BMTX - Earnings call 3 2023 | BM Technologies Inc

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Operator

Good afternoon, everyone, and welcome to the BM Technologies Third Quarter 2023 Earnings Call. Please note that this event is being recorded.

[Operator Instructions]

At this time, I'd like to turn the conference call over to Brian Prenoveau, Investor Relations for BM Technologies. Brian, please go ahead.

Brian Prenoveau

good and operator, you, afternoon, everyone. Thank for Earnings Call. you joining us Quarter Third Technologies BM for Thank

to differ undertake actual of only is as Before we may new including the risk extent from Copies of filings, update date currently by our except a may the the These we refer for these required no section factors that Investor that forward-looking statements forward-looking number anticipated. future statements you that may may the begin, materially obtained or forward-looking uncertainties SEC these a we SEC would our of like statements risks make our our subject results. in today Form speak more cause are visiting Please be and Please the forward-looking. presentation, the statements of we remind light considered to laws. and to information, to of to from XX-K this by and Relations obligation affect performance to what description be detailed securities applicable note website. events, that of some XX-Q of

Technologies' At will Luvleen BM call turn CEO. Luvleen? over this Sidhu, to the I time,

Luvleen Sidhu

am excited along Thanks, Brian, good Also Technology be Donahue, Chief Officer. afternoon, everyone. Jim our leading today's James and call, Dullinger, is to I with present CFO. our President and

quarter third updates providing also discussing on and be results business. will our We our

unprecedented there rate-sensitive that this a sharp not we as for our no deposit As navigated fintech only but our hikes company, led decline year, it We is our the was whole. rate a on calls, previous base. tough in through for have denying, to a year, mentioned interest industry

revenues core portfolio revenues Durbin-exempt headwinds too OpEx. our transferring These the which XX% of operating quarter driven year, sequentially delays over totaled given are portfolio. we these faced core our we million, bank, our quarter just high this delays. quarter-over-quarter This adjusted Despite higher the in the past EBITDA headwinds, primarily driven experienced substantially Operating performance metrics by also for have a improved this spend improvement. to impacted decreased year. a of improved and education is $XX.X seasonally by every regulatory-related significant sponsor revenues We several

OpEx core which year-over-year driven improvement a was at initiatives. the for Our plan by is quarter, core $XX.X profit million in enhancement XX% our expenses

spend also strong, billion remained Our the billion in September just at in $X.X under September metrics $X months deposits X portfolio card ending XX. under of with XX and service just debit ended

some to more commentary. business Moving back

fresh provided business a perspective, building long so a are this the to allowed at back about lining a focus And take benefits. rebuild choose through hitting relook from would time, tough to on best a and were we all silver step steps. the growth with we also its for able thinking in The of first time future. a for ground point year sustainable, to Going is up we in foundation that strong positioned us company difficult how the a in the

we Bank steps in result and number the increases First one, higher to move quarter revenue. for meaningful took building the Some to bank will Carolina which this portfolio, foundation of Durbin-exempt a education include: is our finalizing

we a progress enhancement business successfully rather of strategy and our have core plan. complete; with profit to this X We regarding X; December out take able We another but for whole years. engineering on core around move helps which continued likely the this execution us than focus would third, conversion, second, have at sent terms this customer and place our our will a focus most for take or to the notifications were solidifying do relationship on on expect transfer full importantly, teams our provider satisfactory year and our

core were the core offset OpEx we efforts for targeted we for year, our cost in by realize million XX% investments an of Part With growth. and savings in made company positioning full of the base the savings lower over our $XX prior XX% that compared will OpEx to expectation the current year.

savings quality different We and repetitive realized operations, and service half automation and do and believe within NetSuite four, upgrades our year; and made customer fraud such full will improve of progress efficiency. our first reduce number of as [indiscernible] the next implementation in areas of overall system PEP of be the we as processes significant banking costs and in business to such business

down unique we opportunity is double on it want to convinced only improving are strategy, our we to As business. growing BMTX. available our and to student This relates go-forward very a

greater Second, we strategies it a over bit now not detail. at more to focus the strategy, these will our expand look talk will our as but to strategic continue student losing hand of business. financials to will it Jim. Jim thinking X quarter in our BaaS through our expense I I relates third to discusses on opportunistically after

James Dullinger

Thank you, Luvleen.

year. third quarter $XX.X the operating compared of in the to year. as prior to in $X.X prior $XX.X third in million to million in Year-to-date prior $XX.X million year. $XX XXXX, $XX.X totaled prior revenue quarter compared year. servicing million million Servicing as the operating XXXX the During for million company of revenue company the million the XXXX, compared of XXXX, earned the $XX.X earned as compared to fees million of the fees totaled Year-to-date $XX.X

but during year, first fee servicing rate were As place. the were negatively our in this done that servicing earlier agreements discussed of revenues calls XXXX, quarter in a fixed impacted

deposit XXXX, as approximately interchange servicing fee and rate agreements. compared Fed funds basis the fees. under at current Beginning the of in Year-to-date loss variable interchange servicing year. year. new card points million, revenues to prior $X.X revenue for and interchange in $X.X totaled XXX XXXX, improved rate of compared card the million negatively the the the the impact revenue Durbin-exempt second and due to third to by and and of totaled in by million million quarter temporary of quarter prior agreements, were XXXX Year-to-date have Interchange $X.X card the margins amended as XXXX thereafter $XX.X the impacted

in in December for and rates spend. by a The education higher place education would been is the eligible for approximately of quarters occurred a our the third been within these higher due periods. of rate XXXX. from on of quarter these balance $XXX have totaled for XXXX, revenue $XXX Substantially XXXX second billion XX% Average interest gross all third transfer to the to XX large vertical quarter during improve of portion vertical of Durbin-exempt expected reduction the the on million to deposits in for of interchange our $X.X our basis Had BaaS million this for bank basis higher points third FCB partnership quarter and the of XXXX, from sensitivity interchange down second vertical service approximately accounts. a

September at Deposits accounts $XXX of at averaged million third XX, in education from $XXX increase quarter vertical million for third of XXXX for in second and in $XXX our to from as service at per and higher deposits from the when the and quarter. significantly, compared the second the to third within the an quarter, vertical million within vertical active for active $X,XXX, $X,XXX our third September quarter compared higher the to the both XXXX, XXXX of accounts representing of significantly XX% education the higher an XXXX, XXXX. quarter the quarter Average million vertical increase of from Spending increased quarter Spending totaled in million $XXX million higher June $XXX second XXXX, for per increased our second our XX, averaged to of increase XX, quarter XX-day XX-day $XXX education in our education quarter million vertical deposits of service XXXX BaaS $XXX XXXX. XXXX. More third of $X,XXX XXXX. up an ending

in makes spend we X attractive education our card transactions to XX% levels. $XX,XXX for to Overall, with of month deposits approximately users, debit minimum direct BaaS during Annualized quarter normalizing XXXX. and cohort active per those was third see of a spend continue very up customer-driven This highly approximately pre-COVID XXXX of higher the Account quarter in both fees for accounts $XX.X XX, as September million as Year-to-date year. XX% compared compared $X.X the to year. year-ago the totaled compared active $XX.X and university fees $X.X to at third as million prior in period. fees the account prior XXXX, XXXX in fees the million the million of in XXXX, in vertical to university totaled

vertical, of a focus, new X XXXX And were we months activity third During quarter account forward. over our and year-over-year. and in XXX,XXX third XXXX. million go There of XXXX. sign-ups company third quarter the both quarter account over growth of XXXX, accounts of higher the anticipate the $X.X of refund during the second XX% third $XX.X totaled with the disbursements reduction. billion $XX.X XXXX favorably financial the in the aid student and compared operating during Core quarter improved of XXXX, XX% the quarter the account sign-ups higher over sign-ups in year-over-year active XXXX institutional comparing strategic its number expenses third for as third the our education at quarter XX% million, of And in third of new $X.X incurred clients. first quarter education to and continued of the X% XXX,XXX We new quarter billion account to of checking with retained the for approximately processed

million comparing its are over X million, efforts to the The the the operational of lead the to execute PEP for XXXX. initiatives achieve with first as Year-to-date, certain million with savings continues half over expects have XXXX, The XXXX technology, a actively XXXX expenses data expected $XX processes of target been into completed to and cost realization to core full to of full its $XX.X the the continuation company $XX.X year initiatives. the favorably its cost that of XX% prior of year-over-year. XX% PEP partially totaled with by its operating of in investments first reduction offset in during months of reduction company year targeted upon

the amortization, third progress $X.X for being the quarter working improvement September third of million QX represents favorably the at of and in million XX, interest, results EBITDA core to for reflecting core before Core continuation $X.X the of with cash, second made with and $X.X path Liquidity on million the taxes, to quarter no unfavorably and million for of company's the of XXXX. continuing XXXX totaled million loss EBITDA the quarter negative XXXX fourth strong for Significantly, $X.X remained comparing XXXX the $X.X of capital the our and depreciation third quarter XXXX, expected to of profitability. debt. XXXX negative quarter sequential

of approximately In receivables additional anticipates XXXX. tax the of monetizing addition, $X end company million by

of instead would is at quarter cash timing million servicing but been have September prepayment balance in XX a $X.X higher, the of case. our October this fee the end, Importantly, generally received for

XXXX, some call to core For to to company fourth positive close With flow. quarter turn the the operating I'd final back of Luvleen that for the expects cash breakeven like EBITDA Luvleen? comments. update, and

Luvleen Sidhu

Thank how the forward. you, to provide color we some Jim. on I would business are going about thinking like

With core our we position move First decision to on and a the growth. in Bank better Carolina finalized, focus upcoming to are

going our Our primary student to business. focus on forward down double be will

every already in college X are in leaders a We refund. receive eligible market students this to touching about segment, X

believe tremendous there potential in this is we However, segment. growth untapped still

a XX% in disburse the university checking of BankMobile this of billion Similarly, of less checking which their each relationships, in choose vehicle accounts. receiving to a billion only we billion financial refunds to into example, want $XX as existing $X year account students our to through receive the than flows BankMobile about they aid For refund XX% $XX refund.

open year. we we that almost active lose many accounts as Furthermore, each accounts an currently

our but to holder. totally So with there we our market is tremendous improve there retention mission why we for opportunity us what it a we about only is of but the is tremendous being. of that is -- came account into love Not market opportunity to student aligned capture,

a with Americans We by than more built strong way them to financial a students of to this experience. partnering bank we U.S. by digital and empower them that company premise transparent utilizing affordable, the execute mission financially wanted build with millions What lives in better banking of and helping on providing technology build on on millions by consumer-friendly us. focusing to that best-in-class the

There to this are steps few reality. make a

then Growth our marketing data we enhance or experience has provide have to First, who the and to the strategy current will development Chief help insights starting in right executing strategy. have leadership team the the with the team, execute. product, shape business He she to the Officer, and

role We by our this are final in the to this of hire new hope the the have of stages and year. in top addition team a to

base This technology we more student our unify and our products we to can attract customers in road so new need we deem roll quickly features build place we have and our way, API-based business. Second, map. to modern out much stack technology and our for our student important most product out retain that

unification expected XXXX. is technology This QX out to upgrade in and roll

which XX Lastly, the to the next we forward more as will and months. tactics And new us segment higher our strategy. opportunity over in will need the we quantify to allow XX finalize to strategies, to sharing experiment the build better education look we team on and with

for to our we Many earn the That diversification pressure. higher is with model revenue revenue. As SaaS reality a being BaaS that BaaS of remain other just due BaaS believe to we there this lot said, said, BaaS for have players opportunity profitability intrigued. players succeed large. must regulatory a currently the market strategy, factors, provides including is struggled opportunity margin in opportunity with face key few by few. banks an a Bath name still number to pressures, That a and disintermediation being risk effects, remains of the macro as we of to increasing facing

continue potentially opportunities and remain partnerships, M&A focus expense will to not but in student at BaaS core business. active losing this space, the look us competitive help and of our deals, on We for opportunistically that

to I about that optimistic and are our want future. excited reiterate summary, In very we

to We on company are and quarter-to-quarter building not our just focused results. less are

you amazing you skills team. Thank we and is strategy joining and over growth, XX refocus back $XX much a goal that do importantly, shareholders. you We to our thereby on discipline increasing million of call for Our EBITDA of today. of through do. next for value Thank for your and company plus hopefully revenue XX get support, our to the in us cost the significantly our all most so combination appreciate the months of dedication our to appreciate

will questions. the open now for We line

Operator

[Operator Instructions]

Your first Chardan. the comes Pendy question from line from of Greg

Gregory Pendy

a visibility what have I now Durbin-exempt, kind things on contracts that guess, increased Any the buyback. of guess, front. I in So that visibility on rate update you

X think I you a authorized while back.

kind is something Just now? XXXX? And what that play still could come that thoughts, in the is that right into are of authorized

James Dullinger

to to is Jim. this you speak Greg, Good again.

alternatives with environment. macroeconomic So towards our in obviously, definitely strategic on actively that buyback is one our continuing definitely XXXX our To is change principal the discussed to in table prior with are we focus the But call, we of it's point, the for conservatism is the your lean highest considering. the cash. return as shareholders. We our

something are potential for definitely evaluating it's that passing we a XXXX. strategic So as

Gregory Pendy

just then And on one bit little color of operating the spending. technology just just expenses. communications Can you a more, the into on go

were quarter. the you of I There it. puts think mentioned some some already takes in and

to trying figure seemed Just up have it sequentially. to out, bumped

James Dullinger

there. variability some is there Yes,

might that expect. So item as line you evolves,

So it's our our processing tech our communication spend, charges, charges.

technology reflected quarters line of our seasonality item number transactions in as well. variable peak school. is the That that component for of is the As increases, core and one with return to QX processing so

Operator

Northland Grondahl of Your question from Mike line comes Securities. from the next

Mike Grondahl

next should guys the you deposits the of ed on kind on or are thinking think growth about of BaaS couple How we higher runoff? kind deposit side, continued quarters and side the how of

Luvleen Sidhu

Yes.

I think, number is focused -- sense rate make deposits we're clear for macro Mike, us, it's in doesn't for that sensitive on chasing us. environment, are this one,

exists selling our that. reinvesting a in not untapped why ecosystem. our business the that to really as school another in side been there seeing reinvigorating deposit where as a relates at market we've and haven't down strong without be our We're we're we current really interest focused XXXX growth So even And it quantifying of to focus on sensitive we're portfolio. rate point student that that's on and doubled just

understands what also hiring leadership it's that technology think wanted two, is strategy; sure first And to our I the approach. step the stepped make we market is the that in on our that honing a and unification. right in

then leads that platform would customer could products of So that and end and services that's quickly better and making out I out and in QX. expected modern about deposits technology which That's the roll to that roll to most portfolio. that sure place greater so we engage our downstream attract, in spend base, more greater retain talked that by we

So we're of to we're seeing the impacts half when of year. that is the of really, the the putting year going forth start in next and end some latter the initiatives year of of earlier half in this next

Mike Grondahl

Jim, just for you.

a it? to operating think that. Is XQ you're education the expenses goes from XQ about is were that higher think along is I the way with seeing business cost reason the just core the and with right what processing seasonality that up

James Dullinger

Yes, way the increase for coming with quarter-over-quarter and activity principal see as the think line they right the our through costs, those line driver increase in variable the and Mike, is directly I it's the you'll top definitely is revenue are increased well.

Mike Grondahl

at my notes would kind Was the sounds did decide terms? core along? your you similar It when can of you X Was extended processing you years. color like plan give I'm that that? that extend just all provider, that looking us here you were terms? do you to Any on going quick. Or to something

Luvleen Sidhu

core in banks, our to of convert as the whether also core a massive banking conversion a is we as something those brought you decision for this is process there scenes is really or and And we was was ending that often because existing new behind it to talk or was cover I up wanted relationship May XXXX. about because reason the to of I core today a undertaking. that be not So made a don't a processor because mentioned,

a where to much of were a that forward. landed. we way, any ahead coming in and renew market. cost much, competitive are going able really of from proud and satisfied team we going RFP that so of we And start this went renegotiation time. is through to see and very line the you're not that you a process, item of competitive process satisfactory incremental And We

Mike Grondahl

it. business. that or can Can you you the the Got efforts there's feature then And for we enhanced have give some lastly, new maybe be offering kind of understand insight so Luvleen, product college one if that might just higher there? enrollment what us just into

Luvleen Sidhu

Yes.

that determine of the able experience. banking What talked definitely came add thing that spend top focus to given even our of is to our really share rev road to us. structured also what one quarter, sort consumer #X provider as the a this lead that insights portfolio there's continue think out want we can the and product to map we we for we high about on to asking money I the customers last being we really and categories of the in our that a component spend relationship with earn so a where high mobile

them expect cetera. that we our of et for like #X and it's money so feel customers to and And third, us. that's cash important gas, to that spend earn opportunity feature And groceries, for to program. leads It's rewards responded back areas time high first ask QX they going their during we to rev to sort an a in opportunity every it be rollout share our a that also for

Operator

Dezellem comes from question Capital line of Tieton next Your from the Management. Bill

William Dezellem

was change the the be I'd significant I'm quarter year that sorry, also. that that the new versus prior might was ago? X like I'm important increase What on what the checking that second touch versus to given quarter, -- versus an change sign-ups this versus comparison hit seasonality account just thinking the year. a

Luvleen Sidhu

driven by that's also and probably enrollment seasonality year-over-year. improved Yes, Bill,

the and enrollment, remember, this mentioned in as pandemic, business. college probably our as also And application we are kind seasons in of that's system. on back flow know, you especially been of the post the new community has into QX helped you QX with So school, there a to side, semesters. It's strongest bump since in beginning

to dollars, the in which QX and QX down die schools enrolling the most vehicle to And tend receive of number that. so as students a in and that to relative of they you sort refund potentially have us choosing want most money.

XX-plus seasonality think then to due or QX QX that X% an percent and it increase quarter-over-quarter we So saw X%, in account so. about sign-ups between was year-over-year, I and about

it's the last is -- been than biggest of seasonality kind but better the year, it's quarter-to-quarter. So thing

William Dezellem

many opening also at And the retention I about coming point? in. this students since do accounts you talked end? looking you the one initiatives new graduating on account ones work to primary that checking your the you you of Or that intent rate Are as know at in is remarks about of to not to lose front increase sign-up as

Luvleen Sidhu

experience related regulatory whole looking Yes. Again, this that funnel We're here. is industry really a we're at in. a

we're mission. to just for primary us, our I for options always And we're mindful So want is we option at we believe is them. what to what also that is definitely and looking best make really are student that know for students our But say that sure account our available great driver. a to our It's our want them. that

so to know are for to looking And and better and receive we as of lets can what going our we're experience their them between as to money and them on school for. money to make the waiting respond experience as choices available customers an our make have any them we that for how that highlight them hopefully to and frictionless they are that continue when that the focus product

obvious to want an it's go to So with us. choice

retention. And road so for as engagement that and our over then on keeping about map is then time them also products we expand

that to by over and that being life get like be of stages align going keeping them we they different upfront So a the able and other could products really it's more engage the products lifetime different would through rewards offer being to and them features and them to activities expand convert able through. things the more that cash-back then

William Dezellem

also. business, The side that in spend the macroeconomic up, is, up. believe, you I the average is slowing the student that business indication was referenced recent consumer some as may It in Continuing also verticals. what's given other the question that out up. those data of was with BaaS your the holding of the of both up your indications belief to there's consumer that be the the be spend indication But why average -- is side may there,

James Dullinger

this of Bill, across the and driver I inflation, is I think vertical spoke services can't discount is, or elements to increasing a think of right, within on spending features, spend more, products there's our that our usability board -- couple influx that's -- -- the as for it's both Yes, a for ed right, is verticals. going number factors right? one, influence our find certainly it But our Luvleen I to students up higher the the of particularly and as easier end our they and to is use also,

right, And we through measures, increases pretty of in sign-ups, not months but spend all account as much we're also only full QX we're also which only a well, well. through year-over-year X but coming then at the year-over-year, is the new seeing not as in come seeing look up that whether the

environment. I There's a user factors. it's of both there's lift coming increased the lift existing from also But a coming base. those combination usage the from our inflationary natural think I think from of So the

William Dezellem

not be ever noted opening may you do thought And Or been. we again? direction of vertical all a in what it focus industry That it the you are on that push your vertical. you now to could helpful. BaaS also less have some to kind there's been is like see the so that that is the that in permanent change What and little permanent lead right higher you feel have will when ready do opportunities in remarks, ed all BaaS that

Luvleen Sidhu

Yes.

it's will there's think of say out. different going good And a that we're I would how a all lot opinions Bill. I period on a through where it question, transitionary shake

really just we diversification I between want we're And business on continuously prosper, the sort up we're having continues opportunistic then it's set ed and that's replenishing of our great that going grateful number because for capitalize business set market. a how if of based one, BaaS the sort in higher such so highlight, beautiful to a anywhere that's not space to but up business to simultaneously, have we the industry that have

another that schools market forget our barely we top opportunity we And could selling place bring. are of that in about on to what product we selling are penetrating large It's a with existing the only struggling the and opportunity, have today. that, verification lose one school of are we're effects fraud, universities and with rolling an downstream a of peek And tool. colleges lot out tool, which a a ID fraud schools money. gave has of really we sneak lot A enrollment making that then an schools

there's in so higher business ed, that untapped much where any business just higher-margin partners. also any splitting it's with our So not we're of opportunity and

industry. in are the of There's stronger BaaS read to your really question a technology to what players. it's BaaS. sort So just that excited. that the we're is that But really just threat to like There's answer banks also day. about competitors oversight is in kind of single news of particular, and transition you a the creating on space market BaaS BaaS there regulatory new coming of we tell want kind every period sort disintermediation in to pressure is clear that and this about becoming story it's And

just capital, to have scale So positioned I technology have you you're the That have to play think if access said, if you and you of mindful being in very we're well this that. space. and

that very might of names that for much me, I the be unsexy take brand long because us. more deals names the the So a not open door it's To think is brand you that benefit, much it sort being implement it's when to unprofitable a be brand. a these of have of sometimes big and more a headache than can power programs time negotiating and

through a deposit large it, for business take would customer flowing make similar the we're do well that of on advantage cases really if there of endeavor us, be capitalize So it to scale I what profitable positioned opportunity think a those that's there's enough opportunities where those student we disbursement if lot through, and is and niche to come. that decide base when a -- our is to more of sort opportunity, some the and to if is use flowing

Operator

questions. phone Brian, questions? further we any do have we web no And have

Brian Prenoveau

Yes.

to the a you have were web your over the sign-ups education what new the colleges? are of universities Of And existing overall increase partners that from you many back college colleges We account have, number business. of working. are higher XXX going that new versus how question plans to and the XXX,XXX

Luvleen Sidhu

Yes.

say, I unpenetrated how but to do would our love opportunity for just point want highlight not that we I sales it's in it's more really the number amazing to is, are side to universities, emphasize, the this one diminish on So existing I ecosystem.

primarily relationships those It's that's schools get process, for So signing with take coming we new to from. new sign-ups and today, through with the not that account to cetera. for up first the the are where time schools used et because cohort have implementation schools the

base our really that benefiting it's of question. answer part that we're the to the sign-ups from So new existing

of existing Second back point is, me just to let go share. the our market

So we today, accounts. into relationships, can billion have Again, doing or of about our of get the market billion that $XX we're billion and X/X $XX we students billion are than flowing of with disbursing that today that to only is schools $X with the business about $X.X schools those touching refund. eligible checking the for that less a we're about

we we've opportunity. we as already of as more as product, can about frictionless respond to really opportunity students upfront talked work then there need penetrate of easier that the we improve And retention what so great kind side. saying And that more funnel the engagement they and are we that is and through to our get conversion

to want disbursement disbursement just to it's to we full-service full an so with for we opportunities, relates X/X at new after. are offering refund have it able schools it a is how opportunity, market do and though leader a add within existing continue us we offer strong go we school for campus, ERP service of pick stay value them still systems And easier easier choice to competitive today, partnerships to integrated pipeline already up it's where be we where to market are a that on out. strong even there from to the standpoint, that about better As looking can roll the offer that that be none because

product being products the our for really from relationship can that decision value-additive are that well. working do behind pick And at on easy we for revenue we're us more of able disbursements scenes, universities just as solve [indiscernible] monoline then of point potentially more to schools another and create as easier the we looking become second, expand main full-service and kind to go product rollout to pain relationship we're we so generative offer or stickier us. to how to opportunity relevant a So technology sort an a how a today that of an them

an new schools that and to as I new in of IDB the opportunities, to existing we tool, before, that schools already what And fraud mentioned identification expecting and roll out example is the QX. we're product verification tool sometime

Brian Prenoveau

the no on see other questions webcast. I

it remarks. back I'll Luvleen, for to turn So closing you

Luvleen Sidhu

Thank Great. you.

So thank you is again, us it everyone, for today. joining And holiday a season.

So I quarter. and the see next enjoys holidays, really you everyone we'll you. hope Thank

Operator

may disconnect. concludes now This your today's and you for call. participation, you Thank conference

BM (BMTX) 20 Nov 232023 Q3 Earnings call transcript