Repay Holdings Corporation (RPAY) Earnings Call Transcript
November 17, 2021
Earnings Call Speaker Segments
All right. Good afternoon, everyone. Thank you for joining us for day 3 of Citi's tenth Annual Fintech Conference, Andrew Schmidt on Citi's fintech research team with a focus on fintech software. Before we get the session started, just a quick logistical note, if you have any questions, you can go ahead and put them in, in the web portal on your screen or you can e-mail me directly at andrew.schmidt@citi.com. With that, I'm excited to have us repay today. With us, we have John Morris, CEO and Co-Founder; and Tim Murphy, CFO. Thanks a lot, guys, for joining us. Really appreciate it.
Good afternoon, Andrew. Good afternoon, everyone.
Thanks, everyone, for joining us. The -- I think these days is important to kind of level set because there's been so much noise in the environment. Let's just kind of level set who is repay, what are your verticals, what are your differentiating factors, things like that. And then we'll kind of get into more details, but just a refresher of the folks who may be in the story that haven't visited in a while. It'd be good to get an update.
Sure. Good afternoon again, everyone. So this is John. If I kind of do a level set on who is repay from a high-level perspective, we're an integrated financial technology company that actually connects our end customers with the various different payment modalities, whether they're making payments on the consumer payment side or making payments on the business side. And we allowed them to give them the various different avenues in order to pay inbound payments or actually outbound payments. So we create an ecosystem, both from a financial technology perspective, but also an overall payment execution and clearing and settlement perspective to help them execute on those transactions. And we create a seamless integration into the systems of record and those could be referred to as ERP systems, if they're accounting or they could be loan management systems, if they're managing some things on the loan side that help them seamlessly integrate into that and fully execute on the commitment of the complete on that side of it. So if I drop our business into 3 different kind of segments or verticals or business units. So we have the consumer side of our business with consumer payments, that site would be -- the integrations we have in the various different loan systems, dealer systems and that would be things associated with automotive loan payments, automotive lending, personal lending as well as our ARM industry in addition to things we would see in maybe the mortgage servicing space as well. If I go over to the second biggest segment of our business would be our you refer to as B2B, but we say business payments. And that would be our AR and our AP side of our business on the business payment side of that. That side of it makes up about 20% of our business. The consumer payment side of our business, which is where we started back in 2006, makes up about 70% of our business, if we include the Billing Tree acquisition there. And then our final segment or piece of our business would be about 10% of our business would be our processing business, which will be our repaid clearing and settlement engine that we do for third parties there. So that's our kind of overall set of that. If I look and say organically, we are a growth company. And yes, we've made inorganic acquisitions, but we do that to drive organic solutions for the future, both from an integrated technology perspective, but ultimately to drive long-term true organic growth. And you can see that from us entering into the B2B space with some of the acquisitions we made. We think that, that piece of our business is growing in the 25-plus percent range, both AR and AP. Our AP side of that is actually growing faster than that. And then if I look at our consumer payments side of our business, organically, that part of our business is growing in the mid- to high teens. And then if I look over in our processing business, which has surprised us, in many cases, how competitive our offering is there and the solutions we can provide there, that's kind of low to mid-teens from an organic perspective. You add all that up as kind of what we said to the Street as we see a high teens to 20% organic growth rate. And that's actually -- we see opportunities as on a normalized basis post pandemic, we see great opportunities there. We're delivering on high-quality underserved verticals as we've transformed many of these markets into more real-time payments, it's kind of where we've always operated, right? We've created the digital solutions that really connect that world as they try to engage with their customers on the consumer payment side. We are able to give them the different payment types and modalities that help them enhance that overall experience. And then we're doing the same thing on the B2B side where we are driving all those different payment modalities as a way to a total pay solution. So the ability to pay anywhere in any way any time. We're driving that total solution on both sides of the 2 large verticals we're serving on that side of it. We're excited about what's going to be happening over in the future as we continue to drive that out in the future over the next 3 to 5 years.
That's great overview. And I'm glad you emphasized the organic growth because that's where I was going to go next. Before we get and dig a little bit deeper into the business, maybe the upper teens, 20% organic growth rate, is that the right way to think about the sustainable kind of intermediate, intermediate-term growth rate for the business. And to be clear, that's sort of your own momentum right now that's obviously, no additional acquisitions, right? That's just the current runway to the business.
Correct. And Tim to give some color here. But organic growth rate. Obviously, you saw our overall growth rate for the third quarter was very much higher than that when you factor in just overall growth associated with acquisitions. But on an organic basis, as the business turns over the next -- we really only bring an acquired asset into our organic growth rate after we've had them for a full 12 months. So that's to us, that's true organic growth. And so that's truly organic growth on that side of it. We think as well, I mean that's a -- that's what we're seeing for 2022, and we don't -- we've not established 3-year, 5-year guidance on growth rates. But if we look at our history and look at some of the things we were doing pre-pandemic, we look at the way our current business units are setting up and are well positioned for. We would look to see that, that would definitely be a target. And obviously, we see opportunities for for that to be better, but we want to be conservative in some respects, not knowing what we don't know for -- COVID is not completely over with, et cetera. So -- but -- those are -- but we also see parts of our business that haven't returned, the pieces associated with health care have not returned to normalized levels. And some of the things we see -- we see the gradual return on the the personal lending side, some of the gradual return of lending. I think we'll continue to see that as it gradually returns back to a normalized state. So we see lots of opportunity. We're solving kind of tomorrow's problems today with our overall financial product and solutions and customers are asking for what we have. That's a really good sign in the marketplace.
Yes. That's very helpful. And then one last question on just -- as it pertains to 2022. Just maybe just talk about your visibility because a lot of these payments are recurring on the consumer side and then B2B pretty good structural long-term growth. But there are parts of the business that do need to recover, like you mentioned personal . So how would you characterize your -- the visibility towards the 2022 objective that you've outlined?
I would say we have very strong visibility, Andrew, just given the fact that the majority of our growth still comes from existing customers. And in these verticals, there's relatively low, in some cases, very low penetration rates on card payments, and we think there's an opportunity to increase that. And so because we have a lot of growth coming from existing, and we know what we've signed this year that we'll have a full 12 months of next year because, as you mentioned, some of these verticals, the payments are recurring for as long as or 7 years in the context of an auto loan, gives us a lot of visibility as well. So I think there's a couple of different points that give us comfort into not only next year but potentially beyond.
Yes. That's very helpful. And if we dig into that a little bit further, particularly in the loan repayment, maybe just take us through kind of the different verticals and the health that you see there, maybe with more of a focus, we tend to get a little questions on auto and personal loans. Maybe just talk about kind of the trends you're seeing in those verticals, but would love to get sort of an update in terms of what you're seeing in the low repayment side of the business.
Yes, sure. So we've seen great demand on the loan repayment side in the auto space as you -- for the secular trends happening in the marketplace. Those are going to be longer -- again, we're not a lender. We're just a payment processor for those and the financial technology for that. But we do see with that demand ultimately turns in long streams of payments. And typically, those are 48 to 60-plus months. The number of payments keeps extending, we think that's a good thing for us. And so we think that has got long runway from what just happened in the past year. So we've seen positive growth there and have continued to see that from last year into this year. We don't see anything changing some of that. Again, those are spread out payments for the most part. As we talked about the personal loan side, is gradual, and that's been coming back. We see that continue to be gradual and coming back to a normalized state. And then we -- mortgage servicing side of that business, we think there's even more demand there as we look at some things we want to do for 2022. There's some moratoriums that probably created noise for decisions in 2021. And where -- and so we're seeing activity where people need those solutions that they probably just couldn't get to because they had to pivot associated with dealing with people not making their mortgage payments. So we think we create some really great solutions around exceptions in that world. That's a very regulated world. As you can imagine, taking a mortgage payment, you get a payment in that world, you have to be very careful when you get a payment what exactly that applies to. And you can imagine all the different reasons for that. So we we have some really superior solutions to the market there. We think that has great upside to it. In our ARM space, we think there's -- we have some superior integrations and solutions in that space that we think we can do some unique things for, as we move out to the future there. Credit units and small financial institutions, really that is driven by a lot of auto lending. So -- and we're kind of barely scratching the surface there. We combined with our Billing Tree team and have a really nice portfolio of customers there. Some of the key integrations that are already in place. As you can imagine, one of our barriers to entry for us is our integrations. That's varied entry for us to get some -- get into a space, but it's also a barrier to entry for once we're there, and then we're a preferred partner. We find that -- we got all the ingredients set up for all of these verticals that we would look to establishes us well for growth as we're looking out into that. So Tim, you might want to add some more color to that.
Yes. No, that's a great summary. I'd also add, we're doing the same thing in Canada now. So we have a loan repayments business where we're essentially bringing card acceptance to the Canadian market for loan repayments across auto, personal loans. We announced a partnership with a software provider called Novatek that has a lot of Canadian lenders. We announced a large customer that's been rolled out called Fairstone, which is one of the largest lenders in Canada, where they're now accepting card payments with our technology. So we're kind of bringing that solution to that market as well, which in addition to everything John said, you think is exciting.
I would add, Andrew, one thing to add is our instant funding solution, we've seen an uptick in activity there for -- again, we're using that from a B2C perspective, not a P2P perspective. So we've seen an uptick in that where our lenders want to fund loans real time. And that's usually a very good sign if you look at the digital transformation, especially the digital transformation to more real time if they're funding it that way, usually they want to pay back in that same payment modality.
Got it. That's super helpful as a walk through. And you mentioned Canada and obviously, there's some share of integrations probably in the entity towards card acceptance is relatively similar to the U.S. But are there markets outside of North America that might be interesting? And if so, what would that expansion look like?
Yes. So we -- you are correct, really, we're basically in North America, U.S. and Canada. We do not have any specific international plans. If we did something that it would probably be inorganically, we would want to get critical mass to do that. We did give our ability to do cross-border in 100-plus countries with our relationship with Veem, as we were able to make payments on behalf of payers -- and so that did give us that ability. So -- but right now, we think the market that we're talking about, the $5.2 trillion is really just what we're looking at in the markets we're serving today. We just think we need to execute well and continue to -- there's a land grab where we are, and we want to continue to do well with that piece of it. But if there's an opportunity that gives us international ability to have some critical mass. That's what we would look at that. But yet we would also look to complement some of the things we're doing currently on the B2B side here in the U.S. and Canada as well as some of our existing verticals those are some opportunities we do see.
Got it. That's super helpful context. I appreciate that. And Tim, you mentioned one thing, it's been a tailwind throughout repays history, but the opportunity to continue to put -- to digitize these low repayments and to put more volume on cards. And it sounds like there's more opportunity post COVID, but -- and this might be a vertical specific question. But where are we at in terms of penetration across these verticals? And how much more room is there to go when we think about low rate payments?
Yes. It is specific to the verticals. Some are much less penetrated than others. For example, personal loans are probably in the teens -- mid- to high teens, so 20% auto is probably the most mature from a penetration perspective just because that market has been embracing technology and payments. And that's probably closer to 40-plus percent. But it's also a very, very large market. So even if you tick up a few hundred basis points, it's a lot of volume. Mortgage is very low. Mortgage is still a lot of check in ACH. That's probably in the 10% range. And then on the B2B side and the business payment side, virtual card adoption and acceptance is very low, probably anywhere from 10% to 15% depending on the vertical. So like I said, it's vertical specific, but generally speaking, very low penetration rates just relative to overall card penetration across more sort of retail-type transactions.
Anything in the more heavily penetrated verticals like autos, they're still -- like there's penetration and there's your relative share? Is that right is ability for sure base?
Yes. So we can -- we can have been -- we'll continue to gain share within that 40%. So it's just not as competitive as some other verticals like retail or restaurants or travel. And we're bringing a lot of high-quality technology, which allows us to not only win business, but when we do, we hold margin and we retain the customer. And so that's why we chose these verticals in the first place. They just had a lot of attractive dynamics and we're benefiting from those.
Got it. And then as we think about share gains, could you just help us think about what comes up a lot is, capital auto or OEM opportunities. Is there a pipeline there? I know those are probably lumpy from a wind perspective. What's the right way to think about those opportunities?
Yes. We have a strong pipeline across all of our verticals. As you can imagine, there probably was a little bit of without some of the convention seasons not happening. We've seen that return as well. So that's actually really good for overall how we go to market on certain relationships. But overall, our pipelines are strong, both on the consumer payment side and the business payment side. We -- there are some -- we are reaching more up into the enterprise level. Those have some longer sales cycles. Those have generally come with some type of contractual period, so you have to wait for those to burn off. And so we're seeing that activity, and we have those things in our pipelines, not to say we're going to win them all, but we do see the ability to capture more market share there as we look out into the next 12 to 18 months. So there are definitely great opportunities there. And then on our business payment side, we serve in the hospitality. I mean, in the hospital and health care area as well as same in municipality areas. There are certain opportunities that are really starting to open back up. If you just think about hospitals. They were just hunkered down, just trying to deal with COVID. So we're seeing those opportunities that have been incubating starting to come back up to decision points.
Got it. And I think key to the secret sauce here is the software integration, right? So are there software integrations, large ones they're missing in some of the loan repayment verticals? Or are there opportunities to, I guess, make your existing relationships more productive combination of [Indiscernible] Just curious in terms of the software relationship side, how to characterize that opportunity?
Yes, it's a combination of both. We are -- why I think we used to say 1 to 3 new adds of those a quarter. We're probably leaning more towards 3 plus of those a quarter now. And that it does include our B2B side of our business. So we are pushing 200 plus, 214 or so of those relationships, about 130 of those were on the consumer payment side on the longer payment. And there are some key ones that we would continue to like to achieve. There are some of those larger relationships that would be proprietary if you think about it. I mean the -- like an OEM would have its own potential software. So those would be -- those are kind of unique. Those are just kind of one-offs, but yet bringing a lot of transactions. But we are a preferred provider in many of those relationships. We're continuing to look at opportunities to expand how we can help them go to market and just generate more opportunities there. That has been working well for us, but we are constantly trying to figure out how we can help more there. We are the financial technology that plugs into those relationships. It's very valuable, makes their offering more valuable, but also we're payment experts as well. So we truly understand how to help people get paid. So there's opportunities there as we drive additional omni-channel opportunities in our loan repayment space, and that patient engagement -- I mean, that consumer borrower engagement piece is at top of mind. And when people are looking at things that they haven't done it, they want to do it. If they're doing Taxpay, if they're doing something with their mobile app or if they're doing an IVR of all things as well. Believe or not, those all those things still drive transactional revenue. The concept of pay anywhere, any way anytime is real in both sides of the verticals we serve. The consumer and businesses expect that now. And when you make those -- make and allow those offerings, you get a happier customer a high-quality experience, which is good, especially if it's going to be someone that's a returning customer or a vendor, a seamless automation, reconciliation, those have great opportunities for us. So we see the ability to drive more through those. We would see to -- on our B2B side. There's going to be some unique systems out there on the AP side that we would want to do some integrations where. But that may be more API first and so some of that is a little bit more in our control. And then on the AR side, we would love to -- add some of the accounting ERP systems like with Sage or Acumatica, which we just said, we've kind of delivered our total pay offering, both AR and AP. And so we would look to continue to enhance any integrations on that side to be able to offer both. It's a little bit different by vertical subvertical over there, right? An accounting ERP system can bring, it's not exclusive to lending, right? It's going to be all over the board. So -- and as you can imagine the complexities on the hospital health care side, just because we have the payables, there could be some cross-sell opportunities on the patient engagement side, but that's a much more complex decision.
Got it. That's helpful. I appreciate that context. And then maybe we could switch gears to just the B2B payments part of the business. And I don't want to rehash all of this because I think you have some good information on your under site to kind of characterize where you play. But just if you sum it up briefly, kind of maybe talk about your assets and where you're positioned.
Sure. So on our B2B side of our business, it is growing really nicely. We are really excited about that. As you and I have spoken before, is an area I watch for 10 years, which if you look back several years, it was not that profitable for sure. And early adopters, we're not there looked at it and said, "Hey, the financial technology piece of this is finally ready. The accounting ERP systems have finally can do some of the automation that you need. So we entered into that space pre-pandemic. Obviously, the pandemic and we put several key assets together. One of those being our cPayPlus acquisition, we acquired, that's really our target technology operating system. It's less than 3 years old. And so we think we have best-in-class when it comes to a total pay solution, specifically on the AP automation side. So we can take your -- we can ingest from your accounting ERP system, we can ingest your entire invoice file, digitally. And inside of that, then you can -- we can allow you to score in from an internal control perspective, approve each one of those invoices. All the enriched data comes over with it. And then we take that and we begin to automate and enhance that for virtual card adoption as we do vendor enabled. But we guarantee the payment of that's going to happen on that on a set period of time and we're either going to convert that into a virtual card, which we can then give you a rebate for that. And then we can what's not done that, we can do an enhanced ACH or we can do a normal ACH as well as we can -- whatever is left over, we can do at paper check. But you can imagine, we can take that whole invoice set and track and trace it through its invoice cycle through the payment life cycle of that individual invoice and what's happened or what hasn't happened. So for example, you never know a check hasn't cleared until it hasn't cleared, but we can -- we time stamp all those things, so we can reissue checks, we can reissue the virtual cards. We can tell you what's all happening. We can give you a summary of that dashboards and all that. And it's not today, that offering say if it's done through your treasury management system, you're going to possibly use a purchasing card to make some of your payments with, and then you're going to go over to some other treasury system and try to upload some ACH payments. And then for everything else, you're going to write manual checks for which people like Tim would have to go in the office and sign. So -- but to give you 1 stop shop, everything is in one place. And if I add the different flavors we added to that, if you talk about expanding that wallet or spending that those payment modalities, we added our relationship with Billtrust BPN this year. So for the opportunities that will allow us to send those down that network will intelligently route those through that. for our international payments, we would route those through Veem. So you can get -- get where we're going there. Whatever network someone wants to clear and settle through, we're going to be the gateway, we're going to be the bridge that connects them to that. And ultimately, everybody wants to get paid. They want to ledger good funds confirmation always. Did I pay my vendors and did it all happen? And does it reconcile back seamlessly. And then if you add on the fact that we got the AR side of that business so that for -- you can imagine if you need to be able to take a credit card payment, we obviously understand how to allow you to do that. We clear and settle in that world all day, every day as well. So total one-stop solution, we think as we look out in the future, there's great opportunity, still greater than 50% of all those payments are still made with check. So -- and as we're building out our overall vendor supplier network as that's over 105,000 relationships today. We continue to see that expand over time. that in itself becomes our own network, if you think about it. So we really love how well we're positioning ourselves there with our technology, but our overall kind of got a few things we consider to be our secret sauce as to how we do some unique things behind the scenes there. And ultimately, we think we're delivering a high-quality solution. If you think about we can outsource all your payables and then turn around and actually give you a rebate for doing that. So the fact that we could actually outsource your payables, you would pay us for the automation of that alone. But the fact that we can -- not only do we do that, we ultimately give you -- for the most part, we give you a rebate back for doing that. That's a great value proposition. So what I love about payments or things like that, we are solving kind of those tomorrow's challenges with today's state-of-the-art technology solutions that deliver this high-quality experience.
That's super helpful overview. And you mentioned something in terms of the go-to technology platform being cPayPlus, I think you're consolidating the other assets there on this platform. it's nice because now that that if you do additional M&A, you think full whatever you have out of this platform as well. But what are what are some of the other benefits from the platform consolidation aside from a cost perspective? Are there go-to-market advantages or the product benefits to being on 1 platform, maybe, I guess, iterating product in one place is one of them, which can make you more competitive. But just maybe talk through just the evolution of the technology platform, and what that might bring that?
Yes. Today, obviously, the big advantages is best-in-class. If it's -- or let's just say we're moving some of our customers from a couple of our other platforms there. It's got some best-in-class things that -- and optionalities and some of the unique things we do. We actually are seeing a lift when we move customers over. Now you obviously got to convince we got -- it's a very detailed process. We never want to disrupt any kind of customer experience. But -- for the most part, when we demo it, customers want all of it. So -- and then we -- it's given us opportunity to say, for example, if we have some parts of our business where we were not doing the total solution, it gives us the opportunity to complete total solution. And when we do that, what we've seen is a significant lift on some of those customers. So that's the biggest advantage. Obviously, one-stop top total solution. You can see as we build out other features and functionalities, other payment networks, that's going to give us that single platform to do that.
Sure. So is this a phased approach? Or is this going to be something over -- something more of the where there's a cutoff at some point in time where you migrate people over because just thinking about how this is going to evolve.
Yes. So we may have people -- it will be a phased approach out over 2022, but it's -- unless there's another acquisition like we're doing some things with our control payables business, our CPS business. For our largest customers, we will be sensitive, but that's more of a controlled move. But -- But over time, it obviously -- it's our stop-sale new version on everything we're doing. So all new customers go on that platform.
Okay. That's helpful. And I get this question a lot. Is there a target mix in terms of volume or revenues across the verticals? Obviously, faster growth segments you'd like to double down on that, so I can imagine adding more volume. And just how do you think about sort of approaching the optimal mix and things like that from a vertical perspective?
Yes, sure. Specifically, if you're talking about organically, our business payments growing is growing faster. And we see growth across the board, as I was saying in the beginning. So everything is growing and really is growing fast from our perspective, and we see the opportunity to continue to grow and even tick up some. So which means that B2B would have to grow even faster to be able to catch some of that. But if we look optimally out into the future, we would like to see B2B as our mix, we'd like to see that 30-plus percent. It's hard to me -- for me to say 50% because our other parts of our business are growing organically. Now inorganically, if we were to make strategic acquisitions that could add to that, then that could accelerate that mix. But we don't exactly get to prescribe exactly who's for sale and if it fits exactly what we're looking for every year. So I have to look at it from a organic perspective, we would like to see that mix go at 30 plus -- that makes be 30-plus percent of our business and higher if there are some inorganic opportunities.
That's super helpful. And then one last question before I turn it over to you for any final thoughts. Over time, you've been very good at identifying growth verticals in pushing pretty hard I mean, lending, you identified that, we've got new adjacent verticals over time and now B2B. Without mentioning specifics, are there other verticals that could be part of the platform as another leg to the stool that might be incremental sort of that can drive that sort of, let's call it, I mean, great organic growth in the business today, but let's call it that next leg of growth? This is a long-term question. Just curious kind of how you think about that approach.
Yes, sure. So we love the verticals we're in today. They were strategically selected because it's underserved, and we're part of that digital transformation of connecting the systems of record with the actual payment flow and payment streams. So we're really -- we've got as long a runway as I can see in the next 3 to 5 years to deliver great shareholder value. But if we see some opportunity like we would love to add to our strength in the health care space, we'd love to add to our strength in our existing verticals, specifically B2B, as I was talking just before. And there are other some other -- there are some other places and opportunities out there where we think we can be disruptive that has a lot of the same ingredients which has great organic growth. It's connecting payments. It's integrated into these systems that gives us great barriers to entry, but deliver a high-value proposition on behalf of our customers. There are some things we can do as we continue to continue to grow. We understand the true commerce part of this. And so that's -- we see the strength of that more and more. So we'll continue to look out there. Obviously, we talked earlier as well internationally is where we're not today. And that's a totally different flavor for us, but yet, there could be some opportunities in that space. But ultimately, it will need to check all the boxes we look forward for attributes. And those attributes, we've proven in the life cycle of repay of all the acquisitions we've ever done, those have proven successful year-over-year after we've made those. We've been blessed to be able to really take those on board ingest that and deliver still high-quality growth year-over-year for many years.
Yes. You definitely had a very good hit rate there for sure. And yes, I guess it's about continuing to extend that long-term structural rate of growth for the business over time. That's interesting. Any follow-up thoughts before we close out.
Tim, I answer, I didn't give you much airtime.
I wasn't asking the right questions. I should -- and usually, I'd like to hold Tim's feet to the fire, but I let it off the hook on this one.
John, great. John, I mean I would just end by saying we've talked a lot about these verticals. They were intentionally -- it was very intentional that we entered them, and we're taking share in them for all the reasons John mentioned. Our technology is really enhancing the digital experience for our customers in these verticals and -- so we think we can continue to take share in between existing customer growth, taking share and new customer wins through our growing sales force and our growing ISV relationships provides that long runway to highly visible organic growth.
Yes, just reiterate, listen, we're incredibly pleased with how we're positioned today, heading into our 2022 year, when I'm looking out over the next 3 to 5 years, I'm a long shareholder. I believe in building great shareholder value. We've got all the ingredients to do that through organic growth, which we think is real -- the real way to create shareholder value, both on the top line as the bottom line. I would tell you it's challenging to grow both of them at the same rate. We don't get to stop at gross profit. We try to do both. But we have been doing this for a long time, and I've never seen greater opportunities than I see today. That's what excites me about the ability to -- and we have the solutions that customers want. It's just a matter of can we get all the talent we need to be able to execute on that as fast as we see the demand out there. I still think we're in a land grab for the verticals that we are serving. So we're excited about that and being able to continue to add value for our shareholders.
That's great. That's a positive note to end on. I appreciate those thoughts. Well, thanks, John. Thanks, Tim. Always a good discussion. It's been great to catch up. Thanks for the time.
Good day. Thank you.
Thanks, everyone, for joining us. Thanks a lot.
Thank you. Thanks, everyone.
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