credit units.
Brings us to over 210 credit Union clients.
The Parex integration is going well, we recently entered into an exclusive partnership between pay actually Norte rich software a leading.
Software provider for lenders and loan servicing companies to provide no rich clients online cash payment acceptance known as eat cash.
He cash streamlines payment acceptance by enabling borrowers to make payments on their loans using cash at thousands of participating retail locations, including major convenience stores dollar stores and pharmacies.
Cash payments are then settled electronically to the system of record just simplified reconciliation and end to end payment management all from one place.
Yeah.
Turning to our mortgage servicing payment business much of our growth is coming from existing customers as some of our largest clients.
Our servicing more in mortgage volume.
Our S. Dx offering is fully live and processing transactions and the feedback has been very positive thus far.
And emerging mortgage servicer recently joined our S. T X board of advisors, bringing the total advisory board members to nine leading servicers.
We're continuing to add new members to the change in this offering can really take off as new participants good lives.
Our instant funding volume for Q1, 2022 was roughly 70% above Q1, 2020 one.
We're excited to be part of the visa direct partner program to help grow our instant funding solution.
Is it the visa direct partner repay will have access to visa's tools and resources aimed to help watch and sell real time payment solutions.
Lastly, we paid clearing and settlement continues to perform nicely with a significant pipeline for future growth.
We recently attended the electronic transactions Association EDTA conference and came away with the sentiment that both the market and the networks I believe that we are well positioned to continue winning new business by competitive takeaways.
We provide superior technology, and an enhanced onboarding experience.
This presents an opportunity for repay to take share with our proprietary platform, which offers icos and payment facilitators more autonomy greater flexibility than the traditional large acquired programs.
In fact, we were excited to join the visa acceptance fast track program as a visa preferred partner, providing us with direct access to visa's capabilities and its global network of partners.
Acceptance fast track program, Lisa will point, Prequalified, Fintech and pay facts Jewish preferred partners, who are willing to provide key acquiring and processing and services develop a network of networks globally.
So we feel it was a solid first quarter that sets us a strong foundation for success in 2020 two.
The secular trends towards frictionless digital payments will not go away and that is the macro environment and will continue to be a tailwind that will drive our business for years to come.
As a reminder, we laid out a few specific initiatives on our last call, which will be guiding our focus and investment for the year.
As discussed we continue to increase card penetration across all our verticals with top clients.
We expect the majority of our growth can be derived from our existing client base.
We have been optimizing our processing infrastructure in order to reduce cost as we volume.
This will help us drive automation from first touch in every interaction.
We have formerly commercialized marketed and our cross selling our a R. A T unified capabilities this year.
As shown by the impressive growth this quarter, we continue to increase our AP supplier network and so while they assign new beta be virtual card clients and expand virtual card adoption.
We also will continue to focus on developing the best software and payment solutions for all verticals.
Lastly, we are focused on thoughtful capital allocation.
Strategic M&A remains a powerful value creation lever for us and we're continuing to see attractive opportunities in the pipeline. We believe that private valuations are beginning to moderate and we remain confident that M&A will continue to enhance our performance relative to peers.
Before turning the call over to Tim I want to thank our entire repay team for their hard work so far this year.
With that I'll turn it over to Tim to discuss the financials and guidance in greater detail Tim.
Thank you John now, let's move onto our Q1 financial results before I review, our financial guidance for 2022.
As John mentioned in the first quarter repay delivered strong results across all of our key metrics.
Card payment volume was $6 4 billion, an increase of 39% over the prior year first quarter.
Total revenue was $67 6 million, an increase of 42% over the prior year first quarter.
This represents a take rate of approximately 106 basis points. We believe the primary reason for the sequential decline in take rates is the average individual tax refund dollar amounts were much higher in 2022 versus prior years for certain pricing types, such as convenience fees, where the consumer pays a fee the higher refunds would lead to lower take rates. This happens.
The payment volume is up but the flat fee paid by the consumer stays the same.
Please recall that approximately 15% of our business is priced on convenience fees and he's client types would correlate with those that would use tax refunds to repay loans medical bills or other outstanding debts. We do expect overall take rates to be higher in Q2 in future periods back closer to the 110 basis points, we experienced in Q4 2021.
Billing tree control in Pes contributed approximately $17 2 million of incremental revenue during the quarter.
Moving on to expenses in the quarter.
Cost of services were $16 6 million compared to $12 5 million in the first quarter of 2021.
The incremental other cost of services from billing treat controlling pegs were $3 million for Q1.
Gross profit was $51 million, an increase of 46% over the prior year first quarter.
On an organic basis, we saw gross profit growth of 5% compared to the first quarter of 2021. Please.
Please recall that Q1 is a tough comp for us.
Since there were two rounds of stimulus send out Q1 'twenty 'twenty. One in addition to the normal tax refund season.
We expect organic growth to be higher in Q2 in future periods. In fact, our current estimate for April was at least 10%.
SG&A was $32 2 million compared to $23 4 million in the first quarter of 2021.
First quarter adjusted net income was $18 4 million or <unk> 19 per share.
Lastly, first quarter adjusted EBITDA was $29 3 million, an increase of 43% over the prior year first quarter first quarter adjusted EBITDA as a percentage of total revenue was 43%.
We do still anticipate increased investment in sales technology and products to continue putting in place the proper infrastructure for accelerated organic growth throughout 2022 and beyond.
We remain confident in staying above the rule of 60 for the foreseeable future.
Combined pro forma net leverage was approximately three five times, we expect this to be below three times by the end of 2022 a very comfortable level, which will allow us to continue to fund organic and inorganic opportunities.
As of March 31st we had 65 million of cash on the balance sheet and access to a 165 million of Undrawn revolver capacity for a total liquidity amount of $230 million.
As of March 31st we had approximately 100 million shares outstanding on a fully diluted basis.
Finally, moving on to our thoughts for the remainder of the year.
We're pleased with our results in Q1, we are reiterating our guidance for 2022, which includes volume to be between 27, and 28 billion total revenue to be between $296 million and 306 million gross profit to be between 224 million and 232 million.
<unk> EBITDA to be between 128 million and $134 million.
We continue to expect approximately 45% of the P&L contribution to come in the first half of 2022.
The strong growth in the second half of 2022 is anticipated to be driven by growth in our retail business, which we expect to comprise a greater share of the overall mix, but you know 2022.
There's been a good growth concludes exposure to the E. P media vertical which is expected to be positively impacted by the political cycle.
Also fast growing assets, such as packs as well as the continued recovery in personal loans in health care.
This 2022 outlook assumes organic gross profit growth of approximately 20%.
Specced organic growth to gradually increase throughout the year much stronger growth in the second half of the year.
We are already off to a strong start in 2022 and look forward to continuing this momentum throughout the remainder of the year.
And now I'll turn the call back over to the operator to take your questions operator.
Thank you.
If he would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue. You May press star two if he would like to remove your question from the queue and for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star he is our.
First question is from Ramsey El <unk> with Barclays. Please proceed.
Thanks for taking my question this evening.
I was wondering if you could provide some color on the macro assumptions baked into your guidance. How are you thinking about some of the notable drivers across the verticals you know as you know index into things like rate hikes supply chain know everything that's going on in the environment.
Sure. Yeah. So you know as we just mentioned we think there's a number of factors that are driving stronger organic growth and overall growth for the remainder of the year.
A general recovery in personal loans in health care as a macro assumption we have.
We understand there are some challenges within within the auto space, but we're more exposed to used cars within auto and we still see very strong demand longer durations higher loan balances, which lead to greater repayment volume in auto and we see just growth in beta be just given the underlying drivers of.
Electronic payment adoption there so all of that leads to kind of our thinking on the remainder of the year and then as we talked about specific to our business. We we do see <unk> as the fastest growing part of the business and will will will help will become a bigger part of the mix in the second half of the year and we have.
Some exposure to the AP media vertical and specifically the political media cycle, which should positively benefit us as well.
So it doesn't sound like you're worried about for example on originations in the personal loan area. You know are feeling a little bit of a headwind or other types of sort of macro headwind. It sounds like it sounds like for your business Youre kind of thinking macro is more of a more of a tailwind in a sense at this point that that that a potential headwind.
Yes, yes, as John mentioned, we have there's been some interesting data on personal loan originations, which are a really strong recently and that that will lead to greater repayment volume in future periods as well and as we've said I mean, even even in a situation where there may be credit normalization, we think we benefit from that because our customers.
Would it be more likely to adopt our payment solutions to when they're more focused on efficient collection tools and so that could be a good driver for us as well potentially increased volumes.
Got it okay, and really quick follow up and I might've missed this and you might have mentioned it but what was the organic growth in the quarter.
It was 5% and what we've said is we've seen we are estimate for April so far is at least 10%, which again is why we expect it to continue to increase I think I recall that you did mentioned I apologize I missed that first time round. Thanks. So much. Thanks for your time this evening.
Absolutely.
Our next question is from side Tae Sik, Rodney with K VW. Please proceed.
Thanks, Good evening I guess first question just on the M&A backdrop, obviously, there's lots of companies, whose valuations have come in quite a bit John maybe you can just sort of update us on your thinking on what might be out there on what youre looking for.
Yeah sure Hi, good afternoon, just named Sanjay.
I'll show you, we are very high and have great they've had great discussions with our board around a thoughtful capital allocation of and what's the highest and best use for our funds for both our shareholders and as we.
If we look at specifically around the M&A side of that we still think.
I think it's a very powerful value creation lever for us as I said on the call. We still see that there we have a strong organic pipeline for ourselves that we are we have a team that looks at this we do do think that the private valuations are beginning to moderate.
And we will see that even more so as a.
As we move throughout this year, we are positioned well, we have a history of being very successful there.
And we will continue to to look at the opportunities in the marketplace and the Barclays that will overall help us.
Enhance our long term growth strategy, where it makes the most sense for us we have lots of criteria, we look at in order to two.
Evaluate key strategic M&A.
So strong pipeline, we see good opportunities we are we will be very diligent.
And watching from a valuation perspective, and making sure that.
We're disciplined in our approach there and we expect some of that to moderate throughout this year, our balance sheet will be set up strong for the opportunities, we think who will be heading our way, but we are we also have had great conversations around just overall capital allocation as well.
Perfect.
Tim just following up on Ramsey's question I guess like you know obviously your point is maybe.
Your customers might be C. J repayment options in the market is sort of assuming we are going to go into a period of.
Softness in the economy.
Are you seeing some of the lenders actually seek you out and look for that and then what else are you sort of paying attention to in terms of consumer repayment behavior. So that you can make informed decisions about.
How you manage the business I'm just curious because obviously, it's a big focal point of the investment community.
Yeah. So we are we are hearing that from our customers.
We're hearing customers talking about going more digital and focusing on repayment strategies and so that is something that we were hearing and something that we've talked about and what we think will continue.
We think the consumer is very healthy right now employment market is strong.
Great demand for personal loans.
And so we think those are all positive signs and that's yeah.
What we've talked about being baked into the rest of the year.
Thank you.
Yeah.
Our next question is from Peter Heckmann with D. A Davidson. Please proceed.
Good afternoon, and thanks for taking the question can you talk a little bit more about the b to B business and when you are winning there are for example, like the hospital are those competitive takeaways or is there a mix of takeaways as well as just customers that have not yet gone to a electronic payment solution for BV.
Yeah, it's typically just actually winning against other forms of payment. So typically just moving business to electronic to your point away from checks.
And specifically moving into virtual cards. So it's not often competitive takeaways is just completely greenfield in.
And specifically within the verticals, we serve within <unk>, we see that as well.
Okay, and then just in terms of.
Just thinking about the seasonality of the business.
Yeah generally the first quarter as strong for for the personal lending business due to tax refunds.
Second quarter would you expect it to be sequentially down or.
Flattish with the first quarter.
Typically coming out of tax refund season, it's slightly down we do have some some parts of our business like I said to be growing faster.
Which will support faster growth in the second half of the year, but we expect organic growth to actually be higher than Q2, as I said, where we're estimating at least 10% in April already.
So yeah, that's kind of how we think about Q2 versus Q1, but you know the second half of the year, we expect a lot of strength in the personal loan recovery. We think is happening more rapidly than it was in prior periods.
John mentioned and that will support future growth in Q3, and Q4 as well.
Okay, Alright, that's helpful. Thank you.
Our next question is from Andrew Schmidt with Citi. Please proceed.
Hey, John Tim Thanks for taking my questions here first.
First I want to ask on the the B to B business I think just a clarification is the <unk> is the go to market now Felipe total PE or is the go to market is still there.
The individual brand just curious.
If we if the consolidation of the individual brands has happened yet or if there is.
You know what kind of a multi brand approach from a distribution perspective.
Yeah sure.
It's currently obviously its a repay is going to be the single brand we call that solution total pay because it really.
Does describe that the the total solution, both sending funds as well as receiving funds.
From an overall perspective, but on our E P side.
It allows us to to actually make all of their payables payments not just the ones with virtual cards are not just the ones with a C. H, but also for checks are alright, how they would like to pay their payables. So we find that to be the best descriptor for that but overall its a brand it will only be repay as a burden.
<unk>.
And we'll we'll drive that out to the market I will say as we roll that out as a total solution.
Yeah, we will a R. N a P will have that integrated into the various different ERP, we're integrated into <unk>.
And in that will take a that will as we move throughout this year and into next year as we upgrade our integrations didn't include both the AR and AP for new versions.
You know, we will be adding the complete solution to that.
As you are aware, we have integrations are through acquisitions with both sides of that and so as we get.
We update to various versions on these accounting ERP systems, we will continue to add both they are in a P to those.
Yes.
Perfect. Thank you for that very helpful.
Well good to hear about the vertical expansion to government I think they need to.
Obviously, a very lucrative and.
And market.
But is there any investment that's required when we think about vertical expansion.
Whether it's salesforce or Oregon existing integrations and go to market strategy enough to where it maybe doesn't matter.
Hi.
Sales materials, but there's not much that's required from a heavy lift perspective, just curious when we think about.
Vertical expansion will it be to be.
For the most part it it's not significant investment obviously from a talent perspective, if we're adding a specific vertical.
Biz Dev talent.
That's really incremental and then from a from.
From an integration perspective, we're touching a lot of ERP.
ERP systems already if there would be something that would be unique maybe on the AP side is a much lighter lift from an integration.
Ration perspective, which.
Which is where we would touch that's the piece that we would touch mostly.
On the on the on the government side.
So that's a fairly easy integration for us or a lift for us on the technology side.
Perfect. Thank you for that and then if I could just sneak more.
One more in just on the outlook and this has been asked a couple of different ways, but one.
One quarter in it sounds like there's more confidence in the in the outlook obviously in the first quarter, probably doesn't make sense to increase it just yet, but I just want to confirm that you know.
You know what you're seeing out there you're more optimistic about the full year outlook. It sounds that way with with what Youre seeing in the underlying business momentum personal loan growth, but just curious curious are there any offsets for the full year that we should consider.
Thanks, a lot.
No no. What we said we were confident in the rest of the year, which is why we reiterated the outlook.
A number of drivers there you mentioned personal loans is also a recovery happening in health care, where we have exposure to a few different parts of health care, where you have consumer health care payments claims payables as well as hospital payables and so we think that.
<unk> ongoing recovery and health care supports the outlook as well.
And then I would also add that as I mentioned in my opening remarks, we had a record Q1.
Client implementations.
And so some.
Some of those are obviously layered into our our forecast.
Recurring nature of those and as they come alive and actually began processing.
That gives us you know.
More confidence as well.
Got it. Thank you John Thank you Tim appreciate the comments.
Our next question is from Andrew Jeffrey with Chewy Securities. Please proceed.
Hi, Good afternoon, guys. Appreciate you taking the question.
A couple of things for me.
One.
Encouraging to hear about instant funding and the 70% growth in that product John can you just remind us.
When you look at that solution.
Does that drive yield or is it really more of just a point of competitive differentiation such that you.
You feel like you're.
You have stickier solutions and are offering more value to the customer how harsh and how should we think of that about that perhaps.
We are driving the business over time.
Nuance so again helpful.
Sure Yeah. So it's if you look at the Big picture a large piece of that is specifically say on the consumer payment side of it.
Those would be the outflows, which historically were were happening.
Originally in cash in and even check and even some form of a C. H. So as we influence that to a more digital card based transaction that.
And that will influence as you look at the whole big picture, but that'll influence to repayment mechanisms back Jim.
Typically how something gets funded it usually gets setup as this fault stored.
Card or file a payment method on file to full repayment. So we think that is really an influencer, we're seeing more and more activity too.
As we talked about the whole secular digital shift that's it that's a.
You know that's a characteristic of that we're at now it's starting to go out the door that way, which means it'll probably you also come back that way and so as we drive those different experiences and behaviors.
It's part of that that secular shift that we're seeing and that's as we talk about it but that's evidence of that now that is more of a transactional based is great volume there, which is also gives us visibility on what will eventually be paid back.
But it is more of a transactional piece of that which is you know not not necessarily and bps per transaction you get on that it's more of just a click type transaction fee on that.
But really good indicator of what's to come.
Right right drives that secular flywheel.
And then yes.
Tim can you just also elaborate a little bit on gross profit margin.
Well, yes.
The organic.
Revenue growth was a little light this quarter and I understand it's going to ramp margin looked really good can you just talk about puts and takes and how mix should affect margin.
We're off the year here.
Yeah. So we a lot of that has to do with billing tree billing trees Ben.
Better than expected from a gross profit margin north of 80% and so and they had a they also have a strong Q1 as it relates to tax refund season.
So their volume and revenue.
Has much higher gross profit margins in the overall average which brings the average up and so that's one driver of that and then you know we're in the process as we've discussed.
Of converting billing trees back into our Rcs platform, which effectively will reduce processing costs, which should drive margin up as well and that will happen in Q2, and so we would actually think that gross profit margins could potentially be a little bit higher for the remainder of the year for those reasons.
So you don't have to worry about.
Seasonality necessarily in that number.
No. It just because of the conversion of the backend I think that will help support similar to slightly higher margins.
Got it.
I appreciate it thank you.
Yep.
As a reminder, this star one on your telephone keypad, if he would like to ask a question. Our next question is from James Faucette.
With Morgan Stanley . Please proceed.
Hey, this is actually Jeff Goldstein on for James You mentioned that the reason for the take rate decline was due to the tax refund dynamic. So I just wanted to ensure that longer term you know exiting the year and into 2023, you'd still expect either stable or growth in your ongoing take rate just just any change to your long term thinking around that.
Yeah.
Yeah, Yeah. So it was we think it was unique to the tax refund dynamic like I mentioned with higher average individual refunds and in our flat feet convenience fee pricing model, we were already seeing that backup in April .
So we would expect it to increase back up closer to 110 basis points as I mentioned and then we wouldn't think.
<unk> be any real material change going into next year or beyond so I think it really is it really was related to this specific dynamic for the 2022 tax refund season.
Okay Fair enough and then you mentioned growing your supplier network to 127000 suppliers, which was up I think from 110000 last quarter, just how should we think about your ability to keep growing out that network. What resources do you have dedicated there and is there a way to think about maybe like a critical leg.
All of that if you restate it.
It could help accelerate adoption of your solutions just is there some type of like network effect that you you would imagine what occurred.
How should we think about that.
Well you will see it continue to grow.
At a similar pace, obviously that has to do with really as we drill down into some of these niche verticals.
We could get more.
We're going to add more of these suppliers to it but as we expand our out into a couple of different areas.
You'll see us you'll see us be able to add more suppliers and ultimately the network effect is real so a few.
It's a it's a positive easier either way, you're adding to your network effect, but as if you were to have all your people on the network that would mean most of your customers could could take virtual card. That's a good thing as well so you'll see it probably grow at a similar pace, but as we continue to grow organically new sales it.
It should it should continue to grow that as well that network effect ultimately is getting as many people as we can on the network. So that our virtual card adoption drives out there we see it when we drill down to some specific.
<unk> unique areas, where we have a unique niche in a where we start to see many of those vendors over and over and which has a positive effect for us.
Got it thanks for the color.
Okay.
There are no more questions at this time I would like to turn the conference back over to John for closing comments.
Actually we do have a question.
With me is Chris Kennedy with William Blair. Please proceed.
Hey, guys. Thanks for taking my question and squeezing me in.
So if I missed it but did you happen to give kind of revenue growth by category. So b to b consumer loan repayments what have you.
Okay.
We have not done that on this call, but we have done that in the past and so.
Consumer payments, it's probably in the high teens b to B is by far the fastest growing part of our business is 30 plus percent and then what we call other which is really the rcs. The backend platform is probably growing in low teens.
And so again, that's one of the reasons.
The reasons, we have confidence in the outlook for the remainder of the year, just because <unk> is becoming a bigger part of the mix and it's the fastest grower and then we have you know those are I think healthy organic growth rates in the other areas as well.
Right. Thanks, a lot.
Okay.
Yeah.
Okay.
Okay.
Operator.
No more questions.
Great.
I just want to thank everybody for joining us this evening.
We greatly appreciate your time, we're very encouraged by our strong start to the year, which has positioned us well to succeed in 2022 and beyond as we continue to take advantage of this secular trends towards a frictionless digital payments.
And I look forward to seeing you many of you as we go and.
See you at many of the different different conferences.
Thank you.
Thank you. This does conclude today's conference you may disconnect. Your lines at this time and thank you for your participation.
Okay.
Great.
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