MRLN - Earnings call transcript Q2 2019 | Marlin Business Services Corp

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings, and welcome to the Marlin Capital Solutions Second Quarter 2019 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Lasse Glassen, Managing Director of Investor Relations. Thank you, sir.

begin. may You

Lasse Glassen

thank XXXX and joining today us Good Quarter you Earnings Marlin's Second Conference for morning, for Call.

Risk Vice On the Executive and Senior Senior Chief and Chief President Hilzinger, Mike Financial Chief Vice President Officer. President call today Officer; is Lou Jeff Officer; Bogansky, and and Maslowe,

materially of results Reform and implied these Before under are from beginning some the today, may Act today made Private remind me statements let Litigation of made Actual XXXX. will differ that Securities or you the be projected to forward-looking to results discussion operating impact a a the refer statements could variety due future detailed of Marlin's SEC and We financial factors. of more with that company's you the condition. risks recent filings the for

my Marlin's to over Jeff? pleasure call Hilzinger. Jeff now President CEO, the to turn that, With and it's

Jeffrey Hilzinger

morning, lessor Chief into Financial comment with overview Officer, financial guidance equipment details provider of to year. a us portfolio remainder I'll and Thank our strategy our executing our our thank the on you, an discuss begin Risk company Bogansky, the to and on quarter performance; Mike will financial Officer, Lou Maslowe, past transform will capital results and efforts small Chief solutions businesses. Lasse. in along of nationwide with follow this key second our our our Good for you, from additional quarter of results. from everyone, joining an for the ongoing and XXXX with highlights

and in volume, second a stable productive growth portfolio delivered performance profitability. quarter, improving origination highlighted outstanding by Marlin

products, strong demand our recent origination we growth year-over-year a channels. continue our record benefit driven strong in be million, $XXX.X In growth Loan both Second and continues to Equipment and and Working for year-over-year line volume to quarter direct quarter. total was origination and Capital both indirect customer XX.X% sourced a from for Finance quarters, single with up by

billion, sheets. $XX.X sold loans activities, referred capital that Because these and capital our portfolio quarter capital million part for our we've of a continue loans markets of and others, from balance or In assets of in Total activities, sold includes year. sheet to were XX.X% Marlin's addition, and better partners' XX.X% leases reached $X.X second balance $X.X of of year expanded managed origination assets, last and both as service our billion, but which we nearly investment suited nearly up from an leases net increase to the for markets ago. markets

a performance our maintaining addition, be during In and priority, underwriting stable within and to on the portfolio focus quarter continues top remained disciplined credit expectations.

For the share with $X.XX in quarter. the the per expense because we a severance GAAP reported we diluted that compared second negatively implemented during per for earnings $X.XX impacted share year. last Net $X.XX quarter with of staff quarter, associated was second reorganization by income of quarter diluted the

on that last the the to investments discussed we continue we And substantially remarks, to for full expand this earlier earnings further Mike as earnings made of to continue reaffirming we we've expect grow in sales in guidance quarter, year returns. important as the second our force year. his are it's generate As our half will note XXXX to during

our improvements be and through consistent third, expanding Through leveraging portfolio move Marlin transformation costs operational from efficiency origination second, to the on fixed leveraging Marlin an base business on fourth, improving our better processing to profile costs through equity by costs; and capital and appetite. and risk risk unit to reduce the X.X market; to to scale our with returns company's proactively company's operating fixed drive managing growth; like update by, better improve target and now I'd we our initiatives. growth X.X, strategically expect first,

since areas progress originating through the you of lessor a expansion, these Beginning with equipment last historically, micro-ticket our the equipment I'd with like as operated strategic to single-product, company share made primarily call. vendors. we've market our each on

of of small becoming With and scaling provider by goal services products expanded through our the credit businesses. business our growth, we to broader a have focus

also this of to our only our our go-to-market also but part vendor continuing effort, broadened As we strategy not directly have equipment through by with customers. end-user partners originate

To our this we Loan continue to satisfied of Capital with performance end, be the very Working product.

exceed Capital million. Working expanded we operating volume since Capital volume year-over-year underwriting small company. marked Also, $XX.X continues quarter in Loan Marlin XX% for for origination Loan our we a to and product Working to largest given believe risks, this It mid-XXXX. This offer credit proven Second the to product customers. to performance is safely began by credit our the Capital positioned the Working than and models uniquely business more our Loan single and expectations, original the profitably in is portfolio record quarter expertise origination that

origination its pleased with built that quarter. X,XXX additional our their remain customers, relationships is along The opportunities also broader set financing these with customers. time, offering financing XX,XXX customer channel under We business direct multiple provide solutions our each identify new relationships we has needs. with to customers directly existing to customers more end-user products with Marlin our a Marlin's of originate meet financing strategy objective to that approximately by direct roster including of leverages our small than efforts active over

time acquisition business we our over repeat acquisition the because transaction. customer beyond costs blended costs significantly this take Importantly, not initial do lowers customer

increased last $XX.X origination quarter up million direct the a During of in the $XX year-over-year quarter, second million, resulting from in increase XX%. year, to volume

during volume which basis through second reduce from costs Driven We focuses over able progress quarter, Marlin's months ago. fixed by good we strong growth growth. equity-to-assets also XX by on and XX.X% past year the Marlin's made leveraging year the portfolio our ratio a approximately solid XX% were origination to to during priority, past second this and on and capital XX points key

second to capital gain we markets and on attributes, sheet $XX.X managing sold returns, sale portfolio Marlin's approximately activities. enables terms particular syndication to and very assets and composition by exposure of Among pretax an our risk million in continue program In net size immediate industries, program addition, through that during composition the our achieve and Marlin manage of remains to we size optimization asset generated syndication quarter, the balance asset million. overall better of credit geographies of $X.X other its classes. and the active,

to continue which we allows strategy. our service assets relationship to complements ongoing sold, an Importantly, the with customers, direct maintain which these us

loan of end and were quarter, the servicing $XXX portfolio of As for lease others. a million second approximately of the we

focus. Turning to of our third area

X.X% and investment costs the After ratio we efficiencies building sales the to was the staff from We make end XX.X% improve year. to severance generate of for out at better associated was the growth for continue quarter by the to second in due quarter, through managed same expense through on with the company's team primarily for the the continue we operating leveraging second the charges The year. adjusted expect finance company's process XX.X% fixed sales ratio, our our returns last during made basis, efficiency improvements. in non-GAAP, we the to last investments year. efficiency reorganization for quarter We last improving second quarter increase X.X% versus in percentage the quarter for as The team. ratio do implemented the strides a our as noninterest of adjusting was receivables operating in compared with average ongoing second

costs portfolio a to process and initiatives. efficiently more expect and result to continue also leverage our of capital through growth renewal operate fixed our We as various

on And finally, risk with commensurate remain risk company's that focused we appetite. the such profile proactively our managing is it

acceptable last several over the the additional remarks. credit continues key Lou portfolio's range. portfolio in details our and quarters the within metrics an quality perform on Importantly, performance remained provide stable, will have his to

to we momentum poised in are we summary, XXXX. year strong a for and enjoyed of a the build, In first half solid with continuing year

With of Officer, like our Lou the Lou? to over call portfolio our the detail. more that, now I'd to in Risk to performance discuss Maslowe, Chief turn

Louis Maslowe

and Thank you, everyone. good Jeff, morning,

Looking quarter key up over the of were prior second basis and XX quality the Equipment over down XXXX. X points from days points Equipment X.XX%, days X.XX%, quarter basis at quarter were metrics, XX receivables from Finance XX delinquent delinquent Finance receivables asset down the Finance the improvement basis basis, underwriting consistent point and prior continued from the economic basis in up primarily a sequential the second XXXX. quarter to is Equipment a the and points environment. second of from favorable attributable X in delinquency quarter XX On

levels the to basis As We increase delinquency in within noted that is points. industry last index, points basis comparable with portfolio pleased with our trends. of range small X increased XX-day remain we year-over-year remains economic delinquency environment. well as year-over-year, delinquency XX- A current benchmark consistent delinquency level PayNet in which the it our in the increased quarter, targeted modest while is the XX business Marlin's utilize

the Finance quarter with consistent XXXX. portfolio Finance been the the to to X.XX% quarter and basis Demonstrating standard increased basis Finance default points net X.XX% receivables quarter points. performance, points years prior in over of points an in X points and three basis quarter-over-quarter compared basis past deviation Equipment X increased Equipment in X.XX% increased average with Equipment Aggregate index charge-offs X.XX%. second In basis comparison, with second in annualized of quarter as year-over-year a has line on were the expectations. XX average basis year-over-year. PayNet's XX XX the quarter-over-quarter charge-offs and of by finance X.XX% charge-offs second charge-offs

that performance of level months. our satisfied we Finance We observed Equipment the losses and XXXX Finance with continue anticipate of have in within past be will overall Equipment to the credit we over the range the remain XX portfolio,

Loans. while XX XX-plus points decreased now first Capital the to discuss second the Transitioning basis decreased XX XX-plus from day quarter delinquency quarter, basis Working points. delinquency day in by

as the in basis Loan and on of average the in with this tend more Finance charge-offs number launch XXXX. We Working Capital experience charge-offs decreased Capital volatile results on pleased the second overall quarter our in Working be our and an annualized given Loan prior from Working since X.XX% larger in quarter's Equipment were than the Loans discussed quarter second balances well of as calls, mid-XXXX. to of and product quarter As Capital X% X.XX% first contracts. to smaller delinquency

rolled quarter, make During Capital some second changes competitive. Working we our to product more the out

increased XX% volume Working from the since It $XXX,XXX are Marlin strongest we $XXX,XXX now began that product, has is and noting offering have Loan monthly to existing We to our Capital maximum worth customers. applicants. Capital the to loans our of been Working a repayment option offering

portfolio We average current we expect continued in economic continue X% in of the annual the target to while environment. growth losses

for prior basis finance the and for Equipment points, in X Equipment was respectively. Finance losses points basis average the quarter. allowance Capital is Capital the down primarily allowance improvement attributable historically X.XX% channel, originated months points the six percentage for basis to credit quarter reduced of due X higher in which of improved has allowance delinquency June Finance the Working in The a results channel. portfolios to to performed XX percentage mix the direct as reduction migration attributed indirect The better second of XX the a to receivables, Working The ending is portfolio and than by the compared

of continue performance to to we through the In stable pleased be of favorable end the the to portfolio, remain closing, XXXX. and environment we with credit continue the expect

the over I'll detailed Mike? turn our more a that, financial With performance. quarter our discussion for to second Bogansky, call of CFO, Mike

Michael Bogansky

you, Thank everyone. good and Lou, morning,

last per income Second second diluted per or with $X.XX quarter the or quarter share was $X.XX for diluted $X.X share $X.X net million million compared year.

initiated the quarter staff Jeff result was income per second a the negatively reorganization share impacted of with we as As by $X.XX expense severance quarter. that noted, associated in net

While key our required objective. also continue staff for an the capabilities expense important us resources take in are to initiatives to that were to of reallocating transformation a was advantage reorganization, reductions consideration

these third of with expect we approximately $X savings to million annualized these quarter We associated of net will actions, in rate the realize XXXX. begin run savings expense and

the half will earnings business While in more up in XXXX half quarter. year, as second off fourth earnings of and are ramp more particularly our the that indicates towards in investment of sales second the sales force we in pay heavily our for detail our the full year, reiterating the the I weighted asset continue shortly, will which be discuss outlook guidance to

XXXX. originations yield up points of on points and XX.XX%, total prior the from basis was basis For quarter from the quarter up the XX quarter, XX second

quarter due up quarter basis was the XX.XX%, was from Second first first on the X.XX%, for from quarter. direct on product mix. yield to originations unchanged the yield indirect X primarily quarter originations points The

result associated borrowings points basis loan The basis half the quarter was net second For on the margin, points executed origination from in an and the XX interest deposit NIM, XXXX, quarter, NIM down or with a and XX from partially both by the yields. the XX of basis increase expense prior decrease and increase quarter of offset points basis in primarily the X.XX%, year-over-year of second in interest lease in an long-term securitization was down on new that was of XXXX.

We pass as have as believe funds our as the pricing deposit through that risk-based current actions our will year. in discussed environment will increases half as this of the pricing course market costs the we NIM previously well expand XXXX improve competitive in We and allow. of of over cost the stabilize second to

the higher the with the quarter The company's fully is being from on percent is more time increased securitized increased securitization. a the Interest by ROE accretive from in expense average X.XX% primarily to offset with It X.XX% borrowings generated, an the released to XXXX, percent to the leverages result funds interest interest finance the was capital associated with for of the finance the securitization. long-term note increased and company increased a the of deposit as important increase than due over expense quarter that second deposit leverage fully average X.XX% that net to previous cost of a to assets receivables expense both compared of due costs. for from as receivables as

assets in the income for first quarter $X.X million The increase adoption on on $XX.X second The of $X.X lessor from was increased in an prior of lease noninterest gross sale costs in activities be operation. the XXXX, $X.X prior income due as the which sold company's to the primarily X, noninterest and ASC to XXXX Noninterest with the the quarter compared million presented consolidated in decrease in the XXXX certain required of is of income increase accounting as of our quarter million we statement gains capital of second for the due million are XXXX. by million year-over-year with to quarter markets January compared period. year during primarily XXX is prior quarter $XX.X

relates to like would overall to asset I strategic briefly some our it as on commentary provide sales. approach

current requirement. assets a circumstances, sales sources: and transaction XXXX. on sale origination balance our directly where capital volume a arise including in earn for category asset this reflected not to of quality, our Our total driven is primarily on circumstances utilize for our included period Financing loan size, sale interest factors the from sheet In and separate of gain year This without sourced utilizing growth fit origination. in we term This does distinct we in credit our assets and our could balance capacity by the the from First, sale variety three these in underlying as Fleet in originated the sheet, or originate rate. are acquisition in Resources is arise

sheet. our period acting volume sourced on This open in held as we are transactions are Second, referred recourse for fee the obligors a an and provide earn and the to as balance originations. never in included and not on assets in assets total referred the We these intermediary between do transactions investor. is

leases our We portfolio Lastly, sell capitalize sale, sold closing originations Finance from our period period to would presented of our composition assets Equipment of evaluate and and volume these of capital market to the we efficiency timing We maximize or may portfolio strategically loans assess be in opportunities. the assets strategic upon while originations to in outside credit financing this an prior include asset Factors in from include that amount the yield return could syndication the asset factors based hold market a Marlin lower Business influence of our program Equipment generate upon use profile the Bank capital. to of order would in on to and minimizing acceptable and these economic time generally sales sale. Finance and general of the plans would sources, and for could and mix yielding opportunities. to

origination Fleet our Resources We asset as been late prior remainder has origination expect our Equipment acquisition result mix sourced XXXX for had as our of particularly a increase Financing the of total for sales originated of of total to last higher the mix the and changed above Finance of sale, year. a levels

Moving to expenses.

which noninterest due prior quarter aforementioned primarily $XX expenses increased and expense first noninterest and in employee-related to in expenses the million to was last expense of prior were by the $X.X year. Second the XXXX compared in the the higher taxes to The million presentation year-over-year increase quarter $XX.X change in due due compared commissions with in with of The prior property origination. an quarter XXX, paid. million increase quarter adoption decrease noninterest primarily in in is of ASC to quarter noninterest $XX.X second expense million the

second quarter XX,XXX price stock repurchased we During the common of under Marlin repurchase of for plan, shares $XX.XX share. per our XXXX, of average an

As repurchases. Board program of XX, share repurchase $XX authorization. XX, program available end the of XXXX current June Subsequent repurchase authorized $X.X million new stock completion Directors our our to of of the million additional of stock of of announced up $XX on million remains an May quarter, approximately previous a common the future Marlin for at upon

allocation are constantly this are share we our to of capital we time. alternatives, While an continue believe appropriate capital evaluating that use repurchases at

of to record declared $X.XX shareholders Board August as on our XX, quarterly of XX, of XXXX of Directors per share regular Additionally, a August dividend payable XXXX.

our to business turning outlook. Now

assets of the continue $XXX sourced to origination We are million Resources full follows: reiterating million indications. sold XXXX execute and volume and expected $XXX are to be our for above as previously the approximately loan acquisition XX% year Total we Financing XX, expected ending to integrate is Fleet XXXX finish to issued guidance December total level. as lease

is Net average of a margin margin the and line sale expected observed of finance be to with X% earnings over fee as as share $X.XX results XX expected receivables to to on continues per XXXX achieve is percentage and improve months. interest improve and scale; operating We an Portfolio gain lastly, to performance in and the the last expect continue is be X.X% remain XX%. is to to non-GAAP in company expected between immediate to ROE between $X.XX. to expected X%.

concludes Operator? up That questions. And with our for call let's prepared that, remarks. open the

Operator

[Operator Instructions].

of Our Securities. York with the JMP question line from comes first Chris

Christopher York

begin guidance then I origination just The year. half share the you second half which my wanted to in achieved first, earnings but EPS the over growth the also from both year-over-year maintained and per So a guidance, guidance the for of growth calculation, on year. your XX% to implies, first levels XX% deceleration origination of you the 'XX EPS, like in of implies on

So maybe Or reconcile another for EPS you you could rebound said growth what items? a such in these in your model? way, big confidence gives

Michael Bogansky

Sure, Mike. is This Chris.

And So -- growth a here. second the decelerate we're we in couple contributing of growth. Working originations it's year, resourced asset EPS Capital of and combination maintaining guidance we we that We're sale in a which guidance maintaining will why originations second -- think do the to XX% is for factors the of half have so half in the grew that Loans, in last second we half, half. second the that are provided the mix the expenses

Christopher York

Okay. on it driving that And that Fair that? last couple quarters. then decelerated yield. fee noticed anything, income over of Is qualitatively, the there enough. I your is

Michael Bogansky

reduction a driving primary driver. performance billings. and really But of there's fee collections a -- It's really in the No. that's late mix that's portfolio

Christopher York

small lot to their here, starting Jeff are Working in business maybe a then appears offerings And of expand Capital. that Okay. it lenders product

is the seeing of marginal to resulted have fragmented know and your mentioned here product is incredibly some are in that changes in any we market may prepared just your the the your -- competition as I'm client you base. you tailored whether now to curious product remarks. So

Jeffrey Hilzinger

Chris. question, good a That's Yes.

through direct we Capital mostly originate the Working mostly the through Loan channel. product So --

to is give market what subprime this quality window see actually side we often of channel, the So evolving do indirect us that is to view where lot strategy. increased a not the the doing of product. fact but into competitors indirect really is credit in they're customers, understanding in because talked our a fragmented in a good on XX% good a and that market their the we that really credit originating we've the how direct it less strategy there competition does than we and serve Working side, the like we're an about Loan -- opportunity fact higher Capital are the and our We're credit XX%

towards to of want So credit play Working band Capital in Loan. we the top actually the more

-- lot to of So made individual improvement quality own we Working really we're that. of nice model in we our our because experience in Capital a a credit have now

So through to that limit moving and to led process, became to in borrowers, to and that us opportunity and capital, to better an that monthly. it with a was daily do weekly an clear $XXX,XXX the $XXX,XXX, from of from increase there it including

loan size. the monthly Working size capital So the good we're of in cap Capital of working our result as of seeing traction in the Loan and product, is increase a average product our increasing

So had we working hoped like it's it would work.

Christopher York

it. to year-over-year all-time And But Got the helpful. for expense salaries which the high. just this noticed at as FTE. interesting up it's annualized I meaningfully tracked XX%, wasn't That's benefits higher quarter, that and unexpected. then which and rather entirely I for metric, an side. I me, expense switching notice it's at your an very It's did more lastly

And giving hiring merit any talent? any have or or this you for explanation employees then increase? potentially increases you thoughts are do more maybe So expensive your to

Michael Bogansky

go our that. And the through has initiatives. hire changed get of we our level of there's One relative as benefits things, in of or need different transformation for the guess increase type did we Chris. an the mix prior notice -- for -- have expense positions We to Look, contributing annual employee I to employees we certainly to that which an talent increase is of is merit to the a we the do year, base. as couple employee mix

to really are three those So that. contributing things

Christopher York

in expect to resignation Okay. Ed And related of benefits? and charges onetime Dietz should we any then the salaries

Michael Bogansky

for that. There will likely QX in be taken charge a

Christopher York

that? you rough have a Do about estimate

Michael Bogansky

and It $XXX,XXX. will somewhere be $XXX,XXX between probably

Operator

[Operator Instructions].

Brian Hogan with William the of line next comes Our question from Blair.

Brian Hogan

not originating than business, gain articulated on for is question you sale more recall a your think, in But made. I there's material actually there to changed? -- it and any has that? on there. the to like Has I that acquisitions And seems be ramp you're have First to if sale given business. sell, expect change of maybe been correctly, XX%, what which mean, previously, I step-up you you the obviously the

And then coupled on that yield with is the expectations the gains.

You in gain it was what you was and quarter. was But than sold, -- on a your said what quarter. was I bigger gets X.X% it the the yield the And first -- X.X% it you in as quarter it comfortable the -- in was X sale that guess, with of $XXX being do the range year number? even like steady going of million to million the expect X% from to a kind And like like the on forward Is X% grow it even fast to you next there? $XXX to on gain forward? go-forward then range business, point

Jeffrey Hilzinger

That's Brian. of Yes. a good questions, series

which is, actually, a commission. during cases, of of basically volume compensated as the we an though time of assumption let asset sort sale And way to So actual before a the talked sale, of we were they bulk a included purchase acquired are with to HKF price, basis and start when for period of still of being in the number where XX% deferred supplemental would That production their transactions that before compared sort sort target sort were I be. we which was FFR. think on -- on those of sell we the both I ultimately acquired want is that in XX% about we a structured gain a me paying that we've

that completely the are So commissions once be ultimately, pools those are sold assets finite paid. will supplemental of

to of with XX%, sort model which volumes Mike more as of core gain on sort the sale, -- think ongoing really to that on those to of expecting let I'll it sell the the I business. speak view guidance being And out we we're and the that. respect to temporary legacy the the reflective relates So is of as be would longer-term of sales

Michael Bogansky

Yes.

for on margins strong, -- leading now volumes that X%. it of lift due than right originated was the just due and the quarter, syndication which X% we is that's mix projections to the that assets the In the market really, that between and were So to mentioned. projected quarter. we -- onetime volume X% the they're think our is indication slightly that really Jeff provided, market the -- for And the had was to really for it less sale reasons a

Brian Hogan

guess to are I but seen consumer you there serve? slowness you on the just in healthy, a our what seen we've bit on industries front? right. seeing All being, macro you very perspective, the little the obviously, from the side a slowdown. of any -- be have Demand-wise, I seems commercial just

sort of So an interesting dichotomy.

Jeffrey Hilzinger

and higher really continue It's with last way the consistent a shape. really it's a see the in in We performing is be our -- markets several be ago, Yes. don't for very our it was we're that way the -- significantly that year to than portfolio Brian. good There's -- in quarters. been outflow to continues

about for Really months. a business, last of it Working all. not of little XX competitive bit sort it a the as talked other environment, is our small of has the to been Capital which side, on than So the we much part indirect relatively change remains at X discussion

Brian Hogan

and All right. -- -- reporting this? your The gets is but seasonal your it company Maybe accounting, what have business? for the you? has on for like there quantified for delayed outlook the I mean you just But stature qualified that I it you small impact

Louis Maslowe

Maslowe. Lou is This

prepare but have on project, will pretty going understanding continuing it's for small this the a our It's are immature over that view of our we're to working clearer so XXXX. expect is seasonal months. three for impact to we midst We companies not deferral potential the that of where next the us, in what say to apply to to be,

Brian Hogan

to a I get can of And of Just more getting efficiency run then little to. higher the efficiency back you the currently? it the where going how -- I driving employees -- the you about that? over appreciate restructuring ratio? in your bit All I time Or talked on expect down rate obviously, ratio, gain closer right. And good and it kind and your quarter puts always ratio. just to Is maybe savings. is you from had end. improve And mean do back better is at it kind into guess kind takes go sale XX% we of costs, you revenue? your to efficiency get as

Michael Bogansky

Yes.

as On more expecting, we'll ratio this is we're for that is our obviously, driven gain reorganization year, going cost XXXX. growth -- the this -- getting see revenue year that well. side, trended to start towards cost also for fleet sales somewhat into anticipating the rise of we're that we balance factor but containment NIM where, towards from the then obviously, syndications And that to XX%. and projection the announced into and by And on

Operator

Thank you.

have reached over back now comments. I end the question-and-answer session. of to We floor management for to closing would the the like turn

Lasse Glassen

results report you on Conference to look call. Thank you hope for see event. when this We we in I'd Innovators in with at like joining York some again forward today's speaking XXXX to us third of our November. quarter that not, at support Craig-Hallum City. and New early we mention If your you September for presenting be we'll the to X, on FinTech

day. Thanks a again, of you have the hope great rest and I

Operator

Ladies and teleconference. gentlemen, this does today's conclude

You Thank may time. have and this at disconnect a your wonderful day. your participation, for lines you

Marlin Business Services (MRLN) 4 Aug 192019 Q2 Earnings call transcript