Prospectus Supplement No. 2 | Filed Pursuant to Rule 424(b)(3) |
(to Prospectus dated November 17, 2020) | Registration No. 333-249949 |
17,715,000 Shares of Common Stock
Up to 102,359,084 Shares of Common Stock by the Selling Stockholders
465,000 Warrants by the Selling Stockholders
This prospectus supplement updates and supplements the prospectus dated November 17, 2020 (the “Prospectus”), which forms a part of our Registration Statement on Form S-1 (Registration No. 333-249949). This prospectus supplement is being filed to update and supplement the information in the Prospectus with the information contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 8, 2020 (the “Annual Report”). Accordingly, we have attached the Annual Report to this prospectus supplement.
The Prospectus relates to the offer and sale of (a) up to 17,715,000 shares of our Common Stock, upon the exercise of warrants, each exercisable for one share of Common Stock at a price of $11.50 per share (“Warrants”) and (b) the resale from time to time of (i) up to 102,359,084 shares of Common Stock, consisting of 87,894,084 shares of Common Stock, 465,000 shares of Common Stock issuable upon the exercise of Warrants and up to 14,000,000 shares of Common Stock to be issued if certain threshold price conditions are met and (ii) 465,000 Warrants by the selling security holders named in the Prospectus.
This prospectus supplement should be read in conjunction with the Prospectus. This prospectus supplement updates and supplements the information in the Prospectus. If there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement.
Our Common Stock and Warrants are listed on the Nasdaq Capital Market under the symbols “PAYA” and “PAYAW,” respectively. On March 8, 2021, the closing sale prices of our Common Stock and Warrants were $11.60 and $3.36, respectively.
Investing in our Common Stock involves risks that are described in the “Risk Factors” section beginning on page 6 of the Prospectus and under similar headings in any further amendments or supplements to the Prospectus before you decide whether to invest in our securities.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus or this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus supplement is March 9, 2021.
Delaware | 85-2199433 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which is registered | ||||||
Common stock, par value $0.0001 per share | PAYA | The Nasdaq Capital Market | ||||||
Warrants to purchase common stock | PAYAW | The Nasdaq Capital Market |
Large accelerated filer ☐ | Accelerated filer ☒ | ||||
Non-accelerated filer ☐ | Smaller reporting company ☒ | ||||
Emerging growth company ☒ |
Paya Holdings Inc. | S&P 500 | S&P Information Technology | ||||||||||||||||||
October 19, 2020 | $ | 100.00 | $ | 100.00 | $ | 100.00 | ||||||||||||||
October 30, 2020 | 90.29 | 95.45 | 93.22 | |||||||||||||||||
November 30, 2020 | 90.86 | 105.90 | 103.83 | |||||||||||||||||
December 31, 2020 | 111.77 | 109.97 | 109.77 |
For the year ended | ||||||||||||||||||||
(In thousands except shares) | December 31, 2020 | December 31, 2019 | December 31, 2018 | |||||||||||||||||
Income Statement Data: | ||||||||||||||||||||
Revenue | $ | 206,048 | $ | 203,374 | $ | 185,078 | ||||||||||||||
Cost of services exclusive of depreciation and amortization | (102,119) | (101,564) | (96,027) | |||||||||||||||||
Income (loss) from operations | 16,332 | 9,431 | 6,329 | |||||||||||||||||
Interest expense | (17,637) | (20,043) | (13,630) | |||||||||||||||||
Income tax benefit (expense) | (433) | 2,420 | 3,879 | |||||||||||||||||
Net income (loss) | $ | (524) | $ | (9,024) | $ | (3,318) | ||||||||||||||
Less: Net loss attributable to non-controlling interests | — | — | (148) | |||||||||||||||||
Net income (loss) attributable to Paya Holdings, Inc. | $ | (524) | $ | (9,024) | $ | (3,170) | ||||||||||||||
Balance Sheet Data (at period end): | ||||||||||||||||||||
Cash and cash equivalents | $ | 23,617 | $ | 25,957 | $ | 14,164 | ||||||||||||||
Total assets | 475,341 | 483,695 | 495,451 | |||||||||||||||||
Total liabilities | 359,309 | 349,331 | 359,366 | |||||||||||||||||
Total stockholder’s equity | 116,032 | 134,364 | 136,085 |
(in millions) | Amount of | % Change | |||||||||||||||||||||
For the Years Ended | Increase | Favorable | |||||||||||||||||||||
December 31, | (Decrease) | (Unfavorable) | |||||||||||||||||||||
2020 | 2019 | 2020 vs. 2019 | 2020 vs. 2019 | ||||||||||||||||||||
Revenue | $ | 206.0 | $ | 203.4 | $ | 2.6 | 1.3 | % | |||||||||||||||
Cost of services exclusive of depreciation and amortization | (102.1) | (101.6) | (0.5) | (0.5 | %) | ||||||||||||||||||
Selling, general & administrative expenses | (63.0) | (69.9) | 6.9 | 9.9 | % | ||||||||||||||||||
Depreciation and amortization | (24.6) | (22.4) | (2.2) | (9.8 | %) | ||||||||||||||||||
Income from operations | 16.3 | 9.5 | 6.8 | 71.6 | % | ||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest expense | (17.6) | (20.1) | 2.5 | 12.4 | % | ||||||||||||||||||
Other income (expense) | 1.2 | (0.8) | 2.0 | 250.0 | % | ||||||||||||||||||
Total other income (expense) | (16.4) | (20.9) | 4.5 | 21.5 | % | ||||||||||||||||||
Loss before income taxes | (0.1) | (11.4) | 11.3 | 99.1 | % | ||||||||||||||||||
Income tax (expense) benefit | (0.4) | 2.4 | (2.8) | 116.7 | % | ||||||||||||||||||
Net loss | (0.5) | (9.0) | 8.5 | 94.4 | % |
(in millions) | Amount of | % Change | |||||||||||||||||||||
For the Years Ended | Increase | Favorable | |||||||||||||||||||||
December 31, | (Decrease) | (Unfavorable) | |||||||||||||||||||||
2019 | 2018 | 2019 vs. 2018 | 2019 vs. 2018 | ||||||||||||||||||||
Revenue | $ | 203.4 | $ | 185.1 | $ | 18.3 | 9.9 | % | |||||||||||||||
Cost of services exclusive of depreciation and amortization | (101.6) | (96.0) | (5.6) | (5.8) | % | ||||||||||||||||||
Selling, general & administrative expenses | (69.9) | (64.5) | (5.4) | (8.4) | % | ||||||||||||||||||
Depreciation and amortization | (22.4) | (18.3) | (4.1) | (22.4) | % | ||||||||||||||||||
Income from operations | 9.5 | 6.3 | 3.2 | 50.8 | % | ||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest expense | (20.1) | (13.6) | (6.5) | (47.8) | % | ||||||||||||||||||
Other income (expense) | (0.8) | 0.1 | (0.9) | (900.0) | % | ||||||||||||||||||
Total other income (expense) | (20.9) | (13.5) | (7.4) | (54.8) | % | ||||||||||||||||||
Loss before income taxes | (11.4) | (7.2) | (4.2) | (58.3) | % | ||||||||||||||||||
Income tax benefit | 2.4 | 3.9 | (1.5) | (38.5) | % | ||||||||||||||||||
Net loss | (9.0) | (3.3) | (5.7) | (172.7) | % | ||||||||||||||||||
Less: Net loss attributable to non-controlling interests | — | (0.1) | 0.1 | 100.0 | % | ||||||||||||||||||
Net loss attributable to Paya Holdings, Inc. | $ | (9.0) | $ | (3.2) | $ | (5.8) | (181.3) | % |
For the years ended | |||||||||||||||||
December 31, | |||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Payment volumes | $ | 33,272.4 | $ | 31,408.0 | $ | 28,924.6 |
For the year ended | |||||||||||||||||
(in millions) | December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||||||
Net loss | $ | (0.5) | $ | (9.0) | $ | (3.3) | |||||||||||
Depreciation & amortization | 24.6 | 22.4 | 18.3 | ||||||||||||||
Income tax benefit (expense) | 0.4 | (2.4) | (3.9) | ||||||||||||||
Interest and other expense | 16.4 | 20.9 | 13.5 | ||||||||||||||
EBITDA | 40.9 | 31.9 | 24.6 | ||||||||||||||
Transaction-related expenses(a) | 4.6 | 6.9 | 1.0 | ||||||||||||||
Stock based compensation(b) | 1.9 | 2.3 | 1.3 | ||||||||||||||
Restructuring costs(c) | 2.0 | 4.0 | 1.6 | ||||||||||||||
Discontinued service costs(d) | 0.3 | 2.3 | 2.2 | ||||||||||||||
Management fees and expenses(e) | 0.9 | 1.1 | 1.2 | ||||||||||||||
Sage carve-out expenses(f) | — | 1.0 | 9.5 | ||||||||||||||
Business combination costs(g) | 0.9 | — | — | ||||||||||||||
Other costs(h) | 1.5 | 0.8 | 0.8 | ||||||||||||||
Total adjustments | 12.1 | 18.4 | 17.6 | ||||||||||||||
Adjusted EBITDA | $ | 53.0 | $ | 50.3 | $ | 42.2 |
For the year ended | |||||||||||||||||
(in millions) | December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||||||
Net loss | $ | (0.5) | $ | (9.0) | $ | (3.3) | |||||||||||
Amortization add back | 20.7 | 19.7 | 16.9 | ||||||||||||||
Transaction-related expenses(a) | 4.6 | 6.9 | 1.0 | ||||||||||||||
Stock based compensation(b) | 1.9 | 2.3 | 1.3 | ||||||||||||||
Restructuring costs(c) | 2.0 | 4.0 | 1.6 | ||||||||||||||
Discontinued service costs(d) | 0.3 | 2.3 | 2.2 | ||||||||||||||
Management fees and expenses(e) | 0.9 | 1.1 | 1.2 | ||||||||||||||
Sage carve-out expenses(f) | — | 1.0 | 9.5 | ||||||||||||||
Business combination costs(g) | 0.9 | — | — | ||||||||||||||
Other costs(h) | 1.5 | 0.8 | 0.8 | ||||||||||||||
Total adjustments | 32.8 | 38.1 | 34.5 | ||||||||||||||
Adjusted Net Income | $ | 32.3 | $ | 29.1 | $ | 31.2 |
For the year ended | Change | |||||||||||||||||||||||||
(in millions, except for percentages) | December 31, 2020 | December 31, 2019 | Amount | % | ||||||||||||||||||||||
Integrated Solutions | ||||||||||||||||||||||||||
Segment revenue | $ | 122.3 | $ | 119.8 | $ | 2.5 | 2.1 | % | ||||||||||||||||||
Segment gross profit(1) | $ | 65.3 | $ | 62.7 | $ | 2.6 | 4.1 | % | ||||||||||||||||||
Segment gross profit margin | 53.4 | % | 52.3 | % | ||||||||||||||||||||||
Payment Services | ||||||||||||||||||||||||||
Segment revenue | $ | 83.7 | $ | 83.6 | $ | 0.1 | 0.1 | % | ||||||||||||||||||
Segment gross profit(1) | $ | 38.7 | $ | 39.1 | $ | (0.4) | (1.0 | %) | ||||||||||||||||||
Segment gross profit margin | 46.2 | % | 46.8 | % |
For the year ended | Change | |||||||||||||||||||||||||
(in millions, except for percentages) | December 31, 2019 | December 31, 2018 | Amount | % | ||||||||||||||||||||||
Integrated Solutions | ||||||||||||||||||||||||||
Segment revenue | $ | 119.8 | $ | 100.3 | $ | 19.5 | 19.4 | % | ||||||||||||||||||
Segment gross profit(1) | $ | 62.7 | $ | 49.8 | $ | 12.9 | 25.9 | % | ||||||||||||||||||
Segment gross profit margin | 52.3 | % | 49.7 | % | ||||||||||||||||||||||
Payment Services | ||||||||||||||||||||||||||
Segment revenue | $ | 83.6 | $ | 84.8 | $ | (1.2) | (1.4 | %) | ||||||||||||||||||
Segment gross profit(1) | $ | 39.1 | $ | 39.2 | $ | (0.1) | (0.3 | %) | ||||||||||||||||||
Segment gross profit margin | 46.8 | % | 46.2 | % |
Year ended | |||||||||||||||||
December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
Net cash provided (used) by operating activities | $ | 21.3 | $ | 23.9 | $ | 4.8 | |||||||||||
Net cash provided (used) by investing activities | (33.1) | (8.1) | (66.0) | ||||||||||||||
Net cash provided (used) by financing activities | 9.5 | (4.0) | 63.1 | ||||||||||||||
Change in cash | $ | (2.3) | $ | 11.8 | $ | 1.9 |
Payments due by period | ||||||||||||||||||||||||||||||||
(in millions) | Total | 1 year | 2 – 3 years | 4 – 5 years | More than 5 years | |||||||||||||||||||||||||||
Long-term debt(1) | $ | 228.7 | $ | 2.4 | $ | 4.7 | $ | 4.7 | $ | 216.9 | ||||||||||||||||||||||
Interest on long-term debt(2) | $ | 91.0 | $ | 14.2 | $ | 28.0 | $ | 27.5 | $ | 21.3 | ||||||||||||||||||||||
Operating leases(3) | $ | 6.3 | $ | 1.3 | $ | 2.5 | $ | 1.9 | $ | 0.6 |
Paya Holdings Inc. | |||||||||||||||||
Consolidated Statements of Income and Other Comprehensive Income | |||||||||||||||||
(In thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenue | $ | 206,048 | $ | 203,374 | $ | 185,078 | |||||||||||
Cost of services exclusive of depreciation and amortization | (102,119) | (101,564) | (96,027) | ||||||||||||||
Selling, general & administrative expenses | (63,035) | (69,943) | (64,383) | ||||||||||||||
Depreciation and amortization | (24,562) | (22,436) | (18,339) | ||||||||||||||
Income from operations | 16,332 | 9,431 | 6,329 | ||||||||||||||
Other income (expense) | |||||||||||||||||
Interest expense | (17,637) | (20,043) | (13,630) | ||||||||||||||
Other income (expense) | 1,214 | (832) | 104 | ||||||||||||||
Total other income (expense) | (16,423) | (20,875) | (13,526) | ||||||||||||||
Loss before income taxes | (91) | (11,444) | (7,197) | ||||||||||||||
Income tax (expense) benefit | (433) | 2,420 | 3,879 | ||||||||||||||
Net loss | (524) | (9,024) | (3,318) | ||||||||||||||
Less: Net loss attributable to non-controlling interests | — | — | (148) | ||||||||||||||
Net loss attributable to Paya Holdings Inc. | $ | (524) | $ | (9,024) | $ | (3,170) | |||||||||||
Weighted average shares outstanding of common stock | 66,294,576 | 54,534,022 | 54,534,022 | ||||||||||||||
Basic and diluted net loss per share | $ | (0.01) | $ | (0.17) | $ | (0.06) |
Paya Holdings Inc. | |||||||||||
Consolidated Balance Sheets | |||||||||||
(In thousands) | |||||||||||
December 31, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 23,617 | $ | 25,957 | |||||||
Trade receivables, net | 17,493 | 15,395 | |||||||||
Prepaid expenses | 2,218 | 1,120 | |||||||||
Income taxes receivable | 541 | 1,192 | |||||||||
Receivable from affiliate | — | 24,282 | |||||||||
Other current assets | 457 | 839 | |||||||||
Total current assets before funds held for clients | 44,326 | 68,785 | |||||||||
Funds held for clients | 78,505 | 73,634 | |||||||||
Total current assets | $ | 122,831 | $ | 142,419 | |||||||
Noncurrent assets: | |||||||||||
Property and equipment, net | 12,805 | 10,021 | |||||||||
Goodwill | 206,308 | 193,885 | |||||||||
Intangible assets, net | 132,616 | 136,423 | |||||||||
Other long-term assets | 781 | 947 | |||||||||
Total Assets | $ | 475,341 | $ | 483,695 | |||||||
Liabilities and stockholders' equity | |||||||||||
Current liabilities: | |||||||||||
Trade payables | 3,967 | 2,675 | |||||||||
Accrued liabilities | 10,435 | 12,413 | |||||||||
Accrued revenue share | 7,535 | 7,573 | |||||||||
Other current liabilities | 3,071 | 3,027 | |||||||||
Total current liabilities before client funds obligations | 25,008 | 25,688 | |||||||||
Client funds obligations | 78,658 | 73,669 | |||||||||
Total current liabilities | $ | 103,666 | $ | 99,357 | |||||||
Noncurrent liabilities: | |||||||||||
Deferred tax liability, net | 14,618 | 25,011 | |||||||||
Long-term debt | 220,152 | 224,152 | |||||||||
Tax receivable agreement liability | 19,627 | — | |||||||||
Other long-term liabilities | 1,246 | 811 | |||||||||
Total liabilities | $ | 359,309 | $ | 349,331 | |||||||
Stockholder's Equity: | |||||||||||
Common stock, $0.0001 par value; 500,000,000 authorized; 116,697,441 and 54,534,022 issued and outstanding as of December 31, 2020 and 2019, respectively | 12 | 5 | |||||||||
Additional paid-in capital | 129,453 | 147,268 | |||||||||
Accumulated deficit | (13,433) | (12,909) | |||||||||
Total stockholders' equity | 116,032 | 134,364 | |||||||||
Total liabilities and stockholder's equity | $ | 475,341 | $ | 483,695 |
Paya Holdings Inc. | |||||||||||||||||||||||||||||||||||
Consolidated Statements of Changes in Stockholders' Equity | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||||||||||||
Shares | Amount | Additional paid-in capital | Retained earnings | Non-controlling interest | Total stockholders' equity | ||||||||||||||||||||||||||||||
Balance at December 31, 2017 as originally reported | — | $ | — | $ | 131,073 | $ | (567) | $ | — | $ | 130,506 | ||||||||||||||||||||||||
Retroactive application of recapitalization | 54,534,022 | 5 | (5) | — | — | — | |||||||||||||||||||||||||||||
Adjusted Balance at December 31, 2017 | 54,534,022 | $ | 5 | $ | 131,068 | $ | (567) | $ | — | $ | 130,506 | ||||||||||||||||||||||||
Net loss | — | — | — | (3,170) | (148) | (3,318) | |||||||||||||||||||||||||||||
Stock based compensation - Class C incentive units | — | — | 1,309 | — | — | 1,309 | |||||||||||||||||||||||||||||
Contribution by Ultra | — | — | 3,588 | — | 4,000 | 7,588 | |||||||||||||||||||||||||||||
Balance at December 31, 2018 | 54,534,022 | $ | 5 | $ | 135,965 | $ | (3,737) | $ | 3,852 | $ | 136,085 | ||||||||||||||||||||||||
Net loss | — | — | — | (9,024) | — | (9,024) | |||||||||||||||||||||||||||||
Stock based compensation - Class C incentive units | — | — | 2,273 | — | 2,273 | ||||||||||||||||||||||||||||||
Contribution by Ultra | — | — | 9,030 | (148) | (3,852) | 5,030 | |||||||||||||||||||||||||||||
Balance at December 31, 2019 | 54,534,022 | $ | 5 | $ | 147,268 | $ | (12,909) | $ | — | $ | 134,364 | ||||||||||||||||||||||||
Net loss | — | — | — | (524) | — | (524) | |||||||||||||||||||||||||||||
Recapitalization transaction, net | 62,163,419 | 7 | (19,693) | — | — | (19,686) | |||||||||||||||||||||||||||||
Stock based compensation - Class C incentive units | — | — | 1,850 | — | — | 1,850 | |||||||||||||||||||||||||||||
Stock based compensation - Common stock | — | — | 28 | — | — | 28 | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | 116,697,441 | $ | 12 | $ | 129,453 | $ | (13,433) | $ | — | $ | 116,032 |
Paya Holdings Inc. | |||||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net loss | $ | (524) | $ | (9,024) | $ | (3,318) | |||||||||||
Depreciation & amortization expense | 24,562 | 22,436 | 18,339 | ||||||||||||||
Loss on disposal of property and equipment | 285 | 69 | — | ||||||||||||||
Deferred tax benefit | (1,777) | (5,130) | (4,053) | ||||||||||||||
Bad debt expense | 1,574 | 632 | 1,391 | ||||||||||||||
Stock based compensation | 1,878 | 2,273 | 1,309 | ||||||||||||||
Gain on tax receivable agreement liability | (1,218) | — | — | ||||||||||||||
Gain on contingent consideration | — | (680) | — | ||||||||||||||
Amortization of debt issuance costs | 1,072 | 1,096 | 833 | ||||||||||||||
Changes in assets and liabilities, net of impact of business acquisitions: | |||||||||||||||||
Trade receivables | (3,531) | (1,238) | (2,664) | ||||||||||||||
Prepaid expenses | (643) | 1,733 | 324 | ||||||||||||||
Other current assets | 322 | 5,101 | (282) | ||||||||||||||
Other long-term assets | 362 | 3,474 | (1,510) | ||||||||||||||
Trade payables | 1,291 | 1,628 | (692) | ||||||||||||||
Accrued liabilities | (2,971) | 3,054 | (5,626) | ||||||||||||||
Accrued revenue share | (47) | 156 | 894 | ||||||||||||||
Income tax | 651 | 1,591 | (955) | ||||||||||||||
Other current liabilities | 44 | 120 | 78 | ||||||||||||||
Movements in cash held on behalf of customers, net | (8) | 28 | (115) | ||||||||||||||
Other long-term liabilities | 31 | (3,407) | 794 | ||||||||||||||
Net cash provided by operating activities | 21,353 | 23,912 | 4,747 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchases of property and equipment, net of impact of business acquisitions | (6,603) | (5,228) | (4,608) | ||||||||||||||
Purchases of customer lists | (6,602) | (2,503) | (354) | ||||||||||||||
Amount paid in advance related to subsequent acquisition | — | — | (55,305) | ||||||||||||||
Proceeds held related to subsequent acquisition | — | (343) | — | ||||||||||||||
Acquisition of business, net of cash received | (19,940) | — | (5,753) | ||||||||||||||
Net cash (used in) investing activities | (33,145) | (8,074) | (66,020) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Payments on long-term debt | (2,364) | (2,364) | (1,720) | ||||||||||||||
Payment of debt issuance costs | (2,882) | — | (1,650) | ||||||||||||||
Proceeds from issuance of long-term debt | — | — | 85,000 | ||||||||||||||
Distribution to Ultra | (661) | (2,211) | (22,071) | ||||||||||||||
Capital contributions from Ultra | 12,211 | 530 | 3,588 | ||||||||||||||
Recapitalization | 3,148 | — | — | ||||||||||||||
Net cash provided by (used in) financing activities: | 9,452 | (4,045) | 63,147 |
Net change in cash and cash equivalents | (2,340) | 11,793 | 1,874 | ||||||||||||||
Cash and cash equivalents, beginning of period | 25,957 | 14,164 | 12,290 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 23,617 | $ | 25,957 | $ | 14,164 | |||||||||||
Supplemental disclosures: | |||||||||||||||||
Cash interest paid | $ | 16,362 | $ | 18,769 | $ | 12,678 | |||||||||||
Cash taxes paid, including estimated payments | $ | 1,559 | $ | 3,507 | $ | 1,248 | |||||||||||
Non-cash investing activity | |||||||||||||||||
Non-cash preferred and common stock for Stewardship transaction | $ | — | $ | — | $ | 4,000 | |||||||||||
Non-cash contribution related to the FBS acquisition and Stewardship interest | $ | — | $ | 8,500 | $ | — |
Integrated Solutions | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenue from contracts with customers | |||||||||||||||||
Transaction based revenue | $ | 111,494 | $ | 107,947 | $ | 90,153 | |||||||||||
Service based fee revenue | 10,676 | 11,345 | 9,978 | ||||||||||||||
Equipment revenue | 154 | 475 | 195 | ||||||||||||||
Total revenue | $ | 122,324 | $ | 119,767 | $ | 100,326 |
Payment Services | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenue from contracts with customers | |||||||||||||||||
Transaction based revenue | $ | 68,219 | $ | 67,130 | $ | 67,875 | |||||||||||
Service based fee revenue | 15,435 | 16,197 | 16,670 | ||||||||||||||
Equipment revenue | 70 | 280 | 207 | ||||||||||||||
Total revenue | $ | 83,724 | $ | 83,607 | $ | 84,752 |
Recapitalization | |||||
Cash proceeds from FinTech | $ | 277,630 | |||
Cash proceeds from sale of equity securities | 250,000 | ||||
Gross cash received by Paya from Business Combination | 527,630 | ||||
Less: company transaction expenses | (24,822) | ||||
Net cash received from Recapitalization | 502,808 | ||||
Less: cash paid to Seller | (499,660) | ||||
Net contributions from Recapitalization Transaction | $ | 3,148 |
Shares by Type | Number of shares by type | |||||||
as of December 31, 2020 | ||||||||
FinTech total shares outstanding prior to the Business Combination | 37,163,419 | |||||||
Less: Redemption of FinTech shares | (5,681,812) | |||||||
Class A Shares of FinTech | 31,481,607 | |||||||
Shares issued to PIPE investors | 25,000,000 | |||||||
Shares issued to FinTech and PIPE investors | 56,481,607 | |||||||
Shares issued to the Sellers | 54,534,022 | |||||||
Total Shares of Common Stock outstanding for earnings per share computation | 111,015,629 | |||||||
Plus: Contingent shares subject to forfeiture | 5,681,812 | |||||||
Total Shares of Common Stock outstanding | 116,697,441 |
Assets | |||||
Current Assets: | |||||
Cash and cash equivalents | $ | 2,330 | |||
Funds held for clients | 585 | ||||
Prepaid expenses | 57 | ||||
Total current assets | 2,972 | ||||
Other assets: | |||||
Goodwill | 12,423 | ||||
Intangible assets | 10,300 | ||||
Other assets | 185 | ||||
Total assets | $ | 25,880 | |||
Liabilities | |||||
Current liabilities: | |||||
Other accrued expenses | $ | 1,001 | |||
Client fund obligation | 709 | ||||
Total current liabilities | 1,710 | ||||
Deferred tax liability – non-current | 1,729 | ||||
Other long-term liabilities | 171 | ||||
Total liabilities | 3,610 | ||||
Net assets | $ | 22,270 |
Assets | |||||
Current Assets: | |||||
Cash and cash equivalents | $ | 1,262 | |||
Prepaid expenses | 41 | ||||
Other current assets | 382 | ||||
Total current assets | 1,685 | ||||
Other assets: | |||||
Property and equipment, net | 32 | ||||
Goodwill | 33,699 | ||||
Intangible assets | 21,800 | ||||
Other long-term assets | 126 | ||||
Total assets | $ | 57,342 | |||
Liabilities | |||||
Current liabilities: | |||||
Other accrued expenses | $ | 367 | |||
Total current liabilities | 367 | ||||
Total liabilities | 367 | ||||
Net assets | $ | 56,975 |
Assets | |||||
Current Assets: | |||||
Cash and cash equivalents | $ | 27 | |||
Funds held for clients | 1,255 | ||||
Other current assets | 3 | ||||
Total current assets | 1,285 | ||||
Other assets: | |||||
Goodwill | 5,405 | ||||
Intangible assets | 5,550 | ||||
Other assets | 46 | ||||
Total assets | $ | 12,286 | |||
Liabilities | |||||
Current liabilities: | |||||
Other accrued expenses | $ | 94 | |||
Client fund obligation | 1,255 | ||||
Total current liabilities | 1,349 | ||||
Deferred tax liability – non-current | 1,169 | ||||
Total liabilities | 2,518 | ||||
Net assets | $ | 9,768 |
Period | Revenue | Net loss | ||||||||||||
2018 Pro Forma from January 1, 2018 to December 31, 2018 | $ | 197,555 | $ | (4,814) |
December 31, 2020 | December 31, 2019 | ||||||||||
Computers and equipment | $ | 7,134 | $ | 5,284 | |||||||
Internal-use software | 10,708 | 6,471 | |||||||||
Office equipment | 130 | 130 | |||||||||
Furniture and fixtures | 1,320 | 1,284 | |||||||||
Leasehold improvements | 1,353 | 1,087 | |||||||||
Other equipment | 26 | 26 | |||||||||
Total property and equipment | 20,671 | 14,282 | |||||||||
Less: accumulated depreciation | (7,866) | (4,261) | |||||||||
Total property and equipment, net | $ | 12,805 | $ | 10,021 |
Integrated Solutions | Payment Services | Total | |||||||||||||||
Balance as of December 31, 2018 | $ | — | $ | — | $ | 160,174 | |||||||||||
Acquisitions | — | — | 33,711 | ||||||||||||||
Balance as of December 31, 2019 | $ | — | $ | — | $ | 193,885 | |||||||||||
Segment reorganization | 139,985 | 53,900 | 193,885 | ||||||||||||||
Acquisitions | 12,423 | — | 12,423 | ||||||||||||||
Balance as of December 31, 2020 | $ | 152,408 | $ | 53,900 | $ | 206,308 |
Weighted Average Useful Life (Years) | Useful Lives | Gross Carrying Amount at | Accumulated Amortization | Net Carrying Value as of | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2020 | 2020 | ||||||||||||||||||||||||||||
Customer Relationships | 10.4 | 5-15 years | $ | 167,158 | $ | (50,477) | $ | 116,681 | |||||||||||||||||||||
Developed Technology | 4.2 | 3-5 years | 25,520 | (13,435) | 12,085 | ||||||||||||||||||||||||
Trade name | 25.0 | 25 years | 4,190 | (340) | 3,850 | ||||||||||||||||||||||||
8.6 | $ | 196,868 | $ | (64,252) | $ | 132,616 |
Weighted Average Useful Life (Years) | Useful Lives | Gross Carrying Amount at | Accumulated Amortization | Net Carrying Value as of | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2019 | 2019 | ||||||||||||||||||||||||||||
Customer Relationships | 10.3 | 5-15 years | $ | 156,256 | $ | (34,712) | $ | 121,544 | |||||||||||||||||||||
Developed Technology | 4.3 | 3-5 years | 19,520 | (8,658) | 10,862 | ||||||||||||||||||||||||
Trade name | 25.0 | 25 years | 4,190 | (173) | 4,017 | ||||||||||||||||||||||||
9.0 | $ | 179,966 | $ | (43,543) | $ | 136,423 |
Expected Future Amortization Expense | |||||
2021 | $ | 21,676 | |||
2022 | 20,003 | ||||
2023 | 19,801 | ||||
2024 | 18,181 | ||||
2025 | 17,226 | ||||
Thereafter | 35,729 | ||||
Total expected future amortization expense | $ | 132,616 |
December 31, 2020 | December 31, 2019 | ||||||||||
Term loan credit agreement | $ | 228,677 | $ | 231,041 | |||||||
Debt issuance costs, net | (6,161) | (4,525) | |||||||||
Total debt | $ | 222,516 | $ | 226,516 | |||||||
Less: current portion of debt | (2,364) | (2,364) | |||||||||
Total long-term debt | $ | 220,152 | $ | 224,152 |
Future Principal | |||||
Payments | |||||
2021 | $ | 2,364 | |||
2022 | 2,364 | ||||
2023 | 2,364 | ||||
2024 | 2,364 | ||||
2025 | 2,364 | ||||
2026 | 2,364 | ||||
2027 | 214,493 | ||||
Total future principal payments | $ | 228,677 |
Period rate is applicable | ||||||||||||||
Date From | Date To | Notional Amount | Cap Rate (%) | |||||||||||
December 29, 2017 | March 29, 2018 | 125,000 | 2.25% | |||||||||||
March 30, 2018 | June 28, 2018 | 124,688 | 2.50% | |||||||||||
June 29, 2018 | September 28, 2018 | 124,375 | 2.75% | |||||||||||
September 29, 2018 | December 31, 2018 | 124,063 | 2.75% | |||||||||||
December 31, 2018 | March 29, 2019 | 123,750 | 3.00% | |||||||||||
March 30, 2019 | June 28, 2019 | 123,438 | 3.00% | |||||||||||
June 29, 2019 | September 29, 2019 | 123,125 | 3.00% | |||||||||||
September 30, 2019 | December 31, 2019 | 122,813 | 3.00% | |||||||||||
December 31, 2019 | March 30, 2020 | 122,500 | 3.00% | |||||||||||
March 31, 2020 | June 29, 2020 | 122,188 | 3.00% | |||||||||||
June 30, 2020 | September 29, 2020 | 121,875 | 3.00% | |||||||||||
September 30, 2020 | December 31, 2020 | 121,562 | 3.00% |
Time Vesting | Performance Vesting | Total | |||||||||||||||
December 31, 2017 balance | 35,099,000 | 4,252,000 | 39,351,000 | ||||||||||||||
Granted | 27,254,387 | 811,000 | 28,065,387 | ||||||||||||||
Forfeited | (18,125,037) | (4,252,000) | (22,377,037) | ||||||||||||||
December 31, 2018 balance | 44,228,350 | 811,000 | 45,039,350 | ||||||||||||||
Granted | 13,050,652 | — | 13,050,652 | ||||||||||||||
Forfeited | (13,827,845) | (811,000) | (14,638,845) | ||||||||||||||
December 31, 2019 balance | 43,451,157 | — | 43,451,157 | ||||||||||||||
Granted | 1,022,954 | — | 1,022,954 | ||||||||||||||
Forfeited | (1,592,674) | — | (1,592,674) | ||||||||||||||
December 31, 2020 balance | 42,881,437 | — | 42,881,437 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Numerator: | |||||||||||||||||
Net loss | $ | (524) | $ | (9,024) | $ | (3,170) | |||||||||||
Denominator: | |||||||||||||||||
Weighted average common shares | 66,294,576 | 54,534,022 | 54,534,022 | ||||||||||||||
Add effect of dilutive securities: | |||||||||||||||||
Stock-based awards | — | — | — | ||||||||||||||
Weighted average common shares assuming dilution | 66,294,576 | 54,534,022 | 54,534,022 | ||||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | (0.01) | $ | (0.17) | $ | (0.06) | |||||||||||
Diluted | $ | (0.01) | $ | (0.17) | $ | (0.06) | |||||||||||
Anti-dilutive shares excluded from calculation of diluted EPS: | |||||||||||||||||
Restricted stock units - granted | 230,000 | — | — | ||||||||||||||
Stock options - granted | 185,000 | — | — | ||||||||||||||
Warrants - outstanding | 17,715,000 | — | — | ||||||||||||||
Earnout shares | 19,700,000 | ||||||||||||||||
Total anti-dilutive shares | 37,830,000 | — | — |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | (1,346) | $ | (2,623) | $ | 261 | |||||||||||
State | (864) | (87) | (435) | ||||||||||||||
Total current provision | (2,210) | (2,710) | (174) | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | $ | (510) | $ | 3,637 | $ | 1,963 | |||||||||||
State | 2,287 | 1,493 | 2,090 | ||||||||||||||
Total deferred benefit | 1,777 | 5,130 | 4,053 | ||||||||||||||
Total (expense) benefit for income taxes | $ | (433) | $ | 2,420 | $ | 3,879 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Tax computed at federal statutory rate | 21.00 | % | 21.00 | % | 21.00 | % | |||||||||||
State taxes (net of federal benefit) | 1767.39 | % | 12.44 | % | 20.56 | % | |||||||||||
Nondeductible expenses | (5.66 | %) | (0.19 | %) | (0.48 | %) | |||||||||||
TRA mark-to-market | 222.07 | % | 0.00 | % | 0.00 | % | |||||||||||
Pass-through income | (531.33 | %) | (7.33 | %) | 1.27 | % | |||||||||||
Stock compensation | (424.39 | %) | (4.17 | %) | (3.82 | %) | |||||||||||
Transaction cost | 0.00 | % | 0.00 | % | (1.79 | %) | |||||||||||
Deferred financing cost amortization | 0.00 | % | 0.00 | % | 14.84 | % | |||||||||||
Uncertain tax positions - interest | 0.00 | % | (1.19 | %) | (1.25 | %) | |||||||||||
Uncertain tax positions - liability | 0.00 | % | (0.81 | %) | 0.00 | % | |||||||||||
Change in entity type | (574.83 | %) | 0.00 | % | 0.00 | % | |||||||||||
Valuation allowance | (1159.80 | %) | 0.00 | % | 0.00 | % | |||||||||||
Return to provision adjustments | 209.18 | % | 1.39 | % | 3.58 | % | |||||||||||
Income tax (expense) benefit | (476.37 | %) | 21.14 | % | 53.91 | % |
December 31, 2020 | December 31, 2019 | ||||||||||
Deferred tax assets | |||||||||||
Accrued expenses | $ | 1,348 | $ | 1,420 | |||||||
Bad debt reserve | 324 | 351 | |||||||||
Deferred rent | 149 | 124 | |||||||||
Net operating loss carryforward - federal and state | 1,393 | 830 | |||||||||
Interest expense limitation | 1,368 | 3,247 | |||||||||
Goodwill amortization | 16,513 | — | |||||||||
Unrealized gain/loss on change in fair value of derivative | — | 46 | |||||||||
Other | 7 | — | |||||||||
Total net deferred tax assets | $ | 21,102 | $ | 6,018 | |||||||
Deferred tax liabilities | |||||||||||
Fixed assets | (2,519) | (2,755) | |||||||||
Intangible amortization | (23,084) | (27,751) | |||||||||
California 338(g) amortization | (653) | (489) | |||||||||
Other | — | (20) | |||||||||
Total deferred tax liabilities | (26,256) | (31,015) | |||||||||
Valuation allowance | (9,464) | (14) | |||||||||
Net deferred tax liability | $ | (14,618) | $ | (25,011) |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Beginning balance | $ | — | $ | 1,730 | $ | 1,730 | |||||||||||
Additions based on tax positions related to prior years | — | — | — | ||||||||||||||
Additions based on tax positions related to current years | — | — | — | ||||||||||||||
Reductions for tax positions due to lapse of statute | — | — | — | ||||||||||||||
Other changes | — | (1,730) | — | ||||||||||||||
Ending balance | $ | — | $ | — | $ | 1,730 |
Year ending December 31, | (In thousands) | ||||
2021 | $ | 1,265 | |||
2022 | 1,294 | ||||
2023 | 1,271 | ||||
2024 | 1,004 | ||||
2025 | 899 | ||||
Thereafter | 609 | ||||
Total | $ | 6,342 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Integrated Solutions | $ | 122,324 | $ | 119,767 | $ | 100,326 | |||||||||||
Payment Services | 83,724 | 83,607 | 84,752 | ||||||||||||||
Total Revenue | 206,048 | 203,374 | 185,078 | ||||||||||||||
Integrated Solutions gross profit | 65,266 | 62,667 | 49,846 | ||||||||||||||
Payment Services gross profit | 38,663 | 39,143 | 39,205 | ||||||||||||||
Total segment gross profit | 103,929 | 101,810 | 89,051 | ||||||||||||||
Selling, general & administrative expenses | (63,035) | (69,943) | (64,383) | ||||||||||||||
Depreciation and amortization | (24,562) | (22,436) | (18,339) | ||||||||||||||
Interest expense | (17,637) | (20,043) | (13,630) | ||||||||||||||
Other income (expense) | 1,214 | (832) | 104 | ||||||||||||||
Income (loss) before income taxes | $ | (91) | $ | (11,444) | $ | (7,197) |
Quarter Ended ($ in thousands) | |||||||||||||||||||||||
2020 | March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||
Total Revenue | $ | 49,139 | $ | 51,087 | $ | 51,819 | $ | 54,003 | |||||||||||||||
Operating Income (loss) | $ | 3,065 | $ | 6,160 | $ | 5,978 | $ | 1,129 | |||||||||||||||
Net Income (loss) | $ | (675) | $ | 625 | $ | 1,601 | $ | (2,075) | |||||||||||||||
Quarter Ended ($ in thousands) | |||||||||||||||||||||||
2019 | March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||
Total Revenue | $ | 49,897 | $ | 51,735 | $ | 50,569 | $ | 51,173 | |||||||||||||||
Operating Income (loss) | $ | 109 | $ | 5,343 | $ | 3,662 | $ | 317 | |||||||||||||||
Net Income (loss) | $ | (3,463) | $ | 155 | $ | (633) | $ | (5,083) |
Exhibit No. | Description | ||||
Agreement and Plan of Merger, dated as of August 3, 2020, by and among GTCR-Ultra Holdings, LLC, GTCR-Ultra Holdings II, LLC, FinTech III Merger Sub Corp., FinTech Acquisition Corp. III, FinTech Acquisition Corp. III Parent Corp., GTCR/Ultra Blocker, Inc., and GTCR Fund XI/C LP (included as Annex A the definitive Proxy Statement/Prospectus filed on September 23, 2020). | |||||
Certificate of Incorporation of Paya Holdings Inc., filed with the Secretary of State of the State of Delaware on October 16, 2020 (incorporated by reference to Exhibit 3.1 to Paya Holdings Inc.’s Form 8-K filed on October 22, 2020). | |||||
Bylaws of Paya Holdings Inc. (incorporated by reference to Exhibit 3.2 to Paya Holdings Inc.’s Form 8-K filed on October 22, 2020). | |||||
Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-4 filed by FinTech Acquisition Corp. III Parent Corp. on September 16, 2020). | |||||
Specimen Warrant Certificate (included in Exhibit 4.3) (incorporated by reference to Exhibit 4.2 to Paya Holding Inc.’s Form 8-K filed on October 22, 2020). | |||||
Warrant Agreement, dated November 15, 2018, between Continental Stock Transfer & Trust Company and FinTech Acquisition Corp. III. (incorporated by reference to Exhibit 4.1 of FinTech Acquisition Corp. III’s Current Report on Form 8-K filed on November 21, 2018). | |||||
Description of Paya Holdings Inc.’s Securities. | |||||
Registration Rights Agreement, dated October 16, 2020, by and among FinTech Acquisition Corp. III Parent Corp. and certain stockholders of Parent (incorporated by reference to Exhibit 10.1 to Paya Holdings Inc.’s Form 8-K filed on October 22, 2020). | |||||
Sponsor Support Agreement dated August 3, 2020, by and among FinTech Acquisition Corp. III, GTCR-Ultra Holdings II, LLC, FinTech Acquisition Corp. III Parent Corp., GTCR-Ultra Holdings, LLC and certain stockholders of FinTech Acquisition Corp. III (incorporated by reference to Exhibit 10.1 of FinTech Acquisition Corp. III’s Current Report on Form 8-K filed on August 3, 2020). | |||||
Director Nomination Agreement, dated as of October 16, 2020, by and among Paya Holdings Inc., GTCR-Ultra Holdings, LLC, GTCR Fund XI/B LP and GTCR Fund XI/C LP (incorporated by reference to Exhibit 10.3 to Paya Holdings Inc.’s Form 8-K filed on October 22, 2020). | |||||
Tax Receivable Agreement, dated as of October 16, 2020, by and among FinTech Acquisition Corp. III Parent Corp., GTCR-Ultra Holdings, LLC, GTCR Ultra-Holdings II, LLC, GTCR/Ultra Blocker, Inc., a Delaware corporation and GTCR Fund XI/C LP (incorporated by reference to Exhibit 10.3 to Paya Holdings Inc.’s Form 8-K filed on October 22, 2020). | |||||
Form of Paya Holdings Inc. Omnibus Incentive Plan (included as Annex B to the definitive Proxy Statement/Prospectus filed on September 23, 2020). | |||||
Form of PIPE Subscription Agreement (incorporated by reference to Exhibit 10.2 of FinTech Acquisition Corp. III’s Current Report on Form 8-K filed on August 3, 2020). | |||||
Form of Director/Officer Indemnification Agreement (incorporated by reference to Exhibit 10.7 to Paya Holdings Inc.’s Form 8-K filed on October 22, 2020). | |||||
Employment Agreement, dated as of October 16, 2020, by and between Paya Holdings Inc., Paya, Inc. and Jeffrey Hack (incorporated by reference to Exhibit 10.8 to Paya Holdings Inc.’s Form 8-K filed on October 22, 2020). | |||||
Employment Agreement, dated as of October 16, 2020, by and between Paya Holdings Inc., Paya, Inc. and Glenn Renzulli (incorporated by reference to Exhibit 10.9 to Paya Holdings Inc.’s Form 8-K filed on October 22, 2020). |
Employment Agreement, dated as of October 16, 2020, by and between Paya Holdings Inc., Paya, Inc. and Mark Engels (incorporated by reference to Exhibit 10.10 to Paya Holdings Inc.’s Form 8-K filed on October 22, 2020). | |||||
List of subsidiaries of Paya Holdings Inc. | |||||
Consent of Ernst & Young. | |||||
Certification of the Chief Executive Officer pursuant to Exchange Act Rules Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. | |||||
Certification of the Chief Financial Officer pursuant to Exchange Act Rules Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. | |||||
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350. | |||||
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350. |
Name | Position | Date | ||||||||||||
/s/ Jeff Hack | Chief Executive Officer and Director | March 8, 2021 | ||||||||||||
Jeff Hack | (Principal Executive Officer) | |||||||||||||
/s/ Glenn Renzulli | Chief Financial Officer | March 8, 2021 | ||||||||||||
Glenn Renzulli | (Principal Financial Officer and Principal Accounting Officer) | |||||||||||||
/s/ Aaron Cohen | Director | March 8, 2021 | ||||||||||||
Aaron Cohen | ||||||||||||||
/s/ KJ McConnell | Director | March 8, 2021 | ||||||||||||
KJ McConnell | ||||||||||||||
/s/ Collin Roche | Director | March 8, 2021 | ||||||||||||
Collin Roche | ||||||||||||||
/s/ Anna May Trala | Director | March 8, 2021 | ||||||||||||
Anna May Trala | ||||||||||||||
/s/ Stuart Yarbrough | Director | March 8, 2021 | ||||||||||||
Stuart Yarbrough | ||||||||||||||
/s/ Jim Bonetti | Director | March 8, 2021 | ||||||||||||
Jim Bonetti | ||||||||||||||
/s/ Mike Gordon | Director | March 8, 2021 | ||||||||||||
Mike Gordon | ||||||||||||||
/s/ Christine Larsen | Director | March 8, 2021 | ||||||||||||
Christine Larsen |